Acm Research, Inc. (ACMR) intrinsic value & 10-year financials
Acm Research, Inc. (ACMR) has a Graham intrinsic value of $45.51 per share. At $53.10 on Oct 17, 2026, the stock trades 17% above that value. Over the last 10 fiscal years revenue grew 47.4% a year to $901.3M, with an average return on invested capital of 16.3%.
- Graham intrinsic value
- $45.51
- Share price (Oct 17, 2026)
- $53.10
- Price vs Graham value
- 17% above
- Market cap
- $3.6B
- Revenue (FY2025)
- $901.3M
- Revenue growth (10-yr CAGR)
- 47.4%
- ROIC (10-yr avg)
- 16.3%
- Free cash flow (FY2025)
- -$66.6M
ACMR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $901.3M | $94.1M | $1.37 | -$66.6M | 12.1% | 12.2% |
| FY2024 | $782.1M | $103.6M | $1.53 | $70.0M | 19.3% | 17.3% |
| FY2023 | $557.7M | $77.3M | $1.16 | -$137.2M | 17.2% | 13.9% |
| FY2022 | $388.8M | $39.3M | $0.59 | -$153.3M | 15.2% | 14.0% |
| FY2021 | $259.8M | $37.8M | $0.58 | -$49.2M | 14.9% | 33.2% |
| FY2020 | $156.6M | $18.8M | $0.30 | -$18.8M | 13.7% | 32.2% |
| FY2019 | $107.5M | $18.9M | $0.33 | $8.4M | 16.5% | 46.7% |
| FY2018 | $74.6M | $6.6M | $0.12 | $5.1M | 8.7% | 18.6% |
| FY2017 | $36.5M | -$318.0K | -$0.02 | -$8.8M | 1.9% | 3.6% |
| FY2016 | $27.4M | $1.0M | $0.06 | -$4.5M | 12.8% | -28.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ACM Research, Inc. is a consistent compounder, expanding top-line revenue at 47.4% annually over the past decade.
ACM Research, Inc. has earned high returns on invested capital, averaging 16.3% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
ACM Research, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ACM Research, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $45.51 per share.