ACM Research, Inc. Class A Common Stock (ACMR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.34	$0.61	+79.4%	—	$292.9M	—
Q1 26	$0.2	$0.34	+70.0%	—	$231.3M	—
Q3 25	$0.54	$0.54	0.0%	—	$269.2M	—
Q2 25	$0.5	$0.54	+8.0%	—	$215.4M	—
Q1 25	$0.35	$0.46	+31.4%	—	$172.3M	—
Q4 24	$0.39	$0.56	+43.6%	—	$223.5M	—
Q3 24	$0.37	$0.63	+70.3%	—	$204M	—
Q2 24	$0.35	$0.55	+57.1%	—	$202.5M	—
Q1 24	$0.33	$0.52	+57.6%	—	$152.2M	—
Q4 23	$0.17	$0.43	+152.9%	—	$170.3M	—
Q3 23	$0.34	$0.57	+67.6%	—	$168.6M	—
Q2 23	$0.15	$0.48	+220.0%	—	$144.6M	—
Q1 23	$0.04	$0.15	+275.0%	—	$74.3M	—
Q4 22	$0.15	$0.19	+26.7%	—	$108.5M	—
Q3 22	$0.23	$0.42	+82.6%	—	$133.7M	—
Q2 22	$0.03	$0.22	+633.3%	—	$104.4M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.47	—	—	$901.3M	—
FY24	—	$1.67	—	—	$782.1M	—
FY23	—	$1.29	—	—	$557.7M	—
FY22	—	$0.66	—	—	$388.8M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$27.4M	$36.5M	$74.6M	$107.5M	$156.6M	$259.8M	$388.8M	$557.7M	$782.1M	$901.3M
YoY change	-12.3%	+33.4%	+104.5%	+44.1%	+45.7%	+65.8%	+49.7%	+43.4%	+40.2%	+15.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	27.4M	36.5M	74.6M	107.5M	156.6M	259.8M	388.8M	557.7M	782.1M	901.3M
Cost of revenue	14M	19.3M	40.2M	56.9M	87M	144.9M	205.2M	281.5M	390.6M	501.2M
Gross profit	13.3M	17.2M	34.4M	50.7M	69.6M	114.9M	183.6M	276.2M	391.6M	400.1M
Gross margin	48.7%	47.2%	46.2%	47.1%	44.4%	44.2%	47.2%	49.5%	50.1%	44.4%
Research & development	3.3M	5.1M	10.4M	12.9M	19.1M	34.2M	62.2M	92.7M	105.5M	145M
Selling, general & administrative	6.6M	11.4M	17.6M	20M	29M	41.9M	62.4M	87.7M	135.1M	145.6M
Operating expenses	9.8M	16.5M	28M	32.9M	48.1M	76.2M	124.6M	180.4M	240.6M	290.6M
Operating income	3.5M	700K	6.5M	17.8M	21.5M	38.7M	59M	95.8M	151M	109.4M
Operating margin	12.8%	1.92%	8.67%	16.5%	13.7%	14.9%	15.2%	17.2%	19.3%	12.1%
Non-operating income, net	-343K	-757K	1.4M	1.6M	-2.1M	4.6M	1.2M	14.7M	9.5M	18.1M
Pretax income	3M	-325K	7.4M	18.9M	19.3M	43.1M	67.4M	116.2M	166.3M	135.2M
Income tax	595K	547K	806K	-518K	-2.4M	134K	16.8M	19.4M	35M	13.3M
Net income	2.4M	-872K	6.6M	19.5M	21.7M	42.9M	50.6M	96.9M	131.3M	121.9M
Net margin	8.72%	-2.39%	8.81%	18.1%	13.8%	16.5%	13%	17.4%	16.8%	13.5%
EBITDA	3.4M	223K	8.3M	20.5M	8.8M	45.6M	81.1M	120.7M	177.7M	140.9M
EPS	0.04	-0.02	0.14	0.37	0.34	0.65	0.66	1.29	1.67	1.47
Diluted EPS	0.04	-0.02	0.12	0.33	0.3	0.58	0.59	1.16	1.53	1.37

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	168.6M	170.3M	152.2M	202.5M	204M	223.5M	172.3M	215.4M	269.2M	244.4M	231.3M	292.9M
Cost of revenue	80.1M	91.2M	73.1M	105.7M	99.1M	112.7M	89.8M	110.9M	156M	144.5M	124M	158.3M
Gross profit	88.5M	79.1M	79.1M	96.8M	104.8M	110.8M	82.5M	104.5M	113.1M	99.9M	107.2M	134.6M
Gross margin	52.5%	46.4%	52%	47.8%	51.4%	49.6%	47.9%	48.5%	42%	40.9%	46.4%	46%
Research & development	26.2M	32.5M	23.9M	26M	27.8M	27.8M	27.5M	33.8M	39.7M	44M	36.5M	42.3M
Selling, general & administrative	29.2M	23.2M	30M	33.2M	32.8M	39.1M	29.3M	39M	44.6M	32.9M	34.5M	42.6M
Operating expenses	55.3M	55.7M	53.9M	59.2M	60.6M	66.8M	56.8M	72.8M	84.2M	76.9M	71.1M	84.9M
Operating income	33.2M	23.4M	25.2M	37.6M	44.2M	44M	25.8M	31.7M	28.9M	23M	36.2M	49.7M
Operating margin	19.7%	13.7%	16.6%	18.6%	21.7%	19.7%	15%	14.7%	10.7%	9.42%	15.6%	17%
Non-operating income, net	-3M	6.7M	238K	1.7M	-3.3M	10.9M	-392K	4.2M	18.9M	-4.7M	-9M	80.9M
Pretax income	31.7M	31.4M	26.5M	40.7M	42.7M	56.4M	27.2M	38.2M	49.1M	20.8M	30M	135.7M
Income tax	718K	8.1M	4.4M	9.3M	4M	17.3M	2.2M	1.9M	2.7M	6.6M	3.8M	13.5M
Net income	31M	23.3M	22.1M	31.4M	38.7M	39.1M	25M	36.3M	46.4M	14.2M	26.2M	122.3M
Net margin	18.4%	13.7%	14.5%	15.5%	19%	17.5%	14.5%	16.8%	17.2%	5.81%	11.3%	41.7%
EBITDA	35.1M	32M	32.1M	42.8M	45.7M	57.1M	32.8M	40.5M	36.4M	31.2M	38.8M	74.5M
EPS	0.43	0.29	0.28	0.39	0.49	0.49	0.32	0.47	0.56	0.12	0.26	1.31
Diluted EPS	0.39	0.26	0.26	0.35	0.45	0.46	0.3	0.44	0.52	0.11	0.24	1.23

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	310M	1.5B	1.6B	456.7M	1.2B	939.4M	2.5B	5.3B
Enterprise value	—	—	—	269.4M	1.4B	1.1B	197.6M	990.8M	684.1M	1.7B	4.8B
Shares outstanding	23.7M	20.6M	47.4M	50.4M	54.7M	57.7M	59.2M	60.2M	62.2M	64.2M	64.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	15.9	68.3	38.2	9.03	12.1	7.16	20.8	35.8
P/S	—	—	—	2.88	9.46	6.31	1.17	2.11	1.2	2.81	5.1
P/B	—	—	—	3.19	7.12	2.02	0.56	1.27	0.86	1.31	2.84
EV/EBITDA	—	—	—	13.2	163.4	23.8	2.44	8.21	3.85	11.9	30.3
EV/Sales	—	—	—	2.51	9.14	4.18	0.51	1.78	0.87	1.85	4.66
Earnings yield	—	—	—	6.28%	1.46%	2.62%	11.1%	8.24%	14%	4.81%	2.79%
FCF yield	—	—	—	2.67%	-4.66%	-3.04%	-33.9%	-11.9%	7.08%	-2.68%	-3.53%
PEG	—	—	—	—	—	—	—	—	—	—	0.2

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	48.7%	47.2%	46.2%	47.1%	44.4%	44.2%	47.2%	49.5%	50.1%	44.4%	46%
Operating margin	12.8%	1.92%	8.67%	16.5%	13.7%	14.9%	15.2%	17.2%	19.3%	12.1%	17%
Net margin	8.72%	-2.39%	8.81%	18.1%	13.8%	16.5%	13%	17.4%	16.8%	13.5%	14.5%
ROE	96.1%	-2.19%	12.6%	20%	10.4%	5.29%	6.23%	10.5%	12%	6.31%	11.6%
ROA	5.37%	-1.28%	6.38%	8.94%	6.35%	4.08%	4.09%	6.5%	7.07%	4.24%	3.17%
ROIC	-97.6%	2.57%	16.6%	31.4%	13.6%	14.9%	8.01%	10.8%	14.2%	9.23%	9.31%
Return on tangible assets	5.37%	-1.29%	6.41%	8.97%	6.79%	4.17%	4.16%	6.59%	7.1%	4.25%	6.16%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.36	2.88	2.08	3.71	2.53	4.63	2.43	2.35	2.31	3.27	3.66
Quick ratio	1.68	2.18	1.24	2.87	1.67	3.57	1.44	1.26	1.38	2.33	2.66
Debt / equity	1.92	0.13	0.18	0.18	0.24	0.05	0.1	0.11	0.17	0.15	0.15
Debt / assets	0.11	0.08	0.09	0.08	0.15	0.04	0.06	0.07	0.1	0.1	0.1
Net debt / EBITDA	-1.6	-56.4	-2.13	-1.98	-5.71	-12.1	-3.19	-1.53	-1.44	-6.12	-6.03
Interest coverage	17.5	-0.17	15.8	26.4	20.6	57.3	41.7	44.3	41.1	20.4	31.9
Effective tax rate	20%	0%	10.9%	0%	0%	0.31%	24.9%	16.7%	21.1%	9.84%	11.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	1.16	1.77	1.58	2.13	2.86	4.51	6.56	9.27	12.6	14	15.8
EPS (basic)	0.04	-0.02	0.14	0.37	0.34	0.65	0.66	1.29	1.67	1.47	1.47
EPS (diluted)	0.04	-0.02	0.12	0.33	0.3	0.58	0.59	1.16	1.53	1.37	2.12
Book value per share	0.1	1.94	1.1	1.93	3.81	14.1	13.7	15.4	17.6	30.1	26.7
FCF per share	-0.19	-0.43	0.1	0.16	-1.26	-0.86	-2.61	-2.32	1.07	-1.06	-1.67
Cash per share	0.43	0.86	0.57	1.16	1.83	10.3	5.72	4.72	7.14	18.1	20.7
Capex per share	0.03	0.03	0.04	0.02	0.83	0.16	1.54	1.03	1.33	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.88%	1.78%	2.45%	0.9%	29%	3.52%	23.4%	11.1%	10.5%	—	—
Capex / operating cash flow	-18.8%	-6.44%	75.5%	21.4%	-1.4K%	-22.7%	-98%	-70.3%	95.2%	—	—
Payout ratio	—	—	—	—	—	0%	0%	4.08%	5.26%	6.22%	0%
Dividend yield	—	—	—	—	—	0%	0%	0.34%	0.73%	0.3%	0.3%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$168.6M	$170.3M	$152.2M	$202.5M	$204M	$223.5M	$172.3M	$215.4M	$269.2M	$244.4M	$231.3M	$292.9M
YoY change	+26.1%	+56.9%	+105%	+40%	+21%	+31.2%	+13.2%	+6.37%	+32%	+9.38%	+34.2%	+36%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	10.1M	17.7M	27.1M	58.3M	100M	592M	338.7M	283.9M	444.1M	1.2B
Receivables	16M	26.8M	24.6M	31.1M	56.4M	105.6M	182.9M	283.2M	387M	504.3M
Inventory	11.7M	15.4M	38.8M	44.8M	88.6M	218.1M	393.2M	545.4M	598M	702.6M
Total current assets	40.3M	62.9M	96M	198.4M	260.7M	952.9M	963.8M	1.2B	1.5B	2.4B
Property, plant & equipment	2.3M	2.3M	3.7M	7.5M	51.9M	61.2M	97.8M	130M	159.6M	103M
Goodwill & intangibles	34K	212K	548K	688K	21.9M	21.8M	19.9M	21.8M	6.9M	5.7M
Total assets	44.5M	67.9M	103M	217.7M	341.3M	1.1B	1.2B	1.5B	1.9B	2.9B
Accounts payable	5.2M	7.4M	16.7M	13.3M	35.6M	93.5M	101.7M	141.8M	139.3M	215.4M
Short-term debt	4.8M	5.1M	9.4M	15.1M	29.2M	14.3M	59.7M	40.9M	79.4M	113.9M
Total current liabilities	17.1M	21.8M	46.1M	53.5M	102.9M	205.9M	396.2M	500.7M	641.2M	745.7M
Long-term debt	—	—	0	2.5M	20.9M	24.8M	19.8M	58.2M	109.4M	184M
Total liabilities	42M	28M	50.7M	120.4M	133.1M	240.5M	423.3M	564.7M	759.8M	941.7M
Shareholders' equity	2.5M	39.9M	52.3M	97.3M	208.2M	811.7M	812.2M	926.2M	1.1B	1.9B
Total debt	4.8M	5.1M	9.4M	17.6M	50M	39.1M	79.5M	99.1M	188.8M	297.9M
Net debt	-5.3M	-12.6M	-17.7M	-40.6M	-21.8M	-523.4M	-168.4M	-83M	-218.7M	-459.5M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	304.6M	283.9M	278.3M	370.8M	374.1M	444.1M	492.8M	494.2M	1.1B	1.2B	1.3B	1.4B
Receivables	248.5M	283.2M	296.4M	293.5M	370.6M	387M	387.8M	433.7M	477M	504.3M	526.5M	538.4M
Inventory	507.4M	545.4M	581.1M	602.9M	628.7M	598M	609.6M	648.3M	676.4M	702.6M	738M	783.1M
Total current assets	1.1B	1.2B	1.2B	1.3B	1.4B	1.5B	1.5B	1.6B	2.4B	2.4B	2.6B	2.9B
Property, plant & equipment	118.2M	130M	150.9M	161.3M	184.9M	159.6M	156.5M	88.1M	93.5M	103M	107.9M	121.3M
Goodwill & intangibles	20.9M	21.8M	22.2M	22.1M	22.3M	6.9M	6M	5.7M	5.4M	5.7M	5.4M	5M
Total assets	1.4B	1.5B	1.6B	1.7B	1.8B	1.9B	1.9B	2B	2.8B	2.9B	3.1B	3.4B
Accounts payable	136.7M	141.8M	135.5M	142.4M	170.8M	139.3M	116.4M	148.8M	180.9M	215.4M	208.9M	220.6M
Short-term debt	43.5M	40.9M	63.9M	76.7M	66.8M	79.4M	96.5M	118.9M	97.8M	113.9M	112.1M	152.9M
Total current liabilities	482M	500.7M	533.2M	586.2M	610M	641.2M	628.9M	671M	677.9M	745.7M	745.7M	786.3M
Long-term debt	44.1M	58.2M	57.2M	74.5M	109.4M	109.4M	140.7M	168.5M	199.2M	184M	225M	196.4M
Total liabilities	532.1M	564.7M	596M	666.2M	725.1M	759.8M	778.4M	848M	885.4M	941.7M	982.4M	994.1M
Shareholders' equity	878.1M	926.2M	960.8M	1B	1.1B	1.1B	1.2B	1.2B	1.9B	1.9B	2.1B	2.4B
Total debt	87.6M	99.1M	121.2M	151.2M	176.2M	188.8M	237.1M	287.4M	297M	297.9M	337.1M	349.3M
Net debt	-119.5M	-83M	-90.1M	-172.8M	-157.3M	-218.7M	-220.1M	-154.7M	-761.9M	-459.5M	-535.2M	-619.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2.4M	-872K	6.6M	19.5M	21.7M	42.9M	50.6M	96.9M	131.3M	121.9M
Depreciation & amortization	187K	271K	417K	788K	1.1M	2.4M	5.4M	8.1M	10M	16.3M
Stock-based compensation	383K	1.6M	3.4M	3.6M	5.6M	5.1M	7.7M	27.3M	49.6M	33.6M
Change in working capital	-9.2M	-11.8M	-7.5M	-15.6M	-39.6M	-91.3M	-163.4M	-210.3M	-113.3M	-197.1M
Operating cash flow	-4.2M	-10.1M	2.4M	4.5M	-3.3M	-40.2M	-92.9M	-88M	86.6M	-10.3M
Capital expenditure	-788K	-651K	-1.8M	-971K	-45.4M	-9.2M	-91.1M	-61.9M	-82.5M	—
Investing cash flow	-788K	-24.8M	-1.8M	-5.4M	-60.4M	-12.3M	-437.7M	-4.3M	-8.5M	-333.4M
Dividends paid	—	—	—	—	—	0	0	-4M	-6.9M	-7.6M
Share repurchases	—	-1.5M	0	-2.8M	0	0	—	—	—	-7M
Financing cash flow	2.6M	25.7M	-8.5M	73.1M	9.9M	493.7M	35.3M	-42.7M	49.1M	660.4M
Net change in cash	-2.4M	-9.2M	-7.9M	72.3M	-53.9M	441.2M	-495.3M	-135M	127.2M	316.7M
Free cash flow	-4.5M	-8.9M	4.8M	8.3M	-69M	-49.8M	-154.7M	-139.7M	66.5M	-68M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	31M	23.3M	22.1M	31.4M	38.7M	39.1M	25M	36.3M	46.4M	14.2M	26.2M	122.3M
Depreciation & amortization	2.1M	2.1M	2.5M	2.2M	2.4M	2.9M	3M	3.3M	4.1M	5.9M	5.5M	6.3M
Stock-based compensation	10.6M	12.7M	14.6M	14.3M	11.9M	8.8M	9.8M	9.8M	7.6M	6.4M	5.6M	6.6M
Change in working capital	-58.6M	-69M	-60.5M	3.6M	-64M	7.6M	-30M	-78.8M	-66M	-22.2M	-81.3M	-46.4M
Operating cash flow	-19.3M	-33.7M	-21.4M	52.9M	-2.5M	57.6M	8.3M	-44.9M	-4.6M	33.9M	-29.5M	-6.4M
Capital expenditure	-27.9M	-12.3M	-25.4M	-13.1M	-32.5M	-11.4M	-16.7M	—	—	—	—	—
Investing cash flow	-30.4M	-16.7M	12.4M	20.7M	-21.1M	-20.4M	-16.5M	0	-1.2M	-333.1M	12.6M	-4.3M
Dividends paid	—	0	—	—	—	0	—	—	—	0	—	—
Share repurchases	—	—	—	—	—	—	—	—	0	0	—	—
Financing cash flow	-42.9M	5.3M	21.8M	28.9M	-3.9M	9.3M	19.5M	49.7M	607.9M	-2.2M	128.5M	111.9M
Net change in cash	-92.6M	-45.1M	12.7M	102.5M	-27.5M	46.5M	11.4M	4.8M	602.1M	-301.4M	111.6M	101.2M
Free cash flow	-46.1M	-46.4M	-35.7M	48M	-21.5M	75.7M	-11.8M	-60M	-15.6M	19.5M	-52M	-71.7M

ACM Research, Inc. Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement