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Analysis Report
May 1, 2026
Re-run recommended — fundamentals and price action have likely diverged from this snapshot.
Technology · Semiconductors
Price
$104.50
Market Cap
$6.7B
Employees
2,023
Beta
1.98
Avg Volume
1,540,016
CEO
Hui Wang
Business Description
ACM Research, Inc., along with its affiliated companies, is a global developer, manufacturer, and provider of specialized single-wafer wet cleaning systems. These crucial systems are designed to enhance manufacturing processes and improve the yield of integrated circuits across the globe. The company's innovative technological offerings include: Space Alternated Phase Shift (SAPS) technology: This system uniformly applies megasonic energy at a microscopic scale to both flat and patterned wafer surfaces by utilizing alternating phases of megasonic waves. Timely Energized Bubble Oscillation (TEBO) technology: Specifically engineered for patterned wafer surfaces at advanced process nodes, this technology precisely cleans intricate 2D and 3D patterned wafers. Tahoe technology: Providing superior cleaning performance, this solution significantly reduces the consumption of sulfuric acid and hydrogen peroxide. Electro-chemical plating technology: This offering facilitates advanced metal plating processes. ACM Research markets and sells its product line, branded as Ultra C, through a combination of its own direct sales force and independent third-party representatives. Established in 1998, ACM Research, Inc. is headquartered in Fremont, California.
Business History
Generated: May 1, 2026 5:03pmRevenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
71.09
Stock Price: $104.50
EPS (Diluted): 1.47
EPS (Diluted): 1.47
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
1.73
Stock Price: $104.50
Total Equity: $1.46B
Shares: 67,311,893
Total Equity: $1.46B
Shares: 67,311,893
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
13.06
Market Cap: $6.70B
Total Debt: $297.91M
Cash: $765.96M
EBITDA: $158.48M
Total Debt: $297.91M
Cash: $765.96M
EBITDA: $158.48M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$2.1B
Market Cap: $6.70B
Total Debt: $297.91M
Cash: $765.96M
Total Debt: $297.91M
Cash: $765.96M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
44.4%
Gross Profit: $400.07M
Revenue: $901.31M
Revenue: $901.31M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
12.1%
Operating Income: $109.43M
Revenue: $901.31M
Revenue: $901.31M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
10.4%
Net Income: $94.08M
Revenue: $901.31M
Revenue: $901.31M
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
6.4%
Net Income: $94.08M
Total Equity: $1.46B
Total Equity: $1.46B
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
9.9%
Operating Income: $109.43M
Tax Rate: 9.8%
Equity: $1.46B
Total Debt: $297.91M
Cash: $765.96M
Tax Rate: 9.8%
Equity: $1.46B
Total Debt: $297.91M
Cash: $765.96M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
3.27
Current Assets: $2.44B
Current Liabilities: $745.71M
Current Liabilities: $745.71M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.20
Short-Term Debt: $113.91M
Long-Term Debt: $184.00M
Total Debt: $297.91M
Total Equity: $1.46B
Long-Term Debt: $184.00M
Total Debt: $297.91M
Total Equity: $1.46B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$13.39
Revenue: $901.31M
Shares: 67,311,893
Shares: 67,311,893
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$21.75
Total Equity: $1.46B
Shares: 67,311,893
Shares: 67,311,893
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-0.99
Operating CF: -$10.33M
CapEx: -$56.28M
Shares: 67,311,893
CapEx: -$56.28M
Shares: 67,311,893
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.3%
Last Dividend: N/A
Stock Price: $104.50
Stock Price: $104.50
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $94.08M
Net Income: $94.08M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares ACMR against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
Not applicable for Mature Earner companies
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
Not applicable for Mature Earner companies
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
Not applicable for Mature Earner companies
4h
Dividend Discount Model
— For dividend/income stocks only
Not applicable for Mature Earner companies
4i
Book Value Analysis
— For deep value / turnaround stocks only
Not applicable for Mature Earner companies
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
Not applicable for Mature Earner companies
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 24, 2026 7:27pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $259.8M | $388.8M | $557.7M | $782.1M | $901.3M |
| Cost of Revenue | $144.9M | $205.2M | $281.5M | $390.6M | $501.2M |
| Gross Profit | $114.9M | $183.6M | $276.2M | $391.6M | $400.1M |
| Operating Expenses | $76.2M | $124.6M | $180.4M | $240.6M | $290.6M |
| Operating Income | $38.7M | $59.0M | $95.8M | $151.0M | $109.4M |
| Net Income | $37.8M | $39.3M | $77.3M | $103.6M | $94.1M |
| EBITDA | $46.2M | $74.4M | $127.0M | $180.4M | $158.5M |
| EPS | $0.65 | $0.66 | $1.29 | $1.67 | $1.47 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 24, 2026 7:27pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $562.5M | $248.0M | $182.1M | $407.4M | $766.0M |
| Total Current Assets | $952.9M | $963.8M | $1.2B | $1.5B | $2.4B |
| Total Assets | $1.1B | $1.2B | $1.5B | $1.9B | $2.9B |
| Current Liabilities | $205.9M | $396.2M | $500.7M | $641.2M | $745.7M |
| Long-Term Debt | $23.0M | $18.7M | $54.0M | $105.5M | $184.0M |
| Total Liabilities | $240.5M | $423.3M | $564.7M | $759.8M | $941.7M |
| Total Equity | $676.2M | $674.9M | $767.4M | $904.6M | $1.5B |
| Retained Earnings | $63.7M | $94.4M | $156.8M | $260.0M | $350.4M |
Cash Flow (Annual)
Last updated: Jun 24, 2026 7:27pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$40.1M | -$62.2M | -$75.3M | $152.5M | -$10.3M |
| Capital Expenditure | -$9.7M | -$92.5M | -$64.3M | -$82.5M | -$56.3M |
| Free Cash Flow | -$49.8M | -$154.7M | -$139.7M | $70.0M | -$66.6M |
| Acquisitions (net) | -$1.6M | -$1.0M | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | -$7.0M |
| Net Change in Cash | $491.3M | -$314.6M | -$65.3M | $228.1M | $354.7M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 9:17pm (12h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$1.4B $1.4B – $1.5B
|
$1.9B $1.9B – $1.9B
|
$2.2B $2.1B – $2.4B
|
$2.5B $2.4B – $2.7B
|
| EBITDA |
$278.1M $264.1M – $298.1M
|
$366.5M $360.6M – $372.5M
|
$424.5M $401.3M – $458.1M
|
$494.8M $467.8M – $534.0M
|
| Net Income |
$197.4M $177.9M – $211.2M
|
$272.8M $244.5M – $354.9M
|
$283.4M $263.3M – $312.6M
|
$344.6M $320.2M – $380.1M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 24, 2026 7:27pm (2d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +49.7% | +43.4% | +40.2% | +15.2% |
| Gross Profit Growth | +59.9% | +50.4% | +41.8% | +2.2% |
| Operating Income Growth | +52.5% | +62.3% | +57.6% | -27.5% |
| Net Income Growth | +4.0% | +97.0% | +34.0% | -9.2% |
| EBITDA Growth | +61.1% | +70.7% | +42.1% | -12.2% |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for ACMR — it's generated by the pipeline (
market-narrative step).
No community reviews yet for ACMR.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
personal — only you see this
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30