Latest Ratios: P/E Ratio 69.1x · EV/EBITDA 46.2x · ROE 6.2%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.3B | $2.7B | $1.0B | $1.3B | $504M | $1.9B | $1.7B | $353M | $195M | $79M | — |
| Enterprise Value | $5.8B | $2.2B | $782M | $1.2B | $335M | $1.3B | $1.7B | $312M | $177M | $66M | — |
| P/E Ratio → | 69.09 | 28.80 | 9.87 | 16.84 | 13.07 | 49.00 | 90.27 | 18.64 | 30.25 | — | — |
| P/S Ratio | 6.96 | 2.95 | 1.28 | 2.27 | 1.30 | 7.15 | 10.99 | 3.28 | 2.61 | 2.16 | — |
| P/B Ratio | 3.30 | 1.38 | 0.91 | 1.37 | 0.62 | 2.29 | 8.27 | 3.63 | 3.73 | 1.98 | — |
| P/FCF | — | — | 14.29 | — | — | — | — | 42.65 | 40.32 | — | — |
| P/OCF | — | — | 6.56 | — | — | — | — | 37.55 | 28.23 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.43 | 1.00 | 2.12 | 0.86 | 5.14 | 10.85 | 2.91 | 2.38 | 1.82 | — |
| EV / EBITDA | 46.17 | 17.43 | 4.86 | 11.40 | 5.21 | 32.49 | 75.36 | 16.82 | 25.75 | 68.40 | — |
| EV / EBIT | 53.06 | 15.42 | 4.58 | 9.96 | 4.86 | 34.47 | 83.80 | 17.56 | 27.41 | 94.88 | — |
| EV / FCF | — | — | 11.17 | — | — | — | — | 37.74 | 36.67 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.4% | 44.4% | 50.1% | 49.5% | 47.2% | 44.2% | 44.4% | 47.1% | 46.2% | 47.2% | 48.7% |
| Operating Margin | 12.1% | 12.1% | 19.3% | 17.2% | 15.2% | 14.9% | 13.7% | 16.5% | 8.7% | 1.9% | 12.8% |
| Net Profit Margin | 10.4% | 10.4% | 13.2% | 13.9% | 10.1% | 14.5% | 12.0% | 17.6% | 8.8% | -0.9% | 3.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.2% | 6.2% | 10.2% | 8.9% | 4.8% | 7.4% | 12.3% | 25.3% | 14.3% | -1.5% | 41.5% |
| ROA | 4.0% | 4.0% | 6.2% | 5.7% | 3.4% | 5.4% | 6.7% | 11.8% | 7.7% | -0.6% | 2.7% |
| ROIC | 7.0% | 7.0% | 13.2% | 9.7% | 9.5% | 12.2% | 13.3% | 29.2% | 15.7% | 4.3% | — |
| ROCE | 6.6% | 6.6% | 13.7% | 10.5% | 7.0% | 7.1% | 10.7% | 16.1% | 12.6% | 1.9% | 17.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.16 | 0.16 | 0.17 | 0.11 | 0.10 | 0.05 | 0.24 | 0.18 | 0.18 | 0.13 | 1.92 |
| Debt / EBITDA | 2.41 | 2.41 | 1.17 | 0.95 | 1.23 | 0.95 | 2.22 | 0.95 | 1.37 | 5.26 | 1.30 |
| Net Debt / Equity | — | -0.24 | -0.20 | -0.09 | -0.21 | -0.64 | -0.10 | -0.42 | -0.34 | -0.32 | -2.15 |
| Net Debt / EBITDA | -3.68 | -3.68 | -1.36 | -0.80 | -2.62 | -12.75 | -0.96 | -2.19 | -2.57 | -12.95 | -1.45 |
| Debt / FCF | — | — | -3.12 | — | — | — | — | -4.91 | -3.65 | — | — |
| Interest Coverage | 20.44 | 20.44 | 41.06 | 44.35 | 41.70 | 50.59 | 20.65 | 23.88 | 12.99 | 2.53 | 19.28 |
Net cash position: cash ($766M) exceeds total debt ($303M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.27 | 3.27 | 2.31 | 2.35 | 2.43 | 4.63 | 2.53 | 3.71 | 2.08 | 2.88 | 2.36 |
| Quick Ratio | 2.33 | 2.33 | 1.38 | 1.26 | 1.44 | 3.57 | 1.67 | 2.87 | 1.24 | 2.18 | 1.68 |
| Cash Ratio | 1.57 | 1.57 | 0.69 | 0.57 | 0.85 | 2.87 | 0.97 | 1.09 | 0.59 | 0.81 | 0.59 |
| Asset Turnover | — | 0.31 | 0.42 | 0.37 | 0.31 | 0.25 | 0.46 | 0.49 | 0.72 | 0.54 | 0.62 |
| Inventory Turnover | 0.71 | 0.71 | 0.65 | 0.52 | 0.52 | 0.66 | 0.98 | 1.27 | 1.04 | 1.25 | 1.20 |
| Days Sales Outstanding | — | 223.91 | 200.16 | 213.14 | 199.53 | 176.51 | 154.09 | 114.38 | 137.68 | 292.48 | 237.22 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.1% | 0.3% | 0.7% | 0.3% | — | — | — | — | — | — | — |
| Payout Ratio | 8.1% | 8.1% | 6.7% | 5.1% | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.4% | 3.5% | 10.1% | 5.9% | 7.7% | 2.0% | 1.1% | 5.4% | 3.3% | — | — |
| FCF Yield | — | — | 7.0% | — | — | — | — | 2.3% | 2.5% | — | — |
| Buyback Yield | 0.1% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.8% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.2% | 0.5% | 0.7% | 0.3% | 0.0% | 0.0% | 0.0% | 0.8% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $67M | $66M | $65M | $65M | $65M | $64M | $57M | $54M | $45M | $24M |
Geopolitical revenue concentration
Based on current market data, ACMR trades at a forward P/E of 52.33, which appears to reflect a significant geopolitical discount compared to US-centric peers like Onto Innovation, despite the company's aggressive expansion into new product categories like electrochemical plating and furnace technologies.
The valuation multiples suggest that investors are heavily discounting the company's earnings due to its extreme reliance on the Chinese market. While the PEG ratio of 2.15 implies a premium for growth, this may be justified if the company successfully sustains its market share gains in advanced node cleaning, though the risk of regulatory intervention remains a persistent overhang.
As reported in recent financial statements, ACMR's ROIC has remained in a narrow range between 1.3% and 3.8% over the last ten quarters, indicating that the company is currently struggling to generate meaningful returns on its rapidly expanding asset base during this intensive growth phase.
The low ROIC relative to the cost of capital suggests that the company's heavy investment in R&D and manufacturing capacity is not yet yielding the expected efficiency gains. Investors should monitor whether the transition to a multi-product platform can eventually drive higher capital returns as the company moves past its current heavy investment cycle.
According to the latest quarterly data, ACMR's cash conversion cycle has remained elevated, peaking at 729 days in 2024Q1 and settling at 566 days in 2026Q1, which highlights significant inefficiencies in managing inventory and accounts receivable within its project-based business model.
The prolonged cash conversion cycle suggests that the company is effectively financing its customers' capital expenditure through extended payment terms. This structural drag on liquidity warrants further investigation, as it indicates that the company's growth is consuming cash at a rate that may not be sustainable without continued external funding or improved collection cycles.
The P/E ratio is frequently misapplied to ACMR, as it fails to account for the significant non-cash charges and the lumpy nature of revenue recognition tied to final customer acceptance, which often distorts the company's true underlying earning power in any given quarter.
Analysts should instead focus on EV/Sales or adjusted EBITDA metrics to better capture the company's operational scale and growth trajectory. Relying on P/E ratios in this context obscures the impact of the company's aggressive R&D spending and the timing differences inherent in its project-based revenue model.
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying ACMR stock.
ACM Research, Inc.'s current P/E ratio is 69.1x. The historical average is 32.1x. This places it at the 88th percentile of its historical range.
ACM Research, Inc.'s current EV/EBITDA is 46.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 28.6x.
ACM Research, Inc.'s return on equity (ROE) is 6.2%. The historical average is 12.9%.
Based on historical data, ACM Research, Inc. is trading at a P/E of 69.1x. This is at the 88th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ACM Research, Inc.'s current dividend yield is 0.12% with a payout ratio of 8.1%.
ACM Research, Inc. has 44.4% gross margin and 12.1% operating margin. Operating margin between 10-20% is typical for established companies.
ACM Research, Inc.'s Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.