Free cash flow remains highly erratic, swinging from a positive $75.7 million in 2024Q4 to a negative $51.7 million in 2026Q1, largely driven by a $75.1 million working capital outflow.
| Cash from Operations | -45.15M | -10.32M | 152.45M | -75.32M | -62.19M | -40.09M | -13.55M | 9.4M | 6.91M | -8.1M | -3.7M | 2.7M |
| Operating CF Margin % | - | -1.15% | 19.49% | -13.51% | -16% | -15.44% | -8.65% | 8.74% | 9.26% | -22.19% | -13.53% | 8.66% |
| Operating CF Growth % | -1032.66% | -106.77% | 302.4% | -21.11% | -55.12% | -195.95% | -244.07% | 36.1% | 185.29% | -118.83% | -237.01% | - |
| Net Income | 91M | 94.08M | 131.27M | 77.35M | 50.56M | 42.92M | 21.68M | 19.46M | 6.57M | -872K | 2.39M | 7.92M |
| Depreciation & Amortization | 18.78M | 16.33M | 9.97M | 8.09M | 5.37M | 2.35M | 1.05M | 788K | 417K | 271K | 187K | 160K |
| Stock-Based Compensation | 23.76M | 33.58M | 49.58M | 27.34M | 7.73M | 5.12M | 5.63M | 3.57M | 3.36M | 1.62M | 383K | 423K |
| Deferred Taxes | -13.22M | -14.38M | 5.29M | -13.65M | 4.03M | -1.84M | -4.08M | -3.72M | -405K | 659K | 436K | -2.43M |
| Other Non-Cash Items | 26.56M | 37.89M | 19.42M | 10.13M | 2.06M | -5.24M | -1.24M | 126K | -123K | -36K | 1.61M | 15.06M |
| Working Capital Changes | -215.21M | -177.83M | -63.07M | -184.59M | -131.94M | -83.4M | -36.58M | -10.82M | -2.92M | -9.74M | -8.71M | -3.36M |
| Change in Receivables | -133.86M | -119.35M | -123.28M | -112.07M | -96.92M | -57.13M | -28.97M | -6.96M | 883K | -9.76M | -4.72M | -7.43M |
| Change in Inventory | -122.66M | -108.22M | -64.14M | -164.03M | -193.31M | -127.66M | -40.77M | -6.66M | -24.08M | -3.07M | -3.06M | -2.1M |
| Change in Payables | 73.56M | 67.85M | 4.73M | 42.34M | 17.5M | 65.21M | 21.27M | -3.06M | 9.82M | 1.91M | 3.18M | -2.62M |
| Cash from Investing | -383.29M | -390.33M | -11.96M | -6.75M | -265.67M | -11.28M | -69.95M | -5.53M | -2.07M | -23.72M | -810K | -1.37M |
| Capital Expenditures | -61.99M | -56.28M | -82.46M | -61.88M | -91.09M | -9.15M | -45.42M | -1.13M | -2.07M | -766K | -817K | -1.37M |
| CapEx % of Revenue | 6.46% | 6.24% | 10.54% | 11.09% | 23.43% | 3.52% | 29% | 1.05% | 2.77% | 2.1% | 2.98% | 4.39% |
| Acquisitions | 0 | 0 | 0 | 0 | -1M | 0 | 0 | -4.41M | 0 | -22.01M | 7K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -336.12M | -335.71M | -3.48M | -2.46M | -426K | -559K | -9.51M | -4.56M | -241K | -831K | 7K | 0 |
| Cash from Financing | 838.67M | 742.49M | 92.48M | 18.53M | 45.87M | 538.77M | 32.83M | 87.44M | 5.12M | 38.72M | 10.55M | 2.27M |
| Debt Issued (Net) | 90.36M | 99.08M | 88.28M | 16.34M | 44.56M | -12M | 30.09M | 4.42M | 4.59M | 44K | 0 | 2.27M |
| Equity Issued (Net) | 755.79M | 650.74M | 11.1M | 6.14M | 1.31M | 550.76M | 0 | 83.29M | 0 | 0 | 0 | 0 |
| Dividends Paid | -7.58M | -7.58M | -6.9M | -3.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -6.99M | -6.99M | 0 | 0 | 0 | 0 | 0 | -2.83M | 0 | 0 | 0 | 0 |
| Other Financing | 104K | 242K | 0 | 0 | 0 | 0 | 2.75M | -259K | 528K | 38.68M | 10.55M | 0 |
| Net Change in Cash | 426.31M | 354.65M | 228.14M | -65.28M | -314.62M | 491.3M | -46.09M | 90.73M | 9.44M | 7.56M | 5.72M | 3.23M |
| Free Cash Flow | -108.47M | -66.61M | 69.99M | -139.66M | -154.71M | -49.8M | -69.03M | 8.28M | 4.84M | -8.87M | -4.52M | 1.33M |
| FCF Margin % | -11.3% | -7.39% | 8.95% | -25.04% | -39.79% | -19.17% | -44.07% | 7.7% | 6.48% | -24.29% | -16.51% | 4.27% |
| FCF Growth % | -219.96% | -195.17% | 150.11% | 9.73% | -210.64% | 27.85% | -933.92% | 71.1% | 154.56% | -96.22% | -439.52% | - |
| FCF per Share | -1.55 | -0.99 | 1.06 | -2.15 | -2.37 | -0.76 | -1.09 | 0.14 | 0.09 | -0.20 | -0.19 | 0.17 |
| FCF Conversion (FCF/Net Income) | -1.19x | -0.11x | 1.47x | -0.97x | -1.58x | -1.06x | -0.72x | 0.50x | 1.05x | 25.64x | -3.59x | 0.50x |
| Interest Paid | 3.61M | 0 | 4.15M | 2.68M | 1.66M | 765K | 982K | 745K | 0 | 0 | 0 | 0 |
| Taxes Paid | 19.15M | 0 | 11.22M | 26.1M | 3.59M | 1.13M | 4.97M | 1.16M | 0 | 0 | 0 | 0 |
Working capital cycle volatility
As reported in recent financial statements, ACMR's operating cash flow frequently diverges from net income, with the OCF/NI ratio hitting a low of -1.71 in 2026Q1, suggesting that reported profits are not currently translating into liquid cash generation due to significant accrual-based accounting adjustments.
The persistent gap between net income and operating cash flow indicates that the company's earnings quality is heavily influenced by non-cash items and timing differences in revenue recognition. Investors should monitor whether this disconnect is a temporary byproduct of rapid growth or a structural issue where profit is trapped in uncollected receivables.
Based on the provided quarterly data, ACMR's free cash flow trajectory remains highly erratic, swinging from a positive $75.7 million in 2024Q4 to a negative $51.7 million in 2026Q1, highlighting the company's struggle to maintain consistent cash generation amidst its aggressive expansion phase.
The negative FCF margins observed in several recent quarters suggest that the company's capital requirements are currently outpacing its internal cash generation capabilities. This pattern implies that the business model is highly sensitive to the timing of customer payments and the lumpiness of large-scale equipment deliveries.
According to historical cash flow data, working capital changes have acted as a significant drain on liquidity, with a massive $75.1 million outflow in 2026Q1 alone, indicating that the company is struggling to efficiently manage its inventory and accounts receivable cycles during this growth period.
The recurring negative working capital charges suggest that the company is forced to tie up substantial cash to support its operational scale, likely due to extended payment terms or inventory build-ups required for its project-based business. This dynamic warrants further investigation into the credit quality of its primary customer base.
As evidenced by the financial filings, ACMR's capital expenditure as a percentage of revenue has fluctuated significantly, peaking at 16.7% in 2024Q1, which reflects the ongoing necessity for heavy investment in manufacturing infrastructure to support its diverse product portfolio and competitive positioning.
The high level of capital intensity suggests that the company must continuously reinvest in its production capabilities to maintain its technological edge in the cleaning and plating segments. This ongoing requirement for capital expenditure limits the amount of free cash flow available for potential shareholder returns or debt reduction.
Quick answers to the most common questions about buying ACMR stock.
ACM Research, Inc. (ACMR) generated $-10.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ACM Research, Inc. (ACMR) reported negative free cash flow of $66.6M in 2025, indicating capital requirements exceeded cash from operations.
ACM Research, Inc. (ACMR) spent $56.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, ACM Research, Inc. (ACMR) returned $7.6M to shareholders via cash dividends and spent $7.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.