Axcelis

Pricing power is moderate. Implant tools are mission‑critical with high switching costs, supporting value‑based pricing and attractive gross margins mid‑40s in 2025. However, large customers, cyclical capex, and competition cap list pricing; 2026 margin is guided down due to mix toward memory and tariff drag.

Aftermarket pricing is steadier and grew to 268 million in 2025, cushioning cycles. Overall, pricing is respectable but not monopolistic.