Recent News
On February 6, 2026, Axcelis stockholders approved the pending merger with Veeco Instruments, advancing the transaction toward the expected second-half 2026 close. On February 4, 2026 the company confirmed participation and product demonstrations at SEMICON Korea 2026, highlighting the Purion H6 platform. The company announced management participation in investor conferences in late February and early March 2026 to meet investors and present strategy updates. Market commentary also registered improving relative strength ratings for the stock in recent coverage.
Technical Analysis
Directional indicators: ADX at 14.38 signals no established trend; DI+ at 21.79 trending down signals weakening buyer pressure while DI- at 24.27 with a peak-and-reversal signals returning seller pressure has eased, producing mixed short-term directional forces that favor consolidation rather than a clear breakout.
MACD: MACD reads -1.71 and declines while the MACD signal sits at -0.69; the negative, falling MACD and its position below the signal line indicate bearish momentum that dampens immediate upside potential absent a MACD crossover back above the signal.
MRO: MRO equals -3.8 and trends lower; the negative oscillator implies price sits modestly below the model target and therefore contains measured upward potential, though the decreasing magnitude limits that pressure to a moderate effect.
RSI: RSI at 48.91 with a decreasing trajectory sits near neutral and signals neither overbought nor oversold conditions, supporting a likely period of range-bound action until momentum re-asserts.
Price structure and volatility: the last close at $80.02 sits below the 20-day average ($85.78), 50-day average ($87.55) and essentially flat with the 200-day average ($80.20), keeping price near the lower Bollinger band (lower 1σ $78.85). Short-term beta (42-day) of 2.20 highlights elevated sensitivity to market moves, so technical reversals or breakdowns could amplify price action.
Fundamental Analysis
Revenue and top-line dynamics: total revenue equals $213,611,000 with year-over-year revenue growth of 489.05% and quarter-over-quarter growth of 8.52%, indicating a strong sequential recovery in sales volume and aftermarket demand that materially improves cash generation.
Profitability: gross margin equals 41.57%, and EBIT margin equals 14.73%; earnings per share came in at $1.49 versus an estimate of $1.12, producing an EPS surprise of 33.04%. EBIT and EBITDA registered at $31,455,000 and $35,783,000 respectively. EBIT margin sits below the industry peer mean of 33.98% and below the industry peer median of 35.72%, signaling lower operating leverage versus typical peer benchmarks despite positive margin levels in absolute terms.
Cash flow and balance sheet strength: cash and short-term investments total $449,560,000 and operating cash flow reached $45,350,000 with free cash flow of $43,335,000; free cash flow yield equals 1.69%, above the industry peer mean of 0.64%. Current ratio equals 4.95 and quick ratio equals 3.32, both well above industry peer means and pointing to substantial near-term liquidity. Total debt stands at $42,671,000 with debt-to-assets at 3.16% and debt-to-EBITDA about 1.19, reflecting a conservative capital structure.
Returns and efficiency: return on equity equals 2.55% and return on assets equals 1.94%, both below industry peer means; asset turnover equals 0.1597, slightly below the industry peer mean of 0.1927. Cash conversion cycle at 293 days sits within the industry peer range but toward the longer side of the peer median, reflecting extended working capital tied to parts and service inventories.
Valuation: trailing P/E equals 68.45 and forward P/E equals 60.22, both below the industry peer mean P/E but still elevated in absolute terms; price-to-book equals 2.52 versus an industry peer mean P/B of 13.50 (Axcelis below the peer mean), and enterprise multiple equals 60.38. The current valuation as determined by WMDST classifies the stock as under-valued, an assessment driven by strong cash reserves, notable YoY revenue recovery, and a free cash flow yield above the industry peer mean despite elevated headline multiples.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2026-02-17 |
| NEXT REPORT DATE: | 2026-05-19 |
| CASH FLOW | Begin Period Cash Flow | $ 181.3 M |
| Operating Cash Flow | $ 45.4 M | |
| Capital Expenditures | $ -2.02 M | |
| Change In Working Capital | $ 2.8 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 13.8 M | |
| End Period Cash Flow | $ 195.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 213.6 M | |
| Forward Revenue | $ 71.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 124.8 M | |
| Depreciation | $ 4.3 M | |
| Depreciation and Amortization | $ 4.3 M | |
| Research and Development | $ 24.6 M | |
| Total Operating Expenses | $ 188.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 88.8 M | |
| EBITDA | $ 35.8 M | |
| EBIT | $ 31.5 M | |
| Operating Income | $ 25.0 M | |
| Interest Income | $ 5.5 M | |
| Interest Expense | $ 1.3 M | |
| Net Interest Income | $ 4.2 M | |
| Income Before Tax | $ 30.1 M | |
| Tax Provision | $ 4.2 M | |
| Tax Rate | 13.8 % | |
| Net Income | $ 26.0 M | |
| Net Income From Continuing Operations | $ 26.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.12 | |
| EPS Actual | $ 1.49 | |
| EPS Difference | $ 0.37 | |
| EPS Surprise | 33.036 % | |
| Forward EPS | $ 1.13 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.4 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.0 B | |
| Total Current Assets | $ 984.0 M | |
| Cash and Short-Term Investments | $ 449.6 M | |
| Cash | $ 187.5 M | |
| Net Receivables | $ 147.6 M | |
| Inventory | $ 324.3 M | |
| Long-Term Investments | $ 52.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 52.5 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 199.0 M | |
| Net Debt | — | |
| Total Debt | $ 42.7 M | |
| Total Liabilities | $ 331.8 M | |
| EQUITY | ||
| Total Equity | $ 1.0 B | |
| Retained Earnings | $ 488.8 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 32.91 | |
| Shares Outstanding | 30.998 M | |
| Revenue Per-Share | $ 6.89 | |
| VALUATION | Market Capitalization | $ 2.6 B |
| Enterprise Value | $ 2.2 B | |
| Enterprise Multiple | 60.381 | |
| Enterprise Multiple QoQ | 36.775 % | |
| Enterprise Multiple YoY | 35.259 % | |
| Enterprise Multiple IPRWA | high: 178.043 mean: 93.171 median: 91.699 ACLS: 60.381 low: -238.397 |
|
| EV/R | 10.115 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.325 | |
| Asset To Liability | 4.075 | |
| Debt To Capital | 0.04 | |
| Debt To Assets | 0.032 | |
| Debt To Assets QoQ | -2.862 % | |
| Debt To Assets YoY | 2905.714 % | |
| Debt To Assets IPRWA | high: 0.465 median: 0.198 mean: 0.17 ACLS: 0.032 low: 0.006 |
|
| Debt To Equity | 0.042 | |
| Debt To Equity QoQ | -0.547 % | |
| Debt To Equity YoY | 2825.175 % | |
| Debt To Equity IPRWA | high: 1.221 mean: 0.423 median: 0.347 ACLS: 0.042 low: -0.599 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.517 | |
| Price To Book QoQ | 11.345 % | |
| Price To Book YoY | -25.219 % | |
| Price To Book IPRWA | high: 17.585 median: 14.913 mean: 13.502 ACLS: 2.517 low: -3.904 |
|
| Price To Earnings (P/E) | 68.453 | |
| Price To Earnings QoQ | 14.619 % | |
| Price To Earnings YoY | 0.969 % | |
| Price To Earnings IPRWA | high: 286.125 mean: 121.759 median: 115.727 ACLS: 68.453 low: -348.115 |
|
| PE/G Ratio | 9.669 | |
| Price To Sales (P/S) | 12.02 | |
| Price To Sales QoQ | 1.184 % | |
| Price To Sales YoY | -6.081 % | |
| Price To Sales IPRWA | high: 64.674 median: 41.776 mean: 34.974 ACLS: 12.02 low: 1.791 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 60.218 | |
| Forward PE/G | 8.505 | |
| Forward P/S | 29.8 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -1.374 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.16 | |
| Asset Turnover Ratio QoQ | 9.332 % | |
| Asset Turnover Ratio YoY | -18.264 % | |
| Asset Turnover Ratio IPRWA | high: 0.351 median: 0.198 mean: 0.193 ACLS: 0.16 low: 0.0 |
|
| Receivables Turnover | 1.491 | |
| Receivables Turnover Ratio QoQ | 16.437 % | |
| Receivables Turnover Ratio YoY | 8.004 % | |
| Receivables Turnover Ratio IPRWA | high: 2.897 ACLS: 1.491 median: 1.451 mean: 1.417 low: 0.591 |
|
| Inventory Turnover | 0.393 | |
| Inventory Turnover Ratio QoQ | 11.199 % | |
| Inventory Turnover Ratio YoY | -23.049 % | |
| Inventory Turnover Ratio IPRWA | high: 2.238 mean: 0.468 ACLS: 0.393 median: 0.382 low: 0.169 |
|
| Days Sales Outstanding (DSO) | 61.188 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 293.369 | |
| Cash Conversion Cycle Days QoQ | -3.639 % | |
| Cash Conversion Cycle Days YoY | 35.675 % | |
| Cash Conversion Cycle Days IPRWA | high: 563.683 ACLS: 293.369 median: 276.99 mean: 264.745 low: 26.743 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.272 | |
| CapEx To Revenue | -0.009 | |
| CapEx To Depreciation | -0.466 | |
| 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 | $ 785.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.259 | |
| Current Ratio | 4.945 | |
| Current Ratio QoQ | -17.723 % | |
| Current Ratio YoY | 11.174 % | |
| Current Ratio IPRWA | high: 9.548 ACLS: 4.945 median: 2.207 mean: 2.155 low: 0.914 |
|
| Quick Ratio | 3.315 | |
| Quick Ratio QoQ | -22.099 % | |
| Quick Ratio YoY | 0.621 % | |
| Quick Ratio IPRWA | high: 7.893 ACLS: 3.315 median: 1.597 mean: 1.461 low: 0.696 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 1.192 | |
| Cost Of Debt | 2.626 % | |
| Interest Coverage Ratio | 24.103 | |
| Interest Coverage Ratio QoQ | -10.156 % | |
| Interest Coverage Ratio YoY | -43.332 % | |
| Interest Coverage Ratio IPRWA | high: 192.143 median: 39.833 mean: 36.247 ACLS: 24.103 low: -164.857 |
|
| Operating Cash Flow Ratio | 0.117 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 38.124 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.15 % | |
| Revenue Growth | 9.801 % | |
| Revenue Growth QoQ | 852.478 % | |
| Revenue Growth YoY | 48905.0 % | |
| Revenue Growth IPRWA | high: 45.385 % ACLS: 9.801 % median: 1.101 % mean: 0.886 % low: -45.156 % |
|
| Earnings Growth | 7.08 % | |
| Earnings Growth QoQ | -18.188 % | |
| Earnings Growth YoY | -282.898 % | |
| Earnings Growth IPRWA | high: 300.0 % ACLS: 7.08 % mean: -1.34 % median: -6.077 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 41.574 % | |
| Gross Margin QoQ | -7.399 % | |
| Gross Margin YoY | -3.007 % | |
| Gross Margin IPRWA | high: 89.855 % mean: 52.251 % median: 51.627 % ACLS: 41.574 % low: 4.626 % |
|
| EBIT Margin | 14.725 % | |
| EBIT Margin QoQ | -21.198 % | |
| EBIT Margin YoY | -33.368 % | |
| EBIT Margin IPRWA | high: 43.012 % median: 35.717 % mean: 33.981 % ACLS: 14.725 % low: -46.404 % |
|
| Return On Sales (ROS) | 11.713 % | |
| Return On Sales QoQ | -21.331 % | |
| Return On Sales YoY | -46.998 % | |
| Return On Sales IPRWA | high: 41.661 % median: 32.842 % mean: 32.594 % ACLS: 11.713 % low: -50.057 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 43.3 M | |
| Free Cash Flow Yield | 1.688 % | |
| Free Cash Flow Yield QoQ | 3.368 % | |
| Free Cash Flow Yield YoY | 32.392 % | |
| Free Cash Flow Yield IPRWA | high: 3.193 % ACLS: 1.688 % median: 0.795 % mean: 0.636 % low: -2.559 % |
|
| Free Cash Growth | 14.819 % | |
| Free Cash Growth QoQ | 77.579 % | |
| Free Cash Growth YoY | 48.98 % | |
| Free Cash Growth IPRWA | high: 288.936 % ACLS: 14.819 % mean: -1.724 % median: -31.87 % low: -368.087 % |
|
| Free Cash To Net Income | 1.668 | |
| Cash Flow Margin | 10.908 % | |
| Cash Flow To Earnings | 0.897 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.943 % | |
| Return On Assets QoQ | -17.495 % | |
| Return On Assets YoY | -47.472 % | |
| Return On Assets IPRWA | high: 7.255 % mean: 5.352 % median: 5.244 % ACLS: 1.943 % low: -8.379 % |
|
| Return On Capital Employed (ROCE) | 2.728 % | |
| Return On Equity (ROE) | 0.025 | |
| Return On Equity QoQ | -17.009 % | |
| Return On Equity YoY | -48.845 % | |
| Return On Equity IPRWA | high: 0.225 mean: 0.126 median: 0.112 ACLS: 0.025 low: -0.16 |
|
| DuPont ROE | 2.544 % | |
| Return On Invested Capital (ROIC) | 2.658 % | |
| Return On Invested Capital QoQ | -16.625 % | |
| Return On Invested Capital YoY | -130.885 % | |
| Return On Invested Capital IPRWA | high: 10.936 % median: 10.871 % mean: 8.622 % ACLS: 2.658 % low: -2.31 % |
|