Comprehensive Stock Comparison
Compare Axcelis Technologies, Inc. (ACLS) vs Lam Research Corporation (LRCX) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | LRCX | 23.7% revenue growth vs ACLS's -17.6% |
| Value | ACLS | Lower P/E (22.6x vs 44.0x), PEG 1.07 vs 1.96 |
| Quality / Margins | LRCX | 30.2% net margin vs ACLS's 14.3% |
| Stability / Safety | ACLS | Beta 1.62 vs LRCX's 1.95, lower leverage |
| Dividends | LRCX | 0.4% yield; 11-year raise streak; ACLS pays no meaningful dividend |
| Momentum (1Y) | LRCX | +206.1% vs ACLS's +50.8% |
| Efficiency (ROA) | LRCX | 29.0% ROA vs ACLS's 8.8%, ROIC 55.7% vs 9.6% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Axcelis Technologies designs and manufactures ion implantation equipment used in semiconductor chip fabrication. It generates revenue primarily from selling its implanters — high energy, high current, and medium current models — with aftermarket services like spare parts and maintenance contributing a significant portion. The company's moat lies in its specialized expertise in ion implantation technology and its established relationships with major semiconductor manufacturers.
Lam Research is a leading manufacturer of semiconductor fabrication equipment used to produce integrated circuits. The company generates revenue primarily from selling wafer fabrication equipment — including etch, deposition, and cleaning systems — and related services, with equipment sales typically representing around 80% of total revenue. Its competitive advantage stems from deep process expertise in critical semiconductor manufacturing steps, particularly in etch and deposition technologies where it holds strong market positions.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
LRCX leads in 4 of 6 categories (Financial Metrics, Profitability & Efficiency). ACLS leads in 1 (Valuation Metrics). 1 tied.
Financial Metrics (TTM)
LRCX is the larger business by revenue, generating $20.6B annually — 24.5x ACLS's $839M. LRCX is the more profitable business, keeping 30.2% of every revenue dollar as net income compared to ACLS's 14.3%. On growth, LRCX holds the edge at +22.1% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | ACLSAxcelis Technolog… | LRCXLam Research Corp… |
|---|---|---|
| RevenueTrailing 12 months | $839M | $20.6B |
| EBITDAEarnings before interest/tax | $137M | $7.3B |
| Net IncomeAfter-tax profit | $120M | $6.2B |
| Free Cash FlowCash after capex | $107M | $6.7B |
| Gross MarginGross profit ÷ Revenue | +44.9% | +49.8% |
| Operating MarginEBIT ÷ Revenue | +14.2% | +33.8% |
| Net MarginNet income ÷ Revenue | +14.3% | +30.2% |
| FCF MarginFCF ÷ Revenue | +12.8% | +32.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | -5.6% | +22.1% |
| EPS Growth (YoY)Latest quarter vs prior year | -28.6% | +37.0% |
Valuation Metrics
At 21.7x trailing earnings, ACLS trades at a 61% valuation discount to LRCX's 56.4x P/E. Adjusting for growth (PEG ratio), ACLS offers better value at 1.03x vs LRCX's 2.52x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | ACLSAxcelis Technolog… | LRCXLam Research Corp… |
|---|---|---|
| Market CapShares × price | $2.7B | $292.6B |
| Enterprise ValueMkt cap + debt − cash | $2.6B | $291.0B |
| Trailing P/EPrice ÷ TTM EPS | 21.74x | 56.36x |
| Forward P/EPrice ÷ next-FY EPS est. | 22.64x | 43.97x |
| PEG RatioP/E ÷ EPS growth rate | 1.03x | 2.52x |
| EV / EBITDAEnterprise value multiple | 18.79x | 46.28x |
| Price / SalesMarket cap ÷ Revenue | 3.19x | 15.87x |
| Price / BookPrice ÷ Book value/share | 2.53x | 30.60x |
| Price / FCFMarket cap ÷ FCF | 25.01x | 54.05x |
Profitability & Efficiency
LRCX delivers a 61.2% return on equity — every $100 of shareholder capital generates $61 in annual profit, vs $12 for ACLS. ACLS carries lower financial leverage with a 0.04x debt-to-equity ratio, signaling a more conservative balance sheet compared to LRCX's 0.48x. On the Piotroski fundamental quality scale (0–9), LRCX scores 8/9 vs ACLS's 5/9, reflecting strong financial health.
| Metric | ACLSAxcelis Technolog… | LRCXLam Research Corp… |
|---|---|---|
| ROE (TTM)Return on equity | +11.6% | +61.2% |
| ROA (TTM)Return on assets | +8.8% | +29.0% |
| ROICReturn on invested capital | +9.6% | +55.7% |
| ROCEReturn on capital employed | +10.4% | +40.4% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 8 |
| Debt / EquityFinancial leverage | 0.04x | 0.48x |
| Net DebtTotal debt minus cash | -$103M | -$1.6B |
| Cash & Equiv.Liquid assets | $145M | $6.4B |
| Total DebtShort + long-term debt | $42M | $4.8B |
| Interest CoverageEBIT ÷ Interest expense | 33.79x | 41.06x |
Total Returns (with DRIP)
A $10,000 investment in LRCX five years ago would be worth $39,693 today (with dividends reinvested), compared to $20,803 for ACLS. Over the past 12 months, LRCX leads with a +206.1% total return vs ACLS's +50.8%. The 3-year compound annual growth rate (CAGR) favors LRCX at 69.5% vs ACLS's -13.7% — a key indicator of consistent wealth creation.
| Metric | ACLSAxcelis Technolog… | LRCXLam Research Corp… |
|---|---|---|
| YTD ReturnYear-to-date | -4.1% | +26.4% |
| 1-Year ReturnPast 12 months | +50.8% | +206.1% |
| 3-Year ReturnCumulative with dividends | -35.7% | +386.6% |
| 5-Year ReturnCumulative with dividends | +108.0% | +296.9% |
| 10-Year ReturnCumulative with dividends | +726.1% | +3164.9% |
| CAGR (3Y)Annualised 3-year return | -13.7% | +69.5% |
Risk & Volatility
ACLS is the less volatile stock with a 1.62 beta — it tends to amplify market swings less than LRCX's 1.95 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. LRCX currently trades 91.1% from its 52-week high vs ACLS's 80.3% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | ACLSAxcelis Technolog… | LRCXLam Research Corp… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.62x | 1.95x |
| 52-Week HighHighest price in past year | $102.93 | $256.68 |
| 52-Week LowLowest price in past year | $40.40 | $56.32 |
| % of 52W HighCurrent price vs 52-week peak | +80.3% | +91.1% |
| RSI (14)Momentum oscillator 0–100 | 46.7 | 55.7 |
| Avg Volume (50D)Average daily shares traded | 597K | 10.1M |
Analyst Outlook
Wall Street rates ACLS as "Buy" and LRCX as "Buy". Consensus price targets imply 33.2% upside for ACLS (target: $110) vs 14.4% for LRCX (target: $268). LRCX is the only dividend payer here at 0.38% yield — a key consideration for income-focused portfolios.
| Metric | ACLSAxcelis Technolog… | LRCXLam Research Corp… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $110.00 | $267.50 |
| # AnalystsCovering analysts | 12 | 50 |
| Dividend YieldAnnual dividend ÷ price | — | +0.4% |
| Dividend StreakConsecutive years of raises | 0 | 11 |
| Dividend / ShareAnnual DPS | — | $0.89 |
| Buyback YieldShare repurchases ÷ mkt cap | +4.5% | +1.2% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Axcelis Technologie… (ACLS) | 100 | 370.81 | +270.8% |
| Lam Research Corpor… (LRCX) | 100 | 790.88 | +690.9% |
Lam Research Corpor… (LRCX) returned +297% over 5 years vs Axcelis Technologie… (ACLS)'s +108%. A $10,000 investment in LRCX 5 years ago would be worth $39,693 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Axcelis Technologie… (ACLS) | $267M | $839M | +214.3% |
| Lam Research Corpor… (LRCX) | $5.9B | $18.4B | +213.2% |
Axcelis Technologies, Inc.'s revenue grew from $267M (2016) to $839M (2025) — a 13.6% CAGR. Lam Research Corporation's revenue grew from $5.9B (2016) to $18.4B (2025) — a 13.5% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Axcelis Technologie… (ACLS) | 4.1% | 14.3% | +247.8% |
| Lam Research Corpor… (LRCX) | 15.5% | 29.1% | +87.2% |
Axcelis Technologies, Inc.'s net margin went from 4% (2016) to 14% (2025). Lam Research Corporation's net margin went from 16% (2016) to 29% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Axcelis Technologie… (ACLS) | 7.6 | 21.1 | +177.6% |
| Lam Research Corpor… (LRCX) | 20 | 41.2 | +106.0% |
Axcelis Technologies, Inc. has traded in a 8x–48x P/E range over 9 years; current trailing P/E is ~22x. Lam Research Corporation has traded in a 10x–41x P/E range over 9 years; current trailing P/E is ~56x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Axcelis Technologie… (ACLS) | 0.36 | 3.8 | +955.6% |
| Lam Research Corpor… (LRCX) | 0.52 | 4.15 | +698.1% |
Axcelis Technologies, Inc.'s EPS grew from $0.36 (2016) to $3.80 (2025) — a 30% CAGR. Lam Research Corporation's EPS grew from $0.52 (2016) to $4.15 (2025) — a 26% CAGR.
Chart 6Free Cash Flow — 5 Years
Axcelis Technologies, Inc. generated $107M FCF in 2025 (-24% vs 2021). Lam Research Corporation generated $5B FCF in 2025 (+67% vs 2021).
ACLS vs LRCX: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is ACLS or LRCX a better buy right now?
Axcelis Technologies, Inc. (ACLS) offers the better valuation at 21.7x trailing P/E (22.6x forward), making it the more compelling value choice. Analysts rate Axcelis Technologies, Inc. (ACLS) a "Buy" — based on 12 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — ACLS or LRCX?
On trailing P/E, Axcelis Technologies, Inc. (ACLS) is the cheapest at 21.7x versus Lam Research Corporation at 56.4x. On forward P/E, Axcelis Technologies, Inc. is actually cheaper at 22.6x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Axcelis Technologies, Inc. wins at 1.07x versus Lam Research Corporation's 1.96x — a reasonable growth-adjusted valuation.
03Which is the better long-term investment — ACLS or LRCX?
Over the past 5 years, Lam Research Corporation (LRCX) delivered a total return of +296.9%, compared to +108.0% for Axcelis Technologies, Inc. (ACLS). A $10,000 investment in LRCX five years ago would be worth approximately $40K today (assuming dividends reinvested). Over 10 years, the gap is even starker: LRCX returned +31.6% versus ACLS's +726.1%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — ACLS or LRCX?
By beta (market sensitivity over 5 years), Axcelis Technologies, Inc. (ACLS) is the lower-risk stock at 1.62β versus Lam Research Corporation's 1.95β — meaning LRCX is approximately 20% more volatile than ACLS relative to the S&P 500. On balance sheet safety, Axcelis Technologies, Inc. (ACLS) carries a lower debt/equity ratio of 4% versus 48% for Lam Research Corporation — giving it more financial flexibility in a downturn.
05Which has better profit margins — ACLS or LRCX?
Lam Research Corporation (LRCX) is the more profitable company, earning 29.1% net margin versus 14.3% for Axcelis Technologies, Inc. — meaning it keeps 29.1% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: LRCX leads at 32.0% versus 14.2% for ACLS. At the gross margin level — before operating expenses — LRCX leads at 48.7%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is ACLS or LRCX more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Axcelis Technologies, Inc. (ACLS) is the more undervalued stock at a PEG of 1.07x versus Lam Research Corporation's 1.96x. A PEG below 1.5 suggests fair-to-attractive pricing relative to expected growth. On forward earnings alone, Axcelis Technologies, Inc. (ACLS) trades at 22.6x forward P/E versus 44.0x for Lam Research Corporation — 21.3x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for ACLS: 33.2% to $110.00.
07Which pays a better dividend — ACLS or LRCX?
In this comparison, LRCX (0.4% yield) pays a dividend. ACLS does not pay a meaningful dividend and should not be held primarily for income.
08Is ACLS or LRCX better for a retirement portfolio?
For long-horizon retirement investors, Axcelis Technologies, Inc. (ACLS) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (+726.1% 10Y return). Lam Research Corporation (LRCX) carries a higher beta of 1.95 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (ACLS: +726.1%, LRCX: +31.6%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between ACLS and LRCX?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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