Demonstrações financeiras detalhadas de ACM Research, Inc. (ACMR): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
ACM Research, Inc. registou receitas de $901.3M no último exercício, com um CAGR de 5 anos de 41.9%. O lucro líquido atingiu $94.1M, com CAGR de 5 anos de 38.0%.
Margens dos últimos 12 meses: margem bruta 43.8%, margem operacional 13.3%, margem líquida 14.5%.
Ao preço atual de $64.82, ACMR negocia a um P/L de 26.09 e um ROE de 9.48%. A capitalização de mercado é de $4.2B.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $27.4M | $36.5M | $74.6M | $107.5M | $156.6M | $259.8M | $388.8M | $557.7M | $782.1M | $901.3M |
| Custo da Receita | $14.0M | $19.3M | $40.2M | $56.9M | $87.0M | $144.9M | $205.2M | $281.5M | $390.6M | $501.2M |
| Lucro Bruto | $13.3M | $17.2M | $34.4M | $50.7M | $69.6M | $114.9M | $183.6M | $276.2M | $391.6M | $400.1M |
| P&D | $3.3M | $5.1M | $10.4M | $12.9M | $19.1M | $34.2M | $62.2M | $92.7M | $105.5M | $145.0M |
| Despesas Gerais e Administrativas | $6.6M | $11.4M | $17.6M | $20.0M | $29.0M | $41.9M | $62.4M | $87.7M | $135.1M | $145.6M |
| Despesas Operacionais | $9.8M | $16.5M | $28.0M | $32.9M | $48.1M | $76.2M | $124.6M | $180.4M | $240.6M | $290.6M |
| Lucro Operacional | $3.5M | $700000 | $6.5M | $17.8M | $21.5M | $38.7M | $59.0M | $95.8M | $151.0M | $109.4M |
| EBITDA | $3.4M | $223000 | $6.9M | $18.6M | $21.3M | $46.2M | $74.4M | $127.0M | $180.4M | $158.5M |
| Despesas com Juros | $181000 | $277000 | $498000 | $745000 | $982000 | $765000 | $1.7M | $2.7M | $4.2M | $7.0M |
| Lucro Antes de Impostos | $3.0M | -$323000 | $7.4M | $18.9M | $19.3M | $43.1M | $67.4M | $116.2M | $166.3M | $135.2M |
| Imposto | $595000 | $547000 | $806000 | -$518000 | -$2.4M | $134000 | $16.8M | $19.4M | $35.0M | $13.3M |
| Lucro Líquido | $1.0M | -$316000 | $6.6M | $18.9M | $18.8M | $37.8M | $39.3M | $77.3M | $103.6M | $94.1M |
| LPA | $0.04 | $-0.02 | $0.12 | $0.37 | $0.34 | $0.65 | $0.66 | $1.29 | $1.67 | $1.47 |
| LPA Diluído | $0.04 | $-0.01 | $0.12 | $0.33 | $0.30 | $0.58 | $0.59 | $1.16 | $1.53 | $1.37 |
| Ações em Circulação (Diluídas) | $23.7M | $45.1M | $53.7M | $57.4M | $63.6M | $65.4M | $65.3M | $64.9M | $66.2M | $67.3M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $269.2M | $244.4M | $231.3M | $292.9M |
| Lucro Bruto | $113.1M | $99.9M | $107.2M | $134.6M |
| Lucro Operacional | $28.9M | $23.0M | $36.2M | $49.7M |
| EBITDA | $55.0M | $28.4M | $37.4M | $149.5M |
| Lucro Líquido | $35.9M | $8.0M | $17.3M | $89.0M |
| LPA | $0.56 | $0.12 | $0.26 | $1.31 |
| LPA Diluído | $0.52 | $0.11 | $0.24 | $1.23 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $10.1M | $17.7M | $27.1M | $58.3M | $71.8M | $562.5M | $248.0M | $182.1M | $407.4M | $766.0M |
| Investimentos de Curto Prazo | 0 | 0 | 0 | 0 | $28.2M | $29.5M | $90.7M | $101.8M | $36.6M | $402.1M |
| Contas a Receber | $17.8M | $29.3M | $28.2M | $33.7M | $66.1M | $125.6M | $212.6M | $325.7M | $428.9M | $552.9M |
| Estoque | $11.7M | $15.4M | $38.8M | $44.8M | $88.6M | $218.1M | $393.2M | $545.4M | $598.0M | $702.6M |
| Ativos Circulantes | $40.3M | $62.9M | $96.0M | $198.4M | $260.7M | $952.9M | $963.8M | $1.18B | $1.48B | $2.44B |
| Imobilizado | $2.3M | $2.3M | $3.7M | $7.5M | $12.5M | $61.2M | $85.4M | $208.9M | $283.3M | $332.8M |
| Ágio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Intangíveis | $17000 | $106000 | $274000 | $344000 | $10.2M | $10.9M | $9.9M | $2.5M | $3.5M | $2.8M |
| Ativos Totais | $44.5M | $67.9M | $103.0M | $217.7M | $341.3M | $1.05B | $1.24B | $1.49B | $1.86B | $2.87B |
| Contas a Pagar | $4.7M | $7.4M | $16.7M | $13.3M | $35.6M | $93.5M | $101.7M | $153.2M | $139.3M | $247.5M |
| Dívida de Curto Prazo | $4.8M | $5.1M | $9.4M | $13.8M | $27.7M | $12.0M | $58.3M | $38.1M | $77.3M | $113.9M |
| Passivos Circulantes | $17.1M | $21.8M | $46.1M | $53.5M | $102.9M | $205.9M | $396.2M | $500.7M | $641.2M | $745.7M |
| Dívida de Longo Prazo | 0 | 0 | 0 | 0 | $18.0M | $23.0M | $18.7M | $54.0M | $105.5M | $184.0M |
| Passivos Totais | $42.0M | $28.0M | $50.7M | $120.4M | $133.1M | $240.5M | $423.3M | $564.7M | $759.8M | $941.7M |
| Reservas | -$9.6M | -$10.0M | -$3.4M | $15.5M | $34.3M | $63.7M | $94.4M | $156.8M | $260.0M | $350.4M |
| Patrimônio Líquido | -$2.4M | $39.9M | $52.3M | $97.3M | $141.2M | $676.2M | $674.9M | $767.4M | $904.6M | $1.46B |
| Dívida Total | $4.8M | $5.1M | $9.4M | $17.6M | $50.0M | $39.1M | $79.5M | $99.1M | $188.8M | $303.0M |
| Dívida Líquida | -$5.3M | -$12.6M | -$17.7M | -$40.6M | -$50.0M | -$552.9M | -$259.1M | -$184.8M | -$255.3M | -$865.1M |
| Capital de Giro | $23.3M | $41.1M | $49.9M | $144.9M | $157.7M | $747.0M | $567.6M | $675.5M | $842.1M | $1.69B |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $1.06B | $766.0M | $894.1M | $990.6M |
| Ativos Totais | $2.77B | $2.87B | $3.07B | $3.40B |
| Passivos Totais | $885.4M | $941.7M | $982.4M | $994.1M |
| Patrimônio Líquido | $1.43B | $1.46B | $1.58B | $1.86B |
| Dívida Total | $297.0M | $303.0M | $337.1M | $349.3M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $2.4M | -$872000 | $6.6M | $19.5M | $21.7M | $42.9M | $50.6M | $77.3M | $131.3M | $94.1M |
| Depreciação e Amortização | $187000 | $271000 | $417000 | $788000 | $1.1M | $2.4M | $5.4M | $8.1M | $10.0M | $16.3M |
| Compensação em Ações | $383000 | $1.6M | $3.4M | $3.6M | $5.6M | $5.1M | $7.7M | $27.3M | $49.6M | $33.6M |
| Variação Capital de Giro | -$8.7M | -$9.7M | -$2.9M | -$10.8M | -$36.6M | -$83.4M | -$131.9M | -$184.6M | -$63.1M | -$177.8M |
| Fluxo de Caixa Operacional | -$3.7M | -$8.1M | $6.9M | $9.4M | -$13.5M | -$40.1M | -$62.2M | -$75.3M | $152.4M | -$10.3M |
| CapEx | -$817000 | -$766000 | -$2.1M | -$1.1M | -$55.5M | -$9.7M | -$92.5M | -$64.3M | -$82.5M | -$56.3M |
| Aquisições | $7000 | -$22.0M | 0 | -$4.4M | 0 | -$1.6M | -$1.0M | 0 | 0 | 0 |
| Recompra de Ações | 0 | 0 | 0 | -$2.8M | 0 | 0 | 0 | 0 | 0 | -$7.0M |
| Dividendos Pagos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$4.0M | -$6.9M | -$7.6M |
| Fluxo de Caixa Livre | -$4.5M | -$8.9M | $4.8M | $8.3M | -$69.0M | -$49.8M | -$154.7M | -$139.7M | $70.0M | -$66.6M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | -$4.6M | $33.9M | -$29.5M | -$6.4M |
| CapEx | -$11.0M | -$15.0M | -$22.4M | -$65.1M |
| Fluxo de Caixa Livre | -$15.6M | $18.9M | -$52.0M | -$71.5M |
| Dividendos Pagos | -$7.6M | 0 | 0 | 0 |
| Compensação em Ações | $7.6M | $6.4M | 0 | $6.6M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +33.4% | +104.5% | +44.1% | +45.7% | +65.8% | +49.7% | +43.4% | +40.2% | +15.2% |
| Crescimento Lucro Líquido (anual) | | -130.6% | +2180.4% | +187.4% | -0.6% | +101.0% | +4.0% | +97.0% | +34.0% | -9.2% |
| Crescimento LPA (anual) | | -135.1% | +884.3% | +208.3% | -8.1% | +91.2% | +1.5% | +95.5% | +29.5% | -12.0% |
| Variação de Ações (anual) | | +90.7% | +19.1% | +6.8% | +10.7% | +2.8% | -0.0% | -0.7% | +2.1% | +1.6% |
| Crescimento FCF (anual) | | -96.2% | +154.6% | +71.1% | -933.9% | +27.9% | -210.6% | +9.7% | +150.1% | -195.2% |
| Margem Bruta | 48.7% | 47.2% | 46.2% | 47.1% | 44.4% | 44.2% | 47.2% | 49.5% | 50.1% | 44.4% |
| Margem Operacional | 12.8% | 1.9% | 8.7% | 16.5% | 13.7% | 14.9% | 15.2% | 17.2% | 19.3% | 12.1% |
| Margem EBITDA | 12.2% | 0.6% | 9.2% | 17.3% | 13.6% | 17.8% | 19.1% | 22.8% | 23.1% | 17.6% |
| Margem Líquida | 3.8% | -0.9% | 8.8% | 17.6% | 12.0% | 14.5% | 10.1% | 13.9% | 13.2% | 10.4% |
| Margem FCF | -16.5% | -24.3% | 6.5% | 7.7% | -44.1% | -19.2% | -39.8% | -25.0% | 8.9% | -7.4% |
| Taxa Efetiva de Imposto | 20.0% | -169.3% | 10.9% | -2.7% | -12.3% | 0.3% | 24.9% | 16.7% | 21.1% | 9.8% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $-0.19 | $-0.20 | $0.09 | $0.14 | $-1.09 | $-0.76 | $-2.37 | $-2.15 | $1.06 | $-0.99 |
| Dividendo por Ação | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.06 | $0.10 | $0.11 |
| Ações em Circulação (Básicas) | $23.7M | $20.6M | $53.3M | $50.4M | $54.7M | $57.7M | $59.2M | $60.2M | $62.2M | $64.2M |
O que olhar em empresas de Technology
- Crescimento de receita 3a (≥15%/ano) — Valida tração sustentada, não um ano pontual.
- Margem bruta (Depende do sub-setor) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Receita (≥20%) — Caixa real gerada. Muitas tech maquilham lucros não-GAAP.
- ROIC (≥15%) — Eficiência do capital reinvestido — a primeira métrica de Buffett.
- SBC / Receita (<10% saudável) — Stock-based compensation. Diluição silenciosa: >20% destrói valor.
- Dívida Líquida / EBITDA (≤2x (1,5x SaaS)) — Resistência em recessões e subidas de juros.
Rentabilidade
| Retorno sobre patrimônio | 9.48% |
| Retorno sobre capital investido | 4.42% |
| Retorno sobre ativos | 4.42% |
| Margem bruta | 43.84% |
| Margem operacional | 13.29% |
| Margem líquida | 14.48% |
Saúde financeira
| Dívida / Patrimônio | 0.19 |
| Liquidez corrente | 3.66 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 2.93 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 42.89 | -114.38 | 30.25 | 16.62 | 79.65 | 43.72 | 11.68 | 15.15 | 9.04 | 26.84 |
| P/VP | -18.18 | 0.90 | 3.70 | 3.19 | 10.49 | 2.42 | 0.68 | 1.53 | 1.04 | 1.73 |
| P/V | 1.62 | 0.99 | 2.59 | 2.88 | 9.46 | 6.31 | 1.17 | 2.11 | 1.20 | 2.81 |
| Margem Bruta | 48.7% | 47.2% | 46.2% | 47.1% | 44.4% | 44.2% | 47.2% | 49.5% | 50.1% | 44.4% |
| Margem Operacional | 12.8% | 1.9% | 8.7% | 16.5% | 13.7% | 14.9% | 15.2% | 17.2% | 19.3% | 12.1% |
| Margem Líquida | 3.8% | -0.9% | 8.8% | 17.6% | 12.0% | 14.5% | 10.1% | 13.9% | 13.2% | 10.4% |