Axcelis Technologies, Inc. — Earnings Quality Grade F
ACLS · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 73 days, change +0 days YoY
AR outpaced revenue for 2 consecutive years
Revenue -17.6%, CFFO -16.0%. Cash follows revenue
Expense Quality
Inventory growth 16.6% exceeds COGS -17.9%
CapEx growth -7.3% vs revenue -17.6%. Normal
SG&A/Gross Profit = 39.4%. Normal
Gross margin 44.9%, change +0.2pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF $0.1B, FCF/NI = 0.89
Accruals ratio = 0.1%. Low accruals
Cash $0.4B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 0.3x. Healthy
Other assets -2.6% vs revenue -17.6%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = -2.06 (grey zone)
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25