ACM Research, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ACM Research, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	27.4	36.5	74.6	108	157	260	389	558	782	901
Cost of revenue	14	19.3	40.2	56.9	87	145	205	282	391	501
Gross profit	13.3	17.2	34.4	50.7	69.6	115	184	276	392	400
Research and development	3.26	5.14	10.4	12.9	19.1	34.2	62.2	92.7	105	145
Selling and marketing	3.91	5.5	9.61	11.9	16.8	26.7	39.9	47	65.4	76.9
General and administrative	2.67	5.89	7.99	8.06	12.2	15.2	22.5	40.6	69.6	68.8
Operating expenses	9.84	16.5	28	32.9	48.1	76.2	125	180	241	291
Operating income	3.49	0.7	6.47	17.8	21.5	38.7	59	95.8	151	109
Interest expense	0.18	0.28	0.5	0.75	0.98	0.77	1.66	2.68	4.15	6.96
Interest income	0.02	0.01	0.03	0.33	0.9	0.51	8.74	8.35	9.94	14.6
Other non-operating income			1.26	1.39	-3.38	-0.63	3.32	-1.56	6.33	-9.83
Pre-tax income	2.98	-0.33	7.38	18.9	19.3	43.1	67.4	116	166	135
Income tax	0.6	0.55	0.81	-0.52	-2.38	0.13	16.8	19.4	35	13.3
Net income to minority interests	1.36	-0.55	0	0.56	2.9	5.16	11.3	19.5	27.6	27.8
Net income	1.03	-0.32	6.57	18.9	18.8	37.8	39.3	77.3	104	94.1
EBITDA	3.68	0.97	6.89	18.6	22.5	41.1	63.9	103	158	124
EPS, basic	0.10	-0.02	0.14	0.38	0.34	0.65	0.66	1.29	1.67	1.47
EPS, diluted	0.06	-0.02	0.12	0.33	0.30	0.58	0.59	1.16	1.53	1.37
Shares, basic (weighted)	6.46	20.4	46.8	49.8	54.7	57.7	59.2	60.2	62.2	64.2
Shares, diluted (weighted)	11.3	20.4	53.1	56.8	63.6	65.4	65.3	64.9	66.2	67.3

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	10.1	17.7	27.1	58.3	71.8	563	248	182	407	757
Short-term investments				0	28.2	29.5	20.2	21.3	19.4	35.5
Receivables	16	26.8	24.6	31.1	56.4	106	183	283	387	504
Inventory	11.7	15.4	38.8	44.8	88.6	218	393	545	598	703
Other current assets	0.05	0.05	0	2.05	5.89	14.3	15.6	20	7.51	10.6
Total current assets	40.3	62.9	96	198	261	953	964	1,176	1,483	2,437
Property, plant and equipment	2.26	2.34	3.71	3.62	8.19	14	82.9	202	269	315
Lease right-of-use assets			0	3.89	4.3	4.18	2.49	15.4	14	17.9
Intangible assets	0.02	0.11	0.27	0.34	0.55	0.48	1.26	2.54	3.46	2.85
Long-term investments						12.7	17.5	27.9	37.1	66
Other non-current assets		0	0.04	0.19	40.5	45	50.3	6.05	20.5	4.48
Total assets	44.5	67.9	103	218	341	1,052	1,236	1,491	1,856	2,872
Accounts payable	5.17	7.42	16.7	13.3	35.6	93.5	102
Accrued liabilities	0.4	0.75	0.63	2.09	3.07	5.68	12.2	14.8	21.7	24.8
Deferred revenue			8.42	9.13	17.9	52.8	154	181	244	188
Short-term debt	4.76	5.1	9.45	0	1.59	2.41	2.32	6.78	44.5	35.1
Total current liabilities	17.1	21.8	46.1	53.5	103	206	396	501	641	746
Long-term debt				0	18	23	18.7	54	106	179
Lease liabilities			0	2.53	2.88	1.87	1.11	4.26	3.84	5.07
Other non-current liabilities	6.88	6.22	4.58	4.19	8.03	8.45	7.32	5.87	9.22	12
Total liabilities	23.9	28	50.7	60.2	133	241	423	565	760	942
Total debt				0	19.6	25.4	21	60.7	150	214
Paid-in capital	7.62	49.7	56.6	83.5	102	595	604	630	677	1,116
Retained earnings	-9.64	-9.96	-3.39	15.5	34.3	63.7	94.4	157	260	350
Other comprehensive income	-0.41	0.12	-0.86	-1.68	4.86	9.11	-40.5	-49.3	-63.4	-35.7
Shareholders' equity	-2.43	39.9	52.3	97.3	141	676	675	767	905	1,464
Minority interests	4.92	0		0	67	135	137	159	191	466
Total equity	2.49	39.9	52.3	97.3	208	812	812	926	1,096	1,931
Total liabilities and equity	44.5	67.9	103	218	341	1,052	1,236	1,491	1,856	2,872

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2.39	-0.87	6.57	19.5	21.7	42.9	50.6	96.9	131	122
Depreciation and amortization	0.19	0.27	0.42	0.79	1.06	2.35	4.84	6.91	6.57	14.4
Stock-based compensation	0.38	1.62	3.36	3.57	5.63	5.12	7.73	27.3	49.6	33.6
Deferred income tax		0.66	-0.41	-3.72	-4.46	-2.15	5.16	-13.2	5.43	-15
Change in receivables	-4.72	-9.76	0.88	-6.96	-22.1	-47.6	-88.7	-109	-123	-116
Change in inventory	-3.06	-3.07	-24.1	-6.66	-40.8	-128	-196	-164	-64.1	-108
Change in payables	3.18	1.91	9.83	-3.06	18.4	61.4	17.5	42.3	1.44	67.9
Cash from operations	-3.7	-8.1	6.91	9.4	-13.5	-40.1	-62.2	-75.3	152	-10.3
Capital expenditures	-0.8	-0.65	-1.83	-0.97	-5.21	-9.15	-91.1	-61.9	-82.5	-56.3
Purchases of investments			0	0	-15	0	0	-18.4	-1.39	0
Sales and maturities of investments					0	0	4.58	21.7	8.43	2.15
Cash from investing	-0.81	-23.7	-2.07	-5.53	-70	-11.3	-266	-6.75	-12	-390
Debt issued			0	0	19.7	7.06	0	42.4	96.9	119
Debt repaid							-2.22	-2.28	-9.58	-60.3
Stock issued	0	18.7	0	26.4	0	0	1.31	6.14	11.1	34.8
Share buybacks			0	-2.83	0	0		0	0	-6.99
Cash from financing	10.6	38.7	5.12	87.4	32.8	539	45.9	18.5	92.5	742
Exchange rate effect	-0.32	0.66	-0.52	-0.58	4.57	3.91	-32.6	-1.74	-4.84	12.8
Net change in cash	5.72	7.56	9.44	90.7	-46.1	491	-315	-65.3	228	355
Free cash flow	-4.5	-8.75	5.08	8.43	-18.8	-49.2	-153	-137	70	-66.6
Interest paid	0.18	0.28	0.5	0.75	0.98	0.77	1.66	2.68	4.15	6.96
Income taxes paid			0	1.16	4.97	1.13	3.59	26.1	11.2	32.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $77.30 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	43.8%	Gross profit / revenue.
Operating margin	13.3%	Operating income / revenue.
EBITDA margin	15.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	22.7%	Pre-tax income / revenue.
Net margin	14.5%	Net income / revenue.
FCF margin	-11.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-0.6%	Cash from operations / revenue.
Effective tax rate	11.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.4%	Net income / average total assets.
Return on invested capital (ROIC)	10.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	15.7%	Research and development expense / revenue.
Stock-based pay / revenue	2.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	10.8%	Capital expenditures / revenue.
D&A / revenue	1.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	32.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	41.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	29.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	41.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-27.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	22.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	38.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-21.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	24.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	40.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-9.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	33.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	38.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-10.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	32.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	35.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-106.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-195.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	61.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	29.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	59.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	54.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	32.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	53.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.66x	Current assets / current liabilities.
Quick ratio	2.05x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.37x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.13x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	6.9%	Total debt / total assets.
Liabilities / assets	29.2%	Total liabilities / total assets.
Net debt	-$840.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-5.33x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	18.1x	Operating income / interest expense.
Working capital	$2.09B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.86B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.31x	Revenue / average total assets.
Fixed asset turnover	2.70x	Revenue / average property, plant and equipment.
Inventory turnover	0.74x	Cost of revenue / average inventory.
Days inventory	490 days	365 x average inventory / cost of revenue.
Receivables turnover	1.93x	Revenue / average receivables.
Days sales outstanding	189 days	365 x average receivables / revenue.
FCF conversion	-79.0%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.09	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$14.45	Revenue / diluted weighted shares.
FCF per share	-$1.65	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.09	Cash from operations / diluted weighted shares.
Book value per share	$25.89	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$25.86	Tangible book value / shares outstanding.
Cash per share	$14.95	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$5.38B	Share price x shares outstanding.
Enterprise value	$4.54B	Market cap + total debt - cash - short-term investments.
P/E	35.8x	Market cap / net income. Only when net income is positive.
P/S	5.19x	Market cap / revenue.
P/B	2.89x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.90x	Market cap / tangible book value, when positive.
EV/Sales	4.38x	Enterprise value / revenue.
EV/EBIT	33.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	28.8x	Enterprise value / EBITDA, when both are positive.
FCF yield	-2.2%	Free cash flow / market cap.
Earnings yield	2.8%	Net income / market cap (the inverse of P/E).
PEG	1.11x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ACM Research, Inc.'s revenue in fiscal 2025?

ACM Research, Inc. reported revenue of $901.3M for fiscal 2025, 15.2% higher than the year before.

Was ACM Research, Inc. profitable in fiscal 2025?

Yes. Net income was $94.1M, a net margin of 10.4%.

How much free cash flow did ACM Research, Inc. generate in fiscal 2025?

Cash from operations of $10.3M minus capital expenditures of $56.3M left free cash flow of -$66.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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