The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 433.6M (2021) → 455.2M (2025)
ACM Research (Shanghai), Inc. engages in the research, development, production, and sale of semiconductor equipment in China. The company offers cleaning equipment; plating system and panel level packaging; furnace system; track systems; PECVD systems; and stress free polishing systems. It serves IC and compound semi manufacturing, wafer-level and panel level packaging, and wafer manufacturing and reclaim industries. ACM Research (Shanghai), Inc. was founded in 2005 and is based in Shanghai, China. ACM Research (Shanghai), Inc. operates as a subsidiary of ACM Research, Inc.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+14.4% YoY
YoY Growth Rate
Steady revenue growth
+80.4% YoY
YoY Growth Rate
EPS growth accelerating
¥943M/ year
↑ Rising (+29% vs prior year)
13.9% of revenue
In line with sector average (15%)
Investing heavily in future products and technology
~6 years
¥5.9B cash & investments
Quarterly Free Cash Flow
↓ Burn rate worsening
¥5.9B cash & investments at current burn rate
ACM Research (Shanghai) is growing revenue at 14% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
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ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.
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Healthy double-digit earnings growth — what compounders look like.
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Free cash flow is negative. They are burning cash, not generating it.
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Interest coverage above 8. Profits cover interest many times over.
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P/E over 35. The market is pricing in heavy, sustained growth.
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Modest yield. The bulk of any return needs to come from price appreciation.
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