Axcelis Technologies, Inc. (ACLS) vs Ichor Holdings, Ltd. (ICHR)

Axcelis Technologies, Inc. and Ichor Holdings, Ltd. are both Semiconductor Equipment & Materials companies. Axcelis Technologies, Inc. is the larger, with a market value of $3.6B against $1.8B — 2.0× the size. Ichor Holdings, Ltd. has negative trailing earnings, so its P/E is not meaningful; Axcelis Technologies, Inc. trades at 36.1×. Ichor Holdings, Ltd. grew revenue faster over the last twelve months: 9.10% against −3.35%. Axcelis Technologies, Inc. has the higher net margin (10.7% vs −3.97%) and the higher return on invested capital (7.94% vs −2.05%). Across the 20 metrics below, Axcelis Technologies, Inc. leads on 15 and Ichor Holdings, Ltd. on 5.

Valuation

Metric ACLS ICHR Semiconductor Equipment & Materials median
P/E 36.12 n/m 45.03
P/S 3.85 1.47 4.64
P/B 3.13 1.72 3.22
Price to free cash flow 50.92 n/m 48.18
EV/EBITDA 28.71 155.65 33.11
EV/Sales 3.45 1.33 5.52
Earnings yield 2.77% (2.79%) 1.41%
Free cash flow yield 1.96% (2.27%) 1.67%

Profitability

Metric ACLS ICHR Semiconductor Equipment & Materials median
Gross margin 43.01% 10.39% 43.95%
Operating margin 10.32% (2.37%) 10.32%
Net margin 10.71% (3.97%) 7.45%
Free cash flow margin 7.57% (2.53%) 6.77%
Return on equity 8.89% (5.17%) 4.78%
Return on assets 6.85% (3.71%) 3.62%
Return on invested capital 7.94% (2.05%) 6.10%

Growth

Metric ACLS ICHR Semiconductor Equipment & Materials median
Revenue growth (TTM) (3.35%) 9.10% 14.60%
EPS growth (last fiscal year) (38.21%) (140.63%) (4.56%)
Revenue growth, 5-year CAGR 12.07% 0.72% 10.11%
Net income growth, 5-year CAGR 19.19% 0.00% 0.00%

Health

Metric ACLS ICHR Semiconductor Equipment & Materials median
Debt to equity 0.04 0.14 0.09
Current ratio 4.90 3.70 3.66
Net debt to EBITDA (2.51) (4.73) (0.49)

Dividend

Metric ACLS ICHR Semiconductor Equipment & Materials median
Dividend yield — — 0.42%
Payout ratio — — 0.19

Size

Metric ACLS ICHR Semiconductor Equipment & Materials median
Market cap 3.55b 1.75b 3.80b

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