ACM Research ACMR
Nasdaq · Special Industry Machinery, Nec · $3.0B$39.31−11.52%Nov 5 close · Databento
ACMR Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing
Nov 5, 2026CLOSE $39.311D −11.52%3M −50.50%SMA20 $53.30SMA50 $65.64RSI(14) 23.8
39.31
RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 23.8
Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.
The numbers
fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via DatabentoMarket cap$3.0B
Enterprise value$2.5B
Revenue$901.3M +15.2%
True FCF (ex-SBC)$-100.2M −195.2%
Rule of 407.8%
ROIC7.0%
True FCF Yield-3.3%
EPS, diluted$1.37 −10.5%
Modern Valuation (EOD)
Market Cap$3.0B
Enterprise Value$2.5B
EV / True FCF—
EV / FCF—
EV / Gross Profit6.18
EV / EBIT22.61
EV / Sales2.74
P / E (GAAP)31.79
P / FCF—
P / Oper. CF—
P / Book1.55
Owner & Cash Yields
True FCF Yield-3.3%
FCF Yield-2.2%
Owner Earn. Yield0.6%
Earnings Yield3.1%
Shareholder Yield−1.1%
Buyback Yield0.0%
Dividend Yield—
Dividend / sh—
Payout Ratio—
FCF / sh$-4.70
EPS (diluted)$1.37
Compounder & Returns
Rule of 407.8%
ROIC7.0%
Cash ROIC (CROIC)-4.7%
GP / Assets13.9%
ROE4.9%
ROA3.3%
Gross Margin44.4%
Oper. Margin12.1%
Net Margin10.4%
FCF Margin-7.4%
True FCF Margin-11.1%
Quality & Dilution
Cash Conversion-71%
Accrual Ratio+3.6%
SBC % of FCF—
SBC % of Rev3.7%
Reinvest. Rate—
Sales Growth Y/Y+15.2%
Sales 3Y CAGR+32.3%
EPS Growth Y/Y−10.5%
FCF Growth Y/Y−195.2%
FCF 3Y CAGR—
Share Change Y/Y+1.6%
Balance Sheet & Scale
Revenue (FY)$901.3M
Gross Profit (FY)$400.1M
Oper. Income (FY)$109.4M
GAAP Net Income$94.1M
True FCF (ex-SBC)$-100.2M
Cash & Equiv$766.0M
Total Debt$249.1M
Net Cash (Debt)$516.9M
Net Cash % MCap+17.3%
Debt / FCF (yrs)—
Current Ratio3.2714.18M sh
Price & Technicals (EOD)
Perf Week−20.25%
Perf Month−45.98%
Perf Quarter−53.09%
Perf Half Y−33.60%
Perf YTD−20.89%
SMA 20 Dist−26.24%$53.30
SMA 50 Dist−40.11%$65.64
SMA 100 Dist−49.41%$77.70
Window High−69.02%$126.89
Window Low0.00%$39.31
RSI (14) · Vol23.879%v
Income Distribution & Cash Flow ConversionHow every dollar of ACMR revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow
Where Every $100 of Revenue Goes (FY2025)
Cost of Revenue (COGS)$501.2M ($55.6 / $100)
R&D Reinvestment$145.0M ($16.1 / $100)
Operating Expenses$145.6M ($16.2 / $100)
Tax & Non-Operating$15.4M ($1.7 / $100)
Net Profit Kept$94.1M ($10.4 / $100)
Earnings Quality: GAAP Profit → True Owner Cash (FY2025)
GAAP Net Income$94.1M (10.4% margin)
Operating Cash Flow (OCF)$-10.3M(-1.1% of rev)
Less: Capital Expenditures−$56.3M(6.2% of rev)
Standard Free Cash Flow (FCF)$-66.6M(-7.4% margin)
Less: Stock-Based Comp (SBC)−$33.6M
True FCF (Owner Cash ex-SBC)$-100.2M(-11.1% of rev)
Revenue by fiscal year
Operating leverage — margins
GrossOperatingNet
| Line Item (USD) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY Δ | 4Y CAGR | Trend |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | $259.8M | $388.8M | $557.7M | $782.1M | $901.3M | +15.2% | +36.5% | |
| Cost of Revenue (COGS) | $144.9M | $205.2M | $281.5M | $390.6M | $501.2M | +28.3% | +36.4% | |
| Gross Profit | $114.9M | $183.6M | $276.2M | $391.6M | $400.1M | +2.2% | +36.6% | |
| Research & Development (R&D) | $34.2M | $62.2M | $92.7M | $105.5M | $145.0M | +37.5% | +43.5% | |
| Total Operating Expenses | $76.2M | $124.6M | $180.4M | $240.6M | $290.6M | +20.8% | +39.8% | |
| Operating Income (EBIT) | $38.7M | $59.0M | $95.8M | $151.0M | $109.4M | −27.5% | +29.7% | |
| Interest Expense | $765,000 | $1.7M | $2.7M | $4.2M | $7.0M | +67.5% | +73.6% | |
| Income Tax Expense | $134,000 | $16.8M | $19.4M | $35.0M | $13.3M | −62.0% | +215.6% | |
| GAAP Net Income | $37.8M | $39.3M | $77.3M | $103.6M | $94.1M | −9.2% | +25.6% | |
| Diluted EPS | $0.58 | $0.59 | $1.16 | $1.53 | $1.37 | −10.5% | +24.0% | |
| Diluted Shares | 65.4M | 65.3M | 64.9M | 66.2M | 67.3M | +1.6% | +0.7% | |
| Balance Sheet | ||||||||
| Cash & Equivalents | $563.1M | $248.5M | $183.2M | $411.3M | $766.0M | +86.2% | +8.0% | |
| Inventory | $218.1M | $393.2M | $545.4M | $598.0M | $702.6M | +17.5% | +34.0% | |
| Total Current Assets | $952.9M | $963.8M | $1.2B | $1.5B | $2.4B | +64.3% | +26.5% | |
| Total Assets | $1.1B | $1.2B | $1.5B | $1.9B | $2.9B | +54.8% | +28.5% | |
| Total Current Liabilities | $205.9M | $396.2M | $500.7M | $641.2M | $745.7M | +16.3% | +37.9% | |
| Total Debt (Short + Long Term) | $27.8M | $23.3M | $67.5M | $194.5M | $249.1M | +28.1% | +73.0% | |
| Total Liabilities | $240.5M | $423.3M | $564.7M | $759.8M | $941.7M | +23.9% | +40.7% | |
| Stockholders' Equity | $811.7M | $812.2M | $926.2M | $1.1B | $1.9B | +76.2% | +24.2% | |
| Net Cash / (Net Debt) | $535.3M | $225.1M | $115.7M | $216.8M | $516.9M | +138.4% | −0.9% | |
| Invested Capital | $276.4M | $587.1M | $810.5M | $879.1M | $1.4B | +60.8% | +50.4% | |
| Cash Flow & Capital Allocation | ||||||||
| Operating Cash Flow (OCF) | $-40.1M | $-62.2M | $-75.3M | $152.4M | $-10.3M | −106.8% | — | |
| Depreciation & Amortization (D&A) | $2.4M | $4.8M | $6.9M | $6.6M | $14.4M | +119.2% | +57.3% | |
| Stock-Based Compensation (SBC) | $5.1M | $7.7M | $27.3M | $49.6M | $33.6M | −32.3% | +60.1% | |
| Capital Expenditures (CapEx) | $9.2M | $91.1M | $61.9M | $82.5M | $56.3M | −31.7% | +57.5% | |
| Free Cash Flow (FCF) | $-49.2M | $-153.3M | $-137.2M | $70.0M | $-66.6M | −195.2% | — | |
| True FCF (ex-SBC Owner Cash) | $-54.4M | $-161.0M | $-164.5M | $20.4M | $-100.2M | −590.8% | — | |
| Share Repurchases (Buybacks) | $0 | — | — | — | $0 | — | — | |
Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.
On the Wire
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