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ACM Research (ACMR) AI Stock Analysis
ACM Research
(NASDAQ:ACMR)
ACMR's overall score is driven by its compelling growth narrative, upgraded revenue guidance, and a pristine, low-debt balance sheet. Despite massive order momentum and rapid new product adoption, the stock's potential is constrained by continuous cash burn, supply-chain timing risks, and a severely bearish technical setup.
ACM Research Key Performance Indicators (KPIs)
Revenue by ProductBreaks down revenue by each product line, highlighting which products drive the most sales and indicating areas of potential growth or concern based on market demand and product performance.
ACM is visibly shifting from a cleaning‑centric business toward faster-growing ECP/furnace and advanced‑packaging revenues, a diversification that underpins the company’s reiterated upside guidance and strong gross margins. However, cleaning revenue softened despite higher shipments, reflecting timing and new‑product ramp delays; rising inventory and negative operating cash flow amplify execution risk. The story for investors is execution: if SPM, vertical furnaces and panel plating ramp as guided, mix and margin expansion are credible; missed ramps would expose near‑term cash and margin pressure.
The FlyACM Research (ACMR) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $2.94B
- Dividend Yield
- ―
- Average Volume (3M)
- 1.07M
- Price to Earnings (P/E)
- 20.2
- Beta (1Y)
- 1.84
- Revenue Growth
- 27.31%
- EPS Growth
- 26.90%
- Country
- US
- Employees
- 2,513
- Sector
- Technology
- Sector Strength
- 61
- Industry
- Semiconductors
ACM Research Business Overview & Revenue Model
Company Description
ACM Research, Inc., along with its affiliated companies, is a global developer, manufacturer, and provider of specialized single-wafer wet cleaning systems. These crucial systems are designed to enhance manufacturing processes and improve the yield o...
How the Company Makes Money
ACM Research primarily makes money by selling semiconductor capital equipment (wafer-processing tools) to chip manufacturers and foundries. Its core revenue stream is product revenue from process tool shipments, which can include single-wafer cleanin...
ACM Research Earnings Call Summary
The call conveyed strong demand with clear execution momentum: robust revenue and shipment growth (both +36% YoY), substantial order intake (+105% H1), rapid adoption of plating technology (2,000 chambers shipped), improved liquidity (net cash ~$1.0B) and upgraded FY2026 guidance. Management highlighted multiple commercialization milestones (panel-level plating orders, PECVD and Track evaluations), manufacturing capacity expansion (Lingang and Oregon) and broadened customer base. Offsetting risks include a 14.2% decline in single-wafer cleaning revenue to date (pending SPM qualification), elevated inventory of tools under evaluation, supply-chain/component lead-time constraints that could shift shipments between quarters, a modest YoY contraction in gross margin to 46%, higher operating/capex spend and a larger tax expense this quarter. Overall, the positives — strong orders, multi-product progress, balance-sheet strength and raised guidance — materially outweigh the execution and timing headwinds.
Q2-2026 Updates
Positive Updates
Negative Updates
Company Guidance
ACM updated full‑year 2026 guidance to $1.125–$1.175 billion in revenue (upside from prior $1.08B low end), implying ~25–30% YoY growth, and said shipments will outpace revenue; H1 orders rose 105% YoY while Q2 revenue and shipments were $292.9M and $281.5M (both ~+36% YoY), Q2 gross margin was 46% (long‑term target 42–48%) and operating margin ~19% (19.2%); balance sheet/cash metrics include gross cash $1.4B, net cash $1.0B (≈$300M in the U.S.), cash & equivalents $1.36B, inventory $783.1M (raw $406.1M, WIP $89.0M, finished $287.9M); OpEx was $78.5M (R&D 13.9% of sales with a 2026 plan of 16–18%, S&M ~7.7% with an ~8% plan, G&A 5.2% with 5–6% plan), tax rate guidance 10–12%, CapEx guide ≈$175M for 2026 (Q2 CapEx $65.4M), and management reiterated a $4B long‑term revenue target (≈$2.5B China / $1.5B global) while increasing SAM to about $22B.
ACM Research Financial Statement Overview
Summary
ACM Research demonstrates exceptional revenue growth and a fortress balance sheet with negligible debt (D/E of 0.06). However, the score is heavily weighed down by continuous cash burn and negative free cash flow (-$119.9M), reflecting highly capital-intensive operations.
Income Statement
88Very PositiveBalance Sheet
92Very PositiveCash Flow
42Neutral| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.04B | 901.31M | 782.12M | 557.72M | 388.83M | 259.75M |
| Gross Profit | 454.91M | 400.07M | 391.55M | 276.21M | 183.62M | 114.86M |
| EBITDA | 264.96M | 158.47M | 180.42M | 126.99M | 74.38M | 46.17M |
| Net Income | 150.23M | 94.08M | 103.63M | 77.35M | 39.26M | 37.76M |
Balance Sheet | ||||||
| Total Assets | 3.40B | 2.87B | 1.86B | 1.49B | 1.24B | 1.05B |
| Cash, Cash Equivalents and Short-Term Investments | 1.46B | 1.17B | 444.10M | 283.93M | 338.65M | 592.05M |
| Total Debt | 349.32M | 302.98M | 188.78M | 99.10M | 79.50M | 39.14M |
| Total Liabilities | 994.12M | 941.68M | 759.82M | 564.75M | 423.33M | 240.51M |
| Stockholders Equity | 1.86B | 1.46B | 904.63M | 767.39M | 674.86M | 676.20M |
Cash Flow | ||||||
| Free Cash Flow | -120.13M | -66.61M | 69.99M | -139.66M | -154.71M | -49.80M |
| Operating Cash Flow | -6.60M | -10.32M | 152.45M | -75.32M | -62.19M | -40.09M |
| Investing Cash Flow | -438.52M | -390.33M | -11.96M | -6.75M | -265.67M | -11.28M |
| Financing Cash Flow | 964.11M | 742.49M | 92.48M | 18.53M | 45.87M | 538.77M |
ACM Research Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ACMR, the sentiment is Negative. The current price of 45.67 is below the 20-day moving average (MA) of 59.39, below the 50-day MA of 68.48, and below the 200-day MA of 68.60, indicating a bearish trend. The MACD of -6.62 indicates Positive momentum. The RSI at 27.19 is Positive, neither overbought nor oversold. The STOCH value of 24.66 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ACMR.
ACM Research Risk Analysis
ACM Research disclosed 61 risk factors in its most recent earnings report. ACM Research reported the most risks in the "Finance & Corporate" category.
Latest Risks Added
0 New RisksACM Research Peers Comparison
Overall Rating
LRCX80Outperform
AMAT73Outperform
KLAC73Outperform- ACMR72Outperform
VECO63Neutral
ACLS60Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| LRCX | 80Outperform | $298.69B | 35.42 | 71.75% | 0.46% | 33.36% | 48.32% |
| AMAT | 73Outperform | $309.57B | 33.43 | 40.44% | 0.51% | 7.77% | 38.45% |
| KLAC | 73Outperform | $205.75B | 39.25 | 87.02% | 0.53% | 15.80% | 25.58% |
| ACMR | 72Outperform | $3.17B | 20.21 | 9.48% | ― | 27.31% | 26.90% |
| VECO | 63Neutral | $2.38B | 101.46 | 2.62% | ― | -2.52% | -64.30% |
| Sector * | 61Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
| ACLS | 60Neutral | $3.09B | 33.36 | 8.91% | ― | -3.35% | -38.92% |
* Technology Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| ACMR | Acm Research | 45.47 | 6.57 | 16.89% | |
| AMAT | Applied Materials, Inc. | 390.09 | 161.17 | 70.40% | |
| ACLS | Axcelis | 100.07 | 19.56 | 24.30% | |
| KLAC | Kla Corporation | 157.91 | 39.20 | 33.02% | |
| LRCX | Lam Research Corp | 239.11 | 84.05 | 54.20% | |
| VECO | Veeco Instruments Inc | 38.87 | 9.83 | 33.85% |
ACM Research Corporate Events
ACM Research Reports Strong Growth and Order Momentum
PositiveOn August 14, 2026, ACM Research (Shanghai) held an earnings conference call in which management reviewed first-half 2026 results, highlighted a 105% year-over-year increase in newly signed orders, and detailed broad-based growth across memory, logic...
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Oct 23, 2026