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 $10.3B against $5.4B — 1.9× the size. ACM Research, Inc. trades at the lower P/E: 34.4× against 87.8×. 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 34.36 87.75 54.39
P/S 5.06 11.23 6.08
P/B 2.18 9.12 4.89
Price to free cash flow n/m 74.19 60.92
EV/EBITDA 25.86 64.77 39.95
EV/Sales 3.98 10.86 6.36
Earnings yield 2.91% 1.14% 1.14%
Free cash flow yield (2.27%) 1.35% 1.28%

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%) —
Revenue growth, 5-year CAGR 41.91% 2.51% 8.85%
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 — — 0.85%
Payout ratio 0.00 0.00 0.00

Size

Metric ACMR FORM Semiconductor Equipment & Materials median
Market cap 5.38b 10.27b 4.63b

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