Recent News
May 12, 2026 — Axcelis announced participation in upcoming investor conferences; May 9 — shareholders approved board and auditor items; June 13 — institutional filings showed a modest purchase by Dynamic Technology Lab Private Ltd.; mid‑June filings and analyst notes recorded position changes and a Bank of America price‑target action in late June.
Technical Analysis
Directional indicators: ADX at 24.03 indicates an emerging trend in strength, implying that recent directional moves possess measurable conviction but have not reached strong trend levels.
DI+ shows a dip & reversal, which signals renewed bullish directional pressure into the near term and supports the notion that upside attempts can reappear quickly given buying interest.
DI- registers as increasing, which signals opposing bearish pressure; the concurrent DI+ dip & reversal alongside a rising DI- implies directional contestation and a higher probability of chop before a clear directional resolve.
MACD shows a dip & reversal, indicating improving momentum; however the MACD value sits just below its signal line, so momentum appears to be recovering but lacks a confirming crossover at this moment.
MRO stands at 28.93 with a dip & reversal pattern; the positive MRO suggests price sits above the model target and therefore presents near-term downward pressure potential despite the recent reversal in momentum.
RSI at 58.74 with a decreasing trend indicates momentum rolling off from higher levels and reduces the immediate risk of overbought extension while keeping room for renewed buying if momentum stabilizes.
Price versus moving averages: the close at $178.33 sits above the 12‑day EMA ($176.87) but marginally below the 20‑day average ($179.06), with the 50‑day at $159.16 and the 200‑day at $106.41; short‑term averages suggest a constructive bias that can quickly flip to consolidation given the mixed oscillator signals.
Fundamental Analysis
Revenue and margins: total revenue $198,956,000 with YoY revenue change of -30.33% and reported revenue growth of -16.52% on the primary measure; gross margin at 40.50% and operating margin at 3.996% contrast with an EBIT margin of 5.99%.
Margin momentum shows sharp degradation: EBIT margin QoQ fell by 65.48% and YoY declined by 66.52%, establishing a weaker profitability backdrop despite positive gross margin. Operating margin QoQ and YoY both contracted materially, consistent with higher operating expenses versus recent revenue levels.
Earnings: GAAP EPS actual $0.72 versus an estimate of $0.71, an EPS surprise of approximately 1.41%, a small beat that did not alter the margin deterioration narrative.
Cash flow and balance sheet: cash and short‑term investments $366,600,000 and cash ratio 1.80 with current ratio 4.59, signaling ample near‑term liquidity; free cash flow $16,300,000 and free cash flow yield ~0.48% indicate limited cash return relative to market value but positive absolute cash generation. Total debt $41,958,000 produces debt‑to‑assets of roughly 3.05% and low leverage metrics overall.
Efficiency and working capital: inventory $326,052,000 and a cash conversion cycle ~278 days (above the industry peer mean and median values), reflecting extended working capital duration; asset turnover 0.145 (below the industry peer mean of 0.20566), indicating lower revenue generation per dollar of assets.
Valuation multiples: trailing P/E ~152.75, forward P/E ~75.44, price‑to‑book ~3.24, and price‑to‑sales ~16.99. WMDST values the stock as under-valued. The forward P/E compresses relative to the trailing P/E, reflecting expected earnings improvement on forward estimates but still leaving multiples elevated in absolute terms.
Peer comparisons where available: EBIT margin at 5.99% sits below the industry peer mean of 35.211% and below the industry peer median of 36.02%, highlighting relative profitability weakness; current ratio at 4.59 sits above the industry peer mean of 2.268, indicating comparatively stronger liquidity; asset turnover below the industry peer mean confirms lower operational throughput versus peers.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-07 |
| NEXT REPORT DATE: | 2026-08-06 |
| CASH FLOW | Begin Period Cash Flow | $ 156.1 M |
| Operating Cash Flow | $ 18.1 M | |
| Capital Expenditures | $ -1.84 M | |
| Change In Working Capital | $ -4.21 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 5.4 M | |
| End Period Cash Flow | $ 161.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 199.0 M | |
| Forward Revenue | $ 201.1 M | |
| COSTS | ||
| Cost Of Revenue | $ 118.4 M | |
| Depreciation | $ 4.4 M | |
| Depreciation and Amortization | $ 4.4 M | |
| Research and Development | $ 28.5 M | |
| Total Operating Expenses | $ 191.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 80.6 M | |
| EBITDA | $ 16.4 M | |
| EBIT | $ 11.9 M | |
| Operating Income | $ 8.0 M | |
| Interest Income | $ 4.5 M | |
| Interest Expense | $ 1.3 M | |
| Net Interest Income | $ 3.2 M | |
| Income Before Tax | $ 10.6 M | |
| Tax Provision | $ 1.4 M | |
| Tax Rate | 13.3 % | |
| Net Income | $ 9.2 M | |
| Net Income From Continuing Operations | $ 9.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.71 | |
| EPS Actual | $ 0.72 | |
| EPS Difference | $ 0.01 | |
| EPS Surprise | 1.408 % | |
| Forward EPS | $ 1.21 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.4 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.0 B | |
| Total Current Assets | $ 935.7 M | |
| Cash and Short-Term Investments | $ 366.6 M | |
| Cash | $ 150.8 M | |
| Net Receivables | $ 161.8 M | |
| Inventory | $ 326.1 M | |
| Long-Term Investments | $ 55.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 51.6 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 203.9 M | |
| Net Debt | — | |
| Total Debt | $ 42.0 M | |
| Total Liabilities | $ 329.9 M | |
| EQUITY | ||
| Total Equity | $ 1.0 B | |
| Retained Earnings | $ 512.8 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 33.99 | |
| Shares Outstanding | 30.733 M | |
| Revenue Per-Share | $ 6.47 | |
| VALUATION | Market Capitalization | $ 3.4 B |
| Enterprise Value | $ 3.1 B | |
| Enterprise Multiple | 186.84 | |
| Enterprise Multiple QoQ | 263.287 % | |
| Enterprise Multiple YoY | 492.31 % | |
| Enterprise Multiple IPRWA | high: 480.245 ACLS: 186.84 median: 130.894 mean: 129.47 low: -303.349 |
|
| EV/R | 15.357 | |
| 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 | -1.801 % | |
| Debt To Assets YoY | -5.538 % | |
| Debt To Assets IPRWA | high: 0.443 median: 0.18 mean: 0.161 ACLS: 0.031 low: 0.009 |
|
| Debt To Equity | 0.04 | |
| Debt To Equity QoQ | -1.833 % | |
| Debt To Equity YoY | -4.789 % | |
| Debt To Equity IPRWA | high: 1.243 mean: 0.366 median: 0.331 ACLS: 0.04 low: -0.105 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.236 | |
| Price To Book QoQ | 24.536 % | |
| Price To Book YoY | 88.165 % | |
| Price To Book IPRWA | high: 26.896 median: 24.79 mean: 20.6 ACLS: 3.236 low: -12.298 |
|
| Price To Earnings (P/E) | 152.751 | |
| Price To Earnings QoQ | 160.067 % | |
| Price To Earnings YoY | 188.954 % | |
| Price To Earnings IPRWA | high: 338.258 median: 167.336 mean: 162.778 ACLS: 152.751 low: -193.143 |
|
| PE/G Ratio | -2.956 | |
| Price To Sales (P/S) | 16.989 | |
| Price To Sales QoQ | 50.619 % | |
| Price To Sales YoY | 85.204 % | |
| Price To Sales IPRWA | high: 101.704 median: 58.9 mean: 49.973 ACLS: 16.989 low: 4.556 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 75.436 | |
| Forward PE/G | -1.46 | |
| Forward P/S | 17.579 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 4.309 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.145 | |
| Asset Turnover Ratio QoQ | -17.213 % | |
| Asset Turnover Ratio YoY | 1.564 % | |
| Asset Turnover Ratio IPRWA | high: 0.365 mean: 0.206 median: 0.19 ACLS: 0.145 low: 0.0 |
|
| Receivables Turnover | 1.205 | |
| Receivables Turnover Ratio QoQ | -20.105 % | |
| Receivables Turnover Ratio YoY | 15.145 % | |
| Receivables Turnover Ratio IPRWA | high: 2.417 mean: 1.805 median: 1.56 ACLS: 1.205 low: 0.449 |
|
| Inventory Turnover | 0.361 | |
| Inventory Turnover Ratio QoQ | -6.591 % | |
| Inventory Turnover Ratio YoY | 0.643 % | |
| Inventory Turnover Ratio IPRWA | high: 2.353 mean: 0.535 median: 0.395 ACLS: 0.361 low: 0.148 |
|
| Days Sales Outstanding (DSO) | 75.743 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 278.314 | |
| Cash Conversion Cycle Days QoQ | 5.137 % | |
| Cash Conversion Cycle Days YoY | 10.403 % | |
| Cash Conversion Cycle Days IPRWA | high: 584.091 ACLS: 278.314 median: 265.721 mean: 215.675 low: 41.891 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.272 | |
| CapEx To Revenue | -0.009 | |
| CapEx To Depreciation | -0.415 | |
| 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 | $ 731.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.798 | |
| Current Ratio | 4.589 | |
| Current Ratio QoQ | -3.84 % | |
| Current Ratio YoY | -17.462 % | |
| Current Ratio IPRWA | high: 10.97 ACLS: 4.589 median: 2.536 mean: 2.268 low: 0.728 |
|
| Quick Ratio | 2.99 | |
| Quick Ratio QoQ | -3.787 % | |
| Quick Ratio YoY | -26.776 % | |
| Quick Ratio IPRWA | high: 6.997 ACLS: 2.99 median: 1.773 mean: 1.552 low: 0.782 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 2.566 | |
| Cost Of Debt | 2.659 % | |
| Interest Coverage Ratio | 9.224 | |
| Interest Coverage Ratio QoQ | -70.202 % | |
| Interest Coverage Ratio YoY | -63.401 % | |
| Interest Coverage Ratio IPRWA | high: 186.333 mean: 41.961 median: 34.739 ACLS: 9.224 low: -4.56 |
|
| Operating Cash Flow Ratio | 0.159 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 33.883 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.969 % | |
| Revenue Growth | -16.521 % | |
| Revenue Growth QoQ | -242.767 % | |
| Revenue Growth YoY | -30.326 % | |
| Revenue Growth IPRWA | high: 21.538 % median: 3.118 % mean: 0.035 % ACLS: -16.521 % low: -17.762 % |
|
| Earnings Growth | -51.678 % | |
| Earnings Growth QoQ | -323.328 % | |
| Earnings Growth YoY | 59.166 % | |
| Earnings Growth IPRWA | high: 79.545 % mean: 6.677 % median: 6.215 % ACLS: -51.678 % low: -106.667 % |
|
| MARGINS | ||
| Gross Margin | 40.502 % | |
| Gross Margin QoQ | -13.761 % | |
| Gross Margin YoY | -12.139 % | |
| Gross Margin IPRWA | high: 85.83 % median: 52.983 % mean: 52.55 % ACLS: 40.502 % low: 12.597 % |
|
| EBIT Margin | 5.99 % | |
| EBIT Margin QoQ | -65.479 % | |
| EBIT Margin YoY | -66.519 % | |
| EBIT Margin IPRWA | high: 43.548 % median: 36.02 % mean: 35.211 % ACLS: 5.99 % low: -41.006 % |
|
| Return On Sales (ROS) | 3.996 % | |
| Return On Sales QoQ | -73.671 % | |
| Return On Sales YoY | -77.665 % | |
| Return On Sales IPRWA | high: 41.215 % median: 36.02 % mean: 34.138 % ACLS: 3.996 % low: -41.006 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 16.3 M | |
| Free Cash Flow Yield | 0.482 % | |
| Free Cash Flow Yield QoQ | -245.619 % | |
| Free Cash Flow Yield YoY | -75.558 % | |
| Free Cash Flow Yield IPRWA | high: 2.571 % ACLS: 0.482 % median: 0.284 % mean: 0.015 % low: -3.229 % |
|
| Free Cash Growth | -283.105 % | |
| Free Cash Growth QoQ | 134.86 % | |
| Free Cash Growth YoY | -186.077 % | |
| Free Cash Growth IPRWA | high: 154.434 % median: -50.693 % mean: -74.066 % ACLS: -283.105 % low: -565.132 % |
|
| Free Cash To Net Income | 1.769 | |
| Cash Flow Margin | 16.346 % | |
| Cash Flow To Earnings | 3.53 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.674 % | |
| Return On Assets QoQ | -73.339 % | |
| Return On Assets YoY | -68.282 % | |
| Return On Assets IPRWA | high: 9.258 % mean: 6.278 % median: 5.59 % ACLS: 0.674 % low: -6.245 % |
|
| Return On Capital Employed (ROCE) | 1.018 % | |
| Return On Equity (ROE) | 0.009 | |
| Return On Equity QoQ | -73.394 % | |
| Return On Equity YoY | -68.296 % | |
| Return On Equity IPRWA | high: 0.206 mean: 0.138 median: 0.132 ACLS: 0.009 low: -0.15 |
|
| DuPont ROE | 0.886 % | |
| Return On Invested Capital (ROIC) | 0.989 % | |
| Return On Invested Capital QoQ | -71.124 % | |
| Return On Invested Capital YoY | -65.861 % | |
| Return On Invested Capital IPRWA | high: 12.991 % median: 10.759 % mean: 9.866 % ACLS: 0.989 % low: -4.282 % |
|