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
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
Earnings & Revenue
Acm Research generated $901.3M in revenue in fiscal year 2025. This represents an increase of 15.2% from the prior year.
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.
Acm Research reported $94.1M in net income in fiscal year 2025. This represents a decrease of 9.2% from the prior year.
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
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.
Acm Research held $757.4M in cash against $178.9M in long-term debt as of fiscal year 2025.
Margins & Returns
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.
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.
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.
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
Acm Research invested $145.0M in research and development in fiscal year 2025. This represents an increase of 37.5% from the prior year.
Acm Research spent $7.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
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
What is Acm Research's annual revenue?
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.
How fast is Acm Research's revenue growing?
Acm Research (ACMR) revenue grew by 15.2% year-over-year, from $782.1M to $901.3M in fiscal year 2025.
Is Acm Research profitable?
Yes, Acm Research (ACMR) reported a net income of $94.1M in fiscal year 2025, with a net profit margin of 10.4%.
What is Acm Research's EBITDA?
Acm Research (ACMR) had EBITDA of $123.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Acm Research have?
As of fiscal year 2025, Acm Research (ACMR) had $757.4M in cash and equivalents against $178.9M in long-term debt.
What is Acm Research's gross margin?
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.
What is Acm Research's operating margin?
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.
What is Acm Research's net profit margin?
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.
What is Acm Research's return on equity (ROE)?
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.
What is Acm Research's free cash flow?
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.
What is Acm Research's operating cash flow?
Acm Research (ACMR) generated -$10.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Acm Research's total assets?
Acm Research (ACMR) had $2.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Acm Research's capital expenditures?
Acm Research (ACMR) invested $56.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Acm Research spend on research and development?
Acm Research (ACMR) invested $145.0M in research and development during fiscal year 2025.
What is Acm Research's current ratio?
Acm Research (ACMR) had a current ratio of 3.27 as of fiscal year 2025, which is generally considered healthy.
What is Acm Research's debt-to-equity ratio?
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.
What is Acm Research's return on assets (ROA)?
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.
What is Acm Research's cash runway?
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.
What is Acm Research's Altman Z-Score?
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.
What is Acm Research's Piotroski F-Score?
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.
Are Acm Research's earnings high quality?
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.
Can Acm Research cover its interest payments?
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.
How financially healthy is Acm Research?
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.