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ICHR

Ichor Holdings, Ltd.

ICHR

Ichor Holdings, Ltd. • NASDAQ
$16.80 ▲ 0.60% (+0.10)
Market Cap $577.66 M
52w High $36.48
52w Low $13.12
Dividend Yield 0%
P/E -14
Volume 186.32K
Outstanding Shares 34.38M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $239.296M ▼ $47.558M ▲ $-22.853M ▼ -9.55% ▼ $-0.67 ▼ $-13.613M ▼
Q2-2025 $240.285M ▼ $32.042M ▲ $-9.408M ▼ -3.915% ▼ $-0.28 ▼ $2.966M ▼
Q1-2025 $244.465M ▲ $29.694M ▲ $-4.559M ▼ -1.865% ▼ $-0.13 ▼ $6.805M ▲
Q4-2024 $233.291M ▲ $28.244M ▲ $-3.943M ▼ -1.69% ▼ $-0.12 ▼ $6.452M ▲
Q3-2024 $211.139M $28.176M $-2.776M -1.315% $-0.08 $6.117M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $92.5M ▲ $966.583M ▼ $290.406M ▼ $676.177M ▼
Q2-2025 $92.224M ▼ $985.068M ▼ $290.921M ▼ $694.147M ▼
Q1-2025 $109.281M ▲ $1.007B ▲ $306.252M ▲ $700.361M ▲
Q4-2024 $108.669M ▼ $995.564M ▲ $297.228M ▲ $698.336M ▲
Q3-2024 $116.447M $975.902M $278.627M $697.275M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-22.853M ▼ $9.247M ▲ $-7.148M ▲ $-1.823M ▲ $276K ▲ $2.099M ▲
Q2-2025 $-9.408M ▼ $-7.508M ▼ $-7.291M ▲ $-2.258M ▼ $-17.057M ▼ $-14.799M ▼
Q1-2025 $-4.559M ▼ $18.977M ▲ $-18.481M ▼ $116K ▲ $612K ▲ $496K ▲
Q4-2024 $-3.943M ▼ $-2.488M ▼ $-4.398M ▲ $-892K ▼ $-7.778M ▼ $-6.886M ▼
Q3-2024 $-2.776M $8.072M $-5.901M $-73K $2.098M $2.171M

Five-Year Company Overview

Income Statement

Income Statement Revenue has held up reasonably well through the current downturn, dipping from prior peak levels but stabilizing more recently. Profitability, however, has clearly weakened: the company moved from solid profits a few years ago to small operating losses and negative net income in the last two years. This points to margin pressure and the typical cyclicality of semiconductor equipment demand. Earnings per share swung from healthy positive levels to modest losses, suggesting that while the business is still generating meaningful sales, it is operating below its optimal scale and is feeling the impact of a softer industry environment and possibly higher costs.

Balance Sheet

Balance Sheet The balance sheet looks generally sound. Total assets have grown over time, and shareholders’ equity has steadily increased, which signals that the company has built a larger capital base and retained value over the years despite recent losses. Debt rose earlier in the period but has come down more recently, easing leverage somewhat. Cash on hand is adequate but not especially large, so there is some reliance on ongoing cash generation and credit access. Overall, the financial structure appears balanced, with a clear tilt toward equity funding rather than heavy borrowing.

Cash Flow

Cash Flow Operating cash flow has stayed positive throughout the period, even when accounting profits dipped into the red, which is a good sign of an underlying business that still converts sales into cash. Investment in equipment and facilities has been modest and fairly steady, and after this spending the company has typically produced positive free cash flow, with the worst period showing only a small shortfall. Recent years show somewhat improved free cash flow, helped by disciplined capital spending. This gives the company some flexibility to manage debt, support operations, and invest selectively, even in a weaker profit environment.

Competitive Edge

Competitive Edge Ichor occupies a specialized, critical niche in the semiconductor equipment ecosystem, focusing on highly complex gas and chemical delivery systems. Its systems are deeply integrated into customers’ tools, often designed jointly and tailored to specific platforms, which makes switching to another supplier costly and time-consuming for those customers. In many cases, Ichor is the sole or primary source for key subsystems, reinforcing the stickiness of these relationships. Its global manufacturing footprint, vertical integration, and expertise in handling ultra‑pure and corrosive materials give it a meaningful edge versus more generic component makers. At the same time, the business remains exposed to the broader cycles and customer concentration typical of semiconductor capital equipment suppliers.

Innovation and R&D

Innovation and R&D Innovation at Ichor is focused on making fluid delivery more precise, more integrated, and more proprietary. The company’s advanced flow control technology aims to give chipmakers more consistent processing, which is increasingly important as devices get smaller and process windows tighten. Its modular manifold systems and in‑house machining, welding, and surface treatment capabilities allow for highly customized, compact, and efficient solutions that are difficult to replicate. Management is also pushing to increase the share of wholly owned components in its systems, which could improve margins and deepen its moat. Beyond semiconductors, acquisitions have opened doors into medical and aerospace applications, hinting at a strategy to leverage its precision engineering know‑how in adjacent markets over time.

Summary

Ichor combines a technically sophisticated product line and strong customer integration with the realities of a cyclical, concentrated end market. Financially, the company has shifted from solid profitability to modest losses as the industry softened, but it has preserved a generally healthy balance sheet and consistently positive operating cash flow. Its competitive position rests on being a deeply embedded partner to major equipment makers, offering complex, customized fluid delivery subsystems with high switching costs. Ongoing innovation in flow control, integrated systems, and proprietary components, along with measured expansion into adjacent industries, provides avenues for future growth and margin improvement. The key tension is between this strong niche and the inherent volatility and customer dependence of the semiconductor equipment cycle.

NEWS

November 3, 2025 · 4:07 PM UTC

Ichor Names Phil Barros Chief Executive Officer

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November 3, 2025 · 4:05 PM UTC

Ichor Holdings, Ltd. Announces Third Quarter 2025 Financial Results

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October 15, 2025 · 9:00 AM UTC

Ichor to Announce Third Quarter 2025 Financial Results on November 3rd

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September 16, 2025 · 9:00 AM UTC

Ichor Announces Participation in 17th Annual CEO Investor Summit 2025

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