Recent News
On April 17, 2026 ACM Research’s Shanghai operating unit proposed issuing overseas-listed H shares and applying for a secondary listing on the Hong Kong Stock Exchange.
On May 12, 2026 the company entered a registered direct offering agreement with U.S. institutional investors; the transaction size and pricing terms published indicate a capital raise to support operations and expansion.
Technical Analysis
Directional indicators show mixed near-term direction: DI+ registers a peak-and-reversal (bearish), while DI– shows a decreasing reading (bullish); ADX at 24.05 indicates an emerging trend strength without long-term dominance. The combination points to competing pressure between recent upside momentum and renewed selling interest, implying consolidation risk around the current price.
MACD stands positive at 3.55 with an increasing trend and sits above its 2.50 signal line, producing a bullish momentum confirmation that supports continuation of the recent upside from moving-average crossovers.
MRO reads +35.44, which indicates the price sits above the model target and thus carries downside mean-reversion risk; the positive oscillator strength implies a material chance of pullback toward intrinsic targets if momentum fades.
RSI at 57.24 and rising indicates constructive breadth without overbought extremes, supporting further upside room while keeping watch for loss of momentum that would push RSI toward 70.
Price sits above its short-, medium- and long-term averages (12-day EMA $59.59; 20-day $57.12; 50-day $49.56; 200-day $42.88) and trades near the 1× upper Bollinger band ($63.94). Ichimoku Tenkan (57.70) exceeds Kijun (56.29) and the share price sits above the Senkou span, reinforcing trend-positive alignment. Volume at ~2.73M exceeds 10-/50-/200-day averages, confirming active participation accompanying the recent move.
Fundamental Analysis
Revenue totaled $244,430,000 for the period ending 2025-12-31 (reported in the most recent company filing); EPS came in at $0.34 versus an estimate of $0.20, producing an EPS beat of $0.14 and a 70% surprise ratio.
Profitability shows operating margin at 9.42% and EBIT margin at 9.23%. Both margins sit meaningfully below the industry peer mean (operating margin mean ~34.03%; EBIT margin mean ~34.69%) and below the industry peer median, indicating lower margin capture relative to typical semiconductor-equipment peers despite positive operating leverage. EBIT margin contracted QoQ by 51.21% and YoY by 64.21%, signaling margin compression from the prior periods.
Top-line growth shows YoY revenue decline of 9.19% and sharp QoQ deceleration; earnings growth presents a mixed picture with a YoY increase of 175.01% but negative longer-term revenue momentum. Free cash flow sits at $19,517,000 with a free-cash-flow yield of 0.57%, while cash and short-term investments total $1,159,488,000, producing a cash ratio of 1.55 and current ratio of 3.27—liquidity levels that materially exceed the industry peer mean and provide a cushion for expansion or capital raises.
Leverage remains modest: total debt $297,908,000 versus total assets $2,872,185,000 (debt-to-assets ~10.37%) and debt-to-equity ~0.20; interest coverage near 12.61 supports debt service. Asset turnover sits low at 8.66%, below the industry peer mean, implying capital intensity and slower revenue conversion from invested assets.
Valuation metrics reflect growth expectations and dispersion: trailing PE ~208.69 and forward PE ~63.32; price-to-book ~2.34; price-to-sales ~14.00 with the forward price-target mean at $68.53. WMDST values the stock as fair-valued, a determination that balances strong cash reserves and recent operational signs against compressed margins and elevated multiples.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-05-07 |
| NEXT REPORT DATE: | 2026-08-06 |
| CASH FLOW | Begin Period Cash Flow | $ 1.1 B |
| Operating Cash Flow | $ 33.9 M | |
| Capital Expenditures | $ -14.40 M | |
| Change In Working Capital | $ -2.88 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -301.38 M | |
| End Period Cash Flow | $ 766.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 244.4 M | |
| Forward Revenue | $ 280.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 144.5 M | |
| Depreciation | $ 5.9 M | |
| Depreciation and Amortization | $ 5.9 M | |
| Research and Development | $ 44.0 M | |
| Total Operating Expenses | $ 221.4 M | |
| PROFITABILITY | ||
| Gross Profit | $ 99.9 M | |
| EBITDA | $ 28.4 M | |
| EBIT | $ 22.6 M | |
| Operating Income | $ 23.0 M | |
| Interest Income | $ 4.2 M | |
| Interest Expense | $ 1.8 M | |
| Net Interest Income | $ 2.4 M | |
| Income Before Tax | $ 20.8 M | |
| Tax Provision | $ 6.6 M | |
| Tax Rate | 31.601 % | |
| Net Income | $ 8.0 M | |
| Net Income From Continuing Operations | $ 14.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.20 | |
| EPS Actual | $ 0.34 | |
| EPS Difference | $ 0.14 | |
| EPS Surprise | 70.0 % | |
| Forward EPS | $ 0.56 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.9 B | |
| Intangible Assets | $ 2.8 M | |
| Net Tangible Assets | $ 1.5 B | |
| Total Current Assets | $ 2.4 B | |
| Cash and Short-Term Investments | $ 1.2 B | |
| Cash | $ 757.4 M | |
| Net Receivables | $ 504.2 M | |
| Inventory | $ 702.6 M | |
| Long-Term Investments | $ 4.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 215.4 M | |
| Short-Term Debt | $ 109.1 M | |
| Total Current Liabilities | $ 745.7 M | |
| Net Debt | — | |
| Total Debt | $ 297.9 M | |
| Total Liabilities | $ 941.7 M | |
| EQUITY | ||
| Total Equity | $ 1.5 B | |
| Retained Earnings | $ 350.4 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 22.32 | |
| Shares Outstanding | 65.612 M | |
| Revenue Per-Share | $ 3.73 | |
| VALUATION | Market Capitalization | $ 3.4 B |
| Enterprise Value | $ 2.6 B | |
| Enterprise Multiple | 90.082 | |
| Enterprise Multiple QoQ | 239.875 % | |
| Enterprise Multiple YoY | 523.385 % | |
| Enterprise Multiple IPRWA | high: 244.045 median: 114.544 mean: 106.662 ACMR: 90.082 low: -216.655 |
|
| EV/R | 10.479 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.961 | |
| Asset To Liability | 3.05 | |
| Debt To Capital | 0.169 | |
| Debt To Assets | 0.104 | |
| Debt To Assets QoQ | -3.255 % | |
| Debt To Assets YoY | 149.028 % | |
| Debt To Assets IPRWA | high: 0.455 median: 0.194 mean: 0.165 ACMR: 0.104 low: 0.003 |
|
| Debt To Equity | 0.203 | |
| Debt To Equity QoQ | -1.876 % | |
| Debt To Equity YoY | 138.136 % | |
| Debt To Equity IPRWA | high: 0.96 mean: 0.266 ACMR: 0.203 median: 0.138 low: -0.408 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.338 | |
| Price To Book QoQ | 46.141 % | |
| Price To Book YoY | 70.296 % | |
| Price To Book IPRWA | high: 22.16 mean: 14.188 median: 11.172 ACMR: 2.338 low: 1.081 |
|
| Price To Earnings (P/E) | 208.685 | |
| Price To Earnings QoQ | 110.202 % | |
| Price To Earnings YoY | 488.642 % | |
| Price To Earnings IPRWA | high: 422.129 ACMR: 208.685 median: 146.908 mean: 138.513 low: -305.594 |
|
| PE/G Ratio | -6.83 | |
| Price To Sales (P/S) | 14.004 | |
| Price To Sales QoQ | 64.486 % | |
| Price To Sales YoY | 152.029 % | |
| Price To Sales IPRWA | high: 71.828 median: 45.349 mean: 40.802 ACMR: 14.004 low: 3.414 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 63.321 | |
| Forward PE/G | -2.072 | |
| Forward P/S | 12.056 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 6.062 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.087 | |
| Asset Turnover Ratio QoQ | -22.59 % | |
| Asset Turnover Ratio YoY | -29.253 % | |
| Asset Turnover Ratio IPRWA | high: 0.471 mean: 0.207 median: 0.203 ACMR: 0.087 low: 0.002 |
|
| Receivables Turnover | 0.498 | |
| Receivables Turnover Ratio QoQ | -15.721 % | |
| Receivables Turnover Ratio YoY | -15.548 % | |
| Receivables Turnover Ratio IPRWA | high: 2.317 mean: 1.788 median: 1.515 low: 0.79 ACMR: 0.498 |
|
| Inventory Turnover | 0.21 | |
| Inventory Turnover Ratio QoQ | -11.013 % | |
| Inventory Turnover Ratio YoY | 14.118 % | |
| Inventory Turnover Ratio IPRWA | high: 2.239 mean: 0.519 median: 0.401 ACMR: 0.21 low: 0.174 |
|
| Days Sales Outstanding (DSO) | 183.158 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 470.551 | |
| Cash Conversion Cycle Days QoQ | -16.522 % | |
| Cash Conversion Cycle Days YoY | -18.378 % | |
| Cash Conversion Cycle Days IPRWA | high: 596.302 ACMR: 470.551 median: 270.338 mean: 248.777 low: -64.288 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.145 | |
| CapEx To Revenue | -0.059 | |
| CapEx To Depreciation | -2.454 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.6 B | |
| Net Invested Capital | $ 1.8 B | |
| Invested Capital | $ 1.8 B | |
| Net Tangible Assets | $ 1.5 B | |
| Net Working Capital | $ 1.7 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.555 | |
| Current Ratio | 3.268 | |
| Current Ratio QoQ | -6.071 % | |
| Current Ratio YoY | 41.251 % | |
| Current Ratio IPRWA | high: 10.619 ACMR: 3.268 median: 2.256 mean: 2.158 low: 1.126 |
|
| Quick Ratio | 2.325 | |
| Quick Ratio QoQ | -6.271 % | |
| Quick Ratio YoY | 68.41 % | |
| Quick Ratio IPRWA | high: 7.834 ACMR: 2.325 median: 1.606 mean: 1.517 low: 0.689 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 10.477 | |
| Cost Of Debt | 0.411 % | |
| Interest Coverage Ratio | 12.614 | |
| Interest Coverage Ratio QoQ | -54.162 % | |
| Interest Coverage Ratio YoY | -73.132 % | |
| Interest Coverage Ratio IPRWA | high: 99.429 mean: 34.245 median: 32.93 ACMR: 12.614 low: -8.388 |
|
| Operating Cash Flow Ratio | -0.007 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 115.904 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.665 % | |
| Revenue Growth | -9.188 % | |
| Revenue Growth QoQ | -136.79 % | |
| Revenue Growth YoY | -196.139 % | |
| Revenue Growth IPRWA | high: 40.838 % mean: 12.672 % median: 2.725 % ACMR: -9.188 % low: -9.892 % |
|
| Earnings Growth | -30.556 % | |
| Earnings Growth QoQ | 68.056 % | |
| Earnings Growth YoY | 175.007 % | |
| Earnings Growth IPRWA | high: 150.0 % mean: 17.11 % median: 0.794 % ACMR: -30.556 % low: -85.714 % |
|
| MARGINS | ||
| Gross Margin | 40.873 % | |
| Gross Margin QoQ | -2.771 % | |
| Gross Margin YoY | -17.575 % | |
| Gross Margin IPRWA | high: 90.758 % median: 52.156 % mean: 52.141 % ACMR: 40.873 % low: 9.383 % |
|
| EBIT Margin | 9.233 % | |
| EBIT Margin QoQ | -51.213 % | |
| EBIT Margin YoY | -64.212 % | |
| EBIT Margin IPRWA | high: 46.775 % median: 35.306 % mean: 34.687 % ACMR: 9.233 % low: -49.18 % |
|
| Return On Sales (ROS) | 9.424 % | |
| Return On Sales QoQ | -12.302 % | |
| Return On Sales YoY | -63.471 % | |
| Return On Sales IPRWA | high: 69.122 % median: 35.306 % mean: 34.034 % ACMR: 9.424 % low: -49.18 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 19.5 M | |
| Free Cash Flow Yield | 0.57 % | |
| Free Cash Flow Yield QoQ | -183.578 % | |
| Free Cash Flow Yield YoY | -90.648 % | |
| Free Cash Flow Yield IPRWA | high: 2.925 % mean: 1.472 % median: 1.229 % ACMR: 0.57 % low: -3.047 % |
|
| Free Cash Growth | -224.821 % | |
| Free Cash Growth QoQ | 203.985 % | |
| Free Cash Growth YoY | -50.343 % | |
| Free Cash Growth IPRWA | high: 182.087 % median: -0.341 % mean: -13.936 % ACMR: -224.821 % low: -372.545 % |
|
| Free Cash To Net Income | 2.425 | |
| Cash Flow Margin | -2.047 % | |
| Cash Flow To Earnings | -0.622 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.285 % | |
| Return On Assets QoQ | -80.898 % | |
| Return On Assets YoY | -83.265 % | |
| Return On Assets IPRWA | high: 12.607 % mean: 6.019 % median: 5.937 % ACMR: 0.285 % low: -7.635 % |
|
| Return On Capital Employed (ROCE) | 1.061 % | |
| Return On Equity (ROE) | 0.005 | |
| Return On Equity QoQ | -78.044 % | |
| Return On Equity YoY | -83.993 % | |
| Return On Equity IPRWA | high: 0.21 median: 0.145 mean: 0.14 ACMR: 0.005 low: -0.241 |
|
| DuPont ROE | 0.556 % | |
| Return On Invested Capital (ROIC) | 0.881 % | |
| Return On Invested Capital QoQ | -68.536 % | |
| Return On Invested Capital YoY | -108.088 % | |
| Return On Invested Capital IPRWA | high: 11.139 % median: 10.618 % mean: 8.949 % ACMR: 0.881 % low: -2.702 % |
|