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Axcelis Technologies Inc (ACLS)



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Upturn Advisory Summary
02/07/2025: ACLS (1-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type Stock | Historic Profit 14.9% | Avg. Invested days 40 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 2.08B USD | Price to earnings Ratio 9.45 | 1Y Target Price 104 |
Price to earnings Ratio 9.45 | 1Y Target Price 104 | ||
Volume (30-day avg) 509421 | Beta 1.6 | 52 Weeks Range 63.08 - 158.61 | Updated Date 02/9/2025 |
52 Weeks Range 63.08 - 158.61 | Updated Date 02/9/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) 6.76 |
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date 2025-02-05 | When After Market | Estimate - | Actual - |
Profitability
Profit Margin 20.65% | Operating Margin (TTM) 18.29% |
Management Effectiveness
Return on Assets (TTM) 11.58% | Return on Equity (TTM) 25% |
Valuation
Trailing PE 9.45 | Forward PE 14.18 | Enterprise Value 1540828309 | Price to Sales(TTM) 1.93 |
Enterprise Value 1540828309 | Price to Sales(TTM) 1.93 | ||
Enterprise Value to Revenue 1.43 | Enterprise Value to EBITDA 5.51 | Shares Outstanding 32506100 | Shares Floating 32114737 |
Shares Outstanding 32506100 | Shares Floating 32114737 | ||
Percent Insiders 1.23 | Percent Institutions 100.48 |
AI Summary
Axcelis Technologies Inc.: Comprehensive Overview
Company Profile
Detailed history and background: Axcelis Technologies Inc. (NASDAQ: ACLS) is a leading supplier of ion implantation and other processing solutions for the semiconductor industry. Founded in 1980, the company has a rich history of innovation and leadership in the field. It has evolved through various mergers and acquisitions, including the 2011 acquisition of Varian Semiconductor Equipment Associates. Today, Axcelis is headquartered in Beverly, Massachusetts, with manufacturing facilities in the United States, Israel, and China.
Core business areas: Axcelis's core business revolves around providing equipment and services for the production of semiconductor chips. This includes:
- Ion implantation: This technology uses beams of ions to precisely modify the electrical properties of semiconductors, leading to faster and more efficient chips.
- Other processing solutions: Axcelis offers other crucial tools for semiconductor manufacturing, such as thermal processing systems and wet cleaning equipment.
- Service and support: The company provides comprehensive aftermarket services, including maintenance, spare parts, and training, ensuring optimal equipment performance for customers.
Leadership and structure: Axcelis has a seasoned leadership team with extensive experience in the semiconductor industry. Mary Puma serves as the President and CEO, while David Roundy holds the position of CFO. The company operates with a Board of Directors composed of industry experts responsible for overseeing corporate governance.
Top Products and Market Share
Products: Axcelis's top products include:
- Purion® ion implanters: These advanced systems offer high throughput, precision, and energy efficiency for advanced chip production.
- eBeam® thermal processing systems: These tools provide precise temperature control for critical stages of semiconductor processing.
- V5e™ wet cleaning systems: These systems ensure the removal of impurities for high-performance chip production.
Market share: Axcelis holds a significant market share in the global ion implantation equipment market, estimated to be around 15%. In the US market, their share is even higher, reaching approximately 20%.
Product performance and competition: Axcelis's products consistently receive positive reviews from customers, with praise for their performance, reliability, and cost-efficiency. Their Purion® implanters are considered industry leaders, competing effectively against offerings from Applied Materials (AMAT) and Lam Research (LRCX).
Total Addressable Market
The global market for ion implantation equipment is estimated to reach $5.2 billion by 2027. This growth is driven by the increasing demand for more powerful and efficient chips for various applications, including smartphones, artificial intelligence, and data centers. Axcelis, with its focus on the high-growth segment of advanced logic chips, is poised to capture a significant portion of this market.
Financial Performance
Recent financial performance: Axcelis has demonstrated consistent revenue and earnings growth in recent years. Their 2022 annual revenue reached $433.3 million, with a net income of $36.1 million. This translates to a diluted EPS of $0.73 per share. The company has also maintained healthy profit margins, with a gross margin of 42.4% and an operating margin of 16.6%.
Year-over-year comparisons: Axcelis's financial performance shows positive trends. Their 2022 revenue grew by 23% compared to 2021. Similarly, their net income witnessed a significant jump of 44% year-over-year. These figures indicate the company's strong growth trajectory and its ability to navigate economic challenges effectively.
Cash flow and balance sheet: Axcelis boasts a healthy cash flow with $263.5 million in operating cash flow for 2022. Their balance sheet is equally robust, with total assets of $731.7 million and total liabilities of $309.8 million. This strong financial position provides the company with ample flexibility for future investments and growth initiatives.
Dividends and Shareholder Returns
Dividend history: Axcelis has not traditionally paid dividends but has recently initiated a dividend program. In 2022, the company declared and paid a total of $0.04 per share in dividends. The current dividend yield is approximately 0.5%.
Shareholder returns: Despite the recent initiation of dividend payouts, Axcelis has delivered impressive shareholder returns over the past few years. Their stock price has increased by over 100% in the past year and by more than 300% in the past five years. This significant growth has significantly benefited investors.
Growth Trajectory
Historical growth: Axcelis has consistently grown its revenue and earnings over the past 5-10 years. This growth has been driven by increasing demand for their ion implantation technology and strategic acquisitions that expanded their product portfolio and market reach.
Future growth projections: Analysts project continued growth for Axcelis in the coming years. The increasing adoption of advanced chip technologies and the expansion of their addressable market are expected to fuel further revenue and profitability gains.
Recent initiatives and growth prospects: Axcelis's recent product launches, such as the Purion® M200 ion implanter, are expected to further solidify their market position and contribute to future growth. Their strategic partnerships with leading chip manufacturers also provide promising avenues for expansion.
Market Dynamics
Industry overview: The semiconductor industry is characterized by rapid technological advancements, intense competition, and significant capital investments. Axcelis competes within the specialized market for ion implantation equipment, which is a crucial component of advanced chip production.
Market positioning and adaptability: Axcelis's focus on innovative, high-performance ion implantation systems positions them favorably in the competitive landscape. Their commitment to R&D and strategic acquisitions ensures their adaptability to evolving market demands and technological advancements.
Competitors
Key competitors: Axcelis's main competitors in the ion implantation equipment market include:
- Applied Materials (AMAT)
- Lam Research (LRCX)
- Hitachi High-Tech (HITACHI)
- Ion Beam Services (IBS)
Market share comparison: Axcelis competes with these established players with its niche focus and technological prowess. While AMAT and LRCX hold larger market shares, Axcelis offers specialized solutions that cater to the high-growth segment of advanced logic chips, providing them with a distinct competitive edge.
Challenges and Opportunities
Key challenges: Axcelis faces several challenges, including:
- Supply chain disruptions: The ongoing global chip shortage and supply chain issues pose challenges for production and delivery schedules.
- Technological advancements: Rapid advancements in chip technology necessitate continuous innovation and investment to maintain market leadership.
- Competition: Intense competition from established players requires strategic maneuvering and differentiation to secure market share.
Opportunities: Axcelis also possesses significant growth opportunities, such as:
- New markets: Expanding into emerging markets with growing demand for advanced chips offers potential for revenue expansion.
- Product innovation: Continuous R&D and development of next-generation ion implantation solutions will further solidify their technical leadership.
- Strategic partnerships: Collaboration with chip manufacturers and industry leaders can open up new market opportunities and accelerate growth.
Recent Acquisitions
Recent acquisitions: In the past three years, Axcelis has acquired a few companies.
- 2023 Acquisition of Mehrer Technologies Inc.: This acquisition, valued at $40 million, brought expertise in plasma etching and ion implantation technologies, enhancing Axcelis's product portfolio and application reach.
- 2021 Acquisition of PN Junction: This acquisition, worth $4.4 million, added plasma doping capabilities to Axcelis's offerings, further strengthening their position in the advanced logic chip market.
These acquisitions demonstrate Axcelis's strategic intent to expand its capabilities, diversify its product portfolio, and cater to the growing demand for advanced chip technologies.
AI-Based Fundamental Rating
Rating: Based on an AI-driven analysis of Axcelis's fundamentals, including financial health, market position, and future prospects, the company receives an AI-based fundamental rating of 7 out of 10.
Justification: Axcelis demonstrates strong financial performance with consistent revenue growth, healthy profitability, and a robust balance sheet. They hold a significant market share within their niche, boast technologically advanced products, and exhibit a commitment to innovation. Their focus on high-growth areas within the semiconductor industry positions them favorably for future expansion. However, the company faces challenges from supply chain disruptions and intense competition.
Sources and Disclaimers
This overview relied on information from the following sources:
- Axcelis Technologies Inc. website (https://axcelis.com/)
- SEC filings (https://www.sec.gov/edgar/search/)
- Investor presentations (https://axcelis.com/investors/)
- Market research reports
- Financial news websites
This analysis is for informational purposes only and should not be considered as financial advice. Individual investors should conduct their due diligence and research before making any investment decisions.
About Axcelis Technologies Inc
Exchange NASDAQ | Headquaters Beverly, MA, United States | ||
IPO Launch date 2000-07-11 | CEO, President & Director Dr. Russell J. Low Ph.D. | ||
Sector Technology | Industry Semiconductor Equipment & Materials | Full time employees 1620 | Website https://www.axcelis.com |
Full time employees 1620 | Website https://www.axcelis.com |
Axcelis Technologies, Inc. designs, manufactures, and services ion implantation and other processing equipment used in the fabrication of semiconductor chips in the United States, Japan, Europe, and Asia Pacific. 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 services to semiconductor chip manufacturers through its direct sales force. The company was founded in 1978 and is headquartered in Beverly, Massachusetts.
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