Ichor Holdings (ICHR)
NASDAQ:ICHR
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Ichor Holdings
(NASDAQ:ICHR)
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Rating:62Neutral
Price Target:
$74.00
▲(12.55% Upside)
Action:ReiteratedDate:05/05/26
The score is driven by strong technical momentum and constructive earnings-call guidance pointing to a rapid revenue ramp and margin expansion. These positives are tempered by weak recent financial profitability and volatile free cash flow, with valuation constrained by loss-making results (negative P/E) and no dividend support.
Positive Factors
Revenue Momentum & Guidance
A rapid revenue ramp with multi-quarter guidance implies durable demand recovery and stronger program wins. Sustained top-line growth drives scale benefits across manufacturing and fixed costs, enabling structural margin improvement and higher operating leverage if volumes continue to accelerate.
Negative Factors
Sustained Profitability Weakness
The company remains in a multi-year profit downcycle with compressed gross margins and negative net margins. Persistent loss-making undermines return on equity and can erode strategic flexibility; management must restore structural margins and product mix to reestablish durable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Momentum & Guidance
A rapid revenue ramp with multi-quarter guidance implies durable demand recovery and stronger program wins. Sustained top-line growth drives scale benefits across manufacturing and fixed costs, enabling structural margin improvement and higher operating leverage if volumes continue to accelerate.
Read all positive factors
Ichor Holdings (ICHR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.52B
Dividend YieldN/A
Average Volume (3M)648.30K
Price to Earnings (P/E)―
Beta (1Y)2.33
Revenue Growth7.53%
EPS Growth-203.93%
CountryUS
Employees1,820
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-1.54
Shares Outstanding34,744,713
10 Day Avg. Volume714,878
30 Day Avg. Volume648,296
Financial Highlights & Ratios
PEG Ratio-0.09
Price to Book (P/B)0.98
Price to Sales (P/S)0.68
P/FCF Ratio-103.25
Enterprise Value/Market Cap0.98
Enterprise Value/Revenue2.61
Enterprise Value/Gross Profit23.59
Enterprise Value/Ebitda-311.44
Forecast
1Y Price Target
$74.50Price Target Upside13.31% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)1.38
Revenue Forecast (FY)$1.20B
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 man...
How the Company Makes Money
Ichor makes money primarily by selling engineered subsystems and manufactured components to semiconductor capital equipment OEMs that incorporate Ichor’s products into wafer fabrication tools. Its core revenue stream is product sales of fluid deli...
Ichor Holdings Key Performance Indicators (KPIs)
Ichor Holdings Earnings Call Summary
Earnings Call Date:May 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call portrayed a company executing a rapid revenue ramp with improving margins and clear strategic progress (notably successful Mexico qualifications and planned Malaysia ramp). Management raised near-term guidance materially and outlined a credible path to recurring gross margin expansion (~100 bps/quarter) and higher operating leverage. Offsetting risks include near-term cash use for inventory, existing leverage (debt), supply-chain and labor pacing constraints, and specific end-market softness (silicon carbide and some European/lithography demand). Overall, the positives around accelerating revenue, triple operating income vs. Q4, stronger guidance, and execution on footprint realignment meaningfully outweigh the manageable operational and market risks.Positive Updates
Strong Q1 Revenue and Sequential Growth
Q1 revenues of $256.1 million, up 15% sequentially versus Q4, came in at the upper end of guidance and reflect accelerating demand momentum and execution.
Negative Updates
Operating Cash Use and Cash Balance Decline
Cash from operations was a use of $2.9 million in Q1 due to inventory investment supporting the ramp. Cash and equivalents fell to $89.1 million at quarter end, a decrease of $9.2 million versus Q4.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Q1 Revenue and Sequential Growth
Q1 revenues of $256.1 million, up 15% sequentially versus Q4, came in at the upper end of guidance and reflect accelerating demand momentum and execution.
Read all positive updates
Company Guidance
Management guided Q2 revenues of $290–$310M (≈$300M ±$10M), noting unconstrained demand already exceeds $300M and a ramp that represents growth well over 30% in just two quarters, with Q2 gross margin targeted at 13%–14% and an expected ~100 bps per quarter gross‑margin expansion through 2026 toward a near‑term goal of at least 15% (gross profit dollars expected to grow ~2x revenue growth in H2). Q1 results were: $256.1M revenue (up 15% sequentially), 12.8% gross margin (up 110 bps), $8.7M operating income (3.4% of revenue), EPS $0.15 on 35.3M diluted shares, and EBITDA of nearly $14M. Balance‑sheet and cash metrics: cash $89.1M (down $9.2M q/q), cash from operations a use of $2.9M, Q1 CapEx $7.1M (targeting ~3% of revenue, modestly higher in H2), DSOs 33 days, inventory turns 3.7, total debt $122M, and net debt coverage of 1.6. Management reiterated OpEx discipline (guiding 5%–6% full‑year OpEx growth and a ≈$25M run rate from Q2), ~ $2M/quarter for interest/other, and an assumed effective tax rate of 20%–25%; Q2 EPS was guided to $0.25–$0.35 on ~35.5M diluted shares.Ichor Holdings Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
72
Positive
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 947.65M | 849.04M | 811.12M | 1.28B | 1.10B |
| Gross Profit | 87.78M | 103.33M | 103.40M | 211.86M | 177.48M |
| EBITDA | -7.44M | 21.96M | 22.88M | 121.49M | 106.20M |
| Net Income | -52.78M | -20.82M | -42.98M | 72.80M | 70.90M |
Balance Sheet | |||||
| Total Assets | 942.88M | 995.56M | 938.48M | 1.08B | 1.02B |
| Cash, Cash Equivalents and Short-Term Investments | 98.29M | 108.67M | 79.95M | 86.47M | 75.50M |
| Total Debt | 185.60M | 174.21M | 286.33M | 341.74M | 322.74M |
| Total Liabilities | 278.99M | 297.23M | 373.80M | 496.25M | 520.16M |
| Stockholders Equity | 663.89M | 698.34M | 564.68M | 587.50M | 500.71M |
Cash Flow | |||||
| Free Cash Flow | -6.28M | 10.24M | 42.14M | 2.02M | -5.57M |
| Operating Cash Flow | 29.89M | 27.88M | 57.63M | 31.45M | 15.27M |
| Investing Cash Flow | -36.17M | -17.64M | -15.50M | -28.93M | -289.58M |
| Financing Cash Flow | -4.10M | 18.47M | -48.65M | 8.46M | 96.91M |
Ichor Holdings Technical Analysis
Positive
65.75
Price Trends
48.05
Positive
35.22
Positive
27.15
Positive
Market Momentum
5.14
Negative
74.10
Negative
92.96
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICHR, the sentiment is Positive. The current price of 65.75 is above the 20-day moving average (MA) of 52.67, above the 50-day MA of 48.05, and above the 200-day MA of 27.15, indicating a bullish trend. The MACD of 5.14 indicates Negative momentum. The RSI at 74.10 is Negative, neither overbought nor oversold. The STOCH value of 92.96 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ICHR.
Ichor Holdings Risk Analysis
Ichor Holdings disclosed 36 risk factors in its most recent earnings report. Ichor Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ichor Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $1.68B | -28.80 | 99.25% | ― | 29.18% | ― | |
62 Neutral | $2.52B | -158.49 | -7.72% | ― | 7.53% | -203.93% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | $2.00B | 16.34 | 2.07% | 2.25% | 8.86% | -62.89% | |
52 Neutral | $53.91M | -0.18 | -99.13% | ― | -24.98% | ― | |
49 Neutral | $229.63M | -17.24 | -970.62% | ― | ― | -700.88% | |
48 Neutral | $764.51M | -11.60 | -11.80% | ― | 79.31% | 57.71% |
* Technology Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.