ACMR

ACM Research

Fundamental data last updated:April 13, 2026

company profile

SECTOR

Technology

industry

Semiconductor Equipment & Materials

Exchange

Nasdaq

County of HQ

United States

Next Earnings Date

05/14/26

Business Summary

ACM Research designs and sells semiconductor fabrication equipment, embedding itself in the production lines of chip manufacturers. It generates cash by selling high-value process tools that are essential for wafer cleaning and related manufacturing steps, creating recurring demand tied to fab expansion cycles. The moat is rooted in process know-how, integration into customer production flows, and the high switching costs associated with qualifying new equipment in semiconductor fabs. However, with operating margins at 6.40%, its competitive advantage appears functional rather than dominant, meaning sustained cash generation depends on scale, execution, and continued industry capex growth rather than pricing power alone.

VALUATION

P/E

35.1

Market Cap ($M USD)

$3,159

Forward P/E

21.1

PEG

1.4

PRICE TO SALES

3.6

PRICE TO BOOK

2.2

EV / EBITDA

14.5

5-Year Average P/E

DIVIDEND

Yield

-

Annual Payout

-

Payout Ratio

-

Consecutive Years of Dividend Growth

0

5-Year Dividend Growth Rate

-

Financial Health & Profitability

Earnings Per Share

$1.47

Next Year EPS Growth Estimate

$2.28

Next Year Revenue Growth Estimate

23.20%

Return on Equity (ROE)

6.40%

Operating Margin

12.10%

Debt-to-Equity

0.2

Piotroski F-Score

3

Altman Z-Score

3.3

Return on Invested Capital (ROIC)

6.10%%

Current Ratio

3.3

Quick Ratio

Gainseekers Quantitative Analysis

Summary

At 35.1x earnings and 21.1x forward earnings, ACMR is priced as a growth compounder, yet the 1.4 forward PEG suggests that growth is not outrageously overvalued relative to expectations. The 3.3 Altman Z-Score signals low near-term bankruptcy risk, reinforced by a 3.3 current ratio and modest 12.10% debt/equity, so balance sheet stress is not the issue. However, with a 6.40% operating margin and 6.10% ROIC, profitability is not elite for a semiconductor equipment name, which makes the 35.1 P/E look demanding unless earnings acceleration materializes. The market is not deeply mispricing it; it’s assigning a reasonable growth premium to a financially stable but not exceptional operator.

AI Exposure / Tech Reliance

As a Semiconductor Equipment & Materials company in the Technology sector, ACMR sits directly in the capital expenditure cycle of chipmakers, which are aggressively investing in AI infrastructure. AI-driven wafer demand and advanced node transitions inherently require more sophisticated fabrication tools, supporting long-term equipment intensity. This industry positioning gives ACMR structural exposure to AI expansion, but its resilience depends on sustaining margins and returns in a highly cyclical capex environment.

The Bull Case

A GARP investor can make a credible case here: 23.20% return on equity is strong and indicates efficient capital deployment despite only 12.10% debt/equity, meaning leverage is not artificially inflating returns. The forward P/E of 21.1 versus a trailing 35.1 implies earnings normalization or growth that compresses the multiple, and a 1.4 PEG Forward keeps valuation within reason for a technology name. A 3.3 current ratio and 3.3 Altman Z-Score provide financial stability, while 61.71% institutional ownership signals serious capital backing the story. Even with a modest 6.40% operating margin, the business is profitable, generates a 6.10% ROIC, and trades at 3.6x sales and 2.2x book—levels that are not extreme for semiconductor equipment if execution improves.

The Bear Case

The red flags are hard to ignore: a Piotroski F-Score of 3 is weak and signals deteriorating fundamental quality across key accounting measures. Operating margin at 6.40% and ROIC at 6.10% are thin for a capital equipment provider, raising questions about competitive intensity and pricing power. A 1.4 forward PEG is not cheap given those mediocre returns, and the 35.1 P/E leaves little room for operational missteps. Add in the absence of a meaningful dividend (0.2 TTM yield, Dividend Per Share USD: -, Payout Ratio: -), and investors are relying almost entirely on execution-driven multiple support rather than tangible shareholder yield.

Market Sentiment & Smart Money

Short Interest %

5.60%

Analyst Consensus

1.22

Average Analyst Price Target

$61.71

Institutional Ownership %

78.60%

1-Year Beta

2.95

Insider Buying % (6 Mo)

14.80%%

Distance to 52-Week High

67.10%%

Distance to 52-Week Low

277.60%%