Axcelis Technologies, Inc. (ACLS) Stock Analysis
Technology · Semiconductor Equipment & Materials · NasdaqGS
Axcelis Technologies, Inc. (ACLS) posted $839.05M in revenue for fiscal 2025 (down 17.6% year over year), at a 14.3% net margin, and has compounded revenue about 12.1%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Axcelis Technologies, Inc.
Axcelis Technologies, Inc. has grown revenue from $266.98M to $839.05M over the last 10 fiscal years, compounding about 12.1% a year. The most recent year was down 17.6%, so growth has cooled from its longer-run pace.
Net margin sits at 14.3%, down 5.4 points year over year on a 44.9% gross margin.
At today's valuation the market is pricing in roughly 18.9% annual free-cash-flow growth — versus the 11.4% it actually delivered over the last five years, so the price already assumes a step-up from the recent record. The one thing worth a second look in the filings is inventory building faster than sales.
Synthesised from Axcelis Technologies, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Axcelis Technologies, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $266.98M | $410.56M | $442.57M | $342.96M | $474.56M | $662.43M | $920.00M | $1.13B | $1.02B | $839.05M |
| Gross profit | $99.60M | $150.25M | $179.64M | $144.15M | $198.58M | $286.44M | $401.79M | $491.30M | $454.65M | $376.85M |
| Net income | $11.00M | $126.96M | $45.88M | $17.03M | $49.98M | $98.65M | $183.08M | $246.26M | $200.99M | $120.24M |
| Net margin | 4.1% | 30.9% | 10.4% | 5.0% | 10.5% | 14.9% | 19.9% | 21.8% | 19.7% | 14.3% |
Source: Axcelis Technologies, Inc. SEC filings (10-K). 17 years of history available in the interactive view.
Axcelis Technologies, Inc.: 3 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Inventory building faster than salesInventory rose 16.6% versus revenue -17.6% — possible overproduction or softening demand.
- Reported earnings run ahead of cashOver 3 years net income totalled $567.5M but operating cash flow only $416M — earnings aren't fully backed by cash, an accruals flag worth investigating.
- Net margin shrinkingNet margin fell from 19.9% to 14.3% over ~3 years — profitability is compressing.
What growth is priced into ACLS stock?
At today's market cap of $4.87B, Axcelis Technologies, Inc. is priced for free-cash-flow growth of about 18.9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $107.01M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 11.4%/yr over the last five fiscal years and revenue 12.1%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 17 years of Axcelis Technologies, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Axcelis Technologies, Inc. financial history by metric
Compare Axcelis Technologies, Inc. with peers
About Axcelis Technologies, Inc.
Axcelis Technologies, Inc. designs, manufactures, and services ion implantation and other processing equipment used in the fabrication of semiconductor chips in the United States, Europe, and the Asia Pacific. The company provides high energy, high current, and medium current implanters for various application requirements. It also offers aftermarket lifecycle products and services, including used tools, spare parts, equipment upgrades, maintenance services, and customer training. The company sells its equipment and services to semiconductor chip manufacturers through its direct sales force. Axcelis Technologies, Inc. was founded in 1978 and is headquartered in Beverly, Massachusetts.
Axcelis Technologies, Inc. — frequently asked questions
What is Axcelis Technologies, Inc.'s revenue?
Axcelis Technologies, Inc. (ACLS) reported revenue of $839.05M for fiscal year 2025, down 17.6% from the prior year, according to its SEC filings.
Is Axcelis Technologies, Inc. profitable?
Yes. ACLS earned net income of $120.24M in fiscal 2025, a net margin of 14.3%.
What is ACLS's P/E ratio?
Axcelis Technologies, Inc. trades at a price-to-earnings ratio of about 49.0 based on the latest data in our nightly-refreshed cache.
How fast is Axcelis Technologies, Inc. growing?
ACLS's revenue grew at roughly 12.1% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Axcelis Technologies, Inc. have?
As of fiscal year 2025, ACLS carried roughly $0 in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Axcelis Technologies, Inc.'s gross margin?
ACLS's gross margin was 44.9% in fiscal 2025 — gross profit of $376.85M on revenue of $839.05M.
What is Axcelis Technologies, Inc.'s market cap?
Axcelis Technologies, Inc. (ACLS) has a market capitalization of about $4.87B, based on the latest data in our nightly-refreshed cache.
When does Axcelis Technologies, Inc.'s fiscal year end?
ACLS's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into ACLS stock?
At today's market cap of $4.87B, Axcelis Technologies, Inc. is priced for free-cash-flow growth of about 18.9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $107.01M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 11.4%/yr over the last five fiscal years and revenue 12.1%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Axcelis Technologies, Inc.'s official SEC filings (10-K and 10-Q), covering 17 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.