Ichor Holdings (ICHR)
NASDAQ:ICHR
Top Page
Ichor Holdings
(NASDAQ:ICHR)
Select Model
Select Model
Rating:62Neutral
Price Target:
$54.00
▲(5.55% Upside)
Action:ReiteratedDate:02/10/26
The score is held back primarily by weak recent profitability and volatile/weakening free cash flow, despite a stronger balance sheet with reduced leverage. Offsetting these fundamentals, technical momentum is strong and the latest earnings call provided upbeat near-term guidance and a clearer path to margin recovery, though execution and end-market digestion risks remain.
Positive Factors
Balance sheet strength
Low leverage and a stronger cash position reduce financial fragility across cyclical WFE cycles. This durable balance-sheet improvement gives Ichor flexibility to fund capex for capacity shifts, support qualification cycles, and absorb temporary cash flow swings without forcing dilutive financing or deep cuts to R&D and operations.
Negative Factors
Sustained profitability weakness
Persistently negative net income and compressed gross margins reduce internal cash generation, hurt returns on equity, and limit the firm's ability to fund strategic investments from operations. If cyclical WFE demand remains weak, margin recovery timelines may slip and profitability may stay impaired for multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Low leverage and a stronger cash position reduce financial fragility across cyclical WFE cycles. This durable balance-sheet improvement gives Ichor flexibility to fund capex for capacity shifts, support qualification cycles, and absorb temporary cash flow swings without forcing dilutive financing or deep cuts to R&D and operations.
Read all positive factors
Ichor Holdings (ICHR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.77B
Dividend YieldN/A
Average Volume (3M)1.05M
Price to Earnings (P/E)―
Beta (1Y)2.21
Revenue Growth16.86%
EPS Growth-26.89%
CountryUS
Employees1,820
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.01
Shares Outstanding34,644,333
10 Day Avg. Volume675,594
30 Day Avg. Volume1,047,236
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 Cap1.04
Enterprise Value/Revenue1.94
Enterprise Value/Gross Profit17.56
Enterprise Value/Ebitda-231.84
Forecast
1Y Price Target
$50.43Price Target Upside-1.43% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)1.12
Revenue Forecast (FY)$1.11B
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:Feb 09, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call conveyed a constructive outlook: solid FY2025 results with 12% revenue growth, Q4 outperformance, stronger-than-expected early-2026 demand, raised Q1 guidance with double-digit sequential growth, and clear operational plans (Mexico expansion, Malaysia facility, product insourcing) to drive margin recovery and share gains. Near-term challenges include a Q4 trough, temporary capacity reductions during the global footprint realignment, lingering EUV/litho inventory digestion, restructuring charges, and qualification risk in the new Malaysia facility. Management expects margins and gross profit dollars to materially improve in the second half of 2026 and anticipates sequential growth each quarter, which together with balance sheet improvements supports a positive outlook.Positive Updates
Full-Year Revenue Growth
Fiscal 2025 revenue of $948 million, up 12% year-over-year, driven primarily by strength in etch and deposition.
Negative Updates
Q4 Cycle Trough and Soft End Markets
Management described Q4 as the trough with modest sequential decline from Q3. Softening build rates of EUV/litho and decreased demand in certain trailing-edge markets partially offset growth.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Revenue Growth
Fiscal 2025 revenue of $948 million, up 12% year-over-year, driven primarily by strength in etch and deposition.
Read all positive updates
Company Guidance
The company guided Q1 revenue of $240–$260 million (midpoint implying double‑digit sequential growth versus Q4’s $223.6M), Q1 gross margins of 12–13%, and Q1 operating expenses of about $24 million (a ~flat $24M OpEx run‑rate for 2026, ~+5% vs. FY2025); net interest expense is expected to be roughly $1.7M in Q1 and about $7M for 2026, Q1 tax expense ~$1.1M with an assumed non‑GAAP effective tax rate of 20–25%, and Q1 diluted EPS of $0.08–$0.16 on ~35.1M shares; management expects sequential revenue growth every quarter in 2026, gross profit dollars to grow at roughly twice the rate of revenues beginning in Q2 with meaningful margin improvement by midyear, CapEx to moderate to about 3% of revenue in 2026 (vs. ~4% in 2025), and most restructuring actions largely complete.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
51.16
Price Trends
40.15
Positive
29.04
Positive
24.19
Positive
Market Momentum
2.22
Negative
60.79
Neutral
70.51
Neutral
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 51.16 is above the 20-day moving average (MA) of 45.99, above the 50-day MA of 40.15, and above the 200-day MA of 24.19, indicating a bullish trend. The MACD of 2.22 indicates Negative momentum. The RSI at 60.79 is Neutral, neither overbought nor oversold. The STOCH value of 70.51 is Neutral, 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 | $1.38B | 7.47 | 99.25% | ― | 0.19% | ― | |
62 Neutral | $1.77B | -12.29 | -7.72% | ― | 16.86% | -26.89% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | $1.30B | 16.34 | 2.07% | 2.25% | 0.96% | -85.27% | |
50 Neutral | $638.93M | -5.06 | -45.62% | ― | -44.30% | 16.42% | |
46 Neutral | $47.99M | -0.61 | -99.13% | ― | 2.80% | ― | |
45 Neutral | $152.20M | -0.98 | -869.27% | ― | ― | -1827.24% |
* Technology Sector Average
ICHR
Ichor Holdings
51.16
25.97
103.14%
IMOS
ChipMOS Technologies
38.07
20.57
117.59%
SQNS
Sequans Communications S A
3.00
-18.60
-86.11%
SKYT
SkyWater Technology
28.83
21.31
283.38%
BZAI
Blaize Holdings
1.24
-1.54
-55.40%
LAES
SEALSQ Corp
2.87
0.02
0.70%
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.