ACM Research vs Photronics
ACM Research reported revenue of $901 million in fiscal 2025, about the same as Photronics' $849 million in fiscal 2025. ACM Research's revenue grew 15.2% in its latest year, and Photronics' fell 2.0%. ACM Research had an operating margin of 12.1%, against 24.5% at Photronics. Free cash flow was −$67 million at ACM Research and $60 million at Photronics. Their fiscal years end in different months (December 31 and October 31), so the periods don't line up exactly.
Side by side
| ACM Research | Photronics | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Oct 31, 2025 |
| Revenue | $901M | $849M |
| Revenue growth | 15.2% | −2.0% |
| Revenue growth a year, last 5 years | 41.9% | 6.9% |
| Gross margin | 44.4% | 35.3% |
| Operating margin | 12.1% | 24.5% |
| Net margin | 10.4% | 16.1% |
| Free cash flow | −$67M | $60M |
| Free cash flow margin | −7.4% | 7.0% |
| Return on capital | 8.7% | 19.1% |
| Net debt to EBITDA | −4.1x | −2.1x |
| Dividends and buybacks | $7M | $97M |
| Change in diluted share count | 1.6% | −4.0% |
| Last close | $44.61 | $27.36 |
| P/E at the last close | 27.9× | 9.7× |
| Insider trades, last 12 months | sold $51.2 million | sold $23.9 million |
| Piotroski F-score | 2 of 9 | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
ACM ResearchPhotronics
Operating margin
Percent of revenue
ACM ResearchPhotronics
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
ACM ResearchPhotronics
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the ACM Research and Photronics pages.