Financials ACM Research, Inc.

Equities

ACMR

US00108J1097

Semiconductor Equipment & Testing

Market Closed - Nasdaq Other stock markets 04:00:00 2024-04-26 pm EDT			5-day change	1st Jan Change
27.04 ^USD	-4.42%		+8.16%	+38.38%

Apr. 26	ACM Research Posts Q1 Preliminary Unaudited Revenue Expectations; 2024 Revenue Guidance Reaffirmed	MT
Mar. 18	ACM Research Files Mixed Shelf Registration	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	335.7	1,500	1,663	458.4	1,184	1,652	-	-
Enterprise Value (EV) ¹	291.2	1,474	1,135	287	1,093	1,406	1,384	1,367
P/E ratio	18.6 x	91.3 x	49.3 x	13.1 x	16.8 x	20.8 x	15.8 x	11.2 x
Yield	-	-	-	-	-	0.65%	-	-
Capitalization / Revenue	3.12 x	9.58 x	6.4 x	1.18 x	2.12 x	2.35 x	1.91 x	1.46 x
EV / Revenue	2.71 x	9.41 x	4.37 x	0.74 x	1.96 x	2 x	1.6 x	1.21 x
EV / EBITDA	12.3 x	52.3 x	27.7 x	3.53 x	7.35 x	10.7 x	7.77 x	5.46 x
EV / FCF	34.5 x	-25 x	-23.1 x	-1.87 x	-7.97 x	12.2 x	-131 x	14.3 x
FCF Yield	2.9%	-4%	-4.34%	-53.4%	-12.6%	8.22%	-0.77%	7.01%
Price to Book	3.07 x	8.27 x	2.47 x	0.57 x	1.65 x	1.42 x	1.3 x	0.88 x
Nbr of stocks (in thousands)	54,589	55,394	58,524	59,460	60,608	61,095	-	-
Reference price ²	6.150	27.08	28.42	7.710	19.54	27.04	27.04	27.04
Announcement Date	3/18/20	2/25/21	2/25/22	2/24/23	2/28/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	107.5	156.6	259.8	388.8	557.7	701.7	866.9	1,130
EBITDA ¹	23.71	28.18	41.06	81.23	148.7	131.4	178	250.4
EBIT ¹	21.36	27.12	43.82	66.76	123.2	112.3	152.3	-
Operating Margin	19.87%	17.32%	16.87%	17.17%	22.09%	16.01%	17.56%	-
Earnings before Tax (EBT) ¹	18.94	19.3	43.06	67.36	116.2	129.7	173.4	233
Net income ¹	18.89	18.78	37.76	39.26	77.35	84.18	111.8	150.3
Net margin	17.57%	11.99%	14.54%	10.1%	13.87%	12%	12.9%	13.3%
EPS ²	0.3300	0.2967	0.5767	0.5900	1.160	1.300	1.712	2.420
Free Cash Flow ¹	8.432	-58.96	-49.25	-153.3	-137.2	115.6	-10.6	95.9
FCF margin	7.84%	-37.65%	-18.96%	-39.42%	-24.6%	16.47%	-1.22%	8.49%
FCF Conversion (EBITDA)	35.56%	-	-	-	-	88.01%	-	38.3%
FCF Conversion (Net income)	44.63%	-	-	-	-	137.33%	-	63.79%
Dividend per Share ²	-	-	-	-	-	0.1750	-	-
Announcement Date	3/18/20	2/25/21	2/25/22	2/24/23	2/28/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	67.01	95.14	42.19	104.4	133.7	108.5	74.26	144.6	168.6	170.3	150.9	167.6	194.2	192.3	157.5
EBITDA ¹	12.36	19.88	-6.719	23.35	35.08	16.79	12.64	34.69	45.82	43.1	25.25	30.15	31.65	37.15	21.8
EBIT ¹	13.07	20.42	-7.932	22	33.53	19.16	10.93	32.45	43.75	36.05	25	26.97	31.47	28.87	22.55
Operating Margin	19.51%	21.46%	-18.8%	21.08%	25.08%	17.66%	14.72%	22.44%	25.96%	21.16%	16.57%	16.09%	16.2%	15.01%	14.32%
Earnings before Tax (EBT) ¹	10.88	21.77	-11.45	24.43	37.55	16.84	11.84	41.24	31.71	31.43	23.63	31.09	34.63	36.49	30.3
Net income ¹	10.16	15.56	-5.786	12.24	21	11.81	7.145	26.82	25.68	17.7	17.2	19.81	21.53	22.05	17.05
Net margin	15.15%	16.36%	-13.72%	11.72%	15.71%	10.88%	9.62%	18.55%	15.23%	10.39%	11.4%	11.82%	11.09%	11.47%	10.83%
EPS ²	0.1533	0.2333	-0.1000	0.1800	0.3200	0.1800	0.1100	0.4100	0.3900	0.2600	0.3000	0.3220	0.3360	0.3340	0.2500
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/4/21	2/25/22	5/6/22	8/5/22	11/4/22	2/24/23	5/5/23	8/4/23	11/7/23	2/28/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	44.5	26	528	171	91.1	246	268	285
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	8.43	-59	-49.2	-153	-137	116	-10.6	95.9
ROE (net income / shareholders' equity)	25.3%	20%	9.24%	5.81%	14.9%	15.3%	16.6%	6%
ROA (Net income/ Total Assets)	14%	8.51%	5.42%	3.43%	7.88%	5.1%	5.7%	-
Assets ¹	134.9	220.7	696.8	1,144	981.5	1,650	1,962	-
Book Value Per Share ²	2.010	3.280	11.50	13.60	11.80	19.10	20.90	30.90
Cash Flow per Share	-	-	-0.6100	-0.9500	-	-	-	-
Capex ¹	0.97	45.4	9.15	91.1	61.9	80	64	96
Capex / Sales	0.9%	29%	3.52%	23.43%	11.09%	11.4%	7.38%	8.5%
Announcement Date	3/18/20	2/25/21	2/25/22	2/24/23	2/28/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for ACM Research, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

27.04 USD

Average target price

37.95 USD

Spread / Average Target

+40.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Semiconductor Machinery Manufacturing

	1st Jan change	Capi.
ACM RESEARCH, INC.	+38.38%	1.65B
APPLIED MATERIALS, INC.	+25.49%	169B
DISCO CORPORATION	+31.53%	31.67B
ASM INTERNATIONAL N.V.	+32.74%	32.77B
GLOBALFOUNDRIES, INC.	-20.15%	26.77B
NAURA TECHNOLOGY GROUP CO., LTD.	+27.65%	22.95B
ADVANCED MICRO-FABRICATION EQUIPMENT INC. CHINA	-12.08%	11.56B
BE SEMICONDUCTOR INDUSTRIES N.V.	-4.43%	10.72B
HANMI SEMICONDUCTOR CO., LTD.	+122.37%	9.62B
KOKUSAI ELECTRIC CORPORATION	+31.00%	5.94B

Semiconductor Machinery Manufacturing