A Business at a Glance
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ACM Research, Inc.
ACMR
$5.0B
Mkt Cap
$72.39
-1.95%
We supply advanced, innovative capital equipment developed for the global semiconductor industry. Our products are designed to address yield-critical and performance-sensitive process steps that become increasingly difficult as semiconductor devices scale to smaller geometries and more complex structures. We focus on developing differentiated process solutions that enable effective particle removal, uniform material deposition, and reliable process control, while helping customers manage cost of ownership, throughput, and environmental considerations. We believe this approach has supported broader adoption of our tools across multiple technology nodes and device types. Fabricators of advanced integrated circuits, or chips, can use our wet-cleaning, plating, furnace, PECVD, track, and other front-end processing equipment in numerous steps to improve product yield, even at increasingly advanced process nodes.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Single Wafer Cleaning, Tahoe and Semi-Critical Cleaning Equipment | $189M | $273M | $404M | $579M | $626M | 69% |
ECP (front-end and packaging), Furnace and Other Technologies | $33M | $77M | $103M | $151M | $200M | 22% |
Advanced Packaging (excluding ECP), Services & Spares | $37M | $38M | $51M | $52M | $76M | 8% |
Wet Cleaning and Other Front-end Processing Tools | $202M | $309M | — | — | — | — |
ECP (Front-end and Packaging), Furnace and Other Technologies | $33M | $77M | — | — | — | — |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 901M | 901M | 782M | 558M | 389M | 260M |
| Net Income | 94M | 94M | 104M | 77M | 39M | 38M |
| EPS | $1.37 | $1.37 | $1.53 | $1.16 | $0.59 | $0.58 |
| Free Cash Flow | -67M | -67M | 70M | -137M |
| Metric | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||
| Revenue | 27M | 37M | 75M | 108M | 157M | 260M | 389M | 558M | 782M | 901M | 901M |
| Gross Margin | 48.7% | 47.2% | 46.2% | 47.1% | 44.4% | 44.2% | 47.2% | 49.5% | 50.1% | 44.4% | 44.4% |
| R&D | 3.3M | 5.1M | 10M | 13M | 19M | 34M | 62M | 93M | 105M | 145M | 145M |
| SG&A | 2.7M | 5.9M | 8.0M | 8.1M | 12M | 15M | 22M | 41M | 70M | 69M | 69M |
| EBIT | 3.5M | 700K | 6.5M | 18M | 21M | 39M | 59M | 96M | 151M | 109M | 109M |
| Op. Margin | 12.8% | 1.9% | 8.7% | 16.5% | 13.7% | 14.9% | 15.2% | 17.2% | 19.3% | 12.1% | 12.1% |
| Net Income | 645K | -318K | 6.6M | 19M | 19M | 38M | 39M | 77M | 104M | 94M | 94M |
| Net Margin | 2.4% | -0.9% | 8.8% | 17.6% | 12.0% | 14.5% | 10.1% | 13.9% | 13.2% | 10.4% | 10.4% |
| Non-Recurring | 0 | 0 | 0 | -294K | -25K | 0 | 12K | 577K | 1.9M | 16M | 16M |
| Returns on Capital | |||||||||||
| ROIC | 6.3% | -3.6% | 18.6% | 39.0% | 29.9% | 36.7% | 14.6% | 13.9% | 18.0% | 12.1% | 9.5% |
| ROE | -18.7% | -1.7% | 14.3% | 25.3% | 15.8% | 9.2% | 5.8% | 10.7% | 12.4% | 7.9% | 6.4% |
| ROA | 1.5% | -0.6% | 7.7% | 11.8% | 6.7% | 5.4% | 3.4% | 5.7% | 6.2% | 4.0% | 3.3% |
| Cash Flow | |||||||||||
| Op. Cash Flow | -3.7M | -8.1M | 6.9M | 9.4M | -14M | -40M | -62M | -75M | 152M | -10M | -10M |
| Free Cash Flow | -4.5M | -8.8M | 5.1M | 8.4M | -19M | -49M | -153M | -137M | 70M | -67M | -67M |
| Owner Earnings | -4.3M | -10.0M | 3.1M | 5.0M | -20M | -51M | -75M | -110M | 96M | -58M | -58M |
| CapEx | 795K | 651K | 1.8M | 971K | 5.2M | 9.2M | 91M | 62M | 82M | 56M | 56M |
| Maint. CapEx | 187K | 271K | 417K | 788K | 1.1M | 5.9M | 4.8M | 6.9M | 6.6M | 14M | 14M |
| Growth CapEx | 608K | 380K | 1.4M | 183K | 4.2M | 3.3M | 86M | 55M | 76M | 42M | 42M |
| D&A | 187K | 271K | 417K | 788K | 1.1M | 5.9M | 4.8M | 6.9M | 6.6M | 14M | 14M |
| CapEx/OCF | N/A | N/A | 26.5% | 10.3% | N/A | N/A | N/A | N/A | 54.1% | N/A | 0.0% |
| Capital Allocation | |||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 2.8M | 0 | 0 | 0 | 0 | 0 | 7.0M | 7.0M |
| Buyback Yield | N/A | N/A | N/A | 2.4% | N/A | N/A | N/A | N/A | N/A | 0.3% | 0.1% |
| Stock-Based Comp | 383K | 1.6M | 3.4M | 3.6M | 5.6M | 5.1M | 7.7M | 27M | 50M | 34M | 34M |
| Debt Repayment | 7.6M | 11M | 13M | 14M | 0 | 0 | 2.2M | 2.3M | 9.6M | 60M | 60M |
| Balance Sheet | |||||||||||
| Net Debt | -5.2M | -13M | -18M | -41M | -50M | -553M | -189M | -104M | -238M | -495M | -459M |
| Cash & Equiv. | 10M | 18M | 27M | 58M | 72M | 563M | 248M | 182M | 407M | 757M | 757M |
| Long-Term Debt | 141K | 0 | 0 | 0 | 18M | 23M | 19M | 54M | 106M | 179M | 179M |
| Debt/Equity | -2.02 | 0.13 | 0.18 | 0.18 | 0.35 | 0.06 | 0.12 | 0.13 | 0.21 | 0.20 | 0.20 |
| Interest Coverage | 19.3 | 2.5 | 13.0 | 23.9 | 21.9 | 50.6 | 35.7 | 35.7 | 36.4 | 15.7 | 15.7 |
| Equity | -2.4M | 40M | 52M | 97M | 141M | 676M | 675M | 767M | 905M | 1.5B | 1.5B |
| Total Assets | 44M | 68M | 103M | 218M | 341M | 1.1B | 1.2B | 1.5B | 1.9B | 2.9B | 2.9B |
| Total Liabilities | 24M | 28M | 51M | 60M | 133M | 241M | 423M | 565M | 760M | 942M | 942M |
| Intangibles | 17K | 106K | 274K | 344K | 554K | 477K | 1.3M | 2.5M | 3.5M | 2.8M | 2.8M |
| Retained Earnings | -9.6M | -10.0M | -3.4M | 16M | 34M | 64M | 94M | 157M | 260M | 350M | 350M |
| Working Capital | 23M | 41M | 50M | 145M | 158M | 747M | 568M | 675M | 842M | 1.7B | 1.7B |
| Current Assets | 40M | 63M | 96M | 198M | 261M | 953M | 964M | 1.2B | 1.5B | 2.4B | 2.4B |
| Current Liabilities | 17M | 22M | 46M | 54M | 103M | 206M | 396M | 501M | 641M | 746M | 746M |
| Per Share Data | |||||||||||
| EPS | 0.18 | -0.05 | 0.37 | 0.99 | 0.30 | 0.58 | 0.59 | 1.16 | 1.53 | 1.37 | 1.37 |
| Owner EPS | -1.19 | -1.57 | 0.18 | 0.26 | -0.32 | -0.79 | -1.12 | -1.64 | 1.42 | -0.85 | -0.85 |
| Book Value | -0.68 | 6.27 | 2.94 | 5.10 | 2.25 | 10.39 | 10.14 | 11.51 | 13.36 | 21.32 | 21.32 |
| Cash Flow/Share | -1.03 | -1.27 | 0.39 | 0.49 | -0.22 | -0.62 | -0.93 | -1.13 | 2.25 | -0.15 | 1.58 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 3.6M | 6.4M | 17.8M | 19.1M | 62.6M | 65.1M | 66.5M | 66.7M | 67.7M | 68.7M | 68.7M |
| Valuation | |||||||||||
| P/E Ratio | N/A | N/A | 9.4 | 6.2 | 76.1 | 45.1 | 12.0 | 17.2 | 9.9 | 29.6 | 52.8 |
| P/FCF | N/A | N/A | 12.2 | 13.9 | N/A | N/A | N/A | N/A | 14.7 | N/A | N/A |
| EV/EBIT | N/A | N/A | 6.9 | 4.1 | 64.0 | 29.6 | 4.7 | 12.7 | 5.2 | 20.9 | 41.2 |
| Price/Book | N/A | 0.3 | 1.2 | 1.2 | 10.1 | 2.5 | 0.7 | 1.7 | 1.1 | 1.9 | 3.4 |
| Price/Sales | N/A | 0.3 | 0.9 | 0.9 | 8.1 | 7.7 | 2.8 | 1.6 | 1.9 | 2.1 | 5.5 |
| FCF Yield | N/A | -81.7% | 8.2% | 7.2% | -1.3% | -2.9% | -32.5% | -10.3% | 6.8% | -2.4% | -1.3% |
| Market Cap | N/A | 11M | 62M | 117M | 1.4B | 1.7B | 471M | 1.3B | 1.0B | 2.8B | 5.0B |
| Avg. Price | N/A | 1.98 | 3.60 | 4.93 | 20.21 | 30.61 | 16.54 | 13.54 | 21.37 | 27.95 | 72.39 |
| Year-End Price | N/A | 1.68 | 3.49 | 6.13 | 22.84 | 26.17 | 7.08 | 19.96 | 15.20 | 40.62 | 72.39 |
ACM Research, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
ACM Research, Inc. trades at 52.8x trailing earnings, compared to its 15-year median P/E of 14.6x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 19.1% with a gross margin of 47.1%. Total shareholder yield (buybacks) is 0.1%. At current prices, the estimated annualized return to fair value is +24.0%.
ACM Research, Inc. (ACMR) has a current P/E ratio of 52.8, compared to its historical median P/E of 14.6. The stock is currently considered Expensive based on its historical valuation range.
ACM Research, Inc. (ACMR) has a 5-year average return on invested capital (ROIC) of 19.1%. This indicates strong capital allocation and a potential competitive advantage.
ACM Research, Inc. (ACMR) has a market capitalization of $5.0B. It is classified as a mid-cap stock.
ACM Research, Inc. (ACMR) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.14%.
Based on historical P/E analysis, ACM Research, Inc. (ACMR) appears expensive. The current P/E of 52.8 is 262% above its historical median of 14.6. The estimated fair value CAGR (P/E method) is 20.1%.
ACM Research, Inc. (ACMR) operates in the Special Industry Machinery, Nec industry, within the Industrials sector.
ACM Research, Inc. (ACMR) reported annual revenue of $901 million in its most recent fiscal year, based on SEC EDGAR filings.
| -153M |
| -49M |
| ROIC | 9.5% | 12.1% | 18.0% | 13.9% | 14.6% | 36.7% |
|---|
| Gross Margin | 44.4% | 44.4% | 50.1% | 49.5% | 47.2% | 44.2% |
|---|
| Debt/Equity | 0.20 | 0.20 | 0.21 | 0.13 | 0.12 | 0.06 |
|---|
| Dividends/Share | $0.00 | - | - | - | - | - |
|---|
| Operating Income | 109M | 109M | 151M | 96M | 59M | 39M |
|---|
| Operating Margin | 12.1% | 12.1% | 19.3% | 17.2% | 15.2% | 14.9% |
|---|
| ROE | 6.4% | 7.9% | 12.4% | 10.7% | 5.8% | 9.2% |
|---|
| Shares Outstanding | 69M | 69M | 68M | 67M | 67M | 65M |
|---|
ACM Research, Inc. (ACMR) has a net profit margin of 10.4%. This is a healthy margin.
ACM Research, Inc. (ACMR) generated $-67 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
ACM Research, Inc. (ACMR) has a debt-to-equity ratio of 0.20. This indicates a conservatively financed balance sheet.
ACM Research, Inc. (ACMR) reported earnings per share (EPS) of $1.37 in its most recent fiscal year.
ACM Research, Inc. (ACMR) has a return on equity (ROE) of 7.9%. This indicates moderate shareholder returns.
ACM Research, Inc. (ACMR) has a 5-year average gross margin of 47.1%. This indicates decent pricing power.
The Ledger Terminal provides 10 years of financial data for ACM Research, Inc. (ACMR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ACM Research, Inc. (ACMR) has a book value per share of $21.32, based on its most recent annual SEC filing.