Recent News
On February 6, 2026 shareholders approved key proposals for the pending all‑stock merger with Veeco Instruments, with closing still subject to regulatory approvals. On March 12, 2026 Axcelis named David Ryzhik Interim Chief Financial Officer, with outgoing CFO James Coogan remaining through April 24 to support transition. On April 20, 2026 the company announced formal Science Based Targets initiative approval of its greenhouse gas reduction targets, and that same week an analyst at B. Riley upgraded the company and raised its price target.
Technical Analysis
Directional indicators show a strong trend environment: ADX reads 44.32, indicating a very strong trend. DI+ sits at 40.41 and shows a peak‑and‑reversal (bearish), while DI‑ at 11.77 displays a dip‑and‑reversal (bearish); together those directional moves imply the existing trend strength accompanies a directional shift toward selling pressure, which raises the risk to immediate upside despite strong trend magnitude.
MACD reads 10.96 with a signal line at 10.04. The MACD has crossed above its signal line, which normally constitutes a bullish cross, yet the MACD trend shows a peak‑and‑reversal, signaling momentum weakening; the combination suggests limited follow‑through above recent levels and vulnerability to a momentum fade.
MRO stands at 34.42 and is positive, indicating the market price sits above the model target and therefore faces a higher probability of a contraction toward fair value; the magnitude of the MRO implies meaningful corrective pressure if momentum rolls over.
RSI registers 65.39 and is rising. The increasing RSI indicates the market moved into stronger buying territory and now approaches overbought thresholds, which supports a near‑term consolidation risk if selling accelerates.
Price sits at $139.99 above shorter‑ and longer‑term averages: 12‑day EMA $132.23 (increasing), 20‑day average $131.41, 50‑day average $101.69 and 200‑day average $88.86. Being above these moving averages shows clear bullish breadth, but the technical overextension (MRO positive, rising RSI, MACD momentum weakening) argues that upside may meet resistance near the consensus price target mean of $144.37 and that support near the super trend lower at $129.47 merits attention as a logical consolidation floor.
Fundamental Analysis
Total revenue reached $238.33 million. Revenue shows a QoQ increase of 18.07% but a YoY decline of 8.16%, reflecting recent sequential pickup after softer year‑over‑year comparisons. Gross margin stands at 46.97% with a small YoY expansion of +2.00%, indicating retained product profitability even as sales comparisons lag.
Operating margin equals 15.18% and EBIT margin 17.35%; both show QoQ improvement (operating margin QoQ +29.57%, EBIT margin QoQ +17.84%) but remain below the industry peer mean for operating margin (34.24%) and EBIT margin (34.88%). That gap shows margin recovery while leaving room to converge toward peer averages if cost leverage continues to improve.
Earnings per share came in at $1.49 versus an estimate of $1.12, producing an EPS surprise of $0.37 and an EPS surprise ratio of 33.04%. Reported earnings growth measures show QoQ strength (earnings growth QoQ +226.84%) and a large year‑over‑year increase in reported earnings growth (YoY +589.51%), reflecting a low prior‑year comparison base and the recent operating leverage effect.
Liquidity and balance‑sheet metrics remain pronounced strengths. Cash and short‑term investments total $374.25 million and the current ratio reads 4.77x (above the industry peer mean of 2.15x). Quick ratio 3.11x and cash ratio 1.89x signal strong near‑term coverage, while debt to assets at 3.11% and debt to equity at 4.09% show minimal leverage relative to typical equipment peers.
Cash generation shows signs of strain: operating cash flow was negative at ‑$6.57 million and free cash flow was ‑$8.90 million, producing a negative free cash flow yield (‑0.33%). Working capital dynamics show a cash conversion cycle of 264.72 days, slightly above the industry peer mean of 251.48 days, driven by elevated inventory days outstanding of 238.85 and DSO of 60.52 days.
Valuation multiples display mixed signals. Trailing PE stands at 58.74 with a YoY rise of 20.38%; price‑to‑book sits at 2.60, which lies below the industry peer mean book multiple of 18.26. Forward PE reads 74.05 with forward PEG 3.20. WMDST values the stock as under‑valued, a conclusion that weighs Axcelis’ strong cash position, improving QoQ margins and recent EPS beat against elevated valuation multiples and temporary negative free cash flow.
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: 107.516 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: 18.264 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: 139.67 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: 41.134 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: 1.789 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: 1.243 mean: 0.516 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: 251.476 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: 0.689 |
|
| 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: 34.363 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: 12.779 % 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: 17.364 % 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: 52.465 % 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: 46.775 % median: 35.306 % mean: 34.884 % 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: 34.24 % 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: 1.469 % median: 1.229 % ACLS: -0.331 % low: -1.389 % |
|
| 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: -8.385 % 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: 12.607 % mean: 6.048 % 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: 9.022 % ACLS: 3.425 % low: -2.702 % |
|