ACMR combines 36% Q2 growth, a $22 billion addressable market, and $1 billion net cash—but $83.80 already prices in strong execution.
Overview
**ACM Research is a fast-growing Chinese semiconductor-equipment platform with expanding product breadth and a meaningful localization tailwind.** It supplies wet-cleaning, electroplating, furnace, PECVD, track, and advanced-packaging systems to foundries, memory makers, and OSATs. Q2 2026 revenue increased 36.0% to $292.919 million, while adjusted diluted EPS of $0.61 exceeded consensus by 45.2%. Management raised the low end of FY2026 revenue guidance to $1.125 billion, implying 25%–30% growth. The moat rests on SAPS/TEBO cleaning performance at sub-15nm nodes, 75% acid savings from Tahoe, 498-plus patents, and high qualification-related switching costs. **Financial strength is substantial, with $1.36 billion of cash, restricted cash, and short-term deposits and approximately $1.0 billion of net cash.** The principal debate is valuation and execution: $83.80 exceeds the $68.86 DCF value, while the $55.13–$93.95 sensitivity range shows limited base-case upside. Catalysts include global tool installations, Oregon capacity, Track/PECVD qualification, and sustained margin stabilization; risks include export controls, China concentration, and negative near-term operating cash flow.