ACMR
ACM Research, Inc.

ACM Research, Inc.ACMR

Technology · Semiconductor Equipment & Materials
75.80USD
+4.16%
Sep 23, 2026
ACMR overview ready
China-Focused Semiconductor Equipment Supplier Supporting Domestic Capacity Expansion
ACMR is a China-focused semiconductor-process-equipment supplier whose wet cleaning, electroplating, furnace, PECVD, track, and wafer/panel-level packaging platforms are sold into domestic semiconductor manufacturing and packaging capacity additions.
Strong narrative exposure
Exposed to the Semiconductor Supply Chain Localization narrative through China Domestic Semiconductor Equipment Localization — pure play.
Price trend is broken
Longer-term context reads extended trend, with a near-term setup of constructive pullback.
The tactical setup reads constructive pullback, but the weekly structure is broken.
Demanding valuation
The price embeds expectations that run ahead of the cash the business currently produces.
Fundamentals under pressure
Free cash flow yield is weak.
Primary risk
Cyclicality of semiconductor capital equipment demand.
Market Sep 22Filing Jun 30Price action Sep 22Research Aug 28

Conviction Level

NarrativeHeat8.7ThemeHeat8.0PriceAction5.4Valuation1.9CompanyPosition7.3
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads extended trend, with a near-term setup of constructive pullback.
The tactical setup reads constructive pullback, but the weekly structure is broken.
EntryReset + recovery

The stock remains extended from its long-term weekly base, but the recent reset toward the daily SMA200 aligned with support at the weekly EMA21. Daily structure is recovering above the fast averages, improving the current entry location.

Key Financials

Market Cap
$5.4B
Avg Volume (60D)
970.0K
60 sessions
Revenue Growth YoY
+15.2%
FY2025 vs FY2024
Gross Margin
+43.8%
Trailing twelve months
Operating Margin
+13.3%
Trailing twelve months
Free Cash Flow Yield
-2.2%
Distance from 200DMA
+16.0%
Next Earnings
2026-11-04
P/E
35.7x
EV / EBITDA
28.6x
EV / Sales
4.4x
Market metrics as of Sep 22, 2026
Financial results for the period ended Jun 30, 2026
Filed balance-sheet data as of Jun 30, 2026

Fundamentals & Valuation

Two of the three valuation perspectives say expensive; peers is the dissenting view.
ACM Research, Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of the cash the business currently produces. It trades at 28.6x EBITDA and 4.4x revenue, which require sustained delivery to be justified.

Company Research

Thesis
ACMR is a China-focused semiconductor-process-equipment supplier whose wet cleaning, electroplating, furnace, PECVD, track, and wafer/panel-level packaging platforms are sold into domestic semiconductor manufacturing and packaging capacity additions.
Opportunity
Moderate opportunity
China-based semiconductor manufacturers' capacity expansion and supply-chain resilience efforts are increasing demand for domestically supplied wafer-fab and advanced-packaging process equipment, particularly where foreign-tool access is constrained or strategically uncertain.
Key risk
Cyclicality of semiconductor capital equipment demand.

Narrative & Theme

Semiconductor Supply Chain Localization
Part of China Domestic Semiconductor Equipment Localization, with strong fit.
ACMR is a genuine, direct equipment beneficiary of semiconductor supply-chain localization, but its economic exposure is principally to Mainland China's domestic fab and packaging buildout rather than to the active theme's explicitly US-focused domestic-capacity spending.
Narrative HeatHot8.7 / 10
Theme HeatHeating up8.0 / 10

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 assembly and packaging customers.

How it earns

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

Products & services
Wet cleaning equipment for front end production
Electrochemical plating platforms
Furnace platforms
PECVD platforms
Track platforms
Space Alternated Phase Shift technology
Timely energized bubble oscillation technology
Tahoe technology
Customers & end markets
Semiconductor wafer assembly and packaging companies
Semiconductor manufacturers
Market position

Niche player specializing in advanced semiconductor wet cleaning and packaging equipment.

Demand drivers
High cyclicality

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

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