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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $901M | $158M | $94M | $-68M | 6.4% | 15.2% | -9.2% |
| 2024 | $782M | $180M | $104M | $67M | 11.5% | 40.2% | 34.0% |
| 2023 | $558M | $127M | $77M | $-140M | 10.1% | 43.4% | 97.0% |
| 2022 | $389M | $74M | $39M | $-155M | 5.8% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 388.83 | 557.72 | 782.12 | 901.31 |
| Operating Revenue | - | 388.83 | 557.72 | 782.12 | 901.31 |
| Cost Of Revenue | - | 205.22 | 281.51 | 390.56 | 501.24 |
| Gross Profit | - | 183.62 | 276.21 | 391.55 | 400.07 |
| Operating Expense | - | 124.58 | 180.38 | 240.56 | 290.64 |
| Research And Development | - | 62.23 | 92.71 | 105.47 | 144.99 |
| Selling General And Administration | - | 62.35 | 87.67 | 135.08 | 145.65 |
| Total Expenses | - | 329.80 | 461.88 | 631.12 | 791.88 |
| Operating Income | - | 59.04 | 95.84 | 151 | 109.43 |
| Total Operating Income As Reported | - | 59.04 | 95.84 | 151 | 109.43 |
| EBITDA | - | 74.38 | 126.99 | 180.42 | 158.48 |
| Normalized EBITDA | - | 81.12 | 120.68 | 177.66 | 140.85 |
| EBIT | - | 69.02 | 118.90 | 170.45 | 142.15 |
| Interest Income | - | 8.74 | 8.35 | 9.94 | 14.64 |
| Interest Expense | - | 1.66 | 2.68 | 4.15 | 6.96 |
| Net Interest Income | - | 7.08 | 5.67 | 5.78 | 7.68 |
| Other Non Operating Income Expenses | - | 3.32 | -1.56 | 6.33 | -9.83 |
| Other Income Expense | - | 1.24 | 14.70 | 9.52 | 18.08 |
| Interest Income Non Operating | - | 8.74 | 8.35 | 9.94 | 14.64 |
| Interest Expense Non Operating | - | 1.66 | 2.68 | 4.15 | 6.96 |
| Net Non Operating Interest Income Expense | - | 7.08 | 5.67 | 5.78 | 7.68 |
| Pretax Income | - | 67.36 | 116.22 | 166.30 | 135.19 |
| Tax Provision | - | 16.80 | 19.36 | 35.03 | 13.30 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -1.68 | 1.05 | 0.58 | 1.73 |
| Net Income Continuous Operations | - | 50.56 | 96.85 | 131.27 | 121.89 |
| Net Income From Continuing And Discontinued Operation | - | 39.26 | 77.35 | 103.63 | 94.08 |
| Net Income From Continuing Operation Net Minority Interest | - | 39.26 | 77.35 | 103.63 | 94.08 |
| Net Income | - | 39.26 | 77.35 | 103.63 | 94.08 |
| Net Income Common Stockholders | - | 39.26 | 77.35 | 103.63 | 94.08 |
| Net Income Including Noncontrolling Interests | - | 50.56 | 96.85 | 131.27 | 121.89 |
| Normalized Income | - | 44.32 | 72.09 | 101.45 | 78.18 |
| Diluted NI Availto Com Stockholders | - | 39.26 | 75.51 | 101.40 | 92.15 |
| Basic Average Shares | - | 59.24 | 60.16 | 62.21 | 64.18 |
| Diluted Average Shares | - | 65.34 | 64.87 | 66.24 | 67.31 |
| Reconciled Depreciation | - | 5.37 | 8.09 | 9.97 | 16.33 |
| Reconciled Cost Of Revenue | - | 205.22 | 281.51 | 390.56 | 501.24 |
| Total Unusual Items | - | -6.74 | 6.31 | 2.76 | 17.62 |
| Total Unusual Items Excluding Goodwill | - | -6.74 | 6.31 | 2.76 | 17.62 |
| Minority Interests | - | -11.30 | -19.50 | -27.64 | -27.82 |
| Gain On Sale Of Security | - | -6.74 | 6.31 | 2.76 | 17.62 |
| General And Administrative Expense | - | 22.46 | 40.65 | 69.64 | 68.75 |
| Other Gand A | - | 22.46 | 40.65 | 69.64 | 68.75 |
| Selling And Marketing Expense | - | 39.89 | 47.02 | 65.45 | 76.90 |
| Earnings From Equity Interest | - | 4.67 | 9.95 | 0.42 | 10.29 |
| Average Dilution Earnings | - | - | -1.84 | -2.23 | -1.93 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| ACM Research, Inc.this co. | ACMR | $6.2B | 66.26β premium | 4.26 | 6.4% | 33.90 |
| Clear Secure, Inc. | YOU | $7.3B | 66.70 | 40.97 | 61.4% | 33.05 |
| Ralliant Corporation | RAL | $7.0B | -5.72 | 4.28 | -74.8% | -7.39 |
| Paycom Software, Inc. | PAYC | $6.4B | 14.10 | 3.69 | 26.2% | 7.65 |
| Kulicke and Soffa Industries, Inc. | KLIC | $5.6B |
| - |
| - |
| - |
| - |
| - |
| 26417.05 |
| 6.85 |
| 0.0% |
| 141.24 |
| Lyft, Inc. | LYFT | $5.4B | 1.89 | 1.64 | 86.9% | 53.59 |
| Diodes Incorporated | DIOD | $5.2B | 78.15 | 2.75 | 3.5% | 21.25 |
| EPAM Systems, Inc. | EPAM | $5.1B | 13.50 | 1.39 | 10.3% | 5.75 |
| Axcelis Technologies, Inc. | ACLS | $5.0B | 41.37 | 4.81 | 11.6% | 28.80 |
| Peer Median | - | 27.74 | 3.98 | 10.9% | 25.02 | |