Acm Research Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
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.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Growth & profitability
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.
China clumping & Entity List
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).
Holding structure & access to the cash
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.
Cash flow & balance-sheet quality
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.
Valuation, governance & technicals
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.
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at ACMR since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 29.70 $ to 126.90 $ · Last price: 67.80 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Semiconductor Equipment & Materials
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Acm Research Inc ACMR | 4.6 | 48.7 | 12.7 | 43.8 | 15.6 | 15.2 | 100.7 |
| Lam Research Corp LRCX | 371.4 | 47.0 | 41.9 | 50.5 | 35.0 | 23.7 | 122.2 |
| Applied Materials Inc AMAT | 331.4 | 36.5 | 31.3 | 49.4 | 31.9 | 4.4 | 135.6 |
| KLA Corporation KLAC | 220.8 | 46.0 | 37.8 | 61.3 | 41.2 | 23.9 | 71.6 |
| Teradyne Inc TER | 57.6 | 59.4 | 34.3 | 59.2 | 37.6 | 13.1 | 209.5 |
| Qnity Electronics, Inc Q | 24.5 | 47.5 | 20.3 | 46.2 | 22.8 | 9.7 | 20.8 |
| Entegris Inc ENTG | 22.4 | 69.9 | 25.9 | 45.6 | 18.0 | -1.4 | 41.1 |
| Onto Innovation Inc ONTO | 13.7 | 109.7 | 49.6 | 55.5 | 16.8 | 1.8 | 115.5 |
| Amkor Technology Inc AMKR | 11.9 | 23.7 | 8.5 | 15.5 | 6.0 | 6.2 | 81.4 |
| Median of companies shown | 24.5 | 47.5 | 31.3 | 49.4 | 22.8 | 9.7 | 100.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
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.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($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 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· 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
| 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 |
| 2026: Q2 | 1.23 | 179.50 | 293 | 36.00 | 30.40 | -6 | -72 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 27 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- CANSLIM Type RS
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Swing Trading List
- Near 52-Week High
- Oliver Kell: Doublers
- Oliver Kell: Strength on Down Day
- Qullamaggie: Trend Intensity (13/65)
- RS Leader (≥90)
- RS New Highs
- Richard Moglen: 1 Week Top Performers
- Richard Moglen: Top Performers 3/6 Month
- Stage 2 Leader
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
Research
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
Outlook
Analysts & Price Target
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.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 2.15 | 1.90 – 2.59 | 1,171 | 33.8% | 4 |
| 12/31/2027 | 2.89 | 2.65 – 3.44 | 1,515 | 34.3% | 4 |
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.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft 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
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 32.3%
- More than 10% revenue growth is expected for the coming year 25.4%
- Share count grows by less than 3% a year 1.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 7.9%
- Gross margin at 40% or higher and without meaningful erosion 44.4%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 865 m net cash
- Operating cash flow covers the profits of the last three years -208 m
- Return on capital at 15% or higher, or up versus two years ago 5.2%
- Insiders hold at least 10% or are net buyers 12.8%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
7/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 47.4%
- Exp. sales growth 3Y > 5% 29.6%
- EBIT growth 10Y > 5% 46.6%
- Exp. EBIT growth 3Y > 5% 43.9%
- Net debt < 4x EBIT -7.9x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 79.9%
- Return on equity > 15% 6.4%
- ROCE > 15% 5.1%
- Expected return > 10% 41.8%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
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.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 9, 2026 | Wang David H | See Remarks | Sell | 1,100 | 77.59 | 85,349 |
| Sep 9, 2026 | Wang David H | See Remarks | Sell | 4,807 | 76.73 | 368,841 |
| Sep 9, 2026 | Wang David H | See Remarks | Sell | 11,666 | 75.58 | 881,716 |
| Sep 9, 2026 | Wang David H | See Remarks | Sell | 18,934 | 74.67 | 1,413,802 |
| Sep 9, 2026 | Wang David H | See Remarks | Sell | 33,493 | 73.80 | 2,471,783 |
| Sep 9, 2026 | Wang David H | See Remarks | Other | 70,000 | 1.00 | 70,000 |
| Sep 8, 2026 | Wang David H | See Remarks | Sell | 1,500 | 78.57 | 117,855 |
| Sep 8, 2026 | Wang David H | See Remarks | Sell | 12,323 | 78.08 | 962,180 |
| Sep 8, 2026 | Wang David H | See Remarks | Sell | 51,374 | 77.15 | 3,963,504 |
| Sep 8, 2026 | Wang David H | See Remarks | Sell | 4,803 | 75.99 | 364,980 |
The company
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
- 11/03/2017
- ISIN
- US00108J1097
- Stock Split
- 959692:319897 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.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 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.