Ichor Holdings (ICHR) AI Stock Analysis

• Market Cap: $990.95M
• Dividend Yield: N/A
• Average Volume (3M): 637.42K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.46
• 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: 943,596
• 30 Day Avg. Volume: 637,418
• 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: 0.67
• Enterprise Value/Revenue: 0.69
• Enterprise Value/Gross Profit: 5.99
• Enterprise Value/Ebitda: 254.45
• 1Y Price Target: $27.60
• Price Target Upside: -4.23% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 0.73
• Revenue Forecast (FY): $989.54M

• Rating: 54 Neutral
• Price Target: $29.00 ▲(0.62% Upside)

The score is primarily held back by weak financial performance (negative margins, negative ROE, and negative free cash flow), with additional pressure from earnings-related valuation risk (negative P/E). These are partly offset by strong technical trend signals (price above major moving averages, positive MACD) and a mixed earnings-call backdrop where strong revenue and strategic initiatives are tempered by margin pressure, restructuring costs, and softer near-term guidance.

Positive Factors

Critical market position

Ichor supplies precision fluid and gas delivery systems that are embedded in semiconductor fabs. Those critical, high-reliability products create structural customer stickiness and long sales cycles, supporting durable demand tied to ongoing semiconductor manufacturing investment.

Product pipeline expansion

Advancing two proprietary components with a beta in early 2026 is a structural growth catalyst. Successful product commercialization can expand addressable markets, improve gross margins, and deepen customer integration, reducing reliance on legacy product cycles over the medium term.

Conservative capital structure

Very low leverage gives the company financial flexibility to fund R&D, absorb restructuring charges, and pursue strategic investments without heavy interest burden. This conservative balance sheet supports resilience across semiconductor cycle volatility and operational transitions.

Negative Factors

Negative profitability

Sustained negative margins reflect structural cost and pricing pressure. Without durable margin improvement, the company will struggle to convert revenue into earnings, erode retained capital, and limit ability to self-fund growth initiatives, pressuring long-term returns.

Negative free cash flow

Negative free cash flow indicates cash consumed by capex, working capital, or restructuring that operating cash alone doesn't cover. Over months this constrains reinvestment and may necessitate external financing or slower product rollouts, raising execution risk.

Customer concentration and lower guidance

Reliance on a few large customers and slowed system build rates creates revenue volatility and lowers visibility. Persistent concentration risk can amplify demand shocks, force margin-damaging pricing or restructuring, and hinder predictable long-term planning.

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 through the sale of its fluid delivery systems and related components, which are sold to major semiconductor manufacturers. The company has established key partnerships with leading companies in the semiconductor industry, allowing it to secure long-term contracts that provide a stable revenue stream. Additionally, Ichor offers maintenance and support services for its products, contributing to recurring revenue. The demand for advanced semiconductor manufacturing technologies and the growing market for integrated circuits further bolster Ichor's earnings potential.

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 2020
Income Statement
Total Revenue	957.34M	849.04M	811.12M	1.28B	1.10B	914.24M
Gross Profit	110.85M	103.33M	103.40M	211.86M	177.48M	124.89M
EBITDA	2.61M	21.96M	22.88M	121.49M	106.20M	65.26M
Net Income	-40.76M	-20.82M	-42.98M	72.80M	70.90M	33.28M
Balance Sheet
Total Assets	966.58M	995.56M	938.48M	1.08B	1.02B	774.17M
Cash, Cash Equivalents and Short-Term Investments	92.50M	108.67M	79.95M	86.47M	75.50M	252.90M
Total Debt	163.12M	174.21M	286.33M	341.74M	322.74M	210.67M
Total Liabilities	290.41M	297.23M	373.80M	496.25M	520.16M	362.48M
Stockholders Equity	676.18M	698.34M	564.68M	587.50M	500.71M	411.69M
Cash Flow
Free Cash Flow	-19.09M	10.24M	42.14M	2.02M	-5.57M	27.96M
Operating Cash Flow	18.23M	27.88M	57.63M	31.45M	15.27M	38.26M
Investing Cash Flow	-37.32M	-17.64M	-15.50M	-28.93M	-289.58M	-14.60M
Financing Cash Flow	-4.86M	18.47M	-48.65M	8.46M	96.91M	168.63M

Ichor Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 28.82
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: 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 28.82 is above the 20-day moving average (MA) of 21.87, above the 50-day MA of 18.53, and above the 200-day MA of 18.93, indicating a bullish trend. The MACD of 2.73 indicates Negative momentum. The RSI at 84.67 is Negative, neither overbought nor oversold. The STOCH value of 80.47 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ICHR.

Ichor Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
IMOS	60 Neutral	$1.37B	186.25	0.98%	2.25%	0.96%	-85.27%
SKYT	60 Neutral	$1.55B	12.84	101.23%	―	0.19%	―
ICHR	54 Neutral	$990.95M	-25.00	-5.94%	―	16.86%	-26.89%
LAES	50 Neutral	$859.79M	-9.48	-45.62%	―	-44.30%	16.42%
BZAI	46 Neutral	$257.51M	-0.97	-1331.73%	―	―	-1827.24%
SQNS	43 Neutral	$86.54M	―	-18.19%	―	2.80%	―

Ichor Holdings Corporate Events

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.