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ACM Research (ACMR) Earnings And New Shipments Keep Undervalued Narrative In Play

Simply Wall St · 2d ago

ACM Research (ACMR) just put fresh numbers on the table, pairing third quarter earnings with confirmed guidance and new panel level tool shipments to a customer outside mainland China.

For investors trying to place this update in context, ACM Research’s share price has pulled back sharply in recent weeks, with a 30-day share price return down 31.81% and a 90-day share price return down 40.11%. At the same time, fresh earnings, confirmed revenue guidance and new panel-level shipments outside mainland China keep the long-term story in focus.

Capitalize on the volatility around ACM Research by scanning a curated group of chip equipment players and related AI enablers in our 53 AI infrastructure stocks.

After a 40% slide over 90 days, but with fresh guidance and new tools landing with customers outside mainland China, does it make more sense to step into ACM Research here or wait for a cheaper reset before the valuation work starts?

Most Popular Narrative: 35% Undervalued

ACM Research’s bearish analyst Narrative on Simply Wall St pegs fair value at $75 against a last close of $48.67. This frames the current selloff as a valuation gap that hinges on execution and backlog conversion over the next few years.

Despite a reported 105% year over year increase in orders in the first half of 2026 and an 88.2% year over year rise in ACM Shanghai backlog to RMB 17.1 billion by late September 2026, any sustained component bottlenecks or slower than expected customer qualifications for newer platforms could turn this larger backlog into longer conversion cycles. This could weigh on near term revenue and cash generation.

See why 1 investors see ACM Research as 35% undervalued.

Result: Fair Value of $75 (UNDERVALUED)

Still, two things could flip this ACM Research story fast: faster than expected backlog conversion from the RMB 17.1b pipeline, and sustained margin delivery near the stated 42% to 48% range.

Find out about the key risks to this ACM Research narrative.

Next Steps

Sentiment on ACM Research is clearly split, so consider moving quickly to review the numbers and evaluate both sides of the story for yourself with 3 key rewards and 2 important warning signs.

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