Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 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
10.5
Distress distance
Clean
Earnings quality
6
Forensic signals
60.0
P / E (ttm)
6.4%
ROE
$5.4B
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). 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 10.5, 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, 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by receivables up +30% against revenue +15% and inventory up +17% against +28% in cost of sales. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by 9% of net operating assets.
180d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 156 to 180 days FY2024→FY2025 (receivables +30% vs revenue +15%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. 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 FY2021–FY2025 the day count ran 114 → 135 → 153 → 156 → 180 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Deferred revenue was roughly flat (-23%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build.
FCF ($67M)
FY2025
Key fundamentals
Latest Revenue$901.3M
Revenue Growth YoY+15.2%
Revenue CAGR (3yr)+32.3%
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 Aug 11, 2026. Forensic signals flag probability, not certainty.
Shareholder returns.
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.
7.0%
FY2025
Return on invested capital.Return on invested capital is 7.0% in the latest fiscal year and steady — slightly below its ~9% cost of capital — reinvestment is roughly a wash.
+1.0%/yr
FY2022–FY2025
Share count.Diluted share count changed +3% over the last 3 years to FY2025 (+1.0%/yr). Roughly flat — buybacks ($7M) are about offsetting stock comp ($34M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
Acm Research, Inc. (ACMR) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy