Axcelis

Balance sheet quality is strong. As of March 31, 2026, cash and investments were roughly 570 million versus a finance lease obligation near 43 million and no traditional debt. Working capital is ample, and operating cash flow was 18.1 million in Q1 2026 after 118.3 million in 2025. TTM FCF is about 88.5 million on our roll‑forward.

The company retains flexibility for R&D, selective buybacks, and potential integration of Veeco.