olivLaw · US equity research
ACM Research, Inc. ACMR
Special Industry Machinery, NEC · SIC 3559 · Vertical: Special Industry Machinery, NEC (SIC 3559)
ACM Research designs and sells capital equipment for chip manufacturing, focused on wafer cleaning, electrochemical plating, furnaces, PECVD and advanced packaging technologies. In the second quarter of 2026 the company reported higher revenue and raised its guidance for fiscal 2026, which makes its trajectory worth close watching in a cyclical industry.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 30 Oct 2026, ACM Research, Inc. (ACMR) stock was 45.47 USD (−7.75% on the day), with market capitalisation 644.6 m USD, P/E 21.5 on diluted EPS of 2.11 USD over the last 12 months, beta 2.31, 52-week range 29.67–126.89 USD. Latest reported quarter (Q2 2026): revenue of 292.9 m USD (+36.0% YoY), net income of 89.0 m USD (+199.0% YoY), diluted EPS 1.23 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 27.2
- oversold (≤ 30)
- Bollinger (20, 2)
- 40.22 – 78.56
- in the lower half of the band · %B 0.14 · band width 64.6%
- SMA 50 / 200
- 68.48 / 68.60
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -6.62 / -5.80
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −43.8% | −0.9% | −42.9 pp | — |
| 3 months | −42.1% | +1.2% | −43.3 pp | — |
| 6 months | −12.8% | +4.8% | −17.6 pp | — |
| Year to date | +15.3% | +10.7% | +4.5 pp | — |
| 1 year | +10.3% | +11.1% | −0.8 pp | +27.6% |
| 3 years | +234.3% | +80.7% | +153.6 pp | −9.2% |
| 5 years | +28.5% | +64.6% | −36.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 204.0 m | 223.5 m | 172.3 m | 215.4 m | 269.2 m | 244.4 m | 231.3 m | 292.9 m |
| Cost of revenue | 99.1 m | 112.7 m | 89.8 m | 110.9 m | 156.0 m | 144.5 m | 124.0 m | 158.3 m |
| Gross profit | 104.8 m | 110.8 m | 82.6 m | 104.5 m | 113.1 m | 99.9 m | 107.2 m | 134.6 m |
| Research & development | 27.8 m | 27.8 m | 27.5 m | 33.8 m | 39.7 m | 44.0 m | 36.5 m | 42.3 m |
| Operating income | 44.2 m | 44.0 m | 25.8 m | 31.7 m | 28.9 m | 23.0 m | 36.2 m | 49.7 m |
| Depreciation & amortisation | 2.4 m | -500.0 k | 2.4 m | 3.5 m | 2.5 m | 6.0 m | 5.2 m | 6.6 m ≈ |
| Interest expense | 1.2 m | 1.2 m | 1.6 m | 1.8 m | 1.9 m | 1.8 m | 1.9 m | 2.1 m |
| Pre-tax income | 42.7 m | 56.4 m | 27.2 m | 38.2 m | 49.1 m | 20.8 m | 30.0 m | 135.7 m |
| Income tax | 4.0 m | 17.3 m | 2.2 m | 1.9 m | 2.7 m | 6.6 m | 3.8 m | 13.5 m |
| Net income | 30.9 m | 31.1 m | 20.4 m | 29.8 m | 35.9 m | 8.0 m | 17.3 m | 89.0 m |
| Diluted EPS | 0.45 | 0.48 ≈ | 0.30 | 0.44 | 0.52 | 0.12 ≈ | 0.24 | 1.23 |
| Operating cash flow | 11.9 m ≈ | 88.6 m | 5.3 m | -44.9 m ≈ | -4.6 m ≈ | 33.9 m | -29.5 m | -6.4 m ≈ |
| Capex | 32.5 m ≈ | 11.4 m | 16.7 m | 14.7 m ≈ | 11.0 m ≈ | 13.8 m | 22.2 m | 65.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 55 percentile of its own 33-quarter history (min 5.1, median 18.1, max 97.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 74.6 m | 107.5 m | 156.6 m | 259.8 m | 388.8 m | 557.7 m | 782.1 m | 901.3 m |
| Revenue YoY | +104.5% | +44.1% | +45.7% | +65.8% | +49.7% | +43.4% | +40.2% | +15.2% |
| Net income | 6.6 m | 18.9 m | 18.8 m | 37.8 m | 39.3 m | 77.3 m | 103.6 m | 94.1 m |
| Net income YoY | unavailable | +187.4% | −0.6% | +101.0% | +4.0% | +97.0% | +34.0% | −9.2% |
| Diluted EPS | 0.37 | 0.99 | 0.30 | 0.58 | 0.59 | 1.16 | 1.53 | 1.37 |
| Diluted EPS YoY | unavailable | +167.6% | −69.7% | +93.3% | +1.7% | +96.6% | +31.9% | −10.5% |
| net % | 8.8% | 17.6% | 12.0% | 14.5% | 10.1% | 13.9% | 13.2% | 10.4% |
| Free cash flow | 5.1 m | 8.4 m | -18.8 m | -49.2 m | -153.3 m | -137.2 m | 70.0 m | -66.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 757.4 m USD
- Financial debt
- 253.0 m USD
- Net debt
- -504.4 m USD
- Equity
- 1.9 bn USD
- Total assets
- 2.9 bn USD
- Debt / equity
- 0.13x
- Current ratio
- 3.27x
- ROE
- 6.2%
- ROA
- 4.0%
- FCF margin
- -7.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 156.6 m | 259.8 m | 388.8 m | 557.7 m | 782.1 m | 901.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Cost of revenue | 87.0 m | 144.9 m | 205.2 m | 281.5 m | 390.6 m | 501.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Gross profit | 69.6 m | 114.9 m | 183.6 m | 276.2 m | 391.6 m | 400.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Research & development | 19.1 m | 34.2 m | 62.2 m | 92.7 m | 105.5 m | 145.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Operating income | 21.5 m | 38.7 m | 59.0 m | 95.8 m | 151.0 m | 109.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Depreciation & amortisation | 1.1 m | 2.4 m | 4.8 m | 6.9 m | 6.6 m | 14.4 m | SEC (XBRL)· 02 Mar 2026verified |
| EBITDA | 22.5 m ≈ | 41.1 m ≈ | 63.9 m ≈ | 102.8 m ≈ | 157.6 m ≈ | 123.8 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Interest expense | 982.0 k | 765.0 k | 1.7 m | 2.7 m | 4.2 m | 7.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Pre-tax income | 19.3 m | 43.1 m | 67.4 m | 116.2 m | 166.3 m | 135.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | -2.4 m | 134.0 k | 16.8 m | 19.4 m | 35.0 m | 13.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Net income | 18.8 m | 37.8 m | 39.3 m | 77.3 m | 103.6 m | 94.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | 0.30 | 0.58 | 0.59 | 1.16 | 1.53 | 1.37 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 63.6 m | 65.4 m | 65.3 m | 64.9 m | 66.2 m | 67.3 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 71.8 m | 562.5 m | 248.0 m | 182.1 m | 407.4 m | 757.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Receivables | 56.4 m | 105.6 m | 182.9 m | 283.2 m | 387.0 m | 504.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Inventories | 88.6 m | 218.1 m | 393.2 m | 545.4 m | 598.0 m | 702.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Current assets | 260.7 m | 952.9 m | 963.8 m | 1.2 bn | 1.5 bn | 2.4 bn | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | 8.2 m | 14.0 m | 82.9 m | 201.8 m | 269.3 m | 314.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Intangibles (excl. goodwill) | 554.0 k | 477.0 k | 1.3 m | 2.5 m | 3.5 m | 2.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | 341.3 m | 1.1 bn | 1.2 bn | 1.5 bn | 1.9 bn | 2.9 bn | SEC (XBRL)· 02 Mar 2026verified |
| Accounts payable | 35.6 m | 93.5 m | 101.7 m | — | — | — | SEC (XBRL)· 02 Mar 2023verified |
| Short-term debt | 26.1 m | 9.6 m | 56.0 m | 31.3 m | 32.8 m | 74.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Long-term debt | 18.0 m | 23.0 m | 18.7 m | 54.0 m | 105.5 m | 178.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Current liabilities | 102.9 m | 205.9 m | 396.2 m | 500.7 m | 641.2 m | 745.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | 133.1 m | 240.5 m | 423.3 m | 564.7 m | 759.8 m | 941.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Equity | 208.2 m | 811.7 m | 812.2 m | 926.2 m | 1.1 bn | 1.9 bn | SEC (XBRL)· 02 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -13.5 m | -40.1 m | -62.2 m | -75.3 m | 152.5 m | -10.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 5.2 m | 9.2 m | 91.1 m | 61.9 m | 82.5 m | 56.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | -18.8 m ≈ | -49.2 m ≈ | -153.3 m ≈ | -137.2 m ≈ | 70.0 m ≈ | -66.6 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Investing cash flow | -70.0 m | -11.3 m | -265.7 m | -6.7 m | -12.0 m | -390.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | 32.8 m | 538.8 m | 45.9 m | 18.5 m | 92.5 m | 742.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Share repurchases | 0 | 0 | — | — | — | — | SEC (XBRL)· 01 Mar 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 74 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
30 Oct 2026Source: olivLaw, closing series
Market cap: 644.6 m USD
Key indicators
Coverage and freshness
Score by group
- Growth100
- Quality48
- Valuation63
- Balance sheet100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 41.80 – 78.07 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E41.80 – 78.07 (Mid 70.81)7 companies used · median multiple 33.5x · quartiles 19.8x – 37.0xACLS, ASYS, CRCT, CVV, ERII, LRCX, SOTK
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 74/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.1% | 60 (vs peers) | 12% |
| Net margin · Quality | 14.5% | 75 (vs peers) | 7% |
| FCF conversion · Quality | -79.0% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 32.3% | 100 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 32.4% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | -4.2x | 100 (on a fixed band) | 12% |
| Interest coverage · Balance sheet | 18.1x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 3.7x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 21.5x | 75 (vs peers) | 12% |
| EV/EBITDA · Valuation | -0.2x | 100 (on a fixed band) | 12% |
| FCF yield · Valuation | -18.4% | 0 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 3/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality48/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation63/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ACM Research, Inc. (ACMR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 901.3 m USD in 2025; YoY growth 15.2%; net margin 14.5%; ROE 10.6%; net debt/EBITDA -4.2x.
The estimated value range is 41.80–78.07 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 70.81 USD, the price of 45.47 USD leaves a potential of 55.7% (value / price − 1) and a margin of safety of 35.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 74/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 14.5%
- Revenue CAGR 3Y: 32.3%
- EPS CAGR 3Y: 32.4%
- Net debt / EBITDA: -4.2x
- Interest coverage: 18.1x
- Current ratio: 3.7x
- P/E (TTM): 21.5x
- EV/EBITDA: -0.2x
What contradicts it
- FCF conversion: -79.0%
- FCF yield: -18.4%
Not assessed (insufficient data or a ratio without meaning): Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Special Industry Machinery, NEC (SIC 3559) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LRCXLam Research Corporation | 298.7 bn | 35.6 | 70.1% | 32.3% | +26.0% | +52% / +306% |
| ACLSAxcelis Technologies Inc | 3.1 bn | 33.5 | 8.9% | 10.7% | −17.6% | +26% / −22% |
| VECOVeeco Instruments Inc | 2.4 bn | 108.5 | 2.6% | 3.4% | −7.4% | +35% / +62% |
| AZTAAzenta, Inc. | 1.7 bn | — | -7.7% | -20.0% | +3.6% | +29% / −14% |
| CRCTCricut, Inc. | 1.3 bn | 14.3 | 25.9% | 12.7% | −0.5% | +15% / −29% |
| ACMRACM Research, Inc. | 644.6 m | 21.5 | 10.6% | 14.5% | +15.2% | +10% / +234% |
| ERIIEnergy Recovery, Inc. | 355.3 m | 25.3 | 8.6% | 12.7% | −6.9% | −59% / −54% |
| ASYSAmtech Systems, Inc. | 223.2 m | 48.2 | 4.8% | 4.9% | −21.6% | +61% / +78% |
| VELOVelo3D, Inc. | 210.9 m | — | -61.5% | -89.6% | +12.1% | +18% / −99% |
| SOTKSono Tek Corp | 75.8 m | 38.4 | 10.1% | 9.3% | +2.0% | +6% / −4% |
| TRTTrio-Tech International | 50.6 m | — | -0.1% | -0.1% | +71.6% | +32% / +43% |
| CVVCvd Equipment Corporation | 27.2 m | 2.7 | 32.7% | 62.0% | −4.1% | +0% / −32% |
| ASMLAsml Holding NV | — | — | 50.5% | 29.4% | +15.6% | +48% / +162% |
1- and 3-year price returns: for ACMR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 149.17 Total return 228% · Per year 228% | 262.51 Total return 477% · Per year 477% | 393.76 Total return 766% · Per year 766% |
| 3 years | 176.93 Total return 289% · Per year 57% | 347.17 Total return 664% · Per year 97% | 567.02 Total return 1,147% · Per year 132% |
| 5 years | 209.87 Total return 362% · Per year 36% | 459.13 Total return 910% · Per year 59% | 816.51 Total return 1,696% · Per year 78% |
- Exit P/E± 86.79
- Net margin± 60.75
- Annual revenue growth± 45.31
- Annual dilution± 5.11
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (28 Oct 2026 · results).
In brief
ACM Research designs and sells capital equipment for chip manufacturing, focused on wafer cleaning, electrochemical plating, furnaces, PECVD and advanced packaging technologies. In the second quarter of 2026 the company reported higher revenue and raised its guidance for fiscal 2026, which makes its trajectory worth close watching in a cyclical industry.3
SWOT
Strengths
- A portfolio of proprietary technologies and a large number of issued patents that support product differentiation.
- A solid financial position, with a substantial net cash balance reported at the end of the second quarter of 2026.
- Volume production adoption of electrochemical plating technology, with a large number of chambers shipped.
Weaknesses
- High concentration in China and in a few large customers, which raises geographic and trade exposure.
- Revenue depends on uneven orders, and first tools can be evaluated for long periods before payment.
- Key operations rely on single-source components, some of which may become hard to obtain from the US.
Opportunities
- Launching new products such as SPM cleaning, Track, PECVD and panel plating could open new markets.
- Expanding in Europe, North America and Southeast Asia could reduce dependence on the Chinese market.
- Growth in advanced packaging and plating could bring steadier revenue if new products move into production.
Threats
- New export rules from the US, Japan or the Netherlands could restrict sales and access to components.
- Chinese government control over the STAR-listed subsidiary could affect operations and fund transfers.
- Industry cyclicality and lower chip investment could reduce customer orders.
Risks
- Export restrictions and Entity Listhigh
Listing of subsidiaries ACM Shanghai and ACM Korea on the Entity List could limit imports of components and technology, which could affect deliveries.1
- Dependence on Chinahigh
Most production and sales are in mainland China, and political changes there could directly affect the business.1
- HFCA audit compliancemedium
If the auditor cannot be fully inspected by the PCAOB, the company's shares could become subject to trading restrictions in the US.2
- Customer concentrationmedium
Reliance on a few large customers means losing one important customer could significantly affect revenue.1
- Supply chainmedium
Single-source components could delay deliveries if suppliers cannot supply, which could raise costs.1
Investment thesis
What would need to be true (bull case)
- Proprietary technologies and a large patent base could support a durable market position.
- New product launches and a solid net cash balance could fund growth toward the long-term revenue target.
What would break the thesis
- Export restrictions and China-related regulation could limit access to markets and components.
- Industry cyclicality could reduce orders during a period of lower chip investment.
- If new products do not reach volume production, growth could fall short of expectations.
What to watch
- Delivery against raised fiscal 2026 revenue guidance2026
- Gross margin trend against the long-term target rangeQ3 2026
- Delivery of the first production Ultra ECP ap-p tool in China2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (28 Oct 2026 · results).
The business
ACM Research supplies advanced equipment for the global semiconductor industry, aimed at yield-critical process steps from wafer fabrication through advanced packaging. The portfolio includes wet-cleaning technologies (SAPS, TEBO, Tahoe), ECP plating platforms, furnaces, PECVD and Track, along with advanced packaging tools.1
Most development, manufacturing and service activity is in mainland China through the subsidiary ACM Shanghai, with some development and subsystem production in Korea. The company is headquartered in Fremont, California, and is listed on Nasdaq under the symbol ACMR.123
Its main customers are chip makers in Asia, and sales are made through direct teams and independent representatives. Sales rely on purchase orders and long evaluation cycles for first tools, so revenue can be uneven from quarter to quarter.1
Segments
Single wafer cleaning, Tahoe and semi-critical cleaning
This segment accounted for 69.5% of revenue in 2025, or 626.0 million USD, making it the company's largest product line.1
Market context
The company estimates its portfolio addresses about 21 billion USD of the 2025 WFE market, with cleaning, PECVD and plating among the largest addressable lines, which suggests room for growth if new products gain share.1
Trends
- Rising process complexitytailwind
Device scaling and 3D architectures increase the importance of equipment that works within tighter tolerances, which could support demand for the company's technologies.1
- Export restrictionsheadwind
US and other countries' rules, including the addition of subsidiaries to the Entity List, could limit sales and component imports, which could affect operations in China.12
- Cyclicality of the semiconductor industryheadwind
Demand can vary substantially from year to year, and customers may delay or cancel orders, which could slow revenue during downturns.1
- Advanced packaging and panel platingmixed
New advanced packaging and horizontal panel plating products are in customer evaluation, which could open new revenue sources if they move into volume production.3
Competitive position
The wafer equipment market is dominated by a few large suppliers, and the company competes mainly on cleaning, plating and furnace technologies. The provided sources do not name competitors, so the comparison remains limited to what the company describes.1
The company's stated advantage lies in proprietary technologies and its patent portfolio, with more than 594 patents issued, which could help protect its position against rivals.1
- Local equipment suppliers in China
Local companies are described as competing for customers in Asia, though the sources do not name them.
- Suppliers in Japan and the Netherlands
These countries have imposed their own export controls on advanced equipment, which could change competitive conditions.
- Wet-cleaning equipment suppliers
The sources describe competition in cleaning but do not name firms; further analysis would need outside data.
- PECVD and furnace technology suppliers
The company's newer segments compete with established suppliers, which are not named in the sources provided.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report30 Sept 2026Other events · Financial statements and exhibits
- Current report27 Aug 2026Other events · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report07 Aug 2026Results of operations · Financial statements and exhibits
- Current report22 Jun 2026Other events · Financial statements and exhibits
- Current report12 Jun 2026Shareholder vote
- Current report29 May 2026Other events · Financial statements and exhibits
- Current report22 May 2026Other events · Financial statements and exhibits
- Current report15 May 2026Other events
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / ACM Research, Inc. · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / ACM Research, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / ACM Research, Inc. · 07 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.