ACM Research, Inc. (ACMR)

NASDAQInformation TechnologySemiconductorsSnapshot 2026-10-23

$50.55+2.91%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge ACM Research, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
FY 2026 · Q4
Revenue	—	338.35M
EPS	—	0.577
FY 2026 · Annual
Revenue	$1.08B–$1.18B	1.17B
EPS	—	2.215
FY 2027 · Annual
Revenue	—	1.51B
EPS	—	3.162

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Grow electroplating and panel-level packaging product adoption in Asia	Electroplating and panel-level packaging products gain traction in Asia.	Intact	Decline or stagnation in electroplating and panel packaging orders in 2026	Qualitative condition This condition has no defined numerical measure. Context reviewed through Oct 23, 2026Last status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 4 quarters. ECP and advanced packaging revenues grew 168% and 153% year-over-year in 2026-Q2, respectively. Management highlights shipment milestones including the 2,000th ECP chamber and first horizontal panel electroplating tool delivery. The trajectory is delivering strong growth and market adoption. Delivery assessment Oct 24, 2026
Expand global market presence with new facilities and deployments	The company expands globally with new facilities and customer deployments.	Intact	Delays or failures in facility ramp-up or new market deployments during 2026	Qualitative condition This condition has no defined numerical measure. Context reviewed through Oct 23, 2026Last status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 4 quarters. Management highlights expansion of global customer engagement and progress on Oregon facility ramp-up. The proposed Hong Kong listing aims to strengthen capital and international presence. The trajectory shows ongoing execution on global expansion. Delivery assessment Oct 24, 2026
Introduce new product cycles and accelerate R&D adoption	A supporting condition in ACM Research, Inc.'s published investment case. The stated target is Sustain active product launches and customer validations in 2026.	Intact	Significant delays or failures in new product launches or customer adoption in 2026	Qualitative condition This condition has no defined numerical measure. Context reviewed through Oct 23, 2026Last status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 4 quarters. Management emphasizes multiple new product cycles contributing to revenue growth. Product ramps include SPM Cleaning, Track, PECVD, and panel-level plating. The trajectory shows consistent focus on product innovation with incremental revenue contributions. Delivery assessment Oct 24, 2026
Maintain 2026 revenue growth between 21% and 30%	A primary condition in ACM Research, Inc.'s published investment case. The stated target is >=21% YoY revenue growth in 2026.	Intact	YoY revenue growth falls below 21% in FY26	Revenue growth: 36.01% FY2026-Q2; GAAP. Published target: >=21% YoY revenue growth in 2026. Target period is not explicitly aligned with this observation. Source published Aug 7, 202636.006073 percent · calculatedSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 98fe5365-8d41-4f71-a557-0f9083bd7226. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 4 of last 4 quarters. Revenue grew from $172.3M in 2025-Q1 to $292.9M in 2026-Q2, a 70% increase. Management raised full-year 2026 revenue guidance to $1.125B-$1.175B, targeting 25%-30% growth. The trajectory is delivering with consistent revenue growth and raised guidance. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS: comparable history unavailable.

FY2027 revenue$1.51B

$1.46B → $1.51B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	Unavailable	$1,455,226,050	3 / 7
2026-07-25	Unavailable	$1,455,226,050	3 / 7
2026-07-26	Unavailable	$1,455,226,050	3 / 7
2026-07-27	Unavailable	$1,455,226,050	3 / 7
2026-07-28	Unavailable	$1,455,226,050	3 / 7
2026-07-29	Unavailable	$1,455,226,050	3 / 7
2026-07-30	Unavailable	$1,455,226,050	3 / 7
2026-07-31	Unavailable	$1,455,226,050	3 / 7
2026-08-01	Unavailable	$1,455,226,050	3 / 7
2026-08-02	Unavailable	$1,455,226,050	3 / 7
2026-08-03	Unavailable	$1,455,226,050	3 / 7
2026-08-04	Unavailable	$1,455,226,050	3 / 7
2026-08-05	Unavailable	$1,455,226,050	3 / 7
2026-08-06	Unavailable	$1,455,226,050	3 / 7
2026-08-07	Unavailable	$1,455,226,050	3 / 7
2026-08-08	Unavailable	$1,455,226,050	3 / 7
2026-08-09	Unavailable	$1,455,226,050	3 / 7
2026-08-10	Unavailable	$1,455,226,050	3 / 7
2026-08-11	Unavailable	$1,459,783,190	3 / 7
2026-08-12	Unavailable	$1,459,783,190	3 / 7
2026-08-13	Unavailable	$1,459,783,190	3 / 7
2026-08-14	Unavailable	$1,436,689,922	3 / 5
2026-08-15	Unavailable	$1,436,689,922	3 / 5
2026-08-16	Unavailable	$1,436,689,922	3 / 5
2026-08-17	Unavailable	$1,436,689,922	3 / 5
2026-08-18	Unavailable	$1,436,689,922	3 / 5
2026-08-19	Unavailable	$1,436,689,922	3 / 5
2026-08-20	Unavailable	$1,505,795,204	3 / 5
2026-08-21	Unavailable	$1,505,795,204	3 / 5
2026-08-22	Unavailable	$1,505,795,204	3 / 5
2026-08-23	Unavailable	$1,505,795,204	3 / 5
2026-08-24	Unavailable	$1,505,795,204	3 / 5
2026-08-25	Unavailable	$1,505,795,204	3 / 5
2026-08-26	Unavailable	$1,514,570,804	3 / 6
2026-08-27	Unavailable	$1,514,570,804	3 / 6
2026-08-28	Unavailable	$1,514,570,804	3 / 6
2026-08-29	Unavailable	$1,514,570,804	3 / 6
2026-08-30	Unavailable	$1,514,570,804	3 / 6
2026-08-31	Unavailable	$1,514,570,804	3 / 6
2026-09-01	Unavailable	$1,514,570,804	3 / 6
2026-09-02	Unavailable	$1,514,570,804	3 / 6
2026-09-03	Unavailable	$1,514,570,804	3 / 6
2026-09-04	Unavailable	$1,514,570,804	3 / 6
2026-09-05	Unavailable	$1,514,570,804	3 / 6
2026-09-06	Unavailable	$1,514,570,804	3 / 6
2026-09-07	Unavailable	$1,514,570,804	3 / 6
2026-09-08	Unavailable	$1,514,570,804	3 / 6
2026-09-09	Unavailable	$1,514,570,804	3 / 6
2026-09-10	Unavailable	$1,514,570,804	3 / 6
2026-09-11	Unavailable	$1,514,570,804	3 / 6
2026-09-12	Unavailable	$1,514,570,804	3 / 6
2026-09-13	Unavailable	$1,514,570,804	3 / 6
2026-09-14	Unavailable	$1,514,570,804	3 / 6
2026-09-15	Unavailable	$1,514,570,804	3 / 6
2026-09-16	Unavailable	$1,514,570,804	3 / 6
2026-09-17	Unavailable	$1,514,570,804	3 / 6
2026-09-18	Unavailable	$1,514,570,804	3 / 6
2026-09-19	Unavailable	$1,514,570,804	3 / 6
2026-09-20	Unavailable	$1,514,570,804	3 / 6
2026-09-21	Unavailable	$1,514,570,804	3 / 6
2026-09-22	Unavailable	$1,514,570,804	3 / 6
2026-09-23	Unavailable	$1,514,570,804	3 / 6
2026-09-24	Unavailable	$1,514,570,804	3 / 6
2026-09-25	Unavailable	$1,514,570,804	3 / 6
2026-09-26	Unavailable	$1,514,570,804	3 / 6
2026-09-27	Unavailable	$1,514,570,804	3 / 6
2026-09-28	Unavailable	$1,514,570,804	3 / 6
2026-09-29	Unavailable	$1,514,570,804	3 / 6
2026-09-30	Unavailable	$1,514,570,804	3 / 6
2026-10-01	Unavailable	$1,514,570,804	3 / 6
2026-10-02	Unavailable	$1,514,570,804	3 / 6
2026-10-03	Unavailable	$1,514,570,804	3 / 6
2026-10-04	Unavailable	$1,514,570,804	3 / 6
2026-10-05	Unavailable	$1,514,570,804	3 / 6
2026-10-06	Unavailable	$1,514,570,804	3 / 6
2026-10-07	Unavailable	$1,514,570,804	3 / 6
2026-10-08	Unavailable	$1,511,840,714	3 / 6
2026-10-09	Unavailable	$1,511,840,714	4 / 7
2026-10-10	Unavailable	$1,511,840,714	4 / 7
2026-10-11	Unavailable	$1,511,840,714	4 / 7
2026-10-12	Unavailable	$1,511,840,714	4 / 7
2026-10-13	Unavailable	$1,511,840,714	4 / 7
2026-10-14	Unavailable	$1,511,840,714	4 / 7
2026-10-15	Unavailable	$1,511,840,714	4 / 7
2026-10-16	Unavailable	$1,511,840,714	4 / 7
2026-10-17	Unavailable	$1,511,840,714	4 / 7
2026-10-18	Unavailable	$1,511,840,714	4 / 7
2026-10-19	Unavailable	$1,511,840,714	4 / 7
2026-10-20	Unavailable	$1,511,840,714	4 / 7
2026-10-21	Unavailable	$1,511,840,714	4 / 7
2026-10-22	Unavailable	$1,511,840,714	4 / 7
2026-10-23	Unavailable	$1,511,840,714	4 / 7
2026-10-24	Unavailable	$1,511,840,714	4 / 7

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	7	1
2026-06-01	7	1
2026-07-01	7	1
2026-08-01	8	1
2026-09-01	8	1
2026-10-01	9	1

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 9 Buy / Strong Buy · 1 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 25–Oct 24 · 0 recorded

Price-target changes

30 days

Individual price-target observations are unavailable.

0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Grow electroplating and panel-level packaging product adoption in AsiaQualitative condition
Expand global market presence with new facilities and deploymentsQualitative condition
Introduce new product cycles and accelerate R&D adoptionQualitative condition
Maintain 2026 revenue growth between 21% and 30%Revenue growth: 36.01%

Next proof point

Nov 5, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

4.0%Typical daily move · historical

Downside history

-61.3%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

ACM Research, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

ACMR is a high-growth equipment business, with recent financial performance strong but earnings quality described as fragile. Its long-term thesis is intact, though the evidence snapshot gives medium overall confidence and flags high risk.

What's priced into ACM Research, Inc.

The valuation is described as cheap, while the model shows ACMR at a modest premium to peers and the expectations gap is nearly aligned. Valuation has risen recently, and the priced-in assessment says weak execution quality is present without a broader combination of expensive valuation and turbulence.

What the fundamentals likely do

Near-term fundamentals have been strong: revenue rose from $172.3 million in 2025-Q1 to $292.9 million in 2026-Q2, and management raised its 2026 revenue outlook to $1.125 billion-$1.175 billion. Management is on track with priorities around growth, overseas capacity, and new product cycles, but erratic earnings surprises and a downward trend in those surprises remain risks.

What ACM Research, Inc. hinges on

Over the next year, the thesis depends on management maintaining its raised outlook and continuing to deliver growth from new products and global expansion. A guidance cut after the recent increase would damage credibility, while rate cuts or continued strong results from major technology companies could support the sector backdrop.