At a glance
Acm Research Inc is worth $3.69B, about 39 times its fiscal 2025 earnings. Revenue grew 15.2% to $901.3M in fiscal 2025, with 10.4% kept as profit; over 5 years it has grown 41.9% a year. It pays no dividend; it spent $7.0M buying back its shares over FY2021–FY2025. The stock returned +31.0% over the past year with dividends reinvested and +8.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 59.6% in the 2020 crash (S&P 500: 33.7%) and 73.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 17 months after the lows.
The business in plain English
ACM Research makes equipment that factories use to produce computer chips. Its core products are wet-cleaning tools, which wash tiny particles off silicon wafers (the thin discs chips are built on) between production steps, so more chips come out working. It also makes copper-plating tools, furnaces, PECVD tools (which deposit thin films), track tools (which coat wafers with light-sensitive material) and advanced packaging equipment. A tool generally costs $0.5 million to more than $5 million.
Revenue comes mostly from equipment sales, plus services and spare parts. In 2025, revenue was $901 million. Cleaning equipment brought in $626.0 million, or 69.5%, down from 74.0% of revenue in 2024 as newer lines grew. Plating, furnace and other tools added $199.6 million (22.1%). Advanced packaging, services and spares added $75.8 million (8.4%).
Customers are memory and logic chipmakers, foundries (factories that make chips for other companies) and chip-packaging firms. Substantially all equipment sales have gone to customers in mainland China, and the company expects most revenue to keep coming from there. Its main operating company is ACM Shanghai, a controlled but not wholly owned subsidiary listed on China's STAR Market. The company is expanding sales teams in North America, Western Europe and Southeast Asia. Since 2009 it has delivered more than 1,435 tools, over 1,255 of them repeat orders.
Price history
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ACMR +31.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Single Wafer Cleaning, Tahoe and Semi-Critical Cleaning Equipment | $626.0M | 69.5% |
| ECP (front-end and packaging), Furnace and Other Technologies | $199.6M | 22.1% |
| Advanced Packaging (excluding ECP), Services & Spares | $75.8M | 8.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $292.9M, up 36% from a year earlier, and net income was $89.0M (+199.0%).
- For fiscal 2025, revenue was $901.3M (+15.2% year over year; +41.9% a year from FY2020 to FY2025) with a 10.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +41.9% good |
|---|---|
| Operating margin | 12.1% watch |
| Free cash flow margin | -7.4% weak |
| Return on equity (FY2025) | 6.4% weak |
| Return on assets (FY2025) | 3.3% watch |
| Net cash (cash minus debt) | $744.1M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $156.6M | $18.8M | $-18.8M |
| FY2021 | $259.8M | $37.8M | $-49.2M |
| FY2022 | $388.8M | $39.3M | $-153.3M |
| FY2023 | $557.7M | $77.3M | $-137.2M |
| FY2024 | $782.1M | $103.6M | $70.0M |
| FY2025 | $901.3M | $94.1M | $-66.6M |
Valuation snapshot
| Market value | $3.69B |
|---|---|
| P/E ratio | 38.7 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ACMR price data to Oct 28, 2026 | +34.4% | +31.0% | +57.0% | +8.5% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +34.4% |
| 2025 | +161.3% |
| 2024 | -22.7% |
| 2023 | +153.4% |
| 2022 | -72.9% |
| 2021 | +5.0% |
| 2020 | +340.4% |
| 2019 | +69.6% |
| 2018 | +107.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 34.3% over that stretch · deepest drop along the way 59.6%, back to its old high 1.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 72.8% over that stretch · deepest drop along the way 73.3%, back to its old high 16.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (24 read): 0 open-market purchases and 72 sales ($51.2M), 72 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 8, 2026 | David H Wang See Remarks, Director, 10% owner | sell (plan) | $4.0M |
| Dec 2, 2025 | Fuping Chen See remarks | sell (plan) | $3.3M |
| Jun 3, 2026 | David H Wang See Remarks, Director, 10% owner | sell (plan) | $2.9M |
| Mar 11, 2026 | David H Wang See Remarks, Director, 10% owner | sell (plan) | $2.7M |
| Sep 9, 2026 | David H Wang See Remarks, Director, 10% owner | sell (plan) | $2.5M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.6% | Sep 30, 2025 |
| Vanguard Portfolio Management | 5.31% | Jun 30, 2026 |
| Yiheng Capital Partners, L.P. | 1.2% | Sep 30, 2024 |
ETFs with the most weight in ACMR
| TINY ProShares Nanotechnology ETF | 3.22% |
| PSI Invesco Semiconductors ETF | 3.09% |
| MCHS Matthews China Discovery Active ETF | 2.57% |
| XITK SPDR FactSet Innovative Technology ETF | 1.54% |
| FDLS Inspire Fidelis Multi Factor ETF | 0.78% |
| JSML Janus Henderson Small Cap Growth Alpha ETF | 0.44% |
| DWAS Invesco Dorsey Wright SmallCap Momentum ETF | 0.27% |
| EES WisdomTree U.S. SmallCap Fund | 0.27% |
What could go wrong
- Chinese government control over key operations. Chinese authorities can intervene in ACM Shanghai, its main operating company, at any time and change rules with little notice. The company warns this could cause steep losses in ACMR shares or make them worthless.
- US export controls and the Entity List. US export rules have restricted sales to China and will likely continue to. ACM Shanghai and ACM Korea are on the US Entity List of restricted companies, limiting their access to US parts and technology.
- Cash and control tied to ACM Shanghai. China's currency controls may limit moving money out of the country. ACM Research controls but does not fully own ACM Shanghai, which has outside shareholders and separate accounting and disclosure rules that may confuse investors.
- Reliance on a few big customers. A few chipmakers account for a large share of revenue, the pool of potential customers is small, and orders generally come without long-term commitments. One big customer cutting or delaying orders could hurt results.
- Bigger rivals and unproven new products. Many competitors are larger and far better funded. Growth plans rely on chipmakers adopting newer furnace, PECVD and track tools, which the annual report described as at earlier stages of customer evaluation.
- Boom-and-bust chip industry cycles. Chipmakers' equipment spending swings sharply. In December 2025, Gartner estimated China's chip-equipment spending fell 1.7% in 2025 and forecast a 9.9% drop in 2026, a concern for a China-focused supplier.
Recent events
- Quarterly results released
- Other company announcement
- Other company announcement
- Quarterly results released
- Other company announcement
- Shareholder vote results
- Other company announcement
- Other company announcement
- Major agreement signed
- Quarterly results released
For income and retirement investors
ACM Research has never paid a cash dividend and says it does not intend to, so any return depends on the share price rising. That may not suit investors who need regular income. Share repurchases have been small: about $7.0 million from 2021 through 2025, all of it in 2025. Free cash flow (operating cash flow minus capital spending) was negative in five of the six years from 2020 to 2025, including a shortfall of $66.6 million in 2025.
The shares have swung sharply in downturns. They fell 59.6% in the 2020 COVID crash, then recovered by May 7, 2020. In the 2022 bear market they fell 73.3% from January 3 to October 11, 2022, and did not regain their peak until February 28, 2024. As of October 28, 2026, the deepest drop over the prior year was 61.3%. Like any single stock, ACM Research carries more risk than a diversified fund.
Questions investors ask
How does ACM Research make money?
ACM Research earns most of its revenue from equipment that chipmakers use in their factories. In 2025, revenue was $901.3 million. Wet-cleaning tools, which remove particles and residue from silicon wafers, brought in 69.5%. Plating, furnace and other tools added 22.1%, and advanced packaging equipment, services and spare parts added 8.4%. A tool generally costs $0.5 million to more than $5 million. Of the more than 1,435 tools delivered since 2009, over 1,255 were repeat orders.
Does ACM Research pay a dividend?
No. ACM Research has never paid a cash dividend and says it does not intend to, so shareholders' returns depend on the share price. It repurchased about $7.0 million of stock in 2025, the only repurchases recorded from 2021 through 2025. The company also notes that China's currency controls could limit its ability to move money out of mainland China, including to pay dividends.
How much of ACM Research's business is in China?
Almost all of it. Substantially all of its chip-equipment sales have gone to customers in mainland China, and the company expects most revenue to keep coming from there. Its main operating company, ACM Shanghai, is listed on China's STAR Market and is controlled but not wholly owned by ACM Research. That exposes shareholders to Chinese government intervention, US export controls and China's spending cycle. In December 2025, Gartner estimated China's chip-equipment spending fell 1.7% in 2025, to $39.3 billion, and forecast a 9.9% drop in 2026.
Is ACM Research profitable?
Yes, but cash flow has lagged profits. In 2025, net income was $94.1 million on revenue of $901.3 million, though profit fell 9.2% from 2024 even as revenue grew 15.2%. Free cash flow (cash from operations after capital spending) was negative $66.6 million. In the quarter ended June 30, 2026, revenue rose 36% from a year earlier to $292.9 million, and net income rose 199% to $89.0 million. Cash and investments of $1.09 billion exceeded debt of $340.9 million as of June 30, 2026.
Why is ACMR stock so volatile?
The shares swing widely because results depend on a cyclical industry, a few large customers, and Chinese and US government policy. As of October 28, 2026, one-year volatility (a measure of price swings) was 87.4%, and beta was 3.6, meaning moves were roughly 3.6 times the overall market's. The price fell 72.9% in 2022, rose 161.3% in 2025 and dropped 30.2% in the month to October 28, 2026. Over five years it rose 50% in total, about 8.5% a year.