ACMR ACM Research, Inc.

Overview and Growth

In fiscal 2025, ACM Research, Inc. recorded $901.31M of revenue, net income of $94.08M, and an operating cash outflow of $10.32M. The $901.31M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $782.12M in fiscal 2024, revenue recorded a 15.2% year-over-year increase. The company reported diluted EPS of $1.37, adding a shareholder-level measure to the absolute income figures considered below. Diluted EPS decreased by 10.5% from $1.53 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Revenue equaled 0.31x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Gross profit was $400.07M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross profit represented 44.4% of revenue, showing how much of the top line remained after direct costs. Operating income was $109.43M, the earnings remaining from reported operations after the company’s recognized operating cost structure. Relative to revenue, operating income represented 12.1%, showing how efficiently sales converted into operating profit. Net income came to $94.08M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 10.4%, meaning that this portion of revenue remained as net income after all recognized expenses. Pretax income was $135.19M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Pretax income represented 15.0% of revenue, placing earnings before tax in the context of the company’s operating scale. Income tax expense totaled $13.30M, providing the reported tax component that separates pretax and after-tax earnings. The income-tax provision equaled 9.8% of pretax income, showing the tax burden absorbed by the year’s earnings. Net income equaled 4.9% of period-end equity, showing the earnings generated on shareholders’ book capital. Net income represented 3.3% of period-end assets, placing the company’s bottom-line result against the total resource base employed.

Liquidity and Capital Structure

The company held $2.87B of assets against $941.68M of liabilities and $1.93B of equity, revealing how the asset base was financed. The near-term balance sheet paired $2.44B of current assets with $745.71M of current liabilities at the reporting date. Current assets covered current liabilities by 3.27x, leaving a positive buffer for near-term obligations. The company held $757.37M in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 101.6% of current liabilities, showing how much near-term coverage came from cash alone. Borrowings totaled $214.01M, adding a fixed financing obligation alongside the company’s equity capital. Debt equaled 0.11x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 7.5%, showing how much of the asset base was matched by borrowing. The liabilities-to-assets relationship was 32.8%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 26.4% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 54.8% from $1.86B in fiscal 2024, leaving current total assets higher year over year.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $10.32M, rather than cash generation from operations. The company spent $56.28M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. The company recorded a $66.61M cash deficit after capital spending for the period. Relative to revenue, the post-investment cash deficit represented 7.4%. Relative to total assets, the post-investment cash deficit measured 2.3%.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.