ACM Research, Inc. (ACMR)

Price$74.44Cached quoteAs of 2026-09-05 11:15 UTC

AI: Overvalued

Price checkThe shares look overvalued because strong growth is already priced at a demanding earnings multiple.

ACM is valued around 33 times forward earnings and at more than three times enterprise value to the midpoint of 2026 revenue guidance. Management expects 25%-30% revenue growth, and roughly $1.0 billion of net cash provides meaningful support. However, first-half free cash flow was deeply negative and current earnings include volatile investment gains. For a value investor, today's valuation requires years of rapid growth and better cash conversion, leaving too little margin of safety.

Big pictureRevenue growth is impressive, but cash generation has weakened as inventory and investment needs rise.

The supplied history shows revenue climbing from $157 million in 2020 to $901 million in 2025, but 2025 operating cash flow turned slightly negative after being strongly positive in 2024. First-half 2026 revenue grew 35% and operating income rose about 50%, yet operations used $35.9 million of cash and property investment consumed another $87.3 million. Inventory increased by about $70 million during the period, showing that rapid expansion currently requires substantial working capital.

Business strengthA large cash reserve supports expansion, while equity issuance and China concentration reduce shareholder protection.

ACM ended June with about $1.0 billion of net cash when deposits are included, giving it substantial capacity for new products and manufacturing expansion. The offset is concentration: substantially all first-half revenue came from mainland China, and three customers represented 43.5% of second-quarter revenue. ACM also issued about 2.9 million new parent-company shares in May for roughly $149 million of net proceeds, while its ownership of ACM Shanghai slipped to 73.2%. Those actions strengthen liquidity but dilute existing owners.

What could change the storyGlobal customer wins could justify the premium; slower China growth or tighter controls would not.

The bull case is continued adoption of electroplating and advanced-packaging tools, which grew 168% and 153% respectively in the second quarter, plus meaningful sales outside mainland China as ACM works toward its long-term $4 billion revenue target. The bear case is unusually specific: nearly all current revenue remains China-based, while ACM Shanghai and ACM Korea are subject to U.S. Entity List restrictions. Strong non-China revenue growth and sustained positive free cash flow would make the current premium much easier to justify.

AI: News

Strong quarter, volatile reactionRevenue and earnings beat expectations while guidance improved, but investors remained sensitive to the elevated valuation.

On August 7, ACM reported second-quarter revenue of $292.9 million, up 36%, and adjusted earnings of $0.61 per share, both above market expectations. Management raised the bottom of its full-year revenue range and highlighted strong electroplating and advanced-packaging demand. Shares finished 6.1% above the prior close but surrendered much larger early gains during the session. That pattern suggests enthusiasm about the results was tempered by valuation concerns, although the intraday reversal cannot establish a single cause.

New shares issuedA discounted institutional offering raised substantial cash but diluted shareholders during a powerful stock rally.

On May 12, ACM agreed to sell about 2.88 million Class A shares to institutional investors at roughly a 20% discount to the previous closing level. The transaction produced approximately $150 million of net proceeds and increased the parent company's share count by roughly 4%. Shares declined about 2.6% on the announcement day, although they remained well above earlier spring levels. The financing strengthened an already healthy balance sheet but reduced each existing shareholder's percentage ownership.

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Revenue

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	$901.3M	$782.1M	$557.7M	$388.8M	$259.8M	$156.6M	$107.5M	$74.6M	$36.5M	$27.4M
Gross profit	$400.1M	$391.6M	$276.2M	$183.6M	$114.9M	$69.6M	$50.7M	$34.4M	$17.2M	$13.3M
Gross margin	44.39%	50.06%	49.53%	47.22%	44.22%	44.44%	47.11%	46.15%	47.18%	48.70%
Research & development	$145.0M	$105.5M	$92.7M	$62.2M	$34.2M	$19.1M	$12.9M	$10.4M	$5.1M	$3.3M
Operating expenses	$290.6M	$240.6M	$180.4M	$124.6M	$76.2M	$48.1M	$32.9M	$28.0M	$16.5M	$9.8M
Operating income	$109.4M	$151.0M	$95.8M	$59.0M	$38.7M	$21.5M	$17.8M	$6.5M	$700,000	$3.5M
Operating margin	12.14%	19.31%	17.18%	15.18%	14.90%	13.72%	16.55%	8.67%	1.92%	12.75%
EBITDA	$123.8M	$157.6M	$102.8M	$63.9M	$41.1M	$22.5M	$18.6M	$6.9M	$971,000	$3.7M
EBITDA margin	13.74%	20.15%	18.42%	16.43%	15.81%	14.40%	17.28%	9.23%	2.66%	13.43%
Net income	$94.1M	$103.6M	$77.3M	$39.3M	$37.8M	$18.8M	$18.9M	$6.6M	−$318,000	$1.0M
Net profit margin	10.44%	13.25%	13.87%	10.10%	14.54%	11.99%	17.57%	8.81%	−0.87%	3.77%
Basic EPSper basic share	$1.47	$1.67	$1.29	$0.66	$0.65	$0.34	$0.37	$0.14	-$0.02	$0.10
Diluted EPSper diluted share	$1.37	$1.53	$1.16	$0.59	$0.58	$0.30	$0.33	$0.12	-$0.02	$0.06

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

13.40%of listed shares

BlackRock, Inc.8.66M shares · Jun 30, 2026

View holders

Top 20 reported holders of ACMR
Holder	% owned
BlackRock, Inc.	13.40%8.66M shares
Shanghai Pudong Science & Technology Investment Group Co., Ltd. / Shanghai Science & Technology Venture Capital (Group) Co., Ltd.	≈8.81%5.7M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.18%3.35M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.81%2.46M shares
Capital World Investors	3.71%2.4M shares
Xing Xiao	≈3.62%2.34M shares
STATE STREET CORP	3.38%2.19M shares
GEODE CAPITAL MANAGEMENT, LLC	2.30%1.49M shares
Invesco Ltd.	1.81%1.17M shares
Value Aligned Research Advisors, LLC	1.63%1.05M shares
WFM ASIA (BVI) Ltd	1.50%969.2K shares
DIMENSIONAL FUND ADVISORS LP	1.48%954.47K shares
WCM INVESTMENT MANAGEMENT, LLC	1.42%917.65K shares
Polunin Capital Partners Ltd	1.16%748.5K shares
Tekne Capital Management, LLC	1.14%737.5K shares
MORGAN STANLEY	1.08%700.19K shares
FMR LLC	1.04%672.18K shares
FULLER & THALER ASSET MANAGEMENT, INC.	0.99%639.45K shares
GILDER GAGNON HOWE & CO LLC	0.99%637.06K shares
CITADEL ADVISORS LLC	0.99%636.84K shares

Percentages use 64.65M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)109$111.54M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 5, 2026Form 4 · 10b5-1	Cheav SothearaSee remarks	SellClass A Common Stock	1.6K	$85.41	$140.7K	100.0K
Jun 5, 2026Form 4 · 10b5-1	Cheav SothearaSee remarks	SellClass A Common Stock	400	$84.01	$33.6K	101.6K
Jun 5, 2026Form 4 · 10b5-1	Cheav SothearaSee remarks	SellClass A Common Stock	968	$82.61	$80.0K	102.0K
Jun 5, 2026Form 4 · 10b5-1	Cheav SothearaSee remarks	SellClass A Common Stock	2.4K	$81.73	$194.8K	103.0K
Jun 4, 2026Form 4 · 10b5-1	Cheav SothearaSee remarks	SellClass A Common Stock	2.8K	$85.77	$243.5K	100.0K

Review ownership filings at SEC.gov ↗

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