ACM Research, Inc. (ACMR) Stock

ACM Research, Inc. (ACMR) is a Industrials stock trading at $69.91 (as of 2026-09-02), with a market capitalization of $5.03B and a trailing P/E of 33.5. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

ACM Research, Inc. develops, manufactures, and sells single-wafer wet cleaning equipment used in integrated circuit manufacturing. Its systems and technologies include space-alternated phase shift, bubble oscillation for patterned wafers, Tahoe cleaning, and electro-chemical plating, which it markets under the Ultra C brand through direct sales and third-party representatives.

Understand ACM Research, Inc.: how it makes money

ACM Research designs and sells single-wafer wet cleaning, electroplating, and furnace equipment to semiconductor fabs and panel-level packaging lines. Revenue comes from capital-equipment sales and aftermarket service, with a historical China base now expanding into deployments across five countries.

Each new tool type (cleaning, plating, furnace) sold into the same fab multiplies the production steps ACM controls, shrinking the competitive field for the next sale and locking in a recurring service annuity around the installed base.

Business quality (Solid): Solid. Multi-product semi-cap play with a 17% operating margin and 36% revenue growth, but the legacy cleaning franchise is contracting and margins are being pressured by a shifting mix.

Valuation: At 37× earnings, ACMR trades 14% above the Machinery average (32×).

Bull case

  • Panel plating cracks open packaging market: Panel-level plating secured production and evaluation orders across two panel sizes, marking ACM's first commercial foothold in advanced packaging. That segment is growing faster than legacy wafer processing and carries higher tool content per line.
  • Global footprint dilutes single-market risk: Management expects global deployment to exceed 20 tools across 10 customers in five countries. customer concentration has also improved materially, reducing the hit from any one fab's capex cycle.
  • Growth rate outpaces the premium: Quarterly revenue reached $300M, up 36% year over year. At a 37.0x P/E (14% above the 32x Machinery median), the multiple only holds if this growth persists at a double-digit clip for a full year or more.

Bear case

  • Core cleaning franchise is shrinking: Cleaning revenue fell 14.2% and now represents 45.4% of total sales. The product that built the company is losing ground, so the new plating and furnace lines must outpace a meaningful decline just to keep revenue on an upward path.
  • Margin is eroding under mix shift: Gross margin declined year over year to 46.0%. As higher-cost plating and furnace tools gain share of the mix and cleaning (typically the higher-margin line) shrinks, the path to mid-40s operating margin gets steeper.
  • Component supply can throttle deliveries: Management flagged that component shortages may delay deliveries and constrain annual shipments. For a company at roughly $1B annualized revenue, every quarter of slippage reprices the growth narrative and hands fab lines to competitors.
Valuation — source: SEC EDGAR (first-party)
Price$69.91
Market Cap$5.03B
P/E Ratio33.5
EV / EBITDA28.5
Price / Book2.09
Price / Sales4.85
FCF Yield-1.3%
DCF Value (model)$28.57
DCF Upside vs Price-59.1%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$901.31M
Net Margin10.4%
Revenue Growth (YoY)36.0%
EPS Growth (YoY)178.7%
FCF Growth (YoY)19.8%
Financial Health — source: SEC EDGAR
Altman Z-Score4.32 (safe)
Piotroski F-Score2/9 (weak)
Valuation vs Sector & Industry
Stock P/E33.5
Sector P/E (Industrials)25.7
Industry P/E (Machinery)31.6
vs Sector30.1%
vs Industry5.9%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($314.20M)
Institutional Holders Tracked10
Company
SectorIndustrials
IndustryMachinery
CEOHui Wang
Employees2,023
CountryUS
IPO Date2018-03-23

ACM Research, Inc. earnings call transcripts

  • ACMR Q2 FY26 earnings call transcript (reported 2026-08-07) · analysis
  • ACMR Q4 FY25 earnings call transcript (reported 2026-02-26) · analysis

All ACMR earnings calls

Related Companies (Machinery; 8 comparable machinery makers)

  • Onto Innovation Inc. (ONTO)
  • Veeco Instruments Inc. (VECO)
  • Ultra Clean Holdings, Inc. (UCTT)
  • Axcelis Technologies, Inc. (ACLS)
  • Cricut, Inc. (CRCT)
  • Azenta, Inc. (AZTA)
  • MKS Inc. (MKSI)
  • Ichor Holdings, Ltd. (ICHR)
ACMR earnings history · ACMR institutional & insider holders · ACMR KPIs & operating metrics · ACMR financials · ACMR investor presentations & press releases · ACMR SEC filings · ACMR peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-02.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.