ACM Research (ACMR) AI Stock Analysis

• Market Cap: $2.58B
• Dividend Yield: N/A
• Average Volume (3M): 1.23M
• Price to Earnings (P/E): 23.2
• Beta (1Y): 1.76
• Revenue Growth: 20.77%
• EPS Growth: 26.08%
• Country: US
• Employees: 2,023
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): 0.36
• Shares Outstanding: 59,854,640
• 10 Day Avg. Volume: 1,396,928
• 30 Day Avg. Volume: 1,228,771
• PEG Ratio: 0.31
• Price to Book (P/B): 1.04
• Price to Sales (P/S): 1.20
• P/FCF Ratio: 13.42
• Enterprise Value/Market Cap: 0.89
• Enterprise Value/Revenue: 2.60
• Enterprise Value/Gross Profit: 5.57
• Enterprise Value/Ebitda: 12.01
• 1Y Price Target: $43.55
• Price Target Upside: 9.50% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 1.87
• Revenue Forecast (FY): $912.40M

• Rating: 72 Outperform
• Price Target: $41.00 ▲(3.09% Upside)

ACM Research's overall stock score reflects strong financial performance and innovation, tempered by cash flow challenges and declining margins. The earnings call provided a positive outlook with significant revenue growth and strategic advancements, while technical indicators suggest a neutral trend. Valuation is reasonable, supporting a balanced investment perspective.

Positive Factors

Revenue Growth

Strong revenue growth indicates robust demand and effective market strategies, positioning ACM Research for sustained expansion in the semiconductor industry.

Technological Innovation

Continuous innovation in product offerings enhances ACM's competitive edge, supporting long-term growth and market leadership in semiconductor manufacturing.

Strong Backlog

A significant backlog reflects strong demand and future revenue potential, reinforcing ACM's market position and growth prospects in the semiconductor sector.

Negative Factors

Gross Margin Decline

Declining gross margins suggest increased cost pressures, which could impact profitability and require strategic adjustments to maintain financial health.

Cash Flow Challenges

Cash flow challenges highlight potential liquidity issues, necessitating improved cash management to support ongoing operations and strategic investments.

Operating Income Decrease

A decrease in operating income indicates rising operational costs, which could hinder profitability unless efficiency improvements are implemented.

ACM Research Business Overview & Revenue Model

Company Description

ACM Research, Inc., together with its subsidiaries, develops, manufactures, and sells single-wafer wet cleaning equipment for enhancing the manufacturing process and yield for integrated chips worldwide. It offers space alternated phase shift technology for flat and patterned wafer surfaces, which employs alternating phases of megasonic waves to deliver megasonic energy in a uniform manner on a microscopic level; timely energized bubble oscillation technology for patterned wafer surfaces at advanced process nodes, which provides cleaning for 2D and 3D patterned wafers; Tahoe technology for delivering cleaning performance using less sulfuric acid and hydrogen peroxide; and electro-chemical plating technology for advanced metal plating. The company markets and sells its products under the Ultra C brand name through direct sales force and third-party representatives. ACM Research, Inc. was incorporated in 1998 and is headquartered in Fremont, California.

How the Company Makes Money

ACM Research generates revenue primarily through the sale of its semiconductor manufacturing equipment and related services. The company's key revenue streams include the sale of wet processing tools, which are critical for various semiconductor manufacturing processes, as well as installation, maintenance, and support services that accompany the equipment. Additionally, ACMR benefits from long-term service agreements and spare parts sales, which provide ongoing revenue after the initial equipment sale. The company has formed significant partnerships with major semiconductor manufacturers, enhancing its market presence and driving sales through collaborative development and deployment of advanced technologies that meet the evolving needs of the semiconductor industry.

ACM Research Financial Statement Overview

Summary

ACM Research shows strong revenue growth and profitability with a stable balance sheet. However, cash flow challenges and declining margins indicate potential operational inefficiencies and liquidity risks.

Income Statement

ACM Research shows strong revenue growth with a TTM growth rate of 7.996%, indicating robust demand in the semiconductor industry. The gross profit margin is healthy at 46.68%, though slightly down from previous years. Net profit margin remains stable at 13.30%, reflecting consistent profitability. However, the EBIT and EBITDA margins have slightly decreased, suggesting increased operational costs.

Balance Sheet

The balance sheet is solid with a low debt-to-equity ratio of 0.038, indicating low leverage and financial stability. Return on equity is reasonable at 10.96%, showing effective use of equity capital. The equity ratio is strong, reflecting a well-capitalized position. However, the slight decline in ROE compared to previous years suggests potential challenges in maintaining high returns.

Cash Flow

Cash flow analysis reveals challenges, with negative free cash flow growth of -37.41% in the TTM period, indicating cash management issues. The operating cash flow to net income ratio is low at 0.065, suggesting limited cash generation from operations. The negative free cash flow to net income ratio highlights potential liquidity concerns.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	880.35M	782.12M	557.72M	388.83M	259.75M	156.62M
Gross Profit	410.98M	391.55M	276.21M	183.62M	114.86M	69.60M
EBITDA	190.59M	180.42M	126.99M	74.38M	41.05M	21.33M
Net Income	117.11M	103.63M	77.35M	39.26M	37.76M	18.78M
Balance Sheet
Total Assets	2.77B	1.86B	1.49B	1.24B	1.05B	341.26M
Cash, Cash Equivalents and Short-Term Investments	1.13B	444.10M	283.93M	338.65M	592.05M	100.00M
Total Debt	297.04M	188.78M	99.10M	79.50M	39.14M	50.01M
Total Liabilities	885.43M	759.82M	564.75M	423.33M	240.51M	133.09M
Stockholders Equity	1.43B	904.63M	767.39M	674.86M	676.20M	141.15M
Cash Flow
Free Cash Flow	-11.82M	69.99M	-139.66M	-154.71M	-49.80M	-69.03M
Operating Cash Flow	44.35M	152.45M	-75.32M	-62.19M	-40.09M	-13.55M
Investing Cash Flow	-63.31M	-11.96M	-6.75M	-265.67M	-11.28M	-69.95M
Financing Cash Flow	753.57M	92.48M	18.53M	45.87M	538.77M	32.83M

ACM Research Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 39.77
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ACMR, the sentiment is Positive. The current price of 39.77 is above the 20-day moving average (MA) of 35.65, above the 50-day MA of 36.20, and above the 200-day MA of 29.32, indicating a bullish trend. The MACD of 1.12 indicates Negative momentum. The RSI at 63.80 is Neutral, neither overbought nor oversold. The STOCH value of 48.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ACMR.

ACM Research Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ACLS	78 Outperform	$2.56B	19.55	13.62%	―	-20.69%	-37.67%
ACMR	72 Outperform	$2.58B	23.25	10.09%	―	20.77%	26.08%
VECO	70 Neutral	$1.76B	35.33	6.12%	―	-3.90%	-41.66%
FORM	68 Neutral	$4.42B	108.47	4.16%	―	2.29%	-69.81%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
KLIC	61 Neutral	$2.39B	11,415.00	0.02%	1.80%	-7.38%	99.38%
UCTT	52 Neutral	$1.16B	-7.16	-20.61%	―	6.65%	-4652.36%

ACM Research Corporate Events

ACM Research Reports Strong Q3 Performance and Outlook

On November 13, 2025, ACM Research (Shanghai), Inc. held an earnings call to discuss its third-quarter financial performance and future outlook. The company reported a significant increase in its order backlog, driven by strong demand for its advanced cleaning and furnace systems. ACM Shanghai highlighted its technological advancements, including nitrogen bubbling technology for 3D NAND and proprietary SAPS technology for DRAM, which are expected to enhance its market competitiveness. The company anticipates continued growth in the Chinese market and international expansion, supported by its differentiated technologies and comprehensive product portfolio.

ACM Research Reports Significant Backlog Increase

On September 29, 2025, ACM Research announced that its subsidiary, ACM Research (Shanghai), posted a backlog of RMB 9,071.5 million (USD $1,271.6 million) on the Shanghai Stock Exchange, marking a 34.1% increase from the previous year. This backlog includes orders for tools shipped but not yet recognized as revenue and those expected to be shipped later, indicating strong demand for ACM’s products and potentially enhancing its market position in the semiconductor industry.

ACM Research Raises $630M in Private Offering

On September 24, 2025, ACM Research announced that its subsidiary, ACM Research (Shanghai), completed a private offering of ordinary shares, raising approximately US$630 million. The proceeds will be used for research and development, capital expenditures, and working capital. The offering involved 17 qualified investors and resulted in ACM’s equity interest in the subsidiary decreasing from 81.1% to 74.5%, although ACM remains the controlling shareholder.