ACM Research (ACMR) AI Stock Analysis

• Market Cap: $4.40B
• Dividend Yield: N/A
• Average Volume (3M): 1.37M
• Price to Earnings (P/E): 40.0
• Beta (1Y): 1.68
• Revenue Growth: 20.77%
• EPS Growth: 26.08%
• Country: US
• Employees: 2,023
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): 0.25
• Shares Outstanding: 59,854,640
• 10 Day Avg. Volume: 1,082,051
• 30 Day Avg. Volume: 1,370,148
• 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: 0.65
• Enterprise Value/Revenue: 3.23
• Enterprise Value/Gross Profit: 6.92
• Enterprise Value/Ebitda: 14.91
• 1Y Price Target: $68.33
• Price Target Upside: 19.79% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): 2.18
• Revenue Forecast (FY): $1.07B

• Rating: 71 Outperform
• Price Target: $68.00 ▲(19.21% Upside)
• Action: Upgraded Date: 02/04/26
• Date: Action: Upgraded 02/04/26

The score is driven primarily by strong reported revenue/profitability trends and a low-leverage balance sheet, offset by weak cash flow performance. Technicals are supportive but overbought, while valuation is demanding (high P/E). Earnings-call commentary supports growth and innovation, but margin compression and shipment delays temper confidence.

Positive Factors

Sustained Revenue Growth

ACM has demonstrated durable top-line momentum with a 32% YoY quarterly revenue increase and multi-quarter order strength, indicating persistent demand for its wet-processing and advanced-packaging tools. Sustained revenue growth supports capacity expansion and long-term market share gains in semiconductors.

Conservative Balance Sheet

The company's very low leverage provides financial flexibility for R&D, capital expenditure, and downturns. A strong equity ratio and reasonable ROE mean ACM can invest in product development and overseas expansion without relying heavily on external debt, reducing refinancing and solvency risk.

Product & Tech Leadership

ACM's continuous introductions—KrF Track, panel-level plating and other platform tools—illustrate differentiated, patent-backed technology. This broadening product set and focus on advanced packaging/cleaning fosters competitive advantages, sticky customer relationships and structural participation in secular chip packaging trends.

Negative Factors

Weak Cash Generation

Despite accounting profits, operating cash conversion is very low and free cash flow has contracted sharply. Poor cash generation constrains the firm's ability to self-fund capex, inventory build or R&D, increasing reliance on capital raises and raising execution risk across multi-quarter production ramps.

Margin Compression

A material drop in gross margin driven by product mix, inventory provisions and rising operating expenses reduces earnings power and cushions against cyclical downturns. Sustained margin pressure could require higher volumes or cost reductions to restore historical profitability levels.

Execution & Delivery Risk

Recurring delivery delays and parts shortages lead to volatile revenue recognition and slower backlog conversion. These operational disruptions can lengthen sales cycles, strain customer relationships, and delay returns on new platform investments, hampering consistent growth over coming quarters.

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

Income statement strength (Score 85) shows solid revenue growth and stable profitability, and the balance sheet is conservative with very low leverage (Score 78). The main drag is cash flow (Score 60), with weak operating cash conversion and sharply negative free cash flow growth, which raises execution and liquidity-efficiency risk despite reported profitability.

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: Neutral
• Last Price: 57.04
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ACMR, the sentiment is Neutral. The current price of 57.04 is below the 20-day moving average (MA) of 62.69, above the 50-day MA of 52.79, and above the 200-day MA of 36.41, indicating a neutral trend. The MACD of 3.39 indicates Positive momentum. The RSI at 45.68 is Neutral, neither overbought nor oversold. The STOCH value of 50.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ACMR.

ACM Research Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ACLS	74 Outperform	$2.51B	21.09	11.74%	―	-20.69%	-37.67%
FORM	73 Outperform	$7.84B	152.23	5.48%	―	2.29%	-69.81%
ACMR	71 Outperform	$4.40B	40.02	10.09%	―	20.77%	26.08%
KLIC	62 Neutral	$3.73B	-60.30	-7.19%	1.77%	-7.38%	99.38%
VECO	62 Neutral	$1.77B	34.33	4.32%	―	-3.90%	-41.66%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
UCTT	57 Neutral	$3.27B	-16.80	-22.87%	―	6.65%	-4652.36%

ACM Research Corporate Events

ACM Research Addresses Outlook, Expands Overseas Semiconductor Footprint

On January 27, 2026, ACM Research (Shanghai), Inc. held targeted investor meetings and an investor conference call, later summarized in a filing posted by the Shanghai Stock Exchange on January 29, 2026, to address questions about its recent performance and outlook. Management attributed a quarter‑over‑quarter revenue decline in the fourth quarter of 2025 primarily to delayed equipment deliveries and revenue recognition timing, and explained that differences in 2026 revenue guidance versus its U.S. parent stem from divergent accounting standards and revenue recognition rules. The company reaffirmed expectations for a 2026 gross margin of 42%–48% and R&D expenses at 14%–19% of revenue, highlighted strong and growing demand from both memory and logic customers, and emphasized continued investment in differentiated technologies and patent‑protected innovation to defend its competitive position amid ongoing market competition, particularly in cleaning equipment. ACM Shanghai detailed progress in expanding overseas sales, including deliveries to customers in Singapore and the United States and active expansion into Taiwan and South Korea, supported by an overseas manufacturing footprint in South Korea aimed at mitigating geopolitical and tariff risks. It also underscored advanced packaging and electroplating tools as key growth drivers—together contributing roughly 30% of estimated 2025 revenue—with advanced packaging expected to be a core revenue growth segment in 2026, alongside newly introduced platform-based products such as vertical furnace, Track, PECVD, LPCVD, and ALD systems and new panel-level packaging platforms targeted at the Taiwan market.

The most recent analyst rating on (ACMR) stock is a Buy with a $68.00 price target. To see the full list of analyst forecasts on ACM Research stock, see the ACMR Stock Forecast page.

ACM Research Sets Price for ACM Shanghai Share Transfer

On January 30, 2026, ACM Research (Shanghai), Inc. notified the Shanghai Stock Exchange that its parent, ACM Research, Inc., planned to sell 4,801,648 shares of ACM Shanghai through an inquiry-based share transfer. On February 2, 2026, ACM Shanghai announced that the preliminary transfer price was set at RMB 160.00 per share (approximately $23.05), based on quotations from 38 institutional investors, with valid subscriptions totaling about 5.64 million shares, or roughly 1.17 times the shares on offer, and 30 institutional investors preliminarily identified as transferees for the fully subscribed block. The company emphasized that the transfer remains subject to completion of registration with the China Securities Depository and Clearing Corporation’s Shanghai branch and potential risks such as judicial freezing or compulsory disposition, but noted that the transaction will not result in any change of control at ACM Shanghai or affect its corporate governance structure and ongoing operations.

The most recent analyst rating on (ACMR) stock is a Hold with a $64.00 price target. To see the full list of analyst forecasts on ACM Research stock, see the ACMR Stock Forecast page.

ACM Research Plans Institutional Sale of ACM Shanghai Stake

On January 30, 2026, ACM Research, Inc. notified the Shanghai Stock Exchange that it plans to sell 4,801,648 pre-IPO shares of its operating subsidiary ACM Research (Shanghai), Inc. through an inquiry-based transfer, representing about 1.34% of ACM Research’s stake in ACM Shanghai and roughly 1% of ACM Shanghai’s total shares outstanding as of that date. The sale, organized by Guotai Haitong Securities and limited to institutional investors, is driven by ACM Research’s capital needs and is structured outside centralized bidding or block trading, meaning it will not constitute a secondary-market share reduction, and proceeds are earmarked for general corporate purposes, signaling a modest equity monetization that leaves the parent’s controlling position in ACM Shanghai largely intact.

The most recent analyst rating on (ACMR) stock is a Hold with a $55.00 price target. To see the full list of analyst forecasts on ACM Research stock, see the ACMR Stock Forecast page.

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.

The most recent analyst rating on (ACMR) stock is a Buy with a $45.00 price target. To see the full list of analyst forecasts on ACM Research stock, see the ACMR Stock Forecast page.