ACM Research, Inc. ACMR
We supply advanced, innovative capital equipment developed for the global semiconductor industry.
Our products are designed to address yield-critical and performance-sensitive process steps that become increasingly difficult as semiconductor devices scale to smaller geometries and more complex structures. We focus on developing differentiated process solutions that enable effective particle removal, uniform material deposition, and reliable process control, while helping customers manage cost of ownership, throughput, and environmental considerations. We believe this approach has supported broader adoption of our tools across multiple technology nodes and device types.
Fabricators of advanced integrated circuits, or chips, can use our wet-cleaning, plating, furnace, PECVD, track, and other front-end processing equipment in numerous steps to improve product yield, even at increasingly advanced process nodes. We have designed these products for use in fabricating foundry, logic and memory chips, including dynamic random-access memory, or DRAM, and 3D NAND-flash memory chips. We also develop, manufacture and sell a range of advanced packaging equipment to wafer assembly and packaging customers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $901.3M | $782.1M | $557.7M | $388.8M | $259.8M | $156.6M | $107.5M | $74.6M | $36.5M | $27.4M |
| Cost of revenue | $501.2M | $390.6M | $281.5M | $205.2M | $144.9M | $87.0M | $56.9M | $40.2M | $19.3M | $14.0M |
| Gross profit | $400.1M | $391.6M | $276.2M | $183.6M | $114.9M | $69.6M | $50.7M | $34.4M | $17.2M | $13.3M |
| R&D | $145.0M | $105.5M | $92.7M | $62.2M | $34.2M | $19.1M | $12.9M | $10.4M | $5.1M | $3.3M |
| SG&A | $68.8M | $69.6M | $40.6M | $22.5M | $15.2M | $12.2M | $8.1M | $8.0M | $5.9M | $2.7M |
| Total operating expenses | $290.6M | $240.6M | $180.4M | $124.6M | $76.2M | $48.1M | $32.9M | $28.0M | $16.5M | $9.8M |
| Operating income | $109.4M | $151.0M | $95.8M | $59.0M | $38.7M | $21.5M | $17.8M | $6.5M | $700.0K | $3.5M |
| Interest expense | $7.0M | $4.2M | $2.7M | $1.7M | $765.0K | $982.0K | $745.0K | $498.0K | $277.0K | $181.0K |
| Pre-tax income | $135.2M | $166.3M | $116.2M | $67.4M | $43.1M | $19.3M | $18.9M | $7.4M | -$325.0K | $3.0M |
| Income tax | $13.3M | $35.0M | $19.4M | $16.8M | $134.0K | $2.4M | $518.0K | $806.0K | $547.0K | $595.0K |
| Net income | $94.1M | $103.6M | $77.3M | $39.3M | $37.8M | $18.8M | $18.9M | $6.6M | -$318.0K | $1.0M |
| EPS, basic | 1.47 | 1.67 | 1.29 | 0.66 | 0.65 | 0.34 | 1.12 | 0.42 | -0.05 | 0.30 |
| EPS, diluted | 1.37 | 1.53 | 1.16 | 0.59 | 0.58 | 0.30 | 0.99 | 0.37 | -0.05 | 0.18 |
| Shares, diluted (wtd. avg.) | $67.3M | $66.2M | $64.9M | $65.3M | $65.4M | $63.6M | $19.1M | $17.9M | $6.9M | $3.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $757.4M | $407.4M | $182.1M | $248.5M | $563.1M | $71.8M | $117.9M | $27.1M | $17.7M | $10.1M |
| Short-term investments | $35.5M | $19.4M | $21.3M | $20.2M | $29.5M | $28.2M | $0 | — | — | — |
| Receivables | $504.2M | $387.0M | $283.2M | $182.9M | $105.6M | $56.4M | $31.1M | $24.6M | $26.8M | $16.0M |
| Inventory | $702.6M | $598.0M | $545.4M | $393.2M | $218.1M | $88.6M | $44.8M | $38.8M | $15.4M | $11.7M |
| Total current assets | $2.44B | $1.48B | $1.18B | $963.8M | $952.9M | $260.7M | $198.4M | $96.0M | $62.9M | $40.3M |
| Property, plant and equipment | $314.8M | $269.3M | $201.8M | $82.9M | $14.0M | $8.2M | $3.6M | $3.7M | $2.3M | $2.3M |
| Other intangibles | $2.8M | $3.5M | $2.5M | $1.3M | $477.0K | $554.0K | $344.0K | $274.0K | $106.0K | $17.0K |
| Total assets | $2.87B | $1.86B | $1.49B | $1.24B | $1.05B | $341.3M | $217.7M | $103.0M | $67.9M | $44.5M |
| Accounts payable | — | — | — | $101.7M | $93.5M | $35.6M | $13.3M | $16.7M | $7.4M | $5.2M |
| Short-term debt | $35.1M | $44.5M | $6.8M | $2.3M | $2.4M | $1.6M | $0 | $9.4M | $5.1M | $4.8M |
| Total current liabilities | $745.7M | $641.2M | $500.7M | $396.2M | $205.9M | $102.9M | $53.5M | $46.1M | $21.8M | $17.1M |
| Long-term debt | $178.9M | $105.5M | $54.0M | $18.7M | $23.0M | $18.0M | $0 | — | — | — |
| Total liabilities | $941.7M | $759.8M | $564.7M | $423.3M | $240.5M | $133.1M | $60.2M | $50.7M | $28.0M | $23.9M |
| Retained earnings | $350.4M | $260.0M | $156.8M | $94.4M | $63.7M | $34.3M | $15.5M | -$3.4M | -$10.0M | -$9.6M |
| Total equity | $1.46B | $904.6M | $926.2M | $812.2M | $811.7M | $208.2M | $97.3M | $52.3M | $39.9M | $2.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$10.3M | $152.4M | -$75.3M | -$62.2M | -$40.1M | -$13.5M | $9.4M | $6.9M | -$8.1M | -$3.7M |
| Depreciation and amortisation | $14.4M | $6.6M | $6.9M | $4.8M | $2.1M | $826.0K | $713.0K | $350.0K | $243.0K | $180.0K |
| Stock-based compensation | $33.6M | $49.6M | $27.3M | $7.7M | $5.1M | $5.6M | $3.6M | $3.4M | $1.6M | $383.0K |
| Capital expenditure | $56.3M | $82.5M | $61.9M | $91.1M | $9.2M | $5.2M | $971.0K | $1.8M | $651.0K | $795.0K |
| Investing cash flow | -$390.3M | -$12.0M | -$6.7M | -$265.7M | -$11.3M | -$70.0M | -$5.5M | -$2.1M | -$23.7M | -$810.0K |
| Financing cash flow | $742.5M | $92.5M | $18.5M | $45.9M | $538.8M | $32.8M | $87.4M | $5.1M | $38.7M | $10.6M |
| Buybacks | — | — | — | — | $0 | $0 | $2.8M | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-013231.
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