ACM Research, Inc.
ACMR Nasdaq Special Industry Machinery, Nec Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$901M
15.2%
vs prior year
Operating margin
Operating income as a share of revenue.
12.1%
7.2 pts
Net income
Profit after all expenses, interest and tax.
$94.1M
9.2%
Free cash flow
Cash from operations minus capital spending.
−$66.6M
195.2%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
10.3%
7.8 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $2.10 EPS (TTM)
What ACM Research, Inc. does
No business description yet.
- Legal name
- ACM Research, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 2, 2026
- Accession · CIK
- 0001628280-26-013231
0001680062
Revenue and margins
ACM Research, Inc. had $901M of revenue in fiscal 2025, up 15.2% on the year before.
FY16
Revenue $27.4M
FY17
Revenue $36.5M
FY18
Revenue $74.6M
FY19
Revenue $108M
FY20
Revenue $157M
FY21
Revenue $260M
FY22
Revenue $389M
FY23
Revenue $558M
FY24
Revenue $782M
FY25
Revenue $901M
Q3 '23
Revenue $169M
Q4 '23
Revenue $170M
Q1 '24
Revenue $152M
Q2 '24
Revenue $202M
Q3 '24
Revenue $204M
Q4 '24
Revenue $223M
Q1 '25
Revenue $172M
Q2 '25
Revenue $215M
Q3 '25
Revenue $269M
Q4 '25
Revenue $244M
Q1 '26
Revenue $231M
Q2 '26
Revenue $293M
FY16
Gross 48.7%
Operating 12.8%
Net 3.8%
FCF −16.4%
FY17
Gross 47.2%
Operating 1.9%
Net −0.9%
FCF −24.0%
FY18
Gross 46.2%
Operating 8.7%
Net 8.8%
FCF 6.8%
FY19
Gross 47.1%
Operating 16.5%
Net 17.6%
FCF 7.8%
FY20
Gross 44.4%
Operating 13.7%
Net 12.0%
FCF −12.0%
FY21
Gross 44.2%
Operating 14.9%
Net 14.5%
FCF −19.0%
FY22
Gross 47.2%
Operating 15.2%
Net 10.1%
FCF −39.4%
FY23
Gross 49.5%
Operating 17.2%
Net 13.9%
FCF −24.6%
FY24
Gross 50.1%
Operating 19.3%
Net 13.2%
FCF 8.9%
FY25
Gross 44.4%
Operating 12.1%
Net 10.4%
FCF −7.4%
Gross
Operating
Net
FCF
Q3 '23
Gross 52.5%
Operating 19.7%
Net 15.2%
FCF −27.1%
Q4 '23
Gross 46.4%
Operating 13.7%
Net 10.4%
FCF −29.8%
Q1 '24
Gross 52.0%
Operating 16.6%
Net 11.5%
FCF −23.0%
Q2 '24
Gross 47.8%
Operating 18.6%
Net 12.0%
FCF 24.0%
Q3 '24
Gross 51.4%
Operating 21.7%
Net 15.2%
FCF −10.1%
Q4 '24
Gross 49.6%
Operating 19.7%
Net 13.9%
FCF 34.5%
Q1 '25
Gross 47.9%
Operating 15.0%
Net 11.8%
FCF −6.6%
Q2 '25
Gross 48.5%
Operating 14.7%
Net 13.8%
FCF −27.7%
Q3 '25
Gross 42.0%
Operating 10.7%
Net 13.3%
FCF −5.8%
Q4 '25
Gross 40.9%
Operating 9.4%
Net 3.3%
FCF 8.2%
Q1 '26
Gross 46.4%
Operating 15.6%
Net 7.5%
FCF −22.4%
Q2 '26
Gross 46.0%
Operating 17.0%
Net 30.4%
FCF −24.4%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 25.3% a year. Loss periods are shown in red.
FY16
Net income $1.0M
FY17
Net income −$0.3M
FY18
Net income $6.6M
FY19
Net income $18.9M
FY20
Net income $18.8M
FY21
Net income $37.8M
FY22
Net income $39.3M
FY23
Net income $77.3M
FY24
Net income $104M
FY25
Net income $94.1M
Q3 '23
Net income $25.7M
Q4 '23
Net income $17.7M
Q1 '24
Net income $17.4M
Q2 '24
Net income $24.2M
Q3 '24
Net income $30.9M
Q4 '24
Net income $31.1M
Q1 '25
Net income $20.4M
Q2 '25
Net income $29.8M
Q3 '25
Net income $35.9M
Q4 '25
Net income $8.0M
Q1 '26
Net income $17.3M
Q2 '26
Net income $89.0M
FY16
Diluted EPS $0.18
FY17
Diluted EPS −$0.05
FY18
Diluted EPS $0.37
FY19
Diluted EPS $0.99
FY20
Diluted EPS $0.30
FY21
Diluted EPS $0.58
FY22
Diluted EPS $0.59
FY23
Diluted EPS $1.16
FY24
Diluted EPS $1.53
FY25
Diluted EPS $1.37
Q3 '23
Diluted EPS $0.39
Q4 '23
Diluted EPS $0.25
Q1 '24
Diluted EPS $0.26
Q2 '24
Diluted EPS $0.35
Q3 '24
Diluted EPS $0.45
Q4 '24
Diluted EPS $0.47
Q1 '25
Diluted EPS $0.30
Q2 '25
Diluted EPS $0.44
Q3 '25
Diluted EPS $0.52
Q4 '25
Diluted EPS $0.11
Q1 '26
Diluted EPS $0.24
Q2 '26
Diluted EPS $1.23
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity —
Return on assets 2.3%
FY17
Return on capital 2.0%
Return on equity −1.7%
Return on assets −0.6%
FY18
Return on capital 16.6%
Return on equity 14.3%
Return on assets 7.7%
FY19
Return on capital 33.7%
Return on equity 25.3%
Return on assets 11.8%
FY20
Return on capital 24.7%
Return on equity 15.8%
Return on assets 6.7%
FY21
Return on capital 32.4%
Return on equity 9.2%
Return on assets 5.4%
FY22
Return on capital 9.2%
Return on equity 5.8%
Return on assets 3.4%
FY23
Return on capital 12.2%
Return on equity 10.7%
Return on assets 5.7%
FY24
Return on capital 18.0%
Return on equity 12.4%
Return on assets 6.2%
FY25
Return on capital 10.3%
Return on equity 7.9%
Return on assets 4.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$66.6M in fiscal 2025, −7.4% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow −$4.5M
FY17
Free cash flow −$8.8M
FY18
Free cash flow $5.1M
FY19
Free cash flow $8.4M
FY20
Free cash flow −$18.8M
FY21
Free cash flow −$49.2M
FY22
Free cash flow −$153M
FY23
Free cash flow −$137M
FY24
Free cash flow $70.0M
FY25
Free cash flow −$66.6M
Q3 '23
Free cash flow −$45.7M
Q4 '23
Free cash flow −$50.7M
Q1 '24
Free cash flow −$35.1M
Q2 '24
Free cash flow $48.5M
Q3 '24
Free cash flow −$20.6M
Q4 '24
Free cash flow $77.2M
Q1 '25
Free cash flow −$11.4M
Q2 '25
Free cash flow −$59.6M
Q3 '25
Free cash flow −$15.6M
Q4 '25
Free cash flow $20.1M
Q1 '26
Free cash flow −$51.7M
Q2 '26
Free cash flow −$71.5M
FY16
Cash from operations −$3.7M
Capital spending $0.8M
FY17
Cash from operations −$8.1M
Capital spending $0.7M
FY18
Cash from operations $6.9M
Capital spending $1.8M
FY19
Cash from operations $9.4M
Capital spending $1.0M
FY20
Cash from operations −$13.5M
Capital spending $5.2M
FY21
Cash from operations −$40.1M
Capital spending $9.2M
FY22
Cash from operations −$62.2M
Capital spending $91.1M
FY23
Cash from operations −$75.3M
Capital spending $61.9M
FY24
Cash from operations $152M
Capital spending $82.5M
FY25
Cash from operations −$10.3M
Capital spending $56.3M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$17.8M
Capital spending $27.9M
Q4 '23
Cash from operations −$38.4M
Capital spending $12.3M
Q1 '24
Cash from operations −$9.6M
Capital spending $25.4M
Q2 '24
Cash from operations $61.6M
Capital spending $13.1M
Q3 '24
Cash from operations $11.9M
Capital spending $32.5M
Q4 '24
Cash from operations $88.6M
Capital spending $11.4M
Q1 '25
Cash from operations $5.3M
Capital spending $16.7M
Q2 '25
Cash from operations −$44.9M
Capital spending $14.7M
Q3 '25
Cash from operations −$4.6M
Capital spending $11.0M
Q4 '25
Cash from operations $33.9M
Capital spending $13.8M
Q1 '26
Cash from operations −$29.5M
Capital spending $22.2M
Q2 '26
Cash from operations −$6.4M
Capital spending $65.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
ACM Research, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 1.6%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks $0.0M
FY19
Dividends —
Buybacks $2.8M
FY20
Dividends —
Buybacks $0.0M
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.00B
FY17
Diluted shares 0.01B
FY18
Diluted shares 0.02B
FY19
Diluted shares 0.02B
FY20
Diluted shares 0.06B
FY21
Diluted shares 0.07B
FY22
Diluted shares 0.07B
FY23
Diluted shares 0.06B
FY24
Diluted shares 0.07B
FY25
Diluted shares 0.07B
Balance sheet
Cash, debt and the ratios that show how comfortably ACM Research, Inc. can carry it.
FY16
Cash $10.1M
Debt $4.8M
FY17
Cash $17.7M
Debt $5.1M
FY18
Cash $27.1M
Debt $9.4M
FY19
Cash $58.3M
Debt $13.8M
FY20
Cash $100M
Debt $45.7M
FY21
Cash $592M
Debt $35.0M
FY22
Cash $268M
Debt $77.0M
FY23
Cash $203M
Debt $92.1M
FY24
Cash $427M
Debt $183M
FY25
Cash $793M
Debt $288M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $592M | $268M | $203M | $427M | $793M |
| Debt incl. finance leases | $35.0M | $77.0M | $92.1M | $183M | $288M |
| Net debt / EBITDA | −13.6x | −3.0x | −1.1x | −1.5x | −4.1x |
| Debt / equity | 0.1x | 0.1x | 0.1x | 0.2x | 0.2x |
| Interest coverage | 50.6x | 35.7x | 35.7x | 36.4x | 15.7x |
| Current ratio | 4.6x | 2.4x | 2.3x | 2.3x | 3.3x |
| Quick ratio | 3.6x | 1.4x | 1.3x | 1.4x | 2.3x |
| Total assets | $1.1B | $1.2B | $1.5B | $1.9B | $2.9B |
| Total liabilities | $241M | $423M | $565M | $760M | $942M |
| Shareholders' equity | $676M | $675M | $767M | $905M | $1.5B |
| Net debt (− = net cash) | −$557M | −$191M | −$111M | −$244M | −$505M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Return on assets rose | — | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Debt fell relative to assets | — | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✕ |
| Current ratio rose | — | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ |
| Gross margin rose | — | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ |
| F-score | — / 3 | 2 / 9 | 5 / 9 | 6 / 9 | 1 / 9 | 3 / 9 | 4 / 9 | 6 / 9 | 6 / 9 | 2 / 9 |
| Accruals ratio | 10.6% | 13.9% | −0.4% | 5.9% | 11.6% | 11.2% | 8.9% | 11.2% | −2.9% | 4.4% |
| Altman Z'' | 3.15 | 5.05 | 4.57 | 6.84 | 4.90 | 8.05 | 5.26 | 5.17 | 5.23 | 6.15 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $27.4M | $36.5M | $74.6M | $108M | $157M | $260M | $389M | $558M | $782M | $901M |
| Net interest income | −$0.3M | −$0.8M | $1.3M | — | — | — | — | — | — | — |
| Gross profit | $13.3M | $17.2M | $34.4M | $50.7M | $69.6M | $115M | $184M | $276M | $392M | $400M |
| Research and development | $3.3M | $5.1M | $10.4M | $12.9M | $19.1M | $34.2M | $62.2M | $92.7M | $105M | $145M |
| Operating income | $3.5M | $0.7M | $6.5M | $17.8M | $21.5M | $38.7M | $59.0M | $95.8M | $151M | $109M |
| Interest expense | $0.2M | $0.3M | $0.5M | $0.7M | $1.0M | $0.8M | $1.7M | $2.7M | $4.2M | $7.0M |
| Pretax income | $3.0M | −$0.3M | $7.4M | $18.9M | $19.3M | $43.1M | $67.4M | $116M | $166M | $135M |
| Income tax | $0.6M | $0.5M | $0.8M | −$0.5M | −$2.4M | $0.1M | $16.8M | $19.4M | $35.0M | $13.3M |
| Net income | $1.0M | −$0.3M | $6.6M | $18.9M | $18.8M | $37.8M | $39.3M | $77.3M | $104M | $94.1M |
| Net income to common | $0.6M | −$0.3M | $6.6M | $18.9M | $18.8M | $37.8M | $39.3M | $77.3M | $104M | $94.1M |
| Diluted EPS | $0.18 | −$0.05 | $0.37 | $0.99 | $0.30 | $0.58 | $0.59 | $1.16 | $1.53 | $1.37 |
| Diluted shares | 0.00B | 0.01B | 0.02B | 0.02B | 0.06B | 0.07B | 0.07B | 0.06B | 0.07B | 0.07B |
| Cash flow | ||||||||||
| Cash from operations | −$3.7M | −$8.1M | $6.9M | $9.4M | −$13.5M | −$40.1M | −$62.2M | −$75.3M | $152M | −$10.3M |
| Capital expenditure | $0.8M | $0.7M | $1.8M | $1.0M | $5.2M | $9.2M | $91.1M | $61.9M | $82.5M | $56.3M |
| Free cash flow | −$4.5M | −$8.8M | $5.1M | $8.4M | −$18.8M | −$49.2M | −$153M | −$137M | $70.0M | −$66.6M |
| Depreciation and amortization | $0.2M | $0.3M | $0.4M | $0.8M | $1.1M | $2.4M | $4.8M | $6.9M | $6.6M | $14.4M |
| Stock-based compensation | $0.4M | $1.6M | $3.4M | $3.6M | $5.6M | $5.1M | $7.7M | $27.3M | $49.6M | $33.6M |
| Share buybacks | — | — | $0.0M | $2.8M | $0.0M | $0.0M | — | — | — | — |
| Dividends and buybacks | — | — | $0.0M | $2.8M | $0.0M | $0.0M | — | — | — | — |
| Balance sheet | ||||||||||
| Cash and short-term investments | $10.1M | $17.7M | $27.1M | $58.3M | $100M | $592M | $268M | $203M | $427M | $793M |
| Total debt | $4.8M | $5.1M | $9.4M | $13.8M | $45.7M | $35.0M | $77.0M | $92.1M | $183M | $288M |
| Current assets | $40.3M | $62.9M | $96.0M | $198M | $261M | $953M | $964M | $1.2B | $1.5B | $2.4B |
| Current liabilities | $17.1M | $21.8M | $46.1M | $53.5M | $103M | $206M | $396M | $501M | $641M | $746M |
| Inventory | $11.7M | $15.4M | $38.8M | $44.8M | $88.6M | $218M | $393M | $545M | $598M | $703M |
| Property and equipment, net | $2.3M | $2.3M | $3.7M | $3.6M | $8.2M | $14.0M | $82.9M | $202M | $269M | $315M |
| Intangible assets | $0.0M | $0.1M | $0.3M | $0.3M | $0.6M | $0.5M | $1.3M | $2.5M | $3.5M | $2.8M |
| Total assets | $44.5M | $67.9M | $103M | $218M | $341M | $1.1B | $1.2B | $1.5B | $1.9B | $2.9B |
| Total liabilities | $23.9M | $28.0M | $50.7M | $60.2M | $133M | $241M | $423M | $565M | $760M | $942M |
| Shareholders' equity | −$2.4M | $39.9M | $52.3M | $97.3M | $141M | $676M | $675M | $767M | $905M | $1.5B |
| Margins | ||||||||||
| Gross margin | 48.7% | 47.2% | 46.2% | 47.1% | 44.4% | 44.2% | 47.2% | 49.5% | 50.1% | 44.4% |
| Operating margin | 12.8% | 1.9% | 8.7% | 16.5% | 13.7% | 14.9% | 15.2% | 17.2% | 19.3% | 12.1% |
| EBITDA margin | 13.4% | 2.7% | 9.2% | 17.3% | 14.4% | 15.8% | 16.4% | 18.4% | 20.1% | 13.7% |
| Net margin | 3.8% | −0.9% | 8.8% | 17.6% | 12.0% | 14.5% | 10.1% | 13.9% | 13.2% | 10.4% |
| FCF margin | −16.4% | −24.0% | 6.8% | 7.8% | −12.0% | −19.0% | −39.4% | −24.6% | 8.9% | −7.4% |
| Net interest share of revenue | −1.3% | −2.2% | 1.7% | — | — | — | — | — | — | — |
| Returns | ||||||||||
| Return on capital | — | 2.0% | 16.6% | 33.7% | 24.7% | 32.4% | 9.2% | 12.2% | 18.0% | 10.3% |
| Return on capital employed | 12.7% | 1.5% | 11.4% | 10.8% | 9.0% | 4.6% | 7.0% | 9.7% | 12.4% | 5.1% |
| Return on equity | — | −1.7% | 14.3% | 25.3% | 15.8% | 9.2% | 5.8% | 10.7% | 12.4% | 7.9% |
| Return on assets | 2.3% | −0.6% | 7.7% | 11.8% | 6.7% | 5.4% | 3.4% | 5.7% | 6.2% | 4.0% |
| Return on tangible equity | — | −0.8% | 12.6% | 19.5% | 13.4% | 5.6% | 5.8% | 10.1% | 11.5% | 6.4% |
| Growth | ||||||||||
| Revenue growth | — | 33.4% | 104.5% | 44.1% | 45.7% | 65.8% | 49.7% | 43.4% | 40.2% | 15.2% |
| Net income growth | — | −130.8% | — | 187.4% | −0.6% | 101.0% | 4.0% | 97.0% | 34.0% | −9.2% |
| EPS growth | — | −127.8% | — | 167.6% | −69.7% | 93.3% | 1.7% | 96.6% | 31.9% | −10.5% |
| FCF growth | — | — | — | 66.0% | −322.5% | — | — | — | — | −195.2% |
| Share count change | — | 81.0% | 160.9% | 6.8% | 232.1% | 2.8% | −0.0% | −0.7% | 2.1% | 1.6% |
| Financial health | ||||||||||
| Net debt / EBITDA | −1.5x | −13.0x | −2.6x | −2.4x | −2.4x | −13.6x | −3.0x | −1.1x | −1.5x | −4.1x |
| Debt / equity | — | 0.1x | 0.2x | 0.1x | 0.3x | 0.1x | 0.1x | 0.1x | 0.2x | 0.2x |
| Interest coverage | 19.3x | 2.5x | 13.0x | 23.9x | 21.9x | 50.6x | 35.7x | 35.7x | 36.4x | 15.7x |
| Current ratio | 2.4x | 2.9x | 2.1x | 3.7x | 2.5x | 4.6x | 2.4x | 2.3x | 2.3x | 3.3x |
| Quick ratio | 1.7x | 2.2x | 1.2x | 2.9x | 1.7x | 3.6x | 1.4x | 1.3x | 1.4x | 2.3x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.9% | 1.8% | 2.5% | 0.9% | 3.3% | 3.5% | 23.4% | 11.1% | 10.5% | 6.2% |
| Stock comp / revenue | 1.4% | 4.4% | 4.5% | 3.3% | 3.6% | 2.0% | 2.0% | 4.9% | 6.3% | 3.7% |
| Payouts / FCF | — | — | 0.0% | 33.5% | — | — | — | — | — | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | 2.0 | 5.0 | 6.0 | 1.0 | 3.0 | 4.0 | 6.0 | 6.0 | 2.0 |
| Altman Z'' | 3.1 | 5.1 | 4.6 | 6.8 | 4.9 | 8.1 | 5.3 | 5.2 | 5.2 | 6.1 |
| Accruals ratio | 10.6% | 13.9% | −0.4% | 5.9% | 11.6% | 11.2% | 8.9% | 11.2% | −2.9% | 4.4% |
Source: SEC EDGAR XBRL filings (CIK 0001680062). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.