ACM Research
Supplies wet-cleaning and adjacent process equipment for wafer fabrication and advanced packaging.
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Profile
Sells wet-cleaning, plating, furnace, PECVD, Track, and advanced-packaging equipment to chipmakers, with tool sales plus services and spares generating revenue. Wet cleaning remains the core business, while operations run principally through separately listed ACM Shanghai and equipment sales remain concentrated in mainland China.
Supplies semiconductor process equipment spanning front-end wafer fabrication and advanced packaging. Wet-cleaning systems—single-wafer, Tahoe, and semi-critical tools—remain the core business, complemented by electrochemical plating, vertical furnace, PECVD, Track, coating, developing, stripping, scrubbing, and wet-etch equipment. Proprietary SAPS, TEBO, and Tahoe processes target particle removal, pattern protection, throughput, and lower chemical consumption across foundry, logic, memory, and packaging applications.
Develops, manufactures, sells, and services equipment principally through ACM Shanghai, while sales and support teams extend into North America, Europe, and Southeast Asia. Substantially all semiconductor-equipment sales still come from customers in mainland China, despite recent deployments elsewhere. ACM Shanghai is separately listed on the STAR Market and is pursuing a Hong Kong listing; ACM Shanghai and ACM Korea are on the U.S. Entity List, restricting access to items subject to U.S. export controls.
Company facts
Key statistics
Year to date +65.8% · Average volume (30d) 950.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 25, 2026 | Daiwa | Initiate | Buy | $136 | ||
| Aug 10, 2026 | Craig-Hallum | Reiterate | Buy | $100 | ||
| Jun 23, 2026 | Morgan Stanley | Reiterate | Overweight | $130 | ||
| Jun 17, 2026 | Roth Capital | Target | $100 | $125 | ||
| Jun 1, 2026 | Roth Capital | Target | $40 | $100 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 7, 2026Q2 FY26 | $0.42 | $0.61 | +45.7% | $269.3M | $292.9M | +8.8% | +6.10% |
| May 7, 2026Q1 FY26 | $0.26 | $0.34 | +33.3% | $215.7M | $231.3M | +7.2% | +1.10% |
| Feb 26, 2026Q4 FY25 | $0.39 | $0.25 | −35.9% | $241.3M | $244.4M | +1.3% | −2.38% |
| Nov 5, 2025Q3 FY25 | $0.47 | $0.36 | −23.4% | $248.4M | $269.2M | +8.3% | −0.71% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $172.3M | $215.4M | $269.2M | $244.4M | $231.3M | $292.9M | |
| Gross profit | $82.6M | $104.5M | $113.1M | $99.9M | $107.2M | $134.6M | |
| Operating income | $25.8M | $31.7M | $28.9M | $23.0M | $36.2M | $49.7M | |
| Net income | $20.4M | $29.8M | $35.9M | $8.0M | $17.3M | $89.0M | |
| Diluted EPS | $0.30 | $0.44 | $0.52 | $0.11 | $0.24 | $1.23 | |
| Gross margin | 47.9% | 48.5% | 42.0% | 40.9% | 46.4% | 46.0% | |
| Operating margin | 15.0% | 14.7% | 10.7% | 9.4% | 15.6% | 17.0% |
Fiscal years (4-quarter sums)FY21 $259.8M · FY22 $388.8M · FY23 $557.7M · FY24 $782.1M · FY25 $901.3M
Revenue by product · Q2 FY26
Revenue by geography · FY24
Balance sheet, Jun 30, 2026Cash & short-term investments $1.46B · Total debt $349.3M · Total assets $3.40B · Shareholders' equity $1.86B
Dividends
No dividends on record.
Ownership
Shares outstanding 64.12M · Float 58.44M · 91.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 8.66M | 13.51% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management | 3.41M | 5.31% | 13G | Jul 31, 2026 |
| Vanguard Capital Management LLC | 2.46M | 3.84% | 13F | Aug 13, 2026 |
| Capital World Investors | 2.40M | 3.74% | 13F | Aug 12, 2026 |
| State Street Corp | 2.19M | 3.41% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 20, 2026 | Mark McKechnie | officer: See Remarks | −55,199 | $77.27 |
| Aug 18, 2026 | Haiping Dun | director | −5,000 | $81.13 |
| Jun 4, 2026 | David H. Wang | director, 10 percent owner, officer: See Remarks | −40,002 | $85.80 |
| Jun 3, 2026 | David H. Wang | director, 10 percent owner, officer: See Remarks | −60,000 | $90.05 |
| Jun 5, 2026 | Sotheara Cheav | officer: See remarks | −5,399 | $83.18 |
Peers
- Lam Research
Challenges wet clean, ECP, PECVD, and packaging tools
- Applied Materials
Broad WFE overlap in plating, PECVD, CMP, and thermal tools
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| ACM Research | $75.46 | +1.42% | $4.77B | 35.4 | 30.1 | 4.6 | +36.0% |
| Lam Research | $303.48 | +0.51% | $377.55B | 52.4 | 31.9 | 16.3 | +30.0% |
| Applied Materials | $462.35 | +0.16% | $366.55B | 39.8 | 26.2 | 11.9 | +24.8% |
| Median | 46.1 | 29.0 | 14.1 | +27.4% |



