ACM Research, Inc. (ACMR) 10-Year Financial Performance & Capital Metrics

ACMR •

TechnologySemiconductorsSemiconductor Manufacturing Equipment

AboutACM 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 advanced process nodes, which provides cleaning for 2D and 3D patterned wafers; Tahoe technology for delivering cleaning performance using less sulfuric acid and hydrogen peroxide; and electro-chemical plating technology for advanced metal plating. The company markets and sells its products under the Ultra C brand name through direct sales force and third-party representatives. ACM Research, Inc. was incorporated in 1998 and is headquartered in Fremont, California.Show more

Revenue $782M +40.2%
EBITDA $161M +54.9%
Net Income $104M +34.0%
EPS (Diluted) 1.53 +31.9%
Gross Margin 50.06% +1.1%
EBITDA Margin 20.58% +10.4%
Operating Margin 19.31% +12.4%
Net Margin 13.25% -4.5%
ROE 10.25% +15.2%
ROIC 13.17% +36.2%
Debt/Equity 0.17 +61.0%
Interest Coverage 36.38 +1.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 40.5%
✓Momentum leader: RS Rating 92 (top 8%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 48.7%
✓Healthy 5Y average net margin of 12.7%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y48.71%

3Y44.4%

TTM20.77%

Profit (Net Income) CAGR

10Y-

5Y40.55%

3Y40.01%

TTM29.77%

EPS CAGR

10Y-

5Y35.91%

3Y38.17%

TTM30.3%

ROCE

10Y Avg13.94%

5Y Avg9.8%

3Y Avg10.39%

Latest13.7%

Peer Comparison

Semiconductor Manufacturing Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LRCXLam Research Corporation	292.64B	233.89	56.36	23.68%	30.22%	61.24%	1.85%	0.48
ASMLASML Holding N.V.	563.03B	1450.56	51.82	11.02%	29.42%	47.08%	2.23%	0.14
VECOVeeco Instruments Inc.	1.85B	30.56	51.80	-7.39%	5.33%	4%	2.48%	0.29
AMATApplied Materials, Inc.	295.23B	372.30	42.99	4.39%	24.67%	34.28%	1.93%	0.32
ACMRACM Research, Inc.	3.33B	55.68	36.39	40.23%	13.3%	6.21%	2.1%	0.17
ACLSAxcelis Technologies, Inc.	2.68B	82.61	21.74	-17.57%	14.33%	11.62%	4%	0.04
ASYSAmtech Systems, Inc.	187.79M	13.05	-6.16	-21.59%	-41.28%	-56.44%	3.69%	0.37

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	31.21M	27.37M	36.51M	74.64M	107.52M	156.62M	259.75M	388.83M	557.72M	782.12M
Revenue Growth %	-	-12.29%	33.37%	104.47%	44.05%	45.66%	65.84%	49.69%	43.44%	40.23%
Cost of Goods Sold+	17.09M	14.04M	19.28M	40.19M	56.87M	87.03M	144.9M	205.22M	281.51M	390.56M
COGS % of Revenue	54.75%	51.3%	52.82%	53.85%	52.89%	55.56%	55.78%	52.78%	50.47%	49.94%
Gross Profit+	14.12M	13.33M	17.23M	34.45M	50.65M	69.6M	114.86M	183.62M	276.21M	391.55M
Gross Margin %	45.25%	48.7%	47.18%	46.15%	47.11%	44.44%	44.22%	47.22%	49.53%	50.06%
Gross Profit Growth %	-	-5.61%	29.23%	99.99%	47.04%	37.4%	65.03%	59.87%	50.43%	41.76%
Operating Expenses+	9.26M	9.84M	16.52M	27.98M	32.86M	48.11M	76.15M	124.58M	180.38M	240.56M
OpEx % of Revenue	29.67%	35.95%	45.27%	37.48%	30.56%	30.71%	29.32%	32.04%	32.34%	30.76%
Selling, General & Admin	6.32M	6.58M	11.39M	17.6M	19.96M	28.99M	41.95M	62.35M	87.67M	135.08M
SG&A % of Revenue	20.24%	24.04%	31.19%	23.58%	18.57%	18.51%	16.15%	16.04%	15.72%	17.27%
Research & Development	2.94M	3.26M	5.14M	10.38M	12.9M	19.12M	34.21M	62.23M	92.71M	105.47M
R&D % of Revenue	9.43%	11.91%	14.07%	13.91%	12%	12.21%	13.17%	16%	16.62%	13.49%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	4.86M	3.49M	700K	6.47M	17.79M	21.49M	38.7M	59.03M	95.84M	151M
Operating Margin %	15.58%	12.75%	1.92%	8.67%	16.55%	13.72%	14.9%	15.18%	17.18%	19.31%
Operating Income Growth %	-	-28.23%	-79.94%	824.43%	174.93%	20.8%	80.08%	52.54%	62.34%	57.55%
EBITDA+	5.02M	3.68M	971K	6.89M	18.58M	22.55M	41.05M	64.4M	103.93M	160.97M
EBITDA Margin %	16.1%	13.43%	2.66%	9.23%	17.28%	14.4%	15.81%	16.56%	18.63%	20.58%
EBITDA Growth %	-	-26.8%	-73.59%	609.37%	169.73%	21.36%	82.09%	56.87%	61.38%	54.88%
D&A (Non-Cash Add-back)	160K	187K	271K	417K	788K	1.05M	2.35M	5.37M	8.09M	9.97M
EBIT	4.86M	3.49M	700K	6.47M	17.79M	20.28M	38.7M	69.02M	118.9M	170.45M
Net Interest Income+	-105K	-165K	-268K	-469K	-412K	-85K	-260K	7.08M	5.67M	5.78M
Interest Income	17K	16K	9K	29K	333K	897K	505K	8.74M	8.35M	9.94M
Interest Expense	122K	181K	277K	498K	745K	982K	765K	1.66M	2.68M	4.15M
Other Income/Expense	527K	-508K	-1.02M	909K	1.15M	-2.2M	4.35M	8.33M	20.38M	15.3M
Pretax Income+	5.39M	2.98M	-323K	7.38M	18.94M	19.3M	43.05M	67.36M	116.22M	166.3M
Pretax Margin %	17.27%	10.89%	-0.88%	9.89%	17.61%	12.32%	16.58%	17.32%	20.84%	21.26%
Income Tax+	-2.52M	595K	547K	806K	-518K	-2.38M	134K	16.8M	19.36M	35.03M
Effective Tax Rate %	99.81%	34.57%	97.83%	89.08%	99.76%	97.33%	87.69%	58.29%	66.56%	62.31%
Net Income+	5.38M	1.03M	-316K	6.57M	18.89M	18.78M	37.76M	39.26M	77.35M	103.63M
Net Margin %	17.24%	3.77%	-0.87%	8.81%	17.57%	11.99%	14.54%	10.1%	13.87%	13.25%
Net Income Growth %	-	-80.84%	-130.65%	2180.38%	187.4%	-0.6%	101.05%	3.99%	97%	33.97%
Net Income (Continuing)	7.92M	2.39M	-872K	6.57M	19.46M	21.68M	42.92M	50.56M	96.85M	131.27M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	3.76M	4.92M	0	0	0	67.02M	135.46M	137.31M	158.77M	191.28M
EPS (Diluted)+	0.68	0.04	-0.01	0.12	0.33	0.30	0.58	0.59	1.16	1.53
EPS Growth %	-	-93.59%	-116.05%	-	175%	-9.09%	93.33%	1.72%	96.61%	31.9%
EPS (Basic)	0.35	0.04	-0.02	0.12	0.37	0.34	0.65	0.66	1.29	1.67
Diluted Shares Outstanding	7.93M	23.67M	45.14M	53.74M	57.41M	63.55M	65.36M	65.34M	64.87M	66.24M
Basic Shares Outstanding	15.41M	23.67M	20.6M	53.32M	50.4M	54.7M	57.65M	59.24M	60.16M	62.21M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	5.11%	6.66%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	27.95M	40.35M	62.91M	96.03M	198.4M	260.66M	952.93M	963.81M	1.18B	1.48B
Cash & Short-Term Investments	4.4M	10.12M	17.68M	27.12M	58.26M	100M	592.05M	338.65M	283.93M	444.1M
Cash Only	4.4M	10.12M	17.68M	27.12M	58.26M	71.77M	562.55M	247.95M	182.09M	407.44M
Short-Term Investments	0	0	0	0	0	28.24M	29.5M	90.7M	101.84M	36.65M
Accounts Receivable	13.29M	17.79M	29.25M	28.16M	33.69M	66.12M	125.61M	212.55M	325.68M	428.9M
Days Sales Outstanding	155.49	237.22	292.48	137.68	114.38	154.09	176.51	199.53	213.14	200.16
Inventory	9.15M	11.67M	15.39M	38.76M	44.8M	88.64M	218.12M	393.17M	545.39M	597.98M
Days Inventory Outstanding	195.39	303.24	291.3	352.01	287.51	371.77	549.45	699.3	707.15	558.84
Other Current Assets	7K	53K	46K	0	59.6M	0	519K	500K	1.08M	3.87M
Total Non-Current Assets+	4.2M	4.12M	4.98M	7.02M	19.31M	80.6M	99.25M	271.69M	314.8M	372.34M
Property, Plant & Equipment	1.77M	2.26M	2.34M	3.71M	7.51M	12.49M	61.2M	85.36M	208.87M	283.31M
Fixed Asset Turnover	17.63x	12.10x	15.60x	20.13x	14.33x	12.54x	4.24x	4.55x	2.67x	2.76x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	1K	17K	106K	274K	344K	10.2M	10.92M	9.95M	2.54M	3.46M
Long-Term Investments	-2.43M	-1.84M	1.24M	1.36M	5.93M	6.34M	12.69M	119.42M	68.7M	50.34M
Other Non-Current Assets	2.43M	1.84M	0	40K	192K	40.5M	1.26M	50.27M	14.42M	20.45M
Total Assets+	32.15M	44.47M	67.89M	103.05M	217.7M	341.26M	1.05B	1.24B	1.49B	1.86B
Asset Turnover	0.97x	0.62x	0.54x	0.72x	0.49x	0.46x	0.25x	0.31x	0.37x	0.42x
Asset Growth %	-	38.31%	52.68%	51.78%	111.27%	56.75%	208.32%	17.42%	20.67%	24.47%
Total Current Liabilities+	20.57M	17.07M	21.82M	46.14M	53.5M	102.91M	205.94M	396.21M	500.66M	641.23M
Accounts Payable	2.09M	4.67M	7.42M	16.67M	13.26M	35.6M	93.45M	101.73M	153.22M	139.29M
Days Payables Outstanding	44.74	121.26	140.45	151.41	85.12	149.33	235.41	180.95	198.66	130.18
Short-Term Debt	9.69M	4.77M	5.11M	9.45M	13.75M	27.74M	12M	58.33M	38.12M	77.29M
Deferred Revenue (Current)	4.63M	215K	143K	8.42M	9.13M	19.23M	56M	157.95M	185.06M	252.49M
Other Current Liabilities	439K	3.49M	7.46M	1.95M	0	15.82M	0	61.15M	100.26M	0
Current Ratio	1.36x	2.36x	2.88x	2.08x	3.71x	2.53x	4.63x	2.43x	2.35x	2.31x
Quick Ratio	0.91x	1.68x	2.18x	1.24x	2.87x	1.67x	3.57x	1.44x	1.26x	1.38x
Cash Conversion Cycle	306.15	419.2	443.34	338.28	316.77	376.53	490.55	717.88	721.63	628.83
Total Non-Current Liabilities+	16.06M	24.91M	6.22M	4.58M	66.88M	30.18M	34.58M	27.11M	64.09M	118.58M
Long-Term Debt	0	0	0	0	0	17.98M	22.96M	18.69M	53.95M	105.53M
Capital Lease Obligations	0	0	0	0	2.53M	2.88M	1.87M	1.11M	4.26M	3.84M
Deferred Tax Liabilities	0	0	0	0	0	1.29M	1.3M	0	0	0
Other Non-Current Liabilities	16.06M	24.91M	6.22M	4.58M	63.1M	8.03M	684K	7.32M	1.3M	1.17M
Total Liabilities	36.63M	41.98M	28.03M	50.72M	120.38M	133.09M	240.51M	423.33M	564.75M	759.82M
Total Debt+	9.69M	4.77M	5.11M	9.45M	17.64M	50.01M	39.14M	79.5M	99.1M	188.78M
Net Debt	5.29M	-5.35M	-12.57M	-17.68M	-40.62M	-21.75M	-523.41M	-168.45M	-82.99M	-218.66M
Debt / Equity	-	1.92x	0.13x	0.18x	0.18x	0.24x	0.05x	0.10x	0.11x	0.17x
Debt / EBITDA	1.93x	1.30x	5.26x	1.37x	0.95x	2.22x	0.95x	1.23x	0.95x	1.17x
Net Debt / EBITDA	1.05x	-1.45x	-12.95x	-2.57x	-2.19x	-0.96x	-12.75x	-2.62x	-0.80x	-1.36x
Interest Coverage	39.86x	19.28x	2.53x	12.99x	23.88x	21.89x	50.59x	35.67x	35.75x	36.38x
Total Equity+	-4.48M	2.48M	39.86M	52.32M	97.32M	208.17M	811.66M	812.17M	926.16M	1.1B
Equity Growth %	-	155.48%	1503.9%	31.28%	86%	113.9%	289.9%	0.06%	14.04%	18.33%
Book Value per Share	-0.56	0.10	0.88	0.97	1.70	3.28	12.42	12.43	14.28	16.55
Total Shareholders' Equity	-8.24M	-2.43M	39.86M	52.32M	97.32M	141.15M	676.2M	674.86M	767.39M	904.63M
Common Stock	280K	2K	1K	1K	2K	2K	6K	6K	7K	7K
Retained Earnings	-10.68M	-9.64M	-9.96M	-3.39M	15.51M	34.29M	63.73M	94.43M	156.83M	260M
Treasury Stock	-2.24M	0	0	0	0	0	0	0	0	0
Accumulated OCI	-84K	-413K	122K	-857K	-1.68M	4.86M	17.42M	-23.66M	-19.29M	-32.86M
Minority Interest	3.76M	4.92M	0	0	0	67.02M	135.46M	137.31M	158.77M	191.28M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.7M	-3.7M	-8.1M	6.91M	9.4M	-13.55M	-40.09M	-62.19M	-75.32M	152.45M
Operating CF Margin %	8.66%	-13.53%	-22.19%	9.26%	8.74%	-8.65%	-15.44%	-16%	-13.51%	19.49%
Operating CF Growth %	-	-237.01%	-118.83%	185.29%	36.1%	-244.07%	-195.95%	-55.12%	-21.11%	302.4%
Net Income	7.92M	2.39M	-872K	6.57M	19.46M	21.68M	42.92M	50.56M	77.35M	131.27M
Depreciation & Amortization	160K	187K	271K	417K	788K	1.05M	2.35M	5.37M	8.09M	9.97M
Stock-Based Compensation	423K	383K	1.62M	3.36M	3.57M	5.63M	5.12M	7.73M	27.34M	49.58M
Deferred Taxes	-2.43M	436K	659K	-405K	-3.72M	-4.08M	-1.84M	4.03M	-13.65M	5.29M
Other Non-Cash Items	15.06M	1.61M	-36K	-123K	126K	-1.24M	-5.24M	2.06M	10.13M	19.42M
Working Capital Changes	-3.36M	-8.71M	-9.74M	-2.92M	-10.82M	-36.58M	-83.4M	-131.94M	-184.59M	-63.07M
Change in Receivables	-7.43M	-4.72M	-9.76M	883K	-6.96M	-28.97M	-57.13M	-96.92M	-112.07M	-123.28M
Change in Inventory	-2.1M	-3.06M	-3.07M	-24.08M	-6.66M	-40.77M	-127.66M	-193.31M	-164.03M	-64.14M
Change in Payables	-2.62M	3.18M	1.91M	9.82M	-3.06M	21.27M	65.21M	17.5M	42.34M	4.73M
Cash from Investing+	-1.37M	-810K	-23.72M	-2.07M	-5.53M	-69.95M	-11.28M	-265.67M	-6.75M	-11.96M
Capital Expenditures	-1.37M	-817K	-766K	-2.07M	-1.13M	-45.42M	-9.15M	-91.09M	-61.88M	-82.46M
CapEx % of Revenue	4.39%	2.98%	2.1%	2.77%	1.05%	29%	3.52%	23.43%	11.09%	10.54%
Acquisitions	0	7K	-22.01M	0	-4.41M	0	0	-1M	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	7K	-831K	-241K	-4.56M	-9.51M	-559K	-426K	-2.46M	-3.48M
Cash from Financing+	2.27M	10.55M	38.72M	5.12M	87.44M	32.83M	538.77M	45.87M	18.53M	92.48M
Debt Issued (Net)	2.27M	0	44K	4.59M	4.42M	30.09M	-12M	44.56M	16.34M	88.28M
Equity Issued (Net)	0	0	0	0	1000K	0	1000K	1000K	1000K	1000K
Dividends Paid	0	0	0	0	0	0	0	0	-3.95M	-6.9M
Share Repurchases	0	0	0	0	-2.83M	0	0	0	0	0
Other Financing	0	10.55M	38.68M	528K	-259K	2.75M	0	0	0	0
Net Change in Cash	3.23M	5.72M	7.56M	9.44M	90.73M	-46.09M	491.3M	-314.62M	-65.28M	228.14M
Free Cash Flow+	1.33M	-4.52M	-8.87M	4.84M	8.28M	-69.03M	-49.8M	-154.71M	-139.66M	69.99M
FCF Margin %	4.27%	-16.51%	-24.29%	6.48%	7.7%	-44.07%	-19.17%	-39.79%	-25.04%	8.95%
FCF Growth %	-	-439.52%	-96.22%	154.56%	71.1%	-933.92%	27.85%	-210.64%	9.73%	150.11%
FCF per Share	0.17	-0.19	-0.20	0.09	0.14	-1.09	-0.76	-2.37	-2.15	1.06
FCF Conversion (FCF/Net Income)	0.50x	-3.59x	25.64x	1.05x	0.50x	-0.72x	-1.06x	-1.58x	-0.97x	1.47x
Interest Paid	0	0	0	0	745K	982K	765K	1.66M	2.68M	4.15M
Taxes Paid	0	0	0	0	1.16M	4.97M	1.13M	3.59M	26.1M	11.22M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	41.49%	-1.49%	14.26%	25.25%	12.29%	7.4%	4.84%	8.9%	10.25%
Return on Invested Capital (ROIC)	449.72%	-	4.3%	15.67%	29.21%	13.26%	12.23%	9.5%	9.67%	13.17%
Gross Margin	45.25%	48.7%	47.18%	46.15%	47.11%	44.44%	44.22%	47.22%	49.53%	50.06%
Net Margin	17.24%	3.77%	-0.87%	8.81%	17.57%	11.99%	14.54%	10.1%	13.87%	13.25%
Debt / Equity	-	1.92x	0.13x	0.18x	0.18x	0.24x	0.05x	0.10x	0.11x	0.17x
Interest Coverage	39.86x	19.28x	2.53x	12.99x	23.88x	21.89x	50.59x	35.67x	35.75x	36.38x
FCF Conversion	0.50x	-3.59x	25.64x	1.05x	0.50x	-0.72x	-1.06x	-1.58x	-0.97x	1.47x
Revenue Growth	-	-12.29%	33.37%	104.47%	44.05%	45.66%	65.84%	49.69%	43.44%	40.23%

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ACM Research, Inc. (ACMR) 10-Year Financial Performance & Capital Metrics

ACMR •

TechnologySemiconductorsSemiconductor Manufacturing Equipment

Revenue $782M +40.2%
EBITDA $161M +54.9%
Net Income $104M +34.0%
EPS (Diluted) 1.53 +31.9%
Gross Margin 50.06% +1.1%
EBITDA Margin 20.58% +10.4%
Operating Margin 19.31% +12.4%
Net Margin 13.25% -4.5%
ROE 10.25% +15.2%
ROIC 13.17% +36.2%
Debt/Equity 0.17 +61.0%
Interest Coverage 36.38 +1.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 40.5%
✓Momentum leader: RS Rating 92 (top 8%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 48.7%
✓Healthy 5Y average net margin of 12.7%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y48.71%

3Y44.4%

TTM20.77%

Profit (Net Income) CAGR

10Y-

5Y40.55%

3Y40.01%

TTM29.77%

EPS CAGR

10Y-

5Y35.91%

3Y38.17%

TTM30.3%

ROCE

10Y Avg13.94%

5Y Avg9.8%

3Y Avg10.39%

Latest13.7%

Peer Comparison

Semiconductor Manufacturing Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LRCXLam Research Corporation	292.64B	233.89	56.36	23.68%	30.22%	61.24%	1.85%	0.48
ASMLASML Holding N.V.	563.03B	1450.56	51.82	11.02%	29.42%	47.08%	2.23%	0.14
VECOVeeco Instruments Inc.	1.85B	30.56	51.80	-7.39%	5.33%	4%	2.48%	0.29
AMATApplied Materials, Inc.	295.23B	372.30	42.99	4.39%	24.67%	34.28%	1.93%	0.32
ACMRACM Research, Inc.	3.33B	55.68	36.39	40.23%	13.3%	6.21%	2.1%	0.17
ACLSAxcelis Technologies, Inc.	2.68B	82.61	21.74	-17.57%	14.33%	11.62%	4%	0.04
ASYSAmtech Systems, Inc.	187.79M	13.05	-6.16	-21.59%	-41.28%	-56.44%	3.69%	0.37

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	31.21M	27.37M	36.51M	74.64M	107.52M	156.62M	259.75M	388.83M	557.72M	782.12M
Revenue Growth %	-	-12.29%	33.37%	104.47%	44.05%	45.66%	65.84%	49.69%	43.44%	40.23%
Cost of Goods Sold+	17.09M	14.04M	19.28M	40.19M	56.87M	87.03M	144.9M	205.22M	281.51M	390.56M
COGS % of Revenue	54.75%	51.3%	52.82%	53.85%	52.89%	55.56%	55.78%	52.78%	50.47%	49.94%
Gross Profit+	14.12M	13.33M	17.23M	34.45M	50.65M	69.6M	114.86M	183.62M	276.21M	391.55M
Gross Margin %	45.25%	48.7%	47.18%	46.15%	47.11%	44.44%	44.22%	47.22%	49.53%	50.06%
Gross Profit Growth %	-	-5.61%	29.23%	99.99%	47.04%	37.4%	65.03%	59.87%	50.43%	41.76%
Operating Expenses+	9.26M	9.84M	16.52M	27.98M	32.86M	48.11M	76.15M	124.58M	180.38M	240.56M
OpEx % of Revenue	29.67%	35.95%	45.27%	37.48%	30.56%	30.71%	29.32%	32.04%	32.34%	30.76%
Selling, General & Admin	6.32M	6.58M	11.39M	17.6M	19.96M	28.99M	41.95M	62.35M	87.67M	135.08M
SG&A % of Revenue	20.24%	24.04%	31.19%	23.58%	18.57%	18.51%	16.15%	16.04%	15.72%	17.27%
Research & Development	2.94M	3.26M	5.14M	10.38M	12.9M	19.12M	34.21M	62.23M	92.71M	105.47M
R&D % of Revenue	9.43%	11.91%	14.07%	13.91%	12%	12.21%	13.17%	16%	16.62%	13.49%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	4.86M	3.49M	700K	6.47M	17.79M	21.49M	38.7M	59.03M	95.84M	151M
Operating Margin %	15.58%	12.75%	1.92%	8.67%	16.55%	13.72%	14.9%	15.18%	17.18%	19.31%
Operating Income Growth %	-	-28.23%	-79.94%	824.43%	174.93%	20.8%	80.08%	52.54%	62.34%	57.55%
EBITDA+	5.02M	3.68M	971K	6.89M	18.58M	22.55M	41.05M	64.4M	103.93M	160.97M
EBITDA Margin %	16.1%	13.43%	2.66%	9.23%	17.28%	14.4%	15.81%	16.56%	18.63%	20.58%
EBITDA Growth %	-	-26.8%	-73.59%	609.37%	169.73%	21.36%	82.09%	56.87%	61.38%	54.88%
D&A (Non-Cash Add-back)	160K	187K	271K	417K	788K	1.05M	2.35M	5.37M	8.09M	9.97M
EBIT	4.86M	3.49M	700K	6.47M	17.79M	20.28M	38.7M	69.02M	118.9M	170.45M
Net Interest Income+	-105K	-165K	-268K	-469K	-412K	-85K	-260K	7.08M	5.67M	5.78M
Interest Income	17K	16K	9K	29K	333K	897K	505K	8.74M	8.35M	9.94M
Interest Expense	122K	181K	277K	498K	745K	982K	765K	1.66M	2.68M	4.15M
Other Income/Expense	527K	-508K	-1.02M	909K	1.15M	-2.2M	4.35M	8.33M	20.38M	15.3M
Pretax Income+	5.39M	2.98M	-323K	7.38M	18.94M	19.3M	43.05M	67.36M	116.22M	166.3M
Pretax Margin %	17.27%	10.89%	-0.88%	9.89%	17.61%	12.32%	16.58%	17.32%	20.84%	21.26%
Income Tax+	-2.52M	595K	547K	806K	-518K	-2.38M	134K	16.8M	19.36M	35.03M
Effective Tax Rate %	99.81%	34.57%	97.83%	89.08%	99.76%	97.33%	87.69%	58.29%	66.56%	62.31%
Net Income+	5.38M	1.03M	-316K	6.57M	18.89M	18.78M	37.76M	39.26M	77.35M	103.63M
Net Margin %	17.24%	3.77%	-0.87%	8.81%	17.57%	11.99%	14.54%	10.1%	13.87%	13.25%
Net Income Growth %	-	-80.84%	-130.65%	2180.38%	187.4%	-0.6%	101.05%	3.99%	97%	33.97%
Net Income (Continuing)	7.92M	2.39M	-872K	6.57M	19.46M	21.68M	42.92M	50.56M	96.85M	131.27M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	3.76M	4.92M	0	0	0	67.02M	135.46M	137.31M	158.77M	191.28M
EPS (Diluted)+	0.68	0.04	-0.01	0.12	0.33	0.30	0.58	0.59	1.16	1.53
EPS Growth %	-	-93.59%	-116.05%	-	175%	-9.09%	93.33%	1.72%	96.61%	31.9%
EPS (Basic)	0.35	0.04	-0.02	0.12	0.37	0.34	0.65	0.66	1.29	1.67
Diluted Shares Outstanding	7.93M	23.67M	45.14M	53.74M	57.41M	63.55M	65.36M	65.34M	64.87M	66.24M
Basic Shares Outstanding	15.41M	23.67M	20.6M	53.32M	50.4M	54.7M	57.65M	59.24M	60.16M	62.21M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	5.11%	6.66%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	27.95M	40.35M	62.91M	96.03M	198.4M	260.66M	952.93M	963.81M	1.18B	1.48B
Cash & Short-Term Investments	4.4M	10.12M	17.68M	27.12M	58.26M	100M	592.05M	338.65M	283.93M	444.1M
Cash Only	4.4M	10.12M	17.68M	27.12M	58.26M	71.77M	562.55M	247.95M	182.09M	407.44M
Short-Term Investments	0	0	0	0	0	28.24M	29.5M	90.7M	101.84M	36.65M
Accounts Receivable	13.29M	17.79M	29.25M	28.16M	33.69M	66.12M	125.61M	212.55M	325.68M	428.9M
Days Sales Outstanding	155.49	237.22	292.48	137.68	114.38	154.09	176.51	199.53	213.14	200.16
Inventory	9.15M	11.67M	15.39M	38.76M	44.8M	88.64M	218.12M	393.17M	545.39M	597.98M
Days Inventory Outstanding	195.39	303.24	291.3	352.01	287.51	371.77	549.45	699.3	707.15	558.84
Other Current Assets	7K	53K	46K	0	59.6M	0	519K	500K	1.08M	3.87M
Total Non-Current Assets+	4.2M	4.12M	4.98M	7.02M	19.31M	80.6M	99.25M	271.69M	314.8M	372.34M
Property, Plant & Equipment	1.77M	2.26M	2.34M	3.71M	7.51M	12.49M	61.2M	85.36M	208.87M	283.31M
Fixed Asset Turnover	17.63x	12.10x	15.60x	20.13x	14.33x	12.54x	4.24x	4.55x	2.67x	2.76x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	1K	17K	106K	274K	344K	10.2M	10.92M	9.95M	2.54M	3.46M
Long-Term Investments	-2.43M	-1.84M	1.24M	1.36M	5.93M	6.34M	12.69M	119.42M	68.7M	50.34M
Other Non-Current Assets	2.43M	1.84M	0	40K	192K	40.5M	1.26M	50.27M	14.42M	20.45M
Total Assets+	32.15M	44.47M	67.89M	103.05M	217.7M	341.26M	1.05B	1.24B	1.49B	1.86B
Asset Turnover	0.97x	0.62x	0.54x	0.72x	0.49x	0.46x	0.25x	0.31x	0.37x	0.42x
Asset Growth %	-	38.31%	52.68%	51.78%	111.27%	56.75%	208.32%	17.42%	20.67%	24.47%
Total Current Liabilities+	20.57M	17.07M	21.82M	46.14M	53.5M	102.91M	205.94M	396.21M	500.66M	641.23M
Accounts Payable	2.09M	4.67M	7.42M	16.67M	13.26M	35.6M	93.45M	101.73M	153.22M	139.29M
Days Payables Outstanding	44.74	121.26	140.45	151.41	85.12	149.33	235.41	180.95	198.66	130.18
Short-Term Debt	9.69M	4.77M	5.11M	9.45M	13.75M	27.74M	12M	58.33M	38.12M	77.29M
Deferred Revenue (Current)	4.63M	215K	143K	8.42M	9.13M	19.23M	56M	157.95M	185.06M	252.49M
Other Current Liabilities	439K	3.49M	7.46M	1.95M	0	15.82M	0	61.15M	100.26M	0
Current Ratio	1.36x	2.36x	2.88x	2.08x	3.71x	2.53x	4.63x	2.43x	2.35x	2.31x
Quick Ratio	0.91x	1.68x	2.18x	1.24x	2.87x	1.67x	3.57x	1.44x	1.26x	1.38x
Cash Conversion Cycle	306.15	419.2	443.34	338.28	316.77	376.53	490.55	717.88	721.63	628.83
Total Non-Current Liabilities+	16.06M	24.91M	6.22M	4.58M	66.88M	30.18M	34.58M	27.11M	64.09M	118.58M
Long-Term Debt	0	0	0	0	0	17.98M	22.96M	18.69M	53.95M	105.53M
Capital Lease Obligations	0	0	0	0	2.53M	2.88M	1.87M	1.11M	4.26M	3.84M
Deferred Tax Liabilities	0	0	0	0	0	1.29M	1.3M	0	0	0
Other Non-Current Liabilities	16.06M	24.91M	6.22M	4.58M	63.1M	8.03M	684K	7.32M	1.3M	1.17M
Total Liabilities	36.63M	41.98M	28.03M	50.72M	120.38M	133.09M	240.51M	423.33M	564.75M	759.82M
Total Debt+	9.69M	4.77M	5.11M	9.45M	17.64M	50.01M	39.14M	79.5M	99.1M	188.78M
Net Debt	5.29M	-5.35M	-12.57M	-17.68M	-40.62M	-21.75M	-523.41M	-168.45M	-82.99M	-218.66M
Debt / Equity	-	1.92x	0.13x	0.18x	0.18x	0.24x	0.05x	0.10x	0.11x	0.17x
Debt / EBITDA	1.93x	1.30x	5.26x	1.37x	0.95x	2.22x	0.95x	1.23x	0.95x	1.17x
Net Debt / EBITDA	1.05x	-1.45x	-12.95x	-2.57x	-2.19x	-0.96x	-12.75x	-2.62x	-0.80x	-1.36x
Interest Coverage	39.86x	19.28x	2.53x	12.99x	23.88x	21.89x	50.59x	35.67x	35.75x	36.38x
Total Equity+	-4.48M	2.48M	39.86M	52.32M	97.32M	208.17M	811.66M	812.17M	926.16M	1.1B
Equity Growth %	-	155.48%	1503.9%	31.28%	86%	113.9%	289.9%	0.06%	14.04%	18.33%
Book Value per Share	-0.56	0.10	0.88	0.97	1.70	3.28	12.42	12.43	14.28	16.55
Total Shareholders' Equity	-8.24M	-2.43M	39.86M	52.32M	97.32M	141.15M	676.2M	674.86M	767.39M	904.63M
Common Stock	280K	2K	1K	1K	2K	2K	6K	6K	7K	7K
Retained Earnings	-10.68M	-9.64M	-9.96M	-3.39M	15.51M	34.29M	63.73M	94.43M	156.83M	260M
Treasury Stock	-2.24M	0	0	0	0	0	0	0	0	0
Accumulated OCI	-84K	-413K	122K	-857K	-1.68M	4.86M	17.42M	-23.66M	-19.29M	-32.86M
Minority Interest	3.76M	4.92M	0	0	0	67.02M	135.46M	137.31M	158.77M	191.28M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.7M	-3.7M	-8.1M	6.91M	9.4M	-13.55M	-40.09M	-62.19M	-75.32M	152.45M
Operating CF Margin %	8.66%	-13.53%	-22.19%	9.26%	8.74%	-8.65%	-15.44%	-16%	-13.51%	19.49%
Operating CF Growth %	-	-237.01%	-118.83%	185.29%	36.1%	-244.07%	-195.95%	-55.12%	-21.11%	302.4%
Net Income	7.92M	2.39M	-872K	6.57M	19.46M	21.68M	42.92M	50.56M	77.35M	131.27M
Depreciation & Amortization	160K	187K	271K	417K	788K	1.05M	2.35M	5.37M	8.09M	9.97M
Stock-Based Compensation	423K	383K	1.62M	3.36M	3.57M	5.63M	5.12M	7.73M	27.34M	49.58M
Deferred Taxes	-2.43M	436K	659K	-405K	-3.72M	-4.08M	-1.84M	4.03M	-13.65M	5.29M
Other Non-Cash Items	15.06M	1.61M	-36K	-123K	126K	-1.24M	-5.24M	2.06M	10.13M	19.42M
Working Capital Changes	-3.36M	-8.71M	-9.74M	-2.92M	-10.82M	-36.58M	-83.4M	-131.94M	-184.59M	-63.07M
Change in Receivables	-7.43M	-4.72M	-9.76M	883K	-6.96M	-28.97M	-57.13M	-96.92M	-112.07M	-123.28M
Change in Inventory	-2.1M	-3.06M	-3.07M	-24.08M	-6.66M	-40.77M	-127.66M	-193.31M	-164.03M	-64.14M
Change in Payables	-2.62M	3.18M	1.91M	9.82M	-3.06M	21.27M	65.21M	17.5M	42.34M	4.73M
Cash from Investing+	-1.37M	-810K	-23.72M	-2.07M	-5.53M	-69.95M	-11.28M	-265.67M	-6.75M	-11.96M
Capital Expenditures	-1.37M	-817K	-766K	-2.07M	-1.13M	-45.42M	-9.15M	-91.09M	-61.88M	-82.46M
CapEx % of Revenue	4.39%	2.98%	2.1%	2.77%	1.05%	29%	3.52%	23.43%	11.09%	10.54%
Acquisitions	0	7K	-22.01M	0	-4.41M	0	0	-1M	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	7K	-831K	-241K	-4.56M	-9.51M	-559K	-426K	-2.46M	-3.48M
Cash from Financing+	2.27M	10.55M	38.72M	5.12M	87.44M	32.83M	538.77M	45.87M	18.53M	92.48M
Debt Issued (Net)	2.27M	0	44K	4.59M	4.42M	30.09M	-12M	44.56M	16.34M	88.28M
Equity Issued (Net)	0	0	0	0	1000K	0	1000K	1000K	1000K	1000K
Dividends Paid	0	0	0	0	0	0	0	0	-3.95M	-6.9M
Share Repurchases	0	0	0	0	-2.83M	0	0	0	0	0
Other Financing	0	10.55M	38.68M	528K	-259K	2.75M	0	0	0	0
Net Change in Cash	3.23M	5.72M	7.56M	9.44M	90.73M	-46.09M	491.3M	-314.62M	-65.28M	228.14M
Free Cash Flow+	1.33M	-4.52M	-8.87M	4.84M	8.28M	-69.03M	-49.8M	-154.71M	-139.66M	69.99M
FCF Margin %	4.27%	-16.51%	-24.29%	6.48%	7.7%	-44.07%	-19.17%	-39.79%	-25.04%	8.95%
FCF Growth %	-	-439.52%	-96.22%	154.56%	71.1%	-933.92%	27.85%	-210.64%	9.73%	150.11%
FCF per Share	0.17	-0.19	-0.20	0.09	0.14	-1.09	-0.76	-2.37	-2.15	1.06
FCF Conversion (FCF/Net Income)	0.50x	-3.59x	25.64x	1.05x	0.50x	-0.72x	-1.06x	-1.58x	-0.97x	1.47x
Interest Paid	0	0	0	0	745K	982K	765K	1.66M	2.68M	4.15M
Taxes Paid	0	0	0	0	1.16M	4.97M	1.13M	3.59M	26.1M	11.22M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-	41.49%	-1.49%	14.26%	25.25%	12.29%	7.4%	4.84%	8.9%	10.25%
Return on Invested Capital (ROIC)	449.72%	-	4.3%	15.67%	29.21%	13.26%	12.23%	9.5%	9.67%	13.17%
Gross Margin	45.25%	48.7%	47.18%	46.15%	47.11%	44.44%	44.22%	47.22%	49.53%	50.06%
Net Margin	17.24%	3.77%	-0.87%	8.81%	17.57%	11.99%	14.54%	10.1%	13.87%	13.25%
Debt / Equity	-	1.92x	0.13x	0.18x	0.18x	0.24x	0.05x	0.10x	0.11x	0.17x
Interest Coverage	39.86x	19.28x	2.53x	12.99x	23.88x	21.89x	50.59x	35.67x	35.75x	36.38x
FCF Conversion	0.50x	-3.59x	25.64x	1.05x	0.50x	-0.72x	-1.06x	-1.58x	-0.97x	1.47x
Revenue Growth	-	-12.29%	33.37%	104.47%	44.05%	45.66%	65.84%	49.69%	43.44%	40.23%

ACM Research, Inc. (ACMR) 10-Year Financial Performance & Capital Metrics

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ACM Research, Inc. (ACMR) 10-Year Financial Performance & Capital Metrics

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Revenue CAGR

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EPS CAGR

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