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Acm Research Inc-Class A

ACMRWithin bandExpectations · modest

Held by 4 superinvestors.

Price$79.41
Holders4
Total value$33.6M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
+15.2%
Net margin
10.4%
ROE
6.4%
FCF margin
-7.4%
Revenue $156.6M → $901.3M · 6y
What makes a business high quality

Valuation · value band

In fair-value range

$71/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$79
cheaperpricier

Zero-growth floor

$30

Central IV

$71

Optimistic top

$92

Acm Research Inc-Class A (ACMR): A conservative value band $30–$92 / sh (zero-growth floor to growth-capped optimistic top); central read about $71. Today’s price sits inside that band (price $79 as of 2026-08-21).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 20% (lower of historical trend and fundamental cap, capped by moat) · moat 20 yr · discount 10.6% · Zero-growth downside $30

Price as of 2026-08-21 · yahoo · DGS10 4.7% @ 2026-08-20.

Method & numbers

Buybacks over the years shown roughly only offset stock-based-compensation dilution — read them as maintaining the share count, not a net return of capital.

Model cautions

  • Growth nearly matches the discount rate — the estimate is sensitive to assumptions.

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $19.89 – $91.74 · Greenwald zero-growth $29.69 · zero-growth base $29.69 · reproduction $29.69

Moat Franchise (via earnings growth) · terminal value 34% of present value · owner-earnings yield 2% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$23.07 – $26.25 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 77% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).

Buffett owner-earnings value$13.09 – $16.00 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 77% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).

Reproduction value = tangible net assets $1.86B + capitalized R&D $275.28M（FY 2026, 2024, 2023, 2022） = $29.69 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Assumes a wide moat · competitive-advantage period ≈ 20 years (earnings intact, ROIC stable over history).

Growth value gated to zero — franchise via earnings-growth bypass; growth credit stays in the owner-earnings DCF only.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 15% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 20% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.19%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-20). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about 21.4% a year in owner-earnings for the next few years. Revenue actually grew 42.6% a year.

Below what it has already done.

Roughly, the price needs its historical revenue growth to run about 6 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

4 holders · $33.6M combined · this quarter +1 opened / -0 exited

This quarter1 opened3 trimmed
Holders 1 → 4 · last 8q

SEC 13F · notes

Written summary

Acm Research Inc-Class A (ACMR) is held by 4 of the superinvestors tracked on Compounder, with a combined $33.6M in reported 13F value. The largest position belongs to Mason Hawkins, where it makes up 0.9% of the portfolio.

Other notable holders by value include Dodge & Cox (0.0% of its book), Lee Ainslie (0.0% of its book) and Jeremy Grantham (0.0% of its book).

Over the latest quarter, 1 of the tracked filers opened a new position in ACMR, 0 added to existing ones, 3 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Acm Research Inc-Class A (ACMR) also commonly hold →

ACMR's price is not below its conservative value band. See current strike-zone stocks

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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