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ACM Research, Inc.

ACMR Technology Semiconductor Equipment & Materials

ACM Research, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $901.3 million, up 15.2% from fiscal 2024. In the quarter to June 2026, revenue grew 36.0%, EPS grew 178.7%, free cash flow fell 19.4% and total debt rose 22.6%, each against the same quarter a year earlier. Revenue growth for five consecutive years.

45.41 3.88 −7.87%
Market cap
$3.4B
P/E
20.2×
Fwd P/E
18.7×
Dividend yield
—
F-score
2/9
Altman Z
2.93
Beneish M
−2.00
Dividend safety
49/100
Overview Business Profile Financial Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions trades per month

Total sells 51.15
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 1 3 — — 6 1 1 2 — 2 1 —
Insider Ownership 14.30%

Capital & Financial Ratios $m

Market Cap 3,430.00
Revenue 1,037.77
Net Income 209.10
Free Cash Flow (119.12)
Net Debt (1,119.82)
Current Ratio 3.66 (at or above 1.5: strong)
Debt/Equity 0.14 (at or below 0.5: strong)
P/E ratio 20.18
Fwd P/E 18.70
P/S ratio 2.97
P/B ratio 1.28
Past 5Y EPS Growth 35.79% (at or above 15%: strong)
This Y EPS Growth 37.58% (at or above 15%: strong)
Next Y EPS Growth 42.77% (at or above 15%: strong)
Next Y revenue growth 29.81% (at or above 10%: strong)
Next 5Y EPS Growth 38.89% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.9×, against a ten-year median of 2.1×; over the ten years it ranged from 0.1× in 2022 to 13.8× in 2020.
P/E against its own 10 years 42.15%
10-year low 10-year high
P/S against its own 10 years 50.24%
10-year low 10-year high
P/B against its own 10 years 29.59%
10-year low 10-year high
EV/Sales against its own 10 years 38.74%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2028 Powerpack
2027 Powerpack
2026 Powerpack
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2018 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 285 448 1,168 1,461
Receivables 326 430 555 605
Inventory 545 598 703 783
Other — — — —
1,176 1,483 2,437 2,875
2023 2024 2025 Q'26
Payables 153 155 248 250
ST’ Debt 38 77 109 148
Other — — — —
501 641 746 786

Compound Annual Growth %

10y 5y 3y
Sales 39.98% 41.91% 32.34%
Cash Flow 0.00% 0.00% 0.00%
Earnings 33.13% 38.03% 33.81%
Book Value 0.00% 56.12% 33.46%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.30 Actual 0.61

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.47 0.36 Miss by 0.11
Q4 FY25 0.39 0.25 Miss by 0.14
Q1 FY26 0.16 0.34 Beat by 0.18
Q2 FY26 0.30 0.61 Beat by 0.31
Q3 FY26 0.51 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.24 1.23 — — —
’25 0.30 0.44 0.52 0.11 1.37
’24 0.26 0.35 0.45 0.46 1.53
’23 0.11 0.41 0.39 0.26 1.16
’22 (0.09) 0.18 0.32 0.18 0.59
’21 0.08 0.10 0.15 0.23 0.58
’20 0.03 0.00 0.13 0.13 0.30
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 231 293 — — —
’25 172 215 269 244 901
’24 152 202 204 223 782
’23 74 145 169 170 558
’22 42 104 134 109 389
’21 44 54 67 95 260
’20 24 39 48 46 157
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (30) (6) — — —
’25 5 (45) (5) 34 (10)
’24 (10) 62 12 89 152
’23 (30) 11 (18) (38) (75)
’22 (28) (34) 0 (1) (62)
’21 11 (11) (4) (36) (40)
’20 4 (14) 3 (6) (14)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (52) (72) — — —
’25 (12) (60) (15) 20 (67)
’24 (36) 48 (21) 76 67
’23 (46) 3 (46) (52) (140)
’22 (31) (36) (16) (72) (155)
’21 9 (12) (7) (41) (50)
’20 4 (31) 0 (41) (69)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Price, $
Price, $ Low — 1.61 1.58 3.01 5.32 20.28 5.46 8.75 13.87 14.97 +32.1% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High — 2.83 5.20 7.29 37.96 48.27 30.53 21.07 34.40 45.12 +41.4% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees 187 191 273 361 543 877 1,209 1,590 2,023 2,513 +33.5% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m 0.15 0.19 0.27 0.30 0.29 0.30 0.32 0.35 0.39 0.36 +10.5% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Income, $m
Income, $m Revenue 27 37 75 108 157 260 389 558 782 901 +47.4% 1,170 1,512 1,890 +28.0%
Gross margin, % 48.70 47.18 46.15 47.11 44.44 44.22 47.22 49.53 50.06 44.39 (4.3) pt
EBT 3 0 7 19 19 43 67 116 166 135 +52.8%
EBT margin, % 10.89 (0.89) 9.89 17.61 12.32 16.58 17.32 20.84 21.26 15.00 +4.1 pt
Net income 2 (1) 7 19 22 43 51 97 131 122 +54.8%
Depreciation 0 0 0 1 1 2 5 8 10 16 +64.3%
Per share, $
Per share, $ Revenue 4.19 1.77 1.58 2.13 2.86 4.51 6.56 9.27 12.57 14.04 +14.4%
Earnings 0.10 (0.02) 0.14 0.37 0.34 0.65 0.66 1.29 1.67 1.47 +35.0%
Cash flow (0.57) (0.39) 0.15 0.19 (0.25) (0.70) (1.05) (1.25) 2.45 (0.16) (13.1%)
Capex (0.12) (0.04) (0.04) (0.02) (1.01) (0.17) (1.56) (1.07) (1.38) (0.89) +24.4%
Free cash flow (0.69) (0.43) 0.10 0.16 (1.26) (0.86) (2.61) (2.32) 1.07 (1.05) +4.7%
Book value 0.38 1.94 1.10 1.93 3.81 14.08 13.71 15.39 17.62 30.08 +62.5%
Shares, m 7 21 47 50 55 58 59 60 62 64 +28.9%
Valuation, ×
Valuation, × P/E 0.00 0.00 27.21 16.33 79.65 43.72 14.55 14.47 9.15 26.84 23.2
P/S 6.99 1.06 2.30 2.88 9.46 6.31 1.46 2.01 1.20 2.81 3.6
P/B 16.97 0.97 3.29 3.19 7.12 2.02 0.70 1.21 0.86 1.31 3.8
EV/Sales 6.41 0.71 2.07 1.94 9.11 4.16 0.79 1.67 0.86 1.83 3.0
EV/FCF (12.77) (2.92) 31.88 25.18 (20.67) (21.70) (1.98) (6.66) 10.14 (24.55) (2.4)
Cash, $m
Cash, $m Operating cash flow (4) (8) 7 9 (14) (40) (62) (75) 152 (10) +12.1%
Capex (1) (1) (2) (1) (55) (10) (93) (64) (86) (57) +60.4%
Free cash flow (5) (9) 5 8 (69) (50) (155) (140) 67 (67) +35.0%
Balance, $m
Balance, $m Working capital 23 41 50 145 158 747 568 675 842 1,691 +61.0%
Total debt 5 5 9 17 46 35 77 92 183 288 +57.8%
Net debt (5) (13) (18) (101) (54) (558) (262) (193) (265) (880) +76.3%
Shareholders’ equity 2 40 52 97 208 812 812 926 1,096 1,931 +109.5%
Returns, %
Returns, % ROA 1.68 (0.57) 7.69 11.78 6.72 5.42 3.43 5.67 6.19 3.98 +2.3 pt
ROIC 0.00 1.60 11.67 0.00 8.73 9.52 6.71 8.17 11.36 6.51 +6.5 pt
ROE (64.69) (1.50) 14.26 25.25 12.30 7.40 4.84 8.90 10.25 6.22 +70.9 pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

ACM Research, Inc. vs peers in Semiconductor Equipment & Materials (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
KLIC Kulicke and Soffa Industries, Inc. $4.2B 33.7× 21.9× +122.63% (above 0%: growing) n/m +856.72% (above 0%: growing) 47.80% 20.66% Compare
AXTI AXT Inc $4.0B 1,820× 61.6× +164.77% (above 0%: growing) n/m +173.29% (above 0%: growing) 44.90% 21.90% Compare
ACLS Axcelis Technologies, Inc. $3.5B 33.3× 37.6× +10.60% (above 0%: growing) −23.23% (below 0%: shrinking) −60.74% (below 0%: shrinking) 42.38% 9.43% Compare
ACMR ACM Research, Inc. $3.4B 20.2× 18.7× +36.01% (above 0%: growing) +178.72% (above 0%: growing) −19.43% (below 0%: shrinking) 45.96% 16.98%
IPGP IPG Photonics Corporation $3.2B 110× 64.4× +11.11% (above 0%: growing) −25.00% (below 0%: shrinking) +200.46% (above 0%: growing) 40.39% 1.63% Compare
AMBA Ambarella, Inc. $2.9B — (loss-making) — (loss-making) +13.21% (above 0%: growing) n/m −612.08% (below 0%: shrinking) 57.73% (7.53%) Compare
UCTT Ultra Clean Holdings, Inc. $2.6B — (loss-making) 37.2× +24.31% (above 0%: growing) n/m −558.40% (below 0%: shrinking) 16.08% 4.57% Compare
VECO Veeco Instruments Inc. $2.6B 102× 47.0× +16.48% (above 0%: growing) −5.00% (below 0%: shrinking) +776.15% (above 0%: growing) 38.68% 6.13% Compare
COHU Cohu, Inc. $2.5B — (loss-making) 1,199× +38.37% (above 0%: growing) n/m −39.36% (below 0%: shrinking) 45.36% 0.20% Compare
Median of peers $3.0B 102× 47.0× +20.40% −23.23% +66.97% 43.64% 5.35%

All 29 Semiconductor Equipment & Materials stocks →

Pay and ownership Proxy statement filed 27 April 2026

Ownership

Directors and executive officers, together 64.50% of the votes
David H. Wang 57.20% of the votes
BlackRock, Inc 4.60% of the votes
Haiping Dun 4.60% of the votes
Shanghai Pudong Innotek Capital Co., Ltd. 2.10% of the votes
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

ACM Research, Inc. (ACMR) Latest News

28 Oct

Impact 4 ·
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27 Oct

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22 Oct

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21 Oct

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20 Oct

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19 Oct

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14 Oct

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12 Oct

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9 Oct

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7 Oct

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5 Oct

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30 Sep

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28 Sep

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24 Sep

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22 Sep

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15 Sep

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26 Aug

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14 Aug

Impact 3 · transcript

12 Aug

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11 Aug

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10 Aug

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7 Aug

Impact 4 · transcript
Impact 3 · transcript
Impact 3 · transcript
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stockrow.com/ACMR · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com