ACLS
Axcelis Technologies, Inc.
ACLS's fundamentals are mixed, but it looks expensive: trading at 32x earnings, above its usual 22x. Analysts expect strong earnings growth.
ACLS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Stable | |
| Strong |
ACLS's revenue and balance sheet are currently healthy, and its profitability and cash flow are stable.
ACLS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 14x | $48.20 | -55% |
| Forward | 18x | $108 | — |
| Fair | 22x | $73.95 | -32% |
| Current | 32x | $108 | — |
| Expensive | 34x | $113 | +4.9% |
Historical ranges are pointers, not guarantees.
ACLS's PE is in its expensive range at 32x. If earnings grow as analysts expect, today's price would be 18x next year's earnings, in its cheap range.
ACLS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for ACLS, with profitability improving.
ACLS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.05 | +80% |
| Q3 2026 | $3.37 | -20% |
| Q2 2026 | $2.99 | -39% |
| Q1 2026 | $3.22 | -41% |
| Q4 2025 | $3.80 | -38% |
| Q3 2025 | $4.23 | -37% |
| Q2 2025 | $4.89 | -33% |
| Q1 2025 | $5.46 | -28% |
| Q4 2024 | $6.15 | -17% |
ACLS's earnings per share have fallen from their peak: $3.37 over the past year, against $7.57 in early 2024.
ACLS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $237.8M | +11% |
| Q2 2026 | $215.2M | +11% |
| Q1 2026 | $199M | +3.3% |
| Q4 2025 | $238.3M | -5.6% |
| Q3 2025 | $213.6M | -17% |
| Q2 2025 | $194.5M | -24% |
| Q1 2025 | $192.6M | -24% |
| Q4 2024 | $252.4M | -19% |
ACLS's revenue is recovering but still below its 2023 peak: $238M last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 12% | -0.2 points |
| Q2 2026 | 9.4% | -5.5 points |
| Q1 2026 | 4% | -11 points |
| Q4 2025 | 15% | -6.4 points |
| Q3 2025 | 12% | -6.6 points |
| Q2 2025 | 15% | -5.7 points |
| Q1 2025 | 15% | -7.3 points |
| Q4 2024 | 22% | -3.9 points |
ACLS's operating margin was 12% last quarter, about level with the same quarter a year ago, near the bottom of its range since 2019.
ACLS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $37.7M | -13% |
| Q2 2026 | $14.8M | -61% |
| Q1 2026 | $16.3M | -53% |
| Q4 2025 | -$8.9M | -210% |
| Q3 2025 | $43.3M | +3.6% |
| Q2 2025 | $37.7M | -0.8% |
| Q1 2025 | $34.8M | -14% |
| Q4 2024 | $8.1M | -85% |
ACLS still generates free cash flow, though less than at its 2022 peak: $60M over the past year.
ACLS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -29K shares |
| 1 year | -1.1% | -345K shares |
| 3 years | -6.2% | -2.1M shares |
| 5 years | -8.8% | -3M shares |
| Available history | -8% | -2.7M shares |
ACLS has 31M diluted shares, down 1.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q4 2025 | $25.2M |
| Q3 2025 | $32.3M |
| Q2 2025 | $45.3M |
| Q1 2025 | $18.2M |
| Q4 2024 | $15.1M |
| Q3 2024 | $15.4M |
| Q2 2024 | $15M |
ACLS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.7x | Net Cash |
| Q2 2026 | -1.5x | Net Cash |
| Q1 2026 | -1.3x | Net Cash |
| Q4 2025 | -1.1x | Net Cash |
| Q3 2025 | -1.2x | Net Cash |
| Q2 2025 | -1.0x | Net Cash |
| Q1 2025 | -0.9x | Net Cash |
| Q4 2024 | -0.6x | Net Cash |
ACLS has more cash than debt.
ACLS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.5 | Neutral |
| Stochastic | 23.9 | Neutral |
ACLS's weekly RSI is 44 (neutral) and its Stochastic is 24 (neutral).
ACLS PE vs Technology Sector
| Metric | ACLS | Sector median | Relative |
|---|---|---|---|
| PE | 32x | 28x | 15% above |
| PE % | 82 | 35 | 47 pts above |
ACLS is trading at 32x earnings, a 15% premium to the Technology sector's median of 28x.
ACLS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $116.0 | 6.8% below |
| 20 week MA | $123.9 | 13% below |
| 50 week MA | $117.7 | 8.2% below |
| 100 week MA | $93.6 | 15% above |
| 200 week MA | $110.6 | 2.3% below |
ACLS's trend is mixed: it's above one of its five weekly moving averages, and 2.3% below its 200-week average.
ACLS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $24.2 | $29.2 | +21% |
| 2021 | $29.2 | $68.1 | +133% |
| 2022 | $68.1 | $80.3 | +18% |
| 2023 | $80.3 | $129.7 | +62% |
| 2024 | $129.7 | $71.2 | -45% |
| 2025 | $71.2 | $82.6 | +16% |
| 2026 YTD | $82.6 | $108.1 | +31% |
ACLS's yearly returns have swung widely, from +133% in 2021 to −45% in 2024. It's up 31% so far in 2026.