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Acm Research Financials

ACMR
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Acm Research (ACMR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 50 / 100
Financial Profile 50/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
49

Acm Research has an operating margin of 12.1%, meaning the company retains $12 of operating profit per $100 of revenue. This results in a moderate score of 49/100, indicating healthy but not exceptional operating efficiency. This is down from 19.3% the prior year.

Growth
59

Acm Research's revenue surged 15.2% year-over-year to $901.3M, reflecting rapid business expansion. This strong growth earns a score of 59/100.

Leverage
100

Acm Research carries a low D/E ratio of 0.12, meaning only $0.12 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
63

Acm Research's current ratio of 3.27 indicates adequate short-term liquidity, earning a score of 63/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
7

While Acm Research generated -$10.3M in operating cash flow, capex of $56.3M consumed most of it, leaving -$66.6M in free cash flow. This results in a low score of 7/100, reflecting heavy capital investment rather than weak cash generation.

Returns
25

Acm Research generates a 6.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 25/100. This is down from 11.5% the prior year.

Altman Z-Score Safe
3.01

Acm Research scores 3.01, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.7B) relative to total liabilities ($941.7M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Weak
2/9

Acm Research passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality
-0.11x

For every $1 of reported earnings, Acm Research generates $-0.11 in operating cash flow (-$10.3M OCF vs $94.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage Safe
15.7x

Acm Research earns $15.7 in operating income for every $1 of interest expense ($109.4M vs $7.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$901.3M
YoY+15.2%
5Y CAGR+41.9%

Acm Research generated $901.3M in revenue in fiscal year 2025. This represents an increase of 15.2% from the prior year.

EBITDA
$123.8M
YoY-21.4%
5Y CAGR+40.6%

Acm Research's EBITDA was $123.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 21.4% from the prior year.

Net Income
$94.1M
YoY-9.2%
5Y CAGR+38.0%

Acm Research reported $94.1M in net income in fiscal year 2025. This represents a decrease of 9.2% from the prior year.

EPS (Diluted)
$1.37
YoY-10.5%
5Y CAGR+35.5%

Acm Research earned $1.37 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 10.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$66.6M
YoY-195.2%

Acm Research generated -$66.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 195.2% from the prior year.

Cash & Debt
$757.4M
YoY+85.9%
5Y CAGR+60.2%

Acm Research held $757.4M in cash against $178.9M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
N/A

Margins & Returns

Gross Margin
44.4%
YoY-5.7pp
5Y CAGR-0.1pp

Acm Research's gross margin was 44.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 5.7 percentage points from the prior year.

Operating Margin
12.1%
YoY-7.2pp
5Y CAGR-1.6pp

Acm Research's operating margin was 12.1% in fiscal year 2025, reflecting core business profitability. This is down 7.2 percentage points from the prior year.

Net Margin
10.4%
YoY-2.8pp
5Y CAGR-1.6pp

Acm Research's net profit margin was 10.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.8 percentage points from the prior year.

Return on Equity
6.4%
YoY-5.0pp
5Y CAGR-6.9pp

Acm Research's ROE was 6.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.0 percentage points from the prior year.

Capital Allocation

R&D Spending
$145.0M
YoY+37.5%
5Y CAGR+50.0%

Acm Research invested $145.0M in research and development in fiscal year 2025. This represents an increase of 37.5% from the prior year.

Share Buybacks
$7.0M

Acm Research spent $7.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$56.3M
YoY-31.7%
5Y CAGR+61.0%

Acm Research invested $56.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 31.7% from the prior year.

ACMR Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $244.4M-9.2% $269.2M+25.0% $215.4M+25.0% $172.3M-22.9% $223.5M+9.6% $204.0M+0.7% $202.5M+33.0% $152.2M
Cost of Revenue $144.5M-7.4% $156.0M+40.7% $110.9M+23.5% $89.8M-20.3% $112.7M+13.6% $99.1M-6.2% $105.7M+44.7% $73.1M
Gross Profit $99.9M-11.7% $113.1M+8.3% $104.5M+26.5% $82.5M-25.5% $110.8M+5.7% $104.8M+8.3% $96.8M+22.3% $79.1M
R&D Expenses $44.0M+11.0% $39.7M+17.3% $33.8M+23.0% $27.5M-0.9% $27.8M-0.3% $27.8M+7.2% $26.0M+8.6% $23.9M
SG&A Expenses $16.7M-24.9% $22.3M+32.1% $16.8M+30.3% $12.9M-37.5% $20.7M+21.4% $17.1M+6.0% $16.1M+1.8% $15.8M
Operating Income $23.0M-20.4% $28.9M-8.7% $31.7M+23.0% $25.8M-41.4% $44.0M-0.4% $44.2M+17.5% $37.6M+49.0% $25.2M
Interest Expense $1.8M-3.3% $1.9M+5.4% $1.8M+12.8% $1.6M+26.9% $1.2M+1.7% $1.2M+29.6% $932K+19.0% $783K
Income Tax $6.6M+144.2% $2.7M+42.2% $1.9M-12.2% $2.2M-87.6% $17.3M+332.2% $4.0M-57.1% $9.3M+113.7% $4.4M
Net Income $8.0M-77.6% $35.9M+20.6% $29.8M+46.0% $20.4M-34.4% $31.1M+0.6% $30.9M+27.6% $24.2M+38.9% $17.4M
EPS (Diluted) N/A $0.52+18.2% $0.44+46.7% $0.30 N/A $0.45+28.6% $0.35+34.6% $0.26

ACMR Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $2.9B+3.7% $2.8B+35.8% $2.0B+5.5% $1.9B+4.2% $1.9B+3.4% $1.8B+7.6% $1.7B+7.1% $1.6B
Current Assets $2.4B+3.3% $2.4B+43.3% $1.6B+6.3% $1.5B+4.3% $1.5B+2.6% $1.4B+7.6% $1.3B+9.3% $1.2B
Cash & Equivalents $757.4M-28.5% $1.1B+139.5% $442.1M-3.3% $457.2M+12.2% $407.4M+22.2% $333.5M+2.9% $324.0M+53.3% $211.3M
Inventory $702.6M+3.9% $676.4M+4.3% $648.3M+6.4% $609.6M+1.9% $598.0M-4.9% $628.7M+4.3% $602.9M+129.3% $262.9M
Accounts Receivable $504.3M+5.7% $477.0M+10.0% $433.7M+11.8% $387.8M+0.2% $387.0M+4.4% $370.6M+26.3% $293.5M-1.0% $296.4M
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $941.7M+6.4% $885.4M+4.4% $848.0M+8.9% $778.4M+2.4% $759.8M+4.8% $725.1M+8.8% $666.2M+11.8% $596.0M
Current Liabilities $745.7M+10.0% $677.9M+1.0% $671.0M+6.7% $628.9M-1.9% $641.2M+5.1% $610.0M+4.1% $586.2M+9.9% $533.2M
Long-Term Debt $178.9M-7.5% $193.4M+18.6% $163.0M+21.1% $134.5M+27.5% $105.5M-0.5% $106.1M+49.7% $70.8M+32.6% $53.4M
Total Equity $1.5B+2.2% $1.4B+45.2% $986.5M+3.9% $949.1M+4.9% $904.6M+1.9% $888.2M+6.6% $833.2M+4.6% $796.2M
Retained Earnings $350.4M+1.3% $346.0M+11.6% $310.1M+10.6% $280.4M+7.8% $260.0M+13.4% $229.4M+15.6% $198.5M+13.9% $174.3M

ACMR Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $33.9M+833.4% -$4.6M+89.7% -$44.9M-950.1% $5.3M-94.0% $88.6M+643.7% $11.9M-80.7% $61.6M+738.3% -$9.6M
Capital Expenditures $13.8M+25.4% $11.0M-25.2% $14.7M-11.9% $16.7M+46.5% $11.4M-64.9% $32.5M+148.5% $13.1M-48.5% $25.4M
Free Cash Flow $20.1M+228.6% -$15.6M+73.8% -$59.6M-421.1% -$11.4M-114.8% $77.2M+474.3% -$20.6M-142.5% $48.5M+238.3% -$35.1M
Investing Cash Flow -$347.6M-2925.1% -$11.5M+20.5% -$14.5M+14.2% -$16.8M+18.0% -$20.5M+11.9% -$23.3M-219.0% $19.6M+59.5% $12.3M
Financing Cash Flow $4.4M-99.3% $627.1M+1333.0% $43.8M-34.9% $67.2M+334.8% $15.5M-17.7% $18.8M-40.2% $31.4M+17.0% $26.8M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $0 $0 N/A N/A $0 $0 N/A N/A

ACMR Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 40.9%-1.2pp 42.0%-6.5pp 48.5%+0.6pp 47.9%-1.7pp 49.6%-1.8pp 51.4%+3.6pp 47.8%-4.2pp 52.0%
Operating Margin 9.4%-1.3pp 10.8%-4.0pp 14.7%-0.2pp 15.0%-4.7pp 19.7%-2.0pp 21.7%+3.1pp 18.6%+2.0pp 16.6%
Net Margin 3.3%-10.0pp 13.3%-0.5pp 13.8%+2.0pp 11.8%-2.1pp 13.9%-1.2pp 15.2%+3.2pp 12.0%+0.5pp 11.5%
Return on Equity 0.5%-2.0pp 2.5%-0.5pp 3.0%+0.9pp 2.1%-1.3pp 3.4%-0.0pp 3.5%+0.6pp 2.9%+0.7pp 2.2%
Return on Assets 0.3%-1.0pp 1.3%-0.2pp 1.5%+0.4pp 1.1%-0.6pp 1.7%-0.1pp 1.7%+0.3pp 1.5%+0.3pp 1.1%
Current Ratio 3.27-0.2 3.48+1.0 2.450.0 2.46+0.1 2.31-0.1 2.37+0.1 2.29-0.0 2.31
Debt-to-Equity 0.12-0.0 0.14-0.0 0.17+0.0 0.14+0.0 0.120.0 0.12+0.0 0.09+0.0 0.07
FCF Margin 8.2%+14.0pp -5.8%+21.9pp -27.7%-21.0pp -6.6%-41.2pp 34.5%+44.6pp -10.1%-34.1pp 23.9%+47.0pp -23.0%

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Frequently Asked Questions

Acm Research (ACMR) reported $901.3M in total revenue for fiscal year 2025. This represents a 15.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Acm Research (ACMR) revenue grew by 15.2% year-over-year, from $782.1M to $901.3M in fiscal year 2025.

Yes, Acm Research (ACMR) reported a net income of $94.1M in fiscal year 2025, with a net profit margin of 10.4%.

Acm Research (ACMR) reported diluted earnings per share of $1.37 for fiscal year 2025. This represents a -10.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Acm Research (ACMR) had EBITDA of $123.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Acm Research (ACMR) had $757.4M in cash and equivalents against $178.9M in long-term debt.

Acm Research (ACMR) had a gross margin of 44.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Acm Research (ACMR) had an operating margin of 12.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Acm Research (ACMR) had a net profit margin of 10.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Acm Research (ACMR) has a return on equity of 6.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Acm Research (ACMR) generated -$66.6M in free cash flow during fiscal year 2025. This represents a -195.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Acm Research (ACMR) generated -$10.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Acm Research (ACMR) had $2.9B in total assets as of fiscal year 2025, including both current and long-term assets.

Acm Research (ACMR) invested $56.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Acm Research (ACMR) invested $145.0M in research and development during fiscal year 2025.

Yes, Acm Research (ACMR) spent $7.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Acm Research (ACMR) had a current ratio of 3.27 as of fiscal year 2025, which is generally considered healthy.

Acm Research (ACMR) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Acm Research (ACMR) had a return on assets of 3.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Acm Research (ACMR) had $757.4M in cash against an annual operating cash burn of $10.3M. This gives an estimated cash runway of approximately 880 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Acm Research (ACMR) has an Altman Z-Score of 3.01, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Acm Research (ACMR) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Acm Research (ACMR) has an earnings quality ratio of -0.11x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Acm Research (ACMR) has an interest coverage ratio of 15.7x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Acm Research (ACMR) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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