Free cash flow has been volatile, swinging from $43.3M in 2025Q3 to -$8.9M in 2025Q4, with cumulative OCF of $313.5M trailing net income by $39.8M over ten quarters, indicating working capital absorption.
Axcelis Technologies, Inc. (ACLS) cash flow statement — 27-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | 93.43M | 118.31M | 140.82M | 156.87M | 215.61M | 150.19M | 69.7M | -13.59M | 46.97M | 56.28M | -8.8M | 18.26M | -16.05M | -15.04M | -10.6M | 3.53M | -5.89M | -33.94M | -48.72M | -31.1M | 19.02M | -12.17M | 71.63M | -55.81M | -55.98M | -16.58M | 99.68M | -39.1M |
| Operating CF Margin % | - | 14.1% | 13.83% | 13.87% | 23.44% | 22.67% | 14.69% | -3.96% | 10.61% | 13.71% | -3.3% | 6.06% | -7.9% | -7.69% | -5.21% | 1.11% | -2.14% | -25.52% | -19.47% | -7.68% | 4.12% | -3.27% | 14.1% | -17.33% | -18.08% | -4.54% | 14.65% | -9.84% |
| Operating CF Growth % | -214.77% | -15.99% | -10.23% | -27.24% | 43.56% | 115.47% | 612.75% | -128.94% | -16.56% | 739.66% | -148.19% | 213.78% | -6.69% | -41.95% | -399.94% | 159.96% | 82.64% | 30.33% | -56.63% | -263.55% | 256.27% | -116.99% | 228.35% | 0.31% | -237.72% | -116.63% | 354.91% | - |
| Net Income | 92.79M | 120.24M | 200.99M | 246.26M | 183.08M | 98.65M | 49.98M | 17.03M | 45.88M | 126.96M | 11M | 14.68M | -11.27M | -17.14M | -34.03M | 5.08M | -17.57M | -77.47M | -196.66M | -11.4M | 40.77M | -3.85M | 74.17M | -113.88M | -26.15M | -20.16M | 99.11M | 14.43M |
| Depreciation & Amortization | 22.1M | 17.61M | 15.81M | 13.07M | 11.61M | 10.82M | 9.94M | 7.88M | 5.77M | 5M | 4.26M | 4.87M | 4.59M | 5.08M | 6.88M | 8.5M | 7.04M | 7.44M | 23.57M | 21.91M | 20.14M | 23.73M | 22.98M | 13.56M | 11.76M | 21.21M | 17.81M | 19.08M |
| Stock-Based Compensation | 26.67M | 20.77M | 20.95M | 18.27M | 13.44M | 12.07M | 10.48M | 8.17M | 7.78M | 5.67M | 5.18M | 5.58M | 4.81M | 4.34M | 3.98M | 4.69M | 4.09M | 4.65M | 4.71M | 5.53M | 5.47M | 1.14M | 189K | 189K | 340K | 0 | 0 | 0 |
| Deferred Taxes | -6.16M | -10.7M | -15.59M | -20.02M | 8.54M | 20.26M | 4.68M | 3.3M | 11.21M | -82.08M | 519K | 779K | 1.27M | -1.47M | 834K | 613K | -1.41M | -765K | 189K | -91K | -209K | -828K | -4.97M | 73.69M | -39.65M | -16.02M | -8.36M | -2.76M |
| Other Non-Cash Items | 14.68M | 1.24M | 4.06M | -3.48M | 10.55M | 3.75M | 3.53M | 3.61M | 2.21M | -8.13M | 909K | 1.72M | 1.82M | 1.4M | 6.77M | 1.01M | 2.02M | 12.11M | 122.67M | 9.7M | -17.38M | -13.53M | -54.34M | -10.39M | -3.22M | -12.21M | -19.57M | 3.66M |
| Working Capital Changes | -65.86M | -30.86M | -85.4M | -97.23M | -11.61M | 4.64M | -8.92M | -53.6M | -25.89M | 8.87M | -30.66M | -9.36M | -17.26M | -7.24M | 4.98M | -16.36M | -58K | 20.09M | -3.19M | -56.76M | -29.78M | -18.83M | 33.6M | -18.98M | 932K | 10.59M | 10.68M | -62.82M |
| Change in Receivables | -11.57M | 37.43M | 6.91M | -50.76M | -67.27M | -18.15M | -1.39M | -6M | -3.88M | -23.57M | -14.13M | 5.17M | -7.07M | -11.53M | 10.48M | 22.69M | -38.65M | 8.57M | 48.64M | -1.54M | 6.7M | 3.13M | -16.71M | -20.18M | 4.73M | 86.45M | 0 | 0 |
| Change in Inventory | -45.28M | -42.22M | 5.92M | -69.96M | -58.43M | -39.02M | -17.65M | -17.95M | -10.51M | 5.7M | -6.57M | -15.94M | -12.28M | 2.21M | 5.9M | -11.87M | 3.55M | 26.45M | -6.94M | -5.7M | -47.34M | 4.12M | 9.9M | -4.41M | -7.33M | 15.82M | -39.43M | -16.99M |
| Change in Payables | 28.02M | 6.19M | -413K | -8.1M | 31.39M | 22.05M | 18.06M | -19.15M | -703K | 25M | 799K | 6M | 772K | 7.31M | -13.49M | -17.94M | 32.28M | -11.04M | -23.33M | -24.99M | 21.4M | -7.28M | 754K | -42K | -12.66M | -27.46M | 0 | 0 |
| Cash from Investing | -33.3M | 29.93M | -108.73M | -100.86M | -257.25M | -8.72M | -7.27M | -11.97M | -4.71M | -7.29M | -2.24M | -1.83M | -1.02M | 485K | 8.12M | -2.12M | 5.65M | 123.28M | 6.22M | 47.95M | 23.59M | -29.35M | -3.05M | -1.03M | -47M | -28.9M | -11.02M | -19.12M |
| Capital Expenditures | -11.58M | -11.29M | -12.18M | -20.66M | -10.68M | -8.72M | -7.43M | -11.97M | -4.71M | -7.29M | -2.51M | -1.83M | -1.02M | -822K | -591K | -2.12M | -1.4M | -463K | -3.41M | -10.39M | -6.92M | -7.79M | -5.54M | -4.99M | -11.75M | -29.58M | -21.85M | -16.91M |
| CapEx % of Revenue | 1.34% | 1.35% | 1.2% | 1.83% | 1.16% | 1.32% | 1.57% | 3.49% | 1.07% | 1.77% | 0.94% | 0.61% | 0.5% | 0.42% | 0.29% | 0.66% | 0.51% | 0.35% | 1.36% | 2.57% | 1.5% | 2.09% | 1.09% | 1.55% | 3.79% | 8.1% | 3.21% | 4.26% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 168K | 0 | 0 | 0 | 270K | 0 | 0 | 0 | 0 | 0 | 0 | 122.26M | 0 | 0 | 0 | -1.5M | -14.57M | -14.57M | 0 | 0 | 0 | -2.21M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.71M | 0 | 270K | -1.83M | 0 | 1.31M | 8.71M | 3K | 7.06M | 1.49M | 9.62M | -4.86M | -924K | -4.89M | 77K | 575K | -260K | 677K | 10.83M | 0 |
| Cash from Financing | -68.04M | -124.49M | -71.19M | -68.27M | -65.48M | -52.45M | -2.39M | -13.41M | 1.19M | 15.07M | 2.43M | 31.42M | 2.76M | 15.72M | 1.3M | 591K | 599K | -83.11M | 896K | -71.31M | 27.73M | 3.6M | 4.87M | 3.64M | 127.35M | 1.95M | 75.96M | 58.42M |
| Debt Issued (Net) | -1.82M | -1.36M | -1.52M | -1.24M | -987K | -763K | -399K | 0 | 0 | 0 | 0 | -14.92M | -470K | 15M | 0 | 0 | 0 | -83.34M | 0 | -74.22M | 24.22M | 0 | 0 | 0 | 121.58M | 0 | 0 | 0 |
| Equity Issued (Net) | -55.3M | -118.62M | -60.49M | -52.5M | -57.49M | -49.99M | -7.5M | -17.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 569K | 184K | 786K | 2.9M | 3.52M | 3.6M | 4.87M | 3.64M | 5.77M | 1.95M | 348.58M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.02M | -12.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -57.81M | -121.08M | -60.49M | -52.5M | -57.49M | -49.99M | -7.5M | -17.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.22M | 0 | 0 |
| Other Financing | -10.92M | -4.51M | -9.18M | -14.53M | -7M | -1.7M | 5.51M | 4.34M | 1.19M | 15.07M | 2.43M | 46.34M | 3.23M | 720K | 1.3M | 591K | 30K | 45K | 2.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -272.62M | 58.42M |
| Net Change in Cash | -10.27M | 21.94M | -42.89M | -12.4M | -109.33M | 91.45M | 57.7M | -38.37M | 44.02M | 63.23M | -8.1M | 48.14M | -15.54M | 1.3M | -1.89M | 1.13M | 723K | 7.33M | -46.18M | -56.57M | 69.03M | -36.88M | 75.25M | -53.05M | 26.47M | -43.98M | 164.63M | 192K |
| Free Cash Flow | 81.85M | 107.01M | 128.64M | 136.21M | 204.92M | 141.47M | 62.27M | -25.56M | 42.25M | 49M | -11.3M | 16.43M | -17.07M | -15.86M | -11.19M | 1.41M | -7.29M | -34.41M | -52.13M | -41.49M | 12.09M | -19.96M | 66.09M | -60.8M | -67.73M | -46.15M | 77.83M | -56.02M |
| FCF Margin % | 9.45% | 12.75% | 12.64% | 12.05% | 22.27% | 21.36% | 13.12% | -7.45% | 9.55% | 11.93% | -4.23% | 5.45% | -8.4% | -8.11% | -5.5% | 0.44% | -2.65% | -25.86% | -20.83% | -10.25% | 2.62% | -5.36% | 13.01% | -18.88% | -21.87% | -12.64% | 11.44% | -14.1% |
| FCF Growth % | -33.21% | -16.81% | -5.56% | -33.53% | 44.85% | 127.19% | 343.59% | -160.5% | -13.77% | 533.43% | -168.81% | 196.27% | -7.57% | -41.79% | -894.04% | 119.31% | 78.8% | 34% | -25.64% | -443.06% | 160.58% | -130.21% | 208.7% | 10.24% | -46.76% | -159.3% | 238.94% | - |
| FCF per Share | 2.63 | 3.38 | 3.93 | 4.11 | 6.11 | 4.13 | 1.82 | -0.76 | 1.24 | 1.47 | -0.37 | 0.54 | -0.61 | -0.58 | -0.42 | 0.05 | -0.28 | -1.33 | -2.03 | -1.63 | 0.48 | -0.80 | 2.61 | -2.47 | -2.77 | -1.90 | 3.54 | -2.37 |
| FCF Conversion (FCF/Net Income) | 0.88x | 0.98x | 0.70x | 0.64x | 1.18x | 1.52x | 1.39x | -0.80x | 1.02x | 0.44x | -0.80x | 1.24x | 1.42x | 0.88x | 0.31x | 0.70x | 0.34x | 0.44x | 0.25x | 2.73x | 0.47x | 3.16x | 0.97x | 0.49x | 2.14x | 0.82x | 1.01x | -2.71x |
| Interest Paid | 0 | 0 | 4.73M | 4.87M | 4.99M | 5.09M | 5.16M | 5.21M | 5.47M | 5.32M | 4.82M | 3.98M | 832K | 409K | 0 | 0 | 0 | 3.01M | 3.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 61.13M | 54.22M | 10.76M | 1.5M | 876K | 1.03M | 858K | 583K | 525K | 669K | 931K | -737K | 848K | 515K | 2.29M | 734K | 1.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying ACLS stock.
Axcelis Technologies, Inc. (ACLS) generated $118.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Axcelis Technologies, Inc. (ACLS) generated $107.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Axcelis Technologies, Inc. (ACLS) spent $11.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Axcelis Technologies, Inc. (ACLS) spent $121.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Revenue decline and margin compression
Metrics are mathematically derived from official filings.
Earnings Quality Deteriorates
Operating cash flow exceeded net income in most quarters, but 2025Q4's OCF/NI of -0.19 and 2024Q4's 0.26 reveal volatility, as per reported figures.
The OCF/NI ratio has been inconsistent, with strong quarters like 2026Q1 at 1.97 and weak quarters like 2025Q4 at -0.19. This suggests that earnings quality is not stable, and the gap between net income and operating cash flow may indicate timing differences in working capital. Investors should monitor whether this volatility reflects operational issues or accounting timing.
FCF Momentum Fades
Free cash flow swung from $43.3M in 2025Q3 to -$8.9M in 2025Q4, with FCF margin dropping from 20.3% to -3.7%, based on financial statements.
The FCF trajectory shows a sharp decline in 2025Q4, driven by a significant working capital outflow of -$45.1M. While 2026Q2 recovered to $31.1M, the overall trend is uneven, and FCF margins have been volatile. This may indicate that the company's cash generation is sensitive to working capital swings, which could be a concern given the revenue decline.
Working Capital Volatility
Working capital changes swung from +$7.8M in 2025Q2 to -$45.1M in 2025Q4, indicating significant cash absorption, as reported in quarterly data.
The working capital changes are highly volatile, with large negative swings in 2024Q4, 2025Q4, and 2026Q2. This suggests that the company may be experiencing inventory build-up or delayed collections, which could strain cash flow. The pattern warrants further investigation into the drivers, as it may indicate operational inefficiencies or changing customer payment terms.
Capital Intensity Remains Low
Capital expenditures averaged around 1.3% of revenue over the past ten quarters, with 2026Q2 at 2.5%, as per reported figures.
CapEx is modest relative to revenue, indicating a light asset base. However, the slight increase in 2026Q2 may suggest investment in capacity or technology. Given the revenue decline, the low capital intensity may not be a concern, but investors should monitor if CapEx rises without corresponding revenue growth.
Buybacks Offset by Cash Needs
Share repurchases totaled $166.5M over the last ten quarters, with no dividends paid, according to cash flow statements.
The company has been returning capital via buybacks, but the amounts have been inconsistent, with a notable $45.3M in 2025Q2 and $32.3M in 2025Q3. However, the negative working capital swings in some quarters may have limited the ability to sustain buybacks. The lack of dividends suggests a focus on reinvestment or buybacks, but the overall capital deployment appears opportunistic rather than systematic.
Cumulative Cash vs. Earnings Gap
Over the last ten quarters, cumulative net income was $353.3M while operating cash flow was $313.5M, a gap of $39.8M, based on reported data.
The cumulative gap between net income and operating cash flow indicates that earnings have not been fully converted to cash, likely due to working capital absorption. This divergence may suggest that reported profits are not entirely backed by cash generation, which could be a red flag for earnings quality. Investors should monitor whether this gap narrows or widens in future periods.
What Could Invalidate the Base Case
The most bearish scenario is that Axcelis' revenue decline is not cyclical but secular, with gross margins compressing to 42.4% and operating margins at 9.4% in 2026Q2.
If the revenue decline persists and margins continue to compress, the company's ability to generate positive free cash flow could be impaired. The volatile working capital swings and the cumulative gap between net income and operating cash flow suggest that reported earnings may not be sustainable. Investors should monitor whether the company can stabilize revenue and improve cash conversion, as failure to do so could lead to a re-rating of the stock.