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 $3.6B against $3.3B — 1.1× the size. Aehr Test Systems has negative trailing earnings, so its P/E is not meaningful; Axcelis Technologies, Inc. trades at 41.0×. Axcelis Technologies, Inc. grew revenue faster over the last twelve months: −3.35% against −15.2%. Axcelis Technologies, Inc. has the higher net margin (10.7% vs −14.3%) and the higher return on invested capital (7.94% 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 41.04 n/m 54.39
P/S 4.38 64.03 6.08
P/B 3.56 14.58 4.89
Price to free cash flow 57.85 n/m 60.92
EV/EBITDA 33.07 n/m 39.95
EV/Sales 3.98 61.83 6.36
Earnings yield 2.44% (0.23%) 1.14%
Free cash flow yield 1.73% (0.17%) 1.28%

Profitability

Metric ACLS AEHR Semiconductor Equipment & Materials median
Gross margin 43.01% 35.30% 43.95%
Operating margin 10.32% (28.30%) 10.32%
Net margin 10.71% (14.25%) 7.45%
Free cash flow margin 7.57% (10.75%) 6.77%
Return on equity 8.89% (4.16%) 4.78%
Return on assets 6.85% (3.61%) 3.62%
Return on invested capital 7.94% (8.57%) 6.10%

Growth

Metric ACLS AEHR Semiconductor Equipment & Materials median
Revenue growth (TTM) (3.35%) (15.21%) 14.60%
EPS growth (last fiscal year) (38.21%) (76.92%) —
Revenue growth, 5-year CAGR 12.07% 24.67% 8.85%
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 4.90 10.33 3.66
Net debt to EBITDA (2.51) 10.96 (0.49)

Dividend

Metric ACLS AEHR Semiconductor Equipment & Materials median
Dividend yield — — 0.85%
Payout ratio 0.00 0.00 0.00

Size

Metric ACLS AEHR Semiconductor Equipment & Materials median
Market cap 3.59b 3.26b 4.63b

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