AXCELIS TECHNOLOGIES INC ACLS
Axcelis Technologies, Inc. ("Axcelis," the "Company," "we," "us," or "our") designs, manufactures and services ion implantation and other processing equipment used in the fabrication of semiconductor chips. We believe that our Purion family of products offers the most innovative implanters available on the market today. We sell to leading semiconductor chip manufacturers worldwide. The ion implantation business represented 98.2% of our revenue in 2025, with the remaining 1.8% of revenue derived from aftermarket sales associated with other legacy processing systems. In addition to equipment, we provide extensive aftermarket lifecycle products and services, including used tools, spare parts, equipment upgrades, maintenance services and customer training.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $839.0M | $1.02B | $1.13B | $920.0M | $662.4M | $474.6M | $343.0M | $442.6M | $410.6M | $267.0M |
| Cost of revenue | $462.2M | $563.2M | $639.3M | $518.2M | $376.0M | $276.0M | $198.8M | $262.9M | $260.3M | $167.4M |
| Gross profit | $376.8M | $454.7M | $491.3M | $401.8M | $286.4M | $198.6M | $144.2M | $179.6M | $150.2M | $99.6M |
| R&D | $109.0M | $105.5M | $96.9M | $78.4M | $65.4M | $61.8M | $53.9M | $51.9M | $43.1M | $34.4M |
| SG&A | $83.2M | $70.3M | $65.8M | $57.5M | $46.1M | $40.0M | $31.7M | $33.2M | $30.8M | $24.5M |
| Total operating expenses | $257.5M | $243.9M | $225.5M | $189.4M | $159.1M | $140.5M | $119.9M | $119.7M | $102.4M | $83.0M |
| Operating income | $119.3M | $210.8M | $265.8M | $212.4M | $127.3M | $58.0M | $24.2M | $60.0M | $47.8M | $16.6M |
| Interest expense | $5.4M | $5.5M | $5.3M | $5.6M | $4.8M | $5.2M | $5.2M | $5.1M | $5.1M | $5.1M |
| Pre-tax income | $138.2M | $230.3M | $278.6M | $204.9M | $120.4M | $55.9M | $20.9M | $54.7M | $43.8M | $11.0M |
| Income tax | $18.0M | $29.3M | $32.3M | $21.8M | $21.8M | $5.9M | $3.9M | $8.8M | $83.1M | $23.0K |
| Net income | $120.2M | $201.0M | $246.3M | $183.1M | $98.7M | $50.0M | $17.0M | $45.9M | $127.0M | $11.0M |
| EPS, basic | 3.81 | 6.17 | 7.52 | 5.54 | 2.94 | 1.50 | 0.52 | 1.42 | 4.11 | 0.38 |
| EPS, diluted | 3.80 | 6.15 | 7.43 | 5.46 | 2.88 | 1.46 | 0.50 | 1.35 | 3.80 | 0.36 |
| Shares, diluted (wtd. avg.) | $31.7M | $32.7M | $33.2M | $33.5M | $34.3M | $34.1M | $33.8M | $34.0M | $33.4M | $30.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $145.5M | $123.5M | $174.0M | $186.3M | $295.7M | $204.2M | $146.5M | $184.9M | $140.9M | $77.7M |
| Short-term investments | $228.8M | $447.8M | $338.9M | $246.6M | — | — | — | — | — | — |
| Receivables | $168.5M | $203.1M | $218.0M | $169.8M | $104.4M | $86.9M | $83.8M | $78.7M | $75.3M | $50.6M |
| Inventory | $329.0M | $282.2M | $306.5M | $242.4M | $195.0M | $161.1M | $140.4M | $129.0M | $120.5M | $113.9M |
| Total current assets | $943.2M | $1.12B | $1.08B | $877.6M | $619.2M | $470.8M | $375.7M | $396.8M | $339.8M | $240.7M |
| Property, plant and equipment | $56.1M | $53.8M | $54.0M | $39.7M | $35.0M | $29.8M | $25.3M | $41.1M | $36.2M | $30.8M |
| Total assets | $1.36B | $1.35B | $1.28B | $1.01B | $753.2M | $624.6M | $548.1M | $548.4M | $488.2M | $302.2M |
| Accounts payable | $42.3M | $46.9M | $54.4M | $62.3M | $38.0M | $24.0M | $25.3M | $36.0M | $32.6M | $25.0M |
| Total current liabilities | $197.7M | $207.5M | $285.1M | $248.1M | $150.1M | $84.4M | $68.7M | $85.0M | $79.3M | $47.7M |
| Total liabilities | $326.7M | $336.0M | $417.1M | $346.4M | $214.3M | $143.0M | $128.7M | $140.1M | $134.6M | $100.8M |
| Retained earnings | $503.5M | $470.3M | $319.5M | $118.9M | -$22.7M | -$92.0M | -$140.2M | -$157.3M | -$204.7M | -$331.7M |
| Total equity | $1.03B | $1.01B | $864.9M | $667.3M | $539.0M | $481.6M | $419.4M | $408.3M | $353.6M | $201.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $118.3M | $140.8M | $156.9M | $215.6M | $150.2M | $69.7M | -$13.6M | $47.0M | $56.3M | -$8.8M |
| Depreciation and amortisation | $17.6M | $15.8M | $13.1M | $11.6M | $10.8M | $9.9M | $7.9M | $5.8M | $5.0M | $4.3M |
| Stock-based compensation | $20.8M | $21.0M | $18.3M | $13.4M | $12.1M | $10.5M | $8.2M | $7.8M | $5.7M | $5.2M |
| Capital expenditure | $11.3M | $12.2M | $20.7M | $10.7M | $8.7M | $7.4M | $12.0M | $4.7M | $7.3M | $2.5M |
| Investing cash flow | $29.9M | -$108.7M | -$100.9M | -$257.3M | -$8.7M | -$7.3M | -$12.0M | -$4.7M | -$7.3M | -$2.2M |
| Financing cash flow | -$124.5M | -$71.2M | -$68.3M | -$65.5M | -$52.5M | -$2.4M | -$13.4M | $1.2M | $15.1M | $2.3M |
| Buybacks | $121.1M | $60.5M | $52.5M | $57.5M | $50.0M | $7.5M | $17.7M | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-020461.
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