← All companies ← ACIW Manual ACM → ← 8035 Semiconductor Equipment ACMR →

ACLS, Axcelis Technologies

Semiconductor Equipment capital-intensive Cyclical

Axcelis Technologies designs, manufactures and services ion implantation and other processing equipment used in the fabrication of semiconductor chips.

The ion implantation business represented 98.2% of our revenue in 2025, with the remaining 1.8% of revenue derived from aftermarket sales associated with other legacy processing systems.

We remained a technology leader and supplier of choice in the implant-intensive power device segment, which accounted for 55% of the value of our 2025 system shipments.

Latest annual: FY2025 10-K

ACLS · Axcelis Technologies

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$839M

−17.6% YoY · 12% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $845M 5-yr avg $914M

Gross margin 44% 5-yr avg 44%

Operating margin 11.6% 5-yr avg 20.1%

ROIC 9% 5-yr avg 30%

Owner-earnings margin 10% 5-yr avg 16%

Free cash flow margin 10% 5-yr avg 16%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 42% and operating margin about 14% through the cycle, a spread the cycle sets more than the company does. The margin is cyclical, swinging between 6.2% and 24% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Inventory runs near 29% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the capital-goods cycle and the aftermarket. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run high across the record (median 21%, above 15% in 7 of 10 years). Owner earnings agree: roughly 13% of revenue reaches owners as cash, though it swings. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Asia Pacific is 73% of revenue, so this is largely a single-region business.

Revenue by geography, FY2025

Asia Pacific73%$610M
North America16%$137M
Europe11%$92M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$267M	$411M	$443M	$343M	$475M	$662M	$920M	$1.1B	$1.0B	$839M	$845M	RevenueRevenue
37%	37%	41%	42%	42%	43%	44%	43%	45%	45%	44%	Gross marginGross mgn
9%	8%	7%	9%	8%	7%	6%	6%	7%	10%	11%	SG&A / revenueSG&A/rev
13%	10%	12%	16%	13%	10%	9%	9%	10%	13%	13%	R&D / revenueR&D/rev
$17M	$48M	$60M	$24M	$58M	$127M	$212M	$266M	$211M	$119M	$98M	Operating incomeOp. inc.
6.2%	11.7%	13.5%	7.1%	12.2%	19.2%	23.1%	23.5%	20.7%	14.2%	11.6%	Operating marginOp. mgn
$11M	$127M	$46M	$17M	$50M	$99M	$183M	$246M	$201M	$120M	$101M	Net incomeNet inc.
0%	—	16%	19%	11%	18%	11%	12%	13%	13%	13%	Effective tax rateTax rate
											Cash flow & returns
($9M)	$56M	$47M	($14M)	$70M	$150M	$216M	$157M	$141M	$118M	$97M	Operating cash flowOp. cash
$4M	$5M	$6M	$8M	$10M	$11M	$12M	$13M	$16M	$18M	$18M	DepreciationDeprec.
($29M)	($81M)	($12M)	($47M)	($703K)	$29M	$7M	($121M)	($97M)	($40M)	($43M)	Working capital & otherWC & other
$3M	$7M	$5M	$12M	$7M	$9M	$11M	$21M	$12M	$11M	$8M	CapexCapex
0.9%	1.8%	1.1%	3.5%	1.6%	1.3%	1.2%	1.8%	1.2%	1.3%	1.0%	Capex / revenueCapex/rev
($11M)	$51M	$42M	($21M)	$62M	$141M	$205M	$144M	$129M	$107M	$88M	Owner earningsOwner earn.
−4.2%	12.5%	9.5%	−6.3%	13.1%	21.4%	22.3%	12.7%	12.6%	12.8%	10.5%	Owner earnings marginOE mgn
($11M)	$49M	$42M	($26M)	$62M	$141M	$205M	$136M	$129M	$107M	$88M	Free cash flowFCF
−4.2%	11.9%	9.5%	−7.5%	13.1%	21.4%	22.3%	12.0%	12.6%	12.8%	10.5%	Free cash flow marginFCF mgn
—	—	—	$18M	$8M	$50M	$57M	$52M	$60M	$121M	—	BuybacksBuybacks
13%	22%	22%	7%	19%	43%	39%	34%	21%	12%	9%	ROICROIC
5%	36%	11%	4%	10%	18%	27%	28%	20%	12%	10%	Return on equityROE
5%	36%	11%	4%	10%	18%	27%	28%	20%	12%	10%	Retained to equityRetained/eq
											Balance sheet
$71M	$133M	$178M	$140M	$203M	$295M	$432M	$506M	$571M	$374M	$367M	Cash & investmentsCash+inv
$51M	$75M	$79M	$84M	$87M	$104M	$170M	$218M	$203M	$168M	$162M	ReceivablesReceiv.
$114M	$121M	$129M	$140M	$161M	$195M	$242M	$306M	$282M	$329M	$326M	InventoryInvent.
$25M	$33M	$36M	$25M	$24M	$38M	$62M	$54M	$47M	$42M	$52M	Accounts payablePayables
$139M	$163M	$172M	$199M	$224M	$261M	$350M	$470M	$438M	$455M	$436M	Operating working capitalOper. WC
$241M	$340M	$397M	$376M	$471M	$619M	$878M	$1.1B	$1.1B	$943M	$936M	Current assetsCur. assets
$48M	$79M	$85M	$69M	$84M	$150M	$248M	$285M	$208M	$198M	$204M	Current liabilitiesCur. liab.
5.0×	4.3×	4.7×	5.5×	5.6×	4.1×	3.5×	3.8×	5.4×	4.8×	4.6×	Current ratioCurr. ratio
$302M	$488M	$548M	$548M	$625M	$753M	$1.0B	$1.3B	$1.3B	$1.4B	$1.4B	Total assetsAssets
3.3×	9.3×	11.7×	4.7×	11.1×	26.3×	38.1×	49.7×	38.6×	22.2×	18.5×	Interest coverageInt. cov.
$201M	$354M	$408M	$419M	$482M	$539M	$667M	$865M	$1.0B	$1.0B	$1.0B	Shareholders’ equityEquity
1.9%	1.4%	1.8%	2.4%	2.2%	1.8%	1.5%	1.6%	2.1%	2.5%	2.5%	Stock comp / revenueSBC/rev
											Per share
30.9M	33.4M	34.0M	33.8M	34.1M	34.3M	33.5M	33.2M	32.7M	31.7M	31.0M	Shares out (diluted)Shares
$8.63	$12.28	$13.02	$10.14	$13.91	$19.33	$27.43	$34.09	$31.12	$26.50	$27.29	Revenue / shareRev/sh
$0.36	$3.80	$1.35	$0.50	$1.46	$2.88	$5.46	$7.43	$6.15	$3.80	$3.26	EPS (diluted)EPS
$-0.36	$1.53	$1.24	$-0.63	$1.82	$4.13	$6.11	$4.34	$3.93	$3.38	$2.86	Owner earnings / shareOE/sh
$-0.36	$1.47	$1.24	$-0.76	$1.82	$4.13	$6.11	$4.11	$3.93	$3.38	$2.86	Free cash flow / shareFCF/sh
$0.08	$0.22	$0.14	$0.35	$0.22	$0.25	$0.32	$0.62	$0.37	$0.36	$0.26	Cap. spending / shareCapex/sh
$6.51	$10.58	$12.01	$12.40	$14.11	$15.73	$19.89	$26.08	$30.97	$32.67	$33.72	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+13.3%/yr	+13.8%/yr
Owner earnings / share	—	+13.1%/yr
EPS	+30.1%/yr	+21.0%/yr
Capital spending / share	+17.9%/yr	+10.4%/yr
Book value / share	+19.6%/yr	+18.3%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

32Mpeak FY2021

ROIC

12%low FY2019

Gross margin

45%low FY2017

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$107Mowner earningsvs.$120Mnet incomelow FY2019

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2017FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business reported $120M of profit but $107M of owner earnings: $13M less than the profit line, taken out by capital spending and the timing of cash.

Reported net income$120M

Owner earnings$107M · 13% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$120M	$201M	$246M	$183M	$99M
Depreciation & amortizationnon-cash charge added back	+$18M	+$16M	+$13M	+$12M	+$11M
Stock-based compensationreal costnon-cash, but a real cost	+$21M	+$21M	+$18M	+$13M	+$12M
Working capital & othertiming of cash in and out, other non-cash items	−$40M	−$97M	−$121M	+$7M	+$29M
Cash from operations	$118M	$141M	$157M	$216M	$150M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$11M	−$12M	−$13M	−$11M	−$9M
Owner earnings	$107M	$129M	$144M	$205M	$141M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	—	−$8M	—	—
Free cash flow	$107M	$129M	$136M	$205M	$141M
Owner-earnings marginowner earnings ÷ revenue	13%	13%	13%	22%	21%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $21M), owner earnings is nearer $86M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 22.2×

Comfortable

Operating income $119M ÷ interest expense $5M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$345M

Net cash

Cash $145M + ST investments $229M − debt $29M

What this means
Cash and short-term investments exceed every dollar of debt by $345M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 300d

Long (60+ days)

DSO 73 + DIO 260 − DPO 33 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 21%

High through the cycle

10-yr median, range 7%–43%; 11% latest = NOPAT $104M ÷ invested capital $918M

Industry peers: median 6%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 11% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 13%

Solid through the cycle

10-yr median margin, range -6%–22%; latest $107M = operating cash $118M − maintenance capex $11M

Industry peers: median 4%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 13% of revenue this year, a 13% median across 10 years. Treating stock comp as the real expense it is (less $21M of SBC) leaves $86M.
Are earnings backed by cash? 0.98×

Mostly cash-backed

Cash from ops $118M ÷ net income $120M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 113%

Returned more than it generated

Dividends + buybacks $121M ÷ Owner Earnings $107M

What this means
The company returned more than it generated: against $107M of Owner Earnings, $121M (113%) went back to shareholders, $0 dividends, $121M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Net of $21M stock comp, the real buyback was about $100M. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
Investing or harvesting? 0.64×

Harvesting

Capex $11M ÷ depreciation $18M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 4 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $839M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 4.77×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $29M vs $746M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +209%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $6.15/share (latest year $3.91), the averaged base the calculator's gate runs on, and book value is $33.67/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Operating margin 10% → 19% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 10% early to 19% lately, median 14% — pricing power intact or improving.
Owner earnings growth +22%/yr

What this means
Owner earnings grew about 22% a year over the record.
Worst year 2016 · 6.2% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +0.3%/yr

What this means
Roughly flat share count, little dilution, little buyback.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Framed as a capability

The filing positions AI as something the company uses, not something it fears.

“The demand for chips continues to increase, as a result of the electrification of vehicles, the evolution of digital communications (including the introduction of 5G mobile networks), artificial intelligence, large language models (e.g.”

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$936M

Cash & short-term investments$367M
Receivables$162M
Inventory$326M
Other current assets$81M

Current liabilities$204M

Debt due within a year$15M
Accounts payable$52M
Other current liabilities$138M

Current ratio4.59×all current assets ÷ what's due · Graham looked for 2×

Quick ratio2.99×stricter: inventory excluded

Cash ratio1.80×strictest: cash alone against what's due

Working capital$732Mthe cushion left after near-term bills

Debt due this year vs. cash$15M due · $367M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+3.3%the freshest read on whether the business is still growing

Current ratio, recent quarters4.4× → 4.6×

Deeper floors

Tangible book value$1.0Bequity stripped of goodwill & intangibles

Net current asset value$606MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$57M$29M of it operating leases

Deferred revenue$110Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $932M of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.

Reinvested$97M · 10%
Buybacks$367M · 39%
Retained (debt / cash)$468M · 50%

Returned to owners$367M
43% of the owner earnings the business produced over the span, $0 as dividends and $367M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span cash and short-term investments rose $296M.
Average price paid for buybacks—
Buybacks ran $367M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count0.1%
The diluted count barely moved (31M to 31M): buybacks roughly offset the stock issued to staff.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained14%
Of the earnings it kept rather than paid out ($733M over the span), annual owner earnings (first three years vs last three) grew $99M, so each retained $1 added about 0.14 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Dr. Low	$1.4M	$3.7M	$141M
2022	Dr. Low	$1.5M	$1.8M	$205M
2023	Dr. Low	$4.1M	$6.5M	$144M
2024	Dr. Low	$4.3M	$1.6M	$129M
2025	Dr. Low	$5.1M	$6.4M	$107M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$21M
The slice of the business handed to employees in shares this year, 2% of revenue, equal to 17% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Axcelis Technologies is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 4 tests turned up something to look into; the other 3 came back clean.

Look hereDid reported profit become cash?0.85×
Across the record the business reported $1.1B of net income but generated $932M of operating cash, a 0.85-to-one conversion. Profit that does not turn into cash over many years is the classic mark of earnings that are softer than they look. Ask where the gap sits, receivables, inventory, or costs being capitalized rather than expensed.

And these came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Semiconductor Equipment

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
KAIKadant	$1.1B	44%	14.0%	12%	12%
ACMRACM Research Inc.	$901M	47%	14.3%	20%	-12%
ACLSAxcelis Technologies	$839M	43%	13.9%	21%	13%
FETForum Energy Technologies Inc.	$791M	25%	-14.0%	-7%	0%
CECOCECO Environmental Corp.	$774M	33%	4.7%	6%	2%
CRCTCricut Inc.	$709M	39%	11.0%	32%	—
VECOVeeco Instruments Inc.	$664M	40%	5.2%	-1%	6%
AZTAAzenta Inc.	$594M	44%	-6.1%	-3%	6%
Group median	—	42%	8.1%	9%	6%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Axcelis Technologies has delivered.

Today’s price $

Through the cycle, Axcelis Technologies earns about $106M on its 12.7% median owner-earnings margin. This year’s 12.8% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($106M) Net of stock comp (−$21M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25−9%/yr

Owner-earnings growth · ’16→’25+23%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $88M on 31M shares outstanding, per the 10-Q cover, as of 2026-05-05; net cash $338M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh ACLS against another business →

Cite: Owner Scorecard, "Axcelis Technologies (ACLS), the owner's record," https://ownerscorecard.com/c/ACLS, data as of 2026-07-09.

Manual order: ← ACIW its page in the Manual ACM →

Industry order: ← 8035 the Semiconductor Equipment chapter ACMR →