Axcelis Technologies, Inc. (ACLS) vs Photronics, Inc. (PLAB)

Axcelis Technologies, Inc. and Photronics, Inc. are both Semiconductor Equipment & Materials companies. Axcelis Technologies, Inc. is the larger, with a market value of $3.6B against $1.7B — 2.1× the size. Photronics, Inc. trades at the lower P/E: 9.7× against 36.1×. Photronics, Inc. grew revenue faster over the last twelve months: 1.25% against −3.35%. Photronics, Inc. has the higher net margin (19.0% vs 10.7%) and the higher return on invested capital (11.3% vs 7.94%). Across the 22 metrics below, Photronics, Inc. leads on 19 and Axcelis Technologies, Inc. on 3.

Valuation

Metric ACLS PLAB Semiconductor Equipment & Materials median
P/E 36.12 9.66 45.03
P/S 3.85 1.85 4.64
P/B 3.13 0.92 3.22
Price to free cash flow 50.92 14.56 48.18
EV/EBITDA 28.71 3.40 33.11
EV/Sales 3.45 1.08 5.52
Earnings yield 2.77% 10.36% 1.41%
Free cash flow yield 1.96% 6.87% 1.67%

Profitability

Metric ACLS PLAB Semiconductor Equipment & Materials median
Gross margin 43.01% 33.65% 43.95%
Operating margin 10.32% 22.46% 10.32%
Net margin 10.71% 19.04% 7.45%
Free cash flow margin 7.57% 12.74% 6.77%
Return on equity 8.89% 10.06% 4.78%
Return on assets 6.85% 8.82% 3.62%
Return on invested capital 7.94% 11.32% 6.10%

Growth

Metric ACLS PLAB Semiconductor Equipment & Materials median
Revenue growth (TTM) (3.35%) 1.25% 14.60%
EPS growth (last fiscal year) (38.21%) 9.09% (4.56%)
Revenue growth, 5-year CAGR 12.07% 6.85% 10.11%
Net income growth, 5-year CAGR 19.19% 32.17% 0.00%

Health

Metric ACLS PLAB Semiconductor Equipment & Materials median
Debt to equity 0.04 0.00 0.09
Current ratio 4.90 4.94 3.66
Net debt to EBITDA (2.51) (2.06) (0.49)

Dividend

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

Size

Metric ACLS PLAB Semiconductor Equipment & Materials median
Market cap 3.55b 1.68b 3.80b

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