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Ichor Holdings
(NASDAQ:ICHR)
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Rating:62Neutral
Price Target:
$85.00
▼(-1.79% Downside)
Action:Reiterated
Date:08/04/26
ICHR’s score is supported most by a strong and improving forward outlook from the latest earnings call (guidance for sequential revenue growth and continued margin expansion) and a comparatively solid, low-leverage balance sheet. Offsetting this, the latest TTM financial performance remains weak with low margins, losses, and negative free cash flow, while technical indicators are neutral-to-soft and valuation lacks support due to negative earnings and no dividend yield.
Positive Factors
Balance sheet strength
Strong liquidity and low leverage provide durable financial flexibility to fund capacity expansion, weather cyclical semiconductor spending, and invest in higher‑value manufacturing. The $256M cash balance plus completed ATM materially improves solvency and strategic optionality over coming quarters.
Negative Factors
Weak profitability
Trailing profitability remains impaired despite recent improvements, indicating earnings power has not fully recovered. Persistently low gross margins and negative operating margins limit internal cash generation and make the company more dependent on improved mix and volume to restore sustainable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Strong liquidity and low leverage provide durable financial flexibility to fund capacity expansion, weather cyclical semiconductor spending, and invest in higher‑value manufacturing. The $256M cash balance plus completed ATM materially improves solvency and strategic optionality over coming quarters.
Read all positive factors
Ichor Holdings Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows how sales are split across regions, revealing where Ichor generates most of its revenue and how exposed the business is to regional semiconductor cycles, major foundry customers, and trade or supply-chain risk. Heavy concentration in one region or a few customers can boost growth when factories are expanding but also increases vulnerability to tariffs, currency swings, or local downturns—key factors for anticipating future orders and revenue volatility.
Shows how sales are split across regions, revealing where Ichor generates most of its revenue and how exposed the business is to regional semiconductor cycles, major foundry customers, and trade or supply-chain risk. Heavy concentration in one region or a few customers can boost growth when factories are expanding but also increases vulnerability to tariffs, currency swings, or local downturns—key factors for anticipating future orders and revenue volatility.
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The Fly
The FlyIchor Holdings (ICHR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.62B
Dividend YieldN/A
Average Volume (3M)1.14M
Price to Earnings (P/E)―
Beta (1Y)2.47
Revenue Growth7.53%
EPS Growth-203.93%
CountryUS
Employees1,891
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-1.17
Shares Outstanding34,867,054
10 Day Avg. Volume811,503
30 Day Avg. Volume1,142,746
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$97.67Price Target Upside12.84% 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. specializes in the conception, development, and production of fluid delivery subsystems and their constituent components, tailored for capital equipment used in semiconductor manufacturing. The company's primary focus is on ga...
How the Company Makes Money
Ichor primarily makes money by manufacturing and selling engineered subsystems and components to semiconductor equipment original equipment manufacturers (OEMs). Its core revenue stream comes from product sales of fluid delivery and control soluti...
Ichor Holdings Earnings Call Summary
Earnings Call Date:Aug 03, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 2026
Earnings Call Sentiment Positive
The call conveys a strongly positive operational and financial momentum: sequential revenue and margin expansion, record quarterly earnings in three years, robust guidance for Q3 and full-year growth aligned with the high end of industry WFE expectations, strengthened liquidity from a completed $200M ATM, and a clear plan to ramp internal proprietary content and factory capacity (Malaysia qualifications and capacity targets up to ~$3B annually). Near-term headwinds are manageable and largely executional: an isolated parts shortage delayed recognition of some Q2 revenue by days, short-term negative operating cash flow from inventory build to support growth, ongoing supplier exposure (notably flow control), and dilution from the equity raise. Overall, positives materially outweigh the negatives and the tone is confident about sustaining stronger growth and margin expansion into 2H2026 and 2027.Positive Updates
Sequential Revenue Growth
Revenue of $294.8M (reported as $295M) increased 15% sequentially; company reported 15% sequential growth in each of the first two quarters of 2026.
Negative Updates
Isolated Part Shortages and Revenue Timing
Isolated supply chain constraints late in the quarter prevented recognition of a portion of Q2 revenue (shipped days after quarter close), delaying recognition of the additional revenue that had been expected for Q2.
Read all updates
Q2-2026 Updates
Positive
Negative
Sequential Revenue Growth
Revenue of $294.8M (reported as $295M) increased 15% sequentially; company reported 15% sequential growth in each of the first two quarters of 2026.
Read all positive updates
Company Guidance
Management guided Q3 revenue of $315–$345 million (midpoint ≈12% sequential growth, ≈38% YoY) with gross margin of 14.5%–15.5% and an expected ~100 basis points of gross margin improvement per quarter through year‑end, supporting Q3 EPS of $0.40–$0.50 (assumes ~$1.5M interest/other, a 20–25% tax rate and ~38.5M diluted shares); they reiterated 2026 revenue growth at the high end of WFE expectations (at least +30% vs. 2025), expect second‑half volumes to be ≥25% higher than the first half, see OpEx roughly $25.5M per quarter (total 2026 OpEx ≈+6% vs. 2025), expect CapEx to trend higher in H2 but near ~3% of revenue, and emphasized balance‑sheet flexibility after Q2 cash of $256M and completion of a $200M ATM (2,480,000 shares at $80.70 avg, net proceeds ≈$195M); other quarter metrics noted: Q2 revenue ≈$295M, Q2 gross margin 14.1%, Q2 EPS $0.34, EBITDA >$21M (up >50% sequentially), DSOs 32 days, inventory turns 3.7x, total debt $120.6M, net debt coverage 1.1, and current capacity to support $500M quarterly with potential to scale to >$3B annually with targeted investments.Ichor Holdings Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
78
Positive
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.01B | 947.65M | 849.04M | 811.12M | 1.28B | 1.10B |
| Gross Profit | 102.81M | 87.78M | 103.33M | 103.40M | 211.86M | 177.48M |
| EBITDA | 6.27M | -7.44M | 21.96M | 22.88M | 121.49M | 106.20M |
| Net Income | -40.28M | -52.78M | -20.82M | -42.98M | 72.80M | 70.90M |
Balance Sheet | ||||||
| Total Assets | 1.19B | 942.88M | 995.56M | 938.48M | 1.08B | 1.02B |
| Cash, Cash Equivalents and Short-Term Investments | 256.46M | 98.29M | 108.67M | 79.95M | 86.47M | 75.50M |
| Total Debt | 154.14M | 160.19M | 174.21M | 286.33M | 341.74M | 322.74M |
| Total Liabilities | 322.79M | 278.99M | 297.23M | 373.80M | 496.25M | 520.16M |
| Stockholders Equity | 865.50M | 663.89M | 698.34M | 564.68M | 587.50M | 500.71M |
Cash Flow | ||||||
| Free Cash Flow | -25.61M | -6.28M | 10.24M | 42.14M | 2.02M | -5.57M |
| Operating Cash Flow | -375.00K | 29.89M | 27.88M | 57.63M | 31.45M | 15.27M |
| Investing Cash Flow | -25.23M | -36.17M | -17.64M | -15.50M | -28.93M | -289.58M |
| Financing Cash Flow | 189.84M | -4.10M | 18.47M | -48.65M | 8.46M | 96.91M |
Ichor Holdings Technical Analysis
Negative
86.55
Price Trends
84.35
Negative
72.56
Negative
49.91
Positive
Market Momentum
-5.48
Positive
39.09
Neutral
17.25
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 86.55 is above the 20-day moving average (MA) of 82.10, above the 50-day MA of 84.35, and above the 200-day MA of 49.91, indicating a neutral trend. The MACD of -5.48 indicates Positive momentum. The RSI at 39.09 is Neutral, neither overbought nor oversold. The STOCH value of 17.25 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | $1.60B | 13.75 | 75.20% | ― | 67.18% | ― | |
62 Neutral | $2.62B | -50.81 | -5.61% | ― | 7.53% | -203.93% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
48 Neutral | $543.44M | -8.16 | -11.80% | ― | 79.31% | 57.71% | |
47 Neutral | $36.40M | -0.22 | -134.56% | ― | -34.03% | ― | |
46 Neutral | $1.58B | 61.53 | 3.46% | 1.34% | 16.77% | -23.42% | |
45 Neutral | $112.46M | -1.06 | -536.89% | ― | 3908.24% | 60.14% |
* Technology Sector Average
ICHR
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Ichor Holdings Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Ichor Holdings Launches $200 Million At-The-Market Program
Positive
May 18, 2026
On May 18, 2026, Ichor Holdings, Ltd. entered into a sales agreement with a syndicate of banks that will allow it to issue up to $200 million of ordinary shares from time to time in at-the-market offerings on Nasdaq and other permitted trading ven...
Executive/Board ChangesShareholder Meetings
Ichor Holdings Shareholders Approve 2026 AGM Proposals
Positive
May 14, 2026
On May 14, 2026, Ichor Holdings, Ltd. held its 2026 Annual General Meeting of Shareholders in Fremont, California, where 30,596,247 outstanding ordinary shares were represented by proxy. Shareholders elected director nominees Iain MacKenzie, Phili...
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.