Axcelis Technologies, Inc.
ACLS Technology Semiconductor Equipment & Materials
Axcelis Technologies, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $839.0 million, down 17.6% from fiscal 2024. In the quarter to June 2026, revenue grew 10.6%, EPS fell 23.2%, free cash flow fell 60.7% and total debt fell 4.14%, each against the same quarter a year earlier.
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Axcelis Technologies, Inc. (ACLS) Altman Z-score
Axcelis Technologies, Inc.'s Altman Z-score for fiscal 2025 is 6.74, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 6.74 | 0.10 |
| FY2024 | 6.64 | (2.14) |
| FY2023 | 8.77 | 1.72 |
| FY2022 | 7.05 | (2.10) |
| FY2021 | 9.15 | 3.48 |
| FY2020 | 5.67 | 0.92 |
| FY2019 | 4.74 | 0.83 |
| FY2018 | 3.91 | (1.26) |
| FY2017 | 5.17 | 2.34 |
| FY2016 | 2.82 | 0.61 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.55 | — | 0.66 | |
| Retained earnings / total assets | 0.37 | — | 0.52 | |
| EBIT / total assets | 0.09 | — | 0.29 | |
| Market value of equity / total liabilities | 7.77 | — | 4.66 | |
| Sales / total assets | 0.62 | — | 0.62 | |
| Altman Z-score | Safe zone | 6.74 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 8.71 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| IPGP IPG Photonics Corporation compare | 8.7× |
| AMBA Ambarella, Inc. compare | 8.0× |
| KLIC Kulicke and Soffa Industries, Inc. compare | 7.4× |
| ACLS Axcelis Technologies, Inc. | 6.7× |
| AXTI AXT Inc compare | 3.4× |
| VECO Veeco Instruments Inc. compare | 3.1× |
| ACMR ACM Research, Inc. compare | 2.9× |
| COHU Cohu, Inc. compare | 2.4× |
| UCTT Ultra Clean Holdings, Inc. compare | 2.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets