Loading financials from SEC filings…
Semiconductor equipment & materials · Technology · Fiscal year ends Dec 31
Axcelis Technologies reported revenue of $839M in the fiscal year ended Dec 2025, down 17.6% from the year before. Operating income was $119M, an operating margin of 14.2%, and net income was $120M. Operating cash flow of $118M less capital expenditure of $11M left free cash flow of $107M.
Ranks among the 16 semiconductor equipment & materials companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 662 | 920 | 1,131 | 1,018 | 839 |
| Cost of revenue | 376 | 518 | 639 | 563 | 462 |
| Gross profit | 286 | 402 | 491 | 455 | 377 |
| Research & development | 65.4 | 78.4 | 96.9 | 105 | 109 |
| Selling, general & admin | 93.7 | 111 | 129 | 138 | 149 |
| Operating income | 127 | 212 | 266 | 211 | 119 |
| Interest expense | 4.8 | 5.6 | 5.3 | 5.5 | 5.4 |
| Pre-tax income | 120 | 205 | 279 | 230 | 138 |
| Income tax | 21.8 | 21.8 | 32.3 | 29.3 | 18.0 |
| Net income | 98.7 | 183 | 246 | 201 | 120 |
| Diluted EPS | 2.88 | 5.46 | 7.43 | 6.15 | 3.80 |
| Diluted shares | 34.3 | 33.5 | 33.2 | 32.7 | 31.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 295 | 186 | 167 | 124 | 145 |
| Receivables | 104 | 170 | 218 | 203 | 168 |
| Inventory | 195 | 242 | 306 | 282 | 329 |
| Current assets | 619 | 878 | 1,080 | 1,124 | 943 |
| Net PP&E | 35.0 | 39.7 | 54.0 | 53.8 | 56.1 |
| Total assets | 753 | 1,014 | 1,282 | 1,349 | 1,361 |
| Payables | 38.0 | 62.3 | 54.4 | 46.9 | 42.3 |
| Deferred revenue | 60.5 | 123 | 165 | 94.7 | 65.5 |
| Current liabilities | 150 | 248 | 285 | 208 | 198 |
| Total liabilities | 214 | 346 | 417 | 336 | 327 |
| Shareholders' equity | 539 | 667 | 865 | 1,013 | 1,035 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 150 | 216 | 157 | 141 | 118 |
| Capital expenditure | 8.7 | 10.7 | 20.7 | 12.2 | 11.3 |
| Free cash flow | 141 | 205 | 136 | 129 | 107 |
| Depreciation & amortisation | 10.8 | 11.6 | 13.1 | 15.8 | 17.6 |
| Stock-based compensation | 12.1 | 13.4 | 18.3 | 21.0 | 20.8 |
| Share buybacks | 50.0 | 57.5 | 52.5 | 60.5 | 121 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 38.9% | 22.9% | −10.0% | −17.6% |
| Operating income growth (YoY) | – | 66.8% | 25.2% | −20.7% | −43.4% |
| EPS growth (YoY) | – | 89.6% | 36.1% | −17.2% | −38.2% |
| Gross margin | 43.2% | 43.7% | 43.5% | 44.7% | 44.9% |
| Operating margin | 19.2% | 23.1% | 23.5% | 20.7% | 14.2% |
| Net margin | 14.9% | 19.9% | 21.8% | 19.7% | 14.3% |
| Return on equityBlank when equity is negative | 18.3% | 27.4% | 28.5% | 19.8% | 11.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 21.1% | 27.7% | 26.7% | 18.5% | 10.3% |
| Free cash flow margin | 21.4% | 22.3% | 12.0% | 12.6% | 12.8% |
| Cash conversion (CFO ÷ net income) | 1.52x | 1.18x | 0.64x | 0.70x | 0.98x |
| Receivable days | 58 | 67 | 70 | 73 | 73 |
| Inventory days | 189 | 171 | 175 | 183 | 260 |
| Payable days | 37 | 44 | 31 | 30 | 33 |
| Interest cover | 26.3x | 38.1x | 49.7x | 38.6x | 22.2x |
| Current ratio | 4.12x | 3.54x | 3.79x | 5.41x | 4.77x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.