ACM Research

ACMR

Semiconductors · Technology

Price

$83.92

-0.17 (-0.20%)

Market Cap

$5.38B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+3.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 65.4M (2021) → 67.3M (2025)

ACM Research, Inc., together with its subsidiaries, develops, manufactures, and sells single-wafer wet cleaning equipment for enhancing the manufacturing process and yield for integrated chips worldwide. It offers space alternated phase shift technology for flat and patterned wafer surfaces, which employs alternating phases of megasonic waves to deliver megasonic energy in a uniform manner on a microscopic level; timely energized bubble oscillation technology for patterned wafer surfaces at adva

Winston Score History

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1 trades / 12mo

0 Congressional buys and 1 sell on ACMR in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-75.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$145M/ year

↑ Rising (+37% vs prior year)

16.1% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

8.9%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$766M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

ACM Research is putting 16% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

40.9%

Healthy — 40.9% gross margin

Operating Margin

9.4%

Modest — 9.4% operating margin

ROCE

1.3%

Weak — 1.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+15.2%

Fast-growing sales (15.2% YoY)

EPS YoY

-10.9%

Earnings shrinking (-10.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

-11%

Weak — only -11% of profit becomes cash

FCF Margin

-7.6%

Burning cash (-7.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.20

Conservative — low debt load (0.20)

Interest Cover

15.73x

Comfortably covers interest (15.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

57.1x

Expensive — P/E 57.1

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+29.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (57.1 → 27.6)

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Dividends

Not applicable for this business.

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