Profitable, but burning cash. Reports a profit, but free cash flow is negative.
ACM Research reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Operating margin at a 6-year low.12% in 2025, the weakest of the last 6 years.
ACM Research's operating margin fell to 12% in 2025, its lowest in the 6 years of filings we have.
Borrowing rising faster than profit. Since 2022: debt +274%, operating profit +85%.
ACM Research's debt grew 274% since 2022 while operating profit changed +85%.
Valuation signals disagree. Cheaper than 73% of peers on earnings, but only 0% on free cash flow.
Relative to its earnings, ACM Research looks cheaper than 73% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
StockQuotient Score
64/ 100▲ 1 since Oct 27 closeOct 5 60 → Nov 4 64 (+4)
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 55 → 58
Share price -12.8%+4
Company's reported figures updated+1
Peer companies moved-2
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield4.6%
SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 1.05Sector median: 0.0225 · MAD: 0.0225
EBITDA yield6.2%
SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 0.54Sector median: 0.0423 · MAD: 0.0361
Free cash flow yield-3.6%
SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0274 · MAD: 0.0274
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about ACM Research
Is ACM Research getting weaker?
Its latest SEC filing (Aug 7, 2026) showed no major changes. Its overall score is 64/100, up 1 since Oct 28, 2026.
How is ACM Research valued vs its peers?
Priced about in line with its peers. Valuation scores 58/100 against 1,711 technology peers.Earnings yield 4.6% vs a peer median of 2.2% (stronger than 73% of peers).Earnings yield 4.6% vs peers 2.2% (stronger than 73% of peers).Free cash flow yield -3.6% vs a peer median of 2.7% (weaker than 100% of peers).Free cash flow yield -3.6% vs peers 2.7% (weaker than 100% of peers).
Is ACM Research growing?
Yes, faster than most of its peers. Growth scores 85/100 against 1,711 technology peers.3-year revenue growth 31.1% vs a peer median of 4.8% (stronger than 95% of peers).3-year revenue growth 31.1% vs peers 4.8% (stronger than 95% of peers).
How profitable is ACM Research?
More profitable than most of its peers. Profitability scores 62/100 against 1,711 technology peers.Operating margin 13.3% vs a peer median of 6.3% (stronger than 73% of peers).Operating margin 13.3% vs peers 6.3% (stronger than 73% of peers).
How risky is ACM Research?
Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings.Current ratio 3.66× vs a peer median of 1.83× (stronger than 83% of peers).Current ratio 3.66× vs peers 1.83× (stronger than 83% of peers).Beta 2.09 vs a peer median of 0.87 (weaker than 94% of peers).Beta 2.09 vs peers 0.87 (weaker than 94% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 7, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Previous quarter
Latest quarter
Change
Revenue (12 months)
960.2M USD
1.0B USD
+8.1%
Net income (12 months)
91.0M USD
150.2M USD
+65.1%
Operating margin
12.5%
13.3%
+0.8 pts
Free cash flow (12 months)
−106.9M USD
−118.7M USD
+11.1%
Debt
328.1M USD
340.9M USD
+3.9%
Cash
872.3M USD
969.2M USD
+11.1%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Valuations in Semiconductor Equipment & Materials are near the top of their range since Feb 2021.
84% of months since Feb 2021 were valued lower than now.
81% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +95% vs the whole market, against a usual +84%.
Feb 2021Shaded: most expensive fifth of its range2026
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since Feb 2021; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
44.2%
47.2%
49.5%
50.1%
44.4%
▼ 5.7 pts
Operating margin
14.9%
15.2%
17.2%
19.3%
12.1%
▼ 7.2 pts
Net margin
14.5%
10.1%
13.9%
13.2%
10.4%
▼ 2.8 pts
Return on assets (ROA)
3.6%
3.2%
5.2%
5.6%
3.3%
▼ 2.3 pts
Return on equity (ROE)
5.6%
5.8%
10.1%
11.5%
6.4%
▼ 5.0 pts
Free cash flow margin
-19.0%
-39.4%
-24.6%
8.9%
-7.4%
▼ 16 pts
Current ratio
4.63×
2.43×
2.35×
2.31×
3.27×
▲ 41%
Quick ratio
3.57×
1.44×
1.26×
1.38×
2.33×
▲ 68%
Debt to equity
0.05×
0.11×
0.12×
0.20×
0.20×
▼ 2.7%
Interest coverage
50.59×
35.67×
35.75×
36.38×
15.73×
▼ 57%
ACMR price history
Price history is added with the daily price update and will appear after the next one.