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ACM Research
(NASDAQ:ACMR)
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Rating:66Neutral
Price Target:
$53.00
▼(-34.15% Downside)
Action:Reiterated
Date:10/23/26
ACMR scores as moderately attractive: the strongest positives are solid fundamentals (growth and a conservative balance sheet) and a constructive earnings-call outlook with raised FY2026 guidance and strong order momentum. Offsetting these are a significant cash-flow quality issue (negative operating/free cash flow) and weak technicals with the stock trading well below key moving averages despite oversold readings.
Positive Factors
Revenue and Order Growth
Revenue growth is supported by both realized sales and leading orders: Q2 revenue and shipments rose about 36% YoY, while H1 orders increased 105%. This combination strengthens near-term visibility and indicates expanding demand across the company’s semiconductor equipment portfolio.
Negative Factors
Weak Cash Conversion
Negative operating and free cash flow despite positive net income indicates that reported profits are not currently converting into cash. Persistent working-capital needs or investment spending can constrain internally funded growth, reduce flexibility, and increase execution sensitivity as the business expands.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Order Growth
Revenue growth is supported by both realized sales and leading orders: Q2 revenue and shipments rose about 36% YoY, while H1 orders increased 105%. This combination strengthens near-term visibility and indicates expanding demand across the company’s semiconductor equipment portfolio.
Read all positive factors
ACM Research Key Performance Indicators (KPIs)
Any
Revenue by Product
Breaks 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.
Breaks 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.
Data provided by:
The Fly
The FlyACM Research (ACMR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.81B
Dividend YieldN/A
Average Volume (3M)1.23M
Price to Earnings (P/E)24.3
Beta (1Y)1.81
Revenue Growth27.31%
EPS Growth26.90%
CountryUS
Employees2,513
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)2.25
Shares Outstanding64,657,390
10 Day Avg. Volume1,149,856
30 Day Avg. Volume1,229,084
Financial Highlights & Ratios
PEG Ratio-2.24
Price to Book (P/B)1.73
Price to Sales (P/S)2.81
P/FCF Ratio-38.01
Enterprise Value/Market Cap2.24
Enterprise Value/Revenue8.24
Enterprise Value/Gross Profit18.79
Enterprise Value/Ebitda32.27
Forecast
1Y Price Target
$131.67Price Target Upside63.58% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)2.22
Revenue Forecast (FY)$1.17B
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 yiel...
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 clea...
ACM Research Earnings Call Summary
Earnings Call Date:Aug 07, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
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.Positive Updates
Strong Top-Line Growth
Revenue of $292.9M in Q2 up 36% year-over-year; total shipments $281.5M, also up 36.4% YoY.
Negative Updates
Decline in Single-Wafer Cleaning Revenue
Single-wafer cleaning, Tahoe and semi-critical cleaning revenue was $133.0M, down 14.2% YoY and still ~45.4% of sales; new SPM products have had very little revenue contribution to date (revenue lag behind shipments/qualification).
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Top-Line Growth
Revenue of $292.9M in Q2 up 36% year-over-year; total shipments $281.5M, also up 36.4% YoY.
Read all positive 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
Income Statement
78
Positive
Balance Sheet
86
Very Positive
Cash Flow
34
Negative
| 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
Negative
80.49
Price Trends
72.86
Negative
81.99
Negative
68.60
Negative
Market Momentum
-5.46
Positive
30.73
Neutral
11.15
Positive
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 80.49 is above the 20-day moving average (MA) of 69.52, above the 50-day MA of 72.86, and above the 200-day MA of 68.60, indicating a bearish trend. The MACD of -5.46 indicates Positive momentum. The RSI at 30.73 is Neutral, neither overbought nor oversold. The STOCH value of 11.15 is Positive, 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.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ACM Research Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $321.39B | 35.04 | 40.44% | 0.48% | 7.77% | 38.45% | |
71 Outperform | $329.69B | 38.64 | 71.75% | 0.43% | 26.02% | 38.85% | |
69 Neutral | $211.07B | 44.36 | 85.38% | 0.51% | 11.72% | 20.58% | |
68 Neutral | $3.60B | 38.86 | 8.91% | ― | -3.35% | -38.92% | |
66 Neutral | $3.81B | 24.31 | 9.48% | ― | 27.31% | 26.90% | |
65 Neutral | $2.72B | 121.80 | 2.62% | ― | -2.52% | -64.30% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
ACMR
ACM Research
49.12
8.87
22.04%
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VECO
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ACM Research Corporate Events
Business Operations and StrategyFinancial Disclosures
ACM Research Reports Strong Growth and Order Momentum
Positive
Aug 27, 2026
On 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, lo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.