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Semiconductor equipment & materials · Technology · Fiscal year ends Dec 31
ACM Research reported revenue of $901M in the fiscal year ended Dec 2025, up 15.2% from the year before. Operating income was $109M, an operating margin of 12.1%, and net income was $94M. Operating cash flow of −$10M less capital expenditure of $56M left free cash flow of −$67M. It held more cash than debt (net cash $543M).
Ranks among the 16 semiconductor equipment & materials companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 260 | 389 | 558 | 782 | 901 |
| Cost of revenue | 145 | 205 | 282 | 391 | 501 |
| Gross profit | 115 | 184 | 276 | 392 | 400 |
| Research & development | 34.2 | 62.2 | 92.7 | 105 | 145 |
| Selling, general & admin | 41.9 | 62.4 | 87.7 | 135 | 146 |
| Operating income | 38.7 | 59.0 | 95.8 | 151 | 109 |
| Interest expense | 0.8 | 1.7 | 2.7 | 4.2 | 7.0 |
| Pre-tax income | 43.1 | 67.4 | 116 | 166 | 135 |
| Income tax | 0.1 | 16.8 | 19.4 | 35.0 | 13.3 |
| Net income | 37.8 | 39.3 | 77.3 | 104 | 94.1 |
| Diluted EPS | 0.58 | 0.59 | 1.16 | 1.53 | 1.37 |
| Diluted shares | 65.4 | 65.3 | 64.9 | 66.2 | 67.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 563 | 248 | 182 | 407 | 757 |
| Receivables | 106 | 183 | 283 | 387 | 504 |
| Inventory | 218 | 393 | 545 | 598 | 703 |
| Current assets | 953 | 964 | 1,176 | 1,483 | 2,437 |
| Net PP&E | 14.0 | 82.9 | 202 | 269 | 315 |
| Total assets | 1,052 | 1,236 | 1,491 | 1,856 | 2,872 |
| Payables | 93.5 | 102 | – | – | – |
| Deferred revenue | 52.8 | 154 | 181 | 244 | 188 |
| Current liabilities | 206 | 396 | 501 | 641 | 746 |
| Short-term debt | 2.4 | 2.3 | 6.8 | 44.5 | 35.1 |
| Long-term debt | 23.0 | 18.7 | 54.0 | 106 | 179 |
| Total liabilities | 241 | 423 | 565 | 760 | 942 |
| Shareholders' equity | 676 | 675 | 767 | 905 | 1,464 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −40.1 | −62.2 | −75.3 | 152 | −10.3 |
| Capital expenditure | 9.2 | 91.1 | 61.9 | 82.5 | 56.3 |
| Free cash flow | −49.2 | −153 | −137 | 70.0 | −66.6 |
| Depreciation & amortisation | 2.4 | 4.8 | 6.9 | 6.6 | 14.4 |
| Stock-based compensation | 5.1 | 7.7 | 27.3 | 49.6 | 33.6 |
| Share buybacks | 0.0 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 49.7% | 43.4% | 40.2% | 15.2% |
| Operating income growth (YoY) | – | 52.5% | 62.3% | 57.6% | −27.5% |
| EPS growth (YoY) | – | 1.7% | 96.6% | 31.9% | −10.5% |
| Gross margin | 44.2% | 47.2% | 49.5% | 50.1% | 44.4% |
| Operating margin | 14.9% | 15.2% | 17.2% | 19.3% | 12.1% |
| Net margin | 14.5% | 10.1% | 13.9% | 13.2% | 10.4% |
| Return on equityBlank when equity is negative | 5.6% | 5.8% | 10.1% | 11.5% | 6.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.6% | 7.0% | 9.7% | 12.4% | 5.1% |
| Free cash flow margin | −19.0% | −39.4% | −24.6% | 8.9% | −7.4% |
| Cash conversion (CFO ÷ net income) | −1.06x | −1.58x | −0.97x | 1.47x | −0.11x |
| Receivable days | 148 | 172 | 185 | 181 | 204 |
| Inventory days | 549 | 699 | 707 | 559 | 512 |
| Payable days | 235 | 181 | – | – | – |
| Interest cover | 50.6x | 35.7x | 35.7x | 36.4x | 15.7x |
| Debt ÷ equity | 0.04x | 0.03x | 0.08x | 0.17x | 0.15x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −537 | −227 | −121 | −257 | −543 |
| Current ratio | 4.63x | 2.43x | 2.35x | 2.31x | 3.27x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.