Axcelis Technologies ACLS
Nasdaq · Special Industry Machinery, Nec · $2.8B$90.00−2.32%Nov 5 close · Databento
ACLS Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing
Nov 5, 2026CLOSE $90.001D −2.32%3M −32.15%SMA20 $110.23SMA50 $116.08RSI(14) 30.7
90.00
RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 30.7
Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.
The numbers
fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via DatabentoMarket cap$2.8B
EV / True FCF31.5x
Revenue$839.0M −17.6%
True FCF (ex-SBC)$86.2M −16.8%
Rule of 40-4.8%
ROIC11.4%
True FCF Yield3.0%
EPS, diluted$3.80 −38.2%
Modern Valuation (EOD)
Market Cap$2.8B
Enterprise Value$2.7B
EV / True FCF31.51
EV / FCF25.40
EV / Gross Profit7.21
EV / EBIT22.78
EV / Sales3.24
P / E (GAAP)23.66
P / FCF26.59
P / Oper. CF24.05
P / Book2.75
Owner & Cash Yields
True FCF Yield3.0%
FCF Yield3.8%
Owner Earn. Yield3.7%
Earnings Yield4.2%
Shareholder Yield+3.5%
Buyback Yield4.3%
Dividend Yield—
Dividend / sh—
Payout Ratio—
FCF / sh$3.46
EPS (diluted)$3.80
Compounder & Returns
Rule of 40-4.8%
ROIC11.4%
Cash ROIC (CROIC)11.8%
GP / Assets27.7%
ROE11.6%
ROA8.8%
Gross Margin44.9%
Oper. Margin14.2%
Net Margin14.3%
FCF Margin12.8%
True FCF Margin10.3%
Quality & Dilution
Cash Conversion89%
Accrual Ratio+0.1%
SBC % of FCF19.4%
SBC % of Rev2.5%
Reinvest. Rate102%
Sales Growth Y/Y−17.6%
Sales 3Y CAGR−3.0%
EPS Growth Y/Y−38.2%
FCF Growth Y/Y−16.8%
FCF 3Y CAGR−19.5%
Share Change Y/Y−3.2%
Balance Sheet & Scale
Revenue (FY)$839.0M
Gross Profit (FY)$376.8M
Oper. Income (FY)$119.3M
GAAP Net Income$120.2M
True FCF (ex-SBC)$86.2M
Cash & Equiv$156.1M
Total Debt$28.2M
Net Cash (Debt)$127.9M
Net Cash % MCap+4.5%
Debt / FCF (yrs)0.3y
Current Ratio4.7730.88M sh
Price & Technicals (EOD)
Perf Week−19.66%
Perf Month−34.97%
Perf Quarter−35.84%
Perf Half Y−43.27%
Perf YTD−31.31%
SMA 20 Dist−18.35%$110.23
SMA 50 Dist−22.47%$116.08
SMA 100 Dist−30.85%$130.16
Window High−53.03%$191.60
Window Low0.00%$90.00
RSI (14) · Vol30.771%v
Income Distribution & Cash Flow ConversionHow every dollar of ACLS revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow
Where Every $100 of Revenue Goes (FY2025)
Cost of Revenue (COGS)$462.2M ($55.1 / $100)
R&D Reinvestment$109.0M ($13.0 / $100)
Operating Expenses$148.6M ($17.7 / $100)
Tax & Non-Operating$0 ($0.0 / $100)
Net Profit Kept$120.2M ($14.2 / $100)
Earnings Quality: GAAP Profit → True Owner Cash (FY2025)
GAAP Net Income$120.2M (14.3% margin)
Operating Cash Flow (OCF)$118.3M(14.1% of rev)
Less: Capital Expenditures−$11.3M(1.3% of rev)
Standard Free Cash Flow (FCF)$107.0M(12.8% margin)
Less: Stock-Based Comp (SBC)−$20.8M(19.4% of FCF)
True FCF (Owner Cash ex-SBC)$86.2M(10.3% of rev)
Revenue by fiscal year
Operating leverage — margins
GrossOperatingNet
| Line Item (USD) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY Δ | 4Y CAGR | Trend |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | $662.4M | $920.0M | $1.1B | $1.0B | $839.0M | −17.6% | +6.1% | |
| Cost of Revenue (COGS) | $376.0M | $518.2M | $639.3M | $563.2M | $462.2M | −17.9% | +5.3% | |
| Gross Profit | $286.4M | $401.8M | $491.3M | $454.7M | $376.8M | −17.1% | +7.1% | |
| Research & Development (R&D) | $65.4M | $78.4M | $96.9M | $105.5M | $109.0M | +3.3% | +13.6% | |
| Total Operating Expenses | $159.1M | $189.4M | $225.5M | $243.9M | $257.5M | +5.6% | +12.8% | |
| Operating Income (EBIT) | $127.3M | $212.4M | $265.8M | $210.8M | $119.3M | −43.4% | −1.6% | |
| Interest Expense | $4.8M | $5.6M | $5.3M | $5.5M | $5.4M | −1.8% | +2.6% | |
| Income Tax Expense | $21.8M | $21.8M | $32.3M | $29.3M | $18.0M | −38.5% | −4.6% | |
| GAAP Net Income | $98.7M | $183.1M | $246.3M | $201.0M | $120.2M | −40.2% | +5.1% | |
| Diluted EPS | $2.88 | $5.46 | $7.43 | $6.15 | $3.80 | −38.2% | +7.2% | |
| Diluted Shares | 34.3M | 33.5M | 33.2M | 32.7M | 31.7M | −3.2% | −2.0% | |
| Balance Sheet | ||||||||
| Cash & Equivalents | $295.7M | $186.3M | $174.0M | $131.1M | $156.1M | +19.1% | −14.8% | |
| Inventory | $195.0M | $242.4M | $306.5M | $282.2M | $329.0M | +16.6% | +14.0% | |
| Total Current Assets | $619.2M | $877.6M | $1.1B | $1.1B | $943.2M | −16.1% | +11.1% | |
| Total Assets | $753.2M | $1.0B | $1.3B | $1.3B | $1.4B | +0.9% | +15.9% | |
| Total Current Liabilities | $150.1M | $248.1M | $285.1M | $207.5M | $197.7M | −4.8% | +7.1% | |
| Total Debt (Short + Long Term) | $28.2M | $28.2M | $28.2M | $28.2M | $28.2M | +0.0% | +0.0% | |
| Total Liabilities | $214.3M | $346.4M | $417.1M | $336.0M | $326.7M | −2.8% | +11.1% | |
| Stockholders' Equity | $539.0M | $667.3M | $864.9M | $1.0B | $1.0B | +2.2% | +17.7% | |
| Net Cash / (Net Debt) | $267.5M | $158.2M | $145.8M | $102.9M | $127.9M | +24.3% | −16.8% | |
| Invested Capital | $271.5M | $509.1M | $719.1M | $909.9M | $906.8M | −0.3% | +35.2% | |
| Cash Flow & Capital Allocation | ||||||||
| Operating Cash Flow (OCF) | $150.2M | $215.6M | $156.9M | $140.8M | $118.3M | −16.0% | −5.8% | |
| Depreciation & Amortization (D&A) | $10.8M | $11.6M | $13.1M | $15.8M | $17.6M | +11.4% | +13.0% | |
| Stock-Based Compensation (SBC) | $12.1M | $13.4M | $18.3M | $21.0M | $20.8M | −0.8% | +14.5% | |
| Capital Expenditures (CapEx) | $8.7M | $10.7M | $20.7M | $12.2M | $11.3M | −7.3% | +6.7% | |
| Free Cash Flow (FCF) | $141.5M | $204.9M | $136.2M | $128.6M | $107.0M | −16.8% | −6.7% | |
| True FCF (ex-SBC Owner Cash) | $129.4M | $191.5M | $117.9M | $107.7M | $86.2M | −19.9% | −9.6% | |
| Share Repurchases (Buybacks) | $50.0M | $57.5M | $52.5M | $60.5M | $121.1M | +100.2% | +24.8% | |
Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.
On the Wire
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