Axcelis Technologies

ACLS

Semiconductors · Technology

Price

$136.42

-2.92 (-2.10%)

Market Cap

$4.19B

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−7.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 34.3M (2021) → 31.7M (2025)

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 Asia. The company offers high energy, high current, and medium current implanters for various application requirements. It also provides aftermarket lifecycle products and services, including used tools, spare parts, equipment upgrades, maintenance services, and customer training. It sells its equipment and

Winston Score History

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-5.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-27.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$109M/ year

→ Flat (+3% vs prior year)

13.0% of revenue

In line with sector average (15%)

Steady R&D investment year-over-year

Insider Activity

0.7%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~4 years

$145M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$145M cash & investments at current burn rate

Revenue declining

Axcelis Technologies's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

47.0%

Healthy — 47.0% gross margin

Operating Margin

15.2%

Healthy — 15.2% operating margin

ROCE

3.5%

Weak — 3.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-17.6%

Shrinking sales (-17.6% YoY)

EPS YoY

-38.2%

Earnings shrinking (-38.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

98%

Turns 98% of profit into real cash

FCF Margin

12.8%

Converts sales into free cash efficiently (12.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

29.40x

Comfortably covers interest (29.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

35.8x

Pricey — P/E 35.8

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

-1.9

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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