2 models fit ACM Research Inc. Class A Common Stock and they disagree: 0 of 2 land within 15% of the average.
Two or more of our models back this value.
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Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionACM Research Inc. Class A Common Stock (ACMR)
Fair value (2 models)
$43.78
ACCE price target
$49.20
Rating
Overvalued
Horizon
12 months
Fair value published on 20 Oct 2026, 14:06 CEST; previously $44.77 since 18 Oct 2026, 00:00 CEST.
ACCE price target published on 18 Oct 2026, 00:00 CEST; previously $76.00 since 11 Oct 2026, 00:00 CEST.
Rating published on 20 Oct 2026, 14:06 CEST.
Price used: $50.55 at the close on 23 Oct 2026, 22:00 CEST.
Models: P/E comparison and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
15.5% above
-13.4% to fair value
ACCE score
67
out of 100
Analysts
90% buy
10 covering
P/E
23.8x
forward 17.2x
1-year return
+25.6%
Dividend yield
0.00%
ACM Research Inc. Class A Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
ACM Research makes wet cleaning and related process equipment used in semiconductor fabrication, with its Ultra C and SAPS/TEBO single-wafer cleaning tools sold to chipmakers in China, Korea and the US. The case rests on that installed-base position in cleaning steps that chipmakers repeat across most wafer layers, which keeps demand tied to fab utilization rather than one-off orders. Revenue growth of 36.0% is the number that matters most here, and it is running well ahead of what most semiconductor equipment peers are posting. The stock trades at 27.4x trailing and 30.2x forward earnings, so the multiple is not cheap and the thesis depends on that growth holding. Gross margin of 43.8% against a 17.0% operating margin shows the company is still spending heavily to grow, which is a reasonable place to look for operating leverage if revenue keeps compounding, but it is also where a slowdown would hurt first.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Negative free cash flow
FCF is $-66.6M despite 14.5% net margin, so reported earnings are not converting to cash. Growth is being funded from the balance sheet or outside capital.
moderate
Insider selling, no buys
Last 10 disclosed insider trades total $13.74M in sales and $0.00M in buys. Insiders own only 3.9% of the company.
moderate
Valuation above model fair value
Shares trade 15.5% above the model fair value of $43.78, and 2.7% above the ACCE price target of $49.20. Forward P/E of 30.2 leaves little room for a growth slowdown.
AI research notes
AI-assisted·How I use AIWritten Oct 21, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 36.0% year over year, and has averaged 41.9% growth per year over five years.
Latest quarterly earnings per share came in 147.6% above expectations, at 0.52 against 0.21 expected.
Why it could disappoint
Free cash flow over the last twelve months was negative at -$67M, despite a 14.5% net margin.
The stock trades 15.5% above the model fair value of $43.78, and only 2 of 3 valuation models were used.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 5, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where ACMR's valuation models land
Price
$50.55
Model fair value
$43.78
Model range
$29.25 to $58.32
Fair value $43.78
Price $50.55
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
P/E comparison
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Quality
INVESTOR
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