Acm Research Inc (ACMR)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Whoever buys today is betting that China's chip fabs keep localizing, that export controls are not tightened and that the market keeps ignoring the holding floor — and pays 78 times trailing earnings with negative free cash flow for it. Whoever waits checks three things in every quarterly report (10-Q): does the core cleaning business return to growth, does operating cash flow turn sustainably positive, and does the regulatory status (Entity List, export rules) stay stable? The decision is yours.
symbol.quality_note
ACM Research builds cleaning and plating tools for chip fabs and is one of the most striking names in our in-house momentum scanner run of July 17, 2026: a stage-2 uptrend, relative strength of 97, plus 151 percent year to date. We read the annual reports (10-K) for 2024 and 2025 and the quarterly report (10-Q) as of March 31, 2026: 99.6 percent of revenue comes from mainland China, the operating subsidiary ACM Shanghai has been on the U.S. Commerce Department's export blacklist since December 2024, the Nasdaq holding still owns 74.6 percent of it — and a $94 million annual profit met a negative operating cash flow. Not investment advice — just the question of who really owns a company whose ticker trades in New York while its cash sits in Shanghai.
Read the analysis
Stock Watch
This analysis is as of July 17, 2026. Stock Watch will tell you what's changed at ACMR since then.
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Appears in These Scanners
This stock currently matches 26 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 78.50 $ — 53% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
NeutralGeprüft am 17.07.2026: In den ausgewerteten SEC-Berichten von ACM Research (CIK 1680062; 4×10-Q bis zum 31.03.2026 und 2×10-K für 2025/2024) findet sich kein wesentlicher KI-Bezug im Sinne des Kriterienkatalogs. ACM Research verkauft Reinigungs-, Galvanik-, Ofen- und Packaging-Anlagen für Chipfabriken — die Filings weisen weder KI-Produkte noch KI-Dienste als Umsatzquelle aus, belegen keinen operativen KI-Einsatz und nennen KI auch nicht als konkretes Risiko fürs eigene Geschäftsmodell. Sämtliche „artificial intelligence“-Treffer in beiden 10-K stehen ausschließlich in regulatorischen Passagen: erstens zum US-Outbound-Investment-Programm („the framework imposes notification requirements and prohibitions on specified investments by U.S. persons in the semiconductor and microelectronics sector, quantum information technologies, and artificial intelligence (AI) systems“ — übersetzt: „das Regelwerk verhängt Meldepflichten und Verbote für bestimmte Investitionen von US-Personen im Halbleiter- und Mikroelektroniksektor, bei Quanteninformationstechnologien und bei Systemen der Künstlichen Intelligenz (KI)“), zweitens zur BIS-Exportkontrollrunde vom Dezember 2024 („the U.S. BIS imposed additional controls on exports … relating to advanced integrated circuit products, certain IC manufacturing equipment and technology, and supercomputers associated with artificial intelligence (AI) and advanced computing“ — übersetzt: „das US-BIS verhängte zusätzliche Exportkontrollen … für fortgeschrittene IC-Produkte, bestimmte IC-Fertigungsanlagen und -technologie sowie Supercomputer im Zusammenhang mit Künstlicher Intelligenz (KI) und Hochleistungsrechnen“), in deren Zuge die Töchter ACM Shanghai und ACM Korea auf die Entity List kamen. Das ist Exportkontroll- bzw. Investitionsregulierung, kein KI-Geschäftsrisiko im Sinne von „bedroht“. Die vier ausgewerteten 10-Q (31.03.2026, 30.09.2025, 30.06.2025, 31.03.2025) enthalten keinerlei KI-Treffer; die Nachfrage begründet der 10-Q zum 31.03.2026 mit der Lokalisierungs-Strategie der festlandchinesischen Kunden, nicht mit KI. Nach dem Kriterienkatalog bleibt es bei „neutral“.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-08 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-Q 2025-05-12 · 10-K 2026-03-02 · 10-K 2025-03-03
Rated on July 17, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 30.1% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 9
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 1.68 | 1.37 – 1.85 | 1,157 | 4.1% | 3 |
| 12/31/2027 | 2.25 | 1.90 – 2.70 | 1,455 | 34.4% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- 0.21 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.47 | 74.00 | 224 | 31.20 | 13.90 | 89 | 76 |
| 2025: Q1 | 0.30 | 15.70 | 172 | 13.20 | 11.80 | 5 | -12 |
| 2025: Q2 | 0.44 | 22.20 | 215 | 6.40 | 13.80 | -45 | -60 |
| 2025: Q3 | 0.52 | 13.20 | 269 | 32.00 | 13.30 | -5 | -16 |
| 2025: Q4 | 0.12 | -75.00 | 244 | 9.40 | 3.30 | 34 | 19 |
| 2026: Q1 | 0.25 | -18.50 | 231 | 34.20 | 7.50 | -30 | -52 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 27 | 3 | 1 | 0.04 | -4 | -2 | 44 |
| 2017 | 37 | 1 | 0 | -0.01 | -8 | 40 | 68 |
| 2018 | 75 | 6 | 7 | 0.12 | 7 | 52 | 103 |
| 2019 | 108 | 18 | 19 | 0.33 | 9 | 97 | 218 |
| 2020 | 157 | 21 | 19 | 0.30 | -14 | 141 | 341 |
| 2021 | 260 | 39 | 38 | 0.58 | -40 | 676 | 1,052 |
| 2022 | 389 | 59 | 39 | 0.60 | -62 | 675 | 1,236 |
| 2023 | 558 | 96 | 77 | 1.19 | -75 | 767 | 1,491 |
| 2024 | 782 | 151 | 104 | 1.56 | 152 | 905 | 1,856 |
| 2025 | 901 | 109 | 94 | 1.40 | -10 | 1,464 | 2,872 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Revenue more than tripled in four years ($259.8 → $901.3 million through 2025), $94.1 million in net income for ACM Research, Q1 2026 up 34 percent and a $145 million development budget — the business is real and profitable (10-K 2025, 10-Q as of 03/31/2026). But: gross margin fell from 50.1 to 44.4 percent, and earnings per share declined.
99.6 percent of revenue from mainland China, four unnamed customers with a 52.2 percent revenue share, and the operating subsidiaries ACM Shanghai and ACM Korea have been on the BIS Entity List since December 2, 2024 — the business model hangs on the continuation of a bloc-building that can also hit it harder at any time (10-K 2025).
ACM Research holds only 74.6 percent of ACM Shanghai (down from 91.7 percent in 2019); Chinese law restricts dividends, the $623 million from the September 2025 private offering is per the 10-K generally not available to the holding, and a quarter of the profit belongs to minority shareholders — the Nasdaq shareholder buys a claim on a claim.
Negative $10.3 million operating and negative $67.1 million free cash flow in 2025 despite record profit; $702.6 million of inventories and an allowance for credit losses up from $4.8 to $32.8 million stand against a comfortable $1,132.6 million cash position and an Altman Z around 9.7 (12/31/2025; data as of July 17, 2026) — solidly financed, but the business ties up money continuously.
A stage-2 uptrend, relative strength of 97 and 25 scanner hits meet a trailing P/E around 78 after a quadrupling, 20-fold insider voting rights (62.3 percent of the votes), 18 insider sales against zero buys and daily swings around 10 percent (data as of July 17, 2026) — first-class momentum at a price that forgives little.
ACM Research is a genuine growth company in the world's most strategically important equipment market — and at the same time the purest China bet you can make with a Nasdaq ticker: 99.6 percent of revenue from mainland China, the operating subsidiary on the U.S. Entity List, a holding with a 74.6 percent stake and legally narrowed access to the cash, plus negative free cash flow despite record profit. Whoever invests here buys the localization of Chinese chipmaking as tailwind and geopolitics as a permanent risk — at 78 times trailing earnings. Not investment advice.
- ACMR reached our research list via the momentum/stage-2 run of July 17, 2026, with 25 scanner hits (incl. Stan Weinstein stage 2, RS leaders ≥90, Minervini trend template) — the trend strength is the hook of this analysis, not its verdict.
- Scanner metrics (P/E, P/S, Piotroski, Altman Z, fundamental grade, insider transactions) are computed from trailing twelve-month figures as of the July 17, 2026 data cut-off; the 2025 margin and EPS decline is baked in, a potential new customer investment cycle naturally is not.
- Price and valuation figures are dated to July 17, 2026 (about $107, market value roughly $7.3 billion); analyses are evergreen, daily prices are not a buy argument. The voting-power figure (62.3 percent for Class B) comes from the 10-K for 2025 with its stated record date of February 25, 2025.
About the Company
ACM Research, Inc. entwickelt, fertigt und verkauft gemeinsam mit ihren Tochtergesellschaften Investitionsgüter in Festlandchina und international.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 2,513 |
| Headquarters | Fremont, CA |
| Address | 42307 Osgood Road, 94539 Fremont, United States |
| Phone | 510 445 3700 |
| Website | acmr.com |
| IPO Date | 3. Nov 2017 |
| ISIN | US00108J1097 |
| Stock Split | 3:1 on 03/24/2022 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Hui Wang Ph.D. | Founder, Chairman, CEO & President | 1961 |
| Mark A. McKechnie | CFO, Executive VP, Secretary & Treasurer | 1967 |
| Yi Lu Feng | Chief Financial Officer of ACM Research (Shanghai), Inc. | 1958 |
| Jian Wang | Chief Executive Officer and President of ACM Research (Shanghai), Inc. | 1965 |
| Howard Chen | General Counsel & VP of Corporate Strategy | – |
| Jim Straus | Vice President of Sales - North America | – |
| Sotheara Cheav | Senior Vice President of Manufacturing | 1952 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Insider Transactions
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 17. Apr 2026 | Charles C Pappis | Director | Sell | 5,000 | 52.00 | 260,000 |
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
View all insider transactions →Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.