ACM Research (ACMR) AI Stock Analysis

• Market Cap: $2.00B
• Dividend Yield: N/A
• Average Volume (3M): 1.37M
• Price to Earnings (P/E): 18.2
• Beta (1Y): 1.79
• Revenue Growth: 20.77%
• EPS Growth: 26.08%
• Country: US
• Employees: 2,023
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): 0.36
• Shares Outstanding: 59,159,153
• 10 Day Avg. Volume: 1,479,073
• 30 Day Avg. Volume: 1,369,504
• 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: 1.15
• Enterprise Value/Revenue: 2.60
• Enterprise Value/Gross Profit: 5.57
• Enterprise Value/Ebitda: 12.27
• 1Y Price Target: $44.72
• Price Target Upside: 43.79% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 1.86
• Revenue Forecast (FY): $914.32M

• Rating: 66 Neutral
• Price Target: $34.00 ▲(9.32% Upside)

ACM Research's strong revenue growth and innovation are offset by cash flow challenges, declining margins, and bearish technical indicators. The moderate valuation and mixed earnings call sentiment further contribute to a cautious outlook.

Positive Factors

Revenue Growth

The strong revenue growth indicates robust demand for ACM's products, supporting its market position and potential for future expansion in the semiconductor equipment sector.

Product Innovation

Continuous innovation in product offerings enhances ACM's competitive advantage, allowing it to meet evolving industry needs and maintain leadership in semiconductor equipment.

Capital Raising

Successful capital raising strengthens ACM's financial position, enabling investments in R&D and production capacity to support long-term growth and innovation.

Negative Factors

Gross Margin Decline

Declining gross margins suggest potential pricing pressures or cost management issues, which could impact profitability if not addressed effectively.

Operating Income Decrease

A significant drop in operating income indicates challenges in maintaining cost efficiency, which could affect long-term profitability and operational stability.

Cash Flow Challenges

Cash flow challenges highlight potential liquidity issues, limiting ACM's ability to reinvest in growth initiatives and manage operational expenses effectively.

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 shows strong revenue growth and profitability with a stable balance sheet. However, cash flow challenges and declining margins indicate potential operational inefficiencies and liquidity risks.

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	186.48M	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	1.06B	444.10M	283.93M	338.65M	592.05M	100.00M
Total Debt	55.05M	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	-11.04M	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: Negative
• Last Price: 31.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 31.1 is below the 20-day moving average (MA) of 38.67, below the 50-day MA of 36.36, and above the 200-day MA of 27.66, indicating a neutral trend. The MACD of -0.90 indicates Positive momentum. The RSI at 33.75 is Neutral, neither overbought nor oversold. The STOCH value of 6.59 is Positive, 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
ACLS	72 Outperform	$2.66B	20.27	13.62%	―	-20.69%	-37.67%
VECO	70 Neutral	$1.75B	36.68	6.12%	―	-3.90%	-41.66%
FORM	69 Neutral	$4.05B	99.49	4.16%	―	2.29%	-69.81%
ACMR	66 Neutral	$2.00B	18.18	10.09%	―	20.77%	26.08%
KLIC	64 Neutral	$2.00B	486.33	0.66%	2.13%	-9.54%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
UCTT	60 Neutral	$1.18B	―	-20.61%	―	6.65%	-4652.36%

ACM Research Corporate Events

ACM Research Reports Strong Q3 Revenue Growth

ACM Research, Inc. is a prominent supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, known for its innovative technology in the semiconductor equipment industry. In its third quarter of 2025, ACM Research reported a robust 32% increase in revenue, driven by strong demand for its advanced semiconductor equipment, despite a decrease in gross margin. The company highlighted significant interest in its proprietary horizontal plating technology and the successful shipment of its KrF Track platform, expanding its reach into lithography-adjacent applications. Financially, ACM Research achieved a revenue of $269.2 million, although its gross margin decreased to 42% from 51.4% the previous year. Operating income also saw a decline to $28.9 million from $44.2 million, reflecting increased operational expenses. However, net income attributable to ACM Research rose to $35.9 million, up from $30.9 million in the same quarter last year. Looking ahead, ACM Research has narrowed its revenue guidance for 2025 to a range of $875 million to $925 million, indicating cautious optimism amid international trade policy impacts and supply chain constraints. The company remains committed to its long-term revenue target of $4 billion, focusing on expanding its production capacity and developing next-generation tools.

ACM Research: Mixed Sentiments in Latest Earnings Call

The recent earnings call for ACM Research presented a mixed sentiment, highlighting both the company’s impressive revenue growth and innovation, while also addressing concerns over decreased gross margins and operating income, as well as shipment delays. Investors were left with a balanced view of the company’s current standing and future prospects.

ACM Research Reports Significant Backlog Increase

On September 29, 2025, ACM Research announced that its subsidiary, ACM Research (Shanghai), posted a backlog of RMB 9,071.5 million (USD $1,271.6 million) on the Shanghai Stock Exchange, marking a 34.1% increase from the previous year. This backlog includes orders for tools shipped but not yet recognized as revenue and those expected to be shipped later, indicating strong demand for ACM’s products and potentially enhancing its market position in the semiconductor industry.

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 Raises $630M in Private Offering

On September 24, 2025, ACM Research announced that its subsidiary, ACM Research (Shanghai), completed a private offering of ordinary shares, raising approximately US$630 million. The proceeds will be used for research and development, capital expenditures, and working capital. The offering involved 17 qualified investors and resulted in ACM’s equity interest in the subsidiary decreasing from 81.1% to 74.5%, although ACM remains the controlling shareholder.

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 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.

The most recent analyst rating on (ACMR) stock is a Buy with a $28.00 price target. To see the full list of analyst forecasts on ACM Research stock, see the ACMR Stock Forecast page.

ACM Research Q2 2025 Earnings: Growth Amid Challenges

The recent earnings call for ACM Research painted a generally positive picture, with the company showcasing strong revenue and shipment growth, alongside innovative product developments. However, the optimism was slightly dampened by challenges such as increased operating expenses, a decrease in net cash, and slower than expected year-over-year revenue growth. Overall, the sentiment conveyed was one of cautious optimism, acknowledging both achievements and areas needing attention.

ACM Research Reports Strong Q2 2025 Performance

ACM Research, Inc. is a prominent supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, known for its innovative technology in the semiconductor industry.