Latest Ratios: P/E Ratio 36.8x · EV/EBITDA 30.7x · ROE 11.7%. (1999–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.3B | $2.5B | $2.3B | $4.3B | $2.7B | $2.6B | $994M | $815M | $605M | $960M | $450M |
| Enterprise Value | $4.2B | $2.4B | $2.2B | $4.2B | $2.5B | $2.3B | $838M | $724M | $475M | $874M | $427M |
| P/E Ratio → | 36.83 | 21.14 | 11.36 | 17.45 | 14.53 | 25.89 | 19.95 | 48.19 | 13.19 | 7.55 | 40.42 |
| P/S Ratio | 5.13 | 3.03 | 2.24 | 3.80 | 2.89 | 3.86 | 2.09 | 2.38 | 1.37 | 2.34 | 1.69 |
| P/B Ratio | 4.28 | 2.46 | 2.26 | 4.97 | 3.99 | 4.74 | 2.06 | 1.94 | 1.48 | 2.71 | 2.24 |
| P/FCF | 40.20 | 23.78 | 17.76 | 31.58 | 12.99 | 18.06 | 15.96 | — | 14.33 | 19.58 | — |
| P/OCF | 36.36 | 21.51 | 16.23 | 27.42 | 12.35 | 17.01 | 14.26 | — | 12.89 | 17.05 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.91 | 2.17 | 3.70 | 2.74 | 3.48 | 1.77 | 2.11 | 1.07 | 2.13 | 1.60 |
| EV / EBITDA | 30.66 | 17.83 | 9.73 | 14.99 | 11.26 | 16.70 | 12.33 | 22.56 | 7.23 | 16.54 | 20.45 |
| EV / EBIT | 35.19 | 17.00 | 9.35 | 14.72 | 11.99 | 18.42 | 13.72 | 27.75 | 7.92 | 18.27 | 26.53 |
| EV / FCF | — | 22.81 | 17.14 | 30.68 | 12.31 | 16.31 | 13.47 | — | 11.24 | 17.84 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.9% | 44.9% | 44.7% | 43.5% | 43.7% | 43.2% | 41.8% | 42.0% | 40.6% | 36.6% | 37.3% |
| Operating Margin | 14.2% | 14.2% | 20.7% | 23.5% | 23.1% | 19.2% | 12.2% | 7.1% | 13.5% | 11.7% | 6.2% |
| Net Profit Margin | 14.3% | 14.3% | 19.7% | 21.8% | 19.9% | 14.9% | 10.5% | 5.0% | 10.4% | 30.9% | 4.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.7% | 11.7% | 21.4% | 32.1% | 30.4% | 19.3% | 11.1% | 4.1% | 12.0% | 45.7% | 5.6% |
| ROA | 8.9% | 8.9% | 15.3% | 21.5% | 20.7% | 14.3% | 8.5% | 3.1% | 8.9% | 32.1% | 3.7% |
| ROIC | 9.6% | 9.6% | 18.9% | 31.4% | 38.9% | 30.9% | 13.3% | 6.0% | 16.5% | 16.1% | 7.4% |
| ROCE | 10.4% | 10.4% | 19.7% | 30.2% | 31.0% | 22.3% | 11.4% | 5.1% | 13.7% | 14.3% | 6.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.04 | 0.05 | 0.07 | 0.09 | 0.10 | 0.12 | 0.12 | 0.13 | 0.24 |
| Debt / EBITDA | 0.31 | 0.31 | 0.19 | 0.16 | 0.21 | 0.34 | 0.71 | 1.51 | 0.73 | 0.90 | 2.28 |
| Net Debt / Equity | — | -0.10 | -0.08 | -0.14 | -0.21 | -0.46 | -0.32 | -0.22 | -0.32 | -0.24 | -0.12 |
| Net Debt / EBITDA | -0.75 | -0.75 | -0.35 | -0.44 | -0.62 | -1.79 | -2.28 | -2.85 | -1.98 | -1.62 | -1.11 |
| Debt / FCF | — | -0.96 | -0.62 | -0.90 | -0.68 | -1.75 | -2.49 | — | -3.08 | -1.75 | — |
| Interest Coverage | 26.77 | 26.77 | 43.16 | 53.10 | 37.74 | 25.91 | 11.72 | 5.06 | 11.73 | 9.34 | 3.17 |
Net cash position: cash ($145M) exceeds total debt ($42M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.77 | 4.77 | 5.41 | 3.79 | 3.54 | 4.12 | 5.58 | 5.47 | 4.67 | 4.72 | 5.34 |
| Quick Ratio | 3.11 | 3.11 | 4.05 | 2.71 | 2.56 | 2.83 | 3.67 | 3.43 | 3.15 | 3.15 | 2.75 |
| Cash Ratio | 1.89 | 1.89 | 2.75 | 1.78 | 1.74 | 1.96 | 2.41 | 2.04 | 2.09 | 1.74 | 1.61 |
| Asset Turnover | — | 0.62 | 0.75 | 0.88 | 0.91 | 0.88 | 0.76 | 0.63 | 0.81 | 0.84 | 0.88 |
| Inventory Turnover | 1.40 | 1.40 | 2.00 | 2.09 | 2.14 | 1.93 | 1.71 | 1.42 | 2.04 | 2.16 | 1.47 |
| Days Sales Outstanding | — | 73.29 | 72.85 | 70.37 | 67.36 | 57.53 | 66.81 | 89.14 | 64.93 | 66.95 | 69.14 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 4.7% | 8.8% | 5.7% | 6.9% | 3.9% | 5.0% | 2.1% | 7.6% | 13.2% | 2.5% |
| FCF Yield | 2.5% | 4.2% | 5.6% | 3.2% | 7.7% | 5.5% | 6.3% | — | 7.0% | 5.1% | — |
| Buyback Yield | 2.8% | 4.8% | 2.6% | 1.2% | 2.2% | 2.0% | 0.8% | 2.2% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.8% | 4.8% | 2.6% | 1.2% | 2.2% | 2.0% | 0.8% | 2.2% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $32M | $33M | $33M | $34M | $34M | $34M | $34M | $34M | $33M | $31M |
Geopolitical export control exposure
Based on current market data, ACLS trades at a 45.59x TTM P/E, which appears elevated relative to its recent growth trajectory, suggesting that investors are pricing in a recovery in high-energy ion implantation demand rather than reflecting the current 17.57% year-over-year revenue contraction observed in recent filings.
The forward P/E of 45.18x implies that the market expects a significant rebound in earnings power, likely tied to the long-term adoption of Silicon Carbide power devices. However, given the current cyclical trough, this valuation multiple warrants caution as it assumes a rapid return to peak margins that may be delayed by ongoing geopolitical trade restrictions.
As reported in quarterly financial statements, ROIC has compressed from 8.2% in 2023Q4 to a marginal 0.6% in 2026Q1, indicating that the company is currently struggling to generate meaningful returns on its invested capital as operating margins face significant headwinds from lower manufacturing throughput and fixed-cost absorption.
The sharp decline in ROIC highlights the sensitivity of the Purion platform's profitability to volume fluctuations. Investors should monitor whether management can optimize the cost base to restore capital efficiency, as the current trend suggests that the company's competitive moat is being tested by the prevailing industry-wide capital expenditure slowdown.
According to recent financial data, the cash conversion cycle has expanded to 288 days in 2026Q1, driven largely by elevated days inventory outstanding of 249 days, which suggests that the company is carrying significant inventory levels that are not yet translating into timely revenue recognition or cash flow.
The lengthening of the cash conversion cycle reflects the inherent lumpiness of the semiconductor equipment business, where tools often sit in inventory awaiting final customer acceptance. This inefficiency appears to be a structural byproduct of the current market environment, potentially tying up liquidity that could otherwise be deployed for R&D or shareholder returns.
The P/E ratio is frequently misapplied to Axcelis, as it obscures the extreme volatility in earnings caused by the timing of revenue recognition for complex, high-value equipment systems, which often leads to misleading valuation signals during the transition between different phases of the semiconductor capital equipment cycle.
Instead of relying on P/E, analysts should prioritize EV/Sales or EV/EBITDA to better account for the company's debt-free balance sheet and the lumpy nature of its revenue recognition. Focusing on P/E during a cyclical trough risks overstating the company's valuation risk while ignoring the underlying stability of the Aftermarket service revenue stream.
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying ACLS stock.
Axcelis Technologies, Inc.'s current P/E ratio is 36.8x. The historical average is 18.4x. This places it at the 87th percentile of its historical range.
Axcelis Technologies, Inc.'s current EV/EBITDA is 30.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.1x.
Axcelis Technologies, Inc.'s return on equity (ROE) is 11.7%. The historical average is 3.7%.
Based on historical data, Axcelis Technologies, Inc. is trading at a P/E of 36.8x. This is at the 87th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Axcelis Technologies, Inc. has 44.9% gross margin and 14.2% operating margin. Operating margin between 10-20% is typical for established companies.
Axcelis Technologies, Inc.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.