ACM Research, Inc. (ACMR) vs Cohu, Inc. (COHU)

ACM Research, Inc. and Cohu, Inc. are both Semiconductor Equipment & Materials companies. ACM Research, Inc. is the larger, with a market value of $3.4B against $2.5B — 1.4× the size. Cohu, Inc. has negative trailing earnings, so its P/E is not meaningful; ACM Research, Inc. trades at 20.2×. Cohu, Inc. grew revenue faster over the last twelve months: 32.7% against 27.3%. ACM Research, Inc. has the higher net margin (14.5% vs −7.43%) and the higher return on invested capital (6.70% vs −3.94%). Across the 20 metrics below, ACM Research, Inc. leads on 14 and Cohu, Inc. on 6.

Valuation

Metric ACMR COHU Semiconductor Equipment & Materials median
P/E 20.18 n/m 41.61
P/S 2.97 4.61 4.69
P/B 1.28 3.11 3.47
Price to free cash flow n/m 68.09 48.35
EV/EBITDA 12.30 189.57 30.54
EV/Sales 1.89 4.22 5.65
Earnings yield 4.95% (1.64%) 1.34%
Free cash flow yield (3.86%) 1.47% 1.86%

Profitability

Metric ACMR COHU Semiconductor Equipment & Materials median
Gross margin 43.84% 43.95% 43.95%
Operating margin 13.29% (6.90%) 10.32%
Net margin 14.48% (7.43%) 7.45%
Free cash flow margin (11.48%) 6.77% 6.77%
Return on equity 8.35% (4.84%) 4.78%
Return on assets 5.52% (3.42%) 3.62%
Return on invested capital 6.70% (3.94%) 6.10%

Growth

Metric ACMR COHU Semiconductor Equipment & Materials median
Revenue growth (TTM) 27.31% 32.66% 14.60%
EPS growth (last fiscal year) (10.46%) (6.71%) (4.56%)
Revenue growth, 5-year CAGR 41.91% (6.56%) 10.11%
Net income growth, 5-year CAGR 38.03% 0.00% 0.00%

Health

Metric ACMR COHU Semiconductor Equipment & Materials median
Debt to equity 0.14 0.38 0.09
Current ratio 3.66 5.74 3.66
Net debt to EBITDA (7.00) 11.87 (0.49)

Dividend

Metric ACMR COHU Semiconductor Equipment & Materials median
Dividend yield — — 0.46%
Payout ratio — — 0.19

Size

Metric ACMR COHU Semiconductor Equipment & Materials median
Market cap 3.43b 2.53b 3.46b

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