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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.

71.37 0.57 +0.81%
Market cap
$4.9B
P/E
31.7×
Fwd P/E
36.3×
Dividend yield
—
F-score
2/9
Altman Z
2.93
Beneish M
−2.00
Dividend safety
49/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

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 4,930.00
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 31.72
Fwd P/E 36.30 (above 35: high)
P/S ratio 4.67
P/B ratio 2.01
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 3.6×, 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 61.15%
10-year low 10-year high
P/S against its own 10 years 70.97%
10-year low 10-year high
P/B against its own 10 years 50.04%
10-year low 10-year high
EV/Sales against its own 10 years 67.90%
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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — 1.61 1.58 3.01 5.32 20.28 5.46 8.75 13.87 14.97

Analyst estimates 2026–2028

Powerpack
High — 2.83 5.20 7.29 37.96 48.27 30.53 21.07 34.40 45.12
People
People Employees 187 191 273 361 543 877 1,209 1,590 2,023 2,513
Revenue/emp, $m 0.15 0.19 0.27 0.30 0.29 0.30 0.32 0.35 0.39 0.36
Income, $m
Income, $m Revenue 27 37 75 108 157 260 389 558 782 901
Gross margin, % 48.70 47.18 46.15 47.11 44.44 44.22 47.22 49.53 50.06 44.39
EBT 3 0 7 19 19 43 67 116 166 135
EBT margin, % 10.89 (0.89) 9.89 17.61 12.32 16.58 17.32 20.84 21.26 15.00
Net income 2 (1) 7 19 22 43 51 97 131 122
Depreciation 0 0 0 1 1 2 5 8 10 16
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
Earnings 0.37 (0.02) 0.14 0.37 0.34 0.65 0.66 1.29 1.67 1.47
Cash flow (0.57) (0.39) 0.15 0.19 (0.25) (0.70) (1.05) (1.25) 2.45 (0.16)
Capex (0.12) (0.04) (0.04) (0.02) (1.01) (0.17) (1.56) (1.07) (1.38) (0.89)
Free cash flow (0.69) (0.43) 0.10 0.16 (1.26) (0.86) (2.61) (2.32) 1.07 (1.05)
Book value 0.38 1.94 1.10 1.93 3.81 14.08 13.71 15.39 17.62 30.08
Shares, m 7 21 47 50 55 58 59 60 62 64
Valuation, ×
Valuation, × P/E 0.00 0.00 27.21 16.33 79.65 43.72 14.55 14.47 9.15 26.84
P/S 6.99 1.06 2.30 2.88 9.46 6.31 1.46 2.01 1.20 2.81
P/B 16.97 0.97 3.29 3.19 7.12 2.02 0.70 1.21 0.86 1.31
EV/Sales 6.41 0.71 2.07 1.94 9.11 4.16 0.79 1.67 0.86 1.83
EV/FCF (12.77) (2.92) 31.88 25.18 (20.67) (21.70) (1.98) (6.66) 10.14 (24.55)
Cash, $m
Cash, $m Operating cash flow (4) (8) 7 9 (14) (40) (62) (75) 152 (10)
Capex (1) (1) (2) (1) (55) (10) (93) (64) (86) (57)
Free cash flow (5) (9) 5 8 (69) (50) (155) (140) 67 (67)
Balance, $m
Balance, $m Working capital 23 41 50 145 158 747 568 675 842 1,691
Total debt 5 5 9 17 46 35 77 92 183 288
Net debt (5) (13) (18) (101) (54) (558) (262) (193) (265) (880)
Shareholders’ equity 2 40 52 97 208 812 812 926 1,096 1,931
Returns, %
Returns, % ROA 1.68 (0.57) 7.69 11.78 6.72 5.42 3.43 5.67 6.19 3.98
ROIC 0.00 1.60 11.67 0.00 8.73 9.52 6.71 8.17 11.36 6.51
ROE (64.69) (1.50) 14.26 25.25 12.30 7.40 4.84 8.90 10.25 6.22
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
CAMT Camtek Ltd. $7.0B 201× 52.5× +12.31% (above 0%: growing) −33.33% (below 0%: shrinking) +952.40% (above 0%: growing) 50.06% 20.43% Compare
ACMR ACM Research, Inc. $4.9B 31.7× 36.3× +36.01% (above 0%: growing) +178.72% (above 0%: growing) −19.43% (below 0%: shrinking) 45.96% 16.98%
KLIC Kulicke and Soffa Industries, Inc. $4.8B 41.6× 34.7× +122.63% (above 0%: growing) n/m +856.72% (above 0%: growing) 47.80% 20.66% Compare
AXTI AXT Inc $4.7B 2,285× 379× +164.77% (above 0%: growing) n/m +173.29% (above 0%: growing) 44.90% 21.90% Compare
ACLS Axcelis Technologies, Inc. $4.1B 44.9× 59.9× +10.60% (above 0%: growing) −23.23% (below 0%: shrinking) −60.74% (below 0%: shrinking) 42.38% 9.43% Compare
IPGP IPG Photonics Corporation $3.3B 119× 82.3× +11.11% (above 0%: growing) −25.00% (below 0%: shrinking) +200.46% (above 0%: growing) 40.39% 1.63% Compare
COHU Cohu, Inc. $3.2B — (loss-making) — (loss-making) +38.37% (above 0%: growing) n/m −39.36% (below 0%: shrinking) 45.36% 0.20% Compare
VECO Veeco Instruments Inc. $3.2B 138× 57.6× +16.48% (above 0%: growing) −5.00% (below 0%: shrinking) +776.15% (above 0%: growing) 38.68% 6.13% Compare
UCTT Ultra Clean Holdings, Inc. $3.1B — (loss-making) 98.9× +24.31% (above 0%: growing) n/m −558.40% (below 0%: shrinking) 16.08% 4.57% Compare
Median of peers $3.7B 128× 59.9× +20.40% −24.11% +186.88% 43.64% 7.78%

All 29 Semiconductor Equipment & Materials stocks →

ACM Research, Inc. (ACMR) key facts

  • Concern: Net income was $121.9 million, or $1.47 per share (basic), a net margin of 10.4%.
  • Strength: ACM Research, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $901.3 million, up 15.2% from fiscal 2024.
  • ACM Research, Inc. (ACMR) is a Semiconductor Equipment & Materials company in the Technology sector, listed on Nasdaq.
  • As of October 9, 2026, ACMR traded at $71.37, a market capitalization of $4.9 billion.
  • At that price the stock trades at 31.7× trailing-twelve-month earnings and 4.7× sales; its P/E is higher than 61% of its own readings over the past ten years.
  • Return on equity was 6.22% and debt-to-equity 0.14.
  • Its Piotroski F-score is 2 out of 9 and its Altman Z-score is 2.93 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

ACM Research, Inc. (ACMR) Latest News

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stockrow.com/ACMR · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com