ACM Research, Inc. (ACMR) vs FormFactor, Inc. (FORM)

ACM Research, Inc. and FormFactor, Inc. are both Semiconductor Equipment & Materials companies. FormFactor, Inc. is the larger, with a market value of $8.9B against $4.1B — 2.2× the size. ACM Research, Inc. trades at the lower P/E: 23.6× against 71.0×. ACM Research, Inc. grew revenue faster over the last twelve months: 27.3% against 18.0%. ACM Research, Inc. has the higher net margin (14.5% vs 12.8%) and the lower return on invested capital (6.70% vs 9.33%). Across the 21 metrics below, ACM Research, Inc. leads on 14 and FormFactor, Inc. on 7.

Valuation

Metric ACMR FORM Semiconductor Equipment & Materials median
P/E 23.58 70.95 45.03
P/S 3.47 9.08 4.64
P/B 1.50 7.37 3.22
Price to free cash flow n/m 59.99 48.18
EV/EBITDA 15.55 51.95 33.11
EV/Sales 2.39 8.71 5.52
Earnings yield 4.24% 1.41% 1.41%
Free cash flow yield (3.31%) 1.67% 1.67%

Profitability

Metric ACMR FORM Semiconductor Equipment & Materials median
Gross margin 43.84% 43.13% 43.95%
Operating margin 13.29% 12.85% 10.32%
Net margin 14.48% 12.80% 7.45%
Free cash flow margin (11.48%) 15.14% 6.77%
Return on equity 8.35% 10.99% 4.78%
Return on assets 5.52% 9.15% 3.62%
Return on invested capital 6.70% 9.33% 6.10%

Growth

Metric ACMR FORM Semiconductor Equipment & Materials median
Revenue growth (TTM) 27.31% 18.01% 14.60%
EPS growth (last fiscal year) (10.46%) (22.47%) (4.56%)
Revenue growth, 5-year CAGR 41.91% 2.51% 10.11%
Net income growth, 5-year CAGR 38.03% (7.09%) 0.00%

Health

Metric ACMR FORM Semiconductor Equipment & Materials median
Debt to equity 0.14 0.01 0.09
Current ratio 3.66 4.08 3.66
Net debt to EBITDA (7.00) (2.85) (0.49)

Dividend

Metric ACMR FORM Semiconductor Equipment & Materials median
Dividend yield — — 0.42%
Payout ratio — — 0.19

Size

Metric ACMR FORM Semiconductor Equipment & Materials median
Market cap 4.05b 8.85b 3.80b

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