Acm Research, Inc. (ACMR) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 25, 2026
Acm Research, Inc. (ACMR)
A forensic read on Acm Research, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
10.8
Distress distance
Clean
Earnings quality
6
Forensic signals
31.8
P / E (ttm)
6.4%
ROE
$5.6B
Market cap
15.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Acm Research, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 10.8, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.24×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was 0.24× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
+49.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +49.3% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +30% against revenue +15% and inventory up +17% against +28% in cost of sales. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 9% of net operating assets, against an accruals ratio of 49.3%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.
+1.9%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +4% over the last 2 years to FY2025 (+1.9%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~4%.
FCF ($67M)
FY2025
Shareholder returns.
Key fundamentals
Latest Revenue$901.3M
Revenue Growth YoY+15.2%
Revenue CAGR (2yr)+27.1%
Net Margin10.4%
Free Cash Flow-$66.6M
Return on Equity6.4%
Debt / Equity0.15x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Acm Research, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Returned $7M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($67M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
204d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 181 to 204 days FY2024→FY2025 (receivables +30% vs revenue +15%). Receivables are creeping up relative to sales. Only 24¢ of operating cash arrived for every dollar of profit reported over FY2023–FY2025 ($66.8M against $275.1M), and the receivables balance is one of the places the rest is sitting. Across FY2023–FY2025 the day count ran 185 → 181 → 204 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (-23%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
7.0%
FY2025
Return on invested capital.Return on invested capital is 7.0% in the latest fiscal year, against 9.8% in FY2023, having run between 7.0% and 14.0% across FY2023–FY2025 with no direction held. After-tax operating profit was $80M in FY2023 and $98M in FY2025, with operating income at 17.2% of revenue in FY2023, 19.3% in FY2024 and 12.1% in FY2025. The capital base behind it grew +72% across FY2023–FY2025, from $815M to $1.4B, while the return fell 2.8 points, so the dollars added over that window earned less than the 9.8% the older base was already earning.