Axcelis Technologies
ConvictionWeak
Capital-equipment sales (Purion systems) plus a recurring high-margin Customer Solutions & Innovation (CS&I) aftermarket business — spares, services, used-tool, upgrades — that smooths the WFE cycle. ~84% of revenue is international; system sales are lumpy/cyclical while CS&I grows with the installed base.
Revenuefact
$839.0M FY2025fact, 10-K); $199.0M Q1 FY26Rev growthfact
-17.6% YoY FY2025 vs $1,017.9M FY2024+3.3% YoY Q1 FY26 vs $192.6M Q1 FY25 (factGross marginfact
44.9% GAAP FY202540.5% GAAP Q1 FY26 (fact) — compressed on weaker mixOp marginfact
~12% GAAP FY2025est, from segment data); 4.0% GAAP / 11.7% non-GAAP Q1 FY26Capex intensity
Low~3-4% of revenue (est); asset-light, outsourced-manufacturing modelMarket cap
~$5.2Bfact, 25-Jun-2026, at ~$175/sh on ~30.7M sharesAcross the boards
The thesis on this name
opportunityWeak
State of the Memory Supercycle
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-26. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$662M
FY’22
$920M+39%
FY’23
$1.1B+23%
FY’24
$1.0B-10%
FY’25
$839M-18%
Margins & balance sheet — FY’25
Gross margin44.9%
Operating margin14.2%
Net margin14.3%
Net cash$123M
The read
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Full financial intelligence for Axcelis Technologies
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not financial advice — analyst work product for a qualified professional.