Axcelis Beneish M Score

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 Stock
  

USD 79.21  0.65  0.81%   

This module uses fundamental data of Axcelis Technologies to approximate the value of its Beneish M Score. Axcelis Technologies M Score tells investors if the company management is likely to be manipulating earnings. The score is calculated using eight financial indicators that are adjusted by a specific multiplier. Please note, the M Score is a probabilistic model and cannot detect companies that manipulate their earnings with 100% accuracy. Please continue to Axcelis Technologies Piotroski F Score and Axcelis Technologies Altman Z Score analysis.
  
Axcelis Technologies Total Debt is relatively stable at the moment as compared to the past year. Axcelis Technologies reported last year Total Debt of 47.39 Million. As of 12/01/2022, Debt Current is likely to grow to about 1 M, while Issuance Repayment of Debt Securities is likely to drop (783.1 K). Axcelis Technologies Cash and Equivalents Turnover is relatively stable at the moment as compared to the past year. Axcelis Technologies reported last year Cash and Equivalents Turnover of 2.66. As of 12/01/2022, Return on Investment is likely to grow to 24.62, while Accounts Payable Turnover is likely to drop 17.04.
At this time, it appears that Axcelis Technologies is an unlikely manipulator. The earnings manipulation may begin if Axcelis Technologies' top management creates an artificial sense of financial success, forcing the stock price to be traded at a high price-earnings multiple than it should be. In general, excessive earnings management by Axcelis Technologies executives may lead to removing some of the operating profits from subsequent periods to inflate earnings in the following periods. This way, the manipulation of Axcelis Technologies' earnings can lead to misrepresentations of actual financial condition, taking the otherwise loyal stakeholders on to the path of questionable ethical practices and plain fraud.
-2.71
Beneish M Score - Unlikely Manipulator
Elasticity of Receivables0.79Focus
Asset Quality1.16Focus
Expense Coverage0.83Focus
Gross Margin Strengs0.88Focus
Accruals Factor0.83Focus
Depreciation Resistance1.01Focus
Net Sales Growth1.08Focus
Financial Leverage Condition0.99Focus

Axcelis Technologies Beneish M-Score Indicator Trends

The cure to earnings manipulation is the transparency of financial reporting. It will typically remove the temptation of the top executives to inflate earnings (i.e., to promote the idea of 'winning at any cost'). Because a healthy internal audit department can enhance transparency, the board should promote the auditors' access to all the record-keeping systems across the enterprise. For example, if Axcelis Technologies' auditors report directly to the board (not management), the managers will be reluctant to manipulate simply due to the fear of punishment. On the other hand, the auditors will be free to investigate the ledgers properly because they know that the board has their back.
Current ValueLast YearChange From Last Year 10 Year Trend
Selling General and Administrative Expense84.4 M93.7 M
Moderately Down
Increasing
Slightly volatile
Revenues714.7 M662.4 M
Significantly Up
Increasing
Slightly volatile
Trade and Non Trade Receivables89.5 M104.4 M
Fairly Down
Increasing
Slightly volatile
Property Plant and Equipment Net56.7 M63.5 M
Moderately Down
Increasing
Slightly volatile
Operating Income137.4 M127.3 M
Significantly Up
Increasing
Slightly volatile
Net Cash Flow from Operations162 M150.2 M
Significantly Up
Increasing
Slightly volatile
Liabilities Non Current57.1 M64.1 M
Fairly Down
Increasing
Slightly volatile
Current Liabilities162 M150.1 M
Significantly Up
Increasing
Slightly volatile
Total Liabilities231.2 M214.3 M
Significantly Up
Increasing
Slightly volatile
Investments Non Current776.9 K757 K
Fairly Up
Increasing
Stable
Investments776.9 K757 K
Fairly Up
Increasing
Stable
Gross Margin38.2143.2417
Fairly Down
Increasing
Slightly volatile
Depreciation Amortization and Accretion9.6 M10.8 M
Fairly Down
Increasing
Slightly volatile
Debt Non Current49.6 M46.4 M
Notably Up
Increasing
Slightly volatile
Debt CurrentM979 K
Fairly Up
Decreasing
Stable
Total Debt48.4 M47.4 M
Fairly Up
Increasing
Slightly volatile
Assets Non Current126.8 M134 M
Notably Down
Increasing
Slightly volatile
Current Assets668.1 M619.2 M
Significantly Up
Increasing
Slightly volatile
Total Assets812.7 M753.2 M
Significantly Up
Increasing
Slightly volatile

Axcelis Technologies Beneish M-Score Driver Matrix

One of the toughest challenges investors face today is learning how to quickly synthesize historical financial statements and information provided by the company, SEC reporting, and various external parties in order to detect the potential manipulation of earnings. Understanding the correlation between Axcelis Technologies' different financial indicators related to revenue, expenses, operating profit, and net earnings helps investors identify and prioritize their investing strategies towards Axcelis Technologies in a much-optimized way. Analyzing correlations between earnings drivers directly associated with dollar figures is the most effective way to find Axcelis Technologies' degree of accounting gimmicks and manipulations.

About Axcelis Technologies Beneish M Score

M-Score is one of many grading techniques for value stocks. It was developed by Professor M. Daniel Beneish of the Kelley School of Business at Indiana University and published in 1999 under the paper titled The Detection of Earnings Manipulation. The Beneish score is a multi-factor model that utilizes financial identifiers to compile eight variables used to classify whether a company has manipulated its reported earnings. The variables are built from the officially filed financial statements to create a final score call 'M Score.' The score helps to identify companies that are likely to manipulate their profits if they show deteriorating gross margins, operating expenses, and leverage against growing revenue.

Depreciation Amortization and Accretion

9.57 Million

Axcelis Technologies Depreciation Amortization and Accretion is relatively stable at the moment as compared to the past year. Axcelis Technologies reported last year Depreciation Amortization and Accretion of 10.82 Million

Axcelis Technologies Earnings Manipulation Drivers

Although earnings manipulation is typically not the result of intentional misconduct by the c-level executives, it is still a widespread practice by the senior management of public companies such as Axcelis Technologies. It is usually done by a series of misrepresentations of various accounting rules and operating activities across multiple financial cycles. The best way to spot the manipulation is to examine the historical financial statement to find inconsistencies in earning reports to find trends in assets or liabilities that are not sustainable in the future.
201720182019202020212022 (projected)
Revenues410.56 M442.57 M342.96 M474.56 M662.43 M714.72 M
Total Assets488.22 M548.44 M548.09 M624.62 M753.24 M812.71 M
Current Assets339.77 M396.77 M375.68 M470.79 M619.25 M668.13 M
Assets Non Current148.44 M151.67 M172.41 M153.83 M133.99 M126.79 M
Total Liabilities134.61 M140.1 M128.67 M143.02 M214.28 M231.2 M
Current Liabilities79.29 M85 M68.66 M84.43 M150.14 M161.99 M
Total Debt47.71 M47.76 M48.55 M48.15 M47.39 M48.38 M
Debt Non Current47.71 M47.76 M48.15 M47.39 M46.41 M49.55 M
Operating Income47.84 M59.96 M24.2 M58.04 M127.33 M137.38 M
Investments6.72 M6.91 M6.65 M753 K757 K776.92 K
Gross Margin36.640.5942.0341.8543.2438.21

About Axcelis Technologies Fundamental Analysis

The Macroaxis Fundamental Analysis modules help investors analyze Axcelis Technologies's financials across various querterly and yearly statements, indicators and fundamental ratios. We help investors to determine the real value of Axcelis Technologies using virtually all public information available. We use both quantitative as well as qualitative analysis to arrive at the intrinsic value of Axcelis Technologies based on its fundamental data. In general, a quantitative approach, as applied to this company, focuses on analyzing financial statements comparatively, whereas a qaualitative method uses data that is important to a company's growth but cannot be measured and presented in a numerical way.
Please read more on our fundamental analysis page.
Axcelis Technologies, Inc. designs, manufactures, and services ion implantation and other processing equipment used in the fabrication of semiconductor chips in the United States, Europe, and Asia. The company was founded in 1978 and is headquartered in Beverly, Massachusetts. Axcelis Tech operates under Semiconductor Equipment Materials classification in the United States and is traded on NASDAQ Exchange. It employs 1122 people.

Axcelis Technologies Investors Sentiment

The influence of Axcelis Technologies' investor sentiment on the probability of its price appreciation or decline could be a good factor in your decision-making process regarding taking a position in Axcelis. The overall investor sentiment generally increases the direction of a stock movement in a one-year investment horizon. However, the impact of investor sentiment on the entire stock markets does not have a solid backing from leading economists and market statisticians.
Investor biases related to Axcelis Technologies' public news can be used to forecast risks associated with investment in Axcelis. The trend in average sentiment can be used to explain how an investor holding Axcelis can time the market purely based on public headlines and social activities around Axcelis Technologies. Please note that most equiteis that are difficult to arbitrage are affected by market sentiment the most.
Axcelis Technologies' market sentiment shows the aggregated news analyzed to detect positive and negative mentions from the text and comments. The data is normalized to provide daily scores for Axcelis Technologies' and other traded tickers. The bigger the bubble, the more accurate is the estimated score. Higher bars for a given day show more participation in the average Axcelis Technologies' news discussions. The higher the estimated score, the more favorable is the investor's outlook on Axcelis Technologies.
Some investors attempt to determine whether the market's mood is bullish or bearish by monitoring changes in market sentiment. Unlike more traditional methods such as technical analysis, investor sentiment usually refers to the aggregate attitude towards Axcelis Technologies in the overall investment community. So, suppose investors can accurately measure the market's sentiment. In that case, they can use it for their benefit. For example, some tools to gauge market sentiment could be utilized using contrarian indexes, Axcelis Technologies' short interest history, or implied volatility extrapolated from Axcelis Technologies options trading.

Pair Trading with Axcelis Technologies

One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Axcelis Technologies position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Axcelis Technologies will appreciate offsetting losses from the drop in the long position's value.

Moving together with Axcelis Technologies

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The ability to find closely correlated positions to Axcelis Technologies could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Axcelis Technologies when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Axcelis Technologies - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Axcelis Technologies to buy it.
The correlation of Axcelis Technologies is a statistical measure of how it moves in relation to other equities. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Axcelis Technologies moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Axcelis Technologies moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Axcelis Technologies can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.
Pair CorrelationCorrelation Matching
Please continue to Axcelis Technologies Piotroski F Score and Axcelis Technologies Altman Z Score analysis. You can also try Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.

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Is Axcelis Technologies' industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Axcelis Technologies. If investors know Axcelis will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Axcelis Technologies listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth YOY
0.49
Market Capitalization
2.6 B
Quarterly Revenue Growth YOY
0.3
Return On Assets
0.16
Return On Equity
0.29
The market value of Axcelis Technologies is measured differently than its book value, which is the value of Axcelis that is recorded on the company's balance sheet. Investors also form their own opinion of Axcelis Technologies' value that differs from its market value or its book value, called intrinsic value, which is Axcelis Technologies' true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Axcelis Technologies' market value can be influenced by many factors that don't directly affect Axcelis Technologies' underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Axcelis Technologies' value and its price as these two are different measures arrived at by different means. Investors typically determine Axcelis Technologies value by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Axcelis Technologies' price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.