Axcelis Technologies, Inc. (ACLS) 10-Year Financial Performance & Capital Metrics

ACLS •

TechnologySemiconductorsSemiconductor Manufacturing Equipment

AboutAxcelis Technologies, Inc. designs, manufactures, and services ion implantation and other processing equipment used in the fabrication of semiconductor chips in the United States, Europe, and Asia. The company offers high energy, high current, and medium current implanters for various application requirements. It also provides aftermarket lifecycle products and services, including used tools, spare parts, equipment upgrades, maintenance services, and customer training. It sells its equipment and services to semiconductor chip manufacturers through its direct sales force. The company was founded in 1978 and is headquartered in Beverly, Massachusetts.Show more

Revenue $839M -17.6%
EBITDA $137M -39.6%
Net Income $120M -40.2%
EPS (Diluted) 3.80 -38.2%
Gross Margin 44.91% +0.6%
EBITDA Margin 16.32% -26.7%
Operating Margin 14.22% -31.3%
Net Margin 14.33% -27.4%
ROE 11.74% -45.1%
ROIC 9.6% -49.1%
Debt/Equity 0.04 -5.1%
Interest Coverage 22.24 -42.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 21.8%
✓Strong 5Y profit CAGR of 19.2%
✓Strong 5Y sales CAGR of 12.1%
✓Share count reduced 3.2% through buybacks
✓Healthy 5Y average net margin of 18.1%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.78%

5Y12.07%

3Y-3.02%

TTM-17.57%

Profit (Net Income) CAGR

10Y23.41%

5Y19.19%

3Y-13.08%

TTM-40.18%

EPS CAGR

10Y22.99%

5Y21.08%

3Y-11.38%

TTM-38.37%

ROCE

10Y Avg16.46%

5Y Avg22.71%

3Y Avg20.08%

Latest10.35%

Peer Comparison

Semiconductor Manufacturing Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LRCXLam Research Corporation	292.64B	233.89	56.36	23.68%	30.22%	61.24%	1.85%	0.48
ASMLASML Holding N.V.	563.03B	1450.56	51.82	11.02%	29.42%	47.08%	2.23%	0.14
VECOVeeco Instruments Inc.	1.85B	30.56	51.80	-7.39%	5.33%	4%	2.48%	0.29
AMATApplied Materials, Inc.	295.23B	372.30	42.99	4.39%	24.67%	34.28%	1.93%	0.32
ACMRACM Research, Inc.	3.33B	55.68	36.39	40.23%	13.3%	6.21%	2.1%	0.17
ACLSAxcelis Technologies, Inc.	2.68B	82.61	21.74	-17.57%	14.33%	11.62%	4%	0.04
ASYSAmtech Systems, Inc.	187.79M	13.05	-6.16	-21.59%	-41.28%	-56.44%	3.69%	0.37

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	266.98M	410.56M	442.57M	342.96M	474.56M	662.43M	920M	1.13B	1.02B	839.05M
Revenue Growth %	-11.45%	53.78%	7.8%	-22.51%	38.37%	39.59%	38.88%	22.89%	-9.97%	-17.57%
Cost of Goods Sold+	167.38M	260.31M	262.94M	198.81M	275.98M	375.98M	518.21M	639.3M	563.21M	462.2M
COGS % of Revenue	62.69%	63.4%	59.41%	57.97%	58.15%	56.76%	56.33%	56.55%	55.33%	55.09%
Gross Profit+	99.6M	150.25M	179.64M	144.15M	198.58M	286.44M	401.79M	491.3M	454.65M	376.85M
Gross Margin %	37.31%	36.6%	40.59%	42.03%	41.85%	43.24%	43.67%	43.45%	44.67%	44.91%
Gross Profit Growth %	-2.07%	50.85%	19.56%	-19.75%	37.76%	44.24%	40.27%	22.28%	-7.46%	-17.11%
Operating Expenses+	82.69M	102.41M	119.68M	119.95M	140.54M	159.12M	189.43M	225.51M	243.86M	257.53M
OpEx % of Revenue	30.97%	24.94%	27.04%	34.97%	29.62%	24.02%	20.59%	19.95%	23.96%	30.69%
Selling, General & Admin	48.29M	59.33M	67.8M	66.02M	78.71M	93.69M	111.07M	128.6M	138.36M	148.57M
SG&A % of Revenue	18.09%	14.45%	15.32%	19.25%	16.59%	14.14%	12.07%	11.37%	13.59%	17.71%
Research & Development	34.4M	43.07M	51.88M	53.93M	61.83M	65.43M	78.36M	96.91M	105.5M	108.96M
R&D % of Revenue	12.89%	10.49%	11.72%	15.73%	13.03%	9.88%	8.52%	8.57%	10.36%	12.99%
Other Operating Expenses	-764K	396K	0	0	0	0	0	0	0	0
Operating Income+	16.62M	47.84M	59.96M	24.2M	58.04M	127.33M	212.36M	265.8M	210.79M	119.31M
Operating Margin %	6.23%	11.65%	13.55%	7.06%	12.23%	19.22%	23.08%	23.51%	20.71%	14.22%
Operating Income Growth %	-19.77%	187.81%	25.33%	-59.63%	139.79%	119.37%	66.79%	25.16%	-20.69%	-43.4%
EBITDA+	20.88M	52.84M	65.73M	32.09M	67.98M	138.14M	223.97M	278.86M	226.6M	136.93M
EBITDA Margin %	7.82%	12.87%	14.85%	9.36%	14.32%	20.85%	24.34%	24.66%	22.26%	16.32%
EBITDA Growth %	-18.39%	153.07%	24.39%	-51.19%	111.87%	103.21%	62.13%	24.51%	-18.74%	-39.57%
D&A (Non-Cash Add-back)	4.26M	5M	5.77M	7.88M	9.94M	10.82M	11.61M	13.07M	15.81M	17.61M
EBIT	16.1M	47.84M	59.96M	26.08M	61.1M	125.26M	210.46M	283.95M	235.74M	119.31M
Net Interest Income+	-4.83M	-4.41M	-2.78M	-2.2M	-4.47M	-4.63M	-1.02M	12.85M	18.94M	16.12M
Interest Income	238K	714K	2.33M	2.96M	738K	209K	4.55M	18.2M	24.4M	21.48M
Interest Expense	5.07M	5.12M	5.11M	5.16M	5.21M	4.83M	5.58M	5.35M	5.46M	5.36M
Other Income/Expense	-5.6M	-4.01M	-5.25M	-3.28M	-2.15M	-6.9M	-7.48M	12.8M	19.48M	18.93M
Pretax Income+	11.02M	43.83M	54.7M	20.92M	55.89M	120.43M	204.88M	278.6M	230.27M	138.25M
Pretax Margin %	4.13%	10.68%	12.36%	6.1%	11.78%	18.18%	22.27%	24.64%	22.62%	16.48%
Income Tax+	23K	-83.13M	8.82M	3.89M	5.9M	21.78M	21.81M	32.34M	29.28M	18.01M
Effective Tax Rate %	99.79%	289.66%	83.88%	81.42%	89.44%	81.92%	89.36%	88.39%	87.28%	86.97%
Net Income+	11M	126.96M	45.88M	17.03M	49.98M	98.65M	183.08M	246.26M	200.99M	120.24M
Net Margin %	4.12%	30.92%	10.37%	4.97%	10.53%	14.89%	19.9%	21.78%	19.75%	14.33%
Net Income Growth %	-25.05%	1054.07%	-63.86%	-62.88%	193.42%	97.37%	85.58%	34.51%	-18.38%	-40.18%
Net Income (Continuing)	11M	126.96M	45.88M	17.03M	49.98M	98.65M	183.08M	246.26M	200.99M	120.24M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.36	3.80	1.35	0.50	1.46	2.88	5.46	7.43	6.15	3.80
EPS Growth %	-25%	955.56%	-64.47%	-62.96%	192%	97.26%	89.58%	36.08%	-17.23%	-38.21%
EPS (Basic)	0.38	4.11	1.35	0.52	1.50	2.94	5.54	7.52	6.17	3.81
Diluted Shares Outstanding	30.95M	33.44M	34M	33.83M	34.13M	34.27M	33.54M	33.16M	32.7M	31.67M
Basic Shares Outstanding	29.2M	30.87M	33.99M	32.56M	33.26M	33.55M	33.04M	32.76M	32.55M	31.57M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	235.22M	361.43M	396.77M	375.68M	470.79M	619.25M	877.64M	1.08B	1.12B	943.2M
Cash & Short-Term Investments	70.79M	133.41M	177.99M	139.88M	203.48M	294.92M	432.17M	506.15M	571.34M	374.25M
Cash Only	70.79M	133.41M	177.99M	139.88M	203.48M	294.92M	185.59M	167.3M	123.51M	145.45M
Short-Term Investments	0	0	0	0	0	0	246.57M	338.85M	447.83M	228.8M
Accounts Receivable	50.57M	75.3M	78.73M	83.75M	86.86M	104.41M	169.77M	217.96M	203.15M	168.48M
Days Sales Outstanding	69.14	66.95	64.93	89.14	66.81	57.53	67.36	70.37	72.85	73.29
Inventory	113.85M	120.54M	129M	140.36M	161.08M	194.98M	242.41M	306.48M	282.23M	329.01M
Days Inventory Outstanding	248.27	169.02	179.07	257.7	213.04	189.29	170.74	174.98	182.9	259.82
Other Current Assets	5.51M	750K	11.05M	0	0	0	33.3M	49.4M	60.47M	66.8M
Total Non-Current Assets+	67.01M	126.79M	151.67M	172.41M	153.83M	133.99M	136M	201.98M	225.17M	418.15M
Property, Plant & Equipment	30.84M	36.17M	41.15M	53.06M	54.93M	63.45M	69.75M	101.32M	98.75M	99.23M
Fixed Asset Turnover	8.66x	11.35x	10.76x	6.46x	8.64x	10.44x	13.19x	11.16x	10.31x	8.46x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	6.86M	6.72M	6.91M	0	0	0	0	0	0	193.02M
Other Non-Current Assets	29.31M	7.47M	38.58M	51.3M	41.06M	35.09M	34.54M	47.23M	58.15M	46M
Total Assets+	302.23M	488.22M	548.44M	548.09M	624.62M	753.24M	1.01B	1.28B	1.35B	1.36B
Asset Turnover	0.88x	0.84x	0.81x	0.63x	0.76x	0.88x	0.91x	0.88x	0.75x	0.62x
Asset Growth %	4.84%	61.54%	12.34%	-0.06%	13.96%	20.59%	34.57%	26.47%	5.21%	0.93%
Total Current Liabilities+	44.05M	76.52M	85M	68.66M	84.43M	150.14M	248.13M	285.13M	207.52M	197.66M
Accounts Payable	25M	32.64M	35.95M	25.34M	24.01M	38.02M	62.35M	54.4M	46.93M	42.31M
Days Payables Outstanding	54.51	45.77	49.91	46.53	31.76	36.91	43.91	31.06	30.41	33.41
Short-Term Debt	0	0	0	0	0	0	0	0	0	1.57M
Deferred Revenue (Current)	11.01M	18.14M	19.51M	24.6M	21.22M	60.45M	123.47M	164.68M	94.67M	65.49M
Other Current Liabilities	7.02M	26.08M	9.85M	15.27M	37.79M	49.8M	56.78M	58.38M	64.58M	42.67M
Current Ratio	5.34x	4.72x	4.67x	5.47x	5.58x	4.12x	3.54x	3.79x	5.41x	4.77x
Quick Ratio	2.75x	3.15x	3.15x	3.43x	3.67x	2.83x	2.56x	2.71x	4.05x	3.11x
Cash Conversion Cycle	262.91	190.2	194.09	300.31	248.09	209.9	194.18	214.29	225.34	299.7
Total Non-Current Liabilities+	56.72M	58.09M	55.11M	60M	58.59M	64.14M	98.25M	131.96M	128.47M	129.01M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	47.59M	47.71M	47.76M	48.15M	47.39M	46.41M	45.19M	43.67M	42.33M	40.75M
Deferred Tax Liabilities	-674K	-1.96M	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	4.79M	5.64M	4.28M	7.2M	9.36M	9.74M	21.76M	42.07M	42.64M	44.81M
Total Liabilities	100.78M	134.61M	140.1M	128.67M	143.02M	214.28M	346.38M	417.08M	335.99M	326.67M
Total Debt+	47.59M	47.71M	47.76M	48.55M	48.15M	47.39M	46.41M	45.19M	43.67M	42.33M
Net Debt	-23.2M	-85.69M	-130.24M	-91.33M	-155.33M	-247.53M	-139.18M	-122.11M	-79.84M	-103.12M
Debt / Equity	0.24x	0.13x	0.12x	0.12x	0.10x	0.09x	0.07x	0.05x	0.04x	0.04x
Debt / EBITDA	2.28x	0.90x	0.73x	1.51x	0.71x	0.34x	0.21x	0.16x	0.19x	0.31x
Net Debt / EBITDA	-1.11x	-1.62x	-1.98x	-2.85x	-2.28x	-1.79x	-0.62x	-0.44x	-0.35x	-0.75x
Interest Coverage	3.28x	9.34x	11.73x	4.70x	11.14x	26.33x	38.08x	49.71x	38.59x	22.24x
Total Equity+	201.46M	353.61M	408.34M	419.43M	481.6M	538.96M	667.26M	864.88M	1.01B	1.03B
Equity Growth %	5.88%	75.53%	15.48%	2.72%	14.82%	11.91%	23.8%	29.62%	17.1%	2.16%
Book Value per Share	6.51	10.58	12.01	12.40	14.11	15.73	19.89	26.08	30.97	32.67
Total Shareholders' Equity	201.46M	353.61M	408.34M	419.43M	481.6M	538.96M	667.26M	864.88M	1.01B	1.03B
Common Stock	30K	32K	33K	33K	34K	33K	33K	33K	32K	31K
Retained Earnings	-331.7M	-204.75M	-157.26M	-140.23M	-91.97M	-22.72M	118.89M	319.51M	470.32M	503.54M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-2.28M	2.18M	448K	-258K	3.44M	1.76M	-1.97M	-1.85M	-6.21M	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-8.8M	56.28M	46.97M	-13.59M	69.7M	150.19M	215.61M	156.87M	140.82M	118.31M
Operating CF Margin %	-3.3%	13.71%	10.61%	-3.96%	14.69%	22.67%	23.44%	13.87%	13.83%	14.1%
Operating CF Growth %	-148.19%	739.66%	-16.56%	-128.94%	612.75%	115.47%	43.56%	-27.24%	-10.23%	-15.99%
Net Income	11M	126.96M	45.88M	17.03M	49.98M	98.65M	183.08M	246.26M	200.99M	120.24M
Depreciation & Amortization	4.26M	5M	5.77M	7.88M	9.94M	10.82M	11.61M	13.07M	15.81M	17.61M
Stock-Based Compensation	5.18M	5.67M	7.78M	8.17M	10.48M	12.07M	13.44M	18.27M	20.95M	0
Deferred Taxes	519K	-82.08M	11.21M	3.3M	4.68M	20.26M	8.54M	-20.02M	-15.59M	0
Other Non-Cash Items	909K	-8.13M	2.21M	3.61M	3.53M	3.75M	10.55M	-3.48M	4.06M	11.31M
Working Capital Changes	-30.66M	8.87M	-25.89M	-53.6M	-8.92M	4.64M	-11.61M	-97.23M	-85.4M	-30.86M
Change in Receivables	-14.13M	-23.57M	-3.88M	-6M	-1.39M	-18.15M	-67.27M	-50.76M	6.91M	0
Change in Inventory	-6.57M	5.7M	-10.51M	-17.95M	-17.65M	-39.02M	-58.43M	-69.96M	5.92M	0
Change in Payables	799K	25M	-703K	-19.15M	18.06M	22.05M	31.39M	-8.1M	-413K	0
Cash from Investing+	-2.24M	-7.29M	-4.71M	-11.97M	-7.27M	-8.72M	-257.25M	-100.86M	-108.73M	29.93M
Capital Expenditures	-2.51M	-7.29M	-4.71M	-11.97M	-7.43M	-8.72M	-10.68M	-20.66M	-12.18M	-11.29M
CapEx % of Revenue	0.94%	1.77%	1.07%	3.49%	1.57%	1.32%	1.16%	1.83%	1.2%	1.35%
Acquisitions	270K	0	0	0	168K	0	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	270K	0	-4.71M	0	0	0	0	0	0	41.22M
Cash from Financing+	2.43M	15.07M	1.19M	-13.41M	-2.39M	-52.45M	-65.48M	-68.27M	-71.19M	-124.49M
Debt Issued (Net)	0	0	0	0	-399K	-763K	-987K	-1.24M	-1.52M	0
Equity Issued (Net)	0	0	0	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	-17.74M	-7.5M	-49.99M	-57.49M	-52.5M	-60.49M	-121.08M
Other Financing	2.43M	15.07M	1.19M	4.34M	5.51M	-1.7M	-7M	-14.53M	-9.18M	-3.41M
Net Change in Cash	-8.1M	63.23M	44.02M	-38.37M	57.7M	91.45M	-109.33M	-12.4M	-42.89M	21.94M
Free Cash Flow+	-11.3M	49M	42.25M	-25.56M	62.27M	141.47M	204.92M	136.21M	128.64M	107.01M
FCF Margin %	-4.23%	11.93%	9.55%	-7.45%	13.12%	21.36%	22.27%	12.05%	12.64%	12.75%
FCF Growth %	-168.81%	533.43%	-13.77%	-160.5%	343.59%	127.19%	44.85%	-33.53%	-5.56%	-16.81%
FCF per Share	-0.37	1.47	1.24	-0.76	1.82	4.13	6.11	4.11	3.93	3.38
FCF Conversion (FCF/Net Income)	-0.80x	0.44x	1.02x	-0.80x	1.39x	1.52x	1.18x	0.64x	0.70x	0.98x
Interest Paid	4.82M	5.32M	5.47M	5.21M	5.16M	5.09M	4.99M	4.87M	4.73M	0
Taxes Paid	525K	583K	858K	1.03M	876K	1.5M	10.76M	54.22M	61.13M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	5.62%	45.75%	12.04%	4.12%	11.09%	19.33%	30.36%	32.15%	21.41%	11.74%
Return on Invested Capital (ROIC)	7.39%	16.08%	16.47%	5.99%	13.3%	30.92%	38.87%	31.37%	18.87%	9.6%
Gross Margin	37.31%	36.6%	40.59%	42.03%	41.85%	43.24%	43.67%	43.45%	44.67%	44.91%
Net Margin	4.12%	30.92%	10.37%	4.97%	10.53%	14.89%	19.9%	21.78%	19.75%	14.33%
Debt / Equity	0.24x	0.13x	0.12x	0.12x	0.10x	0.09x	0.07x	0.05x	0.04x	0.04x
Interest Coverage	3.28x	9.34x	11.73x	4.70x	11.14x	26.33x	38.08x	49.71x	38.59x	22.24x
FCF Conversion	-0.80x	0.44x	1.02x	-0.80x	1.39x	1.52x	1.18x	0.64x	0.70x	0.98x
Revenue Growth	-11.45%	53.78%	7.8%	-22.51%	38.37%	39.59%	38.88%	22.89%	-9.97%	-17.57%

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Axcelis Technologies, Inc. (ACLS) 10-Year Financial Performance & Capital Metrics

ACLS •

TechnologySemiconductorsSemiconductor Manufacturing Equipment

Revenue $839M -17.6%
EBITDA $137M -39.6%
Net Income $120M -40.2%
EPS (Diluted) 3.80 -38.2%
Gross Margin 44.91% +0.6%
EBITDA Margin 16.32% -26.7%
Operating Margin 14.22% -31.3%
Net Margin 14.33% -27.4%
ROE 11.74% -45.1%
ROIC 9.6% -49.1%
Debt/Equity 0.04 -5.1%
Interest Coverage 22.24 -42.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 21.8%
✓Strong 5Y profit CAGR of 19.2%
✓Strong 5Y sales CAGR of 12.1%
✓Share count reduced 3.2% through buybacks
✓Healthy 5Y average net margin of 18.1%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.78%

5Y12.07%

3Y-3.02%

TTM-17.57%

Profit (Net Income) CAGR

10Y23.41%

5Y19.19%

3Y-13.08%

TTM-40.18%

EPS CAGR

10Y22.99%

5Y21.08%

3Y-11.38%

TTM-38.37%

ROCE

10Y Avg16.46%

5Y Avg22.71%

3Y Avg20.08%

Latest10.35%

Peer Comparison

Semiconductor Manufacturing Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LRCXLam Research Corporation	292.64B	233.89	56.36	23.68%	30.22%	61.24%	1.85%	0.48
ASMLASML Holding N.V.	563.03B	1450.56	51.82	11.02%	29.42%	47.08%	2.23%	0.14
VECOVeeco Instruments Inc.	1.85B	30.56	51.80	-7.39%	5.33%	4%	2.48%	0.29
AMATApplied Materials, Inc.	295.23B	372.30	42.99	4.39%	24.67%	34.28%	1.93%	0.32
ACMRACM Research, Inc.	3.33B	55.68	36.39	40.23%	13.3%	6.21%	2.1%	0.17
ACLSAxcelis Technologies, Inc.	2.68B	82.61	21.74	-17.57%	14.33%	11.62%	4%	0.04
ASYSAmtech Systems, Inc.	187.79M	13.05	-6.16	-21.59%	-41.28%	-56.44%	3.69%	0.37

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	266.98M	410.56M	442.57M	342.96M	474.56M	662.43M	920M	1.13B	1.02B	839.05M
Revenue Growth %	-11.45%	53.78%	7.8%	-22.51%	38.37%	39.59%	38.88%	22.89%	-9.97%	-17.57%
Cost of Goods Sold+	167.38M	260.31M	262.94M	198.81M	275.98M	375.98M	518.21M	639.3M	563.21M	462.2M
COGS % of Revenue	62.69%	63.4%	59.41%	57.97%	58.15%	56.76%	56.33%	56.55%	55.33%	55.09%
Gross Profit+	99.6M	150.25M	179.64M	144.15M	198.58M	286.44M	401.79M	491.3M	454.65M	376.85M
Gross Margin %	37.31%	36.6%	40.59%	42.03%	41.85%	43.24%	43.67%	43.45%	44.67%	44.91%
Gross Profit Growth %	-2.07%	50.85%	19.56%	-19.75%	37.76%	44.24%	40.27%	22.28%	-7.46%	-17.11%
Operating Expenses+	82.69M	102.41M	119.68M	119.95M	140.54M	159.12M	189.43M	225.51M	243.86M	257.53M
OpEx % of Revenue	30.97%	24.94%	27.04%	34.97%	29.62%	24.02%	20.59%	19.95%	23.96%	30.69%
Selling, General & Admin	48.29M	59.33M	67.8M	66.02M	78.71M	93.69M	111.07M	128.6M	138.36M	148.57M
SG&A % of Revenue	18.09%	14.45%	15.32%	19.25%	16.59%	14.14%	12.07%	11.37%	13.59%	17.71%
Research & Development	34.4M	43.07M	51.88M	53.93M	61.83M	65.43M	78.36M	96.91M	105.5M	108.96M
R&D % of Revenue	12.89%	10.49%	11.72%	15.73%	13.03%	9.88%	8.52%	8.57%	10.36%	12.99%
Other Operating Expenses	-764K	396K	0	0	0	0	0	0	0	0
Operating Income+	16.62M	47.84M	59.96M	24.2M	58.04M	127.33M	212.36M	265.8M	210.79M	119.31M
Operating Margin %	6.23%	11.65%	13.55%	7.06%	12.23%	19.22%	23.08%	23.51%	20.71%	14.22%
Operating Income Growth %	-19.77%	187.81%	25.33%	-59.63%	139.79%	119.37%	66.79%	25.16%	-20.69%	-43.4%
EBITDA+	20.88M	52.84M	65.73M	32.09M	67.98M	138.14M	223.97M	278.86M	226.6M	136.93M
EBITDA Margin %	7.82%	12.87%	14.85%	9.36%	14.32%	20.85%	24.34%	24.66%	22.26%	16.32%
EBITDA Growth %	-18.39%	153.07%	24.39%	-51.19%	111.87%	103.21%	62.13%	24.51%	-18.74%	-39.57%
D&A (Non-Cash Add-back)	4.26M	5M	5.77M	7.88M	9.94M	10.82M	11.61M	13.07M	15.81M	17.61M
EBIT	16.1M	47.84M	59.96M	26.08M	61.1M	125.26M	210.46M	283.95M	235.74M	119.31M
Net Interest Income+	-4.83M	-4.41M	-2.78M	-2.2M	-4.47M	-4.63M	-1.02M	12.85M	18.94M	16.12M
Interest Income	238K	714K	2.33M	2.96M	738K	209K	4.55M	18.2M	24.4M	21.48M
Interest Expense	5.07M	5.12M	5.11M	5.16M	5.21M	4.83M	5.58M	5.35M	5.46M	5.36M
Other Income/Expense	-5.6M	-4.01M	-5.25M	-3.28M	-2.15M	-6.9M	-7.48M	12.8M	19.48M	18.93M
Pretax Income+	11.02M	43.83M	54.7M	20.92M	55.89M	120.43M	204.88M	278.6M	230.27M	138.25M
Pretax Margin %	4.13%	10.68%	12.36%	6.1%	11.78%	18.18%	22.27%	24.64%	22.62%	16.48%
Income Tax+	23K	-83.13M	8.82M	3.89M	5.9M	21.78M	21.81M	32.34M	29.28M	18.01M
Effective Tax Rate %	99.79%	289.66%	83.88%	81.42%	89.44%	81.92%	89.36%	88.39%	87.28%	86.97%
Net Income+	11M	126.96M	45.88M	17.03M	49.98M	98.65M	183.08M	246.26M	200.99M	120.24M
Net Margin %	4.12%	30.92%	10.37%	4.97%	10.53%	14.89%	19.9%	21.78%	19.75%	14.33%
Net Income Growth %	-25.05%	1054.07%	-63.86%	-62.88%	193.42%	97.37%	85.58%	34.51%	-18.38%	-40.18%
Net Income (Continuing)	11M	126.96M	45.88M	17.03M	49.98M	98.65M	183.08M	246.26M	200.99M	120.24M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.36	3.80	1.35	0.50	1.46	2.88	5.46	7.43	6.15	3.80
EPS Growth %	-25%	955.56%	-64.47%	-62.96%	192%	97.26%	89.58%	36.08%	-17.23%	-38.21%
EPS (Basic)	0.38	4.11	1.35	0.52	1.50	2.94	5.54	7.52	6.17	3.81
Diluted Shares Outstanding	30.95M	33.44M	34M	33.83M	34.13M	34.27M	33.54M	33.16M	32.7M	31.67M
Basic Shares Outstanding	29.2M	30.87M	33.99M	32.56M	33.26M	33.55M	33.04M	32.76M	32.55M	31.57M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	235.22M	361.43M	396.77M	375.68M	470.79M	619.25M	877.64M	1.08B	1.12B	943.2M
Cash & Short-Term Investments	70.79M	133.41M	177.99M	139.88M	203.48M	294.92M	432.17M	506.15M	571.34M	374.25M
Cash Only	70.79M	133.41M	177.99M	139.88M	203.48M	294.92M	185.59M	167.3M	123.51M	145.45M
Short-Term Investments	0	0	0	0	0	0	246.57M	338.85M	447.83M	228.8M
Accounts Receivable	50.57M	75.3M	78.73M	83.75M	86.86M	104.41M	169.77M	217.96M	203.15M	168.48M
Days Sales Outstanding	69.14	66.95	64.93	89.14	66.81	57.53	67.36	70.37	72.85	73.29
Inventory	113.85M	120.54M	129M	140.36M	161.08M	194.98M	242.41M	306.48M	282.23M	329.01M
Days Inventory Outstanding	248.27	169.02	179.07	257.7	213.04	189.29	170.74	174.98	182.9	259.82
Other Current Assets	5.51M	750K	11.05M	0	0	0	33.3M	49.4M	60.47M	66.8M
Total Non-Current Assets+	67.01M	126.79M	151.67M	172.41M	153.83M	133.99M	136M	201.98M	225.17M	418.15M
Property, Plant & Equipment	30.84M	36.17M	41.15M	53.06M	54.93M	63.45M	69.75M	101.32M	98.75M	99.23M
Fixed Asset Turnover	8.66x	11.35x	10.76x	6.46x	8.64x	10.44x	13.19x	11.16x	10.31x	8.46x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	6.86M	6.72M	6.91M	0	0	0	0	0	0	193.02M
Other Non-Current Assets	29.31M	7.47M	38.58M	51.3M	41.06M	35.09M	34.54M	47.23M	58.15M	46M
Total Assets+	302.23M	488.22M	548.44M	548.09M	624.62M	753.24M	1.01B	1.28B	1.35B	1.36B
Asset Turnover	0.88x	0.84x	0.81x	0.63x	0.76x	0.88x	0.91x	0.88x	0.75x	0.62x
Asset Growth %	4.84%	61.54%	12.34%	-0.06%	13.96%	20.59%	34.57%	26.47%	5.21%	0.93%
Total Current Liabilities+	44.05M	76.52M	85M	68.66M	84.43M	150.14M	248.13M	285.13M	207.52M	197.66M
Accounts Payable	25M	32.64M	35.95M	25.34M	24.01M	38.02M	62.35M	54.4M	46.93M	42.31M
Days Payables Outstanding	54.51	45.77	49.91	46.53	31.76	36.91	43.91	31.06	30.41	33.41
Short-Term Debt	0	0	0	0	0	0	0	0	0	1.57M
Deferred Revenue (Current)	11.01M	18.14M	19.51M	24.6M	21.22M	60.45M	123.47M	164.68M	94.67M	65.49M
Other Current Liabilities	7.02M	26.08M	9.85M	15.27M	37.79M	49.8M	56.78M	58.38M	64.58M	42.67M
Current Ratio	5.34x	4.72x	4.67x	5.47x	5.58x	4.12x	3.54x	3.79x	5.41x	4.77x
Quick Ratio	2.75x	3.15x	3.15x	3.43x	3.67x	2.83x	2.56x	2.71x	4.05x	3.11x
Cash Conversion Cycle	262.91	190.2	194.09	300.31	248.09	209.9	194.18	214.29	225.34	299.7
Total Non-Current Liabilities+	56.72M	58.09M	55.11M	60M	58.59M	64.14M	98.25M	131.96M	128.47M	129.01M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	47.59M	47.71M	47.76M	48.15M	47.39M	46.41M	45.19M	43.67M	42.33M	40.75M
Deferred Tax Liabilities	-674K	-1.96M	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	4.79M	5.64M	4.28M	7.2M	9.36M	9.74M	21.76M	42.07M	42.64M	44.81M
Total Liabilities	100.78M	134.61M	140.1M	128.67M	143.02M	214.28M	346.38M	417.08M	335.99M	326.67M
Total Debt+	47.59M	47.71M	47.76M	48.55M	48.15M	47.39M	46.41M	45.19M	43.67M	42.33M
Net Debt	-23.2M	-85.69M	-130.24M	-91.33M	-155.33M	-247.53M	-139.18M	-122.11M	-79.84M	-103.12M
Debt / Equity	0.24x	0.13x	0.12x	0.12x	0.10x	0.09x	0.07x	0.05x	0.04x	0.04x
Debt / EBITDA	2.28x	0.90x	0.73x	1.51x	0.71x	0.34x	0.21x	0.16x	0.19x	0.31x
Net Debt / EBITDA	-1.11x	-1.62x	-1.98x	-2.85x	-2.28x	-1.79x	-0.62x	-0.44x	-0.35x	-0.75x
Interest Coverage	3.28x	9.34x	11.73x	4.70x	11.14x	26.33x	38.08x	49.71x	38.59x	22.24x
Total Equity+	201.46M	353.61M	408.34M	419.43M	481.6M	538.96M	667.26M	864.88M	1.01B	1.03B
Equity Growth %	5.88%	75.53%	15.48%	2.72%	14.82%	11.91%	23.8%	29.62%	17.1%	2.16%
Book Value per Share	6.51	10.58	12.01	12.40	14.11	15.73	19.89	26.08	30.97	32.67
Total Shareholders' Equity	201.46M	353.61M	408.34M	419.43M	481.6M	538.96M	667.26M	864.88M	1.01B	1.03B
Common Stock	30K	32K	33K	33K	34K	33K	33K	33K	32K	31K
Retained Earnings	-331.7M	-204.75M	-157.26M	-140.23M	-91.97M	-22.72M	118.89M	319.51M	470.32M	503.54M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-2.28M	2.18M	448K	-258K	3.44M	1.76M	-1.97M	-1.85M	-6.21M	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-8.8M	56.28M	46.97M	-13.59M	69.7M	150.19M	215.61M	156.87M	140.82M	118.31M
Operating CF Margin %	-3.3%	13.71%	10.61%	-3.96%	14.69%	22.67%	23.44%	13.87%	13.83%	14.1%
Operating CF Growth %	-148.19%	739.66%	-16.56%	-128.94%	612.75%	115.47%	43.56%	-27.24%	-10.23%	-15.99%
Net Income	11M	126.96M	45.88M	17.03M	49.98M	98.65M	183.08M	246.26M	200.99M	120.24M
Depreciation & Amortization	4.26M	5M	5.77M	7.88M	9.94M	10.82M	11.61M	13.07M	15.81M	17.61M
Stock-Based Compensation	5.18M	5.67M	7.78M	8.17M	10.48M	12.07M	13.44M	18.27M	20.95M	0
Deferred Taxes	519K	-82.08M	11.21M	3.3M	4.68M	20.26M	8.54M	-20.02M	-15.59M	0
Other Non-Cash Items	909K	-8.13M	2.21M	3.61M	3.53M	3.75M	10.55M	-3.48M	4.06M	11.31M
Working Capital Changes	-30.66M	8.87M	-25.89M	-53.6M	-8.92M	4.64M	-11.61M	-97.23M	-85.4M	-30.86M
Change in Receivables	-14.13M	-23.57M	-3.88M	-6M	-1.39M	-18.15M	-67.27M	-50.76M	6.91M	0
Change in Inventory	-6.57M	5.7M	-10.51M	-17.95M	-17.65M	-39.02M	-58.43M	-69.96M	5.92M	0
Change in Payables	799K	25M	-703K	-19.15M	18.06M	22.05M	31.39M	-8.1M	-413K	0
Cash from Investing+	-2.24M	-7.29M	-4.71M	-11.97M	-7.27M	-8.72M	-257.25M	-100.86M	-108.73M	29.93M
Capital Expenditures	-2.51M	-7.29M	-4.71M	-11.97M	-7.43M	-8.72M	-10.68M	-20.66M	-12.18M	-11.29M
CapEx % of Revenue	0.94%	1.77%	1.07%	3.49%	1.57%	1.32%	1.16%	1.83%	1.2%	1.35%
Acquisitions	270K	0	0	0	168K	0	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	270K	0	-4.71M	0	0	0	0	0	0	41.22M
Cash from Financing+	2.43M	15.07M	1.19M	-13.41M	-2.39M	-52.45M	-65.48M	-68.27M	-71.19M	-124.49M
Debt Issued (Net)	0	0	0	0	-399K	-763K	-987K	-1.24M	-1.52M	0
Equity Issued (Net)	0	0	0	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	-17.74M	-7.5M	-49.99M	-57.49M	-52.5M	-60.49M	-121.08M
Other Financing	2.43M	15.07M	1.19M	4.34M	5.51M	-1.7M	-7M	-14.53M	-9.18M	-3.41M
Net Change in Cash	-8.1M	63.23M	44.02M	-38.37M	57.7M	91.45M	-109.33M	-12.4M	-42.89M	21.94M
Free Cash Flow+	-11.3M	49M	42.25M	-25.56M	62.27M	141.47M	204.92M	136.21M	128.64M	107.01M
FCF Margin %	-4.23%	11.93%	9.55%	-7.45%	13.12%	21.36%	22.27%	12.05%	12.64%	12.75%
FCF Growth %	-168.81%	533.43%	-13.77%	-160.5%	343.59%	127.19%	44.85%	-33.53%	-5.56%	-16.81%
FCF per Share	-0.37	1.47	1.24	-0.76	1.82	4.13	6.11	4.11	3.93	3.38
FCF Conversion (FCF/Net Income)	-0.80x	0.44x	1.02x	-0.80x	1.39x	1.52x	1.18x	0.64x	0.70x	0.98x
Interest Paid	4.82M	5.32M	5.47M	5.21M	5.16M	5.09M	4.99M	4.87M	4.73M	0
Taxes Paid	525K	583K	858K	1.03M	876K	1.5M	10.76M	54.22M	61.13M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	5.62%	45.75%	12.04%	4.12%	11.09%	19.33%	30.36%	32.15%	21.41%	11.74%
Return on Invested Capital (ROIC)	7.39%	16.08%	16.47%	5.99%	13.3%	30.92%	38.87%	31.37%	18.87%	9.6%
Gross Margin	37.31%	36.6%	40.59%	42.03%	41.85%	43.24%	43.67%	43.45%	44.67%	44.91%
Net Margin	4.12%	30.92%	10.37%	4.97%	10.53%	14.89%	19.9%	21.78%	19.75%	14.33%
Debt / Equity	0.24x	0.13x	0.12x	0.12x	0.10x	0.09x	0.07x	0.05x	0.04x	0.04x
Interest Coverage	3.28x	9.34x	11.73x	4.70x	11.14x	26.33x	38.08x	49.71x	38.59x	22.24x
FCF Conversion	-0.80x	0.44x	1.02x	-0.80x	1.39x	1.52x	1.18x	0.64x	0.70x	0.98x
Revenue Growth	-11.45%	53.78%	7.8%	-22.51%	38.37%	39.59%	38.88%	22.89%	-9.97%	-17.57%

Axcelis Technologies, Inc. (ACLS) 10-Year Financial Performance & Capital Metrics

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Axcelis Technologies, Inc. (ACLS) 10-Year Financial Performance & Capital Metrics

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Revenue CAGR

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