ACM Research

ACMR · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

ACMR · Last close · November 6, 2026

$44.61

ACM Research's revenue rose 15.2% to $901 million in fiscal 2025. Its operating margin was 12.1%, down from 19.3% a year earlier. Free cash flow was −$67 million, against $70 million a year earlier. It paid out $7 million in dividends and buybacks. The diluted share count rose 1.6%.

ACM Research, Inc. Latest fiscal year ended December 31, 2025 10-K filed March 2, 2026 · 0001628280-26-013231 Updated November 7, 2026

Revenue

$901M

15.2%

Operating margin

12.1%

7.2 pts

Net income

$94M

9.2%

Free cash flow

−$67M

$70M a year earlier

Return on capital

8.7%

5.6 pts

Market cap

$3.3B

Nov 6 close

P/E

27.9x

On $1.60 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (3-for-1), so every year is on today's share basis.

Charts show fiscal years, from the 10-K filings.

What ACM Research does

ACM Research supplies equipment used to make semiconductor chips. Its tools clean wafers, plate metal, heat-treat in furnaces, deposit thin films (PECVD) and coat and develop wafers (track). Chip makers use them for foundry, logic and memory chips, including DRAM and 3D NAND flash. It also sells equipment for advanced chip packaging.

Single wafer cleaning, Tahoe and other cleaning equipment brought in 69.5% of 2025 revenue. The rest came from plating (ECP), furnace and other technologies, and from advanced packaging, services and spare parts. Tool prices generally run from about half a million dollars to more than five million dollars each.

The company does substantially all of its work outside the United States, and its main operating subsidiary is ACM Shanghai, in mainland China. It sells equipment to chip makers and packaging companies, so its sales follow how much those customers spend on new factories and tools.

Its biggest risks, as it describes them

Substantially all its operations and assets are outside the United States, with the risks of foreign markets.
The mainland China government may step in or exert more control over ACM Shanghai.
Rules on foreign investment and overseas share offerings in China could change.
It may be hard for U.S. regulators to investigate or collect evidence in mainland China.
Audit inspection rules could affect it if it can't comply.

From ACM Research's annual report on Form 10-K, filed March 2, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 41.6% a year and net income 65.7% a year, as new shares raised the share count by 490% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	592	268	203	427	793
Debt incl. finance leases	35	77	92	183	288
Net debt (negative means net cash)	−557	−191	−111	−244	−505
Net debt to EBITDA	−13.6x	−3.0x	−1.1x	−1.6x	−4.1x
Debt to equity	0.1x	0.1x	0.1x	0.2x	0.2x
Interest coverage	50.6x	35.7x	35.8x	36.4x	15.7x
Current ratio	4.6x	2.4x	2.4x	2.3x	3.3x
Quick ratio	3.6x	1.4x	1.3x	1.4x	2.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project ACM Research's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open ACM Research's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought ACM Research shares on the open market, and 8 insiders sold $51.2 million, all of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 9, 2026	David H WangSee Remarks, Director, 10% owner	Sold plan	70,000	$74.59	$5.2 million	Form 4
Sep 8, 2026	David H WangSee Remarks, Director, 10% owner	Sold plan	70,000	$77.26	$5.4 million	Form 4
Aug 20, 2026	Mark McKechnieSee Remarks	Sold plan	55,199	$77.27	$4.3 million	Form 4
Aug 18, 2026	Haiping DunDirector	Sold plan	5,000	$81.13	$405,670	Form 4
Jun 5, 2026	Sotheara CheavSee remarks	Sold plan	5,399	$83.18	$449,085	Form 4
Jun 4, 2026	David H WangSee Remarks, Director, 10% owner	Sold plan	40,002	$85.80	$3.4 million	Form 4
Jun 4, 2026	Sotheara CheavSee remarks	Sold plan	13,351	$85.15	$1.1 million	Form 4
Jun 3, 2026	David H WangSee Remarks, Director, 10% owner	Sold plan	60,000	$90.05	$5.4 million	Form 4
May 19, 2026	Haiping DunDirector	Sold plan	5,000	$66.22	$331,111	Form 4
Apr 17, 2026	Charles C PappisDirector	Sold plan	5,000	$52.00	$260,000	Form 4
Mar 12, 2026	Mark McKechnieSee Remarks	Sold plan	98,551	$45.58	$4.5 million	Form 4
Mar 12, 2026	David H WangSee Remarks, Director, 10% owner	Sold plan	50,000	$45.58	$2.3 million	Form 4

The latest 12 of 27 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	5 of 9	6 of 9	2 of 9
Rule of 40	18.8%	49.2%	7.8%
Altman Z''	5.47	5.49	6.67
Accruals ratio	11.2%	−2.9%	4.4%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Fail	Pass	Fail
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Fail	Pass	Fail
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Fail
F-score	5 of 9	6 of 9	2 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put ACM Research side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
ACM Research	FY25	15.2%	12.1%	−7.4%	8.7%	−4.1x	2
Ichor	FY25	11.6%	−4.1%	−0.7%	−4.4%	—	4	Compare
Photronics	FY25	−2.0%	24.5%	7.0%	19.1%	−2.1x	6	Compare
Axcelis Technologies	FY25	−17.6%	14.2%	12.8%	—	—	—	Compare
Onto Innovation	FY25	1.8%	13.2%	29.8%	8.8%	−3.3x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	27	36	75	108	157	260	389	558	782	901
Revenue growth	—	33.4%	104.5%	44.0%	45.7%	65.8%	49.7%	43.4%	40.2%	15.2%
Gross profit	13	17	34	51	70	115	184	276	392	400
Research and development	3	5	10	13	19	34	62	93	106	145
Operating income	4	1	6	18	22	39	59	96	151	109
Net income	1	−0	7	19	19	38	39	77	104	94
Diluted EPS (US$)	0.06	−0.02	0.12	0.33	0.30	0.58	0.59	1.16	1.53	1.37
Diluted shares (millions)	11	21	54	57	64	65	65	65	66	67
Cash flow
Cash from operations	−4	−8	7	9	−14	−40	−62	−75	152	−10
Capital expenditure	1	1	2	1	5	9	91	62	82	56
Free cash flow	−4	−9	5	8	−19	−49	−153	−137	70	−67
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	3	0	0	0	0	0	7
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	0	2	3	4	6	5	8	27	50	34
Balance sheet at fiscal year end
Cash and short-term investments	10	18	27	58	100	592	268	203	427	793
Debt incl. finance leases	—	—	—	14	46	35	77	92	183	288
Total assets	44	68	103	218	341	1,052	1,236	1,491	1,856	2,872
Total liabilities	24	28	51	60	133	240	423	565	760	942
Shareholders' equity	−2	40	52	97	141	676	675	767	905	1,464
Margins and ratios
Gross margin	48.7%	47.2%	46.1%	47.1%	44.4%	44.2%	47.2%	49.5%	50.1%	44.4%
Operating margin	12.8%	1.9%	8.7%	16.6%	13.7%	14.9%	15.2%	17.2%	19.3%	12.1%
Net margin	3.8%	−0.9%	8.8%	17.6%	12.0%	14.5%	10.1%	13.9%	13.2%	10.4%
Free cash flow margin	−16.4%	−24.0%	6.8%	7.8%	−12.0%	−19.0%	−39.4%	−24.6%	8.9%	−7.4%
Rule of 40 (growth + FCF margin)	—	9.4%	111.3%	51.9%	33.7%	46.9%	10.3%	18.8%	49.2%	7.8%
Return on capital	—	—	—	—	20.8%	18.9%	10.1%	11.1%	14.3%	8.7%
Return on equity	—	−1.7%	14.3%	25.2%	15.8%	9.2%	5.8%	10.7%	12.4%	7.9%
Return on assets	—	−0.6%	7.7%	11.8%	6.7%	5.4%	3.4%	5.7%	6.2%	4.0%
Net debt to EBITDA	—	—	—	−2.4x	−2.4x	−13.6x	−3.0x	−1.1x	−1.6x	−4.1x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: ACM Research's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with ACM Research.