ACM Research (ACMR)
NASDAQ:ACMR
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ACM Research
(NASDAQ:ACMR)
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Rating:59Neutral
Price Target:
$42.00
▼(-17.24% Downside)
Action:ReiteratedDate:03/25/26
The score is supported by strong growth guidance and a solid balance sheet/liquidity position, but held back by weak technical trends and the fundamental risk of inconsistent cash generation alongside recent margin compression. Valuation is acceptable but not cheap, so a higher score likely requires clearer margin recovery and more consistent cash conversion.
Positive Factors
Strong revenue growth and product diversification
Sustained multi-year revenue growth and a conservatively ambitious 2026 revenue target indicate durable demand. Expansion beyond cleaning into plating, advanced packaging and front-end track/PECVD diversifies end markets and reduces single-segment dependency, supporting secular growth over the next 2–6 months.
Negative Factors
Inconsistent cash generation
Recurrent negative operating and free cash flow despite profitable years signals weak earnings quality and working-capital or capex timing volatility. Sustained negative cash conversion can limit the company's ability to self-fund growth, increasing execution risk during tech ramps and global expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth and product diversification
Sustained multi-year revenue growth and a conservatively ambitious 2026 revenue target indicate durable demand. Expansion beyond cleaning into plating, advanced packaging and front-end track/PECVD diversifies end markets and reduces single-segment dependency, supporting secular growth over the next 2–6 months.
Read all positive factors
ACM Research (ACMR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.26B
Dividend YieldN/A
Average Volume (3M)1.08M
Price to Earnings (P/E)26.9
Beta (1Y)1.73
Revenue Growth20.77%
EPS Growth26.08%
CountryUS
Employees2,023
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.25
Shares Outstanding60,705,784
10 Day Avg. Volume872,780
30 Day Avg. Volume1,084,665
Financial Highlights & Ratios
PEG Ratio-2.25
Price to Book (P/B)1.73
Price to Sales (P/S)2.81
P/FCF Ratio-38.01
Enterprise Value/Market Cap0.88
Enterprise Value/Revenue3.19
Enterprise Value/Gross Profit7.18
Enterprise Value/Ebitda18.13
Forecast
1Y Price Target
$68.33Price Target Upside34.64% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)2.05
Revenue Forecast (FY)$1.14B
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 tech...
How the Company Makes Money
ACM Research makes money primarily by selling semiconductor capital equipment for wafer cleaning and wet processing. Its key revenue stream is product revenue from the sale of tools and systems (e.g., single-wafer wet cleaning equipment and relate...
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 Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 01, 2026
Earnings Call Sentiment Neutral
Balanced. The call highlighted solid top-line growth (15% FY), strengthened liquidity (net cash up to $845M), significant product and technical milestones (SPM nozzle performance, supercritical CO2 demo, first Singapore installation, panel-level horizontal plating), and an ambitious 2026 revenue outlook (midpoint implying ~25% growth). Offsetting these positives were notable margin compression (FY gross margin down from 50.4% to 44.5%), lower shipments (down ~12% YoY), higher inventories and provisions, rising OpEx/R&D that pressures near-term operating leverage, and customer concentration and competitive pricing pressures in China. Management frames margin weakness as temporary and highlights a multi-product ramp in 2026, but execution and timing of new-product shipments will determine whether the positives outweigh the near-term challenges.Positive Updates
Top-line Growth — Q4 and Full Year 2025
Revenue of $244 million in Q4 2025, up ~9% year-over-year (CFO: 9.4%); full-year revenue of $901.3 million, up ~15% YoY (CFO: 15.2%). Full-year 2026 guidance reiterated at $1.08B–$1.175B (midpoint implies ~25% YoY growth).
Negative Updates
Gross Margin Compression
Q4 gross margin 41.0% (below long-term target 42%–48%); full-year gross margin 44.5% vs 50.4% in 2024 (significant YoY decline). Q4 gross margin down ~8.8 percentage points YoY per management, attributed to product mix and higher inventory provisions.
Read all updates
Q4-2025 Updates
Positive
Negative
Top-line Growth — Q4 and Full Year 2025
Revenue of $244 million in Q4 2025, up ~9% year-over-year (CFO: 9.4%); full-year revenue of $901.3 million, up ~15% YoY (CFO: 15.2%). Full-year 2026 guidance reiterated at $1.08B–$1.175B (midpoint implies ~25% YoY growth).
Read all positive updates
Company Guidance
ACM reiterated 2026 revenue guidance of $1.08 billion to $1.175 billion (midpoint implying ~25% YoY growth), noted that 2026 shipment growth should exceed revenue growth, and said it expects gross margins to remain in its long‑term target range of 42%–48% but to be at the lower end in H1 2026 with a lift in H2; management expects 2026 operating margin in the mid‑teens (similar to 2025) and model assumptions include R&D of 16%–18% of sales, sales & marketing of 7%–8%, G&A ~6%, an effective tax rate of 8%–10%, and about $200 million of capex in 2026 (vs. $58M in 2025) to fund Lingang expansion, the mini‑line and Oregon operations (starting H2 2026); they also gave revenue seasonality of roughly 18%–20% of revenue in Q1, ~42%–43% in H1 and ~57%–58% in H2, and reaffirmed the longer‑term $4 billion revenue target.ACM Research Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
38
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 901.31M | 782.12M | 557.72M | 388.83M | 259.75M |
| Gross Profit | 400.07M | 391.55M | 276.21M | 183.62M | 114.86M |
| EBITDA | 158.47M | 180.42M | 126.99M | 74.38M | 41.05M |
| Net Income | 94.08M | 103.63M | 77.35M | 39.26M | 37.76M |
Balance Sheet | |||||
| Total Assets | 2.87B | 1.86B | 1.49B | 1.24B | 1.05B |
| Cash, Cash Equivalents and Short-Term Investments | 1.17B | 444.10M | 283.93M | 338.65M | 592.05M |
| Total Debt | 302.98M | 188.78M | 99.10M | 79.50M | 39.14M |
| Total Liabilities | 941.68M | 759.82M | 564.75M | 423.33M | 240.51M |
| Stockholders Equity | 1.46B | 904.63M | 767.39M | 674.86M | 676.20M |
Cash Flow | |||||
| Free Cash Flow | -66.61M | 69.99M | -139.66M | -154.71M | -49.80M |
| Operating Cash Flow | -10.32M | 152.45M | -75.32M | -62.19M | -40.09M |
| Investing Cash Flow | -390.33M | -11.96M | -6.75M | -265.67M | -11.28M |
| Financing Cash Flow | 742.49M | 92.48M | 18.53M | 45.87M | 538.77M |
ACM Research Technical Analysis
Positive
50.75
Price Trends
52.34
Negative
47.30
Positive
39.90
Positive
Market Momentum
-0.64
Negative
59.99
Neutral
94.17
Negative
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 50.75 is above the 20-day moving average (MA) of 44.26, below the 50-day MA of 52.34, and above the 200-day MA of 39.90, indicating a neutral trend. The MACD of -0.64 indicates Negative momentum. The RSI at 59.99 is Neutral, neither overbought nor oversold. The STOCH value of 94.17 is Negative, 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $10.00B | 82.61 | 5.43% | ― | 2.29% | -69.81% | |
75 Outperform | $3.40B | 21.10 | 11.72% | ― | -20.69% | -37.67% | |
64 Neutral | $2.42B | 47.89 | 4.13% | ― | -3.90% | -41.66% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $4.08B | 37.65 | -7.72% | 1.77% | -7.38% | 99.38% | |
59 Neutral | $3.26B | 26.91 | 7.79% | ― | 20.77% | 26.08% | |
57 Neutral | $3.50B | -6.51 | -24.06% | ― | 6.65% | -4652.36% |
* Technology Sector Average
ACMR
ACM Research
50.75
30.25
147.56%
ACLS
Axcelis Technologies
113.06
65.89
139.69%
FORM
Formfactor
128.28
101.17
373.18%
KLIC
Kulicke & Soffa
79.90
49.99
167.13%
UCTT
Ultra Clean Holdings
76.92
57.16
289.27%
VECO
Veeco
40.72
21.39
110.66%
ACM Research Corporate Events
Stock BuybackDividendsFinancial DisclosuresShareholder Meetings
ACM Research Shanghai Proposes 2025 Cash Dividend Plan
Positive
Mar 24, 2026
On February 27, 2026, ACM Research (Shanghai), Inc., the Shanghai-listed operating subsidiary of ACM Research, Inc., proposed a 2025 profit distribution plan featuring a cash dividend of RMB 6.233 per 10 shares, with no bonus shares or capital res...
Business Operations and StrategyFinancial Disclosures
ACM Research Highlights 2025 Results and 2026 Growth Strategy
Positive
Mar 19, 2026
On March 10, 2026, ACM Research (Shanghai), Inc. held an earnings conference call, later recorded with the Shanghai Stock Exchange on March 13, 2026, to review 2025 performance and outline its strategy and outlook. Management highlighted progress ...
Business Operations and Strategy
ACM Research completes partial share sale in Shanghai unit
Neutral
Feb 6, 2026
On January 30, 2026, ACM Research (Shanghai), Inc. notified the Shanghai Stock Exchange that ACM Research, Inc. intended to sell 4,801,648 ACM Shanghai shares via an inquiry-based transfer, and on February 2, 2026, it set a preliminary transfer pr...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
ACM Research Addresses Outlook, Expands Overseas Semiconductor Footprint
Positive
Feb 4, 2026
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 perfo...
Business Operations and StrategyPrivate Placements and Financing
ACM Research Sets Price for ACM Shanghai Share Transfer
Neutral
Feb 3, 2026
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 Shangha...
Business Operations and StrategyPrivate Placements and Financing
ACM Research Plans Institutional Sale of ACM Shanghai Stake
Neutral
Jan 30, 2026
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 AC...
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.