Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
Axcelis Technologies's Sloan Ratio for the quarter that ended in Dec. 2023 was 14.84%.
As of Dec. 2023, Axcelis Technologies has a Sloan Ratio of 14.84%, indicating there is a warning stage of accrual build up.
Axcelis Technologies Sloan Ratio % Historical Data
The historical data trend for Axcelis Technologies's Sloan Ratio % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Competitive Comparison of Axcelis Technologies's Sloan Ratio %
For the Semiconductor Equipment & Materials subindustry, Axcelis Technologies's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Axcelis Technologies's Sloan Ratio % Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Axcelis Technologies's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Axcelis Technologies's Sloan Ratio % falls into.
Axcelis Technologies Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Axcelis Technologies's Sloan Ratio for the fiscal year that ended in Dec. 2023 is calculated as
Axcelis Technologies's Net Income for the trailing twelve months (TTM) ended in Dec. 2023 was 47.697 (Mar. 2023 ) + 61.579 (Jun. 2023 ) + 65.931 (Sep. 2023 ) + 71.056 (Dec. 2023 ) = $246 Mil.
Axcelis Technologies's Cash Flow from Operations for the trailing twelve months (TTM) ended in Dec. 2023 was 34.559 (Mar. 2023 ) + 32.715 (Jun. 2023 ) + 24.02 (Sep. 2023 ) + 65.575 (Dec. 2023 ) = $157 Mil.
Axcelis Technologies's Cash Flow from Investing for the trailing twelve months (TTM) ended in Dec. 2023 was -33.049 (Mar. 2023 ) + -40.189 (Jun. 2023 ) + -0.941 (Sep. 2023 ) + -26.679 (Dec. 2023 ) = $-101 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Axcelis Technologies (NAS:ACLS) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Dec. 2023, Axcelis Technologies has a Sloan Ratio of 14.84%, indicating there is a warning stage of accrual build up.
Axcelis Technologies Sloan Ratio % Related Terms
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Axcelis Technologies (Axcelis Technologies) Business Description
Axcelis Technologies Inc designs, manufactures and services ion implantation and other processing equipment used in the fabrication of semiconductor chips. In addition to equipment, the company provide aftermarket lifecycle products and services, including used tools, spare parts, equipment upgrades, maintenance services and customer training. Geographically, the group has a business presence in North America, Asia Pacific and Europe, of which key revenue is derived from the Asia Pacific.
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