Is Axcelis Technologies, Inc. overvalued or undervalued?

As of 21 November 2025, Axcelis Technologies, Inc. moved from an attractive to a fair valuation grade. The company appears to be fairly valued based on its current metrics. The P/E ratio stands at 11, which is significantly lower than the peer average of 16.21, while the EV to EBITDA ratio is 7.31, indicating a competitive valuation relative to peers like Graco, Inc. with an EV to EBITDA of 20.31.
In comparison to its peers, Axcelis Technologies shows a strong return on capital employed (ROCE) of 41.13% and a return on equity (ROE) of 17.33%, further supporting its fair valuation status. Notably, the stock has underperformed against the S&P 500 over the past year, returning 4.91% compared to the index's 11.00%, and has also lagged over the last three years with a return of -0.36% versus 67.17% for the S&P 500.