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ACM Research, Inc. key statistics and ratios

In fiscal 2025, ACM Research, Inc. had return on equity of 7.9% and a net margin of 10.4%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Net margin3.8%−0.9%8.8%17.6%12.0%14.5%10.1%13.9%13.2%10.4%14.5%
Return on equity—−1.7%14.3%25.3%15.8%9.2%5.8%10.7%12.4%7.9%9.0%
Return on assets2.3%−0.6%7.7%11.8%6.7%5.4%3.4%5.7%6.2%4.0%4.8%
Effective tax rate20.0%—10.9%−2.7%−12.3%0.3%24.9%16.7%21.1%9.8%11.2%
R&D as % of revenue11.9%14.1%13.9%12.0%12.2%13.2%16.0%16.6%13.5%16.1%15.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from ACM Research, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to ACM Research, Inc.