Recent News
On April 17, 2026 the company’s operating subsidiary, ACM Research (Shanghai), announced a proposed issuance of overseas-listed H shares and an application for a secondary listing on the Hong Kong Stock Exchange. In May 2026 the company announced a direct share offering sized at approximately $150 million. On April 27, 2026 ACM shipped its first plasma-enhanced chemical vapor deposition silicon carbonitride (SiCN) system for site validation, and investor-relations filings in late May highlighted stronger orders and product progress.
Technical Analysis
ADX reads 38.29, signaling a strong trend in place; that strength increases the likelihood that the prevailing directional forces will persist near term.
Directional indicators show DI+ at 31.86 with a dip & reversal and DI- at 13.83 with a peak & reversal; both patterns read as bullish, indicating directional strength favors the upside momentum.
MACD sits at 6.99 with a dip & reversal but remains below the signal line at 7.05; the dip-and-reversal implies building bullish momentum, yet the lack of a confirmed cross above the signal line tempers immediate momentum confirmation.
MRO equals 40.15 with a peak & reversal; because MRO is positive, the price sits above the model target and exhibits potential for a pullback from this elevated level.
RSI at 66.3 with a dip & reversal shows momentum cooling from overbought proximity while still indicating above-average buying pressure.
Price structure shows a close at $93.95, trading above the 20-day average of $86.53 and well above the 200-day average of $48.13; price sits above the 1x upper Bollinger band ($92.77) but below the 2x upper ($99.02), indicating short-term extension without an extreme breakout. High short-term beta (42-day 4.15) and elevated volume relative to 10-day and 50-day averages confirm outsized swings and sensitivity to news flow.
Fundamental Analysis
Revenue trends present material contraction: quarterly revenue growth declined by 41.37% QoQ and by 76.45% YoY, reflecting a pronounced top-line slowdown that compresses near-term operating leverage.
Operating performance shows EBIT of $31,939,000 and an EBIT margin of 13.81%, up 49.58% QoQ but down 17.13% YoY; the EBIT margin sits below the industry peer mean (35.19%) and median (36.02%), indicating margin performance lags typical peer levels despite recent sequential improvement.
Profitability and cash metrics diverge: net income equals $17,307,000 and EPS came in at $0.34 versus a $0.20 estimate, producing an EPS beat and a 70% surprise ratio; the company reported those first-quarter results on May 7, 2026. The operating cash flow reads negative at -$29,538,000 while cash and short-term investments total $1,265,168,000, delivering a cash ratio of 1.70 and a current ratio of 3.51—both well above the industry peer mean for current ratio (2.27), which supports near-term liquidity and balance-sheet flexibility.
Valuation signals show a trailing PE of 145.79 and an enterprise multiple of 62.94, while forward PE equals 87.32 and EVR near 10.18; WMDST values the stock as over-valued. The price-to-book ratio of 2.08 sits below the industry peer mean (20.60) and median (24.79), which reflects a disconnect between market price multiples and reported book value measures.
Operational efficiency presents mixed signals: gross margin at 46.37% remains near peer ranges, but asset turnover is low at 0.0779 and the cash conversion cycle lengthened to 524 days, a very high level relative to the industry peer mean of 215 days; high days inventory and receivables trends weigh on working-capital efficiency despite strong cash reserves.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-07 |
| NEXT REPORT DATE: | 2026-08-06 |
| CASH FLOW | Begin Period Cash Flow | $ 766.0 M |
| Operating Cash Flow | $ -29.54 M | |
| Capital Expenditures | $ -22.44 M | |
| Change In Working Capital | $ -75.06 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 128.2 M | |
| End Period Cash Flow | $ 894.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 231.3 M | |
| Forward Revenue | $ 124.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 124.0 M | |
| Depreciation | $ 5.5 M | |
| Depreciation and Amortization | $ 5.5 M | |
| Research and Development | $ 36.5 M | |
| Total Operating Expenses | $ 195.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 107.2 M | |
| EBITDA | $ 37.4 M | |
| EBIT | $ 31.9 M | |
| Operating Income | $ 36.2 M | |
| Interest Income | $ 4.7 M | |
| Interest Expense | $ 1.9 M | |
| Net Interest Income | $ 2.8 M | |
| Income Before Tax | $ 30.0 M | |
| Tax Provision | $ 3.8 M | |
| Tax Rate | 12.6 % | |
| Net Income | $ 17.3 M | |
| Net Income From Continuing Operations | $ 26.2 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 | $ 3.1 B | |
| Intangible Assets | $ 2.7 M | |
| Net Tangible Assets | $ 1.6 B | |
| Total Current Assets | $ 2.6 B | |
| Cash and Short-Term Investments | $ 1.3 B | |
| Cash | $ 872.3 M | |
| Net Receivables | $ 526.5 M | |
| Inventory | $ 738.0 M | |
| Long-Term Investments | $ 4.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 208.9 M | |
| Short-Term Debt | $ 107.3 M | |
| Total Current Liabilities | $ 745.7 M | |
| Net Debt | — | |
| Total Debt | $ 337.1 M | |
| Total Liabilities | $ 982.4 M | |
| EQUITY | ||
| Total Equity | $ 1.6 B | |
| Retained Earnings | $ 367.7 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 23.88 | |
| Shares Outstanding | 66.215 M | |
| Revenue Per-Share | $ 3.49 | |
| VALUATION | Market Capitalization | $ 3.3 B |
| Enterprise Value | $ 2.4 B | |
| Enterprise Multiple | 62.937 | |
| Enterprise Multiple QoQ | -30.134 % | |
| Enterprise Multiple YoY | 78.15 % | |
| Enterprise Multiple IPRWA | high: 480.245 median: 130.894 mean: 129.771 ACMR: 62.937 low: -303.349 |
|
| EV/R | 10.18 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.939 | |
| Asset To Liability | 3.121 | |
| Debt To Capital | 0.176 | |
| Debt To Assets | 0.11 | |
| Debt To Assets QoQ | 5.997 % | |
| Debt To Assets YoY | -10.348 % | |
| Debt To Assets IPRWA | high: 0.443 median: 0.18 mean: 0.16 ACMR: 0.11 low: 0.009 |
|
| Debt To Equity | 0.213 | |
| Debt To Equity QoQ | 4.763 % | |
| Debt To Equity YoY | -14.693 % | |
| Debt To Equity IPRWA | high: 1.243 mean: 0.366 median: 0.331 ACMR: 0.213 low: -0.105 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.075 | |
| Price To Book QoQ | -11.215 % | |
| Price To Book YoY | 43.058 % | |
| Price To Book IPRWA | high: 26.896 median: 24.79 mean: 20.601 ACMR: 2.075 low: -12.298 |
|
| Price To Earnings (P/E) | 145.794 | |
| Price To Earnings QoQ | -30.137 % | |
| Price To Earnings YoY | 211.004 % | |
| Price To Earnings IPRWA | high: 338.258 median: 167.336 mean: 162.794 ACMR: 145.794 low: -193.143 |
|
| PE/G Ratio | 4.05 | |
| Price To Sales (P/S) | 14.193 | |
| Price To Sales QoQ | 1.346 % | |
| Price To Sales YoY | 77.643 % | |
| Price To Sales IPRWA | high: 101.704 median: 58.9 mean: 49.977 ACMR: 14.193 low: 4.556 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 87.316 | |
| Forward PE/G | 2.425 | |
| Forward P/S | 26.341 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -7.71 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.078 | |
| Asset Turnover Ratio QoQ | -10.089 % | |
| Asset Turnover Ratio YoY | -14.369 % | |
| Asset Turnover Ratio IPRWA | high: 0.365 mean: 0.206 median: 0.19 ACMR: 0.078 low: 0.0 |
|
| Receivables Turnover | 0.449 | |
| Receivables Turnover Ratio QoQ | -9.932 % | |
| Receivables Turnover Ratio YoY | 0.874 % | |
| Receivables Turnover Ratio IPRWA | high: 2.417 mean: 1.807 median: 1.56 low: 0.672 ACMR: 0.449 |
|
| Inventory Turnover | 0.172 | |
| Inventory Turnover Ratio QoQ | -17.853 % | |
| Inventory Turnover Ratio YoY | 15.767 % | |
| Inventory Turnover Ratio IPRWA | high: 2.353 mean: 0.535 median: 0.395 ACMR: 0.172 low: 0.148 |
|
| Days Sales Outstanding (DSO) | 203.354 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 524.2 | |
| Cash Conversion Cycle Days QoQ | 11.401 % | |
| Cash Conversion Cycle Days YoY | -11.245 % | |
| Cash Conversion Cycle Days IPRWA | high: 584.091 ACMR: 524.2 median: 265.721 mean: 215.093 low: 41.891 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.123 | |
| CapEx To Revenue | -0.097 | |
| CapEx To Depreciation | -4.105 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.8 B | |
| Net Invested Capital | $ 1.9 B | |
| Invested Capital | $ 1.9 B | |
| Net Tangible Assets | $ 1.6 B | |
| Net Working Capital | $ 1.9 B | |
| LIQUIDITY | ||
| Cash Ratio | 1.697 | |
| Current Ratio | 3.513 | |
| Current Ratio QoQ | 7.502 % | |
| Current Ratio YoY | 42.716 % | |
| Current Ratio IPRWA | high: 10.97 ACMR: 3.513 median: 2.536 mean: 2.271 low: 0.728 |
|
| Quick Ratio | 2.523 | |
| Quick Ratio QoQ | 8.5 % | |
| Quick Ratio YoY | 69.1 % | |
| Quick Ratio IPRWA | high: 6.997 ACMR: 2.523 median: 1.773 mean: 1.553 low: 0.782 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 9.011 | |
| Cost Of Debt | 0.532 % | |
| Interest Coverage Ratio | 16.523 | |
| Interest Coverage Ratio QoQ | 30.986 % | |
| Interest Coverage Ratio YoY | -10.379 % | |
| Interest Coverage Ratio IPRWA | high: 186.333 mean: 41.929 median: 34.739 ACMR: 16.523 low: -4.56 |
|
| Operating Cash Flow Ratio | -0.056 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 133.951 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 6.744 % | |
| Revenue Growth | -5.387 % | |
| Revenue Growth QoQ | -41.369 % | |
| Revenue Growth YoY | -76.452 % | |
| Revenue Growth IPRWA | high: 21.538 % median: 3.118 % mean: 0.0 % ACMR: -5.387 % low: -17.762 % |
|
| Earnings Growth | 36.0 % | |
| Earnings Growth QoQ | -217.816 % | |
| Earnings Growth YoY | -301.602 % | |
| Earnings Growth IPRWA | high: 79.545 % ACMR: 36.0 % mean: 6.464 % median: 6.215 % low: -106.667 % |
|
| MARGINS | ||
| Gross Margin | 46.371 % | |
| Gross Margin QoQ | 13.451 % | |
| Gross Margin YoY | -3.188 % | |
| Gross Margin IPRWA | high: 85.83 % median: 52.983 % mean: 52.535 % ACMR: 46.371 % low: 12.597 % |
|
| EBIT Margin | 13.811 % | |
| EBIT Margin QoQ | 49.583 % | |
| EBIT Margin YoY | -17.131 % | |
| EBIT Margin IPRWA | high: 43.548 % median: 36.02 % mean: 35.19 % ACMR: 13.811 % low: -41.006 % |
|
| Return On Sales (ROS) | 15.643 % | |
| Return On Sales QoQ | 65.991 % | |
| Return On Sales YoY | -6.138 % | |
| Return On Sales IPRWA | high: 41.215 % median: 36.02 % mean: 34.108 % ACMR: 15.643 % low: -41.006 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -51.97 M | |
| Free Cash Flow Yield | -1.583 % | |
| Free Cash Flow Yield QoQ | -377.719 % | |
| Free Cash Flow Yield YoY | 84.499 % | |
| Free Cash Flow Yield IPRWA | high: 2.571 % median: 0.284 % mean: 0.02 % ACMR: -1.583 % low: -2.236 % |
|
| Free Cash Growth | -366.301 % | |
| Free Cash Growth QoQ | 62.93 % | |
| Free Cash Growth YoY | 216.823 % | |
| Free Cash Growth IPRWA | high: 154.434 % median: -50.693 % mean: -73.882 % ACMR: -366.301 % low: -565.132 % |
|
| Free Cash To Net Income | -3.003 | |
| Cash Flow Margin | -17.911 % | |
| Cash Flow To Earnings | -2.393 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.583 % | |
| Return On Assets QoQ | 104.561 % | |
| Return On Assets YoY | -45.818 % | |
| Return On Assets IPRWA | high: 9.258 % mean: 6.278 % median: 5.59 % ACMR: 0.583 % low: -6.245 % |
|
| Return On Capital Employed (ROCE) | 1.377 % | |
| Return On Equity (ROE) | 0.011 | |
| Return On Equity QoQ | 98.909 % | |
| Return On Equity YoY | -49.045 % | |
| Return On Equity IPRWA | high: 0.206 mean: 0.138 median: 0.132 ACMR: 0.011 low: -0.15 |
|
| DuPont ROE | 1.136 % | |
| Return On Invested Capital (ROIC) | 1.462 % | |
| Return On Invested Capital QoQ | 65.948 % | |
| Return On Invested Capital YoY | -34.964 % | |
| Return On Invested Capital IPRWA | high: 12.991 % median: 10.759 % mean: 9.863 % ACMR: 1.462 % low: -4.282 % |
|