ACMRACM Research, Inc.
Special Industry Machinery, NEC
- Revenue
- $901M
- 15% YoY
- Operating margin
- 12.1%
- 37% YoY
- EBITDA
- $124M
- 21% YoY
- Market cap
- $645M
- Employees
- 2,513
- $359K revenue each
- Net debt / EBITDA
- -5.9×
- −$736M net debt
- AI in 10-K
- 0.7
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes-11% of net incomeCash flow under 80% of net income
- Dilutive SBCNo4% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo95% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$359K · 36th pctBottom quartile of its SIC industry
- Quiet on AINo0.7 per 10K words · 28th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 5.9× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$645M market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$51M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $260M | $389M | $558M | $782M | $901M | 15% |
| Operating income | $39M | $59M | $96M | $151M | $109M | 28% |
| Net income | $38M | $39M | $77M | $104M | $94M | 9.2% |
| Operating cash flow | −$40M | −$62M | −$75M | $152M | −$10M | 107% |
| Capex | $9M | $91M | $62M | $82M | $56M | 32% |
| Stock-based comp | $5M | $8M | $27M | $50M | $34M | 32% |
| Buybacks | $0 | — | — | — | — |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 29, 2024 | Shanghai Science & Technology Venture Capital (Group) Co., Ltd. | SC 13D/A | 10.0% | Passive |
| Oct 8, 2024 | Shanghai Science & Technology Venture Capital (Group) Co., Ltd. | SC 13D/A | 9.9% | Passive |
| Jul 18, 2023 | Shanghai Science & Technology Venture Capital (Group) Co., Ltd. | SC 13D/A | 6.3% | Passive |
| Jun 13, 2023 | Shanghai Science & Technology Venture Capital (Group) Co., Ltd. | SC 13D | 6.3% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $51M · 72
- Net
- −$51M
Pay vs performance
No pay-versus-performance disclosure yet.