Acm Research (ACMR) financial statements
Acm Research reported revenue of $901M in fiscal 2025, up 47.4% a year over 9 years.
Net income was $94M and the operating margin 12.1%, against 12.8% in 2016.
Free cash flow was -$67M.
The diluted share count rose 492% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Acm Research's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27M | $37M | $75M | $108M | $157M | $260M | $389M | $558M | $782M | $901M |
| Cost of revenue | $14M | $19M | $40M | $57M | $87M | $145M | $205M | $282M | $391M | $501M |
| Gross profit | $13M | $17M | $34M | $51M | $70M | $115M | $184M | $276M | $392M | $400M |
| Research and development | $3M | $5M | $10M | $13M | $19M | $34M | $62M | $93M | $105M | $145M |
| Selling, general and admin | $3M | $6M | $18M | $20M | $29M | $42M | $62M | $88M | $135M | $146M |
| Operating income | $3M | $700,000 | $6M | $18M | $21M | $39M | $59M | $96M | $151M | $109M |
| Interest expense | $181,000 | $277,000 | $498,000 | $745,000 | $982,000 | $765,000 | $2M | $3M | $4M | $7M |
| Pre-tax income | $3M | -$325,000 | $7M | $19M | $19M | $43M | $67M | $116M | $166M | $135M |
| Income tax | $595,000 | $547,000 | $806,000 | -$518,000 | -$2M | $134,000 | $17M | $19M | $35M | $13M |
| Net income | $1M | -$318,000 | $7M | $19M | $19M | $38M | $39M | $77M | $104M | $94M |
| EPS (diluted) | $0.06 | -$0.02 | $0.12 | $0.33 | $0.30 | $0.58 | $0.59 | $1.16 | $1.53 | $1.37 |
| Diluted shares | 11M | 21M | 54M | 57M | 64M | 65M | 65M | 65M | 66M | 67M |
| Gross margin | 48.7% | 47.2% | 46.2% | 47.1% | 44.4% | 44.2% | 47.2% | 49.5% | 50.1% | 44.4% |
| Operating margin | 12.8% | 1.9% | 8.7% | 16.5% | 13.7% | 14.9% | 15.2% | 17.2% | 19.3% | 12.1% |
| Net margin | 3.8% | -0.9% | 8.8% | 17.6% | 12.0% | 14.5% | 10.1% | 13.9% | 13.2% | 10.4% |
Balance sheet
Fiscal years, from Acm Research's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $10M | $18M | $27M | $58M | $100M | $592M | $268M | $203M | $427M | $793M |
| Receivables | $16M | $27M | $25M | $31M | $56M | $106M | $183M | $283M | $387M | $504M |
| Inventory | $12M | $15M | $39M | $45M | $89M | $218M | $393M | $545M | $598M | $703M |
| Total current assets | $40M | $63M | $96M | $198M | $261M | $953M | $964M | $1.2B | $1.5B | $2.4B |
| Property, plant and equipment | $2M | $2M | $4M | $4M | $8M | $14M | $83M | $202M | $269M | $315M |
| Total assets | $44M | $68M | $103M | $218M | $341M | $1.1B | $1.2B | $1.5B | $1.9B | $2.9B |
| Total current liabilities | $17M | $22M | $46M | $54M | $103M | $206M | $396M | $501M | $641M | $746M |
| Long-term debt | — | — | — | $0 | $18M | $23M | $19M | $54M | $106M | $179M |
| Total liabilities | $24M | $28M | $51M | $60M | $133M | $241M | $423M | $565M | $760M | $942M |
| Shareholders' equity | -$2M | $40M | $52M | $97M | $141M | $676M | $675M | $767M | $905M | $1.5B |
| Net debt | -$10M | -$18M | -$27M | -$58M | -$52M | -$537M | -$227M | -$121M | -$257M | -$543M |
Cash flow
Fiscal years, from Acm Research's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4M | -$8M | $7M | $9M | -$14M | -$40M | -$62M | -$75M | $152M | -$10M |
| Capital spending | $795,000 | $651,000 | $2M | $971,000 | $5M | $9M | $91M | $62M | $82M | $56M |
| Free cash flow | -$4M | -$9M | $5M | $8M | -$19M | -$49M | -$153M | -$137M | $70M | -$67M |
| Stock-based compensation | $383,000 | $2M | $3M | $4M | $6M | $5M | $8M | $27M | $50M | $34M |
| Share buybacks (net) | — | — | $0 | -$3M | $0 | $0 | — | — | — | — |
| Net borrowing | — | — | $0 | $0 | $20M | $7M | -$2M | $40M | $87M | $59M |
| Free cash flow margin | -16.4% | -24.0% | 6.8% | 7.8% | -12.0% | -19.0% | -39.4% | -24.6% | 8.9% | -7.4% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for ACMR.
Open ACMR in InvestinglyQuestions
What was Acm Research's revenue in 2025?
$901M in fiscal 2025, from its 10-K filing.
How much free cash flow does Acm Research generate?
-$67M in fiscal 2025 (operating cash flow minus capital spending).
From Acm Research's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.