ACM Research (ACMR) AI Stock Analysis

• Market Cap: $1.62B
• Dividend Yield: N/A
• Average Volume (3M): 1.03M
• Price to Earnings (P/E): 16.1
• Beta (1Y): 1.79
• Revenue Growth: 26.21%
• EPS Growth: 17.34%
• Country: US
• Employees: 2,023
• Sector: Technology
• Sector Strength: 84
• Industry: Semiconductors
• EPS (TTM): 0.46
• Shares Outstanding: 58,842,693
• 10 Day Avg. Volume: 917,925
• 30 Day Avg. Volume: 1,026,731
• PEG Ratio: 7.56
• Price to Book (P/B): 0.68
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -2.95
• Enterprise Value/Market Cap: 0.18
• Enterprise Value/Revenue: 0.10
• Enterprise Value/Gross Profit: 0.73
• Enterprise Value/Ebitda: 0.47
• 1Y Price Target: $35.00
• Price Target Upside: 38.89% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6

• Rating: 76 Outperform
• Price Target: $28.00 ▲(11.11%Upside)

ACM Research is well-positioned in the semiconductor industry, with robust financial performance and strategic growth plans. While the technical analysis supports a positive trend, valuation metrics are moderate, and recent earnings call insights reveal both opportunities and challenges. The lack of a dividend yield and cash flow volatility are minor concerns.

Positive Factors

International Expansion

ACM Research is expanding its presence in the U.S. and Korea, showing commitment to growing sales in these regions with new support facilities and staff.

Product Innovation

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

Negative Factors

Customer Demand Fluctuations

The March quarter shipments were $157 million, which were impacted by customer pull-ins into the fourth quarter.

Market Conditions

Management's confidence for 2025 remains high despite the plateauing China WFE, the growing macro uncertainty, and the potential for indirect tariff impacts related to its customers.

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 shows strong financial performance with significant revenue growth and robust profit margins. Despite a slight decline in EBITDA margin, efficient leverage management and a solid capital structure support the company's financial health, though some cash flow volatility is present.

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
	EBIT
151.54M	151.00M	95.84M	59.03M	38.70M	21.49M
	EBITDA
172.44M	180.42M	126.99M	74.38M	41.05M	22.55M
	Net Income Common Stockholders
106.57M	103.63M	77.35M	39.26M	37.76M	18.78M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
492.76M	444.10M	283.93M	338.65M	592.05M	100.00M
	Total Assets
1.93B	1.86B	1.49B	1.24B	1.05B	341.26M
	Total Debt
237.14M	188.78M	99.10M	79.50M	39.14M	50.01M
	Net Debt
-220.10M	-218.66M	-82.99M	-168.45M	-523.93M	-21.75M
	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
92.40M	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: Positive
• Last Price: 25.20
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 25.2 is above the 20-day moving average (MA) of 23.91, above the 50-day MA of 21.99, and above the 200-day MA of 20.48, indicating a bullish trend. The MACD of 0.80 indicates Negative momentum. The RSI at 58.36 is Neutral, neither overbought nor oversold. The STOCH value of 53.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ACMR.

ACM Research Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ACMR	76 Outperform	$1.62B	16.11	12.21%	―	26.21%	17.34%
VECO	74 Outperform	$1.27B	19.33	8.68%	―	3.30%	―
SIMO	70 Outperform	$2.35B	24.99	12.33%	2.85%	10.78%	58.82%
PLAB	69 Neutral	$1.12B	9.57	11.23%	―	-3.19%	-11.06%
Sector *	62 Neutral	$11.96B	10.09	-7.50%	3.10%	7.33%	-8.11%
UCTT	58 Neutral	$929.62M	32.79	3.30%	―	20.20%	―
ICHR	57 Neutral	$610.06M	―	-2.35%	―	13.41%	72.56%

ACM Research Corporate Events

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.

ACM Research Director Chenming Hu to Step Down

On April 18, 2025, Chenming C. Hu, a member of the Board of Directors of ACM Research, Inc., announced his decision not to stand for reelection at the 2025 Annual Meeting of Stockholders. Dr. Hu’s decision was not due to any disagreement with the company’s operations, policies, or practices, and he will continue to serve until the end of his term at the 2025 meeting.

ACM Research Appoints Charlie Pappis to Board

ACM Research, Inc. announced the appointment of Charlie Pappis to its Board of Directors, effective March 15, 2025. Mr. Pappis, a veteran in the semiconductor industry with over 40 years of experience, will bring valuable insights to ACM’s growth strategy as the company aims to expand its investments and business operations in the U.S. His expertise aligns with ACM’s mission to become a key supplier of capital equipment to major global semiconductor companies, enhancing the company’s leadership and market positioning.