ACMR · Acm Research, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $901.31M | $782.12M | $557.72M | $388.83M | $259.75M | $156.62M |
| Cost of Revenue | $501.24M | $390.56M | $281.51M | $205.22M | $144.90M | $87.03M |
| Gross Profit | $400.07M | $391.55M | $276.21M | $183.62M | $114.86M | $69.60M |
| R&D | $144.99M | $105.47M | $92.71M | $62.23M | $34.21M | $19.12M |
| SG&A | $68.75M | $69.64M | $40.65M | $22.46M | $15.21M | $12.21M |
| Total Operating Expenses | $290.64M | $240.56M | $180.38M | $124.58M | $76.15M | $48.11M |
| D&A | $14.40M | $6.57M | $8.09M | $5.37M | $2.35M | $1.05M |
| Operating Income | $109.43M | $151.00M | $95.84M | $59.03M | $38.70M | $21.49M |
| Interest Expense | $6.96M | $4.15M | $2.68M | $1.66M | $765.0K | $982.0K |
| Income Tax | $13.30M | $35.03M | $19.36M | $16.80M | $134.0K | ($2.38M) |
| Net Income | $94.08M | $103.63M | $77.35M | $39.26M | $37.76M | $18.78M |
| EPS - Basic | $1.47 | $1.67 | $1.29 | $0.66 | $0.65 | $0.34 |
| EPS - Diluted | $1.37 | $1.53 | $1.16 | $0.59 | $0.58 | $0.30 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $757.37M | $407.44M | $182.09M | $247.95M | $563.07M | $71.77M |
| Accounts Receivable | $504.25M | $387.05M | $283.19M | $182.94M | $105.55M | $56.44M |
| Inventory | $702.63M | $597.98M | $545.39M | $393.17M | $218.12M | $88.64M |
| Accounts Payable | - | - | - | $101.73M | $101.35M | $35.60M |
| Current Assets | $2.44B | $1.48B | $1.18B | $963.81M | $952.93M | $260.66M |
| Total Assets | $2.87B | $1.86B | $1.49B | $1.24B | $1.05B | $341.26M |
| Current Liabilities | $745.71M | $641.23M | $500.66M | $396.21M | $205.94M | $102.91M |
| Long-term Debt | $178.93M | $105.53M | $53.95M | $18.69M | $22.96M | $0 |
| Total Liabilities | $941.68M | $759.82M | $564.75M | $423.33M | $240.51M | $133.09M |
| Stockholders' Equity | $1.46B | $904.63M | $767.39M | $674.86M | $676.20M | $141.15M |
| Retained Earnings | $350.43M | $260.00M | $156.83M | $94.43M | $72.04M | $34.29M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($10.32M) | $152.45M | ($75.32M) | ($62.19M) | ($40.09M) | ($13.55M) |
| Investing Cash Flow | ($390.33M) | ($11.96M) | ($6.75M) | ($265.67M) | ($11.28M) | ($69.95M) |
| Financing Cash Flow | $742.49M | $92.48M | $18.53M | $45.87M | $538.77M | $32.83M |
| CapEx | $56.28M | $82.46M | $61.88M | $91.09M | $9.15M | $5.21M |
| Free Cash Flow | ($66.61M) | $69.99M | ($137.20M) | ($153.29M) | ($49.25M) | ($18.76M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 44.4% | 50.1% | 49.5% | 47.2% | 44.2% | 44.4% |
| Operating margin | 12.1% | 19.3% | 17.2% | 15.2% | 14.9% | 13.7% |
| EBITDA margin | 13.7% | 20.1% | 18.6% | 16.6% | 15.8% | 14.4% |
| Net margin | 10.4% | 13.2% | 13.9% | 10.1% | 14.5% | 12.0% |
| Free cash flow margin | -7.4% | 8.9% | -24.6% | -39.4% | -19.0% | -12.0% |
| FCF / Net income | -0.71 | 0.68 | -1.77 | -3.90 | -1.30 | -1.00 |
| R&D / Revenue | 16.1% | 13.5% | 16.6% | 16.0% | 13.2% | 12.2% |
| SG&A / Revenue | 7.6% | 8.9% | 7.3% | 5.8% | 5.9% | 7.8% |
| Effective tax rate | 12.4% | 25.3% | 20.0% | 30.0% | 0.4% | -14.5% |
| Return on assets | 3.3% | 5.6% | 5.2% | 3.2% | 3.6% | 5.5% |
| Return on equity | 6.4% | 11.5% | 10.1% | 5.8% | 5.6% | 13.3% |
| Return on invested capital | 5.8% | 11.2% | 9.3% | 6.0% | 5.5% | 15.2% |
| Liquidity | ||||||
| Current ratio | 3.27 | 2.31 | 2.35 | 2.43 | 4.63 | 2.53 |
| Quick ratio | 2.33 | 1.38 | 1.26 | 1.44 | 3.57 | 1.67 |
| Cash ratio | 1.02 | 0.64 | 0.36 | 0.63 | 2.73 | 0.70 |
| Leverage | ||||||
| Debt / Equity | 0.12 | 0.12 | 0.07 | 0.03 | 0.03 | 0.00 |
| Debt / Assets | 0.06 | 0.06 | 0.04 | 0.02 | 0.02 | 0.00 |
| Debt / EBITDA | 1.44 | 0.67 | 0.52 | 0.29 | 0.56 | 0.00 |
| Interest coverage | 15.7x | 36.4x | 35.7x | 35.7x | 50.6x | 21.9x |
| Equity multiplier | 1.96 | 2.05 | 1.94 | 1.83 | 1.56 | 2.42 |
| Liabilities / Assets | 0.33 | 0.41 | 0.38 | 0.34 | 0.23 | 0.39 |
| Efficiency | ||||||
| Asset turnover | 0.31 | 0.42 | 0.37 | 0.31 | 0.25 | 0.46 |
| Inventory turnover | 0.71 | 0.65 | 0.52 | 0.52 | 0.66 | 0.98 |
| Days sales outstanding | 204d | 181d | 185d | 172d | 148d | 132d |
| Days inventory outstanding | 512d | 559d | 707d | 699d | 549d | 372d |
| Days payable outstanding | - | - | - | 181d | 255d | 149d |
| Cash conversion cycle | - | - | - | 690d | 442d | 354d |
| Valuation | ||||||
| P / E | 28.8x | 9.9x | 16.8x | 13.1x | 49.3x | 91.3x |
| P / B | 1.8x | 1.1x | 1.7x | 0.7x | 0.9x | 4.1x |
| P / S | 2.9x | 1.3x | 2.3x | 1.3x | 2.4x | 3.7x |
| EV / EBITDA | 16.8x | 4.4x | 11.0x | 4.3x | 1.9x | 22.3x |
| Growth | ||||||
| Revenue growth (YoY) | 15.2% | 40.2% | 43.4% | 49.7% | 65.8% | 109.8% |
| Revenue CAGR (3y) | 32.3% | 44.4% | 52.7% | 73.4% | 51.5% | 78.9% |
| Revenue CAGR (5y) | 41.9% | 60.0% | 49.5% | 70.0% | - | - |
| Gross profit growth (YoY) | 2.2% | 41.8% | 50.4% | 59.9% | 65.0% | 37.4% |
| Operating income growth (YoY) | -27.5% | 57.6% | 62.3% | 52.5% | 80.1% | 20.8% |
| Net income growth (YoY) | -9.2% | 34.0% | 97.0% | 4.0% | 101.0% | -0.6% |
| EPS growth (YoY) | -10.5% | 31.9% | 96.6% | 2.3% | 94.4% | -70.0% |
| EPS CAGR (3y) | 32.4% | 38.4% | 57.5% | -15.8% | 15.9% | 18.1% |
| EPS CAGR (5y) | 35.8% | 9.1% | 25.7% | 26.8% | - | - |
| FCF growth (YoY) | - | - | 10.5% | -211.3% | -162.5% | - |
| FCF CAGR (5y) | - | 63.8% | - | - | - | - |
| Book value growth (YoY) | 61.9% | 17.9% | 13.7% | -0.2% | 379.1% | 45.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$901.31M totalTotal Single Wafer And Semi Critical Cleaning Equipment$625.96M · 69.5%
ECPFront End And Packaging Furnace And Other Technologies$199.55M · 22.1%
Advanced Packaging Exclude ECPServices Spares$75.79M · 8.4%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.61
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
2/9
Weak
- ✓Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✗Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Special Industry Machinery, NEC
Comparing ACM Research against the 5 most active filers in the same SIC group.