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ACM Research, Inc., together with its subsidiaries, develops, manufactures, and sells capital equipment in Mainland China and internationally. It also develops, manufactures, and sells a range of packaging tools to wafer assembly and packaging customers. The company provides wet cleaning equipment for front end production processes; electrochemical plating, furnace, PECVD, and track platforms; Space Alternated Phase Shift, technology for flat and wafer surfaces; timely energized bubble oscillation, technology for patterned wafer surfaces at advanced process nodes; and Tahoe technology; and semi-critical cleaning tools. It also offers advanced packaging equipment, such as coaters, developers, photoresist strippers, scrubbers, wet etchers and copper-plating equipment; and advanced packaging products include: Ultra ECP ap, which delivers a uniform metal layer to finished wafers prior to packaging; Ultra C Developer, which applies liquid developer to selected parts of photoresist to resolve an image; Ultra C PR Megasonic-Assisted Stripper, which removes photoresist; Ultra C Scrubber, which scrubs and cleans wafers; Ultra C Thin Wafer Scrubber, which addresses a sub-market of cleaning very thin wafers for certain Asian assembly factories; and Ultra C Wet Etcher, which etches silicon wafers and copper and titanium interconnects. In addition, the company provides ECP technology for advanced metal plating; Ultra fn Furnace, a dry processing tool; Ultra Pmax PECVD tools, a proprietary designed chamber, gas distribution unit, and chuck; and Ultra Track, a 300mm process tool that delivers uniform air downflow, fast robot handling and configurable software to address specific customer requirements. It markets and sells its products under the SAPS, TEBO, ULTRA C, ULTRA Fn, Ultra ECP, Ultra ECP map, and Ultra ECP ap trademarks through direct sales force and third-party representatives. ACM Research, Inc. was incorporated in 1998 and is headquartered in Fremont, California.
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ACM Research Inc is a China-based maker of wet-process equipment for semiconductor wafer cleaning and surface preparation, supplying single-wafer and batch wet tools to foundries and packaging firms. Long-term growth may be supported by expansion of Chinese semiconductor capacity, rising demand for advanced packaging, and policy-driven localization of equipment suppliers. Investors may find the company attractive for its niche technology focus and exposure to onshore supply-chain substitution.
Key risks are heavy China and customer concentration, semiconductor capex cyclicality, competition from larger equipment suppliers, and exposure to geopolitical/export-control actions.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | 135.19M | 166.30M | 116.22M | 67.36M | 43.05M |
| Minority interest | -27.82M | -27.64M | -19.50M | 11.30M | 5.16M |
| Net income | 94.08M | 103.63M | 77.35M | 39.26M | 37.76M |
| Selling general administrative | 68.75M | 69.64M | 40.65M | 22.46M | 15.21M |
| Selling and marketing expenses | 76.90M | 65.45M | 47.02M | 39.89M | 26.73M |
| Gross profit | 400.07M | 391.55M | 276.21M | 183.62M | 114.86M |
| Reconciled depreciation | 16.33M | 9.97M | 8.09M | 5.37M | 2.35M |
| Ebit | 142.15M | 170.45M | 118.90M | 59.03M | 38.70M |
| Ebitda | 158.47M | 180.42M | 126.99M | 75.76M | 43.21M |
| Depreciation and amortization | 16.33M | 9.97M | 8.09M | 16.72M | 4.51M |
| Non operating income net other | - | - | - | 8.87M | 5.12M |
| Operating income | 109.43M | 151.00M | 95.84M | 59.03M | 38.70M |
| Other operating expenses | 791.88M | 631.12M | 461.88M | 329.80M | 221.05M |
| Interest expense | 6.96M | 4.15M | 2.68M | 1.66M | 0.77M |
| Tax provision | 13.30M | 35.03M | 19.36M | 16.80M | 0.13M |
| Interest income | 14.64M | 9.94M | 8.35M | 8.74M | 0.51M |
| Net interest income | 7.68M | 5.78M | 5.67M | 7.08M | -0.26M |
| Income tax expense | 13.30M | 35.03M | 19.36M | 16.80M | 0.13M |
| Total revenue | 901.31M | 782.12M | 557.72M | 388.83M | 259.75M |
| Total operating expenses | 290.64M | 240.56M | 180.38M | 124.58M | 76.15M |
| Cost of revenue | 501.24M | 390.56M | 281.51M | 205.22M | 144.90M |
| Total other income expense net | 25.76M | 15.30M | 20.38M | 8.33M | 4.35M |
| Net income from continuing ops | 121.89M | 131.27M | 96.85M | 48.71M | 42.92M |
| Net income applicable to common shares | - | - | - | 39.26M | 37.76M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 2872.18M | 1855.72M | 1490.91M | 1235.50M | 1052.18M |
| Intangible assets | 2.85M | 3.46M | 10.90M | 9.95M | 10.14M |
| Other current assets | 13.07M | 12.40M | 20.02M | 19.43M | 16.64M |
| Total liab | 941.68M | 759.82M | 559.90M | 423.33M | 240.51M |
| Total stockholder equity | 1464.36M | 904.62M | 767.39M | 674.86M | 676.20M |
| Deferred long term liab | - | - | - | - | 1.30M |
| Other current liab | 179.11M | 116.37M | 121.50M | 76.82M | 34.27M |
| Common stock | 0.01M | 0.01M | 0.01M | 0.01M | 0.00M |
| Capital stock | 0.01M | 0.01M | 0.01M | 0.01M | 0.00M |
| Retained earnings | 350.43M | 260.00M | 156.83M | 94.43M | 72.04M |
| Other liab | - | - | - | 7.32M | 9.75M |
| Other assets | - | - | - | 56.97M | 58.18M |
| Cash | 765.96M | 407.44M | 183.17M | 247.95M | 563.07M |
| Total current liabilities | 745.71M | 641.23M | 500.66M | 396.21M | 205.94M |
| Current deferred revenue | 205.20M | 252.49M | 185.06M | 157.95M | 56.00M |
| Net debt | -462.99M | -218.66M | -84.08M | -168.45M | -523.93M |
| Short term debt | 113.91M | 77.29M | 40.88M | 59.71M | 14.31M |
| Short long term debt | 109.12M | 77.29M | 38.12M | 58.33M | 12.00M |
| Short long term debt total | 302.98M | 188.78M | 99.10M | 79.50M | 39.14M |
| Other stockholder equity | 1115.50M | 707.99M | 629.84M | 604.09M | 595.05M |
| Property plant equipment | - | - | - | 82.88M | 18.22M |
| Total current assets | 2436.68M | 1483.38M | 1176.11M | 963.81M | 952.93M |
| Long term investments | 66.03M | 50.34M | 68.70M | 17.46M | 12.69M |
| Net tangible assets | - | - | - | 664.91M | 666.06M |
| Short term investments | 402.12M | 36.65M | 101.84M | 90.70M | 29.50M |
| Net receivables | 552.90M | 428.90M | 325.68M | 212.55M | 125.61M |
| Long term debt | 178.93M | 105.53M | 53.95M | 18.69M | 22.96M |
| Inventory | 702.63M | 597.98M | 545.39M | 393.17M | 218.12M |
| Accounts payable | 247.50M | 16.13M | 153.22M | 101.73M | 101.35M |
| Noncontrolling interest in consolidated entity | - | - | - | 137.31M | 135.46M |
| Accumulated other comprehensive income | -1.58M | -63.37M | -19.29M | -23.66M | 9.11M |
| Common stock total equity | - | - | - | 0.01M | 0.00M |
| Retained earnings total equity | - | - | - | 94.43M | 72.04M |
| Non currrent assets other | 4.48M | 20.45M | 46.87M | 50.27M | 45.02M |
| Non current assets total | 435.50M | 372.34M | 314.80M | 271.69M | 99.25M |
| Capital lease obligations | 9.86M | 5.97M | 7.03M | 2.49M | 4.18M |
| Long term debt total | - | - | - | 18.69M | 22.96M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | -333.37M | -11.96M | -6.75M | -0.70M | -1.57M |
| Change to liabilities | - | - | - | 42.77M | 79.48M |
| Total cashflows from investing activities | -390.33M | -11.96M | -6.75M | -265.67M | -11.28M |
| Net borrowings | 99.08M | 88.28M | 16.34M | 46.78M | -9.87M |
| Total cash from financing activities | 742.49M | 92.48M | 18.53M | 45.87M | 538.77M |
| Change to operating activities | - | - | - | 17.47M | 24.34M |
| Net income | 94.08M | 131.27M | 77.35M | 50.56M | 42.92M |
| Change in cash | 354.65M | 228.14M | -65.28M | -314.62M | 491.30M |
| Begin period cash flow | 411.31M | 183.17M | 248.45M | 563.07M | 71.77M |
| End period cash flow | 765.96M | 411.31M | 183.17M | 248.45M | 563.07M |
| Total cash from operating activities | -10.32M | 152.45M | -75.32M | -62.19M | -40.09M |
| Issuance of capital stock | 622.96M | 0.00M | 0.00M | - | 0.00M |
| Depreciation | 16.33M | 9.97M | 8.09M | 5.37M | 2.35M |
| Other cashflows from investing activities | -335.71M | -3.48M | -2.46M | -173.87M | -0.56M |
| Dividends paid | 7.58M | 6.90M | 3.95M | - | - |
| Change to inventory | -108.22M | -64.14M | -164.03M | -193.31M | -127.66M |
| Change to account receivables | -119.35M | -123.28M | -112.07M | -88.66M | -47.62M |
| Sale purchase of stock | -6.99M | 0.00M | 0.00M | 1.31M | 5.25M |
| Other cashflows from financing activities | 0.24M | 11.10M | 6.14M | 56.00M | 580.70M |
| Change to netincome | - | - | - | 13.82M | -1.97M |
| Capital expenditures | 56.28M | 82.46M | 64.34M | 92.52M | 9.71M |
| Change receivables | - | - | - | -95.99M | -56.04M |
| Cash flows other operating | - | - | - | 114.58M | 20.82M |
| Cash and cash equivalents changes | - | - | - | -281.99M | 487.39M |
| Change in working capital | -177.83M | -63.07M | -184.59M | -131.94M | -83.40M |
| Stock based compensation | 33.58M | 49.58M | 27.34M | 7.73M | 5.12M |
| Other non cash items | 37.89M | 19.42M | 10.13M | 2.06M | -5.24M |
| Free cash flow | -66.61M | 69.99M | -139.66M | -154.71M | -49.80M |
Sector: Technology Industry: Semiconductor Equipment & Materials
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| ACMR Acm Research Inc |
3.76 7.73% |
52.43 | 32.38 | 23.92 | 4.41 | 2.39 | 3.24 | 12.69 |
| ASML ASML Holding N.V. New York Registry Shares |
28.82 1.91% |
1536.67 | 48.54 | 41.49 | 17.21 | 23.21 | 14.06 | 36.48 |
| ASMLF ASML Holding NV |
42.03 2.80% |
1542.87 | 48.31 | 41.32 | 16.88 | 23.07 | 14.07 | 36.51 |
| AMAT Applied Materials Inc |
23.47 6.30% |
396.00 | 40.44 | 36.23 | 11.09 | 14.41 | 11.04 | 30.52 |
| TOELF Tokyo Electron Ltd. |
3.55 6.34% |
59.55 | 38.96 | 29.50 | 0.06 | 10.52 | 9.30 | 32.18 |
ACM Research, Inc., together with its subsidiaries, develops, manufactures, and sells capital equipment in Mainland China and internationally. It also develops, manufactures, and sells a range of packaging tools to wafer assembly and packaging customers. The company provides wet cleaning equipment for front end production processes; electrochemical plating, furnace, PECVD, and track platforms; Space Alternated Phase Shift, technology for flat and wafer surfaces; timely energized bubble oscillation, technology for patterned wafer surfaces at advanced process nodes; and Tahoe technology; and semi-critical cleaning tools. It also offers advanced packaging equipment, such as coaters, developers, photoresist strippers, scrubbers, wet etchers and copper-plating equipment; and advanced packaging products include: Ultra ECP ap, which delivers a uniform metal layer to finished wafers prior to packaging; Ultra C Developer, which applies liquid developer to selected parts of photoresist to resolve an image; Ultra C PR Megasonic-Assisted Stripper, which removes photoresist; Ultra C Scrubber, which scrubs and cleans wafers; Ultra C Thin Wafer Scrubber, which addresses a sub-market of cleaning very thin wafers for certain Asian assembly factories; and Ultra C Wet Etcher, which etches silicon wafers and copper and titanium interconnects. In addition, the company provides ECP technology for advanced metal plating; Ultra fn Furnace, a dry processing tool; Ultra Pmax PECVD tools, a proprietary designed chamber, gas distribution unit, and chuck; and Ultra Track, a 300mm process tool that delivers uniform air downflow, fast robot handling and configurable software to address specific customer requirements. It markets and sells its products under the SAPS, TEBO, ULTRA C, ULTRA Fn, Ultra ECP, Ultra ECP map, and Ultra ECP ap trademarks through direct sales force and third-party representatives. ACM Research, Inc. was incorporated in 1998 and is headquartered in Fremont, California.
| Name | Title | Year Born |
|---|---|---|
| Dr. Hui Wang Ph.D. | Founder, Chairman, CEO & Pres | 1961 |
| Mr. Mark A. McKechnie | CFO, Exec. VP, Sec. & Treasurer | 1967 |
| Mr. Jian Wang | VP of R&D - ACM Research (Shanghai), Inc. | 1965 |
| Mr. Jim Straus | VP of Sales - North America | NA |
| Mr. Sotheara Cheav | VP of Manufacturing - ACM Research (Shanghai), Inc. | 1952 |
| Dr. Hui Wang Ph.D. | Founder, Chairman, CEO & President | 1961 |
| Mr. Mark A. McKechnie | CFO, Executive VP, Secretary & Treasurer | 1967 |
| Mr. Jim Straus | Vice President of Sales - North America | NA |
| Ms. Yi Lu Feng | Chief Financial Officer of ACM Research (Shanghai), Inc. | 1958 |
| Mr. Jian Wang | Chief Executive Officer and President of ACM Research (Shanghai), Inc. | 1965 |
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