(ICHR) Ichor Holdings - Overview
Sector: Technology | Industry: Semiconductor Equipment & Materials | Exchange: NASDAQ (USA) | Market Cap: 2.318m USD | Total Return: 307.1% in 12m
Avg Turnover: 71.5M
Qual. Beats: 0
Rev. Trend: 20.4%
Qual. Beats: 4
Warnings
Interest Coverage Ratio -7.9 is critical
Below Avwap Earnings
Tailwinds
Leader, Confidence
Ichor Holdings, Ltd. (ICHR) specializes in the design and manufacture of fluid delivery subsystems and high-precision components for the semiconductor capital equipment market. The company’s core offerings include gas and chemical delivery systems essential for critical manufacturing stages such as etching, deposition, and chemical-mechanical planarization.
The business model relies heavily on a Tier 1 supplier relationship with original equipment manufacturers (OEMs), providing customized engineering solutions that integrate directly into complex semiconductor fabrication tools. In the semiconductor materials and equipment sector, fluid delivery systems are vital because even minor impurities or pressure fluctuations during the gas delivery process can lead to significant wafer defects and yield loss.
Beyond subsystems, Ichor produces precision-machined weldments and vacuum-brazed components used in high-vacuum environments. Evaluating the companys historical valuation trends on ValueRay can provide further context on its current market positioning. As the industry shifts toward more complex architectural nodes, the demand for high-purity chemical and gas handling infrastructure typically increases to meet tighter processing tolerances.
- WFE market recovery drives demand for etch and deposition gas delivery systems
- High customer concentration with Lam Research and Applied Materials dictates revenue stability
- Expansion into proprietary precision-machined components improves consolidated gross margins
- Global semiconductor manufacturing capacity expansion increases demand for chemical delivery subsystems
- Interest rate fluctuations impact capital expenditure budgets of major semiconductor equipment OEMs
| Net Income: -64.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.00 > 0.02 and ΔFCF/TA -1.02 > 1.0 |
| NWC/Revenue: 29.79% < 20% (prev 34.85%; Δ -5.07% < -1%) |
| CFO/TA 0.03 > 3% & CFO 24.7m > Net Income -64.1m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 2.82 > 1.5 & < 3 |
| Outstanding Shares: last quarter (34.6m) vs 12m ago 1.79% < -2% |
| Gross Margin: 9.39% > 18% (prev 0.12%; Δ 926.6% > 0.5%) |
| Asset Turnover: 96.84% > 50% (prev 88.63%; Δ 8.21% > 0%) |
| Interest Coverage Ratio: -7.86 > 6 (EBITDA TTM -20.4m / Interest Expense TTM 6.67m) |
| A: 0.29 (Total Current Assets 442.1m - Total Current Liabilities 156.7m) / Total Assets 972.5m |
| B: 0.13 (Retained Earnings 128.6m / Total Assets 972.5m) |
| C: -0.05 (EBIT TTM -52.4m / Avg Total Assets 989.6m) |
| D: 0.42 (Book Value of Equity 128.6m / Total Liabilities 304.5m) |
| Altman-Z'' = 2.44 = A |
| DSRI: 1.08 (Receivables 93.1m/79.9m, Revenue 958.3m/892.1m) |
| GMI: 1.30 (GM 9.39% / 12.20%) |
| AQI: 1.01 (AQ_t 0.40 / AQ_t-1 0.40) |
| SGI: 1.07 (Revenue 958.3m / 892.1m) |
| TATA: -0.09 (NI -64.1m - CFO 24.7m) / TA 972.5m) |
| Beneish M = -2.72 (Cap -4..+1) = A |
As of May 25, 2026, the stock is trading at USD 68.96 with a total of 1,099,637 shares traded.
Over the past week, the price has changed by -5.88%,
over one month by -2.78%,
over three months by +28.70% and
over the past year by +307.08%.
Ichor Holdings has received a consensus analysts rating of 4.43. Therefore, it is recommended to buy ICHR.
- StrongBuy: 5
- Buy: 0
- Hold: 2
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 76.7 | 11.2% |
P/E Forward = 48.0769
P/S = 2.4168
P/B = 3.4313
P/EG = 0.688
Revenue TTM = 958.3m USD
EBIT TTM = -52.4m USD
EBITDA TTM = -20.4m USD
Long Term Debt = 115.8m USD (from longTermDebt, last quarter)
Short Term Debt = 18.5m USD (from shortTermDebt, last quarter)
Debt = 170.9m USD (corrected: LT Debt 115.8m + ST Debt 18.5m) + Leases 36.6m
Net Debt = 81.8m USD (calculated: Debt 170.9m - CCE 89.1m)
Enterprise Value = 2.40b USD (2.32b + Debt 170.9m - CCE 89.1m)
Interest Coverage Ratio = -7.86 (Ebit TTM -52.4m / Interest Expense TTM 6.67m)
EV/FCF = 1000.0x (Enterprise Value 2.40b / FCF TTM 137k)
FCF Yield = 0.01% (FCF TTM 137k / Enterprise Value 2.40b)
FCF Margin = 0.01% (FCF TTM 137k / Revenue TTM 958.3m)
Net Margin = -6.69% (Net Income TTM -64.1m / Revenue TTM 958.3m)
Gross Margin = 9.39% ((Revenue TTM 958.3m - Cost of Revenue TTM 868.3m) / Revenue TTM)
Gross Margin QoQ = 11.63% (prev 9.38%)
Tobins Q-Ratio = 2.47 (Enterprise Value 2.40b / Total Assets 972.5m)
Interest Expense / Debt = 3.90% (Interest Expense 6.67m / Debt 170.9m)
Taxrate = 21.0% (US default 21%)
NOPAT = -41.4m (EBIT -52.4m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 2.82 (Total Current Assets 442.1m / Total Current Liabilities 156.7m)
Debt / Equity = 0.26 (Debt 170.9m / totalStockholderEquity, last quarter 668.0m)
Debt / EBITDA = -4.00 (negative EBITDA) (Net Debt 81.8m / EBITDA -20.4m)
Debt / FCF = 596.9 (Net Debt 81.8m / FCF TTM 137k)
Total Stockholder Equity = 671.1m (last 4 quarters mean from totalStockholderEquity)
RoA = -6.48% (Net Income -64.1m / Total Assets 972.5m)
RoE = -9.56% (Net Income TTM -64.1m / Total Stockholder Equity 671.1m)
RoCE = -6.66% (EBIT -52.4m / Capital Employed (Equity 671.1m + L.T.Debt 115.8m))
RoIC = -5.56% (negative operating profit) (NOPAT -41.4m / Invested Capital 745.2m)
WACC = 15.89% (E(2.32b)/V(2.49b) * Re(16.83%) + D(170.9m)/V(2.49b) * Rd(3.90%) * (1-Tc(0.21)))
Discount Rate = 16.83% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 98.88 | Cagr: 7.51%
[DCF] Terminal Value 50.37% ; FCFF base≈4.25m ; Y1≈3.73m ; Y5≈3.01m
[DCF] Fair Price = N/A (negative equity: EV 21.9m - Net Debt 81.8m = -59.9m; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.23 | # QB: 0
Revenue Correlation: 20.45 | Revenue CAGR: 2.11% | SUE: 1.70 | # QB: 4
EPS current Quarter (2026-06-30): EPS=0.29 | Chg30d=+33.30% | Revisions=+60% | Analysts=7
EPS next Quarter (2026-09-30): EPS=0.39 | Chg30d=+16.59% | Revisions=+40% | Analysts=7
EPS current Year (2026-12-31): EPS=1.31 | Chg30d=+16.31% | Revisions=+56% | GrowthEPS=+471.4% | GrowthRev=+26.4%
EPS next Year (2027-12-31): EPS=2.61 | Chg30d=+18.86% | Revisions=+56% | GrowthEPS=+98.8% | GrowthRev=+20.3%
[Analyst] Revisions Ratio: +60%