ACM Research, Inc. (ACMR) stock analysis
Close on Nov 12, 2026Market cap $3.47BP/E 31.0Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed14 of 30 checks passed
ACM Research passes 14 of the 30 checks behind our score; 6 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 2/6
- Growth
- 3/6
- Past performance
- 4/6
- Financial health
- 5/6
- Dividend
- 0/6
What stands out
Return on capital over 10%
Return on invested capital was 15.0%, above the 10% that usually covers the cost of capital.
Low debt
Debt is 18.1% of shareholders' equity, under the 40% we consider low.
Earnings grew over 5 years
Net income grew 38.0% a year on average over the last five fiscal years.
Revenue growing 10%+ a year
Revenue grew 32.3% a year over the last three fiscal years.
What to watch
Margin of safety under 20%
The price is 11.9% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $52.43 is above our fair value estimate of $46.87.
Return on equity under 15%
Return on equity was 7.0% over the last twelve months and averaged 9.2% over five years; we look for 15% on both.
Earnings growth not accelerating
Net income grew -1.0% over the last twelve months, against a 5-year average of 38.0% a year.
Valuation2/6
P/E above its 5-year median
ACM Research's P/E of 32.6 is above its own 5-year median of 18.8.
P/E below the industry
ACM Research's P/E of 32.6 is below the Special Industry Machinery, except Metalworking median of 32.8.
EV/EBITDA above its 5-year median
ACM Research's EV/EBITDA of 19.3 is above its 5-year median of 12.7.
P/B below the industry
ACM Research's price-to-book of 1.93 is below the Special Industry Machinery, except Metalworking median of 2.10.
Trading above fair value
The share price of $52.43 is above our fair value estimate of $46.87.
Margin of safety under 20%
The price is 11.9% above fair value, so there is no margin of safety.
Growth3/6
Revenue growing 10%+ a year
Revenue grew 32.3% a year over the last three fiscal years.
EPS growing 10%+ a year
Diluted EPS grew 32.4% a year over the last three fiscal years.
Earnings growth not accelerating
Net income grew -1.0% over the last twelve months, against a 5-year average of 38.0% a year.
Growing faster than the industry
Revenue grew 29.1% over the last twelve months; the Special Industry Machinery, except Metalworking median is 5.7%.
Guidance issued
The latest outlook (third quarter of 2026 preliminary unaudited revenue, Oct 28, 2026) was issued for the first time, so it neither adds nor takes away points.
Gross margin slipping
Gross margin was 43.5% over the last twelve months, against 46.7% a year earlier.
Past performance4/6
Return on equity under 15%
Return on equity was 7.0% over the last twelve months and averaged 9.2% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 15.0%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
ACM Research's return on equity of 7.0% is above the Special Industry Machinery, except Metalworking median of 4.6%.
Earnings grew over 5 years
Net income grew 38.0% a year on average over the last five fiscal years.
Net margin below its 5-year average
Net margin was 10.2% over the last twelve months, against a 5-year average of 12.4%.
Net margin above the industry
ACM Research's net margin of 10.2% is above the Special Industry Machinery, except Metalworking median of 5.1%.
Financial health5/6
Low debt
Debt is 18.1% of shareholders' equity, under the 40% we consider low.
Debt falling against equity
Debt to equity fell from 32.4% five years ago to 18.1%.
Debt not well covered by cash flow
Operating cash flow over the last twelve months equals -21.1% of total debt; we look for at least 20%.
Interest well covered
Operating income covers interest expense 22.4 times.
Short-term assets cover short-term debts
Current assets are 3.16 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 3.29; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
ACM Research has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$46.87
The share price is 12% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 25.8× | 18.8× | 32.8× | $41.50 | 47% |
| EV/EBITDA | 16.0× | 12.7× | 19.3× | $51.69 | 41% |
| P/B | 1.9× | 1.7× | 2.1× | $51.54 | 12% |
| Earnings powerleft out, too far from the others | 14.8% cost of equity | – | – | $1.26 | – |
| Fair value | $46.87 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 18.8
- Special Industry Machinery, except Metalworking median 32.8
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $74.83M
- Value traded per 1% price move
- $17.42M
Downside
High risk
- Typical loss in a bad month
- 40.8%
- Volatility (annualized)
- 88%
- Sharpe ratio, 1 year
- 0.62
- Beta to the S&P 500 (5Y)
- 1.98
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +15.2% | +32.3% | +41.9% | – | |
| Gross profit | +2.2% | +29.6% | +41.9% | – | |
| Operating income | -27.5% | +22.8% | +38.5% | – | |
| Net income | -9.2% | +33.8% | +38.0% | – | |
| EPS, diluted | -10.5% | +32.4% | +35.5% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 15.8% | 7.9% | |
| Return on assets | – | 6.7% | 4.0% | |
| Current ratio | 2.36 | 2.53 | 3.27 | |
| Debt to equity | – | 0.32 | 0.20 | |
| Net debt to EBITDA | – | -1.16× | -3.79× | |
| Interest coverage | 19.3× | 21.9× | 15.7× | |
| Inventory turnover | – | 1.3× | 0.8× | |
| Capex to revenue | 2.9% | 3.3% | 6.2% | |
| Diluted shares | 11M | 64M | 67M |
Where the cash went
Fiscal 2021 to 2025, five years combined
ACM Research generated $340.39M from operations and spent $307.86M on capital expenditure, dividends and share buybacks. 98% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 10.4% | 0.38× | 2.00× | 7.9% |
| FY2024 | 13.2% | 0.47× | 2.00× | 12.4% |
| FY2023 | 13.9% | 0.41× | 1.89× | 10.7% |
| FY2022 | 10.1% | 0.34× | 1.69× | 5.8% |
| FY2021 | 14.5% | 0.37× | 1.70× | 9.2% |
| FY2020 | 12.0% | 0.56× | 2.34× | 15.8% |
| FY2019 | 17.6% | 0.67× | 2.14× | 25.3% |
| FY2018 | 8.8% | 0.87× | 1.85× | 14.3% |
| FY2017 | -0.9% | 0.65× | 3.00× | -1.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$94.08M
- Cash generatingOperating cash flow above zero-$10.33M
- Return on assets improvedROA up on the prior year7.0% → 5.1%
- Earnings backed by cashOperating cash flow above net income-$10.33M vs $94.08M
- Less leverageLong-term debt to assets fell5.7% → 6.2%
- Better liquidityCurrent ratio rose2.31 → 3.27
- No dilutionShare count did not rise66M → 67M
- Gross margin improvedGross margin up on the prior year50.06% → 44.39%
- More efficientAsset turnover rose0.52 → 0.49
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