Axcelis Technologies, Inc.
- Open
- 180.75
- Day high
- 185.00
- Day low
- 173.10
- Prev close
- 189.45
- Volume
- 350K
- Mkt cap
- $5.5B
- P/E (TTM)
- 55.3
- EPS (TTM)
- $3.22
- P/B
- 5.2
- P/S
- 6.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$5.5M over the last 3 months (0 open-market buys, 17 sales)
- 🏛Institutions mixed (13F)
Axcelis Technologies, Inc. (ACLS) is a Technology company listed on NASDAQ. The stock is up 163% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 17 sales (SEC Form 4).
Axcelis Technologies, Inc. (ACLS) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ACLS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.71 | $0.72 | +1.4% | $199M | +2.0% |
| Feb 17, 2026 | $1.12 | $1.49 | +33.0% | $238M | +10.8% |
| Nov 4, 2025 | $1.01 | $1.21 | +19.8% | $214M | -0.7% |
| Jul 31, 2024 | $1.37 | $1.55 | +13.1% | $257M | +2.5% |
| May 1, 2024 | $1.24 | $1.57 | +26.6% | $252M | -3.5% |
| Feb 7, 2024 | $2.02 | $2.15 | +6.4% | $310M | +4.2% |
| Nov 1, 2023 | $1.73 | $1.99 | +15.0% | $292M | +4.3% |
| Aug 2, 2023 | $1.46 | $1.86 | +27.4% | $274M | +5.1% |
| May 3, 2023 | $1.26 | $1.43 | +13.5% | $254M | +5.6% |
| Feb 8, 2023 | $1.38 | $1.71 | +23.9% | $266M | +7.0% |
| Nov 2, 2022 | $1.13 | $1.21 | +7.1% | $229M | +2.1% |
| Aug 3, 2022 | $1.00 | $1.32 | +32.0% | $221M | +4.6% |
ACLS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 17, 2026 | Ryzhik Davidofficer: SVP Interim CFO | Tax | 76 | $176.84 |
| Jun 16, 2026 | Blumenstock Gerald Mofficer: EVP, Research, Dev. & Eng. | Tax | 506 | $191.60 |
| Jun 4, 2026 | Sayiner Necipdirector | Sell | 1,586 | $157.44 |
| May 28, 2026 | Sutton Toddofficer: VP Corporate Controller | Sell | 2,000 | $159.99 |
| May 26, 2026 | St Dennis Thomasdirector | Sell | 900 | $155.37 |
| May 22, 2026 | Blumenstock Gerald Mofficer: EVP, Research, Dev. & Eng. | Sell | 1,161 | $152.70 |
| May 22, 2026 | Evans Eileenofficer: EVP, General Counsel and Sec'y | Sell | 926 | $155.51 |
| May 21, 2026 | Tatnall Christopherofficer: EVP Global Customer Operations | Sell | 1,166 | $149.75 |
| May 20, 2026 | KURTZWEIL JOHN Tdirector | Sell | 3,500 | $138.79 |
| May 20, 2026 | GRAVES GREGORY Bdirector | Sell | 2,625 | $141.41 |
| May 20, 2026 | GRAVES GREGORY Bdirector | Sell | 600 | $142.51 |
| May 20, 2026 | Mahoney Robert Johnofficer: EVP Global Operations | Tax | 182 | $146.24 |
| May 20, 2026 | Sutton Toddofficer: VP Corporate Controller | Tax | 184 | $146.24 |
| May 20, 2026 | Quirk Jeannedirector | Sell | 1,789 | $140.22 |
| May 20, 2026 | Redinbo Gregofficer: EVP MARKETING AND APPLICATIONS | Tax | 111 | $146.24 |
Source: ACLS SEC Form 4 filings, latest Jun 17, 2026. For informational purposes only — not investment advice.
See the full ACLS insider & 13F page →Axcelis Technologies, Inc. company profile
Overview
Axcelis Technologies, Inc. (NASDAQ:ACLS) is a Beverly, Massachusetts-based semiconductor equipment manufacturer founded in 1978 that specializes in ion implantation systems. The company went public in 2000 and has established itself as a leading provider of ion implantation equipment used in semiconductor chip fabrication. Axcelis serves customers globally across the United States, Europe, and Asia, with a particular focus on power semiconductors, memory devices, and advanced logic applications. The company has experienced significant growth in recent years, driven primarily by the expanding silicon carbide market for electric vehicles and power applications.
Business
Axcelis operates in the semiconductor capital equipment industry, which provides the specialized machinery and tools necessary for manufacturing semiconductor chips. The company's core business revolves around ion implantation, a critical process in semiconductor fabrication where ions are accelerated and embedded into silicon wafers to modify their electrical properties. Ion implantation is essential for creating the precise electrical characteristics needed in semiconductor devices. During this process, dopant atoms are fired at high energy into silicon wafers to create regions with specific electrical conductivity. This allows manufacturers to create the transistors, diodes, and other components that form the basis of all electronic devices. Axcelis offers three main categories of ion implantation equipment: high energy implanters for deep ion penetration, high current implanters for high-volume production, and medium current implanters for general-purpose applications. The company's flagship product lines include the Purion Power Series, specifically designed for power semiconductor manufacturing, and the Purion VXE implanter for advanced applications. The company operates two primary business segments: 1. Systems revenue (approximately 75-80% of total revenue) from selling new ion implantation equipment, and 2. Customer Service & Inspection (CS&I) revenue (approximately 20-25% of total revenue) from aftermarket services including spare parts, equipment upgrades, maintenance services, used tool sales, and customer training. This dual revenue model provides both growth through new equipment sales and recurring income through ongoing customer relationships.
Revenue model
Axcelis generates revenue through two complementary business models. The primary revenue stream comes from direct equipment sales to semiconductor manufacturers, where customers purchase ion implantation systems ranging from several hundred thousand to multiple millions of dollars per unit. The company sells directly to chip manufacturers through its global sales force, with typical sales cycles spanning 6-18 months due to the complex nature of semiconductor capital equipment purchases. The secondary revenue stream derives from aftermarket services and products, including spare parts, equipment upgrades, maintenance contracts, used equipment sales, and training services. This creates a recurring revenue base from the installed equipment base, typically generating higher margins than new equipment sales. Axcelis's customers are primarily semiconductor manufacturers across various end markets. The power semiconductor market represents the largest customer segment, accounting for approximately 50-60% of system revenue, with particular strength in silicon carbide applications for electric vehicles and industrial power systems. Other key customer segments include memory manufacturers (DRAM and NAND flash), mature foundry and logic producers, and image sensor manufacturers. Several factors significantly impact the company's margins and profitability. Positive margin drivers include the growing adoption of silicon carbide technology, which commands premium pricing due to specialized requirements; the expanding electric vehicle market driving power semiconductor demand; and the company's strong position in high-growth applications. Margin pressures come from competitive dynamics in mature markets, supply chain cost fluctuations, customer concentration risks particularly in China (which represents 35-70% of quarterly revenue depending on market conditions), and cyclical downturns in semiconductor capital spending. The company's margins also benefit from operational leverage, where higher revenue volumes spread fixed costs across more units, and from the higher-margin aftermarket business that grows with the installed base.
Competitive moat
Axcelis possesses a moderate but defensible competitive moat built primarily on specialized technical expertise and customer relationships, though the moat faces some structural limitations. The company's strongest competitive advantage lies in its deep specialization in ion implantation technology, particularly for power semiconductors and silicon carbide applications. This specialization has created strong customer relationships and switching costs, as semiconductor manufacturers invest significant time and resources in qualifying equipment for their production processes. The company's technical moat is reinforced by its focus on niche applications where performance requirements are demanding and customer relationships are sticky. In silicon carbide and power semiconductor applications, Axcelis has developed specialized products like the Purion Power Series that address specific technical challenges, creating differentiation from broader-based competitors. The company's global service network and installed base also create switching costs for customers who rely on ongoing support and spare parts. However, Axcelis faces meaningful competitive threats that limit the strength of its moat. The company competes against much larger, well-capitalized equipment manufacturers including Applied Materials, which has significantly greater resources for research and development. The semiconductor equipment industry is highly cyclical and capital-intensive, making it difficult for smaller players to maintain competitive positions during downturns. Additionally, the company's heavy dependence on the Chinese market (often 40-70% of revenue) creates both regulatory risks from export controls and customer concentration risks. The competitive landscape is also evolving as customers increasingly prefer suppliers who can provide comprehensive solutions rather than point products. This trend favors larger, more diversified equipment companies over specialized players like Axcelis. While the company is exploring adjacent markets and potential acquisitions to broaden its offering, it currently lacks the scale and breadth of larger competitors, making its moat more fragile during market stress periods.
Risks & safety
Axcelis demonstrates a strong financial safety profile with excellent liquidity and minimal solvency risk, though valuation metrics suggest limited margin of safety at current prices. • Liquidity and Solvency: Exceptional financial strength with $184 million in cash, minimal debt (debt-to-equity ratio of 0.04), and a current ratio of 5.6. The company generates strong free cash flow ($35 million in Q1 2025) and has no meaningful solvency concerns. • Valuation Metrics: Trading at 14.0x P/E ratio and 9.4x EV/EBITDA, which appear reasonable but not deeply discounted. Graham number of $25.19 suggests the stock may be overvalued at current price of $54.69. Price-to-book ratio of 1.56 is moderate. • Other Considerations: Strong balance sheet provides significant downside protection, but the company faces cyclical industry risks and high exposure to Chinese markets. Revenue volatility due to semiconductor cycles and customer concentration in China create operational risks that somewhat offset the strong balance sheet position.
Recent development
Over the past few years, Axcelis has undergone significant strategic evolution focused on capitalizing on the silicon carbide and power semiconductor boom. The company has positioned itself as a key beneficiary of the electric vehicle transition, with silicon carbide representing a growing portion of its business due to the material's superior efficiency in power applications. The company has made substantial product development investments despite market downturns, introducing specialized equipment like the optimized Purion VXE implanter and continuing to develop the Purion Power Series for silicon carbide applications. Management has maintained R&D spending to ensure technological leadership in power semiconductor applications, recognizing this as a key differentiator against larger competitors. Market expansion initiatives have included efforts to penetrate the advanced logic market, where the company has moved from evaluation systems to production orders, albeit still representing a small revenue portion. The company is also pursuing geographic expansion in Japan and working to diversify its customer base beyond the heavy concentration in Chinese markets. Strategically, Axcelis has established ambitious long-term growth targets, including a goal to reach $1.6 billion in revenue by 2027, representing significant growth from current levels around $1 billion annually. The company is exploring potential acquisitions and adjacent market opportunities to expand beyond pure ion implantation, though no specific deals have been announced. Recent challenges include managing cyclical market dynamics with expected revenue declines in 2025 due to customer capacity digestion, particularly in China, and navigating potential trade restrictions and tariff impacts on its global operations.
ACLS company profile · for informational purposes only — not investment advice.
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