Recent News
On September 29, 2025 ACM Research (Shanghai) reported backlog of RMB 9,071.5 million (USD $1,271.6 million), a 34.1% year-over-year increase. In September 2025 the company shipped its first high-throughput Ultra Lith KrF track system to a leading Chinese logic wafer fab. In mid-September ACM unveiled the Ultra ECDP electrochemical deplating tool for wide-bandgap/compound semiconductor gold etch processes and announced other product deliveries and private offering filings for ACM Research (Shanghai).
Technical Analysis
Directional indicators (ADX/DI+/DI-): ADX at 22.84 signals an emerging trend strength. DI+ shows a dip-and-reversal while DI- shows a peak-and-reversal, which the directional indicators present as bullish convergence; that bullish bias contrasts with other momentum measures and suggests buyers regained control recently even as overall momentum lacks conviction.
MACD: MACD at -1.13 with a decreasing trend and a signal line at -0.18 indicates bearish momentum; MACD sits below its signal line, which signals continued downside pressure until MACD stabilizes or crosses above the signal.
MRO (Momentum/Regression Oscillator): MRO at 5.56 and declining places the market price above the model target, implying a probable downward adjustment toward fair value if momentum does not reverse.
RSI: RSI at 50.97 and decreasing shows momentum drifting from neutral toward weakness, aligning with the MACD signal and supporting a near-term bias toward lower prices absent a clear momentum re-acceleration.
Price vs. moving averages and bands: Last close $32.64 trades below the 20-day average ($36.66) and the 50-day average ($36.81) while remaining above the 200-day average ($27.97). The 12-day EMA trends downward. Price sits near the lower 1x Bollinger band ($31.30), indicating proximity to the short-term volatility range bottom, and the super-trend upper line ($35.91) sits as nearby overhead resistance.
Volatility and volume: 42-day beta at 3.0 and 52-week beta at 1.7 denote elevated short-term sensitivity. Daily volume (2,132,000) exceeds 10-, 50- and 200-day averages, signaling above-normal participation on recent moves.
Fundamental Analysis
Revenue and growth: Total revenue $269,160,000 with YoY revenue growth of 32.79% demonstrates strong top-line momentum. Asset growth rate at 35.84% supports expanding scale.
Profitability: EBIT $50,938,000 produces an EBIT margin of 18.93%, which lies below the industry peer mean of 34.62% and the industry peer median of 35.72% but remains well inside the industry peer range (low -46.40% to high 43.01%). QoQ change in EBIT margin shows a 2.11 percentage-point improvement, while YoY change registered -12.04 percentage points.
Margins and cash flow: Gross margin at 42.04% declined 18.21% YoY and showed a QoQ contraction; operating margin sits at 10.75% with notable YoY deterioration. Free cash flow recorded negative $15,636,000 and free cash flow yield at -0.68%, reflecting cash conversion weakness despite strong cash balances ($1,129,807,000 in cash and short-term investments) and a cash ratio of 1.67.
Liquidity and leverage: Current ratio 3.48 and quick ratio 2.48 indicate abundant short-term liquidity versus the industry peer mean current ratio 2.13. Total debt $297,044,000 yields debt-to-assets of 10.72%, below the industry peer mean of 16.45%, while debt-to-EBITDA sits at 5.40 and interest coverage near 27.52, indicating manageable interest obligations.
Earnings and valuation metrics: Reported EPS $0.36 missed the estimate $0.53 by $0.17, producing an EPS surprise of -32.08%. Trailing PE equals 99.28 and forward PE near 61.16; price-to-book stands at 1.60, below the industry peer mean 16.03 and median 17.58. Revenue per share equals $4.20. WMDST values the stock as fair-valued given the mix of accelerating revenue and compressed cash generation.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-05 |
| NEXT REPORT DATE: | 2026-02-04 |
| CASH FLOW | Begin Period Cash Flow | $ 452.9 M |
| Operating Cash Flow | $ -4.62 M | |
| Capital Expenditures | $ -11.01 M | |
| Change In Working Capital | $ -49.70 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 614.5 M | |
| End Period Cash Flow | $ 1.1 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 269.2 M | |
| Forward Revenue | $ 58.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 156.0 M | |
| Depreciation | $ 4.1 M | |
| Depreciation and Amortization | $ 4.1 M | |
| Research and Development | $ 39.7 M | |
| Total Operating Expenses | $ 240.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 113.1 M | |
| EBITDA | $ 55.0 M | |
| EBIT | $ 50.9 M | |
| Operating Income | $ 28.9 M | |
| Interest Income | $ 3.1 M | |
| Interest Expense | $ 1.9 M | |
| Net Interest Income | $ 1.2 M | |
| Income Before Tax | $ 49.1 M | |
| Tax Provision | $ 2.7 M | |
| Tax Rate | 5.478 % | |
| Net Income | $ 35.9 M | |
| Net Income From Continuing Operations | $ 46.4 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.53 | |
| EPS Actual | $ 0.36 | |
| EPS Difference | $ -0.17 | |
| EPS Surprise | -32.075 % | |
| Forward EPS | $ 0.49 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.8 B | |
| Intangible Assets | $ 2.7 M | |
| Net Tangible Assets | $ 1.4 B | |
| Total Current Assets | $ 2.4 B | |
| Cash and Short-Term Investments | $ 1.1 B | |
| Cash | $ 1.1 B | |
| Net Receivables | $ 477.0 M | |
| Inventory | $ 676.4 M | |
| Long-Term Investments | $ 2.9 M | |
| LIABILITIES | ||
| Accounts Payable | $ 180.9 M | |
| Short-Term Debt | $ 93.7 M | |
| Total Current Liabilities | $ 677.9 M | |
| Net Debt | — | |
| Total Debt | $ 297.0 M | |
| Total Liabilities | $ 885.4 M | |
| EQUITY | ||
| Total Equity | $ 1.4 B | |
| Retained Earnings | $ 346.0 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 22.34 | |
| Shares Outstanding | 64.119 M | |
| Revenue Per-Share | $ 4.20 | |
| VALUATION | Market Capitalization | $ 2.3 B |
| Enterprise Value | $ 1.5 B | |
| Enterprise Multiple | 26.504 | |
| Enterprise Multiple QoQ | -24.372 % | |
| Enterprise Multiple YoY | 35.458 % | |
| Enterprise Multiple IPRWA | high: 178.043 mean: 94.087 median: 91.699 ACMR: 26.504 low: -238.397 |
|
| EV/R | 5.42 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.934 | |
| Asset To Liability | 3.129 | |
| Debt To Capital | 0.172 | |
| Debt To Assets | 0.107 | |
| Debt To Assets QoQ | -23.905 % | |
| Debt To Assets YoY | 198.386 % | |
| Debt To Assets IPRWA | high: 0.464 median: 0.198 mean: 0.164 ACMR: 0.107 low: 0.006 |
|
| Debt To Equity | 0.207 | |
| Debt To Equity QoQ | -28.831 % | |
| Debt To Equity YoY | 185.657 % | |
| Debt To Equity IPRWA | high: 0.755 mean: 0.252 ACMR: 0.207 median: 0.142 low: -0.599 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.6 | |
| Price To Book QoQ | -8.414 % | |
| Price To Book YoY | 16.914 % | |
| Price To Book IPRWA | high: 26.898 median: 17.585 mean: 16.029 ACMR: 1.6 low: 0.972 |
|
| Price To Earnings (P/E) | 99.278 | |
| Price To Earnings QoQ | 61.796 % | |
| Price To Earnings YoY | 221.941 % | |
| Price To Earnings IPRWA | high: 286.125 mean: 122.167 median: 115.727 ACMR: 99.278 low: -396.798 |
|
| PE/G Ratio | -5.46 | |
| Price To Sales (P/S) | 8.514 | |
| Price To Sales QoQ | 6.434 % | |
| Price To Sales YoY | 42.919 % | |
| Price To Sales IPRWA | high: 64.674 median: 41.776 mean: 35.654 ACMR: 8.514 low: 2.877 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 61.156 | |
| Forward PE/G | -3.364 | |
| Forward P/S | 39.101 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.105 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.112 | |
| Asset Turnover Ratio QoQ | 3.238 % | |
| Asset Turnover Ratio YoY | -5.04 % | |
| Asset Turnover Ratio IPRWA | high: 0.325 median: 0.198 mean: 0.194 ACMR: 0.112 low: 0.0 |
|
| Receivables Turnover | 0.591 | |
| Receivables Turnover Ratio QoQ | 12.74 % | |
| Receivables Turnover Ratio YoY | -3.772 % | |
| Receivables Turnover Ratio IPRWA | high: 2.339 median: 1.451 mean: 1.413 low: 0.792 ACMR: 0.591 |
|
| Inventory Turnover | 0.236 | |
| Inventory Turnover Ratio QoQ | 33.564 % | |
| Inventory Turnover Ratio YoY | 46.307 % | |
| Inventory Turnover Ratio IPRWA | high: 1.111 mean: 0.461 median: 0.382 ACMR: 0.236 low: 0.169 |
|
| Days Sales Outstanding (DSO) | 154.365 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 563.683 | |
| Cash Conversion Cycle Days QoQ | -16.907 % | |
| Cash Conversion Cycle Days YoY | 3.43 % | |
| Cash Conversion Cycle Days IPRWA | ACMR: 563.683 high: 476.877 median: 276.99 mean: 268.118 low: 50.2 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.16 | |
| CapEx To Revenue | -0.041 | |
| CapEx To Depreciation | -2.683 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.6 B | |
| Net Invested Capital | $ 1.7 B | |
| Invested Capital | $ 1.7 B | |
| Net Tangible Assets | $ 1.4 B | |
| Net Working Capital | $ 1.7 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.667 | |
| Current Ratio | 3.479 | |
| Current Ratio QoQ | 41.847 % | |
| Current Ratio YoY | 46.832 % | |
| Current Ratio IPRWA | high: 9.548 ACMR: 3.479 median: 2.207 mean: 2.134 low: 0.914 |
|
| Quick Ratio | 2.481 | |
| Quick Ratio QoQ | 66.913 % | |
| Quick Ratio YoY | 85.338 % | |
| Quick Ratio IPRWA | high: 7.893 ACMR: 2.481 median: 1.597 mean: 1.445 low: 0.696 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 5.397 | |
| Cost Of Debt | 0.599 % | |
| Interest Coverage Ratio | 27.519 | |
| Interest Coverage Ratio QoQ | 21.126 % | |
| Interest Coverage Ratio YoY | -24.253 % | |
| Interest Coverage Ratio IPRWA | high: 114.14 median: 39.833 mean: 37.068 ACMR: 27.519 low: -164.857 |
|
| Operating Cash Flow Ratio | 0.001 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 135.613 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 35.835 % | |
| Revenue Growth | 24.974 % | |
| Revenue Growth QoQ | 0.04 % | |
| Revenue Growth YoY | 3279.432 % | |
| Revenue Growth IPRWA | high: 27.263 % ACMR: 24.974 % median: 1.101 % mean: 0.541 % low: -22.145 % |
|
| Earnings Growth | -18.182 % | |
| Earnings Growth QoQ | -138.961 % | |
| Earnings Growth YoY | -225.005 % | |
| Earnings Growth IPRWA | high: 133.333 % mean: -3.591 % median: -6.077 % ACMR: -18.182 % low: -166.667 % |
|
| MARGINS | ||
| Gross Margin | 42.038 % | |
| Gross Margin QoQ | -13.329 % | |
| Gross Margin YoY | -18.206 % | |
| Gross Margin IPRWA | high: 89.855 % mean: 52.779 % median: 51.627 % ACMR: 42.038 % low: 4.626 % |
|
| EBIT Margin | 18.925 % | |
| EBIT Margin QoQ | 2.11 % | |
| EBIT Margin YoY | -12.042 % | |
| EBIT Margin IPRWA | high: 43.012 % median: 35.717 % mean: 34.615 % ACMR: 18.925 % low: -46.404 % |
|
| Return On Sales (ROS) | 10.746 % | |
| Return On Sales QoQ | -26.977 % | |
| Return On Sales YoY | -50.056 % | |
| Return On Sales IPRWA | high: 41.661 % mean: 33.211 % median: 32.842 % ACMR: 10.746 % low: -50.057 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -15.64 M | |
| Free Cash Flow Yield | -0.682 % | |
| Free Cash Flow Yield QoQ | -80.43 % | |
| Free Cash Flow Yield YoY | -61.382 % | |
| Free Cash Flow Yield IPRWA | high: 3.112 % median: 0.795 % mean: 0.649 % ACMR: -0.682 % low: -2.559 % |
|
| Free Cash Growth | -73.958 % | |
| Free Cash Growth QoQ | -118.126 % | |
| Free Cash Growth YoY | -48.883 % | |
| Free Cash Growth IPRWA | high: 137.837 % mean: -4.571 % median: -31.87 % ACMR: -73.958 % low: -368.087 % |
|
| Free Cash To Net Income | -0.436 | |
| Cash Flow Margin | 0.235 % | |
| Cash Flow To Earnings | 0.018 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.492 % | |
| Return On Assets QoQ | -0.401 % | |
| Return On Assets YoY | -16.415 % | |
| Return On Assets IPRWA | high: 7.255 % mean: 5.479 % median: 5.244 % ACMR: 1.492 % low: -8.379 % |
|
| Return On Capital Employed (ROCE) | 2.434 % | |
| Return On Equity (ROE) | 0.025 | |
| Return On Equity QoQ | -16.971 % | |
| Return On Equity YoY | -28.017 % | |
| Return On Equity IPRWA | high: 0.225 mean: 0.13 median: 0.112 ACMR: 0.025 low: -0.18 |
|
| DuPont ROE | 2.967 % | |
| Return On Invested Capital (ROIC) | 2.8 % | |
| Return On Invested Capital QoQ | -6.667 % | |
| Return On Invested Capital YoY | -121.803 % | |
| Return On Invested Capital IPRWA | high: 10.936 % median: 10.871 % mean: 8.961 % ACMR: 2.8 % low: -2.31 % |
|