Ichor Holdings (ICHR) AI Stock Analysis

• Market Cap: $514.73M
• Dividend Yield: N/A
• Average Volume (3M): 1.00M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.52
• Revenue Growth: 16.86%
• EPS Growth: -26.89%
• Country: US
• Employees: 1,820
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): 0.07
• Shares Outstanding: 34,384,230
• 10 Day Avg. Volume: 1,243,251
• 30 Day Avg. Volume: 1,003,945
• PEG Ratio: 0.87
• Price to Book (P/B): 1.47
• Price to Sales (P/S): 1.21
• P/FCF Ratio: 100.32
• Enterprise Value/Market Cap: 1.29
• Enterprise Value/Revenue: 0.92
• Enterprise Value/Gross Profit: 7.92
• Enterprise Value/Ebitda: -172.86
• 1Y Price Target: $24.80
• Price Target Upside: 63.05% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 0.4
• Revenue Forecast (FY): $954.26M

• Rating: 45 Neutral
• Price Target: $14.50 ▼(-4.67% Downside)

Ichor Holdings' overall stock score is primarily impacted by its financial performance and valuation challenges. The company is facing declining profitability and negative cash flow trends, which are significant risks. Technical analysis indicates bearish momentum, further weighing on the score. While the earnings call highlighted some positive strategic developments, immediate challenges remain, contributing to a cautious outlook.

Positive Factors

Revenue Growth

The 13% YoY revenue growth indicates strong demand for Ichor's products, reflecting a robust market position and potential for continued expansion in the semiconductor industry.

CEO Appointment

The appointment of an experienced internal leader as CEO may enhance strategic continuity and leverage deep industry knowledge, potentially driving long-term growth.

Strategic Product Development

Developing new proprietary products can expand Ichor's market reach and addressable markets, supporting long-term revenue growth and competitive positioning.

Negative Factors

Gross Margin Challenges

Persistent gross margin pressures could limit profitability, indicating potential challenges in cost management and pricing power, affecting long-term financial health.

Decline in Non-Semi End Markets

Weakness in non-semi markets could reduce revenue diversification, increasing reliance on the semiconductor sector and exposing Ichor to cyclical industry risks.

Restructuring Costs

Ongoing restructuring costs may strain financial resources and impact short-term profitability, potentially delaying strategic investments and growth initiatives.

Ichor Holdings Business Overview & Revenue Model

Company Description

Ichor Holdings, Ltd. engages in the design, engineering, and manufacture of fluid delivery subsystems and components for semiconductor capital equipment. It primarily offers gas and chemical delivery systems and subsystems that are used in the manufacturing of semiconductor devices. The company's gas delivery subsystems deliver, monitor, and control gases used in semiconductor manufacturing processes, such as etch and deposition; and chemical delivery subsystems blend and dispense the reactive liquid chemistries used in semiconductor manufacturing processes comprising chemical-mechanical planarization, electroplating, and cleaning. It also manufactures precision machined components, weldments, electron beam, laser-welded components, precision vacuum and hydrogen brazing, surface treatment technologies, and other proprietary products for use in fluid delivery systems. The company primarily markets its products directly and through resellers to equipment OEMs in the semiconductor equipment market in the United States, the United Kingdom, Singapore, Malaysia, Korea, Mexico, and internationally. Ichor Holdings, Ltd. was incorporated in 1999 and is headquartered in Fremont, California.

How the Company Makes Money

Ichor Holdings generates revenue primarily through the sale of its fluid delivery systems and components, which are essential for semiconductor fabrication. The company has established key revenue streams from both new product sales and aftermarket services, including maintenance and support for its systems. Significant partnerships with major semiconductor manufacturers and technology firms further bolster its earnings, as Ichor's products are integral in the production processes of cutting-edge chips. Additionally, the company benefits from ongoing demand in the semiconductor market, driven by trends in technology such as 5G, artificial intelligence, and the Internet of Things (IoT).

Ichor Holdings Financial Statement Overview

Summary

Ichor Holdings faces significant challenges with declining profitability and negative cash flow trends. While the balance sheet remains relatively strong with low leverage, the negative return on equity and cash flow issues highlight potential risks. The company needs to address its cost structure and improve cash generation to stabilize its financial position.

Income Statement

Ichor Holdings has experienced a decline in profitability, with negative net and EBIT margins in the TTM period. Although revenue has grown by 4.15% in the TTM, the company is struggling with negative net income, indicating challenges in cost management or market conditions. The gross profit margin has also decreased compared to previous years, reflecting pressure on profitability.

Balance Sheet

The company's balance sheet shows a low debt-to-equity ratio of 0.071 in the TTM, indicating a conservative leverage position. However, the return on equity is negative, reflecting the impact of net losses on shareholder returns. The equity ratio remains stable, suggesting a solid capital structure despite recent performance challenges.

Cash Flow

Cash flow analysis reveals a concerning trend with negative free cash flow growth and a negative free cash flow to net income ratio in the TTM. Operating cash flow has decreased, and the company is not generating sufficient cash to cover its net losses, which could impact liquidity if the trend continues.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2019
Income Statement
Total Revenue	724.05M	849.04M	811.12M	1.28B	1.10B	620.84M
Gross Profit	83.86M	103.33M	103.40M	211.86M	177.48M	86.36M
EBITDA	-3.84M	21.96M	22.88M	121.49M	106.20M	36.84M
Net Income	-36.82M	-20.82M	-42.98M	72.80M	70.90M	10.73M
Balance Sheet
Total Assets	966.58M	995.56M	938.48M	1.08B	1.02B	566.55M
Cash, Cash Equivalents and Short-Term Investments	92.50M	108.67M	79.95M	86.47M	75.50M	60.61M
Total Debt	163.12M	174.21M	286.33M	341.74M	322.74M	192.63M
Total Liabilities	290.41M	297.23M	373.80M	496.25M	520.16M	345.14M
Stockholders Equity	676.18M	698.34M	564.68M	587.50M	500.71M	221.42M
Cash Flow
Free Cash Flow	-12.20M	10.24M	42.14M	2.02M	-5.57M	36.66M
Operating Cash Flow	20.72M	27.88M	57.63M	31.45M	15.27M	57.15M
Investing Cash Flow	-32.92M	-17.64M	-15.50M	-28.93M	-289.58M	-20.49M
Financing Cash Flow	-3.96M	18.47M	-48.65M	8.46M	96.91M	-19.88M

Ichor Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 15.21
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICHR, the sentiment is Negative. The current price of 15.21 is below the 20-day moving average (MA) of 20.50, below the 50-day MA of 19.05, and below the 200-day MA of 21.15, indicating a bearish trend. The MACD of -1.18 indicates Positive momentum. The RSI at 35.13 is Neutral, neither overbought nor oversold. The STOCH value of 11.30 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ICHR.

Ichor Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SKYT	63 Neutral	$867.16M	9.18	101.23%	―	0.19%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
IMOS	60 Neutral	$817.62M	168.39	0.66%	3.72%	0.15%	-92.08%
LAES	53 Neutral	$1.14B	―	-45.62%	―	-44.30%	16.42%
ICHR	45 Neutral	$514.73M	―	-5.94%	―	16.86%	-26.89%
SQNS	43 Neutral	$101.50M	―	-18.19%	―	2.80%	―
BZAI	39 Underperform	$354.88M	―	―	―	―	-3299.52%

Ichor Holdings Corporate Events

Ichor Holdings’ Earnings Call: Mixed Sentiment and Strategic Moves

The recent earnings call for Ichor Holdings presented a mixed sentiment, highlighting both positive and challenging aspects of the company’s current financial standing. While the company reported strong revenue performance and announced strategic leadership changes, it also faces challenges in non-semi end markets, gross margin pressures, and restructuring costs. Despite these hurdles, Ichor’s focus on strategic product development suggests potential for future growth.

Ichor Holdings Reports Q3 2025 Financial Results

Ichor Holdings, Ltd., headquartered in Fremont, California, is a prominent player in the semiconductor capital equipment industry, specializing in the design, engineering, and manufacturing of critical fluid delivery subsystems and components. The company also serves other sectors such as defense/aerospace and medical industries.

Ichor Holdings Appoints New CEO Philip Barros

On October 30, 2025, Jeffrey Andreson announced his resignation as CEO and board member of Ichor Holdings, effective November 3, 2025, with no disagreements cited. Subsequently, the board appointed Philip Barros, the current CTO, as the new CEO and board member, effective the same date. Barros, who has been with the company since 2009, is expected to drive the next phase of growth, leveraging his extensive experience in engineering and product development.

The most recent analyst rating on (ICHR) stock is a Hold with a $24.00 price target. To see the full list of analyst forecasts on Ichor Holdings stock, see the ICHR Stock Forecast page.

Ichor Holdings Enters New Credit Agreement with Bank

On September 26, 2025, Icicle Acquisition Holding B.V. and its associated entities, including Ichor Systems, Inc., entered into an Amended and Restated Credit Agreement with Bank of America and other financial institutions. This agreement, which replaces the previous one from October 29, 2021, includes a $125 million term loan and a $100 million revolving credit facility. The new terms increase the borrowing rate, extend the maturity date to September 26, 2030, and adjust the maximum leverage ratio, impacting the company’s financial strategy and obligations.

The most recent analyst rating on (ICHR) stock is a Hold with a $17.50 price target. To see the full list of analyst forecasts on Ichor Holdings stock, see the ICHR Stock Forecast page.

Ichor Holdings Announces Leadership Changes in August 2025

On August 15, 2025, Ichor Holdings announced that Christopher Smith will step down as Chief Commercial Officer to become a Strategic Advisor to the CEO, effective September 2, 2025. David Lee, with 30 years of experience in the semiconductor manufacturing equipment industry, has been appointed as Senior Vice President, Sales and Marketing, starting August 29, 2025.

The most recent analyst rating on (ICHR) stock is a Buy with a $50.00 price target. To see the full list of analyst forecasts on Ichor Holdings stock, see the ICHR Stock Forecast page.