ACM Research (ACMR) AI Stock Analysis

• Market Cap: $1.43B
• Dividend Yield: N/A
• Average Volume (3M): 1.47M
• Price to Earnings (P/E): 14.3
• Beta (1Y): 1.75
• Revenue Growth: 26.21%
• EPS Growth: 17.34%
• Country: US
• Employees: 2,023
• Sector: Technology
• Sector Strength: 77
• Industry: Semiconductors
• EPS (TTM): 0.46
• Shares Outstanding: 58,842,693
• 10 Day Avg. Volume: 1,149,493
• 30 Day Avg. Volume: 1,472,514
• PEG Ratio: 5.49
• Price to Book (P/B): 1.49
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 15.49
• Enterprise Value/Market Cap: 0.85
• Enterprise Value/Revenue: 0.40
• Enterprise Value/Gross Profit: 3.07
• Enterprise Value/Ebitda: 1.98
• 1Y Price Target: $35.00
• Price Target Upside: 50.28% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6

• Rating: 80 Outperform
• Price Target: $26.00 ▲(11.64%Upside)

ACM Research exhibits strong financial performance and valuation metrics, bolstered by positive corporate events and strategic growth initiatives. Technical analysis suggests moderate momentum, and while earnings call highlights growth, shipment declines and trade challenges pose risks.

Positive Factors

Earnings

ACM Research reported a solid 1Q25 that beat consensus estimates on both the top and bottom lines.

Market Expansion

The firm now has an estimated share of over 25% for the Chinese cleaning and plating market.

Product Qualification

ACM achieved process qualification of its Thermal and Plasma Enhanced ALD furnace tools at two semiconductor customers in mainland China.

Negative Factors

Macro Uncertainty

Management's confidence for 2025 remains high despite the plateauing China WFE, the growing macro uncertainty, and the potential for indirect tariff impacts related to its customers.

Shipment Decline

Preliminary total shipments for the first quarter of 2025 are expected to represent a year-to-year decrease of 36% to 37%.

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 processing equipment. The company designs and sells a range of custom equipment tailored to meet the specific needs of semiconductor manufacturers, enabling them to enhance the efficiency and quality of their production processes. Key revenue streams include the sale of single-wafer wet cleaning machines and related services such as spare parts, service contracts, and support. Additionally, ACM Research benefits from strategic partnerships with semiconductor foundries and manufacturers, which help to secure repeat business and expand its market presence. The company's financial performance is significantly influenced by the capital expenditure cycles of its customers, the global demand for semiconductors, and technological advancements in the semiconductor industry.

ACM Research Financial Statement Overview

Summary

ACM Research demonstrates strong growth and profitability with significant revenue and net income growth. The financial health is supported by efficient leverage and capital structure, despite some cash flow fluctuations.

Income Statement

ACM Research exhibits a strong revenue growth trajectory, with Total Revenue rising significantly from 2020 to TTM 2025. The Gross Profit Margin remains robust, reflecting cost efficiency. The Net Profit Margin and EBIT Margin have improved, indicating better operational efficiency and profitability. However, the EBITDA Margin shows a slight downward trend, suggesting rising depreciation or amortization costs.

Balance Sheet

The company maintains a healthy Debt-to-Equity Ratio, indicating strong financial leverage management. The Return on Equity (ROE) has been consistently strong, showcasing efficient use of equity capital. The Equity Ratio demonstrates a solid capital structure with a high proportion of equity financing, though there was a slight increase in total liabilities over the years.

Cash Flow

ACM Research shows a substantial improvement in Free Cash Flow over the years, highlighting effective cash management and capex control. The Operating Cash Flow to Net Income Ratio is favorable, indicating strong cash conversion. However, the high volatility in Free Cash Flow in earlier years suggests potential risk in cash flow stability.

Breakdown
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
802.27M	782.12M	557.72M	388.83M	259.75M	156.62M
	Gross Profit
394.98M	391.55M	276.21M	183.62M	114.86M	69.60M
	EBIT
151.54M	151.00M	95.84M	59.03M	38.70M	6.65M
	EBITDA
172.44M	180.42M	126.99M	74.38M	41.05M	22.55M
	Net Income Common Stockholders
106.57M	103.63M	77.35M	39.26M	37.76M	18.78M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
285.01M	444.10M	283.93M	338.65M	592.57M	100.00M
	Total Assets
1.49B	1.86B	1.49B	1.24B	1.05B	341.26M
	Total Debt
99.10M	188.78M	99.10M	79.50M	39.14M	50.10M
	Net Debt
-84.08M	-218.66M	-82.99M	-168.45M	-523.93M	-21.67M
	Total Liabilities
559.90M	759.82M	564.75M	423.33M	240.51M	133.09M
	Stockholders Equity
767.39M	904.63M	767.39M	674.86M	676.20M	141.15M
Cash Flow		Free Cash Flow
92.40M	69.99M	-139.66M	-154.71M	-49.80M	-69.03M
	Operating Cash Flow
166.78M	152.45M	-75.32M	-62.19M	-40.09M	-13.55M
	Investing Cash Flow
-40.49M	-11.96M	-6.75M	-265.67M	-11.28M	-69.95M
	Financing Cash Flow
132.84M	92.48M	18.53M	45.87M	538.77M	32.83M

ACM Research Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 23.29
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

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 23.29 is above the 20-day moving average (MA) of 22.12, above the 50-day MA of 22.58, and above the 200-day MA of 20.11, indicating a bullish trend. The MACD of 0.51 indicates Negative momentum. The RSI at 54.07 is Neutral, neither overbought nor oversold. The STOCH value of 17.32 is Positive, 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
ACMR	80 Outperform	$1.43B	14.33	12.21%	―	26.21%	17.34%
PLAB	80 Outperform	$1.24B	8.26	13.70%	―	-3.85%	5.95%
VECO	73 Outperform	$1.15B	18.04	8.68%	―	3.30%	―
SIMO	70 Outperform	$2.15B	22.80	12.33%	3.12%	10.78%	58.82%
Sector *	61 Neutral	$11.28B	10.16	-6.88%	2.97%	7.41%	-8.93%
UCTT	59 Neutral	$899.82M	32.26	3.30%	―	20.20%	―
ICHR	52 Neutral	$559.91M	―	-2.35%	―	13.41%	72.56%

ACM Research Corporate Events

ACM Research Reports Strong Q1 Sales and Growth Plans

ACM Research (Shanghai), Inc. held an earnings call on May 15, 2025, discussing its first-quarter performance and future prospects. The company reported strong sales of its 3D stacking electroplating systems and sulfuric acid cleaning equipment, highlighting their competitive advantages and localization efforts in China. ACM Shanghai also announced plans to expand its global footprint, particularly in the semiconductor industry, with innovative products like the PECVD system and panel-level horizontal electroplating equipment. The company projects significant revenue growth in 2025, driven by its differentiated technologies and strategic focus on customer value creation.

The most recent analyst rating on (ACMR) stock is a Buy with a $38.00 price target. To see the full list of analyst forecasts on ACM Research stock, see the ACMR Stock Forecast page.

ACM Research Director Chenming Hu to Step Down

On April 18, 2025, Chenming C. Hu, a member of the Board of Directors of ACM Research, Inc., announced his decision not to stand for reelection at the 2025 Annual Meeting of Stockholders. Dr. Hu’s decision was not due to any disagreement with the company’s operations, policies, or practices, and he will continue to serve until the end of his term at the 2025 meeting.

ACM Research Appoints Charlie Pappis to Board

ACM Research, Inc. announced the appointment of Charlie Pappis to its Board of Directors, effective March 15, 2025. Mr. Pappis, a veteran in the semiconductor industry with over 40 years of experience, will bring valuable insights to ACM’s growth strategy as the company aims to expand its investments and business operations in the U.S. His expertise aligns with ACM’s mission to become a key supplier of capital equipment to major global semiconductor companies, enhancing the company’s leadership and market positioning.