Axcelis Technologies Inc. (ACLS) intrinsic value & 10-year financials
Axcelis Technologies Inc. (ACLS) has a Graham intrinsic value of $126.22 per share. At $108.35 on Oct 17, 2026, the stock trades 14% below that value. Over the last 10 fiscal years revenue grew 13.6% a year to $839.0M, with an average return on invested capital of 21.4%.
- Graham intrinsic value
- $126.22
- Share price (Oct 17, 2026)
- $108.35
- Price vs Graham value
- 14% below
- Market cap
- $3.4B
- Revenue (FY2025)
- $839.0M
- Revenue growth (10-yr CAGR)
- 13.6%
- ROIC (10-yr avg)
- 21.4%
- Free cash flow (FY2025)
- $107.0M
ACLS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $839.0M | $120.2M | $3.80 | $107.0M | 14.2% | 10.9% |
| FY2024 | $1.0B | $201.0M | $6.15 | $128.6M | 20.7% | 21.3% |
| FY2023 | $1.1B | $246.3M | $7.43 | $136.2M | 23.5% | 36.1% |
| FY2022 | $920.0M | $183.1M | $5.46 | $204.9M | 23.1% | 45.8% |
| FY2021 | $662.4M | $98.7M | $2.88 | $141.5M | 19.2% | 33.5% |
| FY2020 | $474.6M | $50.0M | $1.46 | $62.3M | 12.2% | 15.8% |
| FY2019 | $343.0M | $17.0M | $0.50 | -$25.6M | 7.1% | 6.5% |
| FY2018 | $442.6M | $45.9M | $1.35 | $42.2M | 13.5% | 18.1% |
| FY2017 | $410.6M | $127.0M | $3.80 | $49.0M | 11.7% | 17.2% |
| FY2016 | $267.0M | $11.0M | $0.36 | -$11.3M | 6.2% | 8.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
AXCELIS TECHNOLOGIES INC is a consistent compounder, expanding top-line revenue at 13.6% annually over the past decade.
AXCELIS TECHNOLOGIES INC has earned high returns on invested capital, averaging 23.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
AXCELIS TECHNOLOGIES INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, AXCELIS TECHNOLOGIES INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $126.22 per share.