Is the business good?
How good a business is ACMR?
ACM Research, Inc. earns 9.7% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
9.7%
Return on invested capital · cost of capital 9.0% · 0.67 points above what the capital costs: growth creates value
- Operating margin
- 13%
Operating margin · Semiconductor Equipment & Materials median 8.4% · 12 months to Q2 2026
- Cash conversion
- −0.79×
Cash conversion · −0.13× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- +6.5%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 14% |
| FY2021 | 15% |
| FY2022 | 15% |
| FY2023 | 17% |
| FY2024 | 19% |
| FY2025 | 12% |
Details›
- Gross margin12 months to Q2 2026
- 44%
- Operating margin12 months to Q2 2026
- 13%
- Net margin12 months to Q2 2026
- 14%
- Free cash flow margin
- −11%
- R&D as % of revenue
- 16%
- Revenue, trailing twelve months
- $1.04B
- Free cash flow, trailing twelve months
- −$119M
- Net income, trailing twelve months
- $150M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 9.7%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Semiconductor Equipment & Materials
Ranks #19 of 22 by Smart Score