ACMR Nasdaq Earnings call
ACM Research, Inc. (ACMR) · Q2 2026 results and valuation
Share price: $52.43 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 7 Aug 2026 and 7 May 2026
Net income up 414.2% on the previous quarter. Management sounded cautious, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+414.2%
Net income vs Q1 2026
Outlook given
Net income 89.0M vs 17.3M
Revenue +26.7%
Against the same quarter last year (Q2 2025) it is +199.0% — part of the move on last quarter is seasonal.
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
New
ACMR reported component price hikes and shortages in Q2 2026, which introduces the new theme of rising component costs.
Valuation
Is ACM Research, Inc. undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (3-year revenue growth), the model's fair value is $42.70 a share — the stock trades 23% above it. Today's price assumes 13.1% growth a year.
Current price
$52.43
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+13.1% for 10 yrs
Fair value / share
$42.70
Buy below
$32.03
Price vs fair value
Overvalued 23%
Price vs buy-below price
Overvalued 64%
Read between the lines
-
Key theme
Unless otherwise noted, the following figures refer to the second quarter of 2026 and comparisons are with the second…
Source quote
“Also, unless otherwise noted, the following figures refer to the second quarter of 2026 and comparisons are with the second... Reconciliation of these non-GAAP measures to comparable GAAP measures is included in our earnings release. I'll now provide financial highlights.”
-
Guidance
The company expects overall cleaning revenue to rebound as customers qualify the first tool and repeat shipments grow during the current major product cycle.
Source quote
“And with this major product cycle, we expect our overall cleaning revenue to rebound as our customers qualify the first tool and we grow our repeat shipment.”
-
Guidance
The company expects to qualify its high-throughput KIF track tool for production by year-end as it progresses through customer evaluation.
Source quote
“Indeed, our high-throughput KIF track tool is progressing through customer evaluation, and we anticipate production qualification by year-end.”
-
Figure
Revenue and shipments increased 36% year-over-year, indicating growth in the company's primary revenue drivers for the quarter.
Source quote
“Revenue and shipments increased 36% year-over-year.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“So that's really our confidence we with this new product come out, we can further sustain or increase our high growth rate and for our revenue in the market in...”
“This order are important milestone for what we believe could become a significant long-term growth opportunity.”
“Understanding AI is a plating play for you in other areas where you're very strong, but the DRAM effort there is growing very strongly.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 292.9M | 231.3M | +26.7% | 215.4M | +36.0% |
| Gross profit | 134.6M | 107.2M | +25.5% | 104.5M | +28.9% |
| Operating income | 49.7M | 36.2M | +37.5% | 31.7M | +56.9% |
| Net income | 89.0M | 17.3M | +414.2% | 29.8M | +199.0% |
| EPS | 1.23 | 0.24 | +412.5% | 0.44 | +179.5% |
| P/E today 35.9 | 59.9 | 30.0 | +29.9 | 15.6 | +44.3 |
Topics
Most discussed now
- They now estimate the global semiconductor equipment market exceeded $140 billion in 2025 and will grow to more than $200...
- This strong performance reflects the progress ACM Research is making in transforming ACM into a broader multiproduct semiconductor…
- As chip complexity and chip size continue to increase, traditional wafer-level packaging approaching and reaching practical limit, creating…
- This financial strength provides a solid foundation to support ACM Research's mission to become a key supplier of world-class capital…
- In summary, ACM Research sees 2026 as a big year for new product and...
Faded since Q1 2026
- Nothing dropped away.
Latest announcements
Official filings, newest first.
- Other events · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Shareholder vote results · SEC 8-K
- Other events · SEC 8-K
- Other events · SEC 8-K
- Other events · SEC 8-K