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Ichor Holdings
(NASDAQ:ICHR)
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Rating:61Neutral
Price Target:
$118.00
▲(79.47% Upside)
Action:Reiterated
Date:06/19/26
The score is mainly held back by still-weak profitability and negative free cash flow despite a much healthier balance sheet. Offsetting that, the stock shows strong technical momentum and the latest earnings call provided upbeat guidance with a credible margin-expansion plan, while valuation remains pressured by losses and the ATM financing adds dilution risk.
Positive Factors
Critical OEM supplier
Ichor's business is centered on engineered subsystems specified into OEM wafer‑fabrication tools. Design‑in and repeat production orders create sticky revenue streams and outsourcing demand from equipment OEMs, supporting durable revenue as fabs refresh and expand over multi-year cycles.
Negative Factors
Weak profitability
Despite a strong revenue rebound, margins remain well below historical peaks and operating profits are negative. Persistent negative returns (including negative ROE) mean the company must sustain multi-quarter margin gains to reach self‑funding and durable profitability rather than relying on cyclical revenue alone.
Read all positive and negative factors
Positive Factors
Negative Factors
Critical OEM supplier
Ichor's business is centered on engineered subsystems specified into OEM wafer‑fabrication tools. Design‑in and repeat production orders create sticky revenue streams and outsourcing demand from equipment OEMs, supporting durable revenue as fabs refresh and expand over multi-year cycles.
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.
Data provided by:
The Fly
The FlyIchor Holdings (ICHR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.10B
Dividend YieldN/A
Average Volume (3M)1.28M
Price to Earnings (P/E)―
Beta (1Y)2.49
Revenue Growth7.53%
EPS Growth-203.93%
CountryUS
Employees1,820
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-1.48
Shares Outstanding34,867,054
10 Day Avg. Volume1,443,204
30 Day Avg. Volume1,284,452
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 Cap1.03
Enterprise Value/Revenue3.32
Enterprise Value/Gross Profit35.81
Enterprise Value/Ebitda-660.13
Forecast
1Y Price Target
$87.50Price Target Upside33.08% 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: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
34
Negative
Balance Sheet
72
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 959.25M | 947.65M | 849.04M | 811.12M | 1.28B | 1.10B |
| Gross Profit | 89.03M | 87.78M | 103.33M | 103.40M | 211.86M | 177.48M |
| EBITDA | -4.83M | -7.44M | 21.96M | 22.88M | 121.49M | 106.20M |
| Net Income | -50.69M | -52.78M | -20.82M | -42.98M | 72.80M | 70.90M |
Balance Sheet | ||||||
| Total Assets | 972.50M | 942.88M | 995.56M | 938.48M | 1.08B | 1.02B |
| Cash, Cash Equivalents and Short-Term Investments | 89.09M | 98.29M | 108.67M | 79.95M | 86.47M | 75.50M |
| Total Debt | 158.66M | 185.60M | 174.21M | 286.33M | 341.74M | 322.74M |
| Total Liabilities | 304.49M | 278.99M | 297.23M | 373.80M | 496.25M | 520.16M |
| Stockholders Equity | 668.01M | 663.89M | 698.34M | 564.68M | 587.50M | 500.71M |
Cash Flow | ||||||
| Free Cash Flow | -16.76M | -6.28M | 10.24M | 42.14M | 2.02M | -5.57M |
| Operating Cash Flow | 7.99M | 29.89M | 27.88M | 57.63M | 31.45M | 15.27M |
| Investing Cash Flow | -24.75M | -36.17M | -17.64M | -15.50M | -28.93M | -289.58M |
| Financing Cash Flow | -3.43M | -4.10M | 18.47M | -48.65M | 8.46M | 96.91M |
Ichor Holdings Technical Analysis
Positive
65.75
Price Trends
79.36
Positive
65.44
Positive
43.65
Positive
Market Momentum
5.22
Positive
55.45
Neutral
25.69
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 65.75 is below the 20-day moving average (MA) of 93.51, below the 50-day MA of 79.36, and above the 200-day MA of 43.65, indicating a bullish trend. The MACD of 5.22 indicates Positive momentum. The RSI at 55.45 is Neutral, neither overbought nor oversold. The STOCH value of 25.69 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | $1.64B | 14.15 | 75.20% | ― | 67.18% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $3.10B | -65.10 | -7.50% | ― | 7.53% | -203.93% | |
60 Neutral | $2.34B | 99.15 | 3.46% | 2.25% | 16.77% | -23.42% | |
54 Neutral | $653.98M | -9.92 | -11.80% | ― | 79.31% | 57.71% | |
52 Neutral | $48.83M | -0.29 | -134.56% | ― | -34.03% | ― | |
48 Neutral | $175.03M | -1.62 | -536.89% | ― | 3908.24% | 60.14% |
* Technology Sector Average
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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.