Axcelis Technologies, Inc. (ACLS) vs Aehr Test Systems (AEHR)

Axcelis Technologies, Inc. and Aehr Test Systems are both Semiconductor Equipment & Materials companies. Axcelis Technologies, Inc. is the larger, with a market value of $2.8B against $1.6B — 1.7× the size. Aehr Test Systems has negative trailing earnings, so its P/E is not meaningful; Axcelis Technologies, Inc. trades at 26.6×. Axcelis Technologies, Inc. grew revenue faster over the last twelve months: 4.35% against −15.2%. Axcelis Technologies, Inc. has the higher net margin (11.8% vs −14.3%) and the higher return on invested capital (8.43% vs −8.57%). Across the 19 metrics below, Axcelis Technologies, Inc. leads on 16 and Aehr Test Systems on 3.

Valuation

Metric ACLS AEHR Semiconductor Equipment & Materials median
P/E 26.59 n/m 33.70
P/S 3.13 30.47 4.22
P/B 2.50 6.94 2.94
Price to free cash flow 46.45 n/m 31.49
EV/EBITDA 22.71 n/m 22.64
EV/Sales 2.66 28.18 4.97
Earnings yield 3.76% (0.48%) 2.02%
Free cash flow yield 2.15% (0.35%) 2.27%

Profitability

Metric ACLS AEHR Semiconductor Equipment & Materials median
Gross margin 42.81% 35.30% 46.86%
Operating margin 10.31% (28.30%) 12.02%
Net margin 11.75% (14.25%) 10.16%
Free cash flow margin 6.73% (10.75%) 6.73%
Return on equity 9.80% (4.16%) 5.31%
Return on assets 7.39% (3.61%) 4.10%
Return on invested capital 8.43% (8.57%) 6.36%

Growth

Metric ACLS AEHR Semiconductor Equipment & Materials median
Revenue growth (TTM) 4.35% (15.21%) 15.82%
EPS growth (last fiscal year) (38.21%) (76.92%) (4.56%)
Revenue growth, 5-year CAGR 12.07% 24.67% 10.11%
Net income growth, 5-year CAGR 19.19% 0.00% 0.00%

Health

Metric ACLS AEHR Semiconductor Equipment & Materials median
Debt to equity 0.04 0.00 0.09
Current ratio 4.43 10.33 3.56
Net debt to EBITDA (2.51) 10.96 (0.49)

Dividend

Metric ACLS AEHR Semiconductor Equipment & Materials median
Dividend yield — — 0.59%
Payout ratio — — 0.16

Size

Metric ACLS AEHR Semiconductor Equipment & Materials median
Market cap 2.78b 1.61b 3.04b

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