ACM Research (ACMR) AI Stock Analysis

• Market Cap: $1.92B
• Dividend Yield: N/A
• Average Volume (3M): 1.39M
• Price to Earnings (P/E): 18.1
• Beta (1Y): 1.70
• Revenue Growth: 17.53%
• EPS Growth: 27.74%
• Country: US
• Employees: 2,023
• Sector: Technology
• Sector Strength: 83
• Industry: Semiconductors
• EPS (TTM): 0.54
• Shares Outstanding: 59,159,153
• 10 Day Avg. Volume: 1,650,024
• 30 Day Avg. Volume: 1,388,477
• PEG Ratio: 0.32
• Price to Book (P/B): 1.04
• Price to Sales (P/S): 1.20
• P/FCF Ratio: 13.42
• Enterprise Value/Market Cap: 0.90
• Enterprise Value/Revenue: 2.16
• Enterprise Value/Gross Profit: 4.39
• Enterprise Value/Ebitda: 9.72
• 1Y Price Target: $35.52
• Price Target Upside: 24.28% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7

• Rating: 76 Outperform
• Price Target: $29.00 ▲(1.47% Upside)

ACM Research's overall stock score reflects strong financial performance and positive corporate events, which are slightly offset by technical indicators suggesting short-term bearish momentum. The company's reasonable valuation and cautiously optimistic earnings call sentiment contribute to a solid investment outlook.

Positive Factors

Financial Performance

ACM Research reported non-GAAP earnings that exceeded consensus expectations.

Market Expansion

ACM is committing resources to the U.S. and Korea with hopes of expanding sales into these regions, setting up a support facility in Oregon and engaging with multiple customers in Korea.

Product Development

ACM recently announced major upgrades to its Ultra C wb Wet Bench cleaning tool and has received repeat orders for the tool.

Negative Factors

Analyst Recommendation

Analyst maintains a Hold recommendation as potential earnings upside is weighed against valuation downside.

Sales Performance

Sales for ACM Research were lighter than expected, reported at $215.4 million compared to the expected $223.4 million.

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 production equipment, particularly its advanced wet cleaning systems. The company earns money from direct sales of these systems to semiconductor manufacturers, as well as from providing spare parts, maintenance services, and support for its equipment. Key revenue streams include initial equipment sales, recurring revenue from parts and maintenance contracts, and potentially revenue from collaborative partnerships with semiconductor manufacturers and research institutions. Strategic partnerships with major players in the semiconductor industry, including joint ventures and collaborative development projects, also contribute to its earnings by enhancing its product offerings and market reach.

ACM Research Financial Statement Overview

Summary

ACM Research demonstrates strong revenue growth and profitability with a robust gross profit margin and improved net profit margin. The financial health is supported by efficient leverage and capital structure, though there are some fluctuations in cash flow.

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
EBITDA	178.41M	180.42M	126.99M	74.38M	41.05M	22.55M
Net Income	106.57M	103.63M	77.35M	39.26M	37.76M	18.78M
Balance Sheet
Total Assets	1.93B	1.86B	1.49B	1.24B	1.05B	341.26M
Cash, Cash Equivalents and Short-Term Investments	492.76M	444.10M	283.93M	338.65M	592.05M	100.00M
Total Debt	237.14M	188.78M	99.10M	79.50M	39.14M	50.01M
Total Liabilities	778.41M	759.82M	564.75M	423.33M	240.51M	133.09M
Stockholders Equity	949.15M	904.63M	767.39M	674.86M	676.20M	141.15M
Cash Flow
Free Cash Flow	90.42M	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: 28.58
• 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 28.58 is above the 20-day moving average (MA) of 26.86, above the 50-day MA of 27.73, and above the 200-day MA of 22.71, indicating a bullish trend. The MACD of 0.11 indicates Negative momentum. The RSI at 54.38 is Neutral, neither overbought nor oversold. The STOCH value of 60.82 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
ACMR	76 Outperform	$1.92B	18.15	12.32%	―	17.53%	27.74%
PLAB	74 Outperform	$1.34B	11.58	9.89%	―	-1.79%	-22.58%
SIMO	70 Outperform	$2.68B	32.69	10.16%	2.53%	-0.29%	1.47%
VECO	70 Neutral	$1.49B	24.43	7.83%	―	-0.19%	-28.72%
Sector *	61 Neutral	$35.62B	7.50	-10.94%	1.87%	8.86%	-10.27%
UCTT	53 Neutral	$1.08B	38.78	-19.47%	―	14.28%	-1644.64%
ICHR	46 Neutral	$607.59M	―	-2.98%	―	15.45%	49.82%

ACM Research Corporate Events

ACM Research Reports Strong Q2 Revenue Growth

On August 12, 2025, ACM Research (Shanghai), Inc. conducted an earnings call to discuss its financial performance for the first half of 2025. The company reported nearly 40% sequential revenue growth in Q2, driven by increased equipment sales and robust customer demand in the logic and memory segments. ACM Shanghai also announced a significant increase in its long-term sales target, raising its estimate of the SAM in China from USD 5.0 billion to USD 7.0 billion, based on updated market projections and trends in China’s semiconductor industry. The company is fully booked with orders for Q3 and expects the same for Q4, with plans to expand production capacity at its Lingang facility.

ACM Research Gains Approval for Share Offering

On June 28, 2025, ACM Research (Shanghai), Inc. received approval from the China Securities Regulatory Commission for a private offering of ordinary shares to qualified buyers. The offering, which can proceed within 12 months, involves issuing up to 44.1 million shares, potentially raising RMB 4.5 billion (approximately $625 million), reflecting updates from recent employee stock option exercises.

ACM Research Stockholders Approve Board and Auditor

On June 12, 2025, ACM Research held its Annual Meeting of Stockholders where holders of Class A and Class B common stock voted on two key proposals. The stockholders elected four nominees to the board of directors and ratified the appointment of Ernst & Young Hua Ming LLP as the independent auditor for the fiscal year ending December 31, 2025.

ACM Research Approves Dividend and 2025 Budget Plan

On June 12, 2025, ACM Research (Shanghai), Inc., a subsidiary of ACM Research, Inc., held its Annual Stockholder Meeting in Shanghai, China, where stockholders approved a proposed dividend of approximately RMB 288.3 million and a 2025 financial budget plan forecasting revenue growth of 16%-26% and R&D expense growth of 15%-35%. The dividend payment, expected by the end of 2025, may impact the company’s operations and financial results, as ACM Shanghai contributes a substantial majority of the consolidated revenue and net income of ACM Research, Inc.

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.