ACMR
ACM Research, Inc.

ACM Research, Inc.ACMR

Technology · Semiconductor Equipment & Materials
44.61USD
+13.48%
Nov 08, 2026
ACMR overview ready
Local Semiconductor Process and Packaging Equipment Supplier to Chinese Fabs
ACMR is a direct process-equipment supplier to semiconductor fabs and packaging customers, with cleaning, electroplating, furnace, PECVD, track, polishing, and wafer/panel-level packaging platforms used in production manufacturing.
Primary theme is lagging
Wafer Fab Equipment is lagging (-27.1pp vs SPY over 21 sessions; 0 of 7 members ahead of SPY).
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Fair valuation
The price broadly reflects how its multiples compare with businesses of the same kind, with upside and risk reasonably balanced.
Mixed fundamentals
Ev / sales is strong, while free cash flow yield is weak.
Primary risk
Cyclicality of semiconductor capital spending.
Market Nov 6Filing Sep 30Price action Nov 7Research Sep 28

Conviction Level

PriceAction1.4BusinessPerformance5.0BusinessQuality5.5Valuation6.4ThemeMomentum1.0Mixed — Revenue is growing at a steady pace (+37% year over year). Diluted EPS fell 96% year over year to $0.02. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
−27.1pp
Theme return
−32.1%
Beating SPY
0 of 7
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryDamaged / breakdown

The technical structure itself is broken across timeframes — the weakest entry profile.

Key Financials

Market Cap
$3.2B
Avg Volume (60D)
1.2M
60 sessions
Revenue Growth YoY
+15.2%
FY2025 vs FY2024
Gross Margin
+43.5%
Trailing twelve months
Operating Margin
+14.5%
Trailing twelve months
Free Cash Flow Yield
-6.2%
Distance from 200DMA
-34.8%
P/E
27.6x
EV / Sales
2.2x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Mixed

Revenue is growing at a steady pace (+37% year over year). Diluted EPS fell 96% year over year to $0.02.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthGrowing
+37%
$368M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. +9.4%
  2. +34%
  3. +36%
  4. +37%
Earnings growthDeclining
-96%
Diluted EPS $0.02 vs $0.52 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. -76%
  2. -20%
  3. +180%
  4. -96%
Operating marginExpanding
15.1%
+4.3 pp YoY · gross margin 41.5% (-0.6 pp)
Profit is not fully converting to cash
The share count is rising

Business Quality

5.5 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

ACM Research, Inc. has a Fair valuation stance because the price broadly reflects how its multiples compare with businesses of the same kind, with upside and risk reasonably balanced.

What changed

  • ACMR rose 13.5% in one session
    ACMR closed +13.5% while the broad market was close to flat (+0.3%).
    2026-11-06

Company Research

Thesis
ACMR is a direct process-equipment supplier to semiconductor fabs and packaging customers, with cleaning, electroplating, furnace, PECVD, track, polishing, and wafer/panel-level packaging platforms used in production manufacturing.
Opportunity
High opportunity
China semiconductor manufacturers’ capacity additions and domestic-substitution efforts are increasing demand for locally capable wafer-fab and advanced-packaging process equipment vendors.
Key risk
Cyclicality of semiconductor capital spending.

Economic classification

Loading the economic classification…

Business & Markets

Technology · Semiconductor Equipment & Materials
What they do

ACM Research, Inc. develops, manufactures, and sells semiconductor capital equipment and packaging tools primarily in Mainland China and internationally, serving wafer fabrication and packaging customers.

How it earns

The company generates revenue through transactional sales of semiconductor process equipment and packaging tools.

Products & services
Wet cleaning equipment
Electrochemical plating systems
Furnace platforms
PECVD platforms
Track platforms
Wafer and panel-level packaging tools
Customers & end markets
Semiconductor wafer fabrication fabs
Semiconductor packaging and assembly customers
Market position

Niche supplier focused on localized semiconductor equipment for Chinese fabs and packaging customers.

Demand drivers
High cyclicality

Semiconductor equipment demand is closely tied to semiconductor industry capital expenditure cycles.