What does ACM Research do?

ACM Research builds the machines chip factories use to make semiconductors. Its main tools clean silicon wafers during production. It also makes plating, furnace, deposition and coating equipment, plus tools for the final packaging stage. Most of its business is in Mainland China, and it also sells internationally.

What is ACM Research's fair value?

On an owner-earnings DCF, ACM Research's most-likely fair value is about $14, versus a recent price near $71. A margin-of-safety estimate, not a price target. Analysis, not advice.

Technology · Semiconductor Equipment & Materials · ACMR

What ACM Research Does & How It Makes Money (ACMR)

Updated October 2026 · reflects ACM Research's latest reported financials

Maker of wafer cleaning, plating and packaging equipment for chipmakers. It sells capital equipment (wafer processing and packaging tools) to semiconductor manufacturers and assembly/packaging firms, mainly in Mainland China, through its own sales force and third-party representatives.

ACM Research's story, moat and numbers — in a 3-minute visual book.

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How ACM Research makes money

It sells capital equipment (wafer processing and packaging tools) to semiconductor manufacturers and assembly/packaging firms, mainly in Mainland China, through its own sales force and third-party representatives.

What ACM Research does

ACM Research, founded in 1998 and headquartered in Fremont, California, develops, manufactures and sells capital equipment for semiconductor production, with Mainland China as its core market. Its flagship business is wet cleaning equipment for front-end wafer processing, built on proprietary technologies such as SAPS (for flat and wafer surfaces), TEBO (for patterned wafers at advanced nodes) and Tahoe, alongside semi-critical cleaning tools. The company has expanded into a wider range of fab tools, including Ultra ECP electrochemical plating, the Ultra Fn furnace, Ultra Pmax PECVD, and the 300mm Ultra Track platform. It also serves wafer assembly and packaging customers with coaters, developers, photoresist strippers, scrubbers, wet etchers and copper-plating tools. Products are sold under brands including SAPS, TEBO, ULTRA C and Ultra ECP, through a direct sales force and third-party representatives.

Products & services

Ultra C wet cleaning tools (SAPS, TEBO, Tahoe)
Ultra ECP electrochemical plating (ECP ap, ECP map)
Ultra Fn Furnace
Ultra Pmax PECVD
Ultra Track coater/developer
Advanced packaging tools (scrubbers, strippers, wet etchers)

What is ACM Research worth?

On an owner-earnings DCF, ACM Research's most-likely value is about $14 versus a recent price near $71 (80% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$5) with a margin of safety — so the honest verdict here is “Stretched — richly priced.” Fair value earns its keep only at the extremes, not in the wide middle.

Verdict: Stretched — richly priced

Owner-earnings fair value · recent price ≈ $71

Fair value (most likely)

$14

Range

$8–$33

No-growth floor

Price

~$71

Today's $71 is above even the optimistic Bull case ($33) — the market expects faster, longer growth than modeled here. Expensive unless that extra growth actually shows up.

⚠ Capital-intensive — this business reinvests heavily, so free cash flow runs well below its earnings. Fair value here is built on free cash flow, which understates owner earnings for reinvestment-heavy companies — read it as conservative.

Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →

Sector Technology Industry Semiconductor Equipment & Materials HQ United States Ticker ACMR Official site

Related companies

ACM Research (Shanghai) (688082.SS) · Advanced Micro-Fabrication Equipment Inc. China (688012.SS) · Applied Materials (AMAT) · Lam Research (LRCX)

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