Reviewed listing: NASDAQ:ACMR · Analysis dated Oct 14, 2026
It has not been confirmed whether the basis of this analysis still holds today. Read it as a dated earlier assessment; it does not establish a current buying opportunity.
How does the company make money?
ACM Research builds machines used by semiconductor manufacturers to clean, coat, and package chips. Its principal operating subsidiary is based in Shanghai.
What supports the business?
ACM is successfully selling additional types of machines: in the second quarter 2026, income from continuing operations increased by 57%. The significantly larger order backlog offers further potential, but is not yet secured revenue.
What could improve?
If ACM can profitably deliver and collect payment for its many orders, it could significantly improve its earnings power. Additional customers outside China could also reduce its dependence on one market.
How is the stock price assessed?
This assessment refers to the analysis and its quoted price shown here. It is not a live quote or a personal recommendation to buy.
68.76 USD seem demanding to me: The price is approximately 44 times the adjusted earnings per share for the last twelve reported months. In the first half of 2026, this adjusted earnings per share declined despite higher sales.
What is the main risk?
The key risk is trade restrictions affecting a business heavily focused on China. In addition, growth has so far consumed cash rather than reliably generating additional free funds.
What is the overall assessment?
ACM Research has demonstrated operating strengths and a substantially increased order backlog. However, at the specified price of 68.76 USD, the balance of price, sustainable earnings per share, cash inflows and China risks is not yet convincing: watch rather than reach a positive overall assessment.
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- Original source 1 · api-v4.fcsapi.com
- Original source 2 · ir.acmr.com · Aug 07, 2026
- Original source 3 · acmresearch.gcs-web.com · Feb 26, 2026
- Original source 4 · www.sec.gov · Aug 07, 2026
- Original source 5 · www.sec.gov · Mar 02, 2026
- Original source 6 · data.sec.gov
- Original source 7 · ir.acmr.com · Sep 30, 2026