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.
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ACM Research, Inc. (ACMR) Altman Z-score
ACM Research, Inc.'s Altman Z-score for fiscal 2025 is 2.93, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.93 | 0.76 |
| FY2024 | 2.17 | (0.35) |
| FY2023 | 2.53 | 0.75 |
| FY2022 | 1.78 | (3.62) |
| FY2021 | 5.39 | (2.65) |
| FY2020 | 8.04 | 4.83 |
| FY2019 | 3.21 | (0.29) |
| FY2018 | 3.50 | 1.63 |
| FY2017 | 1.86 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.59 | — | 0.71 | |
| Retained earnings / total assets | 0.12 | — | 0.17 | |
| EBIT / total assets | 0.04 | — | 0.13 | |
| Market value of equity / total liabilities | 2.69 | — | 1.61 | |
| Sales / total assets | 0.31 | — | 0.31 | |
| Altman Z-score | Grey zone | 2.93 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.67 | ||
Z and Z″ put ACM Research, Inc. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| IPGP IPG Photonics Corporation compare | 8.7× |
| KLIC Kulicke and Soffa Industries, Inc. compare | 7.4× |
| ACLS Axcelis Technologies, Inc. compare | 6.7× |
| CAMT Camtek Ltd. compare | 6.4× |
| AXTI AXT Inc compare | 3.4× |
| VECO Veeco Instruments Inc. compare | 3.1× |
| ACMR ACM Research, Inc. | 2.9× |
| COHU Cohu, Inc. compare | 2.4× |
| UCTT Ultra Clean Holdings, Inc. compare | 2.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets