NASDAQ : ACMR
ACM Research, Inc. — Financial statements
Technology · Semiconductor Equipment & Materials · United States
Last price 45.47 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.17B
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Financial statements
ACM Research, Inc. (ACMR) reported revenue of 1.04B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.04B | 901.31M | 782.12M | 557.72M | 388.83M | 259.75M |
| Cost of Revenue | 582.86M | 501.24M | 390.56M | 281.51M | 205.22M | 144.90M |
| Gross Profit | 454.91M | 400.07M | 391.55M | 276.21M | 183.62M | 114.86M |
| Selling, General & Admin | 154.56M | 145.65M | 135.08M | 87.67M | 62.35M | 41.95M |
| Research & Development | 162.47M | 144.99M | 105.47M | 92.71M | 62.23M | 34.21M |
| Operating Expenses | 317.03M | 290.64M | 240.56M | 180.38M | 124.58M | 76.15M |
| Operating Income | 137.88M | 109.43M | 151.00M | 95.84M | 59.03M | 38.70M |
| Interest Expense | -7.63M | -6.96M | -4.15M | -2.68M | -1.66M | -765.00K |
| Interest & Investment Income | 19.15M | 14.64M | 9.94M | 8.35M | 8.74M | 505.00K |
| Earnings From Equity Investments | 30.41M | 10.29M | 423.00K | 9.95M | 4.67M | 4.64M |
| Currency Exchange Gain (Loss) | -29.80M | -10.90M | 4.20M | -2.00M | 3.01M | -831.00K |
| Other Non Operating Income (Expenses) | 1.48M | 1.07M | 2.13M | 442.00K | 306.00K | 200.00K |
| EBT Excluding Unusual Items | 151.49M | 117.57M | 163.54M | 109.91M | 74.10M | 42.45M |
| Gain (Loss) on Sale of Investments | 84.11M | 17.62M | 2.76M | 6.31M | -6.74M | 607.00K |
| Pretax Income | 235.59M | 135.19M | 166.30M | 116.22M | 67.36M | 43.05M |
| Income Tax Expense | 26.50M | 13.30M | 35.03M | 19.36M | 16.80M | 134.00K |
| Earnings From Continuing Operations | 209.09M | 121.89M | 131.27M | 96.85M | 50.56M | 42.92M |
| Minority Interest in Earnings | -58.87M | -27.82M | -27.64M | -19.50M | -11.30M | -5.16M |
| Net Income | 150.23M | 94.08M | 103.63M | 77.35M | 39.26M | 37.76M |
| Net Income to Common | 150.23M | 94.08M | 103.63M | 77.35M | 39.26M | 37.76M |
| Shares Outstanding (Basic) | 65.80M | 64.18M | 62.21M | 60.16M | 59.24M | 57.65M |
| Shares Outstanding (Diluted) | 69.08M | 67.31M | 66.24M | 64.87M | 65.34M | 65.36M |
| EPS (Basic) | 2.28 | 1.47 | 1.67 | 1.29 | 0.66 | 0.65 |
| EPS (Diluted) | 2.14 | 1.37 | 1.53 | 1.16 | 0.59 | 0.58 |
| Free Cash Flow | -118.74M | -66.61M | 69.99M | -137.20M | -153.29M | -49.25M |
| Free Cash Flow Per Share | -1.72 | -0.99 | 1.06 | -2.12 | -2.35 | -0.75 |
| Gross Margin | 43.84% | 44.39% | 50.06% | 49.53% | 47.22% | 44.22% |
| Operating Margin | 13.29% | 12.14% | 19.31% | 17.18% | 15.18% | 14.90% |
| Profit Margin | 14.48% | 10.44% | 13.25% | 13.87% | 10.10% | 14.54% |
| Free Cash Flow Margin | -11.44% | -7.39% | 8.95% | -24.60% | -39.42% | -18.96% |
| EBITDA | 159.62M | 125.76M | 160.97M | 103.93M | 64.40M | 41.05M |
| EBITDA Margin | 15.38% | 13.95% | 20.58% | 18.63% | 16.56% | 15.81% |
| D&A For EBITDA | 21.74M | 16.33M | 9.97M | 8.09M | 5.37M | 2.35M |
| EBIT | 137.88M | 109.43M | 151.00M | 95.84M | 59.03M | 38.70M |
| EBIT Margin | 13.29% | 12.14% | 19.31% | 17.18% | 15.18% | 14.90% |
| Effective Tax Rate | 11.25% | 9.84% | 21.07% | 16.66% | 24.94% | 0.31% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 969.23M | 757.37M | 407.44M | 182.09M | 247.95M | 562.55M |
| Short-Term Investments | 470.15M | 402.12M | 36.65M | 101.84M | 70.49M | |
| Trading Asset Securities | 20.21M | 29.50M | ||||
| Cash & Short-Term Investments | 1.44B | 1.16B | 444.10M | 283.93M | 338.65M | 592.05M |
| Accounts Receivable | 538.39M | 504.25M | 387.05M | 283.19M | 182.94M | 105.55M |
| Other Receivables | 66.82M | 48.66M | 41.86M | 40.06M | 29.62M | 20.06M |
| Receivables | 605.21M | 552.90M | 428.90M | 323.25M | 212.55M | 125.61M |
| Inventory | 783.12M | 702.63M | 597.98M | 545.39M | 393.17M | 218.12M |
| Prepaid Expenses | 25.55M | 10.57M | 7.51M | 20.02M | 15.61M | 14.26M |
| Restricted Cash | 21.36M | 8.59M | 3.87M | 1.08M | 500.00K | 519.00K |
| Other Current Assets | 163.00K | 2.50M | 1.02M | 2.43M | 3.32M | 2.38M |
| Total Current Assets | 2.87B | 2.44B | 1.48B | 1.18B | 963.81M | 952.93M |
| Property, Plant & Equipment | 401.23M | 332.75M | 283.31M | 217.24M | 85.36M | 18.22M |
| Long-Term Investments | 89.25M | 66.03M | 50.34M | 68.70M | 119.42M | 12.69M |
| Other Intangible Assets | 2.52M | 2.85M | 3.46M | 2.54M | 9.95M | 10.14M |
| Long-Term Deferred Tax Assets | 25.90M | 29.39M | 14.78M | 20.27M | 6.70M | 13.17M |
| Other Long-Term Assets | 5.56M | 4.48M | 20.45M | 6.05M | 50.27M | 45.02M |
| Total Assets | 3.40B | 2.87B | 1.86B | 1.49B | 1.24B | 1.05B |
| Accounts Payable | 250.40M | 247.50M | 155.43M | 153.22M | 116.20M | 101.35M |
| Accrued Expenses | 110.26M | 89.36M | 78.80M | 72.61M | 35.64M | 19.12M |
| Short-Term Debt | 107.22M | 74.04M | 32.81M | 31.34M | 56.00M | 9.59M |
| Current Portion of Long-Term Debt | 40.79M | 35.08M | 44.47M | 6.78M | 2.32M | 2.41M |
| Current Portion of Leases | 4.91M | 4.79M | 2.13M | 2.76M | 1.38M | 2.31M |
| Current Income Taxes Payable | 3.63M | 991.00K | 12.78M | 6.40M | 3.47M | 254.00K |
| Current Unearned Revenue | 181.47M | 205.20M | 252.49M | 185.06M | 157.95M | 56.00M |
| Other Current Liabilities | 87.59M | 88.75M | 62.32M | 42.49M | 23.25M | 14.89M |
| Total Current Liabilities | 786.26M | 745.71M | 641.23M | 500.66M | 396.21M | 205.94M |
| Long-Term Debt | 192.90M | 178.93M | 105.53M | 53.95M | 18.69M | 22.96M |
| Long-Term Leases | 3.50M | 5.07M | 3.84M | 4.26M | 1.11M | 1.87M |
| Long-Term Unearned Revenue | 11.44M | 11.96M | 9.22M | 5.87M | 7.32M | 8.45M |
| Long-Term Deferred Tax Liabilities | 1.30M | |||||
| Total Liabilities | 994.12M | 941.68M | 759.82M | 564.75M | 423.33M | 240.51M |
| Common Stock | 7.00K | 7.00K | 7.00K | 7.00K | 6.00K | 6.00K |
| Additional Paid-In Capital | 1.36B | 1.12B | 677.48M | 629.85M | 604.09M | 595.04M |
| Retained Earnings | 490.88M | 384.59M | 290.51M | 186.89M | 111.31M | 72.04M |
| Comprehensive Income & Other | 7.42M | -35.74M | -63.37M | -49.35M | -40.55M | 9.11M |
| Total Common Equity | 1.86B | 1.46B | 904.62M | 767.39M | 674.86M | 676.20M |
| Minority Interest | 544.97M | 466.15M | 191.28M | 158.77M | 137.31M | 135.46M |
| Shareholders' Equity | 2.41B | 1.93B | 1.10B | 926.16M | 812.17M | 811.66M |
| Total Liabilities & Equity | 3.40B | 2.87B | 1.86B | 1.49B | 1.24B | 1.05B |
| Total Debt | 349.32M | 297.91M | 188.78M | 99.10M | 79.50M | 39.14M |
| Net Cash (Debt) | 1.09B | 861.58M | 255.31M | 184.83M | 259.15M | 552.91M |
| Net Cash Per Share | 15.78 | 12.80 | 3.85 | 2.85 | 3.97 | 8.46 |
| Filing Date Shares Outstanding | 69.65M | 65.73M | 63.13M | 61.10M | 59.70M | 58.74M |
| Total Common Shares Outstanding | 69.64M | 65.61M | 62.96M | 61.06M | 59.68M | 58.70M |
| Working Capital | 2.09B | 1.69B | 842.15M | 675.45M | 567.59M | 747.00M |
| Book Value Per Share | 26.71 | 22.32 | 14.37 | 12.57 | 11.31 | 11.52 |
| Tangible Book Value | 1.86B | 1.46B | 901.16M | 764.85M | 664.91M | 666.06M |
| Tangible Book Value Per Share | 26.67 | 22.28 | 14.31 | 12.53 | 11.14 | 11.35 |
| Land | 2.10M | 2.10M | 2.10M | |||
| Buildings | 279.95M | 229.73M | 139.31M | 83.11M | 35.86M | |
| Machinery | 97.71M | 80.71M | 43.25M | 21.91M | 13.40M | 10.20M |
| Construction In Progress | 40.75M | 28.40M | 97.92M | 106.44M | 36.49M | 5.61M |
| Leasehold Improvements | 14.23M | 12.66M | 11.58M | 7.89M | 7.17M | 4.13M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 150.23M | 94.08M | 103.63M | 77.35M | 39.26M | 37.76M |
| Depreciation & Amortization | 21.74M | 16.33M | 9.97M | 8.09M | 5.37M | 2.35M |
| Loss (Gain) From Sale of Assets | -12.00K | |||||
| Loss (Gain) From Sale of Investments | -84.11M | -17.57M | -2.76M | -6.31M | 6.74M | -607.00K |
| Loss (Gain) on Equity Investments | -30.41M | -10.29M | -423.00K | -9.95M | -4.67M | -4.64M |
| Stock-Based Compensation | 26.19M | 33.58M | 49.58M | 27.34M | 7.73M | 5.12M |
| Provision & Write-off of Bad Debts | 16.77M | 14.50M | 13.52M | 2.74M | ||
| Other Operating Activities | 88.00M | 36.88M | 42.01M | 10.01M | 20.39M | 5.85M |
| Change in Accounts Receivable | -75.99M | -116.13M | -123.28M | -108.75M | -88.66M | -47.62M |
| Change in Inventory | -125.15M | -108.22M | -64.14M | -164.03M | -195.56M | -127.73M |
| Change in Accounts Payable | 59.35M | 83.78M | 6.17M | 39.28M | 24.07M | 65.21M |
| Change in Unearned Revenue | -60.15M | -51.99M | 71.90M | 32.67M | 105.25M | 35.06M |
| Change in Income Taxes | -19.36M | -12.10M | 6.42M | 3.01M | 3.24M | 1.12M |
| Change in Other Net Operating Assets | 26.29M | 26.83M | 39.86M | 13.23M | 14.65M | -11.96M |
| Operating Cash Flow | -6.60M | -10.32M | 152.45M | -75.32M | -62.19M | -40.09M |
| Capital Expenditures | -112.14M | -56.28M | -82.46M | -61.88M | -91.09M | -9.15M |
| Sale (Purchase) of Intangibles | -1.06M | -1.37M | -3.48M | -2.46M | -1.43M | -559.00K |
| Investment in Securities | -326.01M | -333.37M | 73.99M | 57.59M | -173.15M | -1.57M |
| Other Investing Activities | 686.00K | 686.00K | ||||
| Investing Cash Flow | -438.52M | -390.33M | -11.96M | -6.75M | -265.67M | -11.28M |
| Short-Term Debt Issued | 87.53M | 33.27M | 31.33M | 56.00M | 22.88M | |
| Long-Term Debt Issued | 119.14M | 96.90M | 42.36M | 7.06M | ||
| Total Debt Issued | 239.54M | 206.66M | 130.16M | 73.69M | 56.00M | 29.94M |
| Short-Term Debt Repaid | -47.33M | -32.30M | -55.07M | -9.22M | -39.81M | |
| Long-Term Debt Repaid | -60.25M | -9.58M | -2.28M | -2.22M | -2.13M | |
| Total Debt Repaid | -191.41M | -107.58M | -41.88M | -57.35M | -11.45M | -41.94M |
| Net Debt Issued (Repaid) | 48.13M | 99.08M | 88.28M | 16.34M | 44.56M | -12.00M |
| Issuance of Common Stock | 813.32M | 657.73M | 11.10M | 6.14M | 1.31M | 5.25M |
| Other Financing Activities | 102.67M | -14.32M | -6.90M | -3.95M | 545.51M | |
| Financing Cash Flow | 964.11M | 742.49M | 92.48M | 18.53M | 45.87M | 538.77M |
| Foreign Exchange Rate Adjustments | 18.71M | 12.82M | -4.83M | -1.74M | -32.62M | 3.91M |
| Net Cash Flow | 537.70M | 354.65M | 228.14M | -65.28M | -314.62M | 491.30M |
| Free Cash Flow | -118.74M | -66.61M | 69.99M | -137.20M | -153.29M | -49.25M |
| Free Cash Flow Margin | -11.44% | -7.39% | 8.95% | -24.60% | -39.42% | -18.96% |
| Free Cash Flow Per Share | -1.72 | -0.99 | 1.06 | -2.12 | -2.35 | -0.75 |
| Levered Free Cash Flow | -186.61M | -111.62M | 20.31M | -114.44M | -162.95M | -60.90M |
| Unlevered Free Cash Flow | -181.84M | -107.28M | 22.91M | -112.77M | -161.91M | -60.42M |
| Cash Interest Paid | 7.63M | 6.96M | 4.15M | 2.68M | 1.66M | 765.00K |
| Cash Income Tax Paid | 39.52M | 32.38M | 11.22M | 26.10M | 3.59M | 1.13M |
| Change in Working Capital | -195.02M | -177.83M | -63.07M | -184.59M | -137.01M | -85.93M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.17B | 2.56B | 945.68M | 1.18B | 458.44M | 1.66B |
| Enterprise Value | 2.08B | 2.18B | 928.68M | 1.12B | 247.31M | 1.68B |
| Last Close Price | 45.47 | 39.45 | 15.10 | 19.54 | 7.71 | 28.42 |
| PE Ratio | 21.23 | 27.20 | 9.13 | 15.31 | 11.68 | 44.06 |
| Forward PE | 21.05 | 20.42 | 9.19 | 19.89 | 12.20 | 44.76 |
| PS Ratio | 3.05 | 2.84 | 1.21 | 2.12 | 1.18 | 6.40 |
| PB Ratio | 1.70 | 1.33 | 0.86 | 1.28 | 0.56 | 2.05 |
| P/TBV Ratio | 1.70 | 1.75 | 1.05 | 1.55 | 0.69 | 2.50 |
| P/FCF Ratio | 13.51 | |||||
| P/OCF Ratio | 6.20 | |||||
| PEG Ratio | 0.53 | 0.58 | 0.46 | 0.99 | 0.61 | 2.24 |
| EV/Sales Ratio | 2.00 | 2.42 | 1.19 | 2.00 | 0.64 | 6.48 |
| EV/EBITDA Ratio | 13.01 | 17.33 | 5.77 | 10.74 | 3.84 | 40.99 |
| EV/EBIT Ratio | 15.06 | 19.91 | 6.15 | 11.65 | 4.19 | 43.48 |
| EV/FCF Ratio | 13.27 | |||||
| Debt / Equity Ratio | 0.14 | 0.15 | 0.17 | 0.11 | 0.10 | 0.05 |
| Debt / EBITDA Ratio | 2.11 | 2.26 | 1.13 | 0.91 | 1.17 | 0.89 |
| Debt / FCF Ratio | 2.70 | |||||
| Net Debt / Equity Ratio | -0.45 | -0.45 | -0.23 | -0.20 | -0.32 | -0.68 |
| Net Debt / EBITDA Ratio | -6.83 | -6.85 | -1.59 | -1.78 | -4.02 | -13.47 |
| Net Debt / FCF Ratio | 9.18 | 12.94 | -3.65 | 1.35 | 1.69 | 11.23 |
| Asset Turnover | 0.38 | 0.38 | 0.47 | 0.41 | 0.34 | 0.37 |
| Inventory Turnover | 0.81 | 0.77 | 0.68 | 0.60 | 0.67 | 0.94 |
| Quick Ratio | 2.60 | 2.30 | 1.36 | 1.21 | 1.39 | 3.48 |
| Current Ratio | 3.66 | 3.27 | 2.31 | 2.35 | 2.43 | 4.63 |
| Return on Equity (ROE) | 11.63% | 8.05% | 12.98% | 11.14% | 6.23% | 8.42% |
| Return on Assets (ROA) | 3.17% | 2.89% | 5.64% | 4.39% | 3.23% | 3.47% |
| Return on Invested Capital (ROIC) | 9.91% | 10.33% | 15.07% | 12.34% | 10.92% | 18.51% |
| Return on Capital Employed (ROCE) | 5.30% | 5.10% | 12.40% | 9.70% | 7.00% | 4.60% |
| Earnings Yield | 4.71% | 3.68% | 10.96% | 6.53% | 8.56% | 2.27% |
| FCF Yield | -3.75% | -2.60% | 7.40% | -11.58% | -33.44% | -2.96% |
| Buyback Yield / Dilution | -3.81% | -1.62% | -2.11% | 0.72% | 0.02% | -2.84% |