ACM Research, Inc.
ACMR · Special Industry Machinery, NEC · 14.2M shares · +36%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$25M (gross $3M, SBC $27M)
Reference price $81.73 · est. market cap ~$1.2B — last insider sale, 2026-06-05 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B66Semiconductor-equipment maker (wet processing) — profitable and growing, but FCF-negative on capex and China-exposed.
Strengths
- Profitable and growing — operating margin 12% (67th), net margin 10% (63rd), revenue +15%
Risks
- Negative free cash flow (capex) — FCF -$67M (10th)
- China-operations/geopolitical exposure — per 10-K
- Semicap-cycle and customer concentration — per 10-K
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Cash burnNegative free cash flow (-66.6M)
- Chronic dilutionShare count +36%/yr over 4y (dilution, book value/share -36%)
- Strong balance sheetStrong balance sheet — $859M cash & investments, ~52 quarters of runway
- Notable holderHeld by 6 notable fund(s): STATE STREET CORP, SOUTHEASTERN ASSET MANAGEMENT INC/TN/, FMR LLC +3 more (as of 2026-03-31)
- China exposureexport controls jurisdiction directly or indirectly to ACM Shanghai or ACM Korea without obtaining authorization
- Insider sellingInsider selling — 45 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$25M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
44.4%
Operating margin
12.1%
Net margin
10.4%
Return on equity
6.4%
Return on assets
3.3%
ROIC
5.3%
Revenue growth (QoQ)
-5.4%
Net-income growth
-9.2%
Debt / equity
0.1×
Net debt / EBITDA
-5.5×
Current ratio
3.3×
Free cash flow
-$67M
EBITDA
$124M
Tangible book value
$1.5B
Cash & investments
$859M
Cash runway
52q
Stock comp / revenue
3.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-05 | Cheav Sotheara | Sell | 400 | $84.01 |
| 2026-06-05 | Cheav Sotheara | Sell | 1.6K | $85.41 |
| 2026-06-05 | Cheav Sotheara | Option exercise | 5.4K | $13.89 |
| 2026-06-05 | Cheav Sotheara | Sell | 2.4K | $81.73 |
| 2026-06-05 | Cheav Sotheara | Sell | 968 | $82.61 |
| 2026-06-04 | Wang David H | Sell | 8.6K | $87.13 |
| 2026-06-04 | Wang David H | Sell | 826 | $87.91 |
| 2026-06-04 | Cheav Sotheara | Sell | 9.2K | $85.11 |
| 2026-06-04 | Cheav Sotheara | Option exercise | 13K | $13.89 |
| 2026-06-04 | Cheav Sotheara | Sell | 1.3K | $84.08 |
| 2026-06-04 | Cheav Sotheara | Sell | 2.8K | $85.77 |
| 2026-06-04 | Wang David H | Option exercise | 40K | $1.00 |
| 2026-06-04 | Wang David H | Sell | 2.1K | $83.86 |
| 2026-06-04 | Wang David H | Sell | 18K | $85.11 |
| 2026-06-04 | Wang David H | Sell | 11K | $86.07 |
| 2026-06-03 | Wang David H | Sell | 5.8K | $92.38 |
| 2026-06-03 | Wang David H | Option exercise | 60K | $1.00 |
| 2026-06-03 | Wang David H | Sell | 4.3K | $87.57 |
| 2026-06-03 | Wang David H | Sell | 6.3K | $88.98 |
| 2026-06-03 | Wang David H | Sell | 32K | $89.84 |
| 2026-06-03 | Wang David H | Sell | 9.9K | $90.78 |
| 2026-06-03 | Wang David H | Sell | 1.2K | $93.04 |
| 2026-05-19 | Dun Haiping | Option exercise | 5.0K | $5.60 |
| 2026-05-19 | Dun Haiping | Sell | 1.3K | $63.84 |
| 2026-05-19 | Dun Haiping | Sell | 500 | $65.09 |
| 2026-05-19 | Dun Haiping | Sell | 1.3K | $67.21 |
| 2026-05-19 | Dun Haiping | Sell | 1.9K | $67.54 |
| 2026-04-17 | Pappis Charles C | Option exercise | 5.0K | $29.18 |
| 2026-04-17 | Pappis Charles C | Sell | 5.0K | $52.00 |
| 2026-03-12 | Wang David H | Sell | 39K | $45.74 |
| 2026-03-12 | McKechnie Mark | Option exercise | 60K | $13.89 |
| 2026-03-12 | McKechnie Mark | Sell | 12K | $44.89 |
| 2026-03-12 | McKechnie Mark | Sell | 47K | $45.74 |
| 2026-03-12 | McKechnie Mark | Sell | 982 | $46.55 |
| 2026-03-12 | McKechnie Mark | Option exercise | 39K | $19.49 |
| 2026-03-12 | McKechnie Mark | Sell | 8.6K | $44.94 |
| 2026-03-12 | McKechnie Mark | Sell | 29K | $45.74 |
| 2026-03-12 | McKechnie Mark | Sell | 564 | $46.57 |
| 2026-03-12 | Wang David H | Option exercise | 50K | $1.00 |
| 2026-03-12 | Wang David H | Sell | 11K | $44.92 |
| 2026-03-12 | Wang David H | Sell | 702 | $46.57 |
| 2026-03-11 | Wang David H | Sell | 55K | $47.89 |
| 2026-03-11 | Liu Tracy | Option exercise | 15K | $1.00 |
| 2026-03-11 | Liu Tracy | Sell | 12K | $47.81 |
| 2026-03-11 | Liu Tracy | Sell | 3.4K | $48.25 |
| 2026-03-11 | Wang David H | Option exercise | 60K | $1.00 |
| 2026-03-11 | Wang David H | Sell | 4.6K | $48.34 |
| 2026-03-10 | Liu Tracy | Sell | 13K | $48.19 |
| 2026-03-10 | Liu Tracy | Option exercise | 45K | $1.00 |
| 2026-03-10 | Liu Tracy | Sell | 32K | $47.06 |
| 2026-03-09 | Dun Haiping | Option exercise | 5.0K | $5.60 |
| 2026-03-09 | Dun Haiping | Sell | 4.1K | $43.37 |
| 2026-03-09 | Dun Haiping | Sell | 900 | $43.94 |
| 2026-03-06 | Feng Lisa | Option exercise | 15K | $4.55 |
| 2026-03-06 | Feng Lisa | Sell | 15K | $46.07 |
| 2026-03-06 | Feng Lisa | Sell | 200 | $46.58 |
| 2026-03-05 | Feng Lisa | Option exercise | 15K | $4.55 |
| 2026-03-05 | Pappis Charles C | Option exercise | 5.0K | $29.18 |
| 2026-03-05 | Pappis Charles C | Sell | 5.0K | $50.09 |
| 2026-03-05 | Feng Lisa | Sell | 8.1K | $49.81 |
| 2026-03-05 | Feng Lisa | Sell | 7.0K | $50.24 |
| 2025-12-08 | McKechnie Mark | Sell | 22K | $35.45 |
| 2025-12-08 | McKechnie Mark | Option exercise | 22K | $25.45 |
| 2025-12-04 | McKechnie Mark | Sell | 996 | $34.26 |
| 2025-12-04 | Wang David H | Sell | 40K | $34.42 |
| 2025-12-04 | Wang David H | Sell | 20K | $33.52 |
| 2025-12-04 | McKechnie Mark | Option exercise | 8.8K | $4.55 |
| 2025-12-04 | Wang David H | Option exercise | 60K | $1.00 |
| 2025-12-04 | McKechnie Mark | Sell | 7.8K | $33.50 |
| 2025-12-03 | Wang David H | Option exercise | 70K | $1.00 |
| 2025-12-03 | Wang David H | Sell | 69K | $33.05 |
| 2025-12-03 | Wang David H | Sell | 1.2K | $33.56 |
| 2025-12-03 | Chen Fuping | Option exercise | 20K | $1.77 |
| 2025-12-03 | Chen Fuping | Sell | 20K | $33.05 |
| 2025-12-03 | Chen Fuping | Sell | 300 | $33.57 |
| 2025-12-02 | Chen Fuping | Option exercise | 100K | $1.77 |
| 2025-12-02 | Chen Fuping | Sell | 100K | $33.20 |
| 2025-11-13 | Feng Lisa | Option exercise | 15K | $5.60 |
| 2025-11-13 | Feng Lisa | Sell | 15K | $33.77 |
| 2025-11-12 | Feng Lisa | Option exercise | 15K | $5.60 |
| 2025-11-12 | Dun Haiping | Gift | 755K | — |
| 2025-11-12 | Feng Lisa | Sell | 15K | $32.76 |
| 2025-09-18 | Wang Jian | Sell | 30K | $35.00 |
| 2025-09-18 | Cheav Sotheara | Option exercise | 10K | $13.89 |
| 2025-09-18 | Cheav Sotheara | Sell | 10K | $35.00 |
| 2025-09-18 | Wang Jian | Option exercise | 30K | $5.60 |
| 2025-09-17 | Liu Tracy | Sell | 15K | $33.00 |
| 2025-09-17 | Liu Tracy | Option exercise | 15K | $1.00 |
| 2025-09-08 | Wang David H | Option exercise | 130K | $1.00 |
| 2025-09-04 | Wang David H | Option exercise | 60K | $1.00 |
| 2025-09-04 | Wang David H | Sell | 60K | $26.44 |
| 2025-09-03 | Wang David H | Sell | 66K | $26.73 |
| 2025-09-03 | Wang David H | Sell | 3.9K | $27.31 |
| 2025-09-03 | Wang David H | Option exercise | 70K | $1.00 |
| 2025-08-25 | Wang Jian | Sell | 30K | $32.00 |
| 2025-08-25 | Wang Jian | Option exercise | 30K | $5.60 |
| 2025-08-22 | Cheav Sotheara | Sell | 11K | $30.00 |
| 2025-08-22 | Cheav Sotheara | Option exercise | 11K | $13.89 |
| 2025-08-22 | Wang Jian | Option exercise | 30K | $5.60 |
| 2025-08-22 | Wang Jian | Sell | 30K | $30.00 |
| 2025-07-15 | Liu Tracy | Option exercise | 15K | $1.00 |
| 2025-07-15 | Liu Tracy | Sell | 15K | $30.00 |
| 2025-07-07 | Feng Lisa | Sell | 15K | $28.00 |
| 2025-07-07 | Feng Lisa | Option exercise | 15K | $5.60 |
| 2025-06-24 | Feng Lisa | Option exercise | 15K | $5.60 |
| 2025-06-24 | Feng Lisa | Sell | 15K | $26.00 |
| 2025-05-22 | Wang David H | Sell | 60K | $22.63 |
| 2025-05-22 | Wang David H | Option exercise | 60K | $1.00 |
| 2025-05-21 | Wang David H | Sell | 8 | $24.04 |
| 2025-05-21 | Wang David H | Option exercise | 70K | $1.00 |
| 2025-05-21 | Wang David H | Sell | 70K | $23.60 |
| 2025-05-14 | McKechnie Mark | Option exercise | 15K | $5.60 |
| 2025-05-14 | McKechnie Mark | Sell | 15K | $25.22 |
| 2025-03-17 | Hu Chenming | Sell | 163K | $30.00 |
| 2025-03-14 | Dun Haiping | Sell | 7.1K | $29.23 |
| 2025-03-14 | Dun Haiping | Sell | 2.5K | $28.32 |
| 2025-03-13 | Wang David H | Sell | 36K | $27.29 |
| 2025-03-13 | Wang David H | Sell | 1.0K | $27.65 |
| 2025-03-12 | McKechnie Mark | Option exercise | 15K | $5.60 |
| 2025-03-12 | Wang David H | Sell | 38K | $27.42 |
| 2025-03-12 | McKechnie Mark | Sell | 15K | $27.42 |
| 2025-03-11 | Wang David H | Sell | 56K | $26.57 |
| 2025-03-10 | Dun Haiping | Sell | 15K | $26.54 |
| 2025-03-03 | Dun Haiping | Option exercise | 25K | $0.50 |
| 2025-03-03 | Dun Haiping | Tax withheld | 482 | $25.94 |
| 2025-03-03 | Wang David H | Option exercise | 210K | $0.50 |
| 2025-03-03 | Wang David H | Tax withheld | 4.0K | $25.94 |
| 2025-02-06 | Cheav Sotheara | Option exercise | 10K | $13.89 |
| 2025-02-06 | Cheav Sotheara | Option exercise | 13K | $13.89 |
| 2025-02-06 | McKechnie Mark | Option exercise | 15K | $5.60 |
| 2025-02-06 | McKechnie Mark | Sell | 15K | $22.00 |
| 2025-02-06 | Cheav Sotheara | Sell | 23K | $23.00 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-22 | 2026-06-18 | 0001628280-26-044506 ↗ |
| 8-K | 2026-06-12 | 2026-06-10 | 0001628280-26-042833 ↗ |
| 8-K | 2026-05-29 | 2026-05-26 | 0001140361-26-023310 ↗ |
| 8-K | 2026-05-22 | 2026-05-19 | 0001628280-26-037552 ↗ |
| 8-K | 2026-05-15 | 2026-05-15 | 0001140361-26-021661 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001140361-26-020717 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001628280-26-032842 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001628280-26-031688 ↗ |
| 8-K | 2026-04-27 | 2026-04-27 | 0001628280-26-027353 ↗ |
| 8-K | 2026-04-17 | 2026-04-17 | 0001628280-26-025599 ↗ |
| 8-K | 2026-03-24 | 2026-03-24 | 0001628280-26-020846 ↗ |
| 8-K | 2026-03-19 | 2026-03-13 | 0001628280-26-019811 ↗ |