Axcelis Technologies, Inc. (ACLS) vs Cohu, Inc. (COHU)

Axcelis Technologies, Inc. and Cohu, Inc. are both Semiconductor Equipment & Materials companies. Axcelis Technologies, Inc. is the larger, with a market value of $2.8B against $1.7B — 1.7× the size. Cohu, Inc. has negative trailing earnings, so its P/E is not meaningful; Axcelis Technologies, Inc. trades at 26.6×. Cohu, Inc. grew revenue faster over the last twelve months: 34.0% against 4.35%. Axcelis Technologies, Inc. has the higher net margin (11.8% vs −3.97%) and the higher return on invested capital (8.43% vs −1.45%). Across the 21 metrics below, Axcelis Technologies, Inc. leads on 11 and Cohu, Inc. on 10.

Valuation

Metric ACLS COHU Semiconductor Equipment & Materials median
P/E 26.59 n/m 33.70
P/S 3.13 2.94 4.22
P/B 2.50 2.12 2.94
Price to free cash flow 46.45 29.73 31.49
EV/EBITDA 22.71 47.86 22.64
EV/Sales 2.66 2.58 4.97
Earnings yield 3.76% (1.38%) 2.02%
Free cash flow yield 2.15% 3.36% 2.27%

Profitability

Metric ACLS COHU Semiconductor Equipment & Materials median
Gross margin 42.81% 44.47% 46.86%
Operating margin 10.31% (2.38%) 12.02%
Net margin 11.75% (3.97%) 10.16%
Free cash flow margin 6.73% 9.89% 6.73%
Return on equity 9.80% (2.78%) 5.31%
Return on assets 7.39% (1.95%) 4.10%
Return on invested capital 8.43% (1.45%) 6.36%

Growth

Metric ACLS COHU Semiconductor Equipment & Materials median
Revenue growth (TTM) 4.35% 34.00% 15.82%
EPS growth (last fiscal year) (38.21%) (6.71%) (4.56%)
Revenue growth, 5-year CAGR 12.07% (6.56%) 10.11%
Net income growth, 5-year CAGR 19.19% 0.00% 0.00%

Health

Metric ACLS COHU Semiconductor Equipment & Materials median
Debt to equity 0.04 0.38 0.09
Current ratio 4.43 5.16 3.56
Net debt to EBITDA (2.51) 11.87 (0.49)

Dividend

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

Size

Metric ACLS COHU Semiconductor Equipment & Materials median
Market cap 2.78b 1.65b 3.04b

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