Discounted Cash Flow

ACM Research, Inc.

ACMR · Based on 10 years of SEC filings · Converted from CNY to USD

⚠ Cash flow predictability 28/100 (unstable) — FCF YoY std dev 87%, net income 66% (full history)

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income
Dividends

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $4.1m $153.7k $-670.4k 3.8% $0.30
2017 $5.4m (33.4%) $-47.4k (-130.8%) $-1.3m (-94.6%) -0.9% (-123.1%) $-0.05 (-116.7%)
2018 $11.1m (104.5%) $980.1k (2167.3%) $757.2k (158.0%) 8.8% (1111.1%) $0.42 (940.0%)
2019 $16.0m (44.1%) $2.8m (187.4%) $1.3m (66.0%) 17.6% (99.5%) $1.12 (166.7%)
2020 $23.3m (45.7%) $2.8m (-0.6%) $-2.8m (-322.5%) 12.0% (-31.8%) $1.03 (-8.0%)
2021 $38.7m (65.8%) $5.6m (101.0%) $-7.3m (-162.5%) 14.5% (21.2%) $1.96 (90.3%)
2022 $58.0m (49.7%) $5.9m (4.0%) $-22.9m (-211.3%) 10.1% (-30.5%) $0.66 (-66.3%)
2023 $83.1m (43.4%) $11.5m (97.0%) $-20.5m (10.5%) 13.9% (37.3%) $1.29 (95.5%)
2024 $116.6m (40.2%) $15.4m (34.0%) $10.4m (151.0%) 13.2% (-4.5%) $1.67 (29.5%)
2025 $134.4m (15.2%) $14.0m (-9.2%) $-9.9m (-195.2%) 10.4% (-21.2%) $1.47 (-12.0%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

SEC filings report in CNY. Values above are converted to USD for comparison with the US-listed share price.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model