ACM Research, Inc. (ACMR) vs AXT Inc (AXTI)

ACM Research, Inc. and AXT Inc are both Semiconductor Equipment & Materials companies. ACM Research, Inc. is the larger, with a market value of $2.7B against $2.4B — 1.1× the size. ACM Research, Inc. trades at the lower P/E: 17.8× against 70.3×. AXT Inc grew revenue faster over the last twelve months: 89.1% against 27.3%. AXT Inc has the higher net margin (18.5% vs 14.5%) and the lower return on invested capital (4.55% vs 6.70%). Across the 21 metrics below, ACM Research, Inc. leads on 13 and AXT Inc on 8.

Valuation

Metric ACMR AXTI Semiconductor Equipment & Materials median
P/E 17.79 70.34 33.70
P/S 2.62 14.08 4.22
P/B 1.13 2.57 2.94
Price to free cash flow n/m n/m 31.49
EV/EBITDA 10.01 142.42 22.64
EV/Sales 1.54 11.27 4.97
Earnings yield 5.62% 1.42% 2.02%
Free cash flow yield (4.38%) (0.81%) 2.27%

Profitability

Metric ACMR AXTI Semiconductor Equipment & Materials median
Gross margin 43.84% 44.02% 46.86%
Operating margin 13.29% 19.55% 12.02%
Net margin 14.48% 18.53% 10.16%
Free cash flow margin (11.48%) 0.00% 6.73%
Return on equity 8.35% 5.58% 5.31%
Return on assets 5.52% 4.08% 4.10%
Return on invested capital 6.70% 4.55% 6.36%

Growth

Metric ACMR AXTI Semiconductor Equipment & Materials median
Revenue growth (TTM) 27.31% 89.14% 15.82%
EPS growth (last fiscal year) (10.46%) (81.48%) (4.56%)
Revenue growth, 5-year CAGR 41.91% (1.52%) 10.11%
Net income growth, 5-year CAGR 38.03% 0.00% 0.00%

Health

Metric ACMR AXTI Semiconductor Equipment & Materials median
Debt to equity 0.14 0.08 0.09
Current ratio 3.66 3.80 3.56
Net debt to EBITDA (7.00) 5.10 (0.49)

Dividend

Metric ACMR AXTI Semiconductor Equipment & Materials median
Dividend yield — — 0.59%
Payout ratio — — 0.16

Size

Metric ACMR AXTI Semiconductor Equipment & Materials median
Market cap 2.74b 2.41b 3.04b

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