Ichor (ICHR)
Market Price (10/17/2026): $41.98 | Market Cap: $1.5 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment
Ichor (ICHR)
Market Price (10/17/2026): $41.98Market Cap: $1.5 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. | Weak multi-year price returns3Y Excs Rtn is -37% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -24 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2.4% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.0% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.5% 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 -6.7% 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. |
| Weak multi-year price returns3Y Excs Rtn is -37% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -24 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -2.4% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.0% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.5% |
| 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 -6.7% |
| 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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Ichor (ICHR) stock has lost about 60% since 6/30/2026 because of the following key factors:
1. Equity Dilution from Share Offering.
Ichor Holdings, Ltd. issued 2.5 million ordinary shares in June 2026, raising $195.4 million in net proceeds for corporate needs. This significant equity offering, executed just prior to the specified period, likely contributed to a dilutive effect on the share price as the stock reached its all-time high of $113.58 on June 30, 2026.
2. Fiscal Q2 2026 Revenue Miss and Operational Cash Burn.
In its fiscal Q2 2026 earnings report on August 3, 2026, Ichor announced revenue of $294.78 million, which fell below analysts' consensus estimate of $300.17 million. Although diluted EPS of $0.34 beat expectations, the company reported negative operating cash flow of $15.9 million and negative free cash flow of $23.6 million for the quarter ended June 26, 2026, indicating a reliance on financing rather than operations for cash generation.
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Ichor (ICHR) stock has lost about 60% since 6/30/2026 because of the following key factors:
1. Equity Dilution from Share Offering.
Ichor Holdings, Ltd. issued 2.5 million ordinary shares in June 2026, raising $195.4 million in net proceeds for corporate needs. This significant equity offering, executed just prior to the specified period, likely contributed to a dilutive effect on the share price as the stock reached its all-time high of $113.58 on June 30, 2026.
2. Fiscal Q2 2026 Revenue Miss and Operational Cash Burn.
In its fiscal Q2 2026 earnings report on August 3, 2026, Ichor announced revenue of $294.78 million, which fell below analysts' consensus estimate of $300.17 million. Although diluted EPS of $0.34 beat expectations, the company reported negative operating cash flow of $15.9 million and negative free cash flow of $23.6 million for the quarter ended June 26, 2026, indicating a reliance on financing rather than operations for cash generation.
3. Substantial Insider Selling Exceeding Threshold.
Over the ninety days leading up to October 2026, Ichor experienced nineteen insider trading transactions, totaling approximately $6.5 million in sales. This aggregate selling activity by key executives, including the CEO and CFO, signals a potential lack of confidence in the company's near-term outlook among its leadership.
4. Analyst Downgrade and Price Target Reductions.
While overall analyst sentiment remained largely positive, there were notable shifts during the period. Wall Street Zen downgraded Ichor from a "buy" to a "hold" rating on September 29, 2026. Additionally, TD Cowen cut its price target for Ichor from $115.00 to $100.00 on August 4, 2026, contributing to a more cautious investor sentiment.
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Stock Movement Drivers
Fundamental Drivers
The -62.5% change in ICHR stock from 6/30/2026 to 10/16/2026 was primarily driven by a -63.7% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10162026 | Change |
|---|---|---|---|
| Stock Price ($) | 112.28 | 42.11 | -62.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 959 | 1,014 | 5.7% |
| P/S Multiple | 4.1 | 1.5 | -63.7% |
| Shares Outstanding (Mil) | 35 | 35 | -2.2% |
| Cumulative Contribution | -62.5% |
Market Drivers
6/30/2026 to 10/16/2026| Return | Correlation | |
|---|---|---|
| ICHR | -62.5% | |
| Market (SPY) | 2.2% | 43.2% |
| Sector (XLK) | -3.7% | 70.1% |
Fundamental Drivers
The -9.7% change in ICHR stock from 3/31/2026 to 10/16/2026 was primarily driven by a -13.1% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10162026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.61 | 42.11 | -9.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 948 | 1,014 | 7.0% |
| P/S Multiple | 1.7 | 1.5 | -13.1% |
| Shares Outstanding (Mil) | 34 | 35 | -2.8% |
| Cumulative Contribution | -9.7% |
Market Drivers
3/31/2026 to 10/16/2026| Return | Correlation | |
|---|---|---|
| ICHR | -9.7% | |
| Market (SPY) | 17.7% | 50.8% |
| Sector (XLK) | 38.2% | 67.4% |
Fundamental Drivers
The 140.4% change in ICHR stock from 9/30/2025 to 10/16/2026 was primarily driven by a 128.2% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10162026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.52 | 42.11 | 140.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 929 | 1,014 | 9.1% |
| P/S Multiple | 0.6 | 1.5 | 128.2% |
| Shares Outstanding (Mil) | 34 | 35 | -3.4% |
| Cumulative Contribution | 140.4% |
Market Drivers
9/30/2025 to 10/16/2026| Return | Correlation | |
|---|---|---|
| ICHR | 140.4% | |
| Market (SPY) | 15.5% | 50.9% |
| Sector (XLK) | 30.7% | 60.3% |
Fundamental Drivers
The 36.0% change in ICHR stock from 9/30/2023 to 10/16/2026 was primarily driven by a 74.2% change in the company's P/S Multiple.| (LTM values as of) | 9302023 | 10162026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.96 | 42.11 | 36.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,068 | 1,014 | -5.1% |
| P/S Multiple | 0.8 | 1.5 | 74.2% |
| Shares Outstanding (Mil) | 29 | 35 | -17.7% |
| Cumulative Contribution | 36.0% |
Market Drivers
9/30/2023 to 10/16/2026| Return | Correlation | |
|---|---|---|
| ICHR | 36.0% | |
| Market (SPY) | 84.7% | 52.4% |
| Sector (XLK) | 127.8% | 59.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ICHR Return | 53% | -42% | 25% | -4% | -43% | 153% | 55% |
| Peers Return | 35% | -30% | 59% | 42% | 62% | 53% | 436% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| ICHR Win Rate | 58% | 42% | 50% | 50% | 50% | 60% | |
| Peers Win Rate | 65% | 38% | 57% | 55% | 58% | 54% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ICHR Max Drawdown | -39% | -56% | -42% | -41% | -60% | -58% | |
| Peers Max Drawdown | -28% | -48% | -32% | -33% | -49% | -46% | |
| 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 10/16/2026 (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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- 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.
Peer Outperformance in Semiconductor Materials & Equipment
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ICHR | Ichor | 0.0% | -37.0x | 85.3% | 42.6% | 3.0% | — |
| VECO | Veeco Instruments | 0.8% | 111.7x | 45.8% | 58.6% | 82.2% | +79pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 33.6% | 142.7% | 270.2% | TTMI 595% · FLEX 547% · JBL 353% |
| Communications Equipment | 35 | 3.9% | 101.5% | 87.4% | AAOI 947% · LITE 867% · ANET 626% |
| Technology Distributors | 9 | 47.5% | 82.8% | 82.0% | AVT 172% · SNX 149% · CNXN 114% |
| Semiconductor Materials & Equipment ← | 27 | 54.0% | 59.5% | 72.9% | AXTI 530% · KLAC 429% · LRCX 392% |
| Electronic Components | 26 | 0.0% | 72.3% | 49.9% | CLS 3160% · BELFA 1172% · APH 331% |
| Semiconductors | 54 | 7.1% | 31.1% | 30.2% | MU 1230% · NVDA 884% · AVGO 614% |
| Technology Hardware, Storage & Peripherals | 21 | 6.1% | 54.6% | 10.8% | DELL 816% · STX 798% · SMCI 792% |
| Internet Services & Infrastructure | 6 | 0.3% | 41.2% | -3.3% | GDDY 52% · VRSN 44% · DOCN 11% |
| Electronic Equipment & Instruments | 26 | -16.8% | 20.0% | -8.0% | PI 233% · OSIS 105% · KEYS 96% |
| IT Consulting & Other Services | 28 | -28.8% | -14.1% | -19.6% | CHRN 396742% · APLD 464% · ADEA 135% |
| Application Software | 125 | -21.2% | -17.8% | -47.7% | PLTR 675% · FROG 148% · AGYS 106% |
| Systems Software | 69 | -16.2% | 11.2% | -54.1% | ZETA 301% · CRWD 233% · FTNT 168% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 175.32 |
| Mkt Cap | 11.9 |
| Rev LTM | 2,761 |
| Op Inc LTM | 502 |
| FCF LTM | 271 |
| FCF 3Y Avg | 237 |
| CFO LTM | 437 |
| CFO 3Y Avg | 402 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.7% |
| Rev Chg 3Y Avg | 3.7% |
| Rev Chg Q | 26.3% |
| QoQ Delta Rev Chg LTM | 6.4% |
| Op Inc Chg LTM | 57.3% |
| Op Inc Chg 3Y Avg | 26.9% |
| Op Mgn LTM | 11.2% |
| Op Mgn 3Y Avg | 8.0% |
| QoQ Delta Op Mgn LTM | 1.1% |
| CFO/Rev LTM | 9.5% |
| CFO/Rev 3Y Avg | 8.5% |
| FCF/Rev LTM | 3.8% |
| FCF/Rev 3Y Avg | 4.7% |
Price Behavior
| Market Price | $42.11 | |
| Market Cap ($ Bil) | 1.5 | |
| First Trading Date | 12/09/2016 | |
| Distance from 52W High | -62.5% | |
| 50 Days | 200 Days | |
| DMA Price | $58.30 | $59.98 |
| DMA Trend | down | up |
| Distance from DMA | -27.8% | -29.8% |
| 3M | 1YR | |
| Volatility | 91.9% | 96.3% |
| Downside Capture | 454.50 | 315.66 |
| Upside Capture | 114.40 | 361.92 |
| Correlation (S&P 500) | 37.5% | 48.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.55 | 1.24 | 3.58 | 3.61 | 3.81 | 2.70 |
| Up Beta | 0.17 | -1.18 | 5.41 | 4.59 | 3.71 | 2.45 |
| Down Beta | 2.14 | 0.93 | 2.89 | 2.40 | 3.96 | 2.39 |
| Up Capture | 239% | 132% | 162% | 589% | 2835% | 16732% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 15 | 25 | 33 | 72 | 149 | 391 |
| Down Capture | 29% | 315% | 389% | 268% | 179% | 113% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 7 | 17 | 31 | 54 | 102 | 355 |
[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 | 81.2% | 96.3% | 1.05 | - |
| Sector ETF (XLK) | 29.7% | 26.4% | 0.95 | 59.9% |
| Equity (SPY) | 15.8% | 12.7% | 0.86 | 49.9% |
| Gold (GLD) | -1.4% | 29.4% | -0.05 | 23.1% |
| Commodities (DBC) | 50.4% | 20.7% | 1.86 | -5.8% |
| Real Estate (VNQ) | 4.8% | 13.7% | 0.09 | 5.8% |
| Bitcoin (BTCUSD) | -25.9% | 43.6% | -0.57 | 21.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ICHR | |
|---|---|---|---|---|
| ICHR | 1.4% | 71.0% | 0.32 | - |
| Sector ETF (XLK) | 20.2% | 26.0% | 0.69 | 61.6% |
| Equity (SPY) | 13.2% | 17.1% | 0.59 | 55.6% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 14.7% |
| Commodities (DBC) | 9.6% | 19.5% | 0.37 | 9.3% |
| Real Estate (VNQ) | 1.6% | 18.8% | -0.02 | 30.2% |
| Bitcoin (BTCUSD) | 8.8% | 51.8% | 0.35 | 22.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ICHR | |
|---|---|---|---|---|
| ICHR | 16.0% | 67.5% | 0.52 | - |
| Sector ETF (XLK) | 23.9% | 25.0% | 0.86 | 57.9% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 53.8% |
| Gold (GLD) | 12.3% | 16.4% | 0.61 | 12.0% |
| Commodities (DBC) | 8.1% | 18.1% | 0.36 | 16.8% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 33.7% |
| Bitcoin (BTCUSD) | 63.2% | 66.2% | 1.03 | 18.8% |
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Returns Analyses
Earnings Returns History
Updated 9/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | -11.2% | -19.3% | -35.5% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 11 |
| # Negative | 13 | 11 | 13 |
| Median Positive | 3.3% | 10.0% | 15.9% |
| Median Negative | -6.5% | -7.1% | -9.3% |
| Max Positive | 32.7% | 38.0% | 31.4% |
| Max Negative | -31.4% | -32.7% | -35.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | -11.2% | -19.3% | -35.5% |
| 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% |
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 11 |
| # Negative | 13 | 11 | 13 |
| Median Positive | 3.3% | 10.0% | 15.9% |
| Median Negative | -6.5% | -7.1% | -9.3% |
| Max Positive | 32.7% | 38.0% | 31.4% |
| Max Negative | -31.4% | -32.7% | -35.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 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 |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 315.00 Mil | 330.00 Mil | 345.00 Mil | 10.0% | Higher New | Guidance: 300.00 Mil for Q2 2026 | |
| Q3 2026 GAAP diluted EPS | Reported | 0.25 | 0.3 | 0.35 | 100.0% | 15.0% | Higher New | Guidance: 0.15 for Q2 2026 |
| Q3 2026 Non-GAAP diluted EPS | Reported | 0.4 | 0.45 | 0.5 | 50.0% | 15.0% | Higher New | Guidance: 0.3 for Q2 2026 |
Prior: Q1 2026 Earnings Reported 5/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 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 | Reported | 0.1 | 0.15 | 0.2 | -475.0% | Higher New | Guidance: -0.04 for Q1 2026 | |
| Q2 2026 Non-GAAP diluted EPS | Reported | 0.25 | 0.3 | 0.35 | 150.0% | Higher New | Guidance: 0.12 for Q1 2026 | |
Q4 2025 Earnings Reported 2/9/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 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 | Reported | -0.1 | -0.04 | 0.02 | -84.0% | Higher New | Guidance: -0.25 for Q4 2025 | |
| Q1 2026 Non-GAAP diluted EPS | Reported | 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 | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | Reported | 210.00 Mil | 220.00 Mil | 230.00 Mil | -6.4% | Lower New | Guidance: 235.00 Mil for Q3 2025 | |
| Q4 2025 GAAP diluted EPS | Reported | -0.33 | -0.25 | -0.17 | 316.7% | Lower New | Guidance: -0.06 for Q3 2025 | |
| Q4 2025 Non-GAAP diluted EPS | Reported | -0.14 | -0.06 | 0.02 | -150.0% | Lower New | Guidance: 0.12 for Q3 2025 | |
Insider Activity
Updated 10/5/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ragsdale, Bruce | Chief Operating Officer | Direct | Sell | 10052026 | 65.47 | 2,149 | 140,695 | 5,800,315 | Form |
| 2 | Swyt, Greg | Chief Financial Officer | Direct | Sell | 10052026 | 65.01 | 689 | 44,792 | 3,064,766 | Form |
| 3 | MacKenzie, Iain | Direct | Sell | 9162026 | 50.66 | 20,000 | 1,013,182 | 5,188,860 | Form | |
| 4 | Swyt, Greg | Chief Financial Officer | Direct | Sell | 9082026 | 58.02 | 2,068 | 119,985 | 2,775,213 | Form |
| 5 | Ragsdale, Bruce | Chief Operating Officer | Direct | Sell | 9012026 | 51.93 | 10,587 | 549,802 | 4,794,555 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ragsdale, Bruce | Chief Operating Officer | Direct | Sell | 10052026 | 65.47 | 2,149 | 140,695 | 5,800,315 | Form |
| 2 | Swyt, Greg | Chief Financial Officer | Direct | Sell | 10052026 | 65.01 | 689 | 44,792 | 3,064,766 | Form |
| 3 | MacKenzie, Iain | Direct | Sell | 9162026 | 50.66 | 20,000 | 1,013,182 | 5,188,860 | Form | |
| 4 | Swyt, Greg | Chief Financial Officer | Direct | Sell | 9082026 | 58.02 | 2,068 | 119,985 | 2,775,213 | Form |
| 5 | Ragsdale, Bruce | Chief Operating Officer | Direct | Sell | 9012026 | 51.93 | 10,587 | 549,802 | 4,794,555 | Form |
| 6 | Barros, Philip Ryan SR | Chief Executive Officer | Direct | Sell | 8202026 | 61.88 | 1,314 | 81,306 | 9,996,982 | Form |
| 7 | MacKenzie, Iain | Direct | Sell | 8202026 | 65.76 | 9,933 | 653,176 | 8,050,580 | Form | |
| 8 | Swyt, Greg | Chief Financial Officer | Direct | Sell | 6092026 | 66.81 | 6,820 | 455,644 | 3,545,607 | Form |
| 9 | Barros, Philip Ryan SR | Chief Executive Officer | Direct | Sell | 6052026 | 70.19 | 13,705 | 961,954 | 11,586,825 | Form |
| 10 | Black, Laura A | Direct | Sell | 6022026 | 75.02 | 20,000 | 1,500,400 | 1,535,059 | Form | |
| 11 | Swyt, Greg | Chief Financial Officer | Direct | Sell | 5292026 | 70.42 | 19,662 | 1,384,598 | 4,293,578 | Form |
| 12 | Titinger, Jorge | Direct | Sell | 5192026 | 64.21 | 4,000 | 256,840 | 790,939 | Form | |
| 13 | Haugen, Marc | Direct | Sell | 5132026 | 75.63 | 5,337 | 403,637 | 818,695 | Form | |
| 14 | Haugen, Marc | Direct | Sell | 5082026 | 72.11 | 9,923 | 715,589 | 1,165,509 | Form | |
| 15 | Barros, Philip Ryan SR | Chief Executive Officer | Direct | Sell | 2272026 | 46.63 | 21,000 | 979,230 | 7,178,036 | Form |
| 16 | Swyt, Greg | Chief Financial Officer | Direct | Sell | 2252026 | 51.20 | 3,000 | 153,600 | 4,028,365 | Form |
| 17 | Ragsdale, Bruce | Chief Operating Officer | Direct | Sell | 2252026 | 49.66 | 21,276 | 1,056,566 | 4,849,845 | Form |
| 18 | Haugen, Marc | Direct | Sell | 2252026 | 49.71 | 19,875 | 987,986 | 1,296,685 | Form | |
| 19 | Titinger, Jorge | Direct | Sell | 2252026 | 50.11 | 1,200 | 60,132 | 699,987 | Form | |
| 20 | Rohrs, Thomas M | Direct | Sell | 2122026 | 45.48 | 53,908 | 2,451,736 | 2,411,532 | Form | |
| 21 | MacKenzie, Iain | Direct | Buy | 11172025 | 14.53 | 10,000 | 145,300 | 1,889,060 | Form | |
| 22 | MacKenzie, Iain | Direct | Buy | 11102025 | 15.28 | 10,000 | 152,800 | 1,833,768 | Form |
Investor Activity (13F)
Updated Oct 17, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
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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