Latest Ratios: P/E Ratio 30.5x · EV/EBITDA 25.2x · ROE 11.7%. (1999–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.6B | $2.5B | $2.3B | $4.3B | $2.7B | $2.6B | $994M | $815M | $605M | $960M | $450M |
| Enterprise Value | $3.5B | $2.4B | $2.2B | $4.2B | $2.5B | $2.3B | $838M | $724M | $475M | $874M | $427M |
| P/E Ratio → | 30.46 | 21.14 | 11.36 | 17.45 | 14.53 | 25.89 | 19.95 | 48.19 | 13.19 | 7.55 | 40.42 |
| P/S Ratio | 4.24 | 3.03 | 2.24 | 3.80 | 2.89 | 3.86 | 2.09 | 2.38 | 1.37 | 2.34 | 1.69 |
| P/B Ratio | 3.54 | 2.46 | 2.26 | 4.97 | 3.99 | 4.74 | 2.06 | 1.94 | 1.48 | 2.71 | 2.24 |
| P/FCF | 33.24 | 23.78 | 17.76 | 31.58 | 12.99 | 18.06 | 15.96 | — | 14.33 | 19.58 | — |
| P/OCF | 30.07 | 21.51 | 16.23 | 27.42 | 12.35 | 17.01 | 14.26 | — | 12.89 | 17.05 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.91 | 2.17 | 3.70 | 2.74 | 3.48 | 1.77 | 2.11 | 1.07 | 2.13 | 1.60 |
| EV / EBITDA | 25.23 | 17.83 | 9.73 | 14.99 | 11.26 | 16.70 | 12.33 | 22.56 | 7.23 | 16.54 | 20.45 |
| EV / EBIT | 28.95 | 17.00 | 9.35 | 14.72 | 11.99 | 18.42 | 13.72 | 27.75 | 7.92 | 18.27 | 26.53 |
| EV / FCF | — | 22.81 | 17.14 | 30.68 | 12.31 | 16.31 | 13.47 | — | 11.24 | 17.84 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.9% | 44.9% | 44.7% | 43.5% | 43.7% | 43.2% | 41.8% | 42.0% | 40.6% | 36.6% | 37.3% |
| Operating Margin | 14.2% | 14.2% | 20.7% | 23.5% | 23.1% | 19.2% | 12.2% | 7.1% | 13.5% | 11.7% | 6.2% |
| Net Profit Margin | 14.3% | 14.3% | 19.7% | 21.8% | 19.9% | 14.9% | 10.5% | 5.0% | 10.4% | 30.9% | 4.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.7% | 11.7% | 21.4% | 32.1% | 30.4% | 19.3% | 11.1% | 4.1% | 12.0% | 45.7% | 5.6% |
| ROA | 8.9% | 8.9% | 15.3% | 21.5% | 20.7% | 14.3% | 8.5% | 3.1% | 8.9% | 32.1% | 3.7% |
| ROIC | 9.6% | 9.6% | 18.9% | 31.4% | 38.9% | 30.9% | 13.3% | 6.0% | 16.5% | 16.1% | 7.4% |
| ROCE | 10.4% | 10.4% | 19.7% | 30.2% | 31.0% | 22.3% | 11.4% | 5.1% | 13.7% | 14.3% | 6.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.04 | 0.05 | 0.07 | 0.09 | 0.10 | 0.12 | 0.12 | 0.13 | 0.24 |
| Debt / EBITDA | 0.31 | 0.31 | 0.19 | 0.16 | 0.21 | 0.34 | 0.71 | 1.51 | 0.73 | 0.90 | 2.28 |
| Net Debt / Equity | — | -0.10 | -0.08 | -0.14 | -0.21 | -0.46 | -0.32 | -0.22 | -0.32 | -0.24 | -0.12 |
| Net Debt / EBITDA | -0.75 | -0.75 | -0.35 | -0.44 | -0.62 | -1.79 | -2.28 | -2.85 | -1.98 | -1.62 | -1.11 |
| Debt / FCF | — | -0.96 | -0.62 | -0.90 | -0.68 | -1.75 | -2.49 | — | -3.08 | -1.75 | — |
| Interest Coverage | 26.77 | 26.77 | 43.16 | 53.10 | 37.74 | 25.91 | 11.72 | 5.06 | 11.73 | 9.34 | 3.17 |
Net cash position: cash ($145M) exceeds total debt ($42M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.77 | 4.77 | 5.41 | 3.79 | 3.54 | 4.12 | 5.58 | 5.47 | 4.67 | 4.72 | 5.34 |
| Quick Ratio | 3.11 | 3.11 | 4.05 | 2.71 | 2.56 | 2.83 | 3.67 | 3.43 | 3.15 | 3.15 | 2.75 |
| Cash Ratio | 1.89 | 1.89 | 2.75 | 1.78 | 1.74 | 1.96 | 2.41 | 2.04 | 2.09 | 1.74 | 1.61 |
| Asset Turnover | — | 0.62 | 0.75 | 0.88 | 0.91 | 0.88 | 0.76 | 0.63 | 0.81 | 0.84 | 0.88 |
| Inventory Turnover | 1.40 | 1.40 | 2.00 | 2.09 | 2.14 | 1.93 | 1.71 | 1.42 | 2.04 | 2.16 | 1.47 |
| Days Sales Outstanding | — | 73.29 | 72.85 | 70.37 | 67.36 | 57.53 | 66.81 | 89.14 | 64.93 | 66.95 | 69.14 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.3% | 4.7% | 8.8% | 5.7% | 6.9% | 3.9% | 5.0% | 2.1% | 7.6% | 13.2% | 2.5% |
| FCF Yield | 3.0% | 4.2% | 5.6% | 3.2% | 7.7% | 5.5% | 6.3% | — | 7.0% | 5.1% | — |
| Buyback Yield | 3.4% | 4.8% | 2.6% | 1.2% | 2.2% | 2.0% | 0.8% | 2.2% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.4% | 4.8% | 2.6% | 1.2% | 2.2% | 2.0% | 0.8% | 2.2% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $32M | $33M | $33M | $34M | $34M | $34M | $34M | $34M | $33M | $31M |
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying ACLS stock.
Axcelis Technologies, Inc.'s current P/E ratio is 30.5x. The historical average is 18.4x. This places it at the 87th percentile of its historical range.
Axcelis Technologies, Inc.'s current EV/EBITDA is 25.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.1x.
Axcelis Technologies, Inc.'s return on equity (ROE) is 11.7%. The historical average is 3.7%.
Based on historical data, Axcelis Technologies, Inc. is trading at a P/E of 30.5x. This is at the 87th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Axcelis Technologies, Inc. has 44.9% gross margin and 14.2% operating margin. Operating margin between 10-20% is typical for established companies.
Axcelis Technologies, Inc.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Revenue decline and margin compression
Metrics are mathematically derived from official filings.
Margin Compression Signals Cyclical Pressure
Gross margin fell to 42.4% in 2026Q2 from 46.1% in 2025Q1, while operating margin halved to 9.4%, according to reported financials, indicating significant profitability erosion.
The sequential decline in gross margin from 47.0% in 2025Q4 to 42.4% in 2026Q2 suggests pricing pressure or an unfavorable product mix, likely tied to the ongoing revenue contraction. Operating margin compression from 21.6% in 2024Q4 to 9.4% in 2026Q2 reflects negative operating leverage as fixed costs absorb a smaller revenue base. Net margin, though slightly higher than operating margin due to tax effects, remains well below the 20% levels seen in early 2024, underscoring that the earning power of the business is currently impaired.
Return on Capital Decays Amid Revenue Slide
ROIC fell from 5.5% in 2024Q1 to 1.6% in 2026Q2, while ROE dropped from 5.8% to 2.2%, as per quarterly data, reflecting deteriorating capital efficiency.
The decline in ROIC and ROE is driven primarily by margin compression rather than asset turnover, which has remained relatively stable around 0.15-0.20. Despite a nearly unlevered balance sheet, the returns on equity and invested capital are now below the cost of capital, suggesting value destruction in the current environment. The trend indicates that the company is not compounding returns but rather experiencing a cyclical downturn, with the potential for recovery dependent on revenue stabilization and margin restoration.
Working Capital Cycle Lengthens on Inventory Build
Cash conversion cycle extended to 270 days in 2026Q2 from 230 days in 2024Q4, driven by DIO rising to 244 days, as reported in financial statements, indicating slower inventory turnover.
The increase in days inventory outstanding from 194 days in 2024Q4 to 244 days in 2026Q2 suggests that inventory is accumulating relative to sales, which may reflect weakening demand or preparation for future orders. DSO has remained elevated in the 60-86 day range, while DPO has been relatively stable, indicating limited ability to stretch supplier payments. The lengthening CCC ties up cash and reduces operational flexibility, though the company's strong liquidity position mitigates immediate concerns.
Minimal Debt Provides Strategic Flexibility
Debt-to-equity stands at 0.04 with interest coverage of 21.07x in 2026Q2, as per balance sheet data, indicating a nearly unlevered balance sheet with ample debt capacity.
Axcelis carries minimal debt, with D/EBITDA of 1.68x in 2026Q2, up from 0.74x in 2024Q4, but still low in absolute terms. Interest coverage remains strong at 21.07x, though it has declined from 44.83x in 2024Q1, reflecting lower operating income. The conservative capital structure provides a cushion against the current downturn and positions the company to weather further revenue declines without refinancing risk.
Strong Liquidity Buffer Offsets Operational Strain
Current ratio of 4.90 and quick ratio of 3.21 in 2026Q2, based on reported figures, indicate a robust liquidity position that can absorb working capital needs.
The current ratio has remained above 4.0 for the past ten quarters, with cash and short-term investments providing a significant buffer. Even under a severe stress scenario, the company's liquidity appears sufficient to cover near-term obligations, especially given the low debt levels. However, the rising inventory and lengthening CCC could gradually erode this buffer if the revenue decline persists, warranting monitoring of cash conversion trends.
Misapplied EV/EBITDA in Cyclical Downturn
EV/EBITDA of 29.63x appears expensive, but using forward EV/EBITDA of 20.92x may mislead investors, as EBITDA is cyclically depressed, per current valuation data.
The most commonly misapplied ratio for Axcelis is EV/EBITDA, because the denominator is currently depressed due to the cyclical downturn, making the multiple appear artificially high. Investors should instead consider a mid-cycle EBITDA estimate or use EV/Sales, which at 4.96x is more stable and reflects the revenue base. Alternatively, a P/E on normalized earnings would provide a better gauge of value, as the current P/E of 35.62x is distorted by trough margins. This adjustment is critical to avoid overpaying for a business whose earnings power is temporarily impaired.