Recent News
On May 6, 2026 Axcelis announced participation in ASMC 2026, reaffirming industry event engagement and visibility ahead of mid‑year fabs and customers. On March 12, 2026 the company announced a CFO transition, appointing an interim chief financial officer as the outgoing CFO departs April 24, 2026.
Technical Analysis
Directional indicators show a strong trend environment: ADX sits at 48.9, indicating very strong trend strength while DI+ shows a peak-and-reversal and DI- shows a dip-and-reversal — both configurations signal a shift toward bearish directional pressure relative to the recent upmove.
MACD currently reads 13.79 with a signal line at 12.56, so the MACD remains above its signal line but the MACD trend is a peak-and-reversal, indicating momentum has peaked and momentum pressure has turned bearish despite the recent crossover history.
MRO stands at 41.06 and registers positive; that level indicates price sits above the model target and implies a higher likelihood of downward mean reversion in the near term.
RSI stands at 66.62 with an increasing trajectory, signaling near‑overbought short‑term conditions that heighten the risk of a pullback as momentum softens.
Price structure stays elevated: the close at $162.15 trades above the 12‑day EMA ($152.70, increasing), the 20‑day average ($149.32), the 50‑day average ($113.77) and the 200‑day average ($92.23). Short‑term support sits near the superTrend lower band at $145.87; higher beta (42‑day 2.12, 52‑week 2.15) and recent volume below the 10‑day average suggest outsized intraday moves remain possible.
Fundamental Analysis
Profitability: EBIT totals $41,354,000 and EBIT margin registers 17.35%, down 27.11% year‑over‑year but up 17.84% quarter‑over‑quarter. That EBIT margin sits below the industry peer mean (34.65%) and median (35.31%). Operating margin equals 15.18%, reflecting similar pressure versus recent year levels.
Earnings and consensus: Reported EPS came in at $0.72 versus an estimate of $0.71, a surprise of roughly 1.41%. Trailing PE stands near 58.74x while forward PE sits about 74.05x, reflecting elevated multiples on modest near‑term earnings; price‑to‑book equals 2.60x, below the industry peer mean of 14.17x and median of 11.17x.
Revenue and growth: Total revenue reached $238,330,000 with the reported revenue growth metric at ~11.57% and quarter‑over‑quarter revenue growth near 18.07%, while year‑over‑year revenue change shows a decline of about 8.16%.
Cash flow and liquidity: Cash and short‑term investments total $374,253,000 and the cash ratio measures ~1.89, supported by a current ratio near 4.77 and a quick ratio ~3.11. Operating cash flow registered a negative $6,567,000 and free cash flow was negative $8,902,000, producing a negative free cash flow yield of roughly -0.33%.
Balance sheet and leverage: Total debt remains low at $42,329,000 with debt‑to‑assets about 3.11% and debt‑to‑EBITDA under 1.0x, indicating modest leverage and substantial liquidity coverage for near‑term obligations.
Other metrics: Gross margin sits near 46.97% (up modestly QoQ), R&D at $30,126,000 supports product roadmaps, and inventory days and cash conversion cycle remain extended (inventory days ~239; cash conversion cycle ~265 days), reflecting capital tied in build and service inventory.
Valuation view: WMDST values the stock as fair‑valued given the mix of robust liquidity, above‑average gross margins, elevated price multiples and near‑term cash flow headwinds.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-05-07 |
| NEXT REPORT DATE: | 2026-08-06 |
| CASH FLOW | Begin Period Cash Flow | $ 195.1 M |
| Operating Cash Flow | $ -6.57 M | |
| Capital Expenditures | $ -2.33 M | |
| Change In Working Capital | $ -45.08 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -39.05 M | |
| End Period Cash Flow | $ 156.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 238.3 M | |
| Forward Revenue | $ 61.8 M | |
| COSTS | ||
| Cost Of Revenue | $ 126.4 M | |
| Depreciation | $ 4.5 M | |
| Depreciation and Amortization | $ 4.5 M | |
| Research and Development | $ 30.1 M | |
| Total Operating Expenses | $ 202.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 111.9 M | |
| EBITDA | $ 45.8 M | |
| EBIT | $ 41.4 M | |
| Operating Income | $ 36.2 M | |
| Interest Income | $ 4.9 M | |
| Interest Expense | $ 1.3 M | |
| Net Interest Income | $ 3.6 M | |
| Income Before Tax | $ 40.0 M | |
| Tax Provision | $ 5.7 M | |
| Tax Rate | 14.296 % | |
| Net Income | $ 34.3 M | |
| Net Income From Continuing Operations | $ 34.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.71 | |
| EPS Actual | $ 0.72 | |
| EPS Difference | $ 0.01 | |
| EPS Surprise | 1.408 % | |
| Forward EPS | $ 1.16 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.4 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.0 B | |
| Total Current Assets | $ 943.2 M | |
| Cash and Short-Term Investments | $ 374.3 M | |
| Cash | $ 145.5 M | |
| Net Receivables | $ 168.5 M | |
| Inventory | $ 329.0 M | |
| Long-Term Investments | $ 56.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 42.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 197.7 M | |
| Net Debt | — | |
| Total Debt | $ 42.3 M | |
| Total Liabilities | $ 326.7 M | |
| EQUITY | ||
| Total Equity | $ 1.0 B | |
| Retained Earnings | $ 503.5 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 33.68 | |
| Shares Outstanding | 30.717 M | |
| Revenue Per-Share | $ 7.76 | |
| VALUATION | Market Capitalization | $ 2.7 B |
| Enterprise Value | $ 2.4 B | |
| Enterprise Multiple | 51.43 | |
| Enterprise Multiple QoQ | -14.824 % | |
| Enterprise Multiple YoY | 73.821 % | |
| Enterprise Multiple IPRWA | high: 244.045 median: 114.544 mean: 106.745 ACLS: 51.43 low: -216.655 |
|
| EV/R | 9.887 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.316 | |
| Asset To Liability | 4.167 | |
| Debt To Capital | 0.039 | |
| Debt To Assets | 0.031 | |
| Debt To Assets QoQ | -1.489 % | |
| Debt To Assets YoY | -3.984 % | |
| Debt To Assets IPRWA | high: 0.455 median: 0.194 mean: 0.165 ACLS: 0.031 low: 0.003 |
|
| Debt To Equity | 0.041 | |
| Debt To Equity QoQ | -2.199 % | |
| Debt To Equity YoY | -5.125 % | |
| Debt To Equity IPRWA | high: 0.96 mean: 0.266 median: 0.138 ACLS: 0.041 low: -0.408 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.598 | |
| Price To Book QoQ | 3.23 % | |
| Price To Book YoY | 8.203 % | |
| Price To Book IPRWA | high: 22.16 mean: 14.169 median: 11.172 ACLS: 2.598 low: 1.081 |
|
| Price To Earnings (P/E) | 58.735 | |
| Price To Earnings QoQ | -14.197 % | |
| Price To Earnings YoY | 20.38 % | |
| Price To Earnings IPRWA | high: 422.129 median: 146.908 mean: 138.924 ACLS: 58.735 low: -305.594 |
|
| PE/G Ratio | 2.538 | |
| Price To Sales (P/S) | 11.279 | |
| Price To Sales QoQ | -6.158 % | |
| Price To Sales YoY | 17.075 % | |
| Price To Sales IPRWA | high: 71.828 median: 45.349 mean: 40.791 ACLS: 11.279 low: 3.414 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 74.051 | |
| Forward PE/G | 3.2 | |
| Forward P/S | 44.659 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 2.72 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.176 | |
| Asset Turnover Ratio QoQ | 10.02 % | |
| Asset Turnover Ratio YoY | -6.498 % | |
| Asset Turnover Ratio IPRWA | high: 0.471 mean: 0.207 median: 0.203 ACLS: 0.176 low: 0.002 |
|
| Receivables Turnover | 1.508 | |
| Receivables Turnover Ratio QoQ | 1.111 % | |
| Receivables Turnover Ratio YoY | 15.5 % | |
| Receivables Turnover Ratio IPRWA | high: 2.887 mean: 1.785 median: 1.515 ACLS: 1.508 low: 0.498 |
|
| Inventory Turnover | 0.387 | |
| Inventory Turnover Ratio QoQ | -1.552 % | |
| Inventory Turnover Ratio YoY | -18.581 % | |
| Inventory Turnover Ratio IPRWA | high: 2.239 mean: 0.518 median: 0.401 ACLS: 0.387 low: 0.174 |
|
| Days Sales Outstanding (DSO) | 60.516 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 264.715 | |
| Cash Conversion Cycle Days QoQ | -9.767 % | |
| Cash Conversion Cycle Days YoY | 22.066 % | |
| Cash Conversion Cycle Days IPRWA | high: 596.302 median: 270.338 ACLS: 264.715 mean: 249.425 low: -64.288 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.32 | |
| CapEx To Revenue | -0.01 | |
| CapEx To Depreciation | -0.523 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.0 B | |
| Net Invested Capital | $ 1.0 B | |
| Invested Capital | $ 1.0 B | |
| Net Tangible Assets | $ 1.0 B | |
| Net Working Capital | $ 745.5 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.893 | |
| Current Ratio | 4.772 | |
| Current Ratio QoQ | -3.504 % | |
| Current Ratio YoY | -11.868 % | |
| Current Ratio IPRWA | high: 10.619 ACLS: 4.772 median: 2.256 mean: 2.155 low: 1.126 |
|
| Quick Ratio | 3.107 | |
| Quick Ratio QoQ | -6.27 % | |
| Quick Ratio YoY | -23.36 % | |
| Quick Ratio IPRWA | high: 7.834 ACLS: 3.107 median: 1.606 mean: 1.515 low: 0.689 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 0.924 | |
| Cost Of Debt | 2.626 % | |
| Interest Coverage Ratio | 30.954 | |
| Interest Coverage Ratio QoQ | 28.42 % | |
| Interest Coverage Ratio YoY | -25.565 % | |
| Interest Coverage Ratio IPRWA | high: 99.429 mean: 34.147 median: 32.93 ACLS: 30.954 low: -8.388 |
|
| Operating Cash Flow Ratio | 0.016 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 34.647 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.696 % | |
| Revenue Growth | 11.572 % | |
| Revenue Growth QoQ | 18.07 % | |
| Revenue Growth YoY | -816.089 % | |
| Revenue Growth IPRWA | high: 40.838 % mean: 12.607 % ACLS: 11.572 % median: 2.725 % low: -9.892 % |
|
| Earnings Growth | 23.14 % | |
| Earnings Growth QoQ | 226.836 % | |
| Earnings Growth YoY | 589.511 % | |
| Earnings Growth IPRWA | high: 150.0 % ACLS: 23.14 % mean: 16.947 % median: 0.794 % low: -85.714 % |
|
| MARGINS | ||
| Gross Margin | 46.965 % | |
| Gross Margin QoQ | 12.967 % | |
| Gross Margin YoY | 2.0 % | |
| Gross Margin IPRWA | high: 90.758 % median: 52.156 % mean: 52.119 % ACLS: 46.965 % low: 9.383 % |
|
| EBIT Margin | 17.352 % | |
| EBIT Margin QoQ | 17.84 % | |
| EBIT Margin YoY | -27.111 % | |
| EBIT Margin IPRWA | high: 46.775 % median: 35.306 % mean: 34.65 % ACLS: 17.352 % low: -49.18 % |
|
| Return On Sales (ROS) | 15.177 % | |
| Return On Sales QoQ | 29.574 % | |
| Return On Sales YoY | -36.247 % | |
| Return On Sales IPRWA | high: 69.122 % median: 35.306 % mean: 34.004 % ACLS: 15.177 % low: -49.18 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -8.90 M | |
| Free Cash Flow Yield | -0.331 % | |
| Free Cash Flow Yield QoQ | -119.609 % | |
| Free Cash Flow Yield YoY | -199.102 % | |
| Free Cash Flow Yield IPRWA | high: 2.925 % mean: 1.474 % median: 1.229 % ACLS: -0.331 % low: -3.047 % |
|
| Free Cash Growth | -120.542 % | |
| Free Cash Growth QoQ | -913.429 % | |
| Free Cash Growth YoY | 49.571 % | |
| Free Cash Growth IPRWA | high: 500.136 % median: -0.341 % mean: -14.528 % ACLS: -120.542 % low: -372.545 % |
|
| Free Cash To Net Income | -0.26 | |
| Cash Flow Margin | 1.297 % | |
| Cash Flow To Earnings | 0.09 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.528 % | |
| Return On Assets QoQ | 30.108 % | |
| Return On Assets YoY | -32.006 % | |
| Return On Assets IPRWA | high: 12.607 % mean: 6.01 % median: 5.937 % ACLS: 2.528 % low: -7.635 % |
|
| Return On Capital Employed (ROCE) | 3.554 % | |
| Return On Equity (ROE) | 0.033 | |
| Return On Equity QoQ | 30.153 % | |
| Return On Equity YoY | -32.8 % | |
| Return On Equity IPRWA | high: 0.21 median: 0.145 mean: 0.14 ACLS: 0.033 low: -0.241 |
|
| DuPont ROE | 3.338 % | |
| Return On Invested Capital (ROIC) | 3.425 % | |
| Return On Invested Capital QoQ | 28.856 % | |
| Return On Invested Capital YoY | -135.306 % | |
| Return On Invested Capital IPRWA | high: 11.139 % median: 10.618 % mean: 8.929 % ACLS: 3.425 % low: -2.702 % |
|