ACM Research (ACMR)
Supplies wet-cleaning and adjacent process equipment for wafer fabrication and advanced packaging.
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Sells wet-cleaning, plating, furnace, PECVD, Track, and advanced-packaging equipment to chipmakers, with tool sales plus services and spares generating revenue. Wet cleaning remains the core business, while operations run principally through separately listed ACM Shanghai and equipment sales remain concentrated in mainland China.
Supplies semiconductor process equipment spanning front-end wafer fabrication and advanced packaging. Wet-cleaning systems—single-wafer, Tahoe, and semi-critical tools—remain the core business, complemented by electrochemical plating, vertical furnace, PECVD, Track, coating, developing, stripping, scrubbing, and wet-etch equipment. Proprietary SAPS, TEBO, and Tahoe processes target particle removal, pattern protection, throughput, and lower chemical consumption across foundry, logic, memory, and packaging applications.
Develops, manufactures, sells, and services equipment principally through ACM Shanghai, while sales and support teams extend into North America, Europe, and Southeast Asia. Substantially all semiconductor-equipment sales still come from customers in mainland China, despite recent deployments elsewhere. ACM Shanghai is separately listed on the STAR Market and is pursuing a Hong Kong listing; ACM Shanghai and ACM Korea are on the U.S. Entity List, restricting access to items subject to U.S. export controls.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 25, 2026 | Daiwa | Initiate | Rating: —Target: — | Target: $136 |
| Aug 10, 2026 | Craig-Hallum | Reiterate | Rating: —Target: — | Target: $100 |
| Jun 23, 2026 | Morgan Stanley | Reiterate | Rating: —Target: — | Target: $130 |
| Jun 17, 2026 | Roth Capital | Target | Target: $100 | Target: $125 |
| Jun 1, 2026 | Roth Capital | Target | Target: $40 | Target: $100 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.46B · Total debt $349.3M · Total assets $3.40B · Shareholders' equity $1.86B
- Revenue
- $292.9M
- Operating income
- $49.7M
- Net income
- $89.0M
No dividends on record.
| Institutions | 70.36% | 49.00M shares | |
|---|---|---|---|
| 403 holders · as of Jun 30, 2026 | |||
| Insiders | 2.39% | 1.67M shares | |
| 7 holders · as of Sep 10, 2026 | |||
| Strategic holders | 9.87% | 6.88M shares | |
| 2 holders · as of Jun 13, 2023 | |||
| Other | 17.38% | 12.10M shares | |
| remainder | |||
69.65M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (69.65M in the company's Sep 22, 2026 report, 64.12M elsewhere); stakes use the report.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 12.43% | 8.66M A | as of Jun 30, 2026 |
Shanghai Science and Technology Venture Capital (Group) Co., LtdStrategic | 4.94% | 3.44M | filed Jun 13, 2023 |
and Technology Venture Capital (Group) Co., Ltd.Strategic | 4.94% | 3.44M | filed Jun 13, 2023 |
Vanguard Portfolio Management LLCInstitution | 4.81% | 3.35M A | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 3.54% | 2.46M A | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 9, 2026 | David H. Wang | director, 10 percent owner, officer: See Remarks | −70,000 | $74.59 |
| Sep 8, 2026 | David H. Wang | director, 10 percent owner, officer: See Remarks | −70,000 | $77.26 |
| Aug 20, 2026 | Mark McKechnie | officer: See Remarks | −55,199 | $77.27 |
| Aug 18, 2026 | Haiping Dun | director | −5,000 | $81.13 |
| Jun 4, 2026 | David H. Wang | director, 10 percent owner, officer: See Remarks | −40,002 | $85.80 |
- Lam Research
Challenges wet clean, ECP, PECVD, and packaging tools
- Applied Materials
Broad WFE overlap in plating, PECVD, CMP, and thermal tools
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| ACM Research | $74.06 | +1.77% | $4.67B | 34.7 | 31.0 | 4.5 | +36.0% |
| Lam Research | $305.39 | +1.03% | $378.02B | 52.5 | 32.1 | 16.3 | +30.0% |
| Applied Materials | $466.24 | +0.43% | $368.59B | 40.0 | 26.5 | 12.0 | +24.8% |
| Median | 46.2 | 29.3 | 14.1 | +27.4% |