📈 Price History

Ratio Health

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📊 Sector Averages

About

Ichor Holdings, Ltd. engages in the design, engineering, and manufacture of fluid delivery subsystems and components for semiconductor capital equipment in Singapore, the United States, Europe, and internationally. The company offers gas and chemical delivery subsystems used in the manufacturing of semiconductor devices. Its gas delivery subsystems deliver, monitor, and control gases used in semiconductor manufacturing processes, such as etch and deposition; and chemical delivery subsystems blend and dispense the reactive liquid chemistries used in semiconductor manufacturing processes, including chemical-mechanical planarization, electroplating, and cleaning. In addition, the company provides precision-machined components, weldments, e-beam and laser welded components, precision vacuum and hydrogen brazing, surface treatment technologies, and other proprietary products. It sells and markets its products to equipment OEMs in the semiconductor equipment market. Ichor Holdings, Ltd. was incorporated in 1999 and is headquartered in Fremont, California.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding ICHR

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	90.3K	$4.2M	0.01%	Mar 2026
Jim Simons Renaissance Technologies LLC	15.8K	$736K	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific ↑ Improving 4 quarters analysed

Q2 2025

Mixed

The CEO acknowledges hiring challenges that prevented achieving midpoint gross margin, stating 'if not for the hiring challenges... we would have been announcing Q2 gross margins of over 13%.' Yet he expresses confidence in long-term strategy, saying 'we are confident that our strategies will materialize in stronger gross margins as we progress forward.' The tone is cautious on near-term execution but confident on strategic direction.

Q3 2025

Mixed

Management expressed confidence in strong etch/dep demand and long-term fundamentals, but also acknowledged near-term headwinds from IMG weakness and customer forecast revisions. Language like 'no question that the demand environment...is strong' contrasts with 'we are expecting IMG to continue to run at a lower rate' and 'meaningful forecast revisions' from key customers.

Q4 2025

Confident Specific

Management repeatedly used definitive language like 'we are now operating in a sustained demand ramp', 'every quarter in 2026 as a growth quarter', and provided specific figures for Q1 guidance, margin trajectory, and capacity expansion timelines.

Q1 2026 latest

Confident Specific

Management used definitive language like 'delivering upside', 'steepest ramps in Ichor's history', 'strong earnings leverage', and 'on track if not ahead' of schedule. They provided specific figures and milestones (30% increase in process steps, 35% Ichor-branded content target).

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call due to clear evidence of demand acceleration, strong execution on strategic transformations, and confidence in margin expansion. The steep revenue ramp (Q2 guidance ~$300M) and reiterated 35% Ichor-branded content target support earnings leverage. However, the limited visibility beyond six months and the reliance on supply chain and labor headcount for further upside introduce caution. Key items to watch next quarter are the pace of footprint realignment milestones, actual flow control qualifications, and any signs of capacity constraints or customer inventory adjustments in litho. If gross margins expand as guided and demand holds, the stock should see re-rating.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific ↑ Improving 4 quarters Full tone analysis in Intelligence →

📊 MIXED Ichor Q1 rev $256M, Q2 guide ~$300M, gross margin to reach 15% by year-end.

Revenue & Profitability

Q1 2026 revenue was $256.1 million (upper end of guidance). Operating income tripled to $8.7 million (3.4% of revenue), EPS was $0.15 on 35.3 million diluted shares. EBITDA was nearly $14 million. Cash from operations was a use of $2.9 million due to inventory investments. Cash and equivalents were $89.1 million, total debt $122 million. Q2 2026 guidance: revenue $290-310 million, gross margin 13-14%, EPS $0.25-0.35.

Outlook

Management sees a multi-year growth cycle with every quarter of 2026 expected to be a growth quarter. Demand has strengthened since the prior call, with unconstrained demand exceeding $300 million in Q2. Tailwinds include AI hyperscaling and increased process steps for gate-all-around logic. Lithography demand is expected to recover in Q4 after inventory burn. Silicon carbide demand remains light.

Growth Drivers

Key growth drivers are etch and deposition applications driven by AI and gate-all-around architectures. The Global Footprint Realignment to Mexico and Malaysia expands capacity and reduces costs. Ramping Ichor-branded content (substrates, valves, flow control) adds higher-margin revenue. Non-semiconductor aerospace and defense business is growing faster than WFE. Management expects double-digit sequential growth in the second half.

Balance Sheet & CapEx

Q1 2026 capital expenditures were $7.1 million. Management targets CapEx at approximately 3% of revenue, with levels expected to trend up modestly in the second half. Brick-and-mortar capacity can support more than doubling last year's revenue (over $2 billion), but additional equipment investment is needed for Ichor-branded product lines, particularly in Malaysia.

Margins

Q1 gross margin was 12.8% (up 110 bps sequentially). Q2 guidance is 13-14%. Management expects approximately 100 bps per quarter improvement through the second half to achieve the near-term target of at least 15%. Volume leverage and cost reductions contribute about equally. Operating expenses are managed to ~$25 million per quarter with only 5-6% full-year growth. Gross profit dollars are expected to grow roughly twice the rate of revenues.

Key Risks

Key risks include supply chain constraints and the ability to ramp labor headcount to meet a steep demand increase. Customer qualifications for new manufacturing locations (Mexico, Malaysia) were an earlier risk now largely mitigated. Silicon carbide demand remains weak. The lithography business faces a near-term headwind from customer inventory burn in Q3. Incremental capital expenditures may be needed for Ichor-branded product equipment.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-03

Q2 saw 15% sequential revenue growth, margin expansion, and record EPS, driven by operational improvements and strong demand. Guidance points to continued double-digit growth, further margin gains, and robust liquidity, with capacity investments supporting future expansion.

Q1 2026 Q1 2026 2026-05-04

Q1 2026 saw 15% sequential revenue growth, margin expansion, and strong operating leverage, with Q2 guidance raised to $290M–$310M and further margin gains expected. Capacity expansions and strategic initiatives are ahead of schedule, supporting robust multi-year growth.

Q4 2025 Q4 2025 2026-02-09

Revenue grew 12% year-over-year to $948M in 2025, with Q4 marking the cycle trough and a strong sequential ramp expected in 2026. Gross margins are set to improve as new facilities come online, and the company anticipates outperforming industry growth benchmarks, driven by technology transitions and broad-based demand.

Q3 2025 Q3 2025 2025-11-03

Q3 revenue grew 13% year-over-year, led by etch and deposition, but gross margin was pressured by non-semi market weakness and IMG shortfalls. Guidance points to Q4 as the trough, with 2026 expected to bring growth, margin expansion, and operational improvements under new CEO leadership.

Q2 2025 Q2 2025 2025-08-04

Q2 revenue reached $240.3M, up 18% year-over-year, with gross margin at 12.5% due to hiring challenges. Guidance for Q3 is $225–$245M in revenue and 12.5–13.5% gross margin, with the second half expected to be slightly lighter. CEO succession and new product milestones were announced.

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