Axcelis Technologies, Inc. (ACLS) vs FormFactor, Inc. (FORM)

Axcelis Technologies, Inc. and FormFactor, Inc. are both Semiconductor Equipment & Materials companies. FormFactor, Inc. is the larger, with a market value of $7.6B against $3.5B — 2.2× the size. Axcelis Technologies, Inc. trades at the lower P/E: 33.3× against 58.9×. FormFactor, Inc. grew revenue faster over the last twelve months: 18.0% against −3.35%. FormFactor, Inc. has the higher net margin (12.8% vs 10.7%) and the higher return on invested capital (9.33% vs 7.94%). Across the 22 metrics below, Axcelis Technologies, Inc. leads on 11 and FormFactor, Inc. on 11.

Valuation

Metric ACLS FORM Semiconductor Equipment & Materials median
P/E 33.26 58.91 41.61
P/S 3.55 7.54 4.69
P/B 2.88 6.12 3.47
Price to free cash flow 46.89 49.81 48.35
EV/EBITDA 26.17 42.75 30.54
EV/Sales 3.15 7.17 5.65
Earnings yield 3.01% 1.70% 1.34%
Free cash flow yield 2.13% 2.01% 1.86%

Profitability

Metric ACLS FORM Semiconductor Equipment & Materials median
Gross margin 43.01% 43.13% 43.95%
Operating margin 10.32% 12.85% 10.32%
Net margin 10.71% 12.80% 7.45%
Free cash flow margin 7.57% 15.14% 6.77%
Return on equity 8.89% 10.99% 4.78%
Return on assets 6.85% 9.15% 3.62%
Return on invested capital 7.94% 9.33% 6.10%

Growth

Metric ACLS FORM Semiconductor Equipment & Materials median
Revenue growth (TTM) (3.35%) 18.01% 14.60%
EPS growth (last fiscal year) (38.21%) (22.47%) (4.56%)
Revenue growth, 5-year CAGR 12.07% 2.51% 10.11%
Net income growth, 5-year CAGR 19.19% (7.09%) 0.00%

Health

Metric ACLS FORM Semiconductor Equipment & Materials median
Debt to equity 0.04 0.01 0.09
Current ratio 4.90 4.08 3.66
Net debt to EBITDA (2.51) (2.85) (0.49)

Dividend

Metric ACLS FORM Semiconductor Equipment & Materials median
Dividend yield — — 0.46%
Payout ratio — — 0.19

Size

Metric ACLS FORM Semiconductor Equipment & Materials median
Market cap 3.46b 7.61b 3.46b

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