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Makes semiconductor wet-cleaning and other process equipment, selling mostly to chipmakers in China.
Makes semiconductor wet-cleaning and other process equipment, selling mostly to chipmakers in China.
A California-listed company whose main operating arm, ACM Shanghai, is itself listed in Shanghai, so most of the business is run and made in China. Equipment sales are lumpy, tied to fab build-outs, with service and parts afterwards. Founder David Wang leads it.
In one line: A China-facing Lam Research in wet cleaning.
Moat: narrow (process know-how, customer qualification). Deep qualification with major Chinese fabs, but exposed to export-control and single-market risk.
Headquarters: Fremont, California, US · Founded: 1998 · Employees: 2,513
Size ACM Research (ACMR) is a United States Information Technology company (Industrial Machinery) with a market value of $3.11B, the 1521st largest of 3,117 United States companies the cockpit tracks. Shares closed at $44.61 on 6 Nov 2026.
Performance Over six months the shares fell 25.5%, against -33.7% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 15 in its peer set.
Growth Revenue grew 27.3% over the last twelve months (peer median +3.4%); the operating margin is 13.3% (peer median 13.1%).
Valuation It trades at 16.0× forward earnings against a peer median of 12.6× (6th most expensive of 14).
Capital Return on invested capital runs 9.1 points below its cost of capital (15.1% WACC).
Short interest Short interest is 5.4% of the free float (15 Oct 2026).
Next results Next results expected around 19 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.04B | $901M | $782M | $558M | $389M |
| Revenue growth | — | +15% | +40% | +43% | — |
| Gross profit | $455M | $400M | $392M | $276M | $184M |
| EBITDA | $160M | $126M | $161M | $104M | $64.4M |
| Net income | $150M | $94.1M | $104M | $77.3M | $39.3M |
| Free cash flow | -$119M | -$66.6M | $70.0M | -$137M | -$153M |
| Capital expenditure | $113M | $57.7M | $85.9M | $64.3M | $92.5M |
| Total debt | $349M | $298M | $189M | $99.1M | $79.5M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| ACM Research ACMR | $3.11B | -25% | +27% | 13% | 16.0× | n/a |
| Screen 7735.T | $9.20B | -24% | +3% | 20% | 12.4× | 17.3% |
| Lam Research LRCX | $250B | -32% | +33% | 37% | 19.6× | 26.4% |
| Tokyo Electron 8035.T | $122B | +41% | +18% | 28% | 23.1× | 28.8% |
| NAURA Technology 002371.SZ | $60.6B | +4% | +18% | 11% | 56.5× | 33.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ACMR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -37.0% | -34.3% | 8th highest of 15 |
| 6-month return | -25.5% | -33.7% | 6th highest of 15 |
| Distance from 52-week high | -64.9% | -53.7% | 4th lowest of 15 |
| Revenue growth (TTM) | +27.3% | +3.4% | 2nd highest of 15 |
| Operating margin | 13.3% | 13.1% | 7th highest of 14 |
| Forward P/E | 16.0× | 12.6× | 6th most expensive of 14 |
| ROIC minus cost of capital | -9.1 pp | -1.9 pp | 4th lowest of 15 |
| EV / EBITDA | 15.9× | 14.2× | 7th most expensive of 14 |
| Net debt / EBITDA | -7.0× | -0.9× | least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ACM Research ACMR | United States | $3.11B | -25% | +27% | 13% | 16.0× | n/a | n/a |
| Axcelis Technologies ACLS | United States | $3.06B | -39% | -3% | 10% | 17.8× | 31.2% | +12.1% |
| Crane NXT CXT | United States | $3.31B | +27% | +17% | 16% | 12.6× | 7.8% | -9.7% |
| Kulicke and Soffa Industries, I KLIC | United States | $3.35B | -38% | +44% | 13% | 10.9× | 24.4% | +1.0% |
| EO Technics 039030.KS | South Korea | $2.53B | -39% | +26% | 25% | 29.9× | 18.0% | +3.2% |
| Sumco 3436.T | Japan | $3.96B | -28% | +4% | -4% | n/a | n/a | n/a |
| GPGI GPGI | United States | $4.12B | +2% | -100% | n/a | 14.2× | n/a | n/a |
| Badger Meter BMI | United States | $4.52B | +33% | -2% | 19% | 32.5× | 10.9% | +16.6% |
| Ultra Clean UCTT | United States | $1.97B | -53% | +16% | 4% | 7.2× | n/a | n/a |
| Omron 6645.T | Japan | $5.79B | -17% | -2% | 9% | 16.7× | 11.7% | +3.2% |
| Ichor ICHR | United States | $1.16B | -58% | +15% | 3% | 9.9× | n/a | n/a |
| Screen 7735.T | Japan | $9.20B | -24% | +3% | 20% | 12.4× | 17.3% | +13.6% |
| Shibaura Mechatronics 6590.T | Japan | $1.03B | -51% | +1% | 16% | 10.3× | n/a | n/a |
| HANMISemi 042700.KS | South Korea | $11.3B | -56% | -20% | 42% | 54.4× | 41.7% | +17.5% |
| Eastman Kodak KODK | United States | $786M | -30% | +9% | 4% | 11.1× | -14.7% | +0.8% |