A Business at a Glance
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ICHOR HOLDINGS, LTD.
ICHR
$3.0B
Mkt Cap
$86.55
-7.95%
ICHOR HOLDINGS, LTD. (ICHR) has a 5-year average return on invested capital (ROIC) of 2.8%. This is below average and may indicate limited pricing power.
ICHOR HOLDINGS, LTD. (ICHR) has a market capitalization of $3.0B. It is classified as a mid-cap stock.
ICHOR HOLDINGS, LTD. (ICHR) does not currently pay a regular dividend.
ICHOR HOLDINGS, LTD. (ICHR) operates in the Semiconductors & Related Devices industry, within the Technology sector.
ICHOR HOLDINGS, LTD. (ICHR) reported annual revenue of $948 million in its most recent fiscal year, based on SEC EDGAR filings.
ICHOR HOLDINGS, LTD. (ICHR) has a net profit margin of -5.6%. The company is currently unprofitable.
ICHOR HOLDINGS, LTD. (ICHR) generated $-6 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Unless expressly indicated or the context requires otherwise, the terms “Ichor,” “Company,” “we,” “us,” “our,” and similar terms in this Annual Report on Form 10-K refer to Ichor Holdings, Ltd. and its consolidated subsidiaries. We were originally incorporated as Celerity, Inc. (“Celerity”) in 1999. Ichor Holdings, Ltd., an exempt limited company incorporated in the Cayman Islands, was formed in March 2012. We completed the initial public offering of our ordinary shares in December 2016. We use a 52- or 53-week fiscal year ending on the last Friday in December. The following table details our fiscal periods included elsewhere in this Annual Report on Form 10-K. All references to 2025, 2024, and 2023, including the quarters thereto, relate to our fiscal periods as so detailed.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 959M | 948M | 849M | 811M | 1.3B | 1.1B |
| Net Income | -51M | -53M | -21M | -43M | 73M | 71M |
| EPS | $-1.47 | $-1.54 | $-0.64 | $-1.47 | $2.51 | $2.45 |
| Free Cash Flow | -17M | -6.3M | 10M | 42M | 2.0M | -5.6M |
| ROIC | -4.1% | -6.6% | -2.6% | -1.4% | 10.6% | 14.1% |
| Gross Margin | 9.5% | 9.3% | 12.2% | 12.7% | 16.6% | 16.2% |
| Debt/Equity | 0.18 | 0.24 | 0.25 | 0.51 | 0.58 | 0.64 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -36M | -39M | -7.6M | -11M | 86M | 81M |
| Operating Margin | -3.8% | -4.1% | -0.9% | -1.3% | 6.7% | 7.4% |
| ROE | -7.6% | -7.7% | -3.3% | -7.5% | 13.4% | 15.5% |
| Shares Outstanding | 35M | 34M | 33M | 29M | 29M | 29M |
| Metric | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 291M | 406M | 656M | 824M | 621M | 914M | 1.1B | 1.3B | 811M | 849M | 948M | 959M |
| Gross Margin | 16.7% | 16.1% | 15.4% | 16.5% | 13.9% | 13.7% | 16.2% | 16.6% | 12.7% | 12.2% | 9.3% | 9.5% |
| R&D | 4.8M | 6.4M | 7.9M | 9.4M | 11M | 13M | 16M | 20M | 20M | 23M | 23M | 23M |
| SG&A | 25M | 28M | 38M | 47M | 47M | 57M | 66M | 89M | 79M | 79M | 96M | 96M |
| EBIT | 13M | 24M | 46M | 64M | 15M | 42M | 81M | 86M | -11M | -7.6M | -39M | -36M |
| Op. Margin | 4.3% | 5.9% | 7.0% | 7.8% | 2.4% | 4.5% | 7.4% | 6.7% | -1.3% | -0.9% | -4.1% | -3.8% |
| Net Income | N/A | 17M | 57M | 58M | 11M | 33M | 71M | 73M | -43M | -21M | -53M | -51M |
| Net Margin | N/A | 4.1% | 8.7% | 7.0% | 1.7% | 3.6% | 6.5% | 5.7% | -5.3% | -2.5% | -5.6% | -5.3% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19M | 19M |
| Returns on Capital | ||||||||||||
| ROIC | N/A | 20.4% | 18.0% | 16.9% | 4.3% | 11.7% | 14.1% | 10.6% | -1.4% | -2.6% | -6.6% | -4.1% |
| ROE | N/A | 15.4% | 31.8% | 27.9% | 5.1% | 10.5% | 15.5% | 13.4% | -7.5% | -3.3% | -7.7% | -7.6% |
| ROA | N/A | 11.5% | 13.5% | 11.1% | 2.0% | 5.0% | 7.9% | 6.9% | -4.3% | -2.2% | -5.4% | -5.2% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | 27M | 28M | 39M | 60M | 57M | 38M | 15M | 31M | 58M | 28M | 30M | 8.0M |
| Free Cash Flow | 25M | 23M | 31M | 47M | 45M | 28M | -5.6M | 2.0M | 42M | 10M | -6.3M | -17M |
| Owner Earnings | 16M | 15M | 24M | 34M | 21M | -9.8M | -47M | -49M | -43M | -18M | -20M | -146M |
| CapEx | 1.4M | 4.3M | 8.2M | 14M | 12M | 10M | 21M | 29M | 15M | 18M | 36M | 25M |
| Maint. CapEx | 9.9M | 9.6M | 13M | 19M | 28M | 38M | 51M | 67M | 83M | 31M | 34M | 138M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.7M | 0 |
| D&A | 9.9M | 9.6M | 13M | 19M | 28M | 38M | 51M | 67M | 83M | 31M | 34M | 138M |
| CapEx/OCF | N/A | 15.4% | 21.2% | 23.0% | 21.6% | 26.9% | 136.5% | 93.6% | 26.9% | 63.3% | 121.0% | 309.7% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 90M | 1.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | 22.4% | 0.2% | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 1.1M | 3.2M | 2.2M | 7.6M | 8.5M | 9.9M | 11M | 14M | 17M | 16M | 17M | 16M |
| Debt Repayment | 44M | 30M | 295K | 8.9M | 28M | 0 | 42M | 10M | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||||||||
| Net Debt | 31M | -13M | 118M | 157M | 132M | -42M | 247M | 255M | 206M | 66M | 62M | 33M |
| Cash & Equiv. | 24M | 51M | 69M | 44M | 61M | 253M | 75M | 86M | 80M | 109M | 98M | 89M |
| Long-Term Debt | 55M | 38M | 180M | 192M | 169M | 192M | 285M | 293M | 241M | 121M | 117M | 116M |
| Debt/Equity | N/A | 0.27 | 0.86 | 1.01 | 0.87 | 0.51 | 0.64 | 0.58 | 0.51 | 0.25 | 0.24 | 0.18 |
| Interest Coverage | 3.3 | 5.5 | 14.1 | 6.4 | 1.4 | 4.8 | 12.6 | 7.8 | -0.6 | -0.8 | -5.9 | -5.9 |
| Equity | N/A | 142M | 217M | 198M | 221M | 412M | 501M | 587M | 565M | 698M | 664M | 668M |
| Total Assets | N/A | 282M | 558M | 485M | 567M | 774M | 1.0B | 1.1B | 938M | 996M | 943M | 973M |
| Total Liabilities | N/A | 141M | 341M | 287M | 345M | 362M | 520M | 496M | 374M | 297M | 279M | 304M |
| Intangibles | N/A | 32M | 73M | 57M | 52M | 40M | 90M | 72M | 57M | 49M | 40M | 38M |
| Retained Earnings | N/A | -54M | 2.1M | 60M | 71M | 104M | 175M | 248M | 205M | 184M | 131M | 129M |
| Working Capital | N/A | 56M | 131M | 124M | 113M | 334M | 254M | 347M | 302M | 317M | 281M | 285M |
| Current Assets | N/A | 157M | 278M | 212M | 277M | 496M | 463M | 513M | 401M | 453M | 410M | 442M |
| Current Liabilities | N/A | 101M | 147M | 88M | 164M | 162M | 208M | 166M | 99M | 136M | 130M | 157M |
| Per Share Data | ||||||||||||
| EPS | -517.68 | 0.70 | 2.15 | 2.30 | 0.47 | 1.42 | 2.45 | 2.51 | -1.47 | -0.64 | -1.54 | -1.47 |
| Owner EPS | 490.54 | 0.62 | 0.90 | 1.35 | 0.92 | -0.42 | -1.61 | -1.70 | -1.47 | -0.57 | -0.59 | -4.20 |
| Book Value | N/A | 5.95 | 8.19 | 7.88 | 9.70 | 17.57 | 17.30 | 20.25 | 19.31 | 21.47 | 19.37 | 19.23 |
| Cash Flow/Share | 837.33 | 1.16 | 1.47 | 2.40 | 2.50 | 1.63 | 0.53 | 1.08 | 1.97 | 0.86 | 0.87 | 2.50 |
| Dividends/Share | 694.18 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 0.0M | 23.8M | 26.5M | 25.2M | 22.8M | 23.4M | 28.9M | 29.0M | 29.2M | 32.5M | 34.3M | 34.7M |
| Valuation | ||||||||||||
| P/E Ratio | N/A | 15.3 | 11.5 | 6.9 | 72.0 | 21.5 | 18.7 | 10.2 | N/A | N/A | N/A | -58.7 |
| P/FCF | N/A | 10.9 | 21.4 | 8.6 | 17.2 | 25.6 | N/A | 367.3 | 24.0 | 99.6 | N/A | N/A |
| EV/EBIT | N/A | 12.2 | 18.2 | 8.2 | 56.0 | 10.1 | 18.2 | 10.2 | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 1.8 | 3.0 | 2.0 | 3.5 | 1.7 | 2.6 | 1.3 | 1.8 | 1.5 | 1.0 | 4.5 |
| Price/Sales | N/A | 0.6 | 0.9 | 0.7 | 0.9 | 0.7 | 1.2 | 0.7 | 1.1 | 1.3 | 0.8 | 3.1 |
| FCF Yield | N/A | 9.2% | 4.7% | 11.6% | 5.8% | 3.9% | -0.4% | 0.3% | 4.2% | 1.0% | -1.0% | -0.6% |
| Market Cap | N/A | 256M | 654M | 401M | 773M | 715M | 1.3B | 742M | 1.0B | 1.0B | 649M | 3.0B |
| Avg. Price | N/A | 10.66 | 21.94 | 22.59 | 24.21 | 26.99 | 46.66 | 31.28 | 31.23 | 34.99 | 21.34 | 86.55 |
| Year-End Price | N/A | 10.74 | 24.71 | 15.94 | 33.85 | 30.50 | 45.76 | 25.58 | 34.61 | 31.37 | 18.95 | 86.55 |
ICHOR HOLDINGS, LTD. passes 1 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average ROIC is 2.8% with a gross margin of 13.4%. At current prices, the estimated annualized return to fair value is -11.8%.
ICHOR HOLDINGS, LTD. (ICHR) has a debt-to-equity ratio of 0.24. This indicates a conservatively financed balance sheet.
ICHOR HOLDINGS, LTD. (ICHR) reported earnings per share (EPS) of $-1.54 in its most recent fiscal year.
ICHOR HOLDINGS, LTD. (ICHR) has a return on equity (ROE) of -7.7%. A negative ROE may indicate losses or negative equity.
ICHOR HOLDINGS, LTD. (ICHR) has a 5-year average gross margin of 13.4%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 11 years of financial data for ICHOR HOLDINGS, LTD. (ICHR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ICHOR HOLDINGS, LTD. (ICHR) has a book value per share of $19.37, based on its most recent annual SEC filing.