ACM Research (ACMR)
Market Price (9/24/2026): $81.06 | Market Cap: $5.5 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment
ACM Research (ACMR)
Market Price (9/24/2026): $81.06Market Cap: $5.5 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -20% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 27% Megatrend and thematic driversMegatrends include Artificial Intelligence, and Electric Vehicles & Autonomous Driving. Themes include AI Chips, Data Centers & Infrastructure, Show more. | Stock price has recently run up significantly12M Rtn12 month market price return is 107% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 96% Key risksACMR key risks include [1] its significant vulnerability to US-China geopolitical and regulatory actions due to its deep operational roots in mainland China and [2] a high concentration of revenue from a handful of major Chinese customers. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -20% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 27% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, and Electric Vehicles & Autonomous Driving. Themes include AI Chips, Data Centers & Infrastructure, Show more. |
| Stock price has recently run up significantly12M Rtn12 month market price return is 107% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 96% |
| Key risksACMR key risks include [1] its significant vulnerability to US-China geopolitical and regulatory actions due to its deep operational roots in mainland China and [2] a high concentration of revenue from a handful of major Chinese customers. |
Qualitative Assessment
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ACM Research (ACMR) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Significant insider selling by a key executive exerted downward pressure. David H. Wang, a director, officer, and 10% owner, conducted substantial sales of ACM Research's Class A Common Stock. On June 5, 2026, he sold 100,002 shares totaling approximately $8.8 million. This occurred shortly after the stock's significant rise to a peak of $126.89 by June 30, 2026. Further, he sold an additional 140,000 shares for over $10 million on September 8 and 9, 2026. Such substantial divestment by a prominent insider can signal a lack of confidence and contribute to negative market sentiment.
2. Share dilution from a follow-on equity offering impacted investor perception. In May 2026, prior to the specified period, ACM Research completed a follow-on equity offering that raised approximately $150.0 million. This offering likely increased the number of outstanding shares, which can dilute the per-share value of existing stock and exert downward pressure on the share price in the subsequent months.
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ACM Research (ACMR) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Significant insider selling by a key executive exerted downward pressure. David H. Wang, a director, officer, and 10% owner, conducted substantial sales of ACM Research's Class A Common Stock. On June 5, 2026, he sold 100,002 shares totaling approximately $8.8 million. This occurred shortly after the stock's significant rise to a peak of $126.89 by June 30, 2026. Further, he sold an additional 140,000 shares for over $10 million on September 8 and 9, 2026. Such substantial divestment by a prominent insider can signal a lack of confidence and contribute to negative market sentiment.
2. Share dilution from a follow-on equity offering impacted investor perception. In May 2026, prior to the specified period, ACM Research completed a follow-on equity offering that raised approximately $150.0 million. This offering likely increased the number of outstanding shares, which can dilute the per-share value of existing stock and exert downward pressure on the share price in the subsequent months.
3. Gross margin compression raised concerns despite strong revenue performance. For fiscal Q2 2026, which ended June 30, 2026, ACM Research reported a GAAP gross margin of 46.0%, a decrease from 48.7% in the same period last year, primarily due to rising component costs. Although the company exceeded revenue expectations with a 36.0% year-over-year increase to $292.9 million and raised its full-year 2026 revenue guidance to a range of $1.125 billion-$1.175 billion, the contraction in profitability metrics like gross margin can signal underlying cost pressures to investors.
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Stock Movement Drivers
Fundamental Drivers
The -6.8% change in ACMR stock from 5/31/2026 to 9/23/2026 was primarily driven by a -41.8% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9232026 | Change |
|---|---|---|---|
| Stock Price ($) | 86.56 | 80.67 | -6.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 960 | 1,038 | 8.1% |
| Net Income Margin (%) | 9.5% | 14.5% | 52.7% |
| P/E Multiple | 62.6 | 36.5 | -41.8% |
| Shares Outstanding (Mil) | 66 | 68 | -3.1% |
| Cumulative Contribution | -6.8% |
Market Drivers
5/31/2026 to 9/23/2026| Return | Correlation | |
|---|---|---|
| ACMR | -6.8% | |
| Market (SPY) | 1.8% | 54.7% |
| Sector (XLK) | 2.4% | 78.0% |
Fundamental Drivers
The 44.9% change in ACMR stock from 2/28/2026 to 9/23/2026 was primarily driven by a 19.1% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9232026 | Change |
|---|---|---|---|
| Stock Price ($) | 55.68 | 80.67 | 44.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 880 | 1,038 | 17.9% |
| Net Income Margin (%) | 13.3% | 14.5% | 8.8% |
| P/E Multiple | 30.6 | 36.5 | 19.1% |
| Shares Outstanding (Mil) | 64 | 68 | -5.2% |
| Cumulative Contribution | 44.9% |
Market Drivers
2/28/2026 to 9/23/2026| Return | Correlation | |
|---|---|---|
| ACMR | 44.9% | |
| Market (SPY) | 12.5% | 55.0% |
| Sector (XLK) | 41.1% | 70.8% |
Fundamental Drivers
The 185.9% change in ACMR stock from 8/31/2025 to 9/23/2026 was primarily driven by a 126.4% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9232026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.22 | 80.67 | 185.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 815 | 1,038 | 27.3% |
| Net Income Margin (%) | 13.8% | 14.5% | 5.2% |
| P/E Multiple | 16.1 | 36.5 | 126.4% |
| Shares Outstanding (Mil) | 64 | 68 | -5.8% |
| Cumulative Contribution | 185.9% |
Market Drivers
8/31/2025 to 9/23/2026| Return | Correlation | |
|---|---|---|
| ACMR | 185.9% | |
| Market (SPY) | 20.3% | 53.5% |
| Sector (XLK) | 49.6% | 64.5% |
Fundamental Drivers
The 359.4% change in ACMR stock from 8/31/2023 to 9/23/2026 was primarily driven by a 131.5% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9232026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.56 | 80.67 | 359.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 461 | 1,038 | 125.1% |
| Net Income Margin (%) | 14.5% | 14.5% | -0.1% |
| P/E Multiple | 15.7 | 36.5 | 131.5% |
| Shares Outstanding (Mil) | 60 | 68 | -11.8% |
| Cumulative Contribution | 359.4% |
Market Drivers
8/31/2023 to 9/23/2026| Return | Correlation | |
|---|---|---|
| ACMR | 359.4% | |
| Market (SPY) | 77.0% | 44.0% |
| Sector (XLK) | 126.9% | 51.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ACMR Return | 5% | -73% | 153% | -23% | 161% | 92% | 180% |
| Peers Return | 85% | -24% | 69% | -11% | 63% | 64% | 467% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| ACMR Win Rate | 33% | 50% | 75% | 33% | 67% | 56% | |
| Peers Win Rate | 68% | 35% | 65% | 40% | 55% | 69% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| ACMR Max Drawdown | -54% | -80% | -37% | -58% | -39% | -50% | |
| Peers Max Drawdown | -21% | -48% | -22% | -41% | -35% | -45% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LRCX, AMAT, KLAC, VECO, ACLS. See ACMR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/23/2026 (YTD)
How Low Can It Go
| Event | ACMR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.7% | -18.8% |
| % Gain to Breakeven | 44.2% | 23.1% |
| Time to Breakeven | 79 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -37.1% | -7.8% |
| % Gain to Breakeven | 59.1% | 8.5% |
| Time to Breakeven | 197 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -32.5% | -6.7% |
| % Gain to Breakeven | 48.2% | 7.1% |
| Time to Breakeven | 56 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -80.0% | -24.5% |
| % Gain to Breakeven | 400.4% | 32.4% |
| Time to Breakeven | 492 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.8% | -33.7% |
| % Gain to Breakeven | 131.4% | 50.9% |
| Time to Breakeven | 42 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.4% | -19.2% |
| % Gain to Breakeven | 18.2% | 23.8% |
| Time to Breakeven | 13 days | 105 days |
In The Past
ACM Research's stock fell -30.7% during the 2025 US Tariff Shock. Such a loss loss requires a 44.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | ACMR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.7% | -18.8% |
| % Gain to Breakeven | 44.2% | 23.1% |
| Time to Breakeven | 79 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -37.1% | -7.8% |
| % Gain to Breakeven | 59.1% | 8.5% |
| Time to Breakeven | 197 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -32.5% | -6.7% |
| % Gain to Breakeven | 48.2% | 7.1% |
| Time to Breakeven | 56 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -80.0% | -24.5% |
| % Gain to Breakeven | 400.4% | 32.4% |
| Time to Breakeven | 492 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.8% | -33.7% |
| % Gain to Breakeven | 131.4% | 50.9% |
| Time to Breakeven | 42 days | 140 days |
In The Past
ACM Research's stock fell -30.7% during the 2025 US Tariff Shock. Such a loss loss requires a 44.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About ACM Research (ACMR)
ACM Research (ACMR) is a technology company specializing in the semiconductor industry. It designs, manufactures, and sells specialized equipment primarily used for wet cleaning single silicon wafers. These advanced cleaning systems are critical for improving the manufacturing process and increasing the yield of integrated chips (ICs) by ensuring wafers are free from contaminants before further processing.
The company offers several proprietary technologies under its Ultra C brand. Key innovations include Space Alternated Phase Shift (SAPS) technology, which uses megasonic waves for uniform cleaning on various wafer surfaces, and Timely Energized Bubble Oscillation (TEBO) technology, specifically designed for effectively cleaning complex 2D and 3D patterned wafers at advanced manufacturing nodes. Additionally, ACM Research provides Tahoe technology for more efficient, environmentally friendly cleaning processes using fewer chemicals, and electro-chemical plating solutions for advanced metal deposition.
ACM Research serves integrated chip manufacturers globally. Its sophisticated wet cleaning and plating equipment is essential for semiconductor fabrication plants worldwide that produce a wide range of microchips, ensuring their quality and performance. The company distributes its products through a combination of direct sales teams and third-party representatives.
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They're like the 'ASML of chip cleaning,' providing highly specialized equipment for keeping silicon wafers spotless during semiconductor manufacturing.
Think of them as the 'Dyson for microchips,' building highly advanced cleaning machines specifically for the delicate and precise world of semiconductor manufacturing.
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- Space Alternated Phase Shift (SAPS™) Technology: Equipment utilizing this technology delivers uniform megasonic energy for cleaning flat and patterned wafer surfaces.
- Timely Energized Bubble Oscillation (TEBO®) Technology: Equipment leveraging this technology provides specialized cleaning for 2D and 3D patterned wafers at advanced process nodes.
- Tahoe Technology: Equipment incorporating this technology offers cleaning performance while reducing the consumption of sulfuric acid and hydrogen peroxide.
- Electro-Chemical Plating (ECP) Technology: Equipment employing this technology performs advanced metal plating processes.
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ACM Research (ACMR) sells primarily to other companies, specifically major semiconductor manufacturers and foundries that produce integrated chips. Based on industry information and common disclosures for companies in this sector, its major customers include:
- SMIC (Semiconductor Manufacturing International Corporation) - Symbol: 0981.HK
- SK Hynix Inc. - Symbol: 000660.KS
- Micron Technology, Inc. - Symbol: MU
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David H. Wang, Ph.D., Chief Executive Officer and President
Dr. David H. Wang is the founder of ACM Research, Inc., establishing the company in January 1998 in Silicon Valley. He is credited as the inventor of stress-free copper polishing (SFP) technology and holds over 100 patents in semiconductor equipment and process technology. In 2005, he co-established a joint venture, ACM Research (Shanghai) Inc., with Shanghai Venture Capital Co. Before founding ACM Research, Dr. Wang was associated with Quester Technology and spent a decade in semiconductor equipment and manufacturing processes at Osaka University, Cincinnati University, and CNS Technology. He earned his Ph.D. and Master of Engineering in Precision Engineering from Osaka University and a Bachelor of Science in Precision Instruments from Tsinghua University.
Mark McKechnie, Chief Financial Officer, Treasurer and Secretary
Mark McKechnie was appointed Chief Financial Officer on November 4, 2019, and has been in finance leadership at ACM Research since July 2018. He brings over 25 years of experience in product management, public equity markets, and corporate finance. His prior experience includes positions at Motorola, Intel, Evercore Partners, and other Wall Street and technology companies. Specifically, he served as Managing Director of Technology Equity Research at Evercore Partners from July 2012 to November 2014 and as Vice President of Investor Relations and Strategic Initiatives at Silver Spring Networks, Inc. from November 2014 to January 2018. Mr. McKechnie holds a Bachelor of Science in Electrical Engineering from Purdue University and an MBA from Northwestern University's Kellogg School of Management.
Sotheara Cheav, Senior Vice President, Manufacturing
Sotheara Cheav has served as Senior Vice President of Manufacturing at ACM Research, Inc. since April 2025. Previously, he was Senior Vice President of Manufacturing at ACM's subsidiary, ACM Research (Shanghai), from May 2019 to March 2025. His tenure at ACM Research (Shanghai) also included roles as Vice President of Manufacturing from January 2015 to May 2019 and Director of Manufacturing from 2011 to December 2014. Mr. Cheav holds a Bachelor of Science degree in Science and Technology from the University of Cambodia and an Associate of Science degree in Electronics from Bay Valley Technical Institute.
Howard Chen, General Counsel & Vice President of Strategy
Howard Chen joined ACM Research in 2024 as General Counsel and Vice President of Corporate Strategy. Before joining ACMR, Mr. Chen was a prominent high-tech legal practitioner in San Francisco for decades. In this capacity, he represented numerous global technology companies with substantial operations in Asia, including well-known firms such as TSMC, VIA, Acer, Wistron, Wiwynn, and Nanya.
Jim Straus, Vice President of Sales, North America
Jim Straus has been ACM Research's Vice President of Sales for North America since April 2020. He has extensive experience spanning 30 years in semiconductor equipment sales, business development, account management, and operations, working with leading global semiconductor manufacturers. Mr. Straus earned a Bachelor of Science from the United States Military Academy, West Point, and an MBA from the Fisher College of Business at The Ohio State University.
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Key Risks to ACM Research (ACMR)
The key risks to ACM Research (ACMR) primarily stem from its significant exposure to the geopolitical landscape and the inherent characteristics of the semiconductor industry.
- Geopolitical and Regulatory Risks (US-China Trade Tensions, Export Controls, Entity List): ACM Research's business is heavily concentrated in mainland China, making it highly vulnerable to international trade policies, particularly U.S.-China export controls and escalating tensions. The addition of ACM Shanghai and ACM Korea, subsidiaries of ACM Research, to the U.S. Department of Commerce's Bureau of Industry and Security (BIS) Entity List restricts their access to U.S. export-controlled hardware, software, and technologies. These restrictions have already adversely impacted ACM Shanghai's shipments and sales by causing several customers to significantly reduce production and related capital spending at facilities meeting restricted advanced node capabilities. Further tightening of U.S. component export restrictions could disrupt ACM Research's supply chain and customer relationships, posing a significant headwind to its financial health and operational stability.
- Customer Concentration and Industry Cyclicality: ACM Research's financial performance is significantly tied to a limited number of key customers, making it susceptible to fluctuations in demand from these clients. The semiconductor industry itself is inherently cyclical, characterized by substantial variations in demand for products. This cyclicality can lead to volatility in the company's financial results and stock price, necessitating strategies to mitigate the impact of market downturns.
- Profitability and Margin Pressure: Despite robust revenue growth, ACM Research has experienced pressure on its profit margins due to increased operating costs and a shifting product mix. The company's gross margin has declined and, at times, fallen below its long-term target range, raising concerns about its ability to consistently translate strong sales into proportional profitability. Competitive dynamics for certain products and inventory-related charges have also contributed to this margin contraction. Maintaining profitability will require effective cost controls and efficient scaling of new product lines amidst competitive pressures.
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ACM Research (ACMR) operates within several significant addressable markets for its semiconductor manufacturing equipment.
- The overall Serviceable Available Market (SAM) for ACM Research is estimated at $20 billion for 2025.
- In China, ACM Research has expanded its addressable market by $13 billion through the development of new tools for electroplating, thermal processing, track (coating/developing), and chemical vapor deposition. This expansion nearly triples its addressable market in China.
- New cleaning tools alone have contributed at least $1 billion to ACM Research's China cleaning addressable market.
- The global electroplating market, where ACM Research offers electro-chemical plating technology, was valued at $21.8 billion in 2024 and is projected to reach $22.93 billion in 2025.
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Here are 3-5 expected drivers of future revenue growth for ACM Research (ACMR) over the next 2-3 years:
- Expansion of New Product Platforms: ACM Research expects growth from its ongoing progress and strong product cycles in new product platforms, including its SPM cleaning tools, furnace products, and advanced packaging solutions. The company has also introduced new technologies like the Ultra ECP ap-p horizontal panel-level plating tool and the Ultra Lith BK photoresist hardening tool.
- Global Market Expansion: The company is actively expanding its international presence beyond mainland China, having delivered its first single-wafer cleaning systems to a foundry in Singapore and securing multiple orders for wafer-level and panel-level packaging tools from North American and Southeast Asian customers. This global penetration is expected to contribute significantly to future revenue.
- Growth in Advanced Packaging Solutions: ACM Research has received multiple advanced packaging equipment orders, encompassing both wafer-level and panel-level applications, from leading global semiconductor and technology customers, with deliveries extending into 2026. This area is seeing increased investment due to demand from artificial intelligence (AI), high-performance computing (HPC), and data center applications.
- Increased Production Capacity: To support its global scaling and anticipated demand, ACM Research is accelerating investments in its Oregon facility, which is expected to begin operations in the second half of 2026. Additionally, the company plans for Lingang capacity expansion to support a $3 billion annual output.
- Strengthened Cleaning Portfolio and Proprietary Technologies: The company's established cleaning portfolio continues to be a key driver, alongside the expansion of proprietary technologies, such as its high-temperature furnace platforms and SPM cleaning products, which have achieved significant technical progress and repeat orders from major customers.
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Share Repurchases
- No significant share repurchase programs by ACM Research (ACMR) were identified over the last 3-5 years, as the company generally focuses on reinvesting profits for growth.
Share Issuance
- ACM Research (Shanghai), Inc., a principal operating subsidiary, completed a private offering of ordinary shares in September 2025, which added $623 million to ACM Research's net cash.
- The number of outstanding shares for ACM Research increased from 59 million in 2023 to 65 million in 2024, and stood at approximately 64.38 million as of March 2026.
Inbound Investments
- ACM Research's net cash position was significantly strengthened by a $623 million private offering of ordinary shares by its subsidiary, ACM Research (Shanghai), Inc., completed in September 2025.
Outbound Investments
- In February 2026, ACM Research sold approximately 1.3% of its shares held in ACM Research (Shanghai), Inc. for gross proceeds of about $111 million, with intentions to use the proceeds for general corporate purposes.
Capital Expenditures
- Annual capital expenditures were $9.15 million in 2021, $91 million in 2022, $62 million in 2023, and $82 million in 2024.
- For the full year 2025, capital expenditures amounted to $56.3 million.
- ACM Research plans to use capital flexibility to fund the expansion of its Oregon facility starting in the second half of 2026 and to expand its Lingang capacity to support an annual output of $3 billion.
Peer Outperformance in Semiconductor Materials & Equipment
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 62.1% | 192.4% | 276.6% | TTMI 904% · FLEX 703% · SANM 465% |
| Semiconductor Materials & Equipment ← | 27 | 94.9% | 99.9% | 105.2% | AXTI 749% · AEHR 516% · KLAC 434% |
| Technology Distributors | 9 | 35.0% | 78.8% | 99.6% | CLMB 399% · AVT 204% · SNX 176% |
| Communications Equipment | 36 | 8.8% | 80.9% | 70.6% | AAOI 1296% · FEIM 1001% · LITE 982% |
| Electronic Components | 26 | 37.0% | 75.5% | 65.3% | CLS 3725% · BELFA 1394% · COHR 389% |
| Semiconductors | 55 | 26.7% | 39.4% | 40.7% | POET 1815% · MU 1384% · NVDA 926% |
| Technology Hardware, Storage & Peripherals | 20 | 24.9% | 95.5% | 36.4% | STX 1135% · DELL 1057% · SMCI 1011% |
| Internet Services & Infrastructure | 6 | 3.8% | 51.7% | 31.2% | DOCN 71% · VRSN 37% · GDDY 36% |
| Electronic Equipment & Instruments | 26 | -15.3% | 12.1% | -11.3% | PI 189% · OSIS 116% · KEYS 98% |
| IT Consulting & Other Services | 30 | -27.9% | -16.5% | -39.3% | CHRN 539637% · APLD 1169% · TSSI 744% |
| Application Software | 125 | -30.5% | -13.8% | -46.7% | VIDA 153233% · INLX 5065% · PLTR 572% |
| Systems Software | 74 | -20.1% | 8.9% | -58.0% | QNC 666% · ZETA 397% · PANW 381% |
Latest Trefis Analyses
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 153.15 |
| Mkt Cap | 125.5 |
| Rev LTM | 7,309 |
| Op Inc LTM | 2,899 |
| FCF LTM | 1,916 |
| FCF 3Y Avg | 1,814 |
| CFO LTM | 2,109 |
| CFO 3Y Avg | 1,986 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.7% |
| Rev Chg 3Y Avg | 7.4% |
| Rev Chg Q | 20.0% |
| QoQ Delta Rev Chg LTM | 5.0% |
| Op Inc Chg LTM | 2.9% |
| Op Inc Chg 3Y Avg | 10.9% |
| Op Mgn LTM | 22.2% |
| Op Mgn 3Y Avg | 23.6% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 17.0% |
| CFO/Rev 3Y Avg | 20.4% |
| FCF/Rev LTM | 12.9% |
| FCF/Rev 3Y Avg | 16.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 125.5 |
| P/S | 8.7 |
| P/Op Inc | 42.1 |
| P/EBIT | 37.8 |
| P/E | 45.7 |
| P/CFO | 48.4 |
| Total Yield | 2.5% |
| Dividend Yield | 0.2% |
| FCF Yield 3Y Avg | 2.5% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.3% |
| 3M Rtn | -21.2% |
| 6M Rtn | 26.5% |
| 12M Rtn | 91.6% |
| 3Y Rtn | 291.2% |
| 1M Excs Rtn | -2.0% |
| 3M Excs Rtn | -25.9% |
| 6M Excs Rtn | 10.5% |
| 12M Excs Rtn | 83.0% |
| 3Y Excs Rtn | 210.8% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Wafer Cleaning, Tahoe and Semi-Critical Cleaning Equipment | 626 | 579 | 404 | 273 | 189 |
| Electro-chemical plating (ECP) (front-end and packaging), Furnace and Other Technologies | 200 | 151 | 103 | 77 | 33 |
| Advanced Packaging (excluding Electro-chemical plating (ECP)), Services & Spares | 76 | 52 | 51 | 38 | 37 |
| Total | 901 | 782 | 558 | 389 | 260 |
Price Behavior
| Market Price | $80.67 | |
| Market Cap ($ Bil) | 5.5 | |
| First Trading Date | 11/03/2017 | |
| Distance from 52W High | -36.4% | |
| 50 Days | 200 Days | |
| DMA Price | $77.80 | $65.31 |
| DMA Trend | up | down |
| Distance from DMA | 3.7% | 23.5% |
| 3M | 1YR | |
| Volatility | 99.6% | 87.1% |
| Downside Capture | 511.23 | 336.54 |
| Upside Capture | 288.27 | 365.57 |
| Correlation (SPY) | 52.6% | 55.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.89 | 4.75 | 4.73 | 3.91 | 3.70 | 2.36 |
| Up Beta | 2.74 | 8.91 | 7.03 | 4.54 | 4.50 | 1.95 |
| Down Beta | -7.75 | -0.10 | 1.81 | 2.72 | 3.39 | 2.16 |
| Up Capture | 147% | 206% | 652% | 850% | 1708% | 11909% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 16 | 29 | 67 | 139 | 383 |
| Down Capture | 421% | 541% | 373% | 257% | 182% | 113% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 26 | 35 | 59 | 111 | 366 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ACMR | |
|---|---|---|---|---|
| ACMR | 120.6% | 87.2% | 1.29 | - |
| Sector ETF (XLK) | 38.9% | 26.5% | 1.21 | 65.7% |
| Equity (SPY) | 16.2% | 13.0% | 0.88 | 54.3% |
| Gold (GLD) | 13.9% | 29.3% | 0.44 | 19.0% |
| Commodities (DBC) | 46.6% | 20.7% | 1.75 | -8.2% |
| Real Estate (VNQ) | 4.5% | 13.7% | 0.08 | 1.0% |
| Bitcoin (BTCUSD) | -23.2% | 44.8% | -0.46 | 24.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ACMR | |
|---|---|---|---|---|
| ACMR | 18.8% | 82.2% | 0.57 | - |
| Sector ETF (XLK) | 20.8% | 26.0% | 0.71 | 51.7% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 45.9% |
| Gold (GLD) | 18.6% | 18.8% | 0.80 | 10.0% |
| Commodities (DBC) | 10.5% | 19.5% | 0.41 | 9.3% |
| Real Estate (VNQ) | 0.8% | 18.9% | -0.06 | 26.7% |
| Bitcoin (BTCUSD) | 12.5% | 52.6% | 0.41 | 26.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ACMR | |
|---|---|---|---|---|
| ACMR | 44.4% | 84.1% | 0.87 | - |
| Sector ETF (XLK) | 25.0% | 25.0% | 0.90 | 44.5% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 39.1% |
| Gold (GLD) | 12.1% | 16.4% | 0.60 | 9.8% |
| Commodities (DBC) | 8.5% | 18.1% | 0.38 | 13.2% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 23.6% |
| Bitcoin (BTCUSD) | 64.2% | 66.2% | 1.04 | 17.8% |
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Returns Analyses
Earnings Returns History
Updated 9/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | 6.1% | 2.8% | -5.7% |
| 5/7/2026 | 6.9% | 16.9% | 37.8% |
| 2/26/2026 | -16.7% | -24.3% | -39.8% |
| 11/5/2025 | -19.9% | -16.1% | -9.8% |
| 8/6/2025 | -15.3% | -15.9% | -9.0% |
| 5/8/2025 | 12.0% | 25.6% | 23.3% |
| 2/26/2025 | 20.7% | 11.3% | 21.2% |
| 11/7/2024 | 8.7% | -1.9% | -21.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 12 |
| # Negative | 11 | 13 | 14 |
| Median Positive | 7.9% | 14.9% | 22.3% |
| Median Negative | -6.5% | -14.3% | -10.9% |
| Max Positive | 40.8% | 45.2% | 56.5% |
| Max Negative | -19.9% | -24.3% | -39.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | 6.1% | 2.8% | -5.7% |
| 5/7/2026 | 6.9% | 16.9% | 37.8% |
| 2/26/2026 | -16.7% | -24.3% | -39.8% |
| 11/5/2025 | -19.9% | -16.1% | -9.8% |
| 8/6/2025 | -15.3% | -15.9% | -9.0% |
| 5/8/2025 | 12.0% | 25.6% | 23.3% |
| 2/26/2025 | 20.7% | 11.3% | 21.2% |
| 11/7/2024 | 8.7% | -1.9% | -21.4% |
| 8/7/2024 | 16.3% | 28.1% | 9.3% |
| 5/8/2024 | -6.5% | -15.3% | -16.8% |
| 2/28/2024 | 40.8% | 34.1% | 31.7% |
| 1/9/2024 | 14.0% | 20.7% | -4.3% |
| 11/7/2023 | 5.3% | 14.9% | 5.7% |
| 8/7/2023 | 7.9% | 7.7% | 56.5% |
| 5/5/2023 | 17.9% | 9.6% | 9.6% |
| 2/24/2023 | -0.6% | -11.7% | -3.7% |
| 1/4/2023 | -3.0% | 5.6% | 23.3% |
| 11/4/2022 | 6.3% | 45.2% | 47.3% |
| 8/5/2022 | 6.2% | 6.4% | -11.3% |
| 5/6/2022 | -7.1% | -22.4% | -4.9% |
| 2/25/2022 | 2.3% | -0.6% | -18.7% |
| 11/4/2021 | -5.5% | -3.2% | -29.6% |
| 8/10/2021 | -1.8% | -9.1% | 15.3% |
| 5/6/2021 | 1.0% | -14.3% | 7.5% |
| 2/25/2021 | -11.1% | -20.6% | -23.7% |
| 11/5/2020 | -2.8% | -7.8% | -10.5% |
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 12 |
| # Negative | 11 | 13 | 14 |
| Median Positive | 7.9% | 14.9% | 22.3% |
| Median Negative | -6.5% | -14.3% | -10.9% |
| Max Positive | 40.8% | 45.2% | 56.5% |
| Max Negative | -19.9% | -24.3% | -39.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/02/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/02/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 03/24/2020 | 10-K |
| 09/30/2019 | 11/13/2019 | 10-Q |
Recent Forward Guidance
Updated 8/8/2026Latest: Q2 2026 Earnings Reported 8/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 1.12 Bil | 1.15 Bil | 1.18 Bil | Raised | Guidance: 1.13 Bil for 2026 | ||
| 2026 Revenue Growth | Reported | 25.0% | 27.5% | 30.0% | 2.0% | Raised | Guidance: 25.5% for 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 1.08 Bil | 1.13 Bil | 1.18 Bil | 0 | Affirmed | Guidance: 1.13 Bil for 2026 | |
| 2026 Revenue Growth | Reported | 21.0% | 25.5% | 30.0% | 0 | Affirmed | Guidance: 25.5% for 2026 | |
Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 1.08 Bil | 1.13 Bil | 1.18 Bil | 25.3% | Higher New | Guidance: 900.00 Mil for 2025 | |
| 2026 Revenue Growth | Reported | 21.0% | 25.5% | 30.0% | ||||
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | Reported | 875.00 Mil | 900.00 Mil | 925.00 Mil | 0 | Affirmed | Guidance: 900.00 Mil for 2025 | |
Insider Activity
Updated 9/10/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wang, David H | See Remarks | Direct | Sell | 9102026 | 74.59 | 70,000 | 5,221,492 | 59,876,187 | Form |
| 2 | Wang, David H | See Remarks | Direct | Sell | 9102026 | 77.26 | 70,000 | 5,408,519 | 62,020,877 | Form |
| 3 | Dun, Haiping | Direct | Sell | 8202026 | 81.13 | 5,000 | Form | |||
| 4 | Cheav, Sotheara | See remarks | Direct | Sell | 6052026 | 83.18 | 5,399 | 449,085 | 8,318,097 | Form |
| 5 | Cheav, Sotheara | See remarks | Direct | Sell | 6052026 | 85.15 | 13,351 | 1,136,838 | 8,515,176 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wang, David H | See Remarks | Direct | Sell | 9102026 | 74.59 | 70,000 | 5,221,492 | 59,876,187 | Form |
| 2 | Wang, David H | See Remarks | Direct | Sell | 9102026 | 77.26 | 70,000 | 5,408,519 | 62,020,877 | Form |
| 3 | Dun, Haiping | Direct | Sell | 8202026 | 81.13 | 5,000 | Form | |||
| 4 | Cheav, Sotheara | See remarks | Direct | Sell | 6052026 | 83.18 | 5,399 | 449,085 | 8,318,097 | Form |
| 5 | Cheav, Sotheara | See remarks | Direct | Sell | 6052026 | 85.15 | 13,351 | 1,136,838 | 8,515,176 | Form |
| 6 | Wang, David H | See Remarks | Direct | Sell | 6052026 | 85.80 | 40,002 | 3,432,194 | 68,872,795 | Form |
| 7 | Wang, David H | See Remarks | Direct | Sell | 6052026 | 90.05 | 60,000 | 5,403,194 | 72,286,456 | Form |
| 8 | Dun, Haiping | Direct | Sell | 5212026 | 66.22 | 5,000 | Form | |||
| 9 | Pappis, Charles C | Direct | Sell | 4212026 | 52.00 | 5,000 | Form | |||
| 10 | McKechnie, Mark | See Remarks | Direct | Sell | 3132026 | 45.58 | 98,551 | 4,491,952 | 41,022 | Form |
| 11 | Wang, David H | See Remarks | Direct | Sell | 3132026 | 45.58 | 50,000 | 2,278,923 | 36,586,189 | Form |
| 12 | Wang, David H | See Remarks | Direct | Sell | 3132026 | 47.92 | 60,000 | 2,875,482 | 38,469,542 | Form |
| 13 | Dun, Haiping | Direct | Sell | 3112026 | 43.47 | 5,000 | Form | |||
| 14 | Feng, Lisa | See remarks | Direct | Sell | 3092026 | 46.08 | 15,000 | 691,152 | 2,303,886 | Form |
| 15 | Pappis, Charles C | Direct | Sell | 3092026 | 50.09 | 5,000 | Form | |||
| 16 | Feng, Lisa | See remarks | Direct | Sell | 3092026 | 50.01 | 15,000 | 750,138 | 2,500,512 | Form |
| 17 | McKechnie, Mark | See Remarks | Direct | Sell | 12082025 | 35.45 | 22,500 | 797,625 | 31,905 | Form |
| 18 | McKechnie, Mark | See Remarks | Direct | Sell | 12082025 | 33.59 | 8,750 | 293,882 | 30,228 | Form |
| 19 | Wang, David H | See Remarks | Direct | Sell | 12052025 | 34.12 | 60,000 | 2,047,365 | 27,390,600 | Form |
| 20 | Wang, David H | See Remarks | Direct | Sell | 12052025 | 33.06 | 70,000 | 2,314,112 | 26,536,517 | Form |
| 21 | Chen, Fuping | See remarks | Direct | Sell | 12042025 | 33.06 | 20,000 | Form | ||
| 22 | Chen, Fuping | See remarks | Direct | Sell | 12042025 | 33.20 | 100,000 | Form | ||
| 23 | Feng, Lisa | See remarks | Direct | Sell | 11142025 | 33.77 | 15,000 | 506,550 | 1,688,534 | Form |
| 24 | Feng, Lisa | See remarks | Direct | Sell | 11142025 | 32.76 | 15,000 | 491,400 | 1,638,033 | Form |
| 25 | Wang, Jian | See remarks | Direct | Sell | 9192025 | 35.00 | 30,000 | 1,050,000 | 8,860,530 | Form |
| 26 | Cheav, Sotheara | See remarks | Direct | Sell | 9192025 | 35.00 | 10,000 | 350,000 | 3,500,070 | Form |
| 27 | Liu, Tracy | Direct | Sell | 9192025 | 33.00 | 15,000 | 495,000 | 3,655,476 | Form | |
| 28 | Wang, David H | See Remarks | Direct | Sell | 9052025 | 26.44 | 60,000 | 1,586,400 | 17,786,400 | Form |
| 29 | Wang, David H | See Remarks | Direct | Sell | 9052025 | 26.76 | 70,000 | 1,873,387 | 18,003,463 | Form |
Investor Activity (13F)
Updated Sep 24, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductor Materials & Equipment Resources |
| SEMI |
| Semiconductor Digest |
| Semiconductor Today |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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