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ACM Research, Inc. (ACMR) stock

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NASDAQ: ACMR Nasdaq Semiconductor Materials & Equipment Next results ~November 5, 2026

C Fundamentals grade

ACM Research, Inc. is a US-listed company in the semiconductor materials & equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$46

Valuation models combined (5)

Base case. Range ~$19–$66. Weighted average of 5 models (growth cash-flow model, forward price-to-earnings vs peers, residual income, justified price-to-book, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

ACM Research, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds240 adding, 131 cuttingOf 53 active managers that changed their stake, 30 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter ACM Research files

Where ACM Research stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.04bn, up 27.3% on a year earlier, faster than the 19.7% growth a quarter earlier. Free-cash-flow margin fell to -11.5% from -2.2% a year earlier. Operating margin narrowed to 13.3% from 17.9%. The diluted share count is up 3.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 5 of our 7 financial-health checks.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

ACM Research, Inc.'s trailing-twelve-month revenue grew 27.3% year on year, with a free-cash-flow margin of -11.5%. Where it stands out: long-term debt as % of assets of 5.7% ranks 3 of 13 semiconductor materials & equipment companies we cover. Where it lags: days sales outstanding of 189 days ranks 16 of 16 semiconductor materials & equipment companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 579.3% while net income grew 34.0%: a 613pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 27.3% over the last 12 months, against a median of 15.8% for semiconductor materials & equipment companies we cover.
  • Growth speeding up. The growth rate is 7.6 points higher than a quarter earlier.
  • Net cash. Cash exceeds long-term debt by $0.8bn.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 30.5% over 90 days.

Things to watch

  • Margins narrowing. Operating margin is down 4.6 points on a year ago.
  • Burning cash. Free cash flow was -11.5% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 3.9% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 88% and a beta of 3.7 against the S&P 500.
  • Gross margin slipping. Gross margin is down 5.6 points on a year ago.
  • Weak cash conversion. Free cash flow was -80% of net income over the last 12 months.

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$0.61 against an average estimate of $0.34: beat by 81.2%
Revenue
$293m, up 36.0% on a year earlier
Share reaction
-5.2% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
preliminary unaudited revenue $360m to $365m (third quarter of 2026); preliminary total shipments $335m to $340m (third quarter of 2026)
Next report
November 5, 2026; average EPS estimate $0.52

ACM Research's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.9%
  • 1 week-13.4%
  • 1 month-47.0%
  • This year+11.9%
  • 1 year+6.5%
  • 5 years+22.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1B
Operating margin
13.3%
Net margin
14.5%
EPS (TTM, diluted)
$2.17

Growth

Revenue growth
+27.3%
Change in growth rate
+7.6 pts
Share count change
+3.9%

Cash

Free cash flow (TTM)
-$120M
FCF margin
-11.5%
Stock pay % of revenue
2.5%

Earnings

Last results
October 28, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Announcement
  4. Announcement
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

ACM Research, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value ACM Research, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 12.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.75 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$63 ~$40–$81 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$48 ~$43–$64 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$20 ~$14–$28 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$19 ~$18–$22 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$66 ~$53–$81 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$46 ~$19–$66 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare ACM Research, Inc. with Semiconductor Materials & Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 201720182019202020212022202320242025Now
Share price$1.75$3.63$6.15$27.08$28.42$7.71$19.54$15.10$39.45$44.15
Market value$36m$195m$353m$1.7bn$1.9bn$504m$1.3bn$1.0bn$2.7bn$3.1bn
+ Net debt (− = net cash)−$13m−$18m−$45m−$26m−$528m−$171m−$90m−$225m−$469m−$628m
Enterprise value$23m$177m$309m$1.7bn$1.3bn$333m$1.2bn$776m$2.2bn$2.4bn
Multiples
Price / sales 1.0x2.6x3.3x11.0x7.2x1.3x2.3x1.3x2.9x2.9x
Price / earnings —29.6x18.7x91.6x49.2x12.8x16.4x9.7x28.2x20.3x
Price / free cash flow —38.4x41.9x————14.3x——
EV / EBITDA 24.2x25.7x16.6x75.2x32.4x5.2x11.5x4.9x17.7x15.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

45 /100

Weak moat

How hard ACM Research's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Net income has been a median 5.1% of total assets over 9 years.

  • Pricing power 16 / 20

    Gross margin has been a median 47.9%, moving by 2.6 percentage points (standard deviation) across 10 years.

  • Durability 9 / 20

    Operating margin has been a median 13.7%; its worst year was 5.5%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 9 years, at a median -11.5% of revenue.

  • Discipline 11 / 20

    The diluted share count rose 12.0% over five years; stock-based pay has been a median 3.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $311m and EPS of $0.52 (range $0.42 to $0.63) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.14 +33% $1.2bn +30%
Next $2.94 +38% $1.5bn +29%

Next year's EPS estimate has moved +30.5% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +27.6% on 90 days ago. In the last 30 days, 3 analysts raised ACM Research, Inc.'s forecast and 0 cut it.

Consensus EPS forecast ACM Research, Inc., last 90 days
$1.50 $2.00 $2.50 $3.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.68 Current fiscal year, 60 days ago: $2.05 Current fiscal year, 30 days ago: $2.15 Current fiscal year, 7 days ago: $2.15 Current fiscal year, Now: $2.14 $2.14 Next fiscal year, 90 days ago: $2.25 Next fiscal year, 60 days ago: $2.50 Next fiscal year, 30 days ago: $2.89 Next fiscal year, 7 days ago: $2.89 Next fiscal year, Now: $2.94 $2.94

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.68$2.25
60 days ago $2.05$2.50
30 days ago $2.15$2.89
7 days ago $2.15$2.89
Now $2.14$2.94

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.34 $0.61 +81.2%
Mar 2026 $0.20 $0.34 +72.9%
Dec 2025 $0.40 $0.25 −37.5%
Sept 2025 $0.53 $0.36 −32.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • preliminary unaudited revenue third quarter of 2026 $360m to $365m
    “preliminary unaudited revenue for the third quarter of 2026 is expected to be in the range of $360 million to $365 million, which would represent year-to-year growth of 34% to 36%.” source
  • preliminary total shipments third quarter of 2026 $335m to $340m
    “preliminary total shipments are expected to be in the range of $335 million to $340 million, which would represent year-to-year growth of 27% to 29%.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

10 analysts, Oct 2026
Buy990%
Hold110%
Sell00%

Monthly trend

  1. Oct 202636110
  2. Sep 20262619
  3. Aug 20262619
  4. Jul 20262518

Counts of recommendations published by analysts covering ACM Research, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.4%
of tradable shares
Days to cover
2.6
at average volume
Short interest, 1 month
−16%
to October 15, 2026
Held by institutions
78%
of shares
Held by insiders
3.9%
of shares
Employees
2,513
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +6.5%

$41.46 on October 31, 2025 to $44.15

ThenNowEffect
Revenue (last 12 months) $815m $1.0bn +27.3%
Net margin 13.8% 14.5% +5.2%
P/E multiple 24.6x 20.3x −17.4%
Share count 67m 69m −3.8%

Biggest factor: revenue.

Last 3 years +192.5%

$15.10 on November 3, 2023 to $44.15

ThenNowEffect
Revenue (last 12 months) $461m $1.0bn +125.1%
Net margin 14.5% 14.5% −0.1%
P/E multiple 15.1x 20.3x +34.6%
Share count 67m 69m −3.4%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ACMR+5%−73%+153%−23%+161%+12%
Industry peers (median)+67%−36%+29%+0%+27%+28%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ACMR33%50%75%33%67%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ACMR−54%−80%−37%−58%−39%−65%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2017: 87% from February 16, 2021 to October 24, 2022. Getting back needed a 683% gain, reached on January 6, 2026, 1170 days after the low.

Price behaviour

52-week range
$29.67 – $126.89
From 52-week high
−65.2%
vs 50-day average
−34.9%
vs 200-day average
−35.6%
Volatility (1 year)
88%
Beta vs S&P 500
3.70

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±10.2%
After a week
5 up, 6 down
typical move ±13.7%
After a month
6 up, 5 down
typical move ±23.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −5.2% 0.0% — —
August 7, 2026 +0.5% +0.6% +1.8% −2.6%
May 7, 2026 +8.1% +0.5% +14.1% +45.5%
April 27, 2026 −11.7% −0.3% −8.7% +58.0%
February 26, 2026 −18.7% −1.0% −29.4% −41.5%
January 22, 2026 −6.7% +0.6% +2.3% +21.8%
November 5, 2025 −20.5% −0.7% −13.1% −9.8%
October 29, 2025 +1.9% −1.1% −23.1% −17.4%
August 6, 2025 −18.1% +0.7% −14.1% −7.6%
May 8, 2025 +10.8% +0.6% +21.5% +24.9%
April 29, 2025 −6.4% +0.7% −5.9% +10.5%
February 26, 2025 +13.8% −1.5% +16.2% +17.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

ACM Research, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) ACM Research, Inc.
$400M $600M $800M $1B $1.2B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $495.9M Revenue (TTM), FY23 Q4: $557.7M Revenue (TTM), FY24 Q1: $635.7M Revenue (TTM), FY24 Q2: $693.6M Revenue (TTM), FY24 Q3: $729M Revenue (TTM), FY24 Q4: $782.1M Revenue (TTM), FY25 Q1: $802.3M Revenue (TTM), FY25 Q2: $815.2M Revenue (TTM), FY25 Q3: $880.4M Revenue (TTM), FY25 Q4: $901.3M Revenue (TTM), FY26 Q1: $960.2M Revenue (TTM), FY26 Q2: $1B $1B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $495.9M
FY23 Q4 $557.7M
FY24 Q1 $635.7M
FY24 Q2 $693.6M
FY24 Q3 $729M
FY24 Q4 $782.1M
FY25 Q1 $802.3M
FY25 Q2 $815.2M
FY25 Q3 $880.4M
FY25 Q4 $901.3M
FY26 Q1 $960.2M
FY26 Q2 $1B
Revenue growth, TTM YoY ACM Research, Inc.
0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 32.1% Revenue growth, TTM YoY, FY23 Q4: 43.4% Revenue growth, TTM YoY, FY24 Q1: 51.0% Revenue growth, TTM YoY, FY24 Q2: 50.4% Revenue growth, TTM YoY, FY24 Q3: 47.0% Revenue growth, TTM YoY, FY24 Q4: 40.2% Revenue growth, TTM YoY, FY25 Q1: 26.2% Revenue growth, TTM YoY, FY25 Q2: 17.5% Revenue growth, TTM YoY, FY25 Q3: 20.8% Revenue growth, TTM YoY, FY25 Q4: 15.2% Revenue growth, TTM YoY, FY26 Q1: 19.7% Revenue growth, TTM YoY, FY26 Q2: 27.3% 27.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 32.1%
FY23 Q4 43.4%
FY24 Q1 51.0%
FY24 Q2 50.4%
FY24 Q3 47.0%
FY24 Q4 40.2%
FY25 Q1 26.2%
FY25 Q2 17.5%
FY25 Q3 20.8%
FY25 Q4 15.2%
FY26 Q1 19.7%
FY26 Q2 27.3%
Operating margin (TTM) ACM Research, Inc.
12% 14% 16% 18% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 18.0% Operating margin (TTM), FY23 Q4: 17.2% Operating margin (TTM), FY24 Q1: 17.7% Operating margin (TTM), FY24 Q2: 17.2% Operating margin (TTM), FY24 Q3: 17.9% Operating margin (TTM), FY24 Q4: 19.3% Operating margin (TTM), FY25 Q1: 18.9% Operating margin (TTM), FY25 Q2: 17.9% Operating margin (TTM), FY25 Q3: 14.8% Operating margin (TTM), FY25 Q4: 12.1% Operating margin (TTM), FY26 Q1: 12.5% Operating margin (TTM), FY26 Q2: 13.3% 13.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 18.0%
FY23 Q4 17.2%
FY24 Q1 17.7%
FY24 Q2 17.2%
FY24 Q3 17.9%
FY24 Q4 19.3%
FY25 Q1 18.9%
FY25 Q2 17.9%
FY25 Q3 14.8%
FY25 Q4 12.1%
FY26 Q1 12.5%
FY26 Q2 13.3%
FCF margin (TTM) ACM Research, Inc.
-40% -20% 0% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -32.2% FCF margin (TTM), FY23 Q4: -25.0% FCF margin (TTM), FY24 Q1: -20.4% FCF margin (TTM), FY24 Q2: -12.3% FCF margin (TTM), FY24 Q3: -8.3% FCF margin (TTM), FY24 Q4: 8.5% FCF margin (TTM), FY25 Q1: 11.3% FCF margin (TTM), FY25 Q2: -2.2% FCF margin (TTM), FY25 Q3: -1.3% FCF margin (TTM), FY25 Q4: -7.5% FCF margin (TTM), FY26 Q1: -11.3% FCF margin (TTM), FY26 Q2: -11.5% -11.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -32.2%
FY23 Q4 -25.0%
FY24 Q1 -20.4%
FY24 Q2 -12.3%
FY24 Q3 -8.3%
FY24 Q4 8.5%
FY25 Q1 11.3%
FY25 Q2 -2.2%
FY25 Q3 -1.3%
FY25 Q4 -7.5%
FY26 Q1 -11.3%
FY26 Q2 -11.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar ACM Research took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $901M
  2. Cost of revenue $501M · 55.6%
  3. Gross profit $400M · 44.4%
  4. Research and development $145M · 16.1%
  5. Selling, general and admin $146M · 16.2%
  6. Operating income $109M · 12.1%
  7. Income tax $13.3M · 1.5%
  8. Net income $94.1M · 10.4%

Shares of revenue. Source: ACM Research's 10-K for FY2025, as filed with the SEC.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 27 37 75 108 157 260 389 558 782 901 1,038
Gross profit 13 17 34 51 70 115 184 276 392 400 455
EBITDA 4 1 7 19 23 41 64 103 158 124 158
Operating income 3 1 6 18 21 39 59 96 151 109 138
Net income 1 −0 7 19 19 38 39 77 104 94 150
Diluted EPS $0.06 −$0.02 $0.12 $0.33 $0.30 $0.58 $0.59 $1.16 $1.53 $1.37 $2.17
Growth (year on year)
Revenue — +33.4% +104.5% +44.1% +45.7% +65.8% +49.7% +43.4% +40.2% +15.2% +27.3%
EBITDA — −73.6% +609.4% +169.7% +21.4% +82.1% +55.6% +60.9% +53.4% −21.4% +2.8%
Operating income — −79.9% — +174.9% +20.8% +80.1% +52.5% +62.3% +57.6% −27.5% −5.3%
Net income — −130.8% — +187.4% −0.6% +101.0% +4.0% +97.0% +34.0% −9.2% +34.0%
Diluted EPS — −127.8% — +167.6% −9.1% +93.3% +1.7% +96.6% +31.9% −10.5% +29.0%
Margins
Gross margin 48.7% 47.2% 46.2% 47.1% 44.4% 44.2% 47.2% 49.5% 50.1% 44.4% 43.8%
EBITDA margin 13.4% 2.7% 9.2% 17.3% 14.4% 15.8% 16.4% 18.4% 20.1% 13.7% 15.2%
Operating margin 12.8% 1.9% 8.7% 16.5% 13.7% 14.9% 15.2% 17.2% 19.3% 12.1% 13.3%
Net margin 3.8% −0.9% 8.8% 17.6% 12.0% 14.5% 10.1% 13.9% 13.2% 10.4% 14.5%
Free-cash-flow margin −16.4% −24.0% 6.8% 7.8% −12.0% −19.0% −39.4% −24.6% 8.9% −7.4% −11.4%
Cash flow
Cash from operations −4 −8 7 9 −14 −40 −62 −75 152 −10 −7
Capital spending 1 1 2 1 5 9 91 62 82 56 112
Free cash flow −4 −9 5 8 −19 −49 −153 −137 70 −67 −119
Stock-based pay 0 2 3 4 6 5 8 27 50 34 26
Free cash flow after stock pay −5 −10 2 5 −24 −54 −161 −165 20 −100 −145
Balance sheet
Cash 10 18 27 58 72 563 248 182 407 757 969
Total debt 5 5 9 14 46 35 77 92 183 288 341
Net debt (negative = net cash) −5 −13 −18 −45 −26 −528 −171 −90 −225 −469 −628
Diluted shares 11m 21m 54m 57m 64m 65m 65m 65m 66m 67m 69m
Returned to shareholders
Buybacks — — 0 3 0 0 — 0 0 7 —
Total returned — — 0 3 0 0 — 0 0 7 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · June 30, 2026
What it owns · $3.4bn
Short-term assets $2.9bnLonger-term assets $524m
What it owes, and who funded it · $2.9bn
Short-term liabilities $786mLonger-term liabilities $208mShareholders' equity $1.9bn
  • Short-term assets cover short-term liabilities $2.9bn of assets due within a year against $786m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.9bn short-term assets against $208m of longer-dated liabilities.
  • More cash than debt $969m of cash against $234m of debt.
  • Debt below 40% of shareholders' equity Debt is 13% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 3% to 13% over five years.
  • A year's operating cash flow covers at least 20% of debt −$7m of operating cash flow against $234m of debt.
  • Operating profit covers interest at least five times over Operating income of $138m against $8m of interest.

From ACM Research, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$7M
Diluted share count
+3.9%
year over year
R&D spending
15.7%
of revenue
Days sales outstanding
189 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductor materials & equipment
Last 12 months unless stated ACMR ONTO KLIC NVMI ACLS VECO Median
Revenue, last 12 months $1.0bn $1.1bn $950m $881m $866m $683m $994m
Revenue growth, last 12 months 27.3% 8.1% 44.4% 31.0% −3.3% −2.5% 15.8%
Revenue growth, 3-year average 31.1% 7.7% 4.8% 99.1% −5.4% 2.1% 7.8%
Revenue growth, latest quarter 36.0% 35.3% 122.6% — 10.6% 16.5% 33.7%
Gross margin 43.8% 50.4% 48.2% 57.4% 43.0% 37.9% 47.7%
Operating margin 13.3% 12.0% 13.2% 28.8% 10.3% 2.7% 13.2%
Operating margin, 3-year average 16.1% 15.9% 0.9% 27.3% 17.2% 7.6% 16.0%
Net margin 14.5% 11.8% 12.2% 29.4% 10.7% 3.4% 10.9%
Cash from operations / revenue −0.6% 23.8% 5.8% 27.9% 8.7% 14.6% 18.6%
Free-cash-flow margin −11.5% 22.5% 4.3% 24.7% 7.6% 12.5% 15.0%
Free-cash-flow margin, 3-year average −8.7% 22.0% 10.0% 26.8% 11.7% 8.1% 11.9%
Stock pay / revenue 2.5% 2.8% 2.9% 3.0% 2.5% 5.3% 2.4%
Change in share count 3.9% 0.3% −1.0% 2.1% −3.7% 2.3% 0.8%

Median of all 20 companies we cover in semiconductor materials & equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

20 semiconductor materials & equipment companies
Measure Company Peer median Rank
Revenue growth Growth 27.3% 15.8% 7 of 20
Change in growth rate Growth +7.6pp +7.5pp 9 of 20
Gross margin Profitability 43.8% 48.2% 14 of 19
Operating margin Profitability 13.3% 13.2% 9 of 19
Net margin Profitability 14.5% 11.1% 7 of 20
Free-cash-flow margin Cash generation -11.5% 17.5% 19 of 20
Stock pay as % of revenue Cash generation 2.5% 2.5% 12 of 20
Long-term debt as % of assets Balance sheet 5.7% 22.0% 3 of 13
Change in share count Balance sheet 3.9% 0.9% 16 of 19
Days sales outstanding Balance sheet 189 days 79 days 16 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Total Single Wafer and Semi Critical Cleaning Equipment $626M 69.5% ▲ 8.1%
ECP Front End and Packaging Furnace and Other Technologies $200M 22.1% ▲ 32.1%
Advanced Packaging Exclude ECP Services Spares $75.8M 8.4% ▲ 45.3%

From ACM Research, Inc.'s 10-K filed March 2, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$6.1B
Institutions reporting
374
Shares held vs prior quarter
▲ 9.4%
Positions opened / closed
116 / 39

Top buyers and sellers, Q2 2026: 240 institutions bought and 131 sold ; the biggest buyer was Capital World Investors (+2.4M shares) and the biggest seller WCM Investment Management, LLC (−943K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.1B 8.7M 17.9% ▲ 8.5%
Vanguard Portfolio Management LLC $425M 3.3M 6.9% ▲ 52.0%
Vanguard Capital Management LLC $312M 2.5M 5.1% ▲ 8.8%
Capital World Investors $304M 2.4M 5.0% New
State Street Corp $278M 2.2M 4.5% ▲ 9.1%
Geode Capital Management, LLC $189M 1.5M 3.1% ▲ 8.5%
Invesco Ltd. $148M 1.2M 2.4% ▲ 48.7%
Value Aligned Research Advisors, LLC $134M 1.1M 2.2% ▲ 10.3%
Wfm Asia (BVI) Ltd $123M 969K 2.0% New
Dimensional Fund Advisors LP $121M 954K 2.0% ▲ 32.7%
WCM Investment Management, LLC $109M 918K 1.8% ▼ 50.7%
Tekne Capital Management, LLC $93.6M 738K 1.5% ▲ 3.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not ACM Research, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

  • October 28, 2026
  • August 7, 2026
  • May 7, 2026
  • April 27, 2026
  • February 26, 2026
  • January 22, 2026

Recent SEC filings

Data status

When each part of this page on ACM Research, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

ACM Research, Inc. in brief

What does ACM Research, Inc. do?
ACM Research, Inc. is a US-listed company in the semiconductor materials & equipment industry. Its financial year ends in December.
What is ACM Research, Inc.'s stock ticker?
ACM Research, Inc. trades under the ticker ACMR on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is ACM Research, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, ACM Research, Inc. reported revenue of $1B, 27.3% higher than a year earlier, according to its SEC filings.
What is ACM Research, Inc.'s free cash flow?
ACM Research, Inc.'s free-cash-flow margin is -11.5% of revenue over the trailing twelve months, ranking 19 of the 20 semiconductor materials & equipment companies we cover.
Who are ACM Research, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is ACM Research, Inc.'s market cap?
On November 2, 2026, ACM Research, Inc.'s market capitalisation was about $3.1B, with a price-to-earnings ratio of 20.3 and net debt of -$628M. Market figures come from third-party market data and may be delayed.
How much debt does ACM Research, Inc. have?
ACM Research, Inc.'s debt-to-equity ratio is 12.6%, from its latest balance sheet (3.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are ACM Research, Inc.'s competitors?
In our Semiconductor Materials & Equipment peer group, the companies closest to ACM Research, Inc. are Onto Innovation Inc., Kulicke & Soffa Industries Inc, Nova LTD., Axcelis Technologies Inc and Veeco Instruments Inc. The side-by-side comparison below sets their revenue, margins and growth against ACM Research, Inc.'s.
When is ACM Research, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — ACM Research, Inc. announces its own schedule.