# ACM Research, Inc. (ACMR)

> Source: Nexqual · https://nexqual.com/ACMR · data as of 2026-10-15 20:00 UTC · cite as "Nexqual, ACM Research, Inc. (ACMR), nexqual.com/ACMR" · informational, not investment advice.

**Price:** USD 58.09 (-4.96% on the day) · last close of Oct 15, 2026; US market closed, not a live price. Prev close 61.12 · day 54.72–58.31 · 52w 28.46–127.19 · market cap $4.05B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.04B, net income $150M (14.5% margin), free cash flow -$119M (SEC filings).
- Valuation: P/E 26.9x (avg 18.1x at the last 3 fiscal year-ends), EV/EBITDA 20.3x, net cash $841M.
- 3 of 80 tracked superinvestors hold ACMR (13F, Q2 2026): 1 new, 0 added, 2 reduced, 0 unchanged.
- Analysts: Buy (mean 1.80 on a 1–5 scale) (10 analysts), mean target USD 115.33 (range 75–159).
- Total return with dividends: 1Y +46.4% vs S&P 500 +18.1%; 5Y +65.5% vs S&P 500 +85.1%.
- Next earnings: 2026-11-04, EPS estimate USD 0.52, revenue estimate $311M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $260M | $389M | $558M | $782M | $901M | $1.04B |
| Gross profit | $115M | $184M | $276M | $392M | $400M | — |
| Operating income | $38.7M | $59.0M | $95.8M | $151M | $109M | $138M |
| Net income | $37.8M | $39.3M | $77.3M | $104M | $94.1M | $150M |
| EPS (diluted) | $0.58 | $0.59 | $1.16 | $1.53 | $1.37 | — |
| Free cash flow | -$49.2M | -$153M | -$137M | $70.0M | -$66.6M | -$119M |
| Gross margin | 44.2% | 47.2% | 49.5% | 50.1% | 44.4% | — |
| Operating margin | 14.9% | 15.2% | 17.2% | 19.3% | 12.1% | 13.3% |
| Net margin | 14.5% | 10.1% | 13.9% | 13.2% | 10.4% | 14.5% |
| Revenue growth | +65.8% | +49.7% | +43.4% | +40.2% | +15.2% | — |
| Cash + short-term investments | $592M | $268M | $203M | $427M | $793M | — |
| Total debt | $25.4M | $21.0M | $60.7M | $150M | $214M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 26.9x · P/S 3.9x · EV/EBITDA 20.3x · EV/Sales 3.1x · P/B 2.2x · FCF yield -2.93% · Earnings yield 3.71% · Net cash $841M · EV $3.21B
P/E at fiscal year-ends: Dec 2025 28.2x, Dec 2024 9.7x, Dec 2023 16.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold ACMR. Change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mason Hawkins | Southeastern Asset Management | 0.92% | $17.7M | Reduced -82.2% |
| Dodge & Cox Funds | Dodge & Cox | 0.01% | $14.8M | Reduced -2.9% |
| Lee Ainslie | Maverick Capital | 0.01% | $674K | New position |

## Analysts
Consensus Buy (mean 1.80 on a 1–5 scale), 10 analysts; mean target USD 115.33 (low 75, high 159).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-26 | Daiwa Capital | Initiated | Buy | $136 |
| 2026-06-24 | Morgan Stanley | Target raised | Overweight | $90 → $130 |
| 2026-06-18 | Roth Capital | Target raised | Buy | $100 → $125 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-16) | 5Y (from 2021-10-11) |
|---|---|---|
| Total return | +46.4% | +65.5% |
| S&P 500 (SPY) | +18.1% | +85.1% |
| Per year | +46.6% | +10.6% |
| Volatility (annualized) | 87.1% | 76.8% |
| Max drawdown | -54.2% (Jun 2026→Oct 2026) | -82.2% (Oct 2021→Oct 2022) |

## Peers (Semiconductor Equipment & Materials)
AXTI (AXT Inc) USD 57.91 -10.40% · KLIC (Kulicke and Soffa Industries, I) USD 83.05 -6.20% · ACLS (Axcelis Technologies, Inc.) USD 115.11 -7.82% · IPGP (IPG Photonics Corporation) USD 73.76 -2.76% · AMBA (Ambarella, Inc.) USD 63.35 -1.49% · VECO (Veeco Instruments Inc.) USD 45.16 -7.50%

## More
Full page: https://nexqual.com/ACMR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt