ACLS
Axcelis Technologies, Inc.

Axcelis Technologies, Inc.ACLS

Technology · Semiconductor Equipment & Materials
99.24USD
+10.27%
Nov 08, 2026
ACLS overview ready
Domestic Ion Implantation Equipment Supplier for Semiconductor Fabs
Axcelis designs, manufactures, and services ion-implantation systems used in front-end semiconductor fabrication.
Primary theme is lagging
Wafer Fab Equipment is lagging (-27.1pp vs SPY over 21 sessions; 0 of 7 members ahead of SPY).
Price trend is broken
Longer-term context reads damaged structure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Fair valuation
The price broadly reflects the strength of its balance sheet, with upside and risk reasonably balanced.
Unremarkable fundamentals
Primary risk
Cyclical downturns in semiconductor capital expenditures.
Market Nov 6Filing Sep 30Price action Nov 7Research Sep 28

Conviction Level

PriceAction5.4BusinessPerformance5.0BusinessQuality7.8Valuation5.3ThemeMomentum1.0Mixed — Revenue growth has accelerated across 4 consecutive quarters, rising from -5.6% to +11% year over year. Reported earnings improved faster than operating income, so most of the improvement did not come from operations. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
−27.1pp
Theme return
−32.1%
Beating SPY
0 of 7
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads damaged structure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryConstructive

Structure is constructive on both timeframes without excessive extension — a reasonable entry location.

Key Financials

Market Cap
$3.1B
Avg Volume (60D)
367.3K
60 sessions
Revenue Growth YoY
-17.6%
FY2025 vs FY2024
Gross Margin
+42.8%
Trailing twelve months
Operating Margin
+10.3%
Trailing twelve months
Free Cash Flow Yield
+2.0%
Distance from 200DMA
-19.4%
P/E
29.3x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Mixed

Revenue growth has accelerated across 4 consecutive quarters, rising from -5.6% to +11% year over year. Reported earnings improved faster than operating income, so most of the improvement did not come from operations.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthAccelerating
+11%
$238M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. -5.6%
  2. +3.3%
  3. +11%
  4. +11%
Earnings growthAccelerating
+46%
Diluted EPS $1.21 vs $0.83 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. -29%
  2. -66%
  3. -24%
  4. +46%
Operating marginStable
11.5%
-0.2 pp YoY · gross margin 41.0% (-0.6 pp)
Earnings improved more than operations did
The comparison is against a weak year-ago quarter

Business Quality

7.8 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Both valuation perspectives agree this company is fair.
Axcelis Technologies, Inc. has a Fair valuation stance because the price broadly reflects the strength of its balance sheet, with upside and risk reasonably balanced.

What changed

  • ACLS rose 10.3% in one session
    ACLS closed +10.3% while the broad market was close to flat (+0.3%).
    2026-11-06

Company Research

Thesis
Axcelis designs, manufactures, and services ion-implantation systems used in front-end semiconductor fabrication. Its Purion platform spans high-current, medium-current, and high-energy implantation, with recurring revenue from spares, upgrades, and customer-support services.
Opportunity
High opportunity
US semiconductor-capacity investment requiring process equipment and specialty manufacturing capability.
Key risk
Cyclical downturns in semiconductor capital expenditures.

Economic classification

Loading the economic classification…

Business & Markets

Technology · Semiconductor Equipment & Materials
What they do

Axcelis Technologies designs, manufactures, and services ion implantation and related semiconductor processing equipment used in chip fabrication globally, selling primarily through a direct sales force.

How it earns

The company generates revenue through transactional sales of equipment and recurring aftermarket services including spare parts, upgrades, maintenance, and training.

Products & services
High energy ion implanters
High current ion implanters
Medium current ion implanters
Aftermarket lifecycle products and services
Customers & end markets
Semiconductor chip manufacturers
Memory device producers
Power device manufacturers
Mature-node and selected advanced-logic fabs
Market position

Niche player specializing in ion implantation equipment within the semiconductor equipment industry.

Demand drivers
High cyclicality

Demand is closely tied to semiconductor capital spending cycles and fab investment trends.