The company maintains a healthy financial position with a conservative debt-to-equity ratio of 0.16 and a robust cash balance of $894.1 million as of 2026Q1.
| Total Current Assets | 2.62B | 2.44B | 1.48B | 1.18B | 963.81M | 952.93M | 260.66M | 198.4M | 96.03M | 62.91M | 40.35M | 27.95M |
| Cash & Short-Term Investments | 1.29B | 1.17B | 444.1M | 283.93M | 338.65M | 592.05M | 100M | 58.26M | 27.12M | 17.68M | 10.12M | 4.4M |
| Cash Only | 894.13M | 765.96M | 407.44M | 182.09M | 247.95M | 562.55M | 71.77M | 58.26M | 27.12M | 17.68M | 10.12M | 4.4M |
| Short-Term Investments | 392.9M | 402.12M | 36.65M | 101.84M | 90.7M | 29.5M | 28.24M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 580.97M | 552.9M | 428.9M | 325.68M | 212.55M | 125.61M | 66.12M | 33.69M | 28.16M | 29.25M | 17.79M | 13.29M |
| Days Sales Outstanding | 203.24 | 223.91 | 200.16 | 213.14 | 199.53 | 176.51 | 154.09 | 114.38 | 137.68 | 292.48 | 237.22 | 155.49 |
| Inventory | 738M | 702.63M | 597.98M | 545.39M | 393.17M | 218.12M | 88.64M | 44.8M | 38.76M | 15.39M | 11.67M | 9.15M |
| Days Inventory Outstanding | 471.24 | 511.65 | 558.84 | 707.15 | 699.3 | 549.45 | 371.77 | 287.51 | 352.01 | 291.3 | 303.24 | 195.39 |
| Other Current Assets | 13.35M | 2.5M | 3.87M | 1.08M | 500K | 519K | 0 | 59.6M | 0 | 46K | 53K | 7K |
| Total Non-Current Assets | 446.55M | 435.5M | 372.34M | 314.8M | 271.69M | 99.25M | 80.6M | 19.31M | 7.02M | 4.98M | 4.12M | 4.2M |
| Property, Plant & Equipment | 341.08M | 332.75M | 283.31M | 208.87M | 85.36M | 61.2M | 12.49M | 7.51M | 3.71M | 2.34M | 2.26M | 1.77M |
| Fixed Asset Turnover | 2.96x | 2.71x | 2.76x | 2.67x | 4.55x | 4.24x | 12.54x | 14.33x | 20.13x | 15.60x | 12.10x | 17.63x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.72M | 2.85M | 3.46M | 2.54M | 9.95M | 10.92M | 10.2M | 344K | 274K | 106K | 17K | 1K |
| Long-Term Investments | 254.78M | 66.03M | 50.34M | 68.7M | 119.42M | 12.69M | 6.34M | 5.93M | 1.36M | 1.24M | -1.84M | -2.43M |
| Other Non-Current Assets | 4.05M | 4.48M | 20.45M | 14.42M | 50.27M | 1.26M | 40.5M | 192K | 40K | 0 | 1.84M | 2.43M |
| Total Assets | 3.07B | 2.87B | 1.86B | 1.49B | 1.24B | 1.05B | 341.26M | 217.7M | 103.05M | 67.89M | 44.47M | 32.15M |
| Asset Turnover | 0.36x | 0.31x | 0.42x | 0.37x | 0.31x | 0.25x | 0.46x | 0.49x | 0.72x | 0.54x | 0.62x | 0.97x |
| Asset Growth % | 190.06% | 54.77% | 24.47% | 20.67% | 17.42% | 208.32% | 56.75% | 111.27% | 51.78% | 52.68% | 38.31% | - |
| Total Current Liabilities | 745.68M | 745.71M | 641.23M | 500.66M | 396.21M | 205.94M | 102.91M | 53.5M | 46.14M | 21.82M | 17.07M | 20.57M |
| Accounts Payable | 240.66M | 247.5M | 139.29M | 153.22M | 101.73M | 93.45M | 35.6M | 13.26M | 16.67M | 7.42M | 4.67M | 2.09M |
| Days Payables Outstanding | 142.74 | 180.23 | 130.18 | 198.66 | 180.95 | 235.41 | 149.33 | 85.12 | 151.41 | 140.45 | 121.26 | 44.74 |
| Short-Term Debt | 112.08M | 113.91M | 77.29M | 38.12M | 58.33M | 12M | 27.74M | 13.75M | 9.45M | 5.11M | 4.77M | 9.69M |
| Deferred Revenue (Current) | 839.14M | 205.2M | 252.49M | 185.06M | 157.95M | 56M | 19.23M | 9.13M | 8.42M | 143K | 215K | 4.63M |
| Other Current Liabilities | 128.61M | 178.12M | 0 | 100.26M | 61.15M | 0 | 15.82M | 0 | 1.95M | 7.46M | 3.49M | 439K |
| Current Ratio | 3.51x | 3.27x | 2.31x | 2.35x | 2.43x | 4.63x | 2.53x | 3.71x | 2.08x | 2.88x | 2.36x | 1.36x |
| Quick Ratio | 2.52x | 2.33x | 1.38x | 1.26x | 1.44x | 3.57x | 1.67x | 2.87x | 1.24x | 2.18x | 1.68x | 0.91x |
| Cash Conversion Cycle | 531.73 | 555.33 | 628.83 | 721.63 | 717.88 | 490.55 | 376.53 | 316.77 | 338.28 | 443.34 | 419.2 | 306.15 |
| Total Non-Current Liabilities | 236.75M | 195.96M | 118.58M | 64.09M | 27.11M | 34.58M | 30.18M | 66.88M | 4.58M | 6.22M | 24.91M | 16.06M |
| Long-Term Debt | 220.86M | 184M | 105.53M | 53.95M | 18.69M | 22.96M | 17.98M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 20.57M | 5.07M | 3.84M | 4.26M | 1.11M | 1.87M | 2.88M | 2.53M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 1.3M | 1.29M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 11.77M | 6.9M | 1.17M | 1.3M | 7.32M | 684K | 8.03M | 63.1M | 4.58M | 6.22M | 24.91M | 16.06M |
| Total Liabilities | 982.43M | 941.68M | 759.82M | 564.75M | 423.33M | 240.51M | 133.09M | 120.38M | 50.72M | 28.03M | 41.98M | 36.63M |
| Total Debt | 337.06M | 302.98M | 188.78M | 99.1M | 79.5M | 39.14M | 50.01M | 17.64M | 9.45M | 5.11M | 4.77M | 9.69M |
| Net Debt | -557.07M | -462.99M | -218.66M | -82.99M | -168.45M | -523.41M | -21.75M | -40.62M | -17.68M | -12.57M | -5.35M | 5.29M |
| Debt / Equity | 0.16x | 0.16x | 0.17x | 0.11x | 0.10x | 0.05x | 0.24x | 0.18x | 0.18x | 0.13x | 1.92x | - |
| Debt / EBITDA | 2.43x | 2.41x | 1.17x | 0.95x | 1.23x | 0.95x | 2.22x | 0.95x | 1.37x | 5.26x | 1.30x | 1.93x |
| Net Debt / EBITDA | -4.02x | -3.68x | -1.36x | -0.80x | -2.62x | -12.75x | -0.96x | -2.19x | -2.57x | -12.95x | -1.45x | 1.05x |
| Interest Coverage | 20.41x | 20.44x | 41.06x | 44.35x | 41.70x | 50.59x | 20.65x | 23.88x | 12.99x | 2.53x | 19.28x | 39.86x |
| Total Equity | 2.08B | 1.93B | 1.1B | 926.16M | 812.17M | 811.66M | 208.17M | 97.32M | 52.32M | 39.86M | 2.48M | -4.48M |
| Equity Growth % | 251.83% | 76.16% | 18.33% | 14.04% | 0.06% | 289.9% | 113.9% | 86% | 31.28% | 1503.9% | 155.48% | - |
| Book Value per Share | 29.86 | 28.68 | 16.55 | 14.28 | 12.43 | 12.42 | 3.28 | 1.70 | 0.97 | 0.88 | 0.10 | -0.56 |
| Total Shareholders' Equity | 1.58B | 1.46B | 904.63M | 767.39M | 674.86M | 676.2M | 141.15M | 97.32M | 52.32M | 39.86M | -2.43M | -8.24M |
| Common Stock | 7K | 7K | 7K | 7K | 6K | 6K | 2K | 2K | 1K | 1K | 2K | 280K |
| Retained Earnings | 367.74M | 350.43M | 260M | 156.83M | 94.43M | 63.73M | 34.29M | 15.51M | -3.39M | -9.96M | -9.64M | -10.68M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.24M |
| Accumulated OCI | 18.98M | -1.58M | -32.86M | -19.29M | -23.66M | 17.42M | 4.86M | -1.68M | -857K | 122K | -413K | -84K |
| Minority Interest | 501.96M | 466.15M | 191.28M | 158.77M | 137.31M | 135.46M | 67.02M | 0 | 0 | 0 | 4.92M | 3.76M |
Geopolitical and liquidity concentration
According to recent balance sheet filings, ACMR has aggressively expanded its total assets from $1.5 billion in 2023Q4 to $3.1 billion by 2026Q1, a trend that suggests a rapid scaling of operations despite the inherent volatility in its underlying project-based revenue recognition cycles.
The doubling of the asset base over ten quarters indicates a significant commitment to infrastructure and inventory to support market share gains. However, investors should monitor whether this asset intensity will eventually yield commensurate returns or if it merely reflects a buildup of potentially illiquid inventory in the Chinese market.
Based on reported financial statements, ACMR maintains a robust cash balance of $894.1 million as of 2026Q1, yet the current ratio of 3.51 appears somewhat inflated by significant accounts receivable and inventory levels that may not be easily converted into cash during a sector downturn.
While the headline liquidity appears strong, the divergence between cash on hand and operating cash flow suggests that the company's liquidity is heavily tied to the timing of customer acceptances. This reliance on long-cycle project payments warrants further investigation into the quality of the current asset base.
As indicated by the company's financial disclosures, ACMR maintains a conservative debt-to-equity ratio of 0.16% as of 2026Q1, suggesting that management has successfully funded its rapid expansion through equity and operational cash rather than relying on significant external debt financing.
This low leverage profile provides a necessary buffer against the geopolitical and regulatory risks inherent in the company's China-centric business model. The lack of significant debt obligations implies that the company is not currently facing immediate refinancing pressure, though it remains vulnerable to equity market sentiment.
Based on an analysis of the company's reported figures, the concentration of assets within mainland China, including a large portion of the $894.1 million cash balance, may present a hidden risk regarding the actual accessibility and fungibility of these funds for global corporate purposes.
The dual-listing structure and the geographic concentration of operations suggest that the balance sheet may be less flexible than the headline numbers imply. Investors should consider that regulatory or geopolitical friction could potentially restrict the movement of capital or the realization of asset values currently held within the Chinese subsidiary.
Quick answers to the most common questions about buying ACMR stock.
As of 2025, ACM Research, Inc. (ACMR) had total assets of $2.87B including $2.44B in current assets.
ACM Research, Inc. (ACMR) carries total debt of $303.0M, offset by $1.17B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ACM Research, Inc. (ACMR) has total shareholders' equity (book value) of $1.46B ($28.68 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ACM Research, Inc. (ACMR) reported a current ratio of 3.27x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.