Revenue growth has become increasingly volatile, ranging from a 105% surge in 2024Q1 to 9.4% in 2025Q4, while operating margins have contracted from 21.7% in 2024Q3 to 15.6% in 2026Q1.
| Sales/Revenue | 960.23M | 901.31M | 782.12M | 557.72M | 388.83M | 259.75M | 156.62M | 107.52M | 74.64M | 36.51M | 27.37M | 31.21M |
| Revenue Growth % | 19.69% | 15.24% | 40.23% | 43.44% | 49.69% | 65.84% | 45.66% | 44.05% | 104.47% | 33.37% | -12.29% | - |
| Cost of Goods Sold | 535.47M | 501.24M | 390.56M | 281.51M | 205.22M | 144.9M | 87.03M | 56.87M | 40.19M | 19.28M | 14.04M | 17.09M |
| COGS % of Revenue | - | 55.61% | 49.94% | 50.47% | 52.78% | 55.78% | 55.56% | 52.89% | 53.85% | 52.82% | 51.3% | 54.75% |
| Gross Profit | 424.75M | 400.07M | 391.55M | 276.21M | 183.62M | 114.86M | 69.6M | 50.65M | 34.45M | 17.23M | 13.33M | 14.12M |
| Gross Margin % | 44.23% | 44.39% | 50.06% | 49.53% | 47.22% | 44.22% | 44.44% | 47.11% | 46.15% | 47.18% | 48.7% | 45.25% |
| Gross Profit Growth % | - | 2.17% | 41.76% | 50.43% | 59.87% | 65.03% | 37.4% | 47.04% | 99.99% | 29.23% | -5.61% | - |
| Operating Expenses | 304.93M | 290.64M | 240.56M | 180.38M | 124.58M | 76.15M | 48.11M | 32.86M | 27.98M | 16.52M | 9.84M | 9.26M |
| OpEx % of Revenue | - | 32.25% | 30.76% | 32.34% | 32.04% | 29.32% | 30.71% | 30.56% | 37.48% | 45.27% | 35.95% | 29.67% |
| Selling, General & Admin | 150.89M | 145.65M | 135.08M | 87.67M | 62.35M | 41.95M | 28.99M | 19.96M | 17.6M | 11.39M | 6.58M | 6.32M |
| SG&A % of Revenue | - | 16.16% | 17.27% | 15.72% | 16.04% | 16.15% | 18.51% | 18.57% | 23.58% | 31.19% | 24.04% | 20.24% |
| Research & Development | 154.03M | 144.99M | 105.47M | 92.71M | 62.23M | 34.21M | 19.12M | 12.9M | 10.38M | 5.14M | 3.26M | 2.94M |
| R&D % of Revenue | - | 16.09% | 13.49% | 16.62% | 16% | 13.17% | 12.21% | 12% | 13.91% | 14.07% | 11.91% | 9.43% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 119.83M | 109.43M | 151M | 95.84M | 59.03M | 38.7M | 21.49M | 17.79M | 6.47M | 700K | 3.49M | 4.86M |
| Operating Margin % | 12.48% | 12.14% | 19.31% | 17.18% | 15.18% | 14.9% | 13.72% | 16.55% | 8.67% | 1.92% | 12.75% | 15.58% |
| Operating Income Growth % | - | -27.53% | 57.55% | 62.34% | 52.54% | 80.08% | 20.8% | 174.93% | 824.43% | -79.94% | -28.23% | - |
| EBITDA | 138.61M | 125.76M | 160.97M | 103.93M | 64.4M | 41.05M | 22.55M | 18.58M | 6.89M | 971K | 3.68M | 5.02M |
| EBITDA Margin % | 14.43% | 13.95% | 20.58% | 18.63% | 16.56% | 15.81% | 14.4% | 17.28% | 9.23% | 2.66% | 13.43% | 16.1% |
| EBITDA Growth % | -14.45% | -21.87% | 54.88% | 61.38% | 56.87% | 82.09% | 21.36% | 169.73% | 609.37% | -73.59% | -26.8% | - |
| D&A (Non-Cash Add-back) | 18.78M | 16.33M | 9.97M | 8.09M | 5.37M | 2.35M | 1.05M | 788K | 417K | 271K | 187K | 160K |
| EBIT | 149.6M | 142.15M | 170.45M | 118.9M | 69.02M | 38.7M | 20.28M | 17.79M | 6.47M | 700K | 3.49M | 4.86M |
| Net Interest Income | 8.69M | 7.68M | 5.78M | 5.67M | 7.08M | -260K | -85K | -412K | -469K | -268K | -165K | -105K |
| Interest Income | 16.02M | 14.64M | 9.94M | 8.35M | 8.74M | 505K | 897K | 333K | 29K | 9K | 16K | 17K |
| Interest Expense | 7.33M | 6.96M | 4.15M | 2.68M | 1.66M | 765K | 982K | 745K | 498K | 277K | 181K | 122K |
| Other Income/Expense | 18.2M | 25.76M | 15.3M | 20.38M | 8.33M | 4.35M | -2.2M | 1.15M | 909K | -1.02M | -508K | 527K |
| Pretax Income | 138.03M | 135.19M | 166.3M | 116.22M | 67.36M | 43.05M | 19.3M | 18.94M | 7.38M | -323K | 2.98M | 5.39M |
| Pretax Margin % | 14.37% | 15% | 21.26% | 20.84% | 17.32% | 16.58% | 12.32% | 17.61% | 9.89% | -0.88% | 10.89% | 17.27% |
| Income Tax | 14.92M | 13.3M | 35.03M | 19.36M | 16.8M | 134K | -2.38M | -518K | 806K | 547K | 595K | -2.52M |
| Effective Tax Rate % | 10.81% | 9.84% | 21.06% | 16.66% | 24.94% | 0.31% | -12.35% | -2.73% | 10.92% | -169.35% | 19.95% | -46.85% |
| Net Income | 91M | 94.08M | 103.63M | 77.35M | 39.26M | 37.76M | 18.78M | 18.89M | 6.57M | -316K | 1.03M | 5.38M |
| Net Margin % | 9.48% | 10.44% | 13.25% | 13.87% | 10.1% | 14.54% | 11.99% | 17.57% | 8.81% | -0.87% | 3.77% | 17.24% |
| Net Income Growth % | -14.61% | -9.21% | 33.97% | 97% | 3.99% | 101.05% | -0.6% | 187.4% | 2180.38% | -130.65% | -80.84% | - |
| Net Income (Continuing) | 123.11M | 121.89M | 131.27M | 96.85M | 50.56M | 42.92M | 21.68M | 19.46M | 6.57M | -872K | 2.39M | 7.92M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 501.96M | 466.15M | 191.28M | 158.77M | 137.31M | 135.46M | 67.02M | 0 | 0 | 0 | 4.92M | 3.76M |
| EPS (Diluted) | 1.30 | 1.37 | 1.53 | 1.16 | 0.59 | 0.58 | 0.30 | 0.33 | 0.12 | -0.01 | 0.04 | 0.68 |
| EPS Growth % | -16.03% | -10.46% | 31.9% | 96.61% | 1.72% | 93.33% | -9.09% | 175% | - | -116.05% | -93.59% | - |
| EPS (Basic) | - | 1.47 | 1.67 | 1.29 | 0.66 | 0.65 | 0.34 | 0.37 | 0.12 | -0.02 | 0.04 | 0.35 |
| Diluted Shares Outstanding | 69.77M | 67.31M | 66.24M | 64.87M | 65.34M | 65.36M | 63.55M | 57.41M | 53.74M | 45.14M | 23.67M | 7.93M |
| Basic Shares Outstanding | 65.8M | 64.18M | 62.21M | 60.16M | 59.24M | 57.65M | 54.7M | 50.4M | 53.32M | 20.6M | 23.67M | 15.41M |
| Dividend Payout Ratio | - | 8.05% | 6.66% | 5.11% | - | - | - | - | - | - | - | - |
Geopolitical concentration and regulation
As reported in recent financial filings, ACMR's revenue growth has exhibited significant quarterly variance, ranging from a 105% surge in 2024Q1 to a more modest 9.4% expansion by 2025Q4, reflecting the inherent lumpiness of project-based semiconductor equipment sales within the highly concentrated mainland China market.
The inconsistent growth trajectory suggests that revenue recognition is heavily dependent on the timing of final customer acceptance rather than steady-state demand. Investors should monitor whether the recent diversification into ECP and furnace tools can smooth these fluctuations or if the company remains tethered to the cyclical capital expenditure cycles of its primary foundry customers.
Based on the provided income statement data, gross margins have trended downward from a peak of 52.0% in 2024Q1 to 46.4% in 2026Q1, indicating potential pricing pressure or a shift in product mix as the company attempts to displace established incumbents in the Chinese semiconductor equipment landscape.
The inability to maintain gross margins above the 50% threshold achieved by global peers like Camtek suggests that ACMR may be utilizing aggressive pricing strategies to secure market share. This margin erosion warrants further investigation into whether rising component costs or competitive responses from domestic Chinese rivals are permanently altering the company's profitability profile.
According to the company's historical income statements, operating margins have contracted from 21.7% in 2024Q3 to 15.6% in 2026Q1, demonstrating that operating expenses are currently scaling at a rate that outpaces the growth of gross profit, thereby limiting the company's ability to achieve meaningful operating leverage.
The persistent investment in R&D and SG&A appears necessary to support the company's multi-product platform strategy, yet it currently suppresses bottom-line scalability. Analysts should consider whether this high fixed-cost structure is a temporary requirement for market entry or a permanent feature of the company's business model that will continue to dampen operating income growth.
As evidenced by the quarterly data, net income has fluctuated significantly, with EPS dropping from $0.52 in 2025Q3 to $0.11 in 2025Q4, a trend that appears driven by both operational lumpiness and the variable impact of stock-based compensation and other non-operating items across the reporting periods.
The wide variance in net income suggests that reported earnings may not be a reliable indicator of underlying operational health without adjusting for the timing of customer acceptances and non-cash expenses. Investors should be cautious of the discrepancy between top-line growth and bottom-line stability, as the latter remains highly sensitive to the company's aggressive reinvestment and geographic concentration risks.
Based on the extreme geographic concentration of revenue, which exceeds 90% in mainland China, the company faces a material risk that future US export controls on legacy semiconductor nodes could abruptly sever its primary revenue engine, rendering current growth projections and valuation multiples potentially unsustainable for long-term investors.
While the company's technical differentiation in megasonic cleaning is clear, the reliance on a single regulatory environment creates a binary risk profile that is not fully captured by historical financial performance. A tightening of trade restrictions would likely force a rapid and costly pivot in the company's business model, which may not be feasible given the current competitive landscape.
Quick answers to the most common questions about buying ACMR stock.
For fiscal year 2025, ACM Research, Inc. (ACMR) reported total revenue of $901.3M. This represents a 2788.3% increase compared to $31.2M in 2015.
ACM Research, Inc. (ACMR) is profitable, generating $94.1M in net income for the fiscal year ending 2025 with a net profit margin of 10.4%.
ACM Research, Inc. (ACMR) reported an operating income of $109.4M, resulting in an operating profit margin of 12.1%. This margin reflects the operational efficiency of the business before interest and taxes.
ACM Research, Inc. (ACMR) generated $400.1M in gross profit for the year, representing a gross profit margin of 44.4%. This demonstrates the company's core pricing power and production efficiency.