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of Our Business Axcelis Technologies, Inc. ( Axcelis, the Company, we, us, or our ) designs, manufactures and services ion implantation and other processing equipment used in the fabrication of semiconductor chips. We believe that our Purion family of products offers the most innovative implanters available on the market today.
14.22% operating margin is respectable but not wide. ROIC at 9.24%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 17.3% YoY. Margins deteriorated 6.6pp alongside, both lines moving the wrong way.
Free cash flow declined 17% versus the prior year, cash generation momentum has weakened. ROIC dropped from 17.91% to 9.24%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$845M
▼ -17.3% YoY
Net Income (TTM)
$101M
▼ -40.2% YoY
Op. Margin
11.60%
▼ -6.6pp YoY
ROIC
7.55%
▼ -8.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$88M
▼ -16.8% YoY
Op. Cash Flow (TTM)
$97M
▼ -16.0% YoY
Net Debt
-$296M
Net Cash Position
Cash & Equiv.
$367M
5Y CAGR: +12.1%
5Y CAGR: +11.4%
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