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) Beneish M-score
Axcelis Technologies, Inc.'s Beneish M-score for fiscal 2025 is −2.30; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.30 | 0.02 |
| FY2024 | −2.32 | (1.88) |
| FY2023 | −0.44 | 1.80 |
| FY2022 | −2.25 | 0.52 |
| FY2021 | −2.77 | (0.18) |
| FY2020 | −2.60 | (0.58) |
| FY2019 | −2.02 | 0.52 |
| FY2018 | −2.54 | (1.80) |
| FY2017 | −0.74 | 1.29 |
| FY2016 | −2.03 | 0.13 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.01 | — | 0.93 | |
| Gross margin index | 0.99 | — | 0.53 | |
| Asset quality index | 2.09 | — | 0.85 | |
| Sales growth index | 0.82 | — | 0.74 | |
| Depreciation index | 0.31 | — | 0.04 | |
| SG&A index | 1.30 | — | −0.22 | |
| Total accruals to total assets | 0.00 | — | 0.01 | |
| Leverage index | 0.95 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.30 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| COHU Cohu, Inc. compare | −3.7× |
| UCTT Ultra Clean Holdings, Inc. compare | −3.4× |
| KLIC Kulicke and Soffa Industries, Inc. compare | −3.2× |
| AMBA Ambarella, Inc. compare | −3.1× |
| IPGP IPG Photonics Corporation compare | −2.5× |
| VECO Veeco Instruments Inc. compare | −2.4× |
| ACLS Axcelis Technologies, Inc. | −2.3× |
| AXTI AXT Inc compare | −2.1× |
| ACMR ACM Research, Inc. compare | −2.0× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI