ACLSAXCELIS TECHNOLOGIES INC

Special Industry Machinery, NEC

Revenue: $839M; 18% YoY
Operating margin: 14.2%; 31% YoY
EBITDA: $137M; 40% YoY
Market cap: $3.1B
Employees: 1,465; $573K revenue each
Net debt / EBITDA: -1.0×; −$141M net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
98% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
102% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
90% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$573K · 74th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 31st pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.0× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$6M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$662M	$920M	$1.1B	$1.0B	$839M	18%
Operating income	$127M	$212M	$266M	$211M	$119M	43%
Net income	—	—	$246M	$201M	$120M	40%
Operating cash flow	$150M	$216M	$157M	$141M	$118M	16%
Capex	$9M	$11M	$21M	$12M	$11M	7.3%
Stock-based comp	$12M	$13M	$18M	$21M	$21M	0.8%
Buybacks	$50M	$57M	$52M	$60M	$121M	100%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $6M · 23
Net: −$6M

Pay vs performance

No pay-versus-performance disclosure yet.