Acm Research (ACMR)
NASDAQ:ACMR
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ACM Research
(NASDAQ:ACMR)
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Rating:65Neutral
Price Target:
$100.00
▲(97.59% Upside)
Action:Downgraded
Date:05/30/26
The score is primarily held back by weak and inconsistent cash flow (negative OCF/FCF in TTM) despite strong balance-sheet strength and solid operating profitability. Guidance and product momentum from the latest earnings call support a constructive outlook, but the stock’s extended technical condition and high P/E reduce the risk-adjusted score.
Positive Factors
Strong balance sheet / net cash
A >$1.2B cash base and roughly $924M net cash provides durable financial flexibility to fund capex, R&D and international expansion without immediate reliance on debt. This buffer supports multi-quarter product qualification cycles and cushions semiconductor capex cyclicality, enabling strategic investments.
Negative Factors
Weak cash conversion (negative OCF/FCF)
Recurrent negative operating and free cash flows mean reported profits have not consistently converted to cash, forcing reliance on equity raises or working-capital financing. Over time this reduces financial resilience, increases dilution/external funding needs and raises execution risk for growth investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong balance sheet / net cash
A >$1.2B cash base and roughly $924M net cash provides durable financial flexibility to fund capex, R&D and international expansion without immediate reliance on debt. This buffer supports multi-quarter product qualification cycles and cushions semiconductor capex cyclicality, enabling strategic investments.
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
$5.73B
Dividend YieldN/A
Average Volume (3M)1.64M
Price to Earnings (P/E)62.6
Beta (1Y)1.74
Revenue Growth19.69%
EPS Growth-17.14%
CountryUS
Employees2,023
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)1.41
Shares Outstanding61,233,063
10 Day Avg. Volume2,043,806
30 Day Avg. Volume1,641,068
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 Cap0.87
Enterprise Value/Revenue5.20
Enterprise Value/Gross Profit11.75
Enterprise Value/Ebitda29.65
Forecast
1Y Price Target
$78.08Price Target Upside54.28% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)1.99
Revenue Forecast (FY)$1.15B
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 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 | 168.38M | 158.47M | 180.42M | 126.99M | 74.38M | 41.05M |
| 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 | -108.47M | -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
55.18
Positive
55.22
Positive
45.18
Positive
Market Momentum
9.15
Negative
74.34
Negative
90.07
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 50.61 is below the 20-day moving average (MA) of 67.53, below the 50-day MA of 55.18, and above the 200-day MA of 45.18, indicating a bullish trend. The MACD of 9.15 indicates Negative momentum. The RSI at 74.34 is Negative, neither overbought nor oversold. The STOCH value of 90.07 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $4.62B | 45.81 | 9.79% | ― | -11.75% | -41.15% | |
67 Neutral | $9.71B | 141.87 | 6.68% | ― | 9.60% | 25.63% | |
66 Neutral | $3.52B | 150.62 | 2.64% | ― | -7.71% | -66.03% | |
65 Neutral | $5.73B | 62.59 | 6.66% | ― | 19.69% | -17.14% | |
62 Neutral | $5.33B | 96.87 | 6.59% | 1.77% | 11.16% | 179.18% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $3.84B | -19.97 | -28.05% | ― | -3.24% | -786.94% |
* Technology Sector Average
ACMR
ACM Research
86.56
63.81
280.48%
ACLS
Axcelis Technologies
150.41
93.95
166.40%
FORM
Formfactor
124.59
94.57
315.02%
KLIC
Kulicke & Soffa
101.89
70.27
222.20%
UCTT
Ultra Clean Holdings
85.57
66.01
337.47%
VECO
Veeco
57.64
38.30
198.04%
ACM Research Corporate Events
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...
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 ...
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.