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Axcelis Technologies
(NASDAQ:ACLS)
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Rating:68Neutral
Price Target:
$134.00
▲(11.33% Upside)
Action:Downgraded
Date:08/07/26
ACLS scores as a solid but not top-tier setup: strong financial quality led by a very conservative balance sheet and continued profitability is the biggest positive. This is tempered by a high valuation and mixed technical momentum (below the 50-day with negative MACD). The earnings call improves the outlook with raised guidance and expected second-half growth, but margin/mix pressure and China concentration remain key risks.
Positive Factors
Conservative balance sheet
Very low leverage gives Axcelis substantial financial flexibility through semiconductor investment cycles. A conservative capital structure reduces balance-sheet risk, supports continued investment in products and services, and leaves greater capacity to fund operations or strategic initiatives internally.
Negative Factors
Profitability normalization
The sharp decline from peak net margins shows that earnings power has not remained at prior-cycle levels. Continued normalization could constrain internal investment and reduce operating leverage, particularly if revenue growth remains modest or product and service mix stays unfavorable.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage gives Axcelis substantial financial flexibility through semiconductor investment cycles. A conservative capital structure reduces balance-sheet risk, supports continued investment in products and services, and leaves greater capacity to fund operations or strategic initiatives internally.
Read all positive factors
Axcelis Technologies Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyAxcelis Technologies (ACLS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.05B
Dividend YieldN/A
Average Volume (3M)327.11K
Price to Earnings (P/E)45.2
Beta (1Y)1.49
Revenue Growth-3.35%
EPS Growth-38.92%
CountryUS
Employees1,465
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)3.00
Shares Outstanding30,881,489
10 Day Avg. Volume371,839
30 Day Avg. Volume327,114
Financial Highlights & Ratios
PEG Ratio-0.55
Price to Book (P/B)2.45
Price to Sales (P/S)3.02
P/FCF Ratio23.70
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$169.00Price Target Upside40.41% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)3.83
Revenue Forecast (FY)$843.91M
Axcelis Technologies Business Overview & Revenue Model
Company Description
Axcelis Technologies, Inc. is a company dedicated to the creation, production, and maintenance of specialized ion implantation and other essential processing machinery used in the fabrication of semiconductor chips. Operating internationally, its ...
How the Company Makes Money
Axcelis primarily makes money by selling semiconductor manufacturing equipment—specifically ion implantation systems—to semiconductor manufacturers and foundries. Revenue is generated through (1) system sales, where customers purchase new ion impl...
Axcelis Technologies Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call conveys a constructive and improving business outlook: the company beat Q2 revenue and EPS expectations, reported strength in CS&I and power markets, secured new power customers, and raised its full-year revenue outlook to mid-single-digit growth. Margins were broadly in line but slightly below expectations due to CS&I mix and higher services costs, and memory sales remain lumpy until additional cleanroom capacity comes online. The balance sheet is solid and management provided raised guidance for the second half of 2026. Overall, positive operational progress and an improved outlook outweigh modest margin and mix headwinds.Positive Updates
Quarterly Revenue and EPS Beat
Revenue of $215 million and diluted EPS of $1.06, both above company expectations; system revenue $132M and CS&I revenue $83M.
Negative Updates
Gross Margin Slightly Below Expectations
Reported gross margin of 42.7%, slightly below outlook of 43.0% (≈0.3 percentage point shortfall), primarily due to CS&I mix and higher-than-anticipated services costs.
Read all updates
Q2-2026 Updates
Positive
Negative
Quarterly Revenue and EPS Beat
Revenue of $215 million and diluted EPS of $1.06, both above company expectations; system revenue $132M and CS&I revenue $83M.
Read all positive updates
Company Guidance
Management guided third-quarter 2026 revenue of approximately $230 million, gross margin of about 43%, operating expenses near $62 million, adjusted EBITDA of roughly $41 million, an expected tax rate of ~15% and diluted EPS of about $1.11; they also expect sequential revenue growth into Q4, slightly higher gross margin in Q4 versus Q3 and Q4 operating expenses modestly above Q3. For the full year, they now expect 2026 revenue growth of approximately mid‑single digits year‑over‑year (up from a prior outlook of flat) and anticipate another year of revenue growth in 2027. (For context, Q2 actuals were revenue $215M—systems $132M and CS&I $83M—bookings $131M with book‑to‑bill ≈1x, backlog $452M, Q2 gross margin 42.7%, adjusted EBITDA $36M (16.7% margin), operating margin 14.7%, EPS $1.06, free cash flow $15M and cash/cash equivalents/marketable securities $577M.)Axcelis Technologies Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
90
Very Positive
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 866.07M | 839.05M | 1.02B | 1.13B | 920.00M | 662.43M |
| Gross Profit | 372.51M | 376.85M | 454.65M | 491.30M | 401.79M | 286.44M |
| EBITDA | 127.70M | 161.23M | 251.54M | 297.01M | 222.07M | 136.08M |
| Net Income | 92.79M | 120.24M | 200.99M | 246.26M | 183.08M | 98.65M |
Balance Sheet | ||||||
| Total Assets | 1.39B | 1.36B | 1.35B | 1.28B | 1.01B | 753.24M |
| Cash, Cash Equivalents and Short-Term Investments | 402.22M | 374.25M | 571.34M | 506.15M | 432.17M | 294.92M |
| Total Debt | 41.57M | 42.33M | 43.67M | 45.19M | 46.41M | 47.39M |
| Total Liabilities | 321.02M | 326.67M | 335.99M | 417.08M | 346.38M | 214.28M |
| Stockholders Equity | 1.07B | 1.03B | 1.01B | 864.88M | 667.26M | 538.96M |
Cash Flow | ||||||
| Free Cash Flow | 65.55M | 107.01M | 128.64M | 136.21M | 204.92M | 141.47M |
| Operating Cash Flow | 75.30M | 118.31M | 140.82M | 156.87M | 215.61M | 150.19M |
| Investing Cash Flow | -22.66M | 29.93M | -108.73M | -100.86M | -257.25M | -8.72M |
| Financing Cash Flow | -66.64M | -124.49M | -71.19M | -68.27M | -65.48M | -52.45M |
Axcelis Technologies Technical Analysis
Positive
120.36
Price Trends
123.85
Positive
140.90
Negative
119.60
Positive
Market Momentum
1.80
Negative
67.21
Neutral
97.40
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ACLS, the sentiment is Positive. The current price of 120.36 is above the 20-day moving average (MA) of 116.10, below the 50-day MA of 123.85, and above the 200-day MA of 119.60, indicating a bullish trend. The MACD of 1.80 indicates Negative momentum. The RSI at 67.21 is Neutral, neither overbought nor oversold. The STOCH value of 97.40 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ACLS.
Axcelis Technologies Risk Analysis
Axcelis Technologies disclosed 38 risk factors in its most recent earnings report. Axcelis Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Axcelis Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $405.83B | 45.42 | 40.44% | 0.37% | 7.77% | 38.45% | |
71 Outperform | $5.64B | 37.23 | 9.48% | ― | 27.31% | 26.90% | |
68 Neutral | $4.05B | 45.22 | 8.91% | ― | -3.35% | -38.92% | |
66 Neutral | $411.11B | 58.47 | 66.97% | 0.33% | 26.02% | 38.85% | |
65 Neutral | $3.17B | 138.18 | 2.62% | ― | -2.52% | -64.30% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $293.79M | 62.49 | 4.95% | ― | -2.35% | ― |
* Technology Sector Average
ACLS
Axcelis Technologies
136.71
43.14
46.10%
ASYS
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17.25
8.35
93.82%
AMAT
Applied Materials
529.30
306.94
138.04%
LRCX
Lam Research
340.10
193.79
132.45%
VECO
Veeco
53.19
20.09
60.69%
ACMR
ACM Research
83.58
40.26
92.94%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.