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ACM Research
(NASDAQ:ACMR)
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Rating:73Outperform
Price Target:
$115.00
▲(127.23% Upside)
Action:Reiterated
Date:06/30/26
The score is driven primarily by strong fundamentals in profitability and balance-sheet strength, supported by a clearly bullish technical trend. The main offsets are weak/negative recent cash flow (including negative operating cash flow cited) and a demanding valuation (high P/E), which increase downside risk if execution or cash conversion lags.
Positive Factors
Balance-sheet strength
Large cash reserves and net-cash position provide durable financial flexibility to fund $175M planned 2026 capex, R&D ramp and global expansion (Lingang/Oregon) without immediate refinancing. This buffer reduces liquidity risk and supports multi-quarter product qualification cycles.
Negative Factors
Weak cash conversion
Persistent negative operating and free cash flow, despite reported profits, signals that earnings are not consistently converting to cash. Over several years this raises funding needs for working capital and capex, increasing reliance on capital markets or asset sales to sustain growth investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet strength
Large cash reserves and net-cash position provide durable financial flexibility to fund $175M planned 2026 capex, R&D ramp and global expansion (Lingang/Oregon) without immediate refinancing. This buffer reduces liquidity risk and supports multi-quarter product qualification cycles.
Read all positive factors
ACM Research Key Performance Indicators (KPIs)
Any
Revenue by Product
Breaks down revenue by each product line, highlighting which products drive the most sales and indicating areas of potential growth or concern based on market demand and product performance.
Breaks down revenue by each product line, highlighting which products drive the most sales and indicating areas of potential growth or concern based on market demand and product performance.
Data provided by:
The Fly
The FlyACM Research (ACMR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.12B
Dividend YieldN/A
Average Volume (3M)1.81M
Price to Earnings (P/E)73.9
Beta (1Y)1.80
Revenue Growth19.69%
EPS Growth-17.14%
CountryUS
Employees2,513
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)1.41
Shares Outstanding64,117,676
10 Day Avg. Volume1,832,855
30 Day Avg. Volume1,810,355
Financial Highlights & Ratios
PEG Ratio-2.24
Price to Book (P/B)1.73
Price to Sales (P/S)2.81
P/FCF Ratio-38.01
Enterprise Value/Market Cap0.79
Enterprise Value/Revenue5.84
Enterprise Value/Gross Profit13.21
Enterprise Value/Ebitda34.18
Forecast
1Y Price Target
$105.00Price Target Upside107.47% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)1.99
Revenue Forecast (FY)$1.15B
ACM Research Business Overview & Revenue Model
Company Description
ACM Research, Inc., along with its affiliated companies, is a global developer, manufacturer, and provider of specialized single-wafer wet cleaning systems. These crucial systems are designed to enhance manufacturing processes and improve the yiel...
How the Company Makes Money
ACM Research primarily makes money by selling semiconductor capital equipment to chipmakers and foundries, with revenue recognized from the delivery/acceptance of its process tools used in wafer manufacturing. Its core revenue stream is product sa...
ACM Research Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 31, 2026
Earnings Call Sentiment Positive
The call highlights solid top-line growth (revenue +34.2%, shipments +53.6%), exceptional ECP growth (+204.9%) and clear progress on new product development, customer evaluations and global manufacturing expansion. These positives are tempered by a decline in cleaning revenue (-5.5%) despite higher cleaning shipments (+32%), lower net income and EPS, higher operating expenses, negative operating cash flow in the quarter, and elevated inventory levels. Overall, growth, product momentum and a strong cash position outweigh the near-term margin and timing headwinds, with management reiterating 2026 guidance and signaling further contribution from new products across the year.Positive Updates
Strong Revenue Growth
Revenue of $231.3 million in Q1 2026, up 34.2% year-over-year, driven by ECP and advanced packaging businesses.
Negative Updates
Cleaning Revenue Decline
Single-wafer cleaning, Tahoe and semi-critical cleaning revenue was $122.5 million, down 5.5% year-over-year and represented ~53% of sales; company notes limited contribution from new cleaning products in Q1.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue Growth
Revenue of $231.3 million in Q1 2026, up 34.2% year-over-year, driven by ECP and advanced packaging businesses.
Read all positive updates
Company Guidance
ACM reiterated 2026 revenue guidance of $1.08–$1.175 billion (midpoint ≈ +25% YoY) and said shipments will outpace revenue in 2026, while maintaining a long‑term gross‑margin target of 42%–48% (Q1 was 46.5%) and its $4 billion longer‑term revenue goal; management expects incremental 2026 contribution from Tahoe, single‑wafer SPM and vertical furnace products and >15–20 SPM units to be delivered by year‑end with cleaning mix normalizing toward ~65% of sales. They also target more meaningful vertical‑furnace revenue later in the year, >20 tools installed outside Mainland China by end‑2026 (≈10 customers in 5 countries), and U.S.‑made tool capability in Oregon by year‑end. Financial and operating guidance includes ~ $175 million of capex for 2026 (Q1 capex $22M), R&D at 16%–18% of sales, sales & marketing 8%–9%, G&A 5%–6%, an effective tax rate of 8%–10%, Lingang capacity (two buildings) up to ~$3 billion of annual output, and a strong balance sheet (cash & equivalents ≈ $1.25B, net cash ≈ $924.2M).ACM Research Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
88
Very Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 960.23M | 901.31M | 782.12M | 557.72M | 388.83M | 259.75M |
| Gross Profit | 424.75M | 400.07M | 391.55M | 276.21M | 183.62M | 114.86M |
| EBITDA | 164.14M | 158.47M | 180.42M | 126.99M | 74.38M | 46.17M |
| Net Income | 91.00M | 94.08M | 103.63M | 77.35M | 39.26M | 37.76M |
Balance Sheet | ||||||
| Total Assets | 3.07B | 2.87B | 1.86B | 1.49B | 1.24B | 1.05B |
| Cash, Cash Equivalents and Short-Term Investments | 1.29B | 1.17B | 444.10M | 283.93M | 338.65M | 592.05M |
| Total Debt | 337.06M | 302.98M | 188.78M | 99.10M | 79.50M | 39.14M |
| Total Liabilities | 982.43M | 941.68M | 759.82M | 564.75M | 423.33M | 240.51M |
| Stockholders Equity | 1.58B | 1.46B | 904.63M | 767.39M | 674.86M | 676.20M |
Cash Flow | ||||||
| Free Cash Flow | -108.70M | -66.61M | 69.99M | -139.66M | -154.71M | -49.80M |
| Operating Cash Flow | -45.15M | -10.32M | 152.45M | -75.32M | -62.19M | -40.09M |
| Investing Cash Flow | -383.29M | -390.33M | -11.96M | -6.75M | -265.67M | -11.28M |
| Financing Cash Flow | 838.67M | 742.49M | 92.48M | 18.53M | 45.87M | 538.77M |
ACM Research Technical Analysis
Positive
50.61
Price Trends
83.53
Positive
66.89
Positive
54.77
Positive
Market Momentum
5.45
Positive
53.95
Neutral
34.56
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 50.61 is below the 20-day moving average (MA) of 102.72, below the 50-day MA of 83.53, and below the 200-day MA of 54.77, indicating a bullish trend. The MACD of 5.45 indicates Positive momentum. The RSI at 53.95 is Neutral, neither overbought nor oversold. The STOCH value of 34.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ACMR.
ACM Research Risk Analysis
ACM Research disclosed 61 risk factors in its most recent earnings report. ACM Research reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ACM Research Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $7.12B | 73.86 | 6.66% | ― | 19.69% | -17.14% | |
73 Outperform | $4.41B | 44.38 | 9.79% | ― | -11.75% | -41.15% | |
71 Outperform | $9.16B | 132.94 | 6.68% | ― | 9.60% | 25.63% | |
67 Neutral | $3.50B | 146.83 | 2.64% | ― | -7.71% | -66.03% | |
63 Neutral | $5.94B | 107.94 | 6.59% | 1.77% | 11.16% | 179.18% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
51 Neutral | $4.76B | -24.80 | -28.05% | ― | -3.24% | -786.94% |
* Technology Sector Average
ACMR
ACM Research
103.00
74.07
256.03%
ACLS
Axcelis Technologies
143.35
71.89
100.60%
FORM
Formfactor
117.52
82.78
238.28%
KLIC
Kulicke & Soffa
113.41
78.15
221.64%
UCTT
Ultra Clean Holdings
106.27
81.70
332.43%
VECO
Veeco
57.40
36.84
179.18%
ACM Research Corporate Events
Business Operations and StrategyFinancial Disclosures
ACM Research Highlights Strong Order Growth and Guidance
Positive
Jun 22, 2026
On June 16, 2026, ACM Research (Shanghai), Inc. held an investor relations event in Shanghai, where management reported that newly signed orders rose 65% year over year in the first quarter of 2026 and reaffirmed full-year revenue guidance of RMB ...
Executive/Board ChangesShareholder Meetings
ACM Research Shareholders Back Governance Structure and Board
Positive
Jun 12, 2026
At ACM Research’s 2026 Annual Meeting of Stockholders, held on June 10, 2026, shareholders of the company’s Class A and Class B common stock voted on two proposals, with 84.32% of total voting power represented in person or by proxy. T...
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing
ACM Research’s Shanghai Unit Plans Hong Kong Listing
Positive
May 29, 2026
On May 26, 2026, ACM Research (Shanghai), Inc. announced that its board unanimously approved a plan to offer H shares and seek a secondary listing on the Main Board of the Hong Kong Stock Exchange. The proposal, which still requires shareholder an...
Business Operations and StrategyFinancial Disclosures
ACM Research Highlights Q1 Orders Surge and Tech Progress
Positive
May 22, 2026
ACM Research (Shanghai), Inc. held an earnings conference call on May 14, 2026, to review its first-quarter 2026 operating results and financial condition for investors, with the Record of the event later posted by the Shanghai Stock Exchange on M...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
ACM Research Raises Capital Through Registered Direct Stock Offering
Positive
May 15, 2026
ACM Research, Inc. completed a registered direct offering of 2,884,615 shares of its Class A common stock on May 15, 2026, following a Securities Purchase Agreement it entered into with certain investors on May 12, 2026. The shares were sold at $5...
Business Operations and StrategyPrivate Placements and Financing
ACM Research Announces $150 Million Direct Share Offering
Positive
May 12, 2026
On May 12, 2026, ACM Research, Inc. entered into a securities purchase agreement with U.S. institutional investors managed by Tekne Capital Management for a registered direct offering of 2,884,615 Class A common shares at $52.00 per share. The com...
Business Operations and StrategyDelistings and Listing Changes
ACM Research Plans Secondary Hong Kong Stock Exchange Listing
Positive
Apr 17, 2026
On April 17, 2026, ACM Research (Shanghai), Inc. announced that it is proposing to issue overseas listed H shares and apply for a secondary listing on the Hong Kong Stock Exchange. The move is aimed at strengthening its capital base, enhancing ove...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.