ACM Research (ACMR) AI Stock Analysis

• Market Cap: $1.89B
• Dividend Yield: N/A
• Average Volume (3M): 879.15K
• Price to Earnings (P/E): 15.2
• Beta (1Y): 1.79
• Revenue Growth: 17.53%
• EPS Growth: 27.74%
• Country: US
• Employees: 2,023
• Sector: Technology
• Sector Strength: 94
• Industry: Semiconductors
• EPS (TTM): 0.54
• Shares Outstanding: 58,842,693
• 10 Day Avg. Volume: 1,009,747
• 30 Day Avg. Volume: 879,152
• 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: 0.92
• Enterprise Value/Revenue: 2.16
• Enterprise Value/Gross Profit: 4.39
• Enterprise Value/Ebitda: 9.72
• 1Y Price Target: $34.80
• Price Target Upside: 43.39% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6

• Rating: 75 Outperform
• Price Target: $28.00 ▲(15.37% Upside)

ACM Research's strong financial performance and positive corporate events are the most significant factors contributing to its score. While technical indicators suggest a bearish trend, the company's robust earnings call and reasonable valuation support a positive outlook.

Positive Factors

Expansion Plans

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.

Market Innovation

The firm is developing a high temperature furnace for IGBT applications in electric vehicles, indicating innovation and potential growth in the EV market.

Product Demand

ACM is seeing good demand across multiple applications for its furnaces, including high temperature anneal and other advanced processes.

Negative Factors

Analyst Recommendation

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

Earnings Report

ACM Research reported a mixed 2Q25 with revenue below consensus.

Sales Performance

Sales were lighter than expected at $215.4 million compared to the consensus of $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 by selling its semiconductor process equipment to semiconductor manufacturers worldwide. The company's key revenue streams include the sale of its proprietary wet cleaning equipment and related consumables, which are essential in the semiconductor manufacturing process. ACM Research's business model relies heavily on continued innovation and technological advancements to meet the evolving needs of its clients. Additionally, the company may enter into partnerships with other technology firms to expand its product offerings and reach within the industry. Service and maintenance contracts also contribute to its earnings, providing ongoing support and ensuring the optimal performance of its equipment over time.

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: Negative
• Last Price: 24.27
• 50DMA: Negative
• 100DMA: Negative
• 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 Negative. The current price of 24.27 is below the 20-day moving average (MA) of 29.61, below the 50-day MA of 27.13, and above the 200-day MA of 22.21, indicating a neutral trend. The MACD of 0.04 indicates Positive momentum. The RSI at 33.08 is Neutral, neither overbought nor oversold. The STOCH value of 21.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ACMR.

ACM Research Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VECO	76 Outperform	$1.20B	18.74	7.83%	―	3.30%	―
ACMR	75 Outperform	$1.89B	15.20	12.32%	―	17.53%	27.74%
PLAB	71 Outperform	$1.19B	10.24	11.23%	―	-3.19%	-11.06%
SIMO	70 Outperform	$2.54B	31.46	10.16%	2.67%	10.78%	58.82%
Sector *	61 Neutral	$34.83B	4.75	-10.43%	2.08%	6.55%	-9.99%
UCTT	45 Neutral	$1.01B	38.78	-19.47%	―	14.28%	-1644.64%
ICHR	45 Neutral	$479.73M	―	-2.98%	―	15.45%	49.82%

ACM Research Corporate Events

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.

The most recent analyst rating on (ACMR) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on ACM Research stock, see the ACMR Stock Forecast page.

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.

The most recent analyst rating on (ACMR) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on ACM Research stock, see the ACMR Stock Forecast page.

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.

The most recent analyst rating on (ACMR) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on ACM Research stock, see the ACMR Stock Forecast page.

ACM Research Reports Strong 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.