Ichor Holdings (ICHR) AI Stock Analysis

• Market Cap: $675.23M
• Dividend Yield: N/A
• Average Volume (3M): 395.40K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.25
• Revenue Growth: 13.41%
• EPS Growth: 72.56%
• Country: US
• Employees: 1,820
• Sector: Technology
• Sector Strength: 98
• Industry: Semiconductors
• EPS (TTM): 0.12
• Shares Outstanding: 34,119,880
• 10 Day Avg. Volume: 354,714
• 30 Day Avg. Volume: 395,399
• PEG Ratio: -1.82
• Price to Book (P/B): 1.11
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 74.94
• Enterprise Value/Market Cap: 1.25
• Enterprise Value/Revenue: 0.25
• Enterprise Value/Gross Profit: 7.73
• Enterprise Value/Ebitda: 9.34
• 1Y Price Target: $30.33
• Price Target Upside: 53.26% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7

• Rating: 59 Neutral
• Price Target: $22.50 ▲(13.69%Upside)

The overall stock score of Ichor Holdings is primarily impacted by its financial performance challenges, including declining revenue and profitability. Technical analysis suggests short-term positive momentum, but valuation concerns with a negative P/E ratio and no dividend yield weigh heavily. The mixed outlook from the earnings call, with strong revenue growth but margin and supply chain challenges, also influences the score.

Positive Factors

Customer wins

Continued qualification of next gen gas panels with 4th customer win in the quarter.

Investment and demand

Leading edge F/L GAA and HBM DRAM investments are driving strong dep./etch demand; NAND tech transition are progressing well.

Market visibility and demand

Demand visibility for the dep/etch tool market has improved to 3-5 months, which is a key driver of ICHR's gas panel products.

Negative Factors

Gross margin challenges

Gross Margin expansion progress has taken longer than expected with March '25 Q GMs of 12.4%, impacted negatively by slower than expected progress on internally sourcing components for gas panels as well as some one-off costs.

Management guidance and demand

Management guided lower than the Street on both the top and bottom lines due to slowing demand across several business areas.

Tariff and cost uncertainties

Uncertainty of Tariffs could shift customer procurement schedules in addition to potential headwinds to ICHR's weldment business from rising steel and aluminum costs.

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 subsystems and components to semiconductor capital equipment manufacturers. The company's key revenue streams include the design, engineering, and manufacturing of gas and chemical delivery systems, which are sold to original equipment manufacturers (OEMs) in the semiconductor industry. Ichor's earnings are significantly influenced by the demand for semiconductor manufacturing equipment, which is driven by the cyclical nature of the semiconductor industry and technological advancements. Partnerships with leading OEMs and the company's ability to provide customized, high-performance solutions contribute to its revenue generation. Additionally, Ichor may engage in long-term contracts and collaborations to ensure a consistent revenue flow.

Ichor Holdings Financial Statement Overview

Summary

Ichor Holdings is struggling with declining revenue and negative profitability, impacting the income statement negatively. Despite this, the balance sheet remains strong with lower leverage and a solid equity base. Cash flow generation is stable, though profitability issues persist.

Income Statement

Ichor Holdings has experienced a decline in revenue and profitability over recent periods. The Gross Profit Margin for TTM is approximately 11.97%, indicating cost pressures. Net Profit Margin is negative due to persistent losses, reflecting challenges in achieving sustainable profitability. Revenue growth has been negative, with a notable decrease from 2022 to 2025. EBIT and EBITDA margins also show a declining trend, signaling operational inefficiencies.

Balance Sheet

The balance sheet shows a strong equity base with an Equity Ratio of approximately 69.6% for TTM, suggesting financial stability. The Debt-to-Equity Ratio has improved, indicating reduced leverage risk. However, Return on Equity is negative due to recent losses, highlighting the need for improved profitability.

Cash Flow

The company's operating cash flow has shown growth, which is a positive sign. However, the Free Cash Flow growth is modest, and the Free Cash Flow to Net Income Ratio is not meaningful due to negative net income in the TTM period. The Operating Cash Flow to Net Income Ratio is positive, indicating decent cash generation relative to accounting losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	892.12M	849.04M	811.12M	1.28B	1.10B	914.24M
Gross Profit	108.86M	103.33M	103.40M	211.86M	177.48M	124.89M
EBITDA	27.27M	21.96M	22.88M	121.49M	106.20M	65.28M
Net Income	-16.39M	-20.82M	-42.98M	72.80M	70.90M	33.28M
Balance Sheet
Total Assets	1.01B	995.56M	938.48M	1.08B	1.02B	774.17M
Cash, Cash Equivalents and Short-Term Investments	109.28M	108.67M	79.95M	86.47M	75.50M	252.90M
Total Debt	169.81M	174.21M	286.33M	341.74M	322.74M	210.67M
Total Liabilities	306.25M	297.23M	373.80M	496.25M	520.16M	362.48M
Stockholders Equity	700.36M	698.34M	564.68M	587.50M	500.71M	411.69M
Cash Flow
Free Cash Flow	10.43M	10.24M	42.14M	2.02M	-5.57M	27.96M
Operating Cash Flow	42.05M	27.88M	57.63M	31.45M	15.27M	38.26M
Investing Cash Flow	-31.63M	-17.64M	-15.50M	-28.93M	-289.58M	-14.60M
Financing Cash Flow	-3.27M	18.47M	-48.65M	8.46M	96.91M	168.63M

Ichor Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 19.79
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 19.79 is below the 20-day moving average (MA) of 22.16, above the 50-day MA of 19.66, and below the 200-day MA of 25.64, indicating a neutral trend. The MACD of 0.10 indicates Positive momentum. The RSI at 40.77 is Neutral, neither overbought nor oversold. The STOCH value of 14.72 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ICHR.

Ichor Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AOSL	66 Neutral	$815.72M	―	-2.55%	―	3.57%	-134.36%
IMOS	64 Neutral	$620.99M	16.96	4.72%	4.87%	-0.41%	-46.38%
Sector *	62 Neutral	$35.05B	6.90	-11.57%	2.06%	6.28%	-15.90%
COHU	60 Neutral	$896.11M	―	-9.87%	―	-30.75%	-3668.44%
ICHR	59 Neutral	$675.23M	―	-2.35%	―	13.41%	72.56%
UCTT	57 Neutral	$1.11B	38.78	-19.47%	―	14.28%	-1644.64%
AAOI	44 Neutral	$1.28B	―	-68.45%	―	50.30%	-111.11%

Ichor Holdings Corporate Events

Ichor Holdings Holds Annual Shareholders Meeting in Fremont

On May 14, 2025, Ichor Holdings, Ltd. held its Annual General Meeting of Shareholders in Fremont, California, where 32,265,278 outstanding ordinary shares were represented by proxy. During the meeting, shareholders elected directors to serve until the 2026 annual meeting, approved the 2025 Omnibus Incentive Plan, endorsed executive compensation, and ratified KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 26, 2025.

The most recent analyst rating on (ICHR) stock is a Buy with a $50.00 price target. To see the full list of analyst forecasts on Ichor Holdings stock, see the ICHR Stock Forecast page.