Ultra Clean (UCTT)
Market Price (8/23/2026): $76.55 | Market Cap: $3.5 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment
Ultra Clean (UCTT)
Market Price (8/23/2026): $76.55Market Cap: $3.5 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 Advanced Semiconductor Manufacturing. Themes include Semiconductor Capital Equipment Components, and Semiconductor Process Cleaning & Services. | Stock price has recently run up significantly12M Rtn12 month market price return is 222% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3.0%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.2% 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 -5.1% Key risksUCTT key risks include [1] a high customer concentration, Show more. |
| Megatrend and thematic driversMegatrends include Advanced Semiconductor Manufacturing. Themes include Semiconductor Capital Equipment Components, and Semiconductor Process Cleaning & Services. |
| Stock price has recently run up significantly12M Rtn12 month market price return is 222% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -3.0%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5.2% |
| 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 -5.1% |
| Key risksUCTT key risks include [1] a high customer concentration, Show more. |
Qualitative Assessment
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Ultra Clean (UCTT) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Negative market reaction to an analyst upgrade. On July 8, 2026, Ultra Clean's stock experienced a significant pullback, dropping 10.5% to $94.50, despite Oppenheimer raising its price target on UCTT to $115 from $100 and reiterating an Outperform rating. This suggests that even with positive analyst sentiment driven by a stronger AI-driven equipment cycle, investors engaged in profit-taking or held underlying skepticism, overriding the favorable news.
2. Substantial insider selling activity. Over the 90 days leading up to July 27, 2026, Ultra Clean insiders collectively sold 80,106 shares valued at approximately $6.7 million. This aggregate selling by company executives and directors indicates a potential lack of strong conviction in the stock's near-term performance, which can contribute to negative investor sentiment and put downward pressure on the stock price.
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Ultra Clean (UCTT) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Negative market reaction to an analyst upgrade. On July 8, 2026, Ultra Clean's stock experienced a significant pullback, dropping 10.5% to $94.50, despite Oppenheimer raising its price target on UCTT to $115 from $100 and reiterating an Outperform rating. This suggests that even with positive analyst sentiment driven by a stronger AI-driven equipment cycle, investors engaged in profit-taking or held underlying skepticism, overriding the favorable news.
2. Substantial insider selling activity. Over the 90 days leading up to July 27, 2026, Ultra Clean insiders collectively sold 80,106 shares valued at approximately $6.7 million. This aggregate selling by company executives and directors indicates a potential lack of strong conviction in the stock's near-term performance, which can contribute to negative investor sentiment and put downward pressure on the stock price.
3. Macroeconomic concerns about semiconductor market dynamics. While the global semiconductor market was in an upcycle during fiscal Q2 2026 (ending June 26, 2026) and entering fiscal Q3 2026, driven by AI infrastructure, reports highlighted risks of "demand correction" and an uneven recovery. The bifurcation of the memory market, with capacity reallocation towards higher-margin AI applications, created selective pressure points and uncertainty for broader semiconductor equipment suppliers like Ultra Clean.
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Stock Movement Drivers
Fundamental Drivers
The -2.2% change in UCTT stock from 4/30/2026 to 8/22/2026 was primarily driven by a -8.2% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 78.15 | 76.43 | -2.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,069 | 2,195 | 6.1% |
| P/S Multiple | 1.7 | 1.6 | -8.2% |
| Shares Outstanding (Mil) | 45 | 45 | 0.4% |
| Cumulative Contribution | -2.2% |
Market Drivers
4/30/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| UCTT | -2.2% | |
| Market (SPY) | 6.5% | 51.6% |
| Sector (XLK) | 14.9% | 69.4% |
Fundamental Drivers
The 75.0% change in UCTT stock from 1/31/2026 to 8/22/2026 was primarily driven by a 67.1% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.68 | 76.43 | 75.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,111 | 2,195 | 4.0% |
| P/S Multiple | 0.9 | 1.6 | 67.1% |
| Shares Outstanding (Mil) | 45 | 45 | 0.7% |
| Cumulative Contribution | 75.0% |
Market Drivers
1/31/2026 to 8/22/2026| Return | Correlation | |
|---|---|---|
| UCTT | 75.0% | |
| Market (SPY) | 11.0% | 52.3% |
| Sector (XLK) | 27.6% | 64.7% |
Fundamental Drivers
The 239.4% change in UCTT stock from 7/31/2025 to 8/22/2026 was primarily driven by a 230.3% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.52 | 76.43 | 239.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,141 | 2,195 | 2.5% |
| P/S Multiple | 0.5 | 1.6 | 230.3% |
| Shares Outstanding (Mil) | 45 | 45 | 0.2% |
| Cumulative Contribution | 239.4% |
Market Drivers
7/31/2025 to 8/22/2026| Return | Correlation | |
|---|---|---|
| UCTT | 239.4% | |
| Market (SPY) | 22.2% | 53.5% |
| Sector (XLK) | 40.1% | 63.2% |
Fundamental Drivers
The 100.6% change in UCTT stock from 7/31/2023 to 8/22/2026 was primarily driven by a 106.4% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8222026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.10 | 76.43 | 100.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,243 | 2,195 | -2.1% |
| P/S Multiple | 0.8 | 1.6 | 106.4% |
| Shares Outstanding (Mil) | 45 | 45 | -0.7% |
| Cumulative Contribution | 100.6% |
Market Drivers
7/31/2023 to 8/22/2026| Return | Correlation | |
|---|---|---|
| UCTT | 100.6% | |
| Market (SPY) | 73.2% | 56.3% |
| Sector (XLK) | 109.4% | 64.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| UCTT Return | 84% | -42% | 3% | 5% | -30% | 188% | 134% |
| Peers Return | 35% | -32% | 49% | -7% | 23% | 81% | 181% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| UCTT Win Rate | 67% | 33% | 50% | 58% | 50% | 75% | |
| Peers Win Rate | 62% | 38% | 53% | 43% | 57% | 65% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| UCTT Max Drawdown | -39% | -59% | -40% | -42% | -54% | -51% | |
| Peers Max Drawdown | -27% | -49% | -35% | -33% | -45% | -43% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ICHR, MKSI, AEIS, ENTG, PLAB.
[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 8/21/2026 (YTD)
How Low Can It Go
| Event | UCTT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -54.4% | -18.8% |
| % Gain to Breakeven | 119.5% | 23.1% |
| Time to Breakeven | 281 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -37.2% | -7.8% |
| % Gain to Breakeven | 59.2% | 8.5% |
| Time to Breakeven | 553 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -34.9% | -9.5% |
| % Gain to Breakeven | 53.7% | 10.5% |
| Time to Breakeven | 88 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.2% | -6.7% |
| % Gain to Breakeven | 35.5% | 7.1% |
| Time to Breakeven | 34 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -57.5% | -24.5% |
| % Gain to Breakeven | 135.3% | 32.4% |
| Time to Breakeven | 1225 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.6% | -33.7% |
| % Gain to Breakeven | 110.8% | 50.9% |
| Time to Breakeven | 132 days | 140 days |
In The Past
Ultra Clean's stock fell -54.4% during the 2025 US Tariff Shock. Such a loss loss requires a 119.5% gain to breakeven.
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Asset Allocation
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| Event | UCTT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -54.4% | -18.8% |
| % Gain to Breakeven | 119.5% | 23.1% |
| Time to Breakeven | 281 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -37.2% | -7.8% |
| % Gain to Breakeven | 59.2% | 8.5% |
| Time to Breakeven | 553 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -34.9% | -9.5% |
| % Gain to Breakeven | 53.7% | 10.5% |
| Time to Breakeven | 88 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.2% | -6.7% |
| % Gain to Breakeven | 35.5% | 7.1% |
| Time to Breakeven | 34 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -57.5% | -24.5% |
| % Gain to Breakeven | 135.3% | 32.4% |
| Time to Breakeven | 1225 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.6% | -33.7% |
| % Gain to Breakeven | 110.8% | 50.9% |
| Time to Breakeven | 132 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -44.1% | -19.2% |
| % Gain to Breakeven | 78.8% | 23.8% |
| Time to Breakeven | 44 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -39.0% | -12.2% |
| % Gain to Breakeven | 63.8% | 13.9% |
| Time to Breakeven | 237 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -52.6% | -6.8% |
| % Gain to Breakeven | 111.2% | 7.3% |
| Time to Breakeven | 278 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -53.0% | -17.9% |
| % Gain to Breakeven | 112.9% | 21.8% |
| Time to Breakeven | 134 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -27.1% | -15.4% |
| % Gain to Breakeven | 37.2% | 18.2% |
| Time to Breakeven | 48 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -92.9% | -53.4% |
| % Gain to Breakeven | 1316.0% | 114.4% |
| Time to Breakeven | 1813 days | 1085 days |
In The Past
Ultra Clean's stock fell -54.4% during the 2025 US Tariff Shock. Such a loss loss requires a 119.5% 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 Ultra Clean (UCTT)
Ultra Clean Holdings, Inc. (UCTT) is a vital supplier to the global semiconductor industry, specializing in the development and manufacture of critical subsystems, components, and parts for semiconductor manufacturing equipment. The company also provides essential ultra-high purity cleaning and analytical services, ensuring the cleanliness and integrity of tools and materials crucial for advanced microchip production.
UCTT's extensive product portfolio includes a wide array of high-precision components such as ultra-clean valves, high-purity connectors, hoses, and gas and component heaters. It also designs and supplies sophisticated chemical and gas delivery modules and systems, precision robotic systems, and various complex assemblies like process modules, which are integral to semiconductor fabrication equipment.
In addition to its hardware offerings, Ultra Clean delivers critical services including ultra-high purity cleaning and coating for semiconductor tool parts—a vital process to prevent contamination during chip manufacturing. The company also performs micro-contamination analysis and analytical verification services to uphold the strictest cleanliness standards. UCTT primarily serves original equipment manufacturers (OEMs) in the semiconductor capital equipment and integrated device manufacturing industries, with additional markets in display, medical, energy, and industrial equipment sectors.
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Ultra Clean is like a specialized Magna International for the semiconductor equipment industry, supplying critical, ultra-high purity components and subsystems.
They are also like the Thermo Fisher Scientific of the semiconductor industry, providing ultra-high purity components, analytical services, and specialized cleaning for chip-making equipment.
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Ultra Clean (UCTT) provides the following major products and services:
- Critical Subsystems & Components: Provides a range of essential parts like ultra-clean valves, high purity connectors, hoses, and gas line heaters for the semiconductor industry.
- Chemical Delivery Modules: Systems that deliver gases and reactive chemicals in liquid or gaseous form to reaction chambers.
- Gas Delivery Systems: Integrated systems comprising weldments, filters, and controllers, along with electronic/pneumatic control, for managing gas flow.
- Fluid Delivery Systems: Units that deliver chemicals, including PFA tubing, filters, and integrated electronic/pneumatic control systems.
- Precision Robotic Systems: Robotic solutions designed for various industrial and automation production equipment.
- High-Level Assemblies: Encompasses top-plate assemblies, frame assemblies, and process modules, which are subsystems of semiconductor manufacturing tools.
- Tool Chamber Parts Cleaning and Coating: Offers specialized cleaning and coating services for parts used within semiconductor manufacturing tool chambers.
- Micro-Contamination Analysis: Provides analytical services to detect and identify micro-contamination on parts, wafers, chemicals, and cleanroom materials.
- Analytical Verification: Services dedicated to verifying the effectiveness and quality of process tool chamber part cleaning.
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Ultra Clean Holdings, Inc. (UCTT) primarily sells to other companies, operating in a business-to-business (B2B) model. The provided company description does not list the specific names of its major customer companies or their public symbols.
However, based on the description, UCTT primarily serves the following categories of customers:
- Original Equipment Manufacturing (OEM) customers in the semiconductor capital equipment industry.
- Customers in the semiconductor integrated device manufacturing (IDM) industries.
- Customers in various other industrial sectors, including display, consumer, medical, energy, industrial, and research equipment industries.
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James Xiao, Chief Executive Officer
James Xiao joined Ultra Clean Holdings, Inc. as Chief Executive Officer and a member of the board of directors in September 2025. He brings over 30 years of experience in the semiconductor, solar, and display industries. Prior to UCT, Mr. Xiao spent 19 years at Applied Materials in various leadership roles, most recently as Corporate Vice President and General Manager of the company's multi-billion dollar semiconductor products group. He joined Applied Materials in 2006 through the acquisition of Applied Films, where he was President of the China branch. His background includes a track record of unlocking value through cutting-edge technologies, market expansion, and operational excellence. Mr. Xiao holds a B.S. in Applied Physics from Dalian University of Technology, an MBA from Indiana University's Kelley School of Business, and has completed executive leadership training at Stanford University.
Sheri Savage, Chief Financial Officer
Sheri Savage has served as Chief Financial Officer since July 7, 2016. Ms. Savage initially joined the company as the Senior Director of Finance in April 2009. Before joining UCT, she served at Credence Systems Corporation as Corporate Controller and Vice President of Finance, and as Director of Internal Audit. Her prior experience also includes various accounting and finance roles at Protiviti and KLA-Tencor Corporation, and she served as Manager, Business Process Risk Accounting at Arthur Anderson LLP. Ms. Savage holds a B.S. in Managerial Economics from the University of California, Davis. She was appointed to Itron's board of directors, effective August 11, 2025, bringing over 30 years of finance experience.
Robert Wunar, Chief Operating Officer
Robert Wunar was appointed Chief Operating Officer, effective March 23, 2026. He brings over 30 years of deep operations and supply chain leadership experience within the semiconductor capital equipment industry. Most recently, he served as the COO/Managing Director of Business Unit Operations at Applied Materials, Inc., where he was responsible for revenue, profitability, and end-to-end supply and demand execution for numerous product lines. His experience includes global manufacturing, cost optimization, cycle-time reduction, supply-chain resilience, and scaling operations to support major industry ramps. Mr. Wunar holds a Bachelor of Science degree in Electronics Engineering Technology from DeVry Institute of Technology.
Chris Cook, Chief Business Officer
Chris Cook joined UCT as President of the Products Division in April 2022 and was appointed Chief Business Officer in August 2025. He has a track record of 25 years of successful leadership and general management with semiconductor and electronic systems companies, including Renesas Technologies, Infineon Technologies, Flex, and Cypress Semiconductor.
Jamie Palfrey, Chief Human Resources Officer
Jamie Palfrey is the Chief Human Resources Officer at Ultra Clean Holdings. She has spent more than 25 years leading global HR teams in over 40 countries across North America, South America, Europe, and Asia. Before joining UCT, Ms. Palfrey served in executive and senior management roles in technology companies such as Shape Technologies Group, FEI Company, Lam Research, and ConocoPhillips. She holds a master's degree in Education from the University of Louisville and a B.S. in Business from Portland State University.
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- Customer Concentration: Ultra Clean Holdings is heavily reliant on a small number of customers for a significant portion of its revenue. For example, in fiscal year 2025, its two largest customers, Applied Materials, Inc. and Lam Research Corporation, collectively accounted for 58.7% of the company's total revenues. This high customer concentration exposes UCTT to substantial risk if any of these key clients reduce their demand or change their sourcing strategies, which could adversely affect the company's operating margins and financial performance.
- Semiconductor Industry Cyclicality: The company's business is predominantly tied to the semiconductor industry, which is characterized by its cyclical and volatile nature. Ultra Clean Holdings' operating results are significantly dependent on capital spending by manufacturers in the semiconductor and display industries. Downturns or fluctuations in this industry's demand for products and services can therefore have a material adverse effect on UCTT.
- Intense Competition and Margin Pressures: Ultra Clean Holdings operates in a highly competitive market within the semiconductor industry. The company faces competition from various players, some of whom may possess greater financial, technical, manufacturing, and marketing resources. This intense competition can lead to price-based competition and pressure on operating margins, as highlighted by recent sequential margin compression.
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Ultra Clean Holdings, Inc. (UCTT) operates within several significant addressable markets related to the semiconductor industry. The company's main products and services encompass critical subsystems, components, ultra-high purity cleaning, and analytical services, as well as various delivery systems and precision robotic systems.
Here are the addressable market sizes for Ultra Clean's main products and services:
- Products Division (Semiconductor Subsystems, Components, and Assemblies): Ultra Clean Holdings estimates its total addressable market for its products division at approximately $28-31 billion globally for 2025. This market falls within the broader wafer fabrication equipment (WFE) market, which is projected to be around $100-105 billion in 2025. The overall semiconductor equipment market was valued at USD 114.82 billion in 2026 and is expected to reach USD 162.70 billion by 2031, with a compound annual growth rate (CAGR) of 7.22% during that period.
- Services Division (Ultra-High Purity Cleaning and Analytical Services): Ultra Clean Holdings estimates its total addressable market for services at $1.6-1.8 billion globally for 2025. More specifically, the global ultra-high purity (UHP) semiconductor chamber parts cleaning and coatings market is projected to reach $1,691.6 million (approximately $1.69 billion) in 2025 and is expected to grow at a CAGR of 6.5% from 2025 to 2033. The global semiconductor cleaning device market was valued at USD 4,007 million in 2024 and is projected to grow to USD 5,933 million by 2031, with a CAGR of 5.9%. Within the semiconductor parts cleaning market, wafer cleaning alone was valued at USD 1,070 million in 2024 and is expected to reach USD 2,120 million by 2035. The North American segment of this market was valued at USD 1,050 million in 2024 and is expected to reach USD 2,100 million by 2035.
- High Purity Chemical Delivery Systems: The global high purity chemical delivery systems market was valued at USD 1.37 billion in 2025 and is projected to reach USD 2.34 billion by 2034, growing at a CAGR of 8.0%. Another estimate places the semiconductor chemical delivery systems market size at USD 2,940.89 million (approximately $2.94 billion) in 2024, expanding at a CAGR of 8.32% from 2025 to 2032. The broader global semiconductor chemicals market was USD 16.69 billion in 2025 and is predicted to increase to approximately USD 51.07 billion by 2035, with a CAGR of 16.69%. The semiconductor process chemicals market is valued at USD 18.7 billion in 2026 and is projected to reach USD 57.1 billion by 2036, growing at a CAGR of 11.80%.
- Gas Delivery Systems: The global semiconductor gas delivery system market is projected to grow from USD 2.8 billion in 2024 to USD 4.6 billion by 2030, with a CAGR of 8.6%. The broader global gas delivery systems market is anticipated to reach US$24.6 billion in 2026 and US$43.3 billion by 2033, with a CAGR of 8.4%. The semiconductor manufacturing segment is expected to account for nearly 40% of the revenue in this market in 2026. North America is projected to hold approximately 35% of the global market share in 2026. Another report forecasts the global gas delivery systems market to grow from USD 22.7 billion in 2025 to USD 50.5 billion by 2035, at a CAGR of 8.3%. The global semiconductor gases market was valued at USD 11.64 billion in 2025 and is projected to grow to USD 19.34 billion by 2034, at a CAGR of 7.5%.
- Precision Robotic Systems (in Semiconductor Manufacturing): The global robotics in semiconductor market generated USD 8.2 billion in 2024 and is predicted to reach approximately USD 20.1 billion by 2034, with a CAGR of 5.94%. North America is the largest regional market for robotics in the semiconductor sector, holding approximately 45% of the global market share, with a market size of USD 9.8 billion in 2024, projected to reach USD 26.3 billion by 2035, at a CAGR of 9.4%.
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Ultra Clean Holdings, Inc. (UCTT) is positioned for future revenue growth over the next 2-3 years, driven by several key factors within the semiconductor industry and strategic initiatives.
- Semiconductor Industry Upcycle and Wafer Fab Equipment (WFE) Demand: Ultra Clean is expected to benefit from a projected cyclical recovery in the semiconductor capital equipment market and increased demand for wafer fab equipment, particularly in the latter half of 2026 and extending into 2027. This anticipated upcycle is considered a primary driver for the company's revenue expansion.
- AI-Driven Demand Acceleration: The accelerating demand for artificial intelligence (AI) in the semiconductor industry is a significant catalyst for Ultra Clean's growth. The company's "UCT 3.0" initiative specifically aims to capitalize on AI technology-driven industrial growth, which includes increasing demand for AI infrastructure and related chip production.
- Expansion in Asia and Globalization: Ultra Clean is strategically expanding its manufacturing capacity in Asia to align with evolving customer manufacturing trends and to enhance its global presence. This geographic expansion is anticipated to support future revenue growth.
- UCT 3.0 Initiative and Operational Improvements: The company's "UCT 3.0" long-term growth strategy is focused on optimizing capacity utilization, improving margins, and preparing for future high-volume demand inflections. Through ongoing investments in new products and capacity, these operational efficiencies and strategic positioning are expected to contribute to revenue growth.
- Growth in Advanced Logic, Memory, and Advanced Packaging: Increased production of advanced logic, memory, and AI-related chips, coupled with the rising complexity of advanced packaging and the need for higher purity components, are expected to drive incremental shipments of Ultra Clean's subsystems and increase its content per tool.
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Share Repurchases
- On October 23, 2025, Ultra Clean Holdings' Board of Directors authorized a share repurchase program of up to $150 million of its common stock over three years.
- In February 2026, the company announced a share repurchase program of up to $40 million of its common stock, tied to a convertible senior notes offering.
- As part of the February 2026 program, 672,608 shares were repurchased for approximately $40 million at $59.47 per share.
Share Issuance
- On February 26, 2026, Ultra Clean Holdings priced an upsized offering of $525.0 million in 0.00% convertible senior notes due 2031.
- The initial conversion rate for these notes is 11.8001 shares of common stock per $1,000 principal amount, with an initial conversion price of approximately $84.75 per share.
Outbound Investments
- In March 2021, Ultra Clean Holdings acquired HAM-LET for $351 million.
- The company acquired HIS Innovations Group for $50 million in October 2023.
- Since 2015, Ultra Clean has completed six strategic acquisitions to expand its market, diversify products, and improve margins.
Capital Expenditures
- Capital expenditures were $50.3 million for fiscal year 2025, primarily focused on maintaining and expanding manufacturing capacity.
- For fiscal year 2023, capital expenditures amounted to $75.8 million.
- Capital expenditures were $100.1 million in fiscal year 2022.
Peer Outperformance in Semiconductor Materials & Equipment
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| UCTT | Ultra Clean | 2.6% | -147.3x | 221.9% | 126.7% | 85.4% | — |
| AMAT | Applied Materials | 5.2% | 42.2x | 204.7% | 240.5% | 290.9% | +206pp |
| AEIS | Advanced Energy Industries | 4.9% | 50.7x | 85.3% | 149.9% | 247.7% | +162pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 56.5% | 200.4% | 341.0% | FLEX 746% · TTMI 687% · JBL 432% |
| Semiconductor Materials & Equipment ← | 27 | 137.0% | 74.6% | 125.0% | AEHR 1645% · AXTI 677% · KLAC 488% |
| Technology Distributors | 9 | 21.8% | 61.4% | 77.5% | CLMB 340% · AVT 153% · SNX 113% |
| Electronic Components | 26 | 54.5% | 61.3% | 57.7% | CLS 3221% · BELFA 1309% · LPTH 617% |
| Communications Equipment | 35 | 29.8% | 82.4% | 42.0% | AAOI 1755% · LITE 905% · ANET 715% |
| Semiconductors | 54 | 31.6% | 30.5% | 31.0% | POET 1926% · MU 1282% · NVDA 881% |
| Technology Hardware, Storage & Peripherals | 22 | 31.2% | 76.3% | 22.5% | STX 976% · SMCI 936% · WDC 891% |
| Internet Services & Infrastructure | 6 | 13.9% | 38.3% | 15.1% | DOCN 109% · GDDY 36% · VRSN 34% |
| Electronic Equipment & Instruments | 27 | -7.9% | 17.2% | -3.6% | PI 215% · SOTK 138% · NSSC 125% |
| IT Consulting & Other Services | 28 | -25.2% | -7.3% | -18.3% | CHRN 627400% · APLD 1844% · TSSI 695% |
| Application Software | 123 | -19.6% | -10.4% | -42.5% | VIDA 394900% · INLX 5338% · PLTR 625% |
| Systems Software | 69 | -7.8% | 14.7% | -51.2% | QNC 845% · PANW 476% · PAYS 446% |
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 110.05 |
| Mkt Cap | 7.3 |
| Rev LTM | 2,117 |
| Op Inc LTM | 237 |
| FCF LTM | 91 |
| FCF 3Y Avg | 114 |
| CFO LTM | 260 |
| CFO 3Y Avg | 241 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.1% |
| Rev Chg 3Y Avg | 1.3% |
| Rev Chg Q | 23.5% |
| QoQ Delta Rev Chg LTM | 5.9% |
| Op Inc Chg LTM | 12.7% |
| Op Inc Chg 3Y Avg | 4.2% |
| Op Mgn LTM | 15.2% |
| Op Mgn 3Y Avg | 11.8% |
| QoQ Delta Op Mgn LTM | 1.1% |
| CFO/Rev LTM | 13.1% |
| CFO/Rev 3Y Avg | 13.6% |
| FCF/Rev LTM | 7.4% |
| FCF/Rev 3Y Avg | 8.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Products | 1,799 | 1,854 | 1,502 | 2,075 | 1,804 |
| Services | 255 | 244 | 233 | 300 | 298 |
| Total | 2,054 | 2,098 | 1,734 | 2,374 | 2,102 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Products | -46 | 79 | 30 | 90 | 154 |
| Services | -61 | 12 | 5 | 30 | 31 |
| Total | -107 | 91 | 35 | 120 | 186 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Products | 1,446 | 1,657 | 1,618 | 1,650 | 1,758 |
| Services | 283 | 263 | 250 | 311 | 268 |
| Total | 1,729 | 1,920 | 1,868 | 1,961 | 2,025 |
Price Behavior
| Market Price | $76.43 | |
| Market Cap ($ Bil) | 3.5 | |
| First Trading Date | 03/25/2004 | |
| Distance from 52W High | -46.4% | |
| 50 Days | 200 Days | |
| DMA Price | $97.09 | $64.66 |
| DMA Trend | up | up |
| Distance from DMA | -21.3% | 18.2% |
| 3M | 1YR | |
| Volatility | 120.3% | 86.5% |
| Downside Capture | 512.74 | 337.33 |
| Upside Capture | 416.31 | 408.77 |
| Correlation (SPY) | 51.8% | 53.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 6.73 | 5.24 | 4.91 | 3.99 | 3.65 | 2.51 |
| Up Beta | 16.38 | 8.50 | 8.13 | 4.92 | 4.54 | 2.55 |
| Down Beta | -0.42 | 2.30 | 2.00 | 2.73 | 2.82 | 1.89 |
| Up Capture | 220% | 797% | 755% | 1131% | 2383% | 10713% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 7 | 21 | 31 | 68 | 136 | 384 |
| Down Capture | 788% | 385% | 370% | 236% | 179% | 112% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 15 | 22 | 32 | 58 | 114 | 365 |
[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 UCTT | |
|---|---|---|---|---|
| UCTT | 243.8% | 86.3% | 1.81 | - |
| Sector ETF (XLK) | 41.9% | 26.0% | 1.31 | 63.4% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 53.8% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 21.3% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -5.2% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 8.5% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 19.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UCTT | |
|---|---|---|---|---|
| UCTT | 12.9% | 62.8% | 0.45 | - |
| Sector ETF (XLK) | 19.7% | 25.9% | 0.68 | 65.3% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 58.6% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 14.4% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 9.4% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 30.8% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 24.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UCTT | |
|---|---|---|---|---|
| UCTT | 28.9% | 61.3% | 0.67 | - |
| Sector ETF (XLK) | 24.1% | 24.9% | 0.88 | 59.5% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 54.3% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 11.0% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 15.4% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 32.9% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 18.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | -5.2% | -7.7% | |
| 10/28/2025 | -4.2% | -12.5% | -15.8% |
| 7/28/2025 | -0.6% | -5.8% | -3.5% |
| 4/28/2025 | -13.9% | -12.6% | -9.1% |
| 2/24/2025 | -28.2% | -35.3% | -32.0% |
| 10/28/2024 | 0.2% | -2.2% | 7.0% |
| 7/27/2023 | -0.1% | -0.4% | -10.3% |
| 4/26/2023 | -0.9% | -3.3% | 15.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 5 | 5 | 9 |
| # Negative | 14 | 14 | 9 |
| Median Positive | 3.1% | 5.2% | 15.9% |
| Median Negative | -4.3% | -5.0% | -10.3% |
| Max Positive | 19.2% | 29.2% | 42.6% |
| Max Negative | -28.2% | -35.3% | -32.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | -5.2% | -7.7% | |
| 10/28/2025 | -4.2% | -12.5% | -15.8% |
| 7/28/2025 | -0.6% | -5.8% | -3.5% |
| 4/28/2025 | -13.9% | -12.6% | -9.1% |
| 2/24/2025 | -28.2% | -35.3% | -32.0% |
| 10/28/2024 | 0.2% | -2.2% | 7.0% |
| 7/27/2023 | -0.1% | -0.4% | -10.3% |
| 4/26/2023 | -0.9% | -3.3% | 15.9% |
| 2/22/2023 | -7.7% | -3.9% | -6.7% |
| 10/26/2022 | 5.7% | 5.2% | 17.5% |
| 7/28/2022 | -6.9% | -2.5% | -13.1% |
| 4/27/2022 | -2.0% | 1.4% | 0.2% |
| 2/23/2022 | 3.1% | 2.1% | -0.9% |
| 10/27/2021 | 19.2% | 29.2% | 25.3% |
| 8/2/2021 | -14.2% | -12.5% | -14.6% |
| 4/28/2021 | -3.6% | -11.7% | 2.1% |
| 2/17/2021 | -4.5% | -2.9% | 3.5% |
| 12/17/2020 | -0.7% | -4.1% | 30.8% |
| 10/28/2020 | 1.6% | 11.6% | 42.6% |
| SUMMARY STATS | |||
| # Positive | 5 | 5 | 9 |
| # Negative | 14 | 14 | 9 |
| Median Positive | 3.1% | 5.2% | 15.9% |
| Median Negative | -4.3% | -5.0% | -10.3% |
| Max Positive | 19.2% | 29.2% | 42.6% |
| Max Negative | -28.2% | -35.3% | -32.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 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 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/30/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 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 | 02/23/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/03/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 03/11/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Recent Forward Guidance
Updated 8/4/2026Latest: Q2 2026 Earnings Reported 8/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | 700.00 Mil | 725.00 Mil | 750.00 Mil | 43.6% | Higher New | Actual: 505.00 Mil for Q4 2025 | |
| Q3 2026 GAAP Diluted EPS | 0.67 | 0.77 | 0.87 | -78 | 78.0% | Higher New | Actual: -0.01 for Q4 2025 |
| Q3 2026 Non-GAAP Diluted EPS | 0.83 | 0.93 | 1.03 | 342.9% | 72.0% | Higher New | Actual: 0.21 for Q4 2025 |
Prior: Q3 2025 Earnings Reported 10/28/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 480.00 Mil | 505.00 Mil | 530.00 Mil | 0 | Same New | Guidance: 505.00 Mil for Q3 2025 | |
| Q4 2025 GAAP Diluted Net Income (Loss) Per Share | -0.11 | -0.01 | 0.09 | -94.7% | Higher New | Guidance: -0.19 for Q3 2025 | |
| Q4 2025 Non-GAAP Diluted Net Income Per Share | 0.11 | 0.21 | 0.31 | -12.5% | Lower New | Guidance: 0.24 for Q3 2025 | |
Insider Activity
Updated 7/7/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Harding, Brian E | Chief Accounting Officer | Direct | Sell | 7072026 | 128.75 | 3,837 | 494,020 | 4,323,604 | Form |
| 2 | Harding, Brian E | Chief Accounting Officer | Direct | Sell | 6082026 | 89.47 | 16,988 | 1,519,892 | 2,510,041 | Form |
| 3 | Cho, Paul Yoonku | General Counsel and Secretary | Direct | Sell | 6042026 | 89.37 | 944 | 84,365 | 2,050,237 | Form |
| 4 | Liggett, Emily M | Direct | Sell | 5272026 | 92.18 | 8,198 | 755,692 | 3,516,851 | Form | |
| 5 | McKibben, Jeffrey L | Chief Information Officer | Direct | Sell | 5182026 | 87.00 | 4,205 | 365,835 | 987,363 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Harding, Brian E | Chief Accounting Officer | Direct | Sell | 7072026 | 128.75 | 3,837 | 494,020 | 4,323,604 | Form |
| 2 | Harding, Brian E | Chief Accounting Officer | Direct | Sell | 6082026 | 89.47 | 16,988 | 1,519,892 | 2,510,041 | Form |
| 3 | Cho, Paul Yoonku | General Counsel and Secretary | Direct | Sell | 6042026 | 89.37 | 944 | 84,365 | 2,050,237 | Form |
| 4 | Liggett, Emily M | Direct | Sell | 5272026 | 92.18 | 8,198 | 755,692 | 3,516,851 | Form | |
| 5 | McKibben, Jeffrey L | Chief Information Officer | Direct | Sell | 5182026 | 87.00 | 4,205 | 365,835 | 987,363 | Form |
| 6 | Cho, Paul Yoonku | General Counsel and Secretary | Direct | Sell | 5122026 | 86.89 | 2,000 | 173,780 | 1,376,687 | Form |
| 7 | McKibben, Jeffrey L | Chief Information Officer | Direct | Sell | 5122026 | 86.48 | 2,500 | 216,196 | 1,345,085 | Form |
| 8 | Cook, Christopher S | President, Products Division | Direct | Sell | 5062026 | 73.96 | 11,478 | 848,922 | 7,205,777 | Form |
| 9 | Cook, Christopher S | President, Products Division | Direct | Sell | 5042026 | 75.31 | 11,903 | 896,415 | 8,201,636 | Form |
| 10 | Ibnale, David T | Direct | Sell | 12052025 | 26.63 | 23,500 | 625,749 | 1,204,659 | Form |
Investor Activity (13F)
Updated Aug 23, 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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