Ichor Holdings (ICHR) AI Stock Analysis

• Market Cap: $631.64M
• Dividend Yield: N/A
• Average Volume (3M): 666.02K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.49
• 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: 579,951
• 30 Day Avg. Volume: 666,018
• 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: 1.05
• Enterprise Value/Revenue: 0.69
• Enterprise Value/Gross Profit: 5.99
• Enterprise Value/Ebitda: 254.45
• 1Y Price Target: $24.80
• Price Target Upside: 33.69% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 0.4
• Revenue Forecast (FY): $954.26M

• Rating: 49 Neutral
• Price Target: $16.50 ▼(-11.05% Downside)

The overall stock score is primarily impacted by significant profitability challenges and a bearish technical outlook. While there is potential for future growth through strategic product development, immediate financial and operational challenges weigh heavily on the stock's current valuation and performance.

Positive Factors

Revenue Growth

The 13% YoY revenue growth indicates strong demand for Ichor's products, reflecting a robust market position and potential for continued expansion in the semiconductor industry.

CEO Appointment

The appointment of an experienced internal leader as CEO may enhance strategic continuity and leverage deep industry knowledge, potentially driving long-term growth.

Strategic Product Development

Developing new proprietary products can expand Ichor's market reach and addressable markets, supporting long-term revenue growth and competitive positioning.

Negative Factors

Gross Margin Challenges

Persistent gross margin pressures could limit profitability, indicating potential challenges in cost management and pricing power, affecting long-term financial health.

Decline in Non-Semi End Markets

Weakness in non-semi markets could reduce revenue diversification, increasing reliance on the semiconductor sector and exposing Ichor to cyclical industry risks.

Restructuring Costs

Ongoing restructuring costs may strain financial resources and impact short-term profitability, potentially delaying strategic investments and growth initiatives.

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: 18.55
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 18.55 is above the 20-day moving average (MA) of 17.49, above the 50-day MA of 18.28, and below the 200-day MA of 19.16, indicating a neutral trend. The MACD of 0.20 indicates Negative momentum. The RSI at 57.83 is Neutral, neither overbought nor oversold. The STOCH value of 66.04 is Neutral, 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
IMOS	64 Neutral	$1.03B	134.72	0.98%	2.26%	0.96%	-85.27%
SKYT	64 Neutral	$875.57M	6.81	101.23%	―	0.19%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
LAES	50 Neutral	$817.26M	-8.65	-45.62%	―	-44.30%	16.42%
ICHR	49 Neutral	$631.64M	-15.57	-5.94%	―	16.86%	-26.89%
BZAI	46 Neutral	$258.73M	-0.91	-1331.73%	―	―	-1827.24%
SQNS	43 Neutral	$79.05M	―	-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.

Ichor Holdings Enters New Credit Agreement with Bank

On September 26, 2025, Icicle Acquisition Holding B.V. and its associated entities, including Ichor Systems, Inc., entered into an Amended and Restated Credit Agreement with Bank of America and other financial institutions. This agreement, which replaces the previous one from October 29, 2021, includes a $125 million term loan and a $100 million revolving credit facility. The new terms increase the borrowing rate, extend the maturity date to September 26, 2030, and adjust the maximum leverage ratio, impacting the company’s financial strategy and obligations.