AXCELIS TECHNOLOGIES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AXCELIS TECHNOLOGIES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	267	411	443	343	475	662	920	1,131	1,018	839
Cost of revenue	167	260	263	199	276	376	518	639	563	462
Gross profit	99.6	150	180	144	199	286	402	491	455	377
Research and development	34.4	43.1	51.9	53.9	61.8	65.4	78.4	96.9	105	109
Selling and marketing	23.8	28.5	34.6	34.3	38.7	47.5	53.6	62.8	68	65.4
General and administrative	24.5	30.8	33.2	31.7	40	46.1	57.5	65.8	70.3	83.2
Operating expenses	83	102	120	120	141	159	189	226	244	258
Operating income	16.6	47.8	60	24.2	58	127	212	266	211	119
Interest expense	5.07	5.12	5.11	5.16	5.21	4.84	5.58	5.35	5.46	5.36
Interest income	0.24	0.71	2.33	2.96	0.74	0.21	4.55	18.2	24.4	21.5
Other non-operating income	-5.6	-4.01	-5.25	-3.28	-2.16	-6.9	-7.48	12.8	19.5	18.9
Pre-tax income	11	43.8	54.7	20.9	55.9	120	205	279	230	138
Income tax	0.02	-83.1	8.82	3.89	5.9	21.8	21.8	32.3	29.3	18
Net income	11	127	45.9	17	50	98.7	183	246	201	120
EBITDA	20.9	52.8	65.7	32.1	68	138	224	279	227	137
EPS, basic	0.38	4.11	1.42	0.52	1.50	2.94	5.54	7.52	6.17	3.81
EPS, diluted	0.36	3.80	1.35	0.50	1.46	2.88	5.46	7.43	6.15	3.80
Shares, basic (weighted)	29.2	30.9	32.3	32.6	33.3	33.6	33	32.8	32.6	31.6
Shares, diluted (weighted)	30.9	33.4	34	33.8	34.1	34.3	33.5	33.2	32.7	31.7

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	70.8	133	178	140	203	295	186	167	124	145
Short-term investments							247	339	448	229
Receivables	50.6	75.3	78.7	83.8	86.9	104	170	218	203	168
Inventory	114	121	129	140	161	195	242	306	282	329
Other current assets	5.51	9.77	11.1	11.7	19.4	24.9	33.3	49.4	60.5	66.8
Total current assets	241	340	397	376	471	619	878	1,080	1,124	943
Property, plant and equipment	30.8	36.2	41.1	25.3	29.8	35	39.7	54	53.8	56.1
Lease right-of-use assets				5.85	4.54	9.24	12.1	30.7	29.6	28.9
Long-term investments										182
Other non-current assets	22.7	22.4	31.7	44.6	40.3	34.3	33.8	40.6	50.6	46
Total assets	302	488	548	548	625	753	1,014	1,282	1,349	1,361
Accounts payable	25	32.6	36	25.3	24	38	62.3	54.4	46.9	42.3
Accrued liabilities	5.14	21	19.2	7.63	24.6	30.7	35.5	31.4	25.5	34.2
Deferred revenue	10.3	16.2	19.5	24.6	21.2	60.5	123	165	94.7	65.5
Total current liabilities	47.7	79.3	85	68.7	84.4	150	248	285	208	198
Lease liabilities				2.55	1.95	4.36	6.93	25.7	25.3	24.6
Other non-current liabilities	4.79	5.64	4.28	7.2	9.36	9.74	21.8	42.1	42.6	44.8
Total liabilities	101	135	140	129	143	214	346	417	336	327
Paid-in capital	535	556	565	560	570	560	550	547	549	533
Retained earnings	-332	-205	-157	-140	-92	-22.7	119	320	470	504
Other comprehensive income	-2.28	2.18	0.45	-0.26	3.44	1.77	-1.97	-1.85	-6.21	-2.2
Shareholders' equity	201	354	408	419	482	539	667	865	1,013	1,035
Total equity	201	354	408	419	482	539	667	865	1,013	1,035
Total liabilities and equity	302	488	548	548	625	753	1,014	1,282	1,349	1,361
Shares outstanding	29.5	32	32.6	32.6	33.6	33.2	32.8	32.7	32.4	30.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	11	127	45.9	17	50	98.7	183	246	201	120
Depreciation and amortization	4.26	5	5.77	7.88	9.94	10.8	11.6	13.1	15.8	17.6
Stock-based compensation	5.18	5.67	7.78	8.17	10.5	12.1	13.4	18.3	21	20.8
Deferred income tax	0.52	-82.1	11.2	3.3	4.69	20.3	8.54	-20	-15.6	-10.7
Change in receivables	-14.1	-23.6	-3.88	-6	-1.39	-18.1	-67.3	-50.8	6.91	37.4
Change in inventory	-6.57	-10.6	-10.5	-18	-17.7	-39	-58.4	-70	5.92	-42.2
Change in payables	0.81	25	-0.7	-19.2	18.1	22	31.4	-8.1	-0.41	6.19
Cash from operations	-8.79	56.3	47	-13.6	69.7	150	216	157	141	118
Capital expenditures	-2.51	-7.29	-4.72	-12	-7.43	-8.72	-10.7	-20.7	-12.2	-11.3
Purchases of investments							-247	-389	-539	-646
Cash from investing	-2.24	-7.29	-4.72	-12	-7.27	-8.72	-257	-101	-109	29.9
Stock issued	2.23	15.5	1.73	5.11	8.42	3.69	1.25	0.03
Share buybacks				-17.7	-7.5	-50	-57.5	-52.5	-60.5	-121
Cash from financing	2.35	15.1	1.19	-13.4	-2.39	-52.5	-65.5	-68.3	-71.2	-124
Net change in cash	-8.17	63.2	44	-38.4	57.7	91.4	-109	-12.4	-42.9	25
Free cash flow	-11.3	49	42.3	-25.6	62.3	141	205	136	129	107
Interest paid	4.82	5.32	5.47	5.21	5.16	5.09	4.99	4.87	4.73	4.57
Income taxes paid	0.53	0.58	0.86	1.03	0.88	1.5	10.8	59.3	54.8	15.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $123.11 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	43.0%	Gross profit / revenue.
Operating margin	10.3%	Operating income / revenue.
EBITDA margin	12.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.3%	Pre-tax income / revenue.
Net margin	10.7%	Net income / revenue.
FCF margin	7.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.7%	Cash from operations / revenue.
Effective tax rate	12.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.7%	Net income / average total assets.
Return on invested capital (ROIC)	8.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	13.0%	Research and development expense / revenue.
Stock-based pay / revenue	2.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	2.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-17.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-17.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-43.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-17.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	15.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-39.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-15.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	15.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-40.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-13.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	19.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-38.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-11.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	21.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-16.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-18.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-16.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-19.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	11.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	2.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	16.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.90x	Current assets / current liabilities.
Quick ratio	2.78x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.01x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	23.1%	Total liabilities / total assets.
Interest coverage	17.2x	Operating income / interest expense.
Working capital	$779.7M	Current assets - current liabilities.
Tangible book value	$1.07B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.62x	Revenue / average total assets.
Fixed asset turnover	14.9x	Revenue / average property, plant and equipment.
Inventory turnover	1.46x	Cost of revenue / average inventory.
Days inventory	250 days	365 x average inventory / cost of revenue.
Receivables turnover	5.62x	Revenue / average receivables.
Days sales outstanding	65 days	365 x average receivables / revenue.
Days payables	43 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	272 days	Days inventory + days sales outstanding - days payables.
FCF conversion	70.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.98	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$27.82	Revenue / diluted weighted shares.
FCF per share	$2.11	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.42	Cash from operations / diluted weighted shares.
Book value per share	$34.51	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$34.51	Tangible book value / shares outstanding.
Cash per share	$13.02	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.80B	Share price x shares outstanding.
Enterprise value	$3.40B	Market cap + total debt - cash - short-term investments.
P/E	41.0x	Market cap / net income. Only when net income is positive.
P/S	4.39x	Market cap / revenue.
P/B	3.57x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.57x	Market cap / tangible book value, when positive.
P/FCF	58.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	50.5x	Market cap / cash from operations, when positive.
EV/Sales	3.93x	Enterprise value / revenue.
EV/EBIT	38.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	31.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	51.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.7%	Free cash flow / market cap.
Earnings yield	2.4%	Net income / market cap (the inverse of P/E).

What was AXCELIS TECHNOLOGIES INC's revenue in fiscal 2025?

AXCELIS TECHNOLOGIES INC reported revenue of $839.0M for fiscal 2025, 17.6% lower than the year before.

Was AXCELIS TECHNOLOGIES INC profitable in fiscal 2025?

Yes. Net income was $120.2M, a net margin of 14.3%.

How much free cash flow did AXCELIS TECHNOLOGIES INC generate in fiscal 2025?

Cash from operations of $118.3M minus capital expenditures of $11.3M left free cash flow of $107.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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