Axcelis Technologies (MEX:ACLS) Beneish M-Score: -1.87 (As of Jun. 25, 2026)

What is Axcelis Technologies Beneish M-Score?

Axcelis Technologies MEX:ACLS 72 Beneish M-Score is -1.87 as of Jun. 25, 2026. GuruFocus rates MEX:ACLS with a GF Score™ of 72/100 and a GF Value™ of MXN1,315.22 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 987 Semiconductors companies, Axcelis Technologies ranks worse than 75.38% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -1.87 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Axcelis Technologies's Beneish M-Score or its related term are showing as below:

MEX:ACLS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08 Med: -2.23 Max: -0.53
Current: -1.87

During the past 13 years, the highest Beneish M-Score of Axcelis Technologies was -0.53. The lowest was -3.08. And the median was -2.23.

Axcelis Technologies Beneish M-Score Related Terms

Axcelis Technologies Beneish M-Score Historical Data

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The historical data trend for Axcelis Technologies's Beneish M-Score 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.

Axcelis Technologies Beneish M-Score Chart

Axcelis Technologies Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.79

-2.23

-1.75

-2.23

-2.08

Axcelis Technologies Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.43	-2.49	-2.14	-2.08	-1.87

MEX:ACLS vs IPGP, KLIC, UCTT: Beneish M-Score Comparison

For the Semiconductor Equipment & Materials subindustry, Axcelis Technologies's Beneish M-Score, along with its competitors' market caps and Beneish M-Score 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 Beneish M-Score vs Semiconductors Industry

For the Semiconductors industry and Technology sector, Axcelis Technologies's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Axcelis Technologies's Beneish M-Score falls into.

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72GF Score

Axcelis Technologies Inc MEX:ACLS

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Axcelis Technologies Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Axcelis Technologies for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0601

0.528 * 1.024

0.404 * 2.6298

0.892 * 0.8157

0.115 * 0.8878

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3204

4.679 * 0.000533

0.327 * 0.9829

-1.98

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was MXN2,918 Mil.
Revenue was 3587.714 + 4291.298 + 3918.523 + 3663.108 = MXN15,461 Mil.
Gross Profit was 1453.093 + 2015.414 + 1629.075 + 1644.599 = MXN6,742 Mil.
Total Current Assets was MXN16,873 Mil.
Total Assets was MXN24,787 Mil.
Property, Plant and Equipment(Net PPE) was MXN1,794 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN325 Mil.
Selling, General, & Admin. Expense(SGA) was MXN2,925 Mil.
Total Current Liabilities was MXN3,677 Mil.
Long-Term Debt & Capital Lease Obligation was MXN727 Mil.
Net Income was 166.153 + 617.541 + 476.692 + 590.785 = MXN1,851 Mil.
Non Operating Income was -8.926 + 4.411 + 17.794 + 35.888 = MXN49 Mil.
Cash Flow from Operations was 327.095 + -118.243 + 831.909 + 748.028 = MXN1,789 Mil.

Total Receivables was MXN3,375 Mil.
Revenue was 3939.492 + 5264.333 + 5051.822 + 4699.326 = MXN18,955 Mil.
Gross Profit was 1816.033 + 2423.912 + 2165.342 + 2059.344 = MXN8,465 Mil.
Total Current Assets was MXN22,789 Mil.
Total Assets was MXN27,427 Mil.
Property, Plant and Equipment(Net PPE) was MXN2,063 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN325 Mil.
Selling, General, & Admin. Expense(SGA) was MXN2,716 Mil.
Total Current Liabilities was MXN4,099 Mil.
Long-Term Debt & Capital Lease Obligation was MXN858 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(2917.943 / 15460.643)	/	(3374.56 / 18954.973)
	=	0.188734	/	0.17803
	=	1.0601

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(8464.631 / 18954.973)	/	(6742.181 / 15460.643)
	=	0.446565	/	0.436087
	=	1.024

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (16872.873 + 1794.38) / 24786.74)	/	(1 - (22789.125 + 2062.718) / 27426.631)
	=	0.246886	/	0.093879
	=	2.6298

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	15460.643	/	18954.973
	=	0.8157

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(324.789 / (324.789 + 2062.718))	/	(324.724 / (324.724 + 1794.38))
	=	0.136037	/	0.153236
	=	0.8878

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(2924.905 / 15460.643)	/	(2715.733 / 18954.973)
	=	0.189184	/	0.143273
	=	1.3204

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((726.898 + 3677.12) / 24786.74)	/	((858.385 + 4099.21) / 27426.631)
	=	0.177676	/	0.180758
	=	0.9829

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(1851.171 - 49.167	-	1788.789)	/	24786.74
	=	0.000533

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Axcelis Technologies has a M-score of -1.98 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -1.87 mean?

Axcelis Technologies (MEX:ACLS) has a Beneish M-Score of -1.87 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Axcelis Technologies and its competitors. According to the industry distribution chart, Axcelis Technologies ranks #744 out of 987 companies in the Semiconductors industry, placing it in the top 75.4%.

Is Axcelis Technologies' Beneish M-Score too high?

Axcelis Technologies' current Beneish M-Score is -1.87. Based on the distribution chart, Axcelis Technologies ranks #744 out of 987 companies in the Semiconductors industry, which is in the bottom quartile relative to peers. Overall, Axcelis Technologies has a GF Score™ of 72/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Axcelis Technologies' Beneish M-Score compare to IPGP and KLIC?

According to the Semiconductors industry distribution chart, Axcelis Technologies ranks #744 out of 987 companies for Beneish M-Score. This places Axcelis Technologies in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Semiconductors company?

A good Beneish M-Score depends on the Semiconductors industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Axcelis Technologies and its competitors. Axcelis Technologies's current Beneish M-Score is -1.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Axcelis Technologies stock overvalued right now?

Based on GuruFocus' analysis, Axcelis Technologies (MEX:ACLS) is currently considered Significantly Overvalued. The stock's GF Value™ is MXN1,315.22, compared to a current price of MXN3,300.00 — trading 150.9% above its estimated fair value. The current Beneish M-Score is -1.87. Axcelis Technologies' overall GF Score™ is 72/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Axcelis Technologies (MEX:ACLS), the current Beneish M-Score is -1.87 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Axcelis Technologies (MEX:ACLS) Overvalued in 2026?

Based on GuruFocus' analysis, Axcelis Technologies stock appears to be overvalued. The current stock price of MXN3,300.00 is trading 150.9% above its estimated GF Value™ of MXN1,315.22. GuruFocus considers Axcelis Technologies to be Significantly Overvalued.

Key valuation signals for MEX:ACLS:

Beneish M-Score: -1.87
GF Value™: MXN1,315.22 vs. price of MXN3,300.00 (150.9% above fair value)
GF Score™: 72/100 with 8 warning signs

No single metric tells the full story. See the MEX:ACLS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Axcelis Technologies Business Description

Industry Technology Semiconductors

Comparable Companies IPGP KLIC UCTT VECO ACMR AMBA AEHR AXTI ICHR COHU XAMS:ASML LRCX AMAT KLAC TSE:8035 TSE:6857 SZSE:002371 TER SHSE:688820 XAMS:ASM

Other Exchanges ACLS:USA 1ACLS:Italy XXA1:Germany

Address 108 Cherry Hill Drive, Beverly, MA, USA, 01915

Website https://www.axcelis.com

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 provides 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.

72GF Score

Get the complete analysis for MEX:ACLS

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

MXN3,300.00

Price

MXN1,315.22

GF Value

View MEX:ACLS Analysis

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