Ichor (ICHR)
Market Price (7/9/2026): $90.12 | Market Cap: $3.1 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment
Ichor (ICHR)
Market Price (7/9/2026): $90.12Market Cap: $3.1 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Artificial Intelligence, and 5G & Advanced Connectivity. Themes include AI Chips, Data Centers & Infrastructure, Show more. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -36 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.8% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 385x Stock price has recently run up significantly6M Rtn6 month market price return is 276%, 12M Rtn12 month market price return is 285% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.7% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.7% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 379% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.9% Key risksICHR key risks include [1] heavy reliance on just three customers for over 70% of its sales and [2] thin, Show more. |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, and 5G & Advanced Connectivity. Themes include AI Chips, Data Centers & Infrastructure, Show more. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -36 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -3.8% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 385x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 276%, 12M Rtn12 month market price return is 285% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.7% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.7% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 379% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.9% |
| Key risksICHR key risks include [1] heavy reliance on just three customers for over 70% of its sales and [2] thin, Show more. |
Qualitative Assessment
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Updated on 7/8/2026
Ichor (ICHR) stock has gained about 90% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Beat and Upbeat Guidance for Fiscal Q2 2026.
Ichor Holdings reported robust financial results for fiscal Q1 2026, with earnings per share (EPS) of $0.15, surpassing analysts' consensus estimates of $0.13 by $0.02. Revenue also exceeded expectations, reaching $256.07 million against a consensus of $251.32 million, representing a 4.7% year-over-year increase. Following this strong performance, management provided an optimistic outlook for fiscal Q2 2026, projecting revenue between $290 million and $310 million, with a mid-point of $300 million. This guidance indicates a significant sequential increase of 17% in revenue and anticipated non-GAAP diluted EPS of $0.25-$0.35. Additionally, the company expects gross margins to improve to 13-14% in fiscal Q2 2026, with further quarterly expansion of approximately 100 basis points in the second half of 2026.
2. Robust Semiconductor Industry Upcycle Driven by AI Infrastructure.
The semiconductor industry experienced a powerful upcycle in fiscal Q2 2026, primarily fueled by the accelerating demand for artificial intelligence (AI) infrastructure. Ichor, as a critical supplier of fluid delivery subsystems for semiconductor capital equipment, directly benefits from this trend. Global spending on Wafer Fab Equipment (WFE) is projected to increase by 18-20% in 2026, reaching $140-$145 billion, with significant investment directed towards etch and deposition applications, which are key areas for Ichor. The company's CEO, Phil Barros, noted that "The technology transitions and strategic capacity expansions underway largely in support of AI hyperscaling favor etch and deposition applications, which favors Ichor." This strong macroeconomic tailwind provided a significant boost to Ichor's growth prospects.
Show more
Ichor (ICHR) stock has gained about 90% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Beat and Upbeat Guidance for Fiscal Q2 2026.
Ichor Holdings reported robust financial results for fiscal Q1 2026, with earnings per share (EPS) of $0.15, surpassing analysts' consensus estimates of $0.13 by $0.02. Revenue also exceeded expectations, reaching $256.07 million against a consensus of $251.32 million, representing a 4.7% year-over-year increase. Following this strong performance, management provided an optimistic outlook for fiscal Q2 2026, projecting revenue between $290 million and $310 million, with a mid-point of $300 million. This guidance indicates a significant sequential increase of 17% in revenue and anticipated non-GAAP diluted EPS of $0.25-$0.35. Additionally, the company expects gross margins to improve to 13-14% in fiscal Q2 2026, with further quarterly expansion of approximately 100 basis points in the second half of 2026.
2. Robust Semiconductor Industry Upcycle Driven by AI Infrastructure.
The semiconductor industry experienced a powerful upcycle in fiscal Q2 2026, primarily fueled by the accelerating demand for artificial intelligence (AI) infrastructure. Ichor, as a critical supplier of fluid delivery subsystems for semiconductor capital equipment, directly benefits from this trend. Global spending on Wafer Fab Equipment (WFE) is projected to increase by 18-20% in 2026, reaching $140-$145 billion, with significant investment directed towards etch and deposition applications, which are key areas for Ichor. The company's CEO, Phil Barros, noted that "The technology transitions and strategic capacity expansions underway largely in support of AI hyperscaling favor etch and deposition applications, which favors Ichor." This strong macroeconomic tailwind provided a significant boost to Ichor's growth prospects.
Show more
Updated on 7/8/2026
Ichor (ICHR) stock has gained about 90% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Beat and Upbeat Guidance for Fiscal Q2 2026.
Ichor Holdings reported robust financial results for fiscal Q1 2026, with earnings per share (EPS) of $0.15, surpassing analysts' consensus estimates of $0.13 by $0.02. Revenue also exceeded expectations, reaching $256.07 million against a consensus of $251.32 million, representing a 4.7% year-over-year increase. Following this strong performance, management provided an optimistic outlook for fiscal Q2 2026, projecting revenue between $290 million and $310 million, with a mid-point of $300 million. This guidance indicates a significant sequential increase of 17% in revenue and anticipated non-GAAP diluted EPS of $0.25-$0.35. Additionally, the company expects gross margins to improve to 13-14% in fiscal Q2 2026, with further quarterly expansion of approximately 100 basis points in the second half of 2026.
2. Robust Semiconductor Industry Upcycle Driven by AI Infrastructure.
The semiconductor industry experienced a powerful upcycle in fiscal Q2 2026, primarily fueled by the accelerating demand for artificial intelligence (AI) infrastructure. Ichor, as a critical supplier of fluid delivery subsystems for semiconductor capital equipment, directly benefits from this trend. Global spending on Wafer Fab Equipment (WFE) is projected to increase by 18-20% in 2026, reaching $140-$145 billion, with significant investment directed towards etch and deposition applications, which are key areas for Ichor. The company's CEO, Phil Barros, noted that "The technology transitions and strategic capacity expansions underway largely in support of AI hyperscaling favor etch and deposition applications, which favors Ichor." This strong macroeconomic tailwind provided a significant boost to Ichor's growth prospects.
3. Strategic Operational Improvements and Increased Internal Content.
Ichor's ongoing strategic initiatives to enhance operational efficiency and increase internal content contributed to its positive stock performance. The company has been executing a restructuring plan, approved in 2025, aimed at streamlining global manufacturing and aligning its international footprint with evolving market demand. A key component of this strategy involves ramping up new facilities in Mexico and Malaysia. Ichor anticipates that these efforts will increase its internal content from 25% in 2025 to approximately 35% by the end of 2026, which is expected to drive further gross margin expansion. Management highlighted strong execution in Mexico qualifications and factory moves, indicating that unconstrained demand exceeded $300 million in fiscal Q2 2026 and visibility into 2027 suggests sustained growth.
4. Positive Analyst Sentiment and Significant Price Target Upgrades.
Analyst sentiment towards Ichor Holdings turned notably positive following its fiscal Q1 2026 results and optimistic guidance. Several research firms upgraded their ratings and substantially increased their price targets for ICHR stock. For example, Needham raised its price target from $48 to $72 on May 5, 2026. B. Riley Financial further increased its price target from $90 to $125 on June 18, 2026. Additionally, TD Cowen adjusted its price objective from $55 to $80 on May 5, 2026. These upgrades reflect increased confidence in Ichor's revenue and margin trajectory, with the company receiving a consensus rating ranging from "Moderate Buy" to "Strong Buy" from analysts.
Show less
Ichor (ICHR) stock has gained about 90% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Earnings Beat and Upbeat Guidance for Fiscal Q2 2026.
Ichor Holdings reported robust financial results for fiscal Q1 2026, with earnings per share (EPS) of $0.15, surpassing analysts' consensus estimates of $0.13 by $0.02. Revenue also exceeded expectations, reaching $256.07 million against a consensus of $251.32 million, representing a 4.7% year-over-year increase. Following this strong performance, management provided an optimistic outlook for fiscal Q2 2026, projecting revenue between $290 million and $310 million, with a mid-point of $300 million. This guidance indicates a significant sequential increase of 17% in revenue and anticipated non-GAAP diluted EPS of $0.25-$0.35. Additionally, the company expects gross margins to improve to 13-14% in fiscal Q2 2026, with further quarterly expansion of approximately 100 basis points in the second half of 2026.
2. Robust Semiconductor Industry Upcycle Driven by AI Infrastructure.
The semiconductor industry experienced a powerful upcycle in fiscal Q2 2026, primarily fueled by the accelerating demand for artificial intelligence (AI) infrastructure. Ichor, as a critical supplier of fluid delivery subsystems for semiconductor capital equipment, directly benefits from this trend. Global spending on Wafer Fab Equipment (WFE) is projected to increase by 18-20% in 2026, reaching $140-$145 billion, with significant investment directed towards etch and deposition applications, which are key areas for Ichor. The company's CEO, Phil Barros, noted that "The technology transitions and strategic capacity expansions underway largely in support of AI hyperscaling favor etch and deposition applications, which favors Ichor." This strong macroeconomic tailwind provided a significant boost to Ichor's growth prospects.
3. Strategic Operational Improvements and Increased Internal Content.
Ichor's ongoing strategic initiatives to enhance operational efficiency and increase internal content contributed to its positive stock performance. The company has been executing a restructuring plan, approved in 2025, aimed at streamlining global manufacturing and aligning its international footprint with evolving market demand. A key component of this strategy involves ramping up new facilities in Mexico and Malaysia. Ichor anticipates that these efforts will increase its internal content from 25% in 2025 to approximately 35% by the end of 2026, which is expected to drive further gross margin expansion. Management highlighted strong execution in Mexico qualifications and factory moves, indicating that unconstrained demand exceeded $300 million in fiscal Q2 2026 and visibility into 2027 suggests sustained growth.
4. Positive Analyst Sentiment and Significant Price Target Upgrades.
Analyst sentiment towards Ichor Holdings turned notably positive following its fiscal Q1 2026 results and optimistic guidance. Several research firms upgraded their ratings and substantially increased their price targets for ICHR stock. For example, Needham raised its price target from $48 to $72 on May 5, 2026. B. Riley Financial further increased its price target from $90 to $125 on June 18, 2026. Additionally, TD Cowen adjusted its price objective from $55 to $80 on May 5, 2026. These upgrades reflect increased confidence in Ichor's revenue and margin trajectory, with the company receiving a consensus rating ranging from "Moderate Buy" to "Strong Buy" from analysts.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 90.5% change in ICHR stock from 3/31/2026 to 7/8/2026 was primarily driven by a 89.3% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7082026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.61 | 88.81 | 90.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 948 | 959 | 1.2% |
| P/S Multiple | 1.7 | 3.2 | 89.3% |
| Shares Outstanding (Mil) | 34 | 35 | -0.6% |
| Cumulative Contribution | 90.5% |
Market Drivers
3/31/2026 to 7/8/2026| Return | Correlation | |
|---|---|---|
| ICHR | 90.5% | |
| Market (SPY) | 14.6% | 55.1% |
| Sector (XLK) | 36.5% | 65.2% |
Fundamental Drivers
The 381.9% change in ICHR stock from 12/31/2025 to 7/8/2026 was primarily driven by a 384.6% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 7082026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.43 | 88.81 | 381.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 957 | 959 | 0.2% |
| P/S Multiple | 0.7 | 3.2 | 384.6% |
| Shares Outstanding (Mil) | 34 | 35 | -0.8% |
| Cumulative Contribution | 381.9% |
Market Drivers
12/31/2025 to 7/8/2026| Return | Correlation | |
|---|---|---|
| ICHR | 381.9% | |
| Market (SPY) | 9.6% | 48.4% |
| Sector (XLK) | 26.2% | 54.9% |
Fundamental Drivers
The 352.2% change in ICHR stock from 6/30/2025 to 7/8/2026 was primarily driven by a 328.1% change in the company's P/S Multiple.| (LTM values as of) | 6302025 | 7082026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.64 | 88.81 | 352.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 892 | 959 | 7.5% |
| P/S Multiple | 0.7 | 3.2 | 328.1% |
| Shares Outstanding (Mil) | 34 | 35 | -1.8% |
| Cumulative Contribution | 352.2% |
Market Drivers
6/30/2025 to 7/8/2026| Return | Correlation | |
|---|---|---|
| ICHR | 352.2% | |
| Market (SPY) | 21.7% | 50.9% |
| Sector (XLK) | 43.8% | 55.1% |
Fundamental Drivers
The 136.8% change in ICHR stock from 6/30/2023 to 7/8/2026 was primarily driven by a 257.5% change in the company's P/S Multiple.| (LTM values as of) | 6302023 | 7082026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.50 | 88.81 | 136.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,213 | 959 | -20.9% |
| P/S Multiple | 0.9 | 3.2 | 257.5% |
| Shares Outstanding (Mil) | 29 | 35 | -16.2% |
| Cumulative Contribution | 136.8% |
Market Drivers
6/30/2023 to 7/8/2026| Return | Correlation | |
|---|---|---|
| ICHR | 136.8% | |
| Market (SPY) | 74.1% | 53.7% |
| Sector (XLK) | 112.6% | 57.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ICHR Return | 53% | -42% | 25% | -4% | -43% | 361% | 182% |
| Peers Return | 35% | -30% | 59% | 42% | 62% | 98% | 594% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| ICHR Win Rate | 58% | 42% | 50% | 50% | 50% | 71% | |
| Peers Win Rate | 65% | 38% | 57% | 55% | 58% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| ICHR Max Drawdown | -39% | -56% | -42% | -41% | -60% | -25% | |
| Peers Max Drawdown | -28% | -48% | -32% | -33% | -49% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: UCTT, MKSI, ENTG, AEIS, CLS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/8/2026 (YTD)
How Low Can It Go
| Event | ICHR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -55.0% | -18.8% |
| % Gain to Breakeven | 122.3% | 23.1% |
| Time to Breakeven | 256 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -30.7% | -7.8% |
| % Gain to Breakeven | 44.3% | 8.5% |
| Time to Breakeven | 553 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -37.3% | -9.5% |
| % Gain to Breakeven | 59.5% | 10.5% |
| Time to Breakeven | 71 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.6% | -6.7% |
| % Gain to Breakeven | 36.3% | 7.1% |
| Time to Breakeven | 33 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -54.5% | -24.5% |
| % Gain to Breakeven | 119.6% | 32.4% |
| Time to Breakeven | 1217 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -58.5% | -33.7% |
| % Gain to Breakeven | 141.2% | 50.9% |
| Time to Breakeven | 261 days | 140 days |
In The Past
Ichor's stock fell -55.0% during the 2025 US Tariff Shock. Such a loss loss requires a 122.3% gain to breakeven.
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| Event | ICHR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -55.0% | -18.8% |
| % Gain to Breakeven | 122.3% | 23.1% |
| Time to Breakeven | 256 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -30.7% | -7.8% |
| % Gain to Breakeven | 44.3% | 8.5% |
| Time to Breakeven | 553 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -37.3% | -9.5% |
| % Gain to Breakeven | 59.5% | 10.5% |
| Time to Breakeven | 71 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.6% | -6.7% |
| % Gain to Breakeven | 36.3% | 7.1% |
| Time to Breakeven | 33 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -54.5% | -24.5% |
| % Gain to Breakeven | 119.6% | 32.4% |
| Time to Breakeven | 1217 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -58.5% | -33.7% |
| % Gain to Breakeven | 141.2% | 50.9% |
| Time to Breakeven | 261 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.5% | -19.2% |
| % Gain to Breakeven | 44.0% | 23.8% |
| Time to Breakeven | 46 days | 105 days |
In The Past
Ichor's stock fell -55.0% during the 2025 US Tariff Shock. Such a loss loss requires a 122.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Ichor (ICHR)
Ichor Holdings, Ltd. (ICHR) is a critical supplier to the semiconductor manufacturing industry, specializing in the design, engineering, and production of sophisticated fluid delivery subsystems and components. Essentially, Ichor provides the highly precise systems necessary to handle and deliver the gases and chemicals that are fundamental to creating semiconductor devices.
The company's primary product offerings include gas delivery subsystems that precisely control and monitor the gases used in critical semiconductor processes like etching and deposition. Complementing these are their chemical delivery subsystems, which are vital for blending and dispensing the reactive liquid chemistries essential for processes such as chemical-mechanical planarization (CMP), electroplating, and cleaning. Beyond these core systems, Ichor also produces precision machined components, various welded and brazed components, and surface treatment technologies, all integral to their fluid delivery solutions.
Ichor primarily markets its advanced products directly to Original Equipment Manufacturers (OEMs) within the semiconductor equipment market. These OEMs integrate Ichor's subsystems into the complex machinery they sell to chipmakers worldwide. The company has a global presence, serving customers across the United States, the United Kingdom, Singapore, Malaysia, Korea, Mexico, and other international regions, highlighting its role as a key international partner in the semiconductor supply chain.
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- ICHR is like Qualcomm for the machines that make chips, providing their essential fluid delivery systems.
- ICHR is like Bosch for the semiconductor equipment industry, supplying the critical gas and chemical delivery systems for chip-making machines.
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- Gas Delivery Subsystems: These systems deliver, monitor, and control gases used in semiconductor manufacturing processes such as etch and deposition.
- Chemical Delivery Subsystems: These systems blend and dispense reactive liquid chemistries for semiconductor manufacturing processes like chemical-mechanical planarization, electroplating, and cleaning.
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Ichor (ICHR) sells its products primarily to other companies, specifically equipment Original Equipment Manufacturers (OEMs) in the semiconductor equipment market. Its major customers include:
- Applied Materials, Inc. (Symbol: AMAT)
- Lam Research Corporation (Symbol: LRCX)
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Philip Barros, Chief Executive Officer
Philip Barros was appointed Chief Executive Officer of Ichor Holdings, Ltd. in November 2025. He has been with Ichor for over 20 years, serving as Chief Technology Officer since 2015 and Senior Vice President of Engineering since 2010. His extensive experience at Ichor spans executive roles in engineering, product management, sales, account management, corporate development, and strategy. Prior to joining Ichor, Mr. Barros held positions as director of systems engineering at Celerity, a predecessor company to Ichor, and as an engineering project manager at Applied Materials, Inc. He holds a B.S. in mechanical engineering from San Jose State University and has pursued advanced education at Stanford University and the University of California, Berkeley. Mr. Barros is also the holder of multiple patents.
Greg Swyt, Chief Financial Officer and Chief Accounting Officer
Greg Swyt serves as the Chief Financial Officer and Chief Accounting Officer of Ichor Holdings, Ltd. He is responsible for the company's financial operations and reporting. In February 2026, Mr. Swyt sold 3,000 shares of Ichor stock.
Bruce Ragsdale, Chief Operating Officer
Bruce Ragsdale holds the position of Chief Operating Officer at Ichor Holdings, Ltd. In this role, he is responsible for overseeing the company's global manufacturing and supply chain operations.
Diana Finucane, Chief HR Officer
Diana Finucane is the Chief HR Officer for Ichor Holdings, Ltd.
David Lee, Senior Vice President, Sales and Marketing
David Lee serves as the Senior Vice President, Sales and Marketing for Ichor Holdings, Ltd.
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The key risks to Ichor Holdings, Ltd.'s business operations are primarily centered around its dependence on the cyclical semiconductor industry, high customer concentration, and ongoing pressure on profit margins.
- Cyclical Nature of the Semiconductor Industry: Ichor's financial performance is closely tied to the highly cyclical and volatile semiconductor capital equipment sector. This inherent industry cyclicality can lead to significant fluctuations in revenue and earnings, with periods of rapid growth often followed by downturns.
- Customer Concentration: The company faces substantial risk due to its high dependence on a limited number of major customers. For example, Lam Research and Applied Materials collectively accounted for 76% of Ichor's total sales in 2025. Any reduction in orders, changes in purchasing strategies, or financial difficulties experienced by these key original equipment manufacturers (OEMs) could have a material adverse effect on Ichor's revenue and profitability.
- Pressure on Margins: Ichor operates in a highly competitive market, which results in aggressive pricing strategies and continuous pressure on its gross margins. The company has reported thin profitability and, in some periods, GAAP net losses, indicating challenges in maintaining robust margins in this competitive environment. This also includes the risk of commoditization of its products, which can drive pricing downwards.
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Ichor Holdings, Ltd. (ICHR) operates within addressable markets primarily focused on fluid delivery subsystems and components for semiconductor capital equipment.
The global addressable market for Ichor's main products and services includes:
- Gas Delivery Systems: The global gas delivery systems market size is projected to be US$24.6 billion in 2026, with the semiconductor manufacturing segment expected to account for nearly 40% of that revenue in the same year. This indicates an addressable market of approximately US$9.84 billion globally in 2026 for gas delivery systems specifically within semiconductor manufacturing. The market is expected to reach US$43.3 billion by 2033, growing at a compound annual growth rate (CAGR) of 8.4% from 2026 to 2033. North America is anticipated to hold approximately 35% of the market share in 2026.
- Liquid Chemical Delivery Systems: The global liquid chemical delivery systems market size was valued at USD 1.31 billion in 2025. It is projected to grow from USD 1.42 billion in 2026 to USD 2.26 billion by 2034, exhibiting a CAGR of 8.1% during the forecast period.
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Here are the expected drivers of future revenue growth for Ichor (ICHR) over the next 2-3 years:
- Strengthening Demand in Semiconductor Segments: Ichor anticipates robust customer demand in its core semiconductor markets, specifically in etch and deposition technologies. This growth is fueled by fundamental technology transitions within the industry, including the increased adoption of gate-all-around (GAA) architectures, accelerating demand for high-bandwidth memory (HBM), and rising capital intensity in advanced logic and packaging. The company expects growth in nearly every application and with most customers throughout 2026.
- Expansion into the Commercial Space Business: Ichor is actively targeting significant growth in its commercial space business. This segment has already demonstrated substantial growth, with a customer outside the semiconductor industry becoming the company's fifth-largest customer. Management projects that growth in the commercial space category could potentially surpass that of semiconductor sales.
- Global Manufacturing Footprint Realignment and Expansion: The company is undertaking a strategic realignment and expansion of its global manufacturing footprint. This includes expanding machining capacity in Mexico and establishing a new, larger manufacturing center in Malaysia. This initiative is expected to enhance operational efficiencies, support increased output to meet customer demand, and drive meaningful margin improvement, thereby contributing to revenue growth.
- Increased Internal Content and Proprietary Product Adoption: Ichor is focused on increasing the integration of its own branded, proprietary components into the fluid delivery systems it manufactures. The company aims to have its products capable of supporting up to 75% of the content within the systems by the end of the year. This strategy, involving strategic component qualification and proprietary technology development, is expected to expand gross margins and drive earnings growth faster than revenue.
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Share Issuance
- Ichor's shares outstanding increased from 0.023 billion in Q4 2020 to 0.034 billion by Q3 2025.
Capital Expenditures
- Ichor's total capital expenditures were $36.2 million in 2025 (3.8% of sales), $17.6 million in 2024 (2.1% of sales), and $15.5 million in 2023 (1.9% of sales).
- For fiscal year 2026, capital expenditures are projected to decrease from approximately 4% of revenue in FY 2025 ($36 million) to approximately 3% of revenue.
- Recent capital expenditures have focused on establishing a new high-volume manufacturing center in Malaysia, which commenced operations in January 2026, and an expansion in Mexico, expected to be completed later in 2026.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 216.18 |
| Mkt Cap | 16.1 |
| Rev LTM | 2,652 |
| Op Inc LTM | 406 |
| FCF LTM | 235 |
| FCF 3Y Avg | 219 |
| CFO LTM | 378 |
| CFO 3Y Avg | 341 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.5% |
| Rev Chg 3Y Avg | 0.3% |
| Rev Chg Q | 10.1% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Inc Chg LTM | 43.7% |
| Op Inc Chg 3Y Avg | 13.6% |
| Op Mgn LTM | 10.1% |
| Op Mgn 3Y Avg | 7.4% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 8.4% |
| CFO/Rev 3Y Avg | 8.0% |
| FCF/Rev LTM | 3.6% |
| FCF/Rev 3Y Avg | 4.6% |
Price Behavior
Price Behavior
| Market Price | $88.81 | |
| Market Cap ($ Bil) | 3.1 | |
| First Trading Date | 12/09/2016 | |
| Distance from 52W High | -20.9% | |
| 50 Days | 200 Days | |
| DMA Price | $77.44 | $42.95 |
| DMA Trend | up | up |
| Distance from DMA | 14.7% | 106.8% |
| 3M | 1YR | |
| Volatility | 87.5% | 97.1% |
| Downside Capture | 358.08 | 370.00 |
| Upside Capture | 433.69 | 452.49 |
| Correlation (SPY) | 56.9% | 51.3% |
ICHR Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.43 | 3.69 | 3.39 | 3.42 | 3.93 | 2.62 |
| Up Beta | 4.60 | 4.85 | 3.75 | 3.53 | 3.99 | 2.34 |
| Down Beta | 3.92 | 2.60 | 2.53 | 4.01 | 4.20 | 2.38 |
| Up Capture | 1030% | 741% | 761% | 1527% | 3483% | 17829% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 13 | 24 | 40 | 78 | 145 | 387 |
| Down Capture | 186% | 225% | 219% | 130% | 184% | 113% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 8 | 17 | 23 | 46 | 105 | 357 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ICHR | |
|---|---|---|---|---|
| ICHR | 308.7% | 97.0% | 1.90 | - |
| Sector ETF (XLK) | 43.1% | 24.2% | 1.42 | 55.4% |
| Equity (SPY) | 21.2% | 12.5% | 1.26 | 51.0% |
| Gold (GLD) | 21.9% | 27.8% | 0.70 | 20.7% |
| Commodities (DBC) | 25.0% | 18.7% | 1.06 | -1.9% |
| Real Estate (VNQ) | 12.7% | 13.9% | 0.62 | 13.9% |
| Bitcoin (BTCUSD) | -41.4% | 42.8% | -1.13 | 25.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ICHR | |
|---|---|---|---|---|
| ICHR | 11.1% | 68.2% | 0.45 | - |
| Sector ETF (XLK) | 20.6% | 25.5% | 0.72 | 60.8% |
| Equity (SPY) | 13.2% | 17.1% | 0.60 | 56.5% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 13.8% |
| Commodities (DBC) | 7.8% | 19.5% | 0.30 | 11.0% |
| Real Estate (VNQ) | 2.8% | 18.9% | 0.05 | 32.9% |
| Bitcoin (BTCUSD) | 12.1% | 53.5% | 0.41 | 23.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ICHR | |
|---|---|---|---|---|
| ICHR | 25.0% | 66.6% | 0.64 | - |
| Sector ETF (XLK) | 25.5% | 24.7% | 0.93 | 57.6% |
| Equity (SPY) | 15.9% | 17.9% | 0.76 | 54.5% |
| Gold (GLD) | 11.5% | 16.1% | 0.58 | 11.4% |
| Commodities (DBC) | 6.4% | 18.0% | 0.28 | 17.9% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 35.3% |
| Bitcoin (BTCUSD) | 58.0% | 66.2% | 0.98 | 19.0% |
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Returns Analyses
Earnings Returns History
Updated 6/5/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/4/2026 | -2.8% | 10.4% | 3.9% |
| 2/9/2026 | 32.7% | 38.0% | 31.4% |
| 11/3/2025 | -31.4% | -32.7% | -24.1% |
| 8/4/2025 | -30.2% | -20.3% | -20.2% |
| 5/5/2025 | -23.2% | -11.7% | -15.4% |
| 2/4/2025 | 14.4% | 16.1% | -1.1% |
| 11/4/2024 | 16.1% | 21.8% | 28.9% |
| 8/6/2024 | 3.3% | 6.9% | 1.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 11 |
| # Negative | 13 | 11 | 13 |
| Median Positive | 3.3% | 10.0% | 15.9% |
| Median Negative | -3.3% | -7.1% | -9.3% |
| Max Positive | 32.7% | 38.0% | 31.4% |
| Max Negative | -31.4% | -32.7% | -24.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/4/2026 | -2.8% | 10.4% | 3.9% |
| 2/9/2026 | 32.7% | 38.0% | 31.4% |
| 11/3/2025 | -31.4% | -32.7% | -24.1% |
| 8/4/2025 | -30.2% | -20.3% | -20.2% |
| 5/5/2025 | -23.2% | -11.7% | -15.4% |
| 2/4/2025 | 14.4% | 16.1% | -1.1% |
| 11/4/2024 | 16.1% | 21.8% | 28.9% |
| 8/6/2024 | 3.3% | 6.9% | 1.4% |
| 5/7/2024 | -2.8% | -4.1% | -3.0% |
| 2/6/2024 | 3.3% | 10.0% | 16.9% |
| 11/6/2023 | -11.1% | -7.7% | -0.4% |
| 8/8/2023 | -3.1% | -7.1% | -9.3% |
| 5/9/2023 | -6.5% | 1.9% | 23.5% |
| 2/7/2023 | 4.1% | 0.0% | -12.7% |
| 11/8/2022 | 0.3% | 18.0% | 15.9% |
| 8/9/2022 | 13.4% | 23.7% | -2.8% |
| 5/10/2022 | -13.7% | 1.9% | -0.9% |
| 2/8/2022 | -2.5% | -4.9% | -18.7% |
| 11/2/2021 | 1.5% | 6.9% | 1.9% |
| 8/3/2021 | -3.3% | -3.0% | -3.5% |
| 5/4/2021 | 0.6% | -5.1% | 1.0% |
| 2/2/2021 | -0.1% | 6.3% | 3.6% |
| 12/14/2020 | 1.4% | -2.2% | 30.5% |
| 8/3/2020 | -1.8% | -12.3% | -22.6% |
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 11 |
| # Negative | 13 | 11 | 13 |
| Median Positive | 3.3% | 10.0% | 15.9% |
| Median Negative | -3.3% | -7.1% | -9.3% |
| Max Positive | 32.7% | 38.0% | 31.4% |
| Max Negative | -31.4% | -32.7% | -24.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/10/2022 | 10-Q |
| 03/31/2022 | 05/11/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 03/05/2021 | 10-K |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 03/06/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
| 06/30/2019 | 08/07/2019 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 5/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 290.00 Mil | 300.00 Mil | 310.00 Mil | 20.0% | Higher New | Guidance: 250.00 Mil for Q1 2026 | |
| Q2 2026 GAAP diluted EPS | 0.1 | 0.15 | 0.2 | 475.0% | Higher New | Guidance: -0.04 for Q1 2026 | |
| Q2 2026 Non-GAAP diluted EPS | 0.25 | 0.3 | 0.35 | 150.0% | Higher New | Guidance: 0.12 for Q1 2026 | |
Prior: Q4 2025 Earnings Reported 2/9/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 240.00 Mil | 250.00 Mil | 260.00 Mil | 13.6% | Higher New | Guidance: 220.00 Mil for Q4 2025 | |
| Q1 2026 GAAP diluted EPS | -0.1 | -0.04 | 0.02 | -84.0% | Higher New | Guidance: -0.25 for Q4 2025 | |
| Q1 2026 Non-GAAP diluted EPS | 0.08 | 0.12 | 0.16 | -300.0% | Higher New | Guidance: -0.06 for Q4 2025 | |
Q3 2025 Earnings Reported 11/3/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 210.00 Mil | 220.00 Mil | 230.00 Mil | -6.4% | Lowered | Guidance: 235.00 Mil for Q3 2025 | |
| Q4 2025 GAAP diluted EPS | -0.33 | -0.25 | -0.17 | 316.7% | Lowered | Guidance: -0.06 for Q3 2025 | |
| Q4 2025 Non-GAAP diluted EPS | -0.14 | -0.06 | 0.02 | -150.0% | Lowered | Guidance: 0.12 for Q3 2025 | |
Insider Activity
Updated 7/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Swyt, Greg | Chief Financial Officer | Direct | Sell | 6092026 | 66.81 | 6,820 | 455,644 | 3,545,607 | Form |
| 2 | Barros, Philip Ryan SR | Chief Executive Officer | Direct | Sell | 6052026 | 70.19 | 13,705 | 961,954 | 11,586,825 | Form |
| 3 | Black, Laura A | Direct | Sell | 6022026 | 75.02 | 20,000 | 1,500,400 | 1,535,059 | Form | |
| 4 | Swyt, Greg | Chief Financial Officer | Direct | Sell | 5292026 | 70.42 | 19,662 | 1,384,598 | 4,293,578 | Form |
| 5 | Titinger, Jorge | Direct | Sell | 5192026 | 64.21 | 4,000 | 256,840 | 790,939 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Swyt, Greg | Chief Financial Officer | Direct | Sell | 6092026 | 66.81 | 6,820 | 455,644 | 3,545,607 | Form |
| 2 | Barros, Philip Ryan SR | Chief Executive Officer | Direct | Sell | 6052026 | 70.19 | 13,705 | 961,954 | 11,586,825 | Form |
| 3 | Black, Laura A | Direct | Sell | 6022026 | 75.02 | 20,000 | 1,500,400 | 1,535,059 | Form | |
| 4 | Swyt, Greg | Chief Financial Officer | Direct | Sell | 5292026 | 70.42 | 19,662 | 1,384,598 | 4,293,578 | Form |
| 5 | Titinger, Jorge | Direct | Sell | 5192026 | 64.21 | 4,000 | 256,840 | 790,939 | Form | |
| 6 | Haugen, Marc | Direct | Sell | 5132026 | 75.63 | 5,337 | 403,637 | 818,695 | Form | |
| 7 | Haugen, Marc | Direct | Sell | 5082026 | 72.11 | 9,923 | 715,589 | 1,165,509 | Form | |
| 8 | Barros, Philip Ryan SR | Chief Executive Officer | Direct | Sell | 2272026 | 46.63 | 21,000 | 979,230 | 7,178,036 | Form |
| 9 | Swyt, Greg | Chief Financial Officer | Direct | Sell | 2252026 | 51.20 | 3,000 | 153,600 | 4,028,365 | Form |
| 10 | Ragsdale, Bruce | Chief Operating Officer | Direct | Sell | 2252026 | 49.66 | 21,276 | 1,056,566 | 4,849,845 | Form |
| 11 | Haugen, Marc | Direct | Sell | 2252026 | 49.71 | 19,875 | 987,986 | 1,296,685 | Form | |
| 12 | Titinger, Jorge | Direct | Sell | 2252026 | 50.11 | 1,200 | 60,132 | 699,987 | Form | |
| 13 | Rohrs, Thomas M | Direct | Sell | 2122026 | 45.48 | 53,908 | 2,451,736 | 2,411,532 | Form | |
| 14 | MacKenzie, Iain | Direct | Buy | 11172025 | 14.53 | 10,000 | 145,300 | 1,889,060 | Form | |
| 15 | MacKenzie, Iain | Direct | Buy | 11102025 | 15.28 | 10,000 | 152,800 | 1,833,768 | Form | |
| 16 | Haugen, Marc | Direct | Buy | 8112025 | 17.64 | 3,000 | 52,920 | 810,734 | Form | |
| 17 | Haugen, Marc | Direct | Buy | 8112025 | 17.75 | 3,000 | 53,250 | 762,540 | Form | |
| 18 | MacKenzie, Iain | Direct | Buy | 8112025 | 16.63 | 25,000 | 415,750 | 997,983 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductor Materials & Equipment Resources |
| SEMI |
| Semiconductor Digest |
| Semiconductor Today |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 7/8/2026