Recent News
Axcelis scheduled management participation at the 2026 Cantor Global Technology & Industrial Growth Conference in New York in March 2026. Management also appeared at the Needham Growth Conference in mid-January 2026. Analysts published an average “Hold” consensus in early February 2026 and filings noted a director sale on December 17, 2025.
Technical Analysis
Directional indicators present mixed signals: ADX at 9.8 signals no trend, limiting conviction for directional trades. DI+ stands at 19.81 and shows a decreasing trend, which reads as bearish; DI- at 21.5 shows a peak & reversal, which reads as bullish. Together these readings imply range-bound action with short-term tug-of-war between buyers and sellers.
MACD shows accelerating bullish momentum: MACD at -0.65 moved above the signal line (-0.90), and the MACD trend reads increasing; that crossover signals a bullish shift in momentum despite negative absolute MACD. Expect the crossover to support upward pressure if it holds.
MRO sits at -23.19 with a peak & reversal pattern, indicating price below the WMDST target and implying potential upward pressure if momentum resumes. The negative oscillator suggests room for mean reversion toward the fair-valued estimate.
RSI at 49.69 with a peak & reversal pattern signals neutral-to-weak momentum; RSI near the midpoint supports a sideways bias until momentum breaks decisively above 60 or below 40.
Price versus moving averages: last close $85.18 sits above the 20-day average ($83.95) and the 200-day average ($81.52) but below the 50-day average ($87.87). The 12- and 26-day EMAs show a recent peak & reversal pattern, creating short-term resistance around the 50-day average. Bollinger bands place price inside the upper band (upper 1σ $86.79), leaving limited immediate upside before encountering volatility-driven resistance.
Volume and volatility show subdued conviction: 10-day average volume (~750k) slightly exceeds the latest session (~628k), and 42-day beta at 1.74 signals above-market short-term sensitivity. These conditions favor quick mean-reversion moves rather than trending breakouts.
Fundamental Analysis
Profitability: EBIT totals $41,354,000 and EBIT margin measures 17.35%, below the industry peer mean (34.885%) and median (35.306%) but above the peer low. Operating margin stands at 15.177% with operating margin QoQ up 29.574% and operating margin YoY down 36.247%. Gross margin at 46.965% improved modestly QoQ and YoY but remains below the industry peer mean of 52.467%.
Earnings and estimates: Reported EPS $1.49 beat the estimate $1.12 by $0.37, yielding an EPS surprise ratio of 33.04%. Forward EPS sits at $1.128 with a forward PE near 74.05 and a trailing PE of 58.74, reflecting elevated multiples against modest near-term earnings growth.
Revenue and growth: Total revenue $238,330,000 with reported revenue growth of 11.57% and a reported year-over-year change of -8.16% (as provided). QoQ revenue improved 18.07%, while several YoY operating profitability measures show declines, indicating recent quarter improvement against a tougher year-over-year backdrop.
Cash, leverage, and capital allocation: Cash and short-term investments total $374,253,000 with a current ratio of 4.77 and a quick ratio of 3.11, indicating strong liquidity. Total debt sits at $42,329,000 and debt-to-assets equals 3.11%, keeping leverage very low and interest coverage strong (~30.95x). Free cash flow runs negative at -$8,902,000 and operating cash flow for the period came in at -$6,567,000, producing a negative free cash flow yield (~-0.33%).
Efficiency and returns: Asset turnover equals 0.1757, near the industry peer mean of 0.2068 but slightly lower than the peer median. Return on equity registers 3.315% with return on assets near 2.528%; both show QoQ improvement but register below many industry peer medians where provided.
Valuation context: WMDST values the stock as fair-valued. Market multiples show elevated P/S (11.28) and P/E near 58.7, reflecting market expectations for recovery; P/B at 2.60 sits well below the industry peer mean and median. Enterprise value relative measures (EVR ~9.89, enterprise multiple ~51.43) point to a stretched market multiple relative to near-term cash flow performance.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-17 |
| NEXT REPORT DATE: | 2026-05-19 |
| 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 | $ 60.2 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 | $ 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 | $ 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: 107.539 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: 22.471 median: 22.16 mean: 18.269 ACLS: 2.598 low: 1.119 |
|
| 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: 144.216 mean: 139.714 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: 41.144 ACLS: 11.279 low: 3.695 |
|
| 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: 2.317 mean: 1.789 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: 251.517 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: 2.154 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: 1.511 low: 0.791 |
|
| 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: 34.374 median: 32.93 ACLS: 30.954 low: -143.241 |
|
| 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: 12.78 % 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: 266.667 % ACLS: 23.14 % mean: 17.361 % 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 % mean: 52.467 % median: 52.156 % ACLS: 46.965 % low: 9.383 % |
|
| EBIT Margin | 17.352 % | |
| EBIT Margin QoQ | 17.84 % | |
| EBIT Margin YoY | -27.111 % | |
| EBIT Margin IPRWA | high: 42.46 % median: 35.306 % mean: 34.885 % 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: 34.249 % 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: 1.47 % median: 1.229 % ACLS: -0.331 % low: -0.444 % |
|
| 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: -8.356 % ACLS: -120.542 % low: -360.935 % |
|
| 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: 7.364 % mean: 6.047 % 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: 0.141 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: 9.024 % ACLS: 3.425 % low: -2.702 % |
|