ACMR logo
ACM Research Inc.
ACMR
23.73 (-3.41%) 0.81
1.52(B)
Information Technology
Semiconductors and Semiconductor Equipment
ACM Research Inc. together with its subsidiaries develops manufactures and sells capital equipment worldwide. 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; Ultra C SAPS II and Ultra C SAPS V which are a single-wafer serial-processing tool used to remove random defects from wafer surfaces or interconnects and barrier metals as part of the chip front-end fabrication process or for recycling test wafers; and Ultra C TEBO II and Ultra C TEBO V a single-wafer serial-processing tool used at numerous manufacturing processing steps for cleaning of chips at process nodes of 28nm or less. In addition it offers Ultra-C Tahoe wafer cleaning tool that delivers high cleaning performance using significantly less sulfuric acid and hydrogen peroxide than is typically consumed by conventional high-temperature single-wafer cleaning tools; and advanced packaging tools such as coaters developers photoresist strippers scrubbers wet etchers and copper-plating tools. Further the company provides e Ultra fn Furnace a dry processing tool; Ultra Pmax™ PECVD tool for film uniformity; Ultra Track tool a 300mm process tool that delivers air downflow robot handling and customizable software to address specific customer requirements; and a suite of semi-critical cleaning systems which include single wafer back side cleaning scrubber and auto bench cleaning tools. 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.
My Holdings:
(?% ownership)
Shares:
Cost basis:
Market cap:$1.52(B)
EV:$1.47(B)
Total Equity:$1.16(B)
Div. yield:0.00%
P/S:1.85
P/E:13.96
P/FCF:16.14
P/B:1.60
EPS:$1.7
FCF/share:$1.5
Dividend/share:$0.0
Book value/share:$14.9
ROIC:7.8%
ROA:6.2%
ROE:10.2%

ACMR Valuation

  Current Price
23.73
PE Valuation
N/A
Analyst targets
N/A
DCF
N/A
DCF (exit mult.)
N/A
Future P/E
N/A
Peter Lynch FV
N/A
Graham No.
N/A
DDM
N/A

Using the PEvaluation method, the intrinsic value estimate of ACMR is $26.1.
At the current price of 23.7, ACMR is 10% undervalued.

Based on 0 valuation methods, the average fair value estimate for ACMR is $N/A (NaN% overvalued).

Valuations range from $1.7976931348623157e+308 (N/A) to $0.0 (N/A).

PEvaluation

10% undervalued
Low
$19.6
Mid
$26.1
High
$32.6
Current price
$23.7
Fair P/E
Margin of safety
Shares outstan...ROICRevenue growthDebt/FCFAssets/Liabili...
Economic moat: None/narrow

Analyst Price Targets

51% undervalued
Low
$30.0
Mid
$35.9
High
$40.0
Current price
$23.7
Strong Buy4
Buy4
Hold1
Sell0
Strong Sell0

Estimated EPS

LowAvgHigh#
FY+12.02.32.64
FY+22.02.42.93

Discounted Cash Flow

Forecast years
Terminal Growth Rate
Discount Rate
Free cash flow estimates:
Y+1 est.
Y+2 est.
0.00%
Y+3 est.
0.00%
Y+4 est.
0.00%
Y+5 est.
0.00%

Discounted Cash Flow (exit mult.)

Forecast years
Exit FCF Multiple
Discount Rate
Free cash flow estimates:
Y+1 est.
Y+2 est.
0.00%
Y+3 est.
0.00%
Y+4 est.
0.00%
Y+5 est.
0.00%

Future P/E Valuation

Projection Years
Base Revenue
Revenue Growth Rate
Final Net Margin
Final P/E Ratio
Discount Rate

Peter Lynch Fair Value

Earnings Per Share
Growth Rate (*)

(*) Growth rate is capped between 5 and 25

Graham Formula

Earnings Per Share
Expected Growth Rate
Government Bond Rate

Dividend Discount Model

Annual Dividend
First Stage Length (Years)
First Stage Growth Rate
Final Growth Rate
Discount Rate

(*) First stage rowth rate is capped to 20%

TTM Financials

Income (TTM)

RevenueGrossNet
Revenue$802.27(M)
Gross profit$394.98(M)
EBITDA$162.01(M)
Net income$106.57(M)
Gross margin49.2%
Operating margin19.3%
Net margin13.3%
Shares outstanding:63.86(M)

Balance sheet

Cash & ST inv.Other ST assetsLong term assetsCurrent liabilitiesLong term debtOther LT liabilitiesEquity
Total assets$1.93(B)
Current assets$1.55(B)
Total liabilities$778.41(M)
Current liabilities$628.88(M)
Cash & Short-term inv.$492.76(M)
Long-term debt$134.54(M)
Total intangibles$3.00(M)
PP&E$294.81(M)

Cash flow (TTM)

CFOCFICFF
FCF$93.61(M)
CapEx$-73.77(M)
Dividends paid$0
Stock issued$29.03(M)
Stock repurchased$0
Stock-based comp.$44.82(M)
Debt issued$176.39(M)
Debt repaid$-65.81(M)

Per share data

Price: $23.7
Revenue: $12.8 (1.9x | 53.9%) Gross profit: $6.18 (3.8x | 26.1%) Earnings: $1.70 (14.0x | 7.2%)
FCF: $1.47 (16.1x | 6.2%) Stock-based Comp.: $0.70 (33.8x | 3.0%) Dividend: $0.00 (N/A | 0.0%)
Total Assets: $30.3 (0.8x | 127.6%) Total Liabilities: $12.2 (1.9x | 51.4%) Book Value: $14.9 (1.6x | 62.6%) Cash & ST inv.: $7.72 (3.1x | 32.5%) Debt: $2.11 (11.3x | 8.9%)

Growth Estimates

Revenue

CAGR: 15.8%
FY+1FY+2FY+3FY+4FY+5
FY+1$918.51(M)
FY+2(+16.7%)$1.07(B)
FY+3(+18.8%)$1.27(B)
FY+4(+16.6%)$1.48(B)
FY+5(+11.3%)$1.65(B)

Net Income

CAGR: 0.0%
FY+1FY+2
FY+1$144.27(M)
FY+2(+0.0%)$144.30(M)

EPS

CAGR: 5.3%
FY+1FY+2
FY+1$2.26
FY+2(+5.3%)$2.38

FCF per share

No analyst estimates.

Historical Financials

Showing limited histrical data. Access 10+ years of financials now! Upgrade
YearlyQuarterly
Income
FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024TTM5Y avg5Y CAGR
Revenue156.62(M)259.75(M)388.83(M)557.72(M)782.12(M)782.12(M)429.01(M)49%
COGS87.03(M)144.90(M)205.22(M)281.51(M)390.56(M)390.56(M)221.84(M)46%
Gross Profit69.60(M)114.86(M)183.62(M)276.21(M)391.55(M)391.55(M)207.17(M)54%
Total OpEx.48.11(M)76.15(M)124.58(M)180.38(M)240.56(M)240.56(M)133.95(M)50%
  R&D19.12(M)34.21(M)62.23(M)92.71(M)105.47(M)105.47(M)62.75(M)53%
  SG&A28.99(M)41.95(M)62.35(M)87.67(M)135.08(M)135.08(M)71.21(M)47%
Operating Income21.49(M)38.70(M)59.03(M)95.84(M)151.00(M)151.00(M)73.21(M)63%
Interest Expense-982000-765000-1.66(M)-2.68(M)-4.15(M)-4.15(M)-2.05(M)43%
Interest Income8970005050008.74(M)8.35(M)9.94(M)9.94(M)5.69(M)82%
Pre-tax income19.30(M)43.05(M)67.36(M)116.22(M)166.30(M)166.30(M)82.45(M)71%
Income tax2.38(M)-134000-16.80(M)-19.36(M)-35.03(M)-35.03(M)-13.79(M)N/A%
Net Income18.78(M)37.76(M)39.26(M)77.35(M)103.63(M)103.63(M)55.36(M)53%
Cash flow
FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Stock-based Comp.FCFCFONet IncomeD&ACFFStock IssuedStock RepurchasedDebt IssuedDebt RepaidDividend PaidCFIAcquisitionsDivestituresCapital Expenditures
Balance sheet
FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Total AssetsTotal LiabilitiesCurrent assetsCash and EquivalentsShort-term investmentsInventoriesReceivablesNon-current assetsNet PP&EIntangible AssetsGoodwillCurrent liabilitiesAccounts payableNon-current liabilitiesLong-Term DebtTotal Equity
Per share data
FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
EPS (Basic)FCF/ShareDividend/ShareEPS (Diluted)Book value/ShareCash & ST inv./ShareDebt/Share
Ratios
FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
P/EP/SEV/EarningsP/FCFP/BEV/FCFDebt/EquityPayout ratio
Margins
FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Net Income MarginOperating MarginGross MarginEBITDA MarginFCF Margin
Returns
FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
ROICROAROCEROE
Shares outstanding
FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Shares (Basic)Shares (Diluted)
Market Cap.
FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Market Cap.

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Ownership

Major holders

Insiders: 15.04%
Institutions: 65.97%
Other: 18.99%

Institutional ownership

8.33% Blackrock Inc.7.14% Vanguard Group Inc3.31% Kerrisdale Advisers, L...2.50% Mitsubishi UFJ Trust &...2.34% Panview Capital Ltd2.13% State Street Corporati...2.01% Pertento Partners LLP2.01% Geode Capital Manageme...2.00% UBS AM, a distinct bus...1.93% Invesco Ltd.32.27% Others

Insider transactions

Show:
Buys
Sells
Grants
DateSharesTotal ($)Price ($)NameTitle
Sell2025-03-17163,3084,899,24030.0HU CHENMING CDirector
Sell2025-03-149,518275,97629.0DUN HAIPINGDirector
Sell2025-03-13131,2503,546,55427.0WANG DAVID HUIChief Executive Officer
Sell2025-03-1215,000411,30027.4MCKECHNIE MARKChief Financial Officer
Grant2025-03-1215,00084,0005.6MCKECHNIE MARKChief Financial Officer
Sell2025-03-1015,001398,12726.5DUN HAIPINGDirector
Grant2025-03-0325,00112,5000.5DUN HAIPINGDirector
Grant2025-03-03210,000105,0000.5WANG DAVID HUIChief Executive Officer
Sell2025-02-0615,000330,00022.0MCKECHNIE MARKChief Financial Officer
Sell2025-02-0622,598519,75423.0CHEAV SOTHEARAOfficer
Grant2025-02-0622,598313,88613.9CHEAV SOTHEARAOfficer
Grant2025-02-0615,00084,0005.6MCKECHNIE MARKChief Financial Officer
Sell2024-11-2956,250981,00017.4WANG DAVID HUIChief Executive Officer
Sell2024-11-2919,058332,18117.4DUN HAIPINGDirector
Sell2024-11-2656,2501,006,08717.9WANG DAVID HUIChief Executive Officer
Sell2024-11-2256,2501,073,25019.1WANG DAVID HUIChief Executive Officer
Sell2024-11-2215,000286,80019.1DUN HAIPINGDirector
Grant2024-11-1435,00017,5000.5DUN HAIPINGDirector
Grant2024-11-14270,000135,0000.5WANG DAVID HUIOfficer, Director and Beneficial Owner
Sell2024-10-081,065,39623,516,56122.1XING XIAODirector
Sell2024-10-081,065,39623,519,66022.1SHANGHAI SCIENCE AND TECHNOLOGY VENTURE CAPITAL CO., LTD.Beneficial Owner of more than 10% of a Class of Security
Sell2024-10-0416,516363,35222.0MCKECHNIE MARKOfficer
Grant2024-10-0416,51692,4905.6MCKECHNIE MARKOfficer
Sell2024-10-0234,604693,92120.1XING XIAODirector
Sell2024-10-0234,604693,92120.1SHANGHAI SCIENCE AND TECHNOLOGY VENTURE CAPITAL CO., LTD.Beneficial Owner of more than 10% of a Class of Security
Sell2024-08-2919,097345,27418.1DUN HAIPINGDirector
Sell2024-08-2215,000297,75019.9DUN HAIPINGDirector
Grant2024-08-1435,00017,5000.5DUN HAIPINGDirector
Grant2024-06-27100,00000.0DUN HAIPINGDirector
Sell2024-06-1160,0001,352,67622.5WANG JIANOfficer
Grant2024-06-1160,000277,2004.6WANG JIANOfficer
Sell2024-06-0760,0001,349,70022.5WANG JIANOfficer
Grant2024-06-0760,000277,2004.6WANG JIANOfficer
Sell2024-06-0620,000458,40022.9MCKECHNIE MARKChief Financial Officer
Grant2024-06-0620,00098,2644.9MCKECHNIE MARKChief Financial Officer
Sell2024-05-2986,0901,947,35622.6WANG DAVID HUIChief Executive Officer
Sell2024-05-2919,239435,37922.6DUN HAIPINGDirector
Sell2024-05-2290,0002,052,90022.8WANG DAVID HUIChief Executive Officer
Sell2024-05-2215,000343,20022.9DUN HAIPINGDirector
Grant2024-05-1435,00017,5000.5DUN HAIPINGDirector
Grant2024-05-14180,00090,0000.5WANG DAVID HUIChief Executive Officer

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