Logo

ACMR

ACM Research, Inc.

ACMR

ACM Research, Inc. • NASDAQ
$33.41 ▲ 1.64% (+0.54)
Market Cap $2.13 B
52w High $45.12
52w Low $13.87
Dividend Yield 0%
P/E 19.42
Volume 403.17K
Outstanding Shares 63.61M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $269.16M ▲ $84.226M ▲ $35.889M ▲ 13.334% ▼ $0.56 ▲ $55.042M ▲
Q2-2025 $215.372M ▲ $72.767M ▲ $29.76M ▲ 13.818% ▲ $0.47 ▲ $43.257M ▲
Q1-2025 $172.347M ▼ $56.773M ▼ $20.38M ▼ 11.825% ▼ $0.32 ▼ $31.741M ▼
Q4-2024 $223.471M ▲ $66.826M ▲ $31.08M ▲ 13.908% ▼ $0.5 ▲ $60.547M ▲
Q3-2024 $203.976M $60.65M $30.904M 15.151% $0.49 $46.276M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.13B ▲ $2.771B ▲ $885.429M ▲ $1.433B ▲
Q2-2025 $505.02M ▲ $2.04B ▲ $848.026M ▲ $986.45M ▲
Q1-2025 $492.761M ▲ $1.934B ▲ $778.415M ▲ $949.146M ▲
Q4-2024 $444.095M ▲ $1.856B ▲ $759.815M ▲ $904.625M ▲
Q3-2024 $374.127M $1.794B $725.092M $888.166M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $46.398M ▲ $-4.625M ▲ $-11.489M ▲ $627.142M ▲ $614.453M ▲ $-15.636M ▲
Q2-2025 $36.27M ▲ $-44.901M ▼ $-14.455M ▲ $43.765M ▼ $-14.94M ▼ $-60.042M ▼
Q1-2025 $25.013M ▼ $5.282M ▼ $-16.84M ▲ $67.208M ▲ $56.516M ▼ $-11.819M ▼
Q4-2024 $39.106M ▲ $88.595M ▲ $-20.531M ▲ $15.456M ▼ $76.056M ▲ $75.678M ▲
Q3-2024 $38.672M $11.913M $-23.317M $18.774M $10.342M $-21.454M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Advanced Packaging exclude ECP Services Spares
Advanced Packaging exclude ECP Services Spares
 $20.00M ▲$20.00M ▲$10.00M ▼$30.00M ▲
ECP Front End And Packaging Furnace And Other Technologies
ECP Front End And Packaging Furnace And Other Technologies
 $50.00M ▲$30.00M ▼$50.00M ▲$60.00M ▲
Total Single Wafer and SemiCritical Cleaning Equipment
Total Single Wafer and SemiCritical Cleaning Equipment
 $160.00M ▲$130.00M ▼$150.00M ▲$180.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, and profits have scaled up alongside that growth rather than lagging behind it. Gross margins appear healthy and have improved as the company has gained size, suggesting its technology carries real pricing power and manufacturing discipline. Operating income and net income have both trended upward, with only modest volatility, which is notable in such a cyclical industry. Earnings per share have climbed meaningfully, indicating not just top-line growth but also better efficiency and cost control. The main watchpoints are the usual semiconductor cycle risk and exposure to one major region, which can create sharp swings if demand slows or policies change, even though the recent trend looks strong.

Balance Sheet

Balance Sheet The balance sheet has become significantly stronger over the last five years. Total assets and shareholders’ equity have both grown, pointing to a business that is building its productive base while retaining value for owners. Cash levels have moved around but remain solid, especially compared with earlier years, giving the company more flexibility to invest and weather downturns. Debt has increased in absolute terms but still looks moderate relative to the company’s size and equity base, implying a conservative capital structure rather than an aggressive one. Overall, the financial foundation appears sound, with more resources and only measured use of borrowing, though reliance on a rapidly evolving end market remains a structural risk.

Cash Flow

Cash Flow Cash generation has improved meaningfully. A few years ago, the company was consuming cash in its operations and investing heavily, which is typical for a high-growth equipment maker scaling up. More recently, operating cash flow has turned clearly positive, showing that reported profits are increasingly backed by real cash. Free cash flow has flipped from negative to positive even while the company continues to spend on equipment and facilities, suggesting a transition from “build-out” mode toward a more self-funding model. That said, in semiconductor equipment, cash flows can be lumpy because orders and customer capex come in waves, so investors should expect some ongoing volatility rather than a perfectly smooth trend.

Competitive Edge

Competitive Edge ACM Research operates in a focused but critical niche: advanced wafer cleaning and related wet-processing steps for semiconductor manufacturing. Its proprietary cleaning approaches give it a performance edge in yield, damage reduction, and chemical usage, which matters a lot as chip structures become denser and more three‑dimensional. A large patent portfolio and specialized know‑how support this edge and make it harder for competitors to replicate its exact solutions. The company’s deep integration into the Chinese semiconductor ecosystem strengthens its position there, providing close customer ties and a strong local presence. However, this same focus creates concentration risk: heavy dependence on one geography and on a single part of the manufacturing flow exposes the company to policy shifts, export controls, local competition, and spending swings. It also competes, directly or indirectly, with much larger global equipment firms that have broader product lines and long-standing customer relationships outside China.

Innovation and R&D

Innovation and R&D Innovation is clearly at the core of ACM Research’s strategy. Its flagship cleaning technologies are engineered specifically for the challenges of advanced nodes and complex 3D structures, where traditional methods struggle. These include techniques aimed at delivering more uniform cleaning, reducing physical damage to fragile patterns, and cutting chemical consumption and waste. The company pairs this with modular, customizable systems, letting customers fine-tune tools for memory, logic, and advanced packaging applications. Beyond cleaning, ACM is expanding into adjacent process steps—such as electroplating, deposition, track systems, and panel‑level packaging tools—broadening its role in the fab. A large and growing patent base supports this push and signals sustained R&D effort. The key uncertainties are execution and pace: the company must keep its technology ahead of very demanding customers, qualify new tools in new regions, and successfully commercialize emerging platforms while managing technical and regulatory hurdles.

Summary

ACM Research shows a profile of rapid growth combined with improving profitability, supported by a healthier balance sheet and better cash generation than in its earlier build-out phase. Its competitive strength lies in specialized, patented cleaning and wet-processing technologies that address some of the most difficult problems in advanced chip manufacturing, plus a strong foothold in the Chinese market and a widening product portfolio. At the same time, the company operates in a highly cyclical, capital-intensive industry, faces large global competitors, and carries meaningful geographic and policy exposure due to its concentration in China. Overall, it looks like a technology-driven equipment maker that has moved from early-stage expansion toward a more established, cash-generating footing, with significant opportunities tied to further innovation and global diversification, but also notable sensitivity to industry cycles and geopolitical developments.

NEWS

November 19, 2025 · 4:00 AM UTC

ACM Research Delivers Advanced Ultra Lith BK Photoresist Hardening Tool with Industry-Leading UV Curing and Temperature Uniformity

Read more

November 16, 2025 · 7:00 PM UTC

ACM Research Delivers First Horizontal Panel Electroplating Tool Strengthening Its Leadership in Fan-Out Panel-Level Packaging

Read more

September 29, 2025 · 7:30 AM UTC

ACM Research's Operating Subsidiary ACM Research (Shanghai) Provides Backlog Data

Read more

September 24, 2025 · 7:00 AM UTC

ACM Research's Operating Subsidiary ACM Research (Shanghai) Announces Issuance Report on Private Offering of Ordinary Shares

Read more

September 18, 2025 · 4:05 PM UTC

ACM Research Announces Participation in 17th Annual CEO Investor Summit 2025

Read more