ACM Research, Inc. — Earnings Quality Grade F
ACMR · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 24 days (181 → 204)
AR growth 30.3% exceeds revenue growth 15.2%
Revenue grew 15.2% but CFFO declined -106.8%
Expense Quality
Inventory 17.5% vs COGS 28.3%. Normal
CapEx growth -32.9% vs revenue 15.2%. Normal
SG&A/Gross Profit = 36.4%. Normal
Gross margin swung -5.7pp (50.1% → 44.4%)
Cash Flow Quality
CFFO/NI = -0.11. Only -11% of profit backed by cash
FCF < 50% of Net Income for 2 years
Accruals ratio = 3.6%. Low accruals
Cash $1.2B covers debt $0.3B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 0% of equity. Manageable
Debt/EBITDA = 1.9x. Healthy
Other assets 20.6% vs revenue 15.2%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -18% YoY. Normal
Manipulation Score
M-Score = -1.98 (grey zone)
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25