The stock may react positively to the maintained growth guidance and record revenue, but investors should monitor the sustainability of margin compression and whether the company can achieve its ambitious 2026 targets given the declining profitability despite revenue growth.
Price Chart
Executive Summary
ACM Research reported record annual revenue of $901.3 million for fiscal year 2025, representing 15.2% year-over-year growth, but experienced declining profitability with net income down 9.2% and gross margin contracting from 50.1% to 44.4%. The company maintained its 2026 revenue guidance of $1.08-$1.175 billion while highlighting progress in global customer engagements and capacity expansion.
Key Financial Metrics
Key Facts
- Record annual revenue of $901.3 million in 2025, up 15.2% YoY
- Full-year net income declined 9.2% to $94.1 million despite revenue growth
- Gross margin contracted significantly from 50.1% in 2024 to 44.4% in 2025
- Company maintained 2026 revenue guidance of $1.08-$1.175 billion (21-30% growth)
- Completed $111 million sale of ACM Shanghai shares and ended year with $845 million in net cash
Financial Impact
Revenue grew to $901.3M (+15.2% YoY) but profitability declined with net income down 9.2% and gross margin down 570 basis points
Segment Breakdown
| Segment | Revenue |
|---|---|
| Single wafer cleaning, Tahoe and semi-critical cleaning equipment | $626.0M |
| ECP (front-end and packaging), furnace and other technologies | $199.6M |
| Advanced packaging (excluding ECP), services spares | $75.8M |
Risk Factors
- Significant margin compression suggesting pricing pressure or cost issues
- Declining profitability despite revenue growth indicating potential operational challenges
- Ambitious 2026 guidance of $1.08-$1.175B revenue (21-30% growth) may be difficult to achieve
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-011998 |
| Document: acmr-20260225.htm | 0001628280-26-011998 |
| Document: 0001628280-26-011998-index-headers.html | 0001628280-26-011998 |
| Document: 0001628280-26-011998-index.html | 0001628280-26-011998 |
| Document: 0001628280-26-011998.txt | 0001628280-26-011998 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 22, 2026 5w ago | Insider Cluster | $77.35 $75.80 | ▼ −2.00% | ▼ −3.30% | $83.09 (+7.43%) |
Aug 8, 2026 7w ago | Institutional Cluster | $79.41 $77.20 | ▼ −2.78% | ▼ −1.87% | $83.09 (+4.63%) |
Aug 7, 2026 8w ago | 8-K | $83.80 $74.44 | ▼ −11.17% | ▼ −10.77% | $83.09 (−0.85%) |
Jul 18, 2026 10w ago | Institutional Cluster | $82.52 $85.64 | ▲ +3.78% | ▼ −0.34% | $83.09 (+0.69%) |
Jun 11, 2026 16w ago | Institutional Cluster | $91.70 $106.04 | ▲ +15.64% | ▲ +13.75% | $83.09 (−9.39%) |
Jun 6, 2026 16w ago | Insider Cluster | $80.57 $98.52 | ▲ +22.28% | ▲ +20.65% | $83.09 (+3.13%) |
May 29, 2026 17w ago | 8-K | $82.05 $126.89 | ▲ +54.65% | ▲ +55.95% | $83.09 (+1.27%) |
May 22, 2026 19w ago | 8-K | $73.35 $95.80 | ▲ +30.61% | ▲ +32.02% | $83.09 (+13.28%) |
May 15, 2026 19w ago | 8-K | $63.25 $91.18 | ▲ +44.16% | ▲ +42.58% | $83.09 (+31.37%) |
May 12, 2026 20w ago | 424B5 | $64.75 $91.70 | ▼ −41.62% | ▼ −42.23% | $83.09 (−28.32%) |
US Market Status
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