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what it is
It sells wafer-cleaning machines that help chip factories make more good chips and fewer expensive mistakes.
how it gets paid
FY2025 revenue $901.3M (+15.2%). Segment splits on this page are illustrative—confirm line items in the annual report / segment tables.
why it's growing
Q4’25 revenue $244.4M (~+9% vs. Q4’24 per earnings materials). Full-year growth is still the clean headline—do not mix mystery “triple-digit” quarter figures from bad data feeds.
what just happened
FY2025 GAAP diluted EPS $1.37; Q4’25 GAAP diluted EPS $0.11 (non-GAAP $0.25 per release)—always match the EPS line to the consensus your terminal shows.
At a glance
B balance sheet — gets the job done, barely
65/100 earnings predictability — reasonably predictable
~34× trailing GAAP P/E (~$46.69 ÷ $1.37 FY2025 EPS)
5.9% return on capital — nothing to write home about
$1.37 FY2025 GAAP diluted EPS (actual)
xvary composite: 42/100 — below average
What they do
It sells wafer-cleaning machines that help chip factories make more good chips and fewer expensive mistakes.
Chip cleaning sounds boring until you remember one dirty wafer can ruin a whole batch. ACM says it has more than 498 patents across the U.S., China, Japan, Singapore, South Korea, and Taiwan, and that matters because process tools become sticky once your fab is qualified. You do not swap out a cleaning tool casually when yield means good chips per batch and bad chips per scrap pile.
How they make money
$901.3M
FY2025 revenue · +15.2% vs. FY2024
single-wafer wet cleaning systems
$405M
+18.0%
saps megasonic cleaning tools
$189M
+22.0%
tebo cleaning tools
$171M
+20.0%
wafer packaging and assembly tools
$99M
+9.0%
service and other tools
$37M
+5.0%
FY2025 totals from ACM Research Q4/FY2025 earnings (e.g. SEC exhibit / IR). Segment dollar rows here are rounded illustration—reconcile to filing segment tables.
The products that matter
core fabrication equipment
Single-wafer wet cleaning
record 2025 revenue context
This line is the workhorse behind record $901.3M FY2025 revenue—if customers pause here, you feel it fast.
center of gravity
new system launches
Advanced packaging tools
multiple orders in Q4 2025
the company said it received multiple orders in Q4 2025, with a market launch targeted for 2027. that's a real expansion path, but not near-term revenue rescue.
future option
lithography-adjacent systems
Track lithography systems
no revenue breakout here
this could matter strategically, but the snapshot does not give you segment revenue. that means you should treat it as a watch item, not as the current thesis.
promising, still thin
Key numbers
$901.3M
FY2025 revenue
Company-reported record year, +15.2% vs. FY2024.
45.7%
gross margin
Gross margin means money left after building the tools. Higher is better because it gives you room to fund growth and still earn real profit.
12.1%
GAAP operating margin
~$109.4M GAAP operating income ÷ $901.3M revenue (FY2025)—non-GAAP margins are higher; check the reconciliation.
~34×
trailing GAAP P/E
~$46.69 ÷ $1.37 FY2025 GAAP diluted EPS—~29× on non-GAAP $1.61 if you use that line.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $184M (6% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ACMR right now.
source: institutional data · return history unavailable
What just happened
Q4 / FY2025
FY2025 revenue $901.3M (+15.2%); Q4’25 revenue $244.4M; GAAP diluted EPS $1.37 FY2025 / $0.11 Q4’25.
GAAP operating income $109.4M → operating margin ~12.1%. Gross margin ~45.7% FY2025 with Q4 ~41% called out on the call—mix and pricing still matter.
$901.3M
FY2025 revenue
$1.37
FY GAAP EPS
12.1%
GAAP op. margin
the number that mattered
FY record revenue plus the 2026 revenue outlook ($1.08B–$1.175B guidance band) frame whether the multiple is paying for continued tool demand.
source: ACM Research Q4/FY2025 earnings release (SEC) · summary mirrors (Yahoo / Stock Titan)
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What could go wrong
the #1 risk is u.s. scrutiny of a china-centered customer base and subsidiary structure.
med
Geopolitical scrutiny can keep the discount in place
Intel tested ACMR tools in Dec 2025, and national security concerns followed because of China-linked units. This is no longer just a product story.
If scrutiny escalates, it can pressure both future sales and the market's willingness to credit the 74.6% stake in the $14.65B Chinese arm.
med
Margin compression is already showing up
Q4 gross margin fell to 41% from the 45.7% full-year level. Management pointed to product mix and competitive pricing.
Every 100 basis points of margin erosion cuts about $9M from gross profit. At this size, that moves the earnings story fast.
med
2026 guidance sets a high bar
Revenue guidance of $1.08B–$1.175B requires 20–30% growth from the $901M base. The stock already fell 7% in January when the outlook hit.
If quarterly revenue starts tracking below the low end, the growth premium inside that 26.8x multiple gets harder to defend.
med
The value may stay trapped
The entire bull case starts with the parent trading near $3B against a stake in a business valued at $14.65B. Markets can leave holding-company discounts in place for a long time, especially when politics is involved.
You can be right about the asset value and still wait much longer than you want for the stock to care.
The same China exposure that supports the revenue story also clouds the valuation story, and Q4's 41% margin shows there is less room for error than the headline discount suggests.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
Q1 2026 earnings report
Estimated for May 14, 2026. The first question is simple: does quarterly revenue start making the $1.08B–$1.175B full-year guide look realistic.
margin
Gross margin recovery
Full-year gross margin was 45.7%, but Q4 dropped to 41%. If that stays stuck in the low-40s, the earnings model gets a lot less pretty.
policy
Any new U.S. action tied to China-linked units
The Intel testing episode showed how quickly this can move from equipment demand to headline risk. One policy turn can reset the whole valuation debate.
product mix
Whether newer tools become more than a side story
Advanced packaging tools got multiple orders in Q4 2025, with launch targeted for 2027. If that pipeline turns into meaningful revenue, dependence on one core category starts easing.
Analyst rankings
earnings predictability
65 / 100
Earnings are somewhat predictable, but not steady enough to let you relax. in human-speak, analysts think this stock can still surprise you in both directions.
risk profile
4
Risk rank 4 means this sits in the shakier part of the market. You own it for upside and mispricing, not for sleep.
source: institutional data
Institutional activity
institutional ownership data for ACMR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$47
current price
n/a
target midpoint · n/a from current
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