Axcelis

R&D investment is healthy and rising (109 million in 2025, 13 percent of revenue). Buybacks were timely in 2024–2025 (121 million in 2025; diluted shares trending down), with 215 million authorization outstanding and 110 million remaining as of Q1 2026. Capex requirements are light (11 million in 2025; 1.8 million in Q1 2026).

The pending Veeco transaction could broaden the product stack but introduces execution risk and transaction costs already visible in Q4 2025 and Q1 2026. SBC appears contained relative to revenue. Overall, allocation quality is solid with a watch‑item on M&A integration.