ACM Research, Inc. (ACMR) · 10+ Years of Financial Ratios

Profitability	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	75.42	71.02	47.17	61.57
Return on Assets (%)	- -	2.69	-0.56	7.69	11.78	6.72	5.42	3.43	5.67
Return on Capital (%)	- -	-11.61	- -	1,162.82	- -	- -	16.76	10.47	16.55
Return on Invested Capital (%)	- -	44.91	- -	10.68	- -	- -	6.96	5.08	8.31
Gross Margin (%)	45.25	48.7	47.18	46.15	47.11	44.44	44.22	47.22	49.53
EBITDA Margin (%)	16.1	13.43	2.66	9.23	17.28	14.4	15.81	16.56	18.63
Operating Margin (%)	15.58	12.75	1.92	8.67	16.55	13.72	14.9	15.18	17.18
Incremental Operating Margin (%)	- -	35.8	-30.54	15.13	34.43	7.54	16.69	15.75	21.79
Pretax Margin (%)	17.27	10.89	-0.88	9.89	17.61	12.32	16.58	17.32	20.84
Profit Margin (%)	17.24	3.77	-0.87	8.81	17.57	11.99	14.54	10.1	13.87
Net Income to Common Margin (%)	17.24	3.77	-0.87	8.81	17.57	11.99	14.54	10.1	13.87
Effective Tax Rate (%)	- -	19.95	- -	10.92	- -	- -	0.31	24.94	16.66
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	3.4
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	75.42	71.02	47.17	59.48

Credit	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	10	5	5	9	18	50	39	80	99
ST Debt	10	5	5	9	15	29	14	60	41
LT Debt	- -	- -	- -	- -	3	21	25	20	58
Total Debt/EBITDA	1.93	1.3	5.26	1.37	0.95	2.22	0.95	1.23	0.95
Net Debt/EBITDA	1.05	-1.45	-12.95	-2.57	-2.4	-1.15	-12.86	-2.65	-0.87
Total Debt/EBIT	1.99	1.37	7.29	1.46	0.99	2.33	1.01	1.35	1.03
Net Debt/EBIT	1.09	-1.53	-17.96	-2.73	-2.5	-1.21	-13.65	-2.9	-0.94
EBITDA to Interest Expense	41.17	20.31	3.51	13.83	24.94	22.96	53.67	38.91	38.77
EBITDA-CapEx/Interest Expense	29.93	15.8	0.74	9.67	23.43	-33.54	40.97	-16.99	14.77
EBIT to Interest Expense	39.86	19.28	2.53	12.99	23.88	21.89	50.59	35.67	35.75
Interest Expense	- -	- -	- -	- -	1	1	1	2	3
Common Equity/Total Assets	-32.33	-21.68	-14.67	-3.29	7.12	10.05	6.85	7.64	10.52
Long-Term Debt/Equity (%)	- -	- -	- -	- -	2.6	10.02	3.06	2.44	6.29
Long-Term Debt/Capital (%)	- -	- -	- -	- -	7.64	13.78	10.07	6.36	14.04
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	1.16	6.11	2.36	1.6	3.9
Total Debt/Equity (%)	-216.37	192.03	12.81	18.05	18.13	24.07	4.82	9.79	10.7
Total Debt/Capital (%)	317.43	9,544	-105.19	155.87	53.21	33.09	15.87	25.54	23.9
Total Debt/Total Assets (%)	30.14	10.73	7.52	9.17	8.1	14.68	3.72	6.43	6.65
Net Debt to Equity	-118.11	-215.17	-31.55	-33.78	-45.73	-12.47	-65.06	-21.05	-9.72
Net Debt/Capital (%)	-392.43	53.1	55.8	83.92	177.24	-32.6	166.9	-270.05	-38.7
EBITDA	5	4	1	7	19	23	41	64	104
EBITDA-CapEx	4	3	- -	5	17	-33	31	-28	40
Operating Income (Loss)	5	3	1	6	18	21	39	59	96

Liquidity	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.21	0.59	0.81	0.59	1.09	0.97	2.88	0.85	0.57
Current Ratio	1.36	2.36	2.88	2.08	3.71	2.53	4.63	2.43	2.35
Quick Ratio	0.86	1.64	2.15	1.2	1.72	1.61	3.49	1.39	1.21
CFO/Avg Current Liab	- -	-0.2	-0.42	0.2	0.19	-0.17	-0.26	-0.21	-0.17
Common Equity/Total Assets	-32.33	-21.68	-14.67	-3.29	7.12	10.05	6.85	7.64	10.52
Long-Term Debt/Equity (%)	- -	- -	- -	- -	2.6	10.02	3.06	2.44	6.29
Long-Term Debt/Capital (%)	- -	- -	- -	- -	7.64	13.78	10.07	6.36	14.04
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	1.16	6.11	2.36	1.6	3.9
Total Debt/Equity (%)	-216.37	192.03	12.81	18.05	18.13	24.07	4.82	9.79	10.7
Total Debt/Capital (%)	317.43	9,544	-105.19	155.87	53.21	33.09	15.87	25.54	23.9
Total Debt/Total Assets (%)	30.14	10.73	7.52	9.17	8.1	14.68	3.72	6.43	6.65
CFO/Total Liabilities	7.38	-8.82	-28.9	13.62	7.81	-10.18	-16.67	-14.69	-13.34
CFO/CapEx	1.97	-4.53	-10.58	3.34	8.36	-0.24	-4.13	-0.67	-1.17
Altman's Z-Score	1.28	1.2	2.75	3.47	3.31	8.36	5.46	1.76	2.58

Working Capital	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	- -	1.95	1.71	2.91	3.86	3.58	3.21	2.7	2.39
Days Sales Outstanding	- -	187.33	213.9	125.6	94.54	101.99	113.82	135.4	152.53
Inventory Turnover	- -	1.35	1.43	1.48	1.36	1.3	0.94	0.67	0.6
Days Inventory Outstanding	- -	270.49	256.07	245.88	268.15	279.83	386.37	543.62	608.47
Accounts Payable Turnover	- -	4.56	3.65	5.28	4.2	5.36	4.01	3.74	3.56
Accounts Payable Turnover Days	- -	80.08	99.9	69.16	86.85	68.14	91.1	97.46	102.48
Cash Conversion Cycle	- -	377.75	370.08	302.31	275.84	313.68	409.09	581.56	658.52
Inventory to Cash Days	- -	-83.15	-42.17	-120.28	-173.61	-177.83	-272.55	-408.22	-455.94
Inventories	9	12	15	39	45	89	218	393	545
Raw Materials	4	8	6	13	15	32	91	167	235
Work In Process	1	1	4	10	10	24	36	79	81
Finished Goods	4	3	5	16	19	32	92	147	229
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	- -	- -	77	169	330	1,543	1,657	440	1,218
- Cash & Cash Equivalents	4	10	18	27	58	72	563	248	182
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	4	5	- -	- -	- -	67	135	137	159
+ Total Debt	10	5	5	9	18	50	39	80	99
Enterprise Value	9	- -	65	151	290	1,560	1,239	319	1,192
Total Capital	3	- -	-5	6	33	151	247	311	415
Total Debt/Capital (%)	317.43	9,544	-105.19	155.87	53.21	33.09	15.87	25.54	23.9
Total Debt / EV	1.07	-11.15	0.08	0.06	0.06	0.03	0.03	0.25	0.08
EV/Sales	0.29	- -	1.77	2.03	2.69	9.96	4.77	0.82	2.14
EV/EBITDA	1.8	- -	66.7	21.98	15.59	69.18	30.18	4.95	11.47
EV/EBIT	1.86	- -	92.52	23.39	16.28	72.58	32.02	5.4	12.44
EV/Cash Flow to Firm	3.14	- -	- -	20.59	28.48	- -	- -	- -	- -
EV/Free Cash Flow to Firm	2.13	- -	- -	16.06	25.64	36.24	- -	10.09	- -
Diluted Market Cap	- -	- -	35	189	350	1,748	1,845	482	1,294
Diluted Enterprise Value	9	- -	22	171	310	1,793	1,457	451	1,370
EV per Share	0.45	- -	1.41	3.15	5.35	27.81	21.11	5.34	19.52
TTM Sales	31	27	37	75	108	157	260	389	558
TTM EBITDA	5	4	1	7	19	23	41	64	104
TTM Operating Income	5	3	1	6	18	21	39	59	96
TTM Cash Flow to Firm	3	-4	-7	7	10	-12	-39	-61	-73
TTM Free Cash Flow to Firm	4	-3	-7	9	11	43	-30	32	-9

Multiples	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	- -	- -	- -	25.36	16.27	80.1	43.11	11.13	15.52
Price/Earnings Average	- -	- -	-131.06	26.08	13.22	59.26	46.93	24.68	10.6
Price/Earnings High	- -	- -	-159.68	34.8	17.26	102.53	69.74	43.06	15.38
Price/Earnings Low	- -	- -	-104.94	11.38	8.24	16.75	32.69	8.99	6.91
Price/Book Value	- -	- -	-7.77	-49.93	21.29	44.99	23	4.66	7.77
Price/Book Value Average	- -	- -	-9.29	-51.34	17.29	33.28	25.04	10.34	5.31
Price/Book Value High	- -	- -	-11.32	-68.51	22.58	57.59	37.21	18.04	7.7
Price/Book Value Low	- -	- -	-7.44	-22.41	10.79	9.41	17.44	3.77	3.46
Price/Tangible Book Value	- -	- -	1.95	3.25	3.41	7.79	2.07	0.55	1.33
Price/Tangible Book Value Average	- -	- -	2.33	3.34	2.77	5.76	2.25	1.22	0.91
Price/Tangible Book Value High	- -	- -	2.84	4.46	3.61	9.97	3.34	2.12	1.32
Price/Tangible Book Value Low	- -	- -	1.86	1.46	1.72	1.63	1.57	0.44	0.59
Price/Sales	- -	- -	0.95	2.23	2.86	9.6	6.27	1.12	2.15
Price/Sales Average	- -	- -	1.13	2.3	2.32	7.11	6.82	2.49	1.47
Price/Sales High	- -	- -	1.38	3.06	3.03	12.29	10.14	4.35	2.13
Price/Sales Low	- -	- -	0.91	1	1.45	2.01	4.75	0.91	0.96
Price/Cash Flow	- -	- -	-4.27	24.13	32.7	-111.04	-40.6	-7.03	-15.94
Price/Cash Flow Average	- -	- -	-5.11	24.81	26.56	-82.15	-44.19	-15.58	-10.89
Price/Cash Flow High	- -	- -	-6.23	33.11	34.68	-142.13	-65.67	-27.18	-15.79
Price/Cash Flow Low	- -	- -	-4.09	10.83	16.56	-23.22	-30.79	-5.68	-7.09
Price/Free Cash Flow	- -	- -	-4.72	21.06	33.26	41.67	-60.73	15.9	-117.81
Price/Free Cash Flow Average	- -	- -	-5.65	21.66	27.02	30.83	-66.11	35.25	-80.49
Price/Free Cash Flow High	- -	- -	-6.88	28.9	35.28	53.34	-98.25	61.49	-116.75
Price/Free Cash Flow Low	- -	- -	-4.52	9.45	16.85	8.71	-46.06	12.84	-52.44
EV/Sales	0.29	- -	1.77	2.03	2.69	9.96	4.77	0.82	2.14
EV/Sales Average	0.29	- -	2.19	2.09	2.12	7.58	5.45	2.43	1.63
EV/Sales High	0.29	- -	2.75	2.87	2.88	12.9	8.82	4.3	2.3
EV/Sales Low	0.29	- -	1.69	0.78	1.18	2.35	3.34	0.83	1.11
EV/EBITDA	1.8	- -	66.7	21.98	15.59	69.18	30.18	4.95	11.47
EV/EBITDA Average	1.8	-0.12	82.38	22.67	12.25	52.63	34.48	14.68	8.74
EV/EBITDA High	1.8	-0.12	103.21	31.11	16.67	89.59	55.83	25.96	12.34
EV/EBITDA Low	1.8	-0.12	63.38	8.45	6.82	16.32	21.15	5.04	5.95
EV/EBIT	1.86	- -	92.52	23.39	16.28	72.58	32.02	5.4	12.44
EV/EBIT Average	1.86	-0.12	114.28	24.13	12.79	55.21	36.57	16.01	9.47
EV/EBIT High	1.86	-0.12	143.16	33.12	17.4	93.99	59.23	28.32	13.39
EV/EBIT Low	1.86	-0.12	87.92	8.99	7.12	17.12	22.43	5.5	6.45
Last Price	- -	- -	1.68	3.52	6.1	27.5	28.23	7.38	19.95
High Price	- -	- -	2.45	4.83	6.47	35.2	45.67	28.54	19.77
Low Price	- -	- -	1.61	1.58	3.09	5.75	21.41	5.96	8.88
Enterprise Value	9	- -	65	151	290	1,560	1,239	319	1,192
Enterprise Value Average	9	- -	80	156	228	1,187	1,415	945	908
Enterprise Value High	9	- -	100	214	310	2,020	2,292	1,672	1,283
Enterprise Value Low	9	- -	62	58	127	368	868	325	618

Per Share Data Items	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	20	24	46	48	54	56	59	60	61
Diluted Weighted Avg Shares	20	24	21	54	57	64	65	65	65
Basic Weighted Avg Shares	15	24	21	47	50	55	58	59	60
Revenue per Share	2.02	1.16	1.77	1.58	2.13	2.86	4.51	6.56	9.27
EBITDA per Share	0.33	0.16	0.05	0.15	0.37	0.41	0.71	1.09	1.73
Operating Income per Share	0.32	0.15	0.03	0.14	0.35	0.39	0.67	1	1.59
Basic EPS, GAAP	0.35	0.04	-0.02	0.14	0.37	0.34	0.65	0.66	1.29
Basic EPS from Cont Ops	0.51	0.1	-0.04	0.14	0.39	0.4	0.74	0.85	1.61
Diluted EPS, GAAP	0.27	0.04	-0.02	0.12	0.33	0.3	0.58	0.6	1.19
Diluted EPS from Cont Ops	0.39	0.1	-0.04	0.12	0.34	0.34	0.66	0.77	1.49
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	0.07
Cash Flow per Share	0.18	-0.16	-0.39	0.15	0.19	-0.25	-0.7	-1.05	-1.25
Free Cash Flow per Basic Share	0.09	-0.19	-0.43	0.1	0.16	-1.26	-0.86	-2.61	-2.32
Cash & Equivalents per Share	0.22	0.43	0.38	0.56	1.08	1.78	10.1	5.67	4.65
Book Value per Share	-0.51	-0.41	-0.22	-0.07	0.29	0.61	1.23	1.58	2.57
Tangible Book Value per Share	-0.22	0.1	0.86	1.08	1.79	3.53	13.66	13.44	14.99

ACM Research, Inc.

ACMR US

25.45