Ichor

ICHR · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

ICHR · Last close · November 6, 2026

$30.96

Ichor's revenue rose 11.6% to $948 million in fiscal 2025. Its operating margin was −4.1%, down from −0.9% a year earlier. Free cash flow was −$6 million, against $10 million a year earlier. The diluted share count rose 4.5%.

ICHOR HOLDINGS, LTD. Latest fiscal year ended December 26, 2025 10-K filed February 20, 2026 · 0001652535-26-000012 Updated November 5, 2026

Revenue

$948M

11.6%

Operating margin

−4.1%

3.2 pts

Net income

−$53M

Free cash flow

−$6M

$10M a year earlier

Return on capital

−4.4%

3.6 pts

Market cap

$1.2B

Nov 6 close

P/E

—

Over 200x

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Net debt to EBITDA for fiscal 2025 is blank: the 10-K's structured data doesn't include every figure it needs.

Charts show fiscal years, from the 10-K filings.

What Ichor does

Ichor designs and makes the gas and chemical delivery systems used inside the machines that manufacture computer chips. Its gas systems measure, control and deliver the exact amounts of specialty gases used in steps such as etching and deposition. Its chemical systems blend and dispense the liquid chemicals used in steps such as polishing, plating and cleaning. It also makes precision-machined and welded parts, and sells to the defense, aerospace and medical industries.

Its customers are the companies that build chip-making equipment, called OEMs. Most of them outsource all or part of this work to a few specialist suppliers like Ichor. The business is very concentrated: in 2025 Lam Research and Applied Materials together accounted for 76% of its sales, and Ichor expects sales to stay concentrated among a very small number of customers. It derived over 90% of 2025 sales from the semiconductor equipment industry.

Ichor traces its roots to a company called Celerity, incorporated in 1999. Ichor Holdings was formed in the Cayman Islands in 2012 and listed its shares in December 2016. Its fiscal year is 52 or 53 weeks and ends on the last Friday in December.

Its biggest risks, as it describes them

Depending on a very small number of chip-equipment makers for most sales.
Customers with strong bargaining power that push for lower prices and margins.
Weak chip equipment demand tied to the global economy and geopolitics.
Failing to keep up with technology and win acceptance of new products.
Manufacturing complexity, product defects and warranty claims.

From Ichor's annual report on Form 10-K, filed February 20, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2022, earnings per share grew 23.7% a year and net income 27.8% a year, as new shares raised the share count by 1350% and diluted each share's earnings. Ichor then lost money in fiscal 2023, 2024 and 2025.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	76	86	80	109	98
Debt incl. finance leases	293	301	249	128	124
Net debt (negative means net cash)	217	214	169	20	25
Net debt to EBITDA	2.0x	1.8x	7.1x	0.9x	—
Debt to equity	0.6x	0.5x	0.4x	0.2x	0.2x
Interest coverage	12.6x	7.8x	−0.6x	−0.8x	−5.9x
Current ratio	2.2x	3.1x	4.1x	3.3x	3.2x
Quick ratio	1.1x	1.4x	1.6x	1.5x	1.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Ichor's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Ichor's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $145,300 of Ichor shares on the open market, and 8 insiders sold $13.8 million, $5.2 million of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 15, 2026	Iain MacKenzieDirector	Sold plan	20,000	$50.66	$1.0 million	Form 4
Sep 8, 2026	Greg SwytChief Financial Officer	Sold plan	2,068	$58.02	$119,985	Form 4
Sep 1, 2026	Bruce RagsdaleChief Operating Officer	Sold plan	10,587	$51.93	$549,802	Form 4
Aug 19, 2026	Philip Ryan Barros Sr.Chief Executive Officer, Director	Sold plan	1,314	$61.88	$81,306	Form 4
Aug 18, 2026	Iain MacKenzieDirector	Sold plan	9,933	$65.76	$653,176	Form 4
Jun 8, 2026	Greg SwytChief Financial Officer	Sold plan	6,820	$66.81	$455,644	Form 4
Jun 4, 2026	Philip Ryan Barros Sr.Chief Executive Officer, Director	Sold plan	13,705	$70.19	$961,954	Form 4
Jun 2, 2026	Laura A. BlackDirector	Sold	20,000	$75.02	$1.5 million	Form 4
May 28, 2026	Greg SwytChief Financial Officer	Sold plan	19,662	$70.42	$1.4 million	Form 4
May 19, 2026	Jorge TitingerDirector	Sold	4,000	$64.21	$256,840	Form 4
May 13, 2026	Marc HaugenDirector	Sold	5,337	$75.63	$403,637	Form 4
May 8, 2026	Marc HaugenDirector	Sold	9,923	$72.11	$715,589	Form 4

The latest 12 of 19 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	4 of 9	5 of 9	4 of 9
Rule of 40	−31.4%	5.9%	10.9%
Altman Z''	4.33	5.11	4.62
Accruals ratio	−9.9%	−5.0%	−8.5%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Fail	Fail
Revenue rose relative to assets	Fail	Pass	Pass
F-score	4 of 9	5 of 9	4 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Ichor side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Ichor	FY25	11.6%	−4.1%	−0.7%	−4.4%	—	4
ACM Research	FY25	15.2%	12.1%	−7.4%	8.7%	−4.1x	2	Compare
Onto Innovation	FY25	1.8%	13.2%	29.8%	8.8%	−3.3x	4	Compare
Photronics	FY25	−2.0%	24.5%	7.0%	19.1%	−2.1x	6	Compare
Axcelis Technologies	FY25	−17.6%	14.2%	12.8%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	406	656	824	621	914	1,097	1,280	811	849	948
Revenue growth	39.6%	61.6%	25.6%	−24.6%	47.3%	20.0%	16.7%	−36.6%	4.7%	11.6%
Gross profit	65	101	136	86	125	178	212	103	103	88
Research and development	6	8	9	11	13	16	20	20	23	23
Operating income	24	46	64	15	42	81	86	−11	−8	−39
Net income	17	56	58	11	33	71	73	−43	−21	−53
Diluted EPS (US$)	0.70	2.15	2.30	0.47	1.42	2.45	2.51	−1.47	−0.64	−1.54
Diluted shares (millions)	2	26	25	23	24	29	29	29	33	34
Cash flow
Cash from operations	28	39	60	57	38	15	32	58	28	30
Capital expenditure	4	8	14	12	10	21	29	16	18	36
Free cash flow	23	31	47	45	28	−6	2	42	10	−6
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	90	2	0	0	0	0	0	0
Acquisitions	17	181	1	0	5	269	0	0	0	0
Stock-based compensation	3	2	8	8	10	12	14	17	16	17
Balance sheet at fiscal year end
Cash and short-term investments	51	69	44	61	253	76	86	80	109	98
Debt incl. finance leases	38	187	201	178	200	293	301	249	128	124
Total assets	282	558	486	567	774	1,021	1,084	938	996	943
Total liabilities	141	341	287	345	362	520	496	374	297	279
Shareholders' equity	142	217	198	221	412	501	588	565	698	664
Margins and ratios
Gross margin	16.1%	15.4%	16.5%	13.9%	13.7%	16.2%	16.6%	12.8%	12.2%	9.3%
Operating margin	5.9%	7.0%	7.8%	2.4%	4.5%	7.4%	6.7%	−1.3%	−0.9%	−4.1%
Net margin	4.1%	8.6%	7.0%	1.7%	3.6%	6.5%	5.7%	−5.3%	−2.5%	−5.6%
Free cash flow margin	5.8%	4.7%	5.7%	7.2%	3.1%	−0.5%	0.2%	5.2%	1.2%	−0.7%
Rule of 40 (growth + FCF margin)	45.4%	66.3%	31.2%	−17.4%	50.3%	19.5%	16.9%	−31.4%	5.9%	10.9%
Return on capital	—	19.9%	18.5%	4.3%	11.9%	14.5%	10.9%	−1.1%	−0.8%	−4.4%
Return on equity	—	31.5%	27.9%	5.1%	10.5%	15.5%	13.4%	−7.5%	−3.3%	−7.8%
Return on assets	—	13.4%	11.1%	2.0%	5.0%	7.9%	6.9%	−4.2%	−2.1%	−5.5%
Net debt to EBITDA	−0.4x	2.0x	1.8x	3.2x	−0.8x	2.0x	1.8x	7.1x	0.9x	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Ichor's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Ichor.