Axcelis Technologies

ACLS · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

ACLS · Last close · November 6, 2026

$99.24

Axcelis Technologies' revenue fell 17.6% to $839 million in fiscal 2025. Its operating margin was 14.2%, down from 20.7% a year earlier. Free cash flow was $107 million, down 16.8%. It paid out $121 million in dividends and buybacks, 113% of free cash flow. The diluted share count fell 3.2%.

AXCELIS TECHNOLOGIES INC Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001104659-26-020461 Updated November 6, 2026

Revenue

$839M

17.6%

Operating margin

14.2%

6.5 pts

Net income

$120M

40.2%

Free cash flow

$107M

16.8%

Return on equity

11.8%

9.7 pts

Market cap

$3.1B

Nov 6 close

P/E

29.5x

On $3.36 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Axcelis Technologies does

Axcelis Technologies designs, makes and services ion implantation equipment and other machines used to make semiconductor chips. Ion implanters add tiny amounts of chosen elements to silicon to change how it conducts electricity. Its main product line is called Purion. It sells to chip makers around the world and is based in Beverly, Massachusetts.

Ion implantation made up 98.2% of its revenue in 2025. The rest came from aftermarket sales for older processing systems. Revenue for 2025 was $839.0 million. Besides new machines, it sells used tools, spare parts, upgrades, maintenance services and training.

Its main competitor in ion implant systems is Applied Materials. Axcelis relies on a limited number of chip makers for much of its sales, and it sells in the United States, Taiwan, South Korea, China, Japan and other countries. U.S. export controls limit sales to certain customers in China.

Its biggest risks, as it describes them

Chip makers may cut spending on new factories and equipment, which would lower its sales.
It could fail to develop reliable new products as chip making changes quickly.
A small number of customers account for a large share of its sales.
U.S. export controls limit sales to some Chinese customers, who may switch suppliers.
Cybersecurity threats and incidents.

From Axcelis Technologies's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 29.9% a year and net income 30.4% a year, as new shares raised the share count by 3% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	295	432	506	571	374
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	26.3x	38.1x	49.7x	38.6x	22.2x
Current ratio	4.1x	3.5x	3.8x	5.4x	4.8x
Quick ratio	2.8x	2.6x	2.7x	4.0x	3.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Axcelis Technologies' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Axcelis Technologies' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Axcelis Technologies shares on the open market, and 13 insiders sold $6.4 million, $1.6 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 3, 2026	Necip SayinerDirector	Sold	1,586	$157.44	$249,700	Form 4
Jun 2, 2026	Robert John MahoneyEVP Global Operations	Sold	1,155	$155.24	$179,302	Form 4
May 27, 2026	Todd SuttonVP Corporate Controller	Sold	2,000	$159.99	$319,980	Form 4
May 22, 2026	Eileen EvansEVP, General Counsel and Sec'y	Sold	926	$155.51	$144,002	Form 4
May 22, 2026	Dennis Thomas StDirector	Sold	900	$155.37	$139,833	Form 4
May 21, 2026	Gerald M BlumenstockEVP, Research, Dev. & Eng.	Sold	1,161	$152.70	$177,285	Form 4
May 20, 2026	Christopher TatnallEVP Global Customer Operations	Sold	1,166	$149.75	$174,608	Form 4
May 19, 2026	John T KurtzweilDirector	Sold	3,500	$138.79	$485,765	Form 4
May 19, 2026	Gregory B GravesDirector	Sold	3,225	$141.61	$456,707	Form 4
May 19, 2026	Jeanne QuirkDirector	Sold	1,789	$140.22	$250,854	Form 4
May 14, 2026	Todd SuttonVP Corporate Controller	Sold	2,574	$163.89	$421,853	Form 4
May 14, 2026	Gerald M BlumenstockEVP, Research, Dev. & Eng.	Sold	1,015	$162.32	$164,755	Form 4

The latest 12 of 22 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	34.9%	2.7%	−4.8%
Altman Z''	8.45	9.81	8.71
Accruals ratio	7.8%	4.6%	0.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Fail	Fail	Fail
Debt fell relative to assets	—	—	—
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Fail	Fail	Fail
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Axcelis Technologies side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Axcelis Technologies	FY25	−17.6%	14.2%	12.8%	—	—	—
Photronics	FY25	−2.0%	24.5%	7.0%	19.1%	−2.1x	6	Compare
FormFactor	FY25	2.8%	7.3%	1.5%	6.8%	−2.7x	5	Compare
ACM Research	FY25	15.2%	12.1%	−7.4%	8.7%	−4.1x	2	Compare
Ichor	FY25	11.6%	−4.1%	−0.7%	−4.4%	—	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	267	411	443	343	475	662	920	1,131	1,018	839
Revenue growth	0.0%	53.8%	7.8%	−22.5%	38.4%	39.6%	38.9%	22.9%	−10.0%	−17.6%
Gross profit	100	150	180	144	199	286	402	491	455	377
Research and development	34	43	52	54	62	65	78	97	106	109
Operating income	17	48	60	24	58	127	212	266	211	119
Net income	11	127	46	17	50	99	183	246	201	120
Diluted EPS (US$)	0.36	3.80	1.35	0.50	1.46	2.88	5.46	7.43	6.15	3.80
Diluted shares (millions)	31	33	34	34	34	34	34	33	33	32
Cash flow
Cash from operations	−9	56	47	−14	70	150	216	157	141	118
Capital expenditure	2	7	5	12	7	9	11	21	12	11
Free cash flow	−11	49	42	−26	62	141	205	136	129	107
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	18	8	50	58	52	60	121
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	5	6	8	8	10	12	13	18	21	21
Balance sheet at fiscal year end
Cash and short-term investments	71	133	178	140	204	295	432	506	571	374
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	302	488	548	548	625	753	1,014	1,282	1,349	1,361
Total liabilities	101	135	140	129	143	214	346	417	336	327
Shareholders' equity	202	354	408	419	482	539	667	865	1,013	1,035
Margins and ratios
Gross margin	37.3%	36.6%	40.6%	42.0%	41.9%	43.2%	43.7%	43.5%	44.7%	44.9%
Operating margin	6.2%	11.7%	13.6%	7.1%	12.2%	19.2%	23.1%	23.5%	20.7%	14.2%
Net margin	4.1%	30.9%	10.4%	5.0%	10.5%	14.9%	19.9%	21.8%	19.8%	14.3%
Free cash flow margin	−4.2%	11.9%	9.6%	−7.5%	13.1%	21.4%	22.3%	12.1%	12.6%	12.8%
Rule of 40 (growth + FCF margin)	−4.2%	65.7%	17.3%	−30.0%	51.5%	60.9%	61.2%	34.9%	2.7%	−4.8%
Return on capital	—	—	—	—	—	—	—	—	—	—
Return on equity	5.7%	45.8%	12.0%	4.1%	11.1%	19.3%	30.4%	32.1%	21.4%	11.8%
Return on assets	3.8%	32.1%	8.8%	3.1%	8.5%	14.3%	20.7%	21.5%	15.3%	8.9%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Axcelis Technologies' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Axcelis Technologies.