# Ichor Holdings (ICHR.US)

Canonical: https://gigainvestors.com/s/ICHR

Analysis as of: 2026-10-16T07:29:15.158Z. Financial observations: FY2017–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $46.65 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 2

- Years with a net loss: 3

- Operating margin variation: 1.28×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.07×

- FY2018: 0.08×

- FY2019: 0.02×

- FY2020: 0.05×

- FY2021: 0.07×

- FY2022: 0.07×

- FY2023: -0.01×

- FY2024: -0.01×

- FY2025: -0.04×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 4.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 16.3%

- ROIC, second-lowest year: -2.0%

- Typical minus recent gross margin: 4.6 pp

- Typical gross margin (annual median): 13.9%

- Recent gross margin (lower of latest and 3-year median): 9.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.9%

- ROIC including acquisitions, ten-year median: 9.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 20.5%

- FY2018: 35.1%

- FY2019: 8.3%

- FY2020: 21.4%

- FY2021: 18.9%

- FY2022: 16.3%

- FY2023: -2.0%

- FY2024: -1.4%

- FY2025: -7.9%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 2.59×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $70M

- Net income, five-year total: $27M

- Return on incremental invested capital: -105.8%

- Working capital / revenue, annual change: 2.4 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.07×

- FY2022: 1.08×

- FY2023: 0.56×

- FY2024: 0.37×

- FY2025: 1.00×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 20.5% vs -2.0%

- Per-share earnings: 1.96 to -1.47 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 7.9%

- Market cap gain: -$2.3M

- Cumulative retained earnings: $134M

- Diluted shares, 5-year annual growth: 7.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$3.43

- Per-share value, starting three-year median: $1.96

- Per-share value, ending three-year median: -$1.47

- Buybacks concentrated in cheaper years (correlation): 0.43

- Average buyback yield: 4.4%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 20.5%

- ROIC, last three-year median: -2.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: $1.96

- FY2018: $2.30

- FY2019: $0.47

- FY2020: $1.42

- FY2021: $2.45

- FY2022: $2.51

- FY2023: -$1.47

- FY2024: -$0.64

- FY2025: -$1.54

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -8.8%

- Receivables to sales index (DSRI): 0.73×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 56.0%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.57×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 2.4%

- FY2018: -0.5%

- FY2019: -8.2%

- FY2020: -0.6%

- FY2021: 5.4%

- FY2022: 3.8%

- FY2023: -10.7%

- FY2024: -4.9%

- FY2025: -8.8%

## Holders

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 58% since Jun 2026 · sales +11.6%

Story as of 2026-10-16T09:58:55.979Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +11.6%; source https://www.sec.gov/Archives/edgar/data/1652535/000165253526000012/ichr-20251226.htm; observed 2026-02-20.

- FY2017: $656M 

- FY2018: $824M 

- FY2019: $621M 

- FY2020: $914M 

- FY2021: $1.1B 

- FY2022: $1.3B 

- FY2023: $811M 

- FY2024: $849M 

- FY2025: $948M 

### Gross margin · FY2025

gross margin 9.3%; source https://www.sec.gov/Archives/edgar/data/1652535/000165253526000012/ichr-20251226.htm; observed 2026-02-20.

- FY2017: 15.6% 

- FY2018: 16.5% 

- FY2019: 13.9% 

- FY2020: 13.7% 

- FY2021: 16.2% 

- FY2022: 16.6% 

- FY2023: 12.7% 

- FY2024: 12.2% 

- FY2025: 9.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductor equipment & materials; annual sales are USD 947.7 million.

- Source: https://www.sec.gov/Archives/edgar/data/1652535/000165253526000012/ichr-20251226.htm (filed 2026-02-20); FY2025: revenue 947652000; grossProfit 87775000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); ICHR.US: 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.

### Why customers stay

Margins ranged from 9.3% to 12.7% during 2023–25; it earns 16.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: grossProfit / revenue = 12.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: grossProfit / revenue = 12.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1652535/000165253526000012/ichr-20251226.htm (filed 2026-02-20); FY2025: grossProfit / revenue = 9.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); 9-year return on capital observations [[2017,0.20495361307345306],[2018,0.3507833878990288],[2019,0.08301140111184396],[2020,0.21355261467300526],[2021,0.18899246060943692],[2022,0.16348187290185473],[2023,-0.019756664134070005],[2024,-0.014086367572134403],[2025,-0.07947252071672836]]; median 0.16348187290185473. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 4 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2017: growth capex 0; upkeep 8226000; owner earnings 55669000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2018: growth capex 0; upkeep 13920000; owner earnings 67027000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2019: growth capex 0; upkeep 20490000; owner earnings 12108000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2020: growth capex 0; upkeep 10301000; owner earnings 47224000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2021: growth capex 0; upkeep 20839000; owner earnings 76052000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2022: growth capex 0; upkeep 29433000; owner earnings 78471000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2017,0],[2018,0],[2019,13000000],[2020,1829000],[2021,6048000],[2022,955000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); ICHR.US SharesStats.PercentInsiders = 1.403 percentage points; cache date 2026-10-15.

### What the price says

The price is 1.7 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Closing price 46.65 USD; reporting-to-trading FX 1; FY2025 annual sales per share 27.683060258064643; price multiple 1.6851460627952033. FY2025 cash earnings/share -1.541852498048767. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-12: $10.82 per share

- 2017-01: $15.44 per share

- 2017-02: $18.79 per share

- 2017-03: $19.83 per share

- 2017-04: $19.40 per share

- 2017-05: $23.48 per share

- 2017-06: $20.16 per share

- 2017-07: $22.98 per share

- 2017-08: $22.88 per share

- 2017-09: $26.80 per share

- 2017-10: $31.19 per share

- 2017-11: $28.41 per share

- 2017-12: $24.60 per share

- 2018-01: $31.92 per share

- 2018-02: $25.84 per share

- 2018-03: $24.21 per share

- 2018-04: $22.10 per share

- 2018-05: $24.88 per share

- 2018-06: $21.22 per share

- 2018-07: $21.00 per share

- 2018-08: $25.93 per share

- 2018-09: $20.42 per share

- 2018-10: $17.75 per share

- 2018-11: $18.20 per share

- 2018-12: $16.30 per share

- 2019-01: $20.57 per share

- 2019-02: $20.97 per share

- 2019-03: $22.58 per share

- 2019-04: $25.18 per share

- 2019-05: $21.10 per share

- 2019-06: $23.64 per share

- 2019-07: $25.21 per share

- 2019-08: $21.26 per share

- 2019-09: $24.18 per share

- 2019-10: $29.11 per share

- 2019-11: $31.55 per share

- 2019-12: $33.27 per share

- 2020-01: $33.39 per share

- 2020-02: $28.92 per share

- 2020-03: $19.16 per share

- 2020-04: $24.90 per share

- 2020-05: $22.75 per share

- 2020-06: $26.58 per share

- 2020-07: $32.82 per share

- 2020-08: $25.16 per share

- 2020-09: $21.57 per share

- 2020-10: $23.26 per share

- 2020-11: $31.90 per share

- 2020-12: $30.15 per share

- 2021-01: $36.10 per share

- 2021-02: $42.76 per share

- 2021-03: $53.80 per share

- 2021-04: $55.77 per share

- 2021-05: $56.26 per share

- 2021-06: $53.80 per share

- 2021-07: $51.57 per share

- 2021-08: $44.31 per share

- 2021-09: $41.09 per share

- 2021-10: $43.72 per share

- 2021-11: $47.89 per share

- 2021-12: $46.03 per share

- 2022-01: $42.42 per share

- 2022-02: $35.23 per share

- 2022-03: $35.62 per share

- 2022-04: $29.11 per share

- 2022-05: $30.24 per share

- 2022-06: $25.98 per share

- 2022-07: $31.26 per share

- 2022-08: $30.72 per share

- 2022-09: $24.21 per share

- 2022-10: $25.44 per share

- 2022-11: $29.78 per share

- 2022-12: $26.82 per share

- 2023-01: $33.80 per share

- 2023-02: $32.95 per share

- 2023-03: $32.74 per share

- 2023-04: $27.85 per share

- 2023-05: $30.30 per share

- 2023-06: $37.50 per share

- 2023-07: $38.72 per share

- 2023-08: $36.63 per share

- 2023-09: $30.96 per share

- 2023-10: $24.26 per share

- 2023-11: $26.13 per share

- 2023-12: $33.63 per share

- 2024-01: $36.20 per share

- 2024-02: $42.80 per share

- 2024-03: $38.62 per share

- 2024-04: $38.78 per share

- 2024-05: $37.99 per share

- 2024-06: $38.55 per share

- 2024-07: $34.00 per share

- 2024-08: $31.00 per share

- 2024-09: $31.81 per share

- 2024-10: $27.26 per share

- 2024-11: $32.76 per share

- 2024-12: $32.22 per share

- 2025-01: $27.46 per share

- 2025-02: $29.29 per share

- 2025-03: $22.61 per share

- 2025-04: $19.78 per share

- 2025-05: $15.78 per share

- 2025-06: $19.64 per share

- 2025-07: $19.79 per share

- 2025-08: $16.85 per share

- 2025-09: $17.52 per share

- 2025-10: $22.68 per share

- 2025-11: $16.80 per share

- 2025-12: $18.43 per share

- 2026-01: $30.34 per share

- 2026-02: $47.55 per share

- 2026-03: $46.61 per share

- 2026-04: $65.97 per share

- 2026-05: $71.52 per share

- 2026-06: $112.28 per share

- 2026-07: $75.27 per share

- 2026-08: $53.57 per share

- 2026-09: $61.86 per share

- 2026-10: $46.65 per share

## Annual estimated value (USD per share)

- FY2021: low $30.53 per share, central $34.49 per share, high $39.75 per share

- FY2022: low $31.72 per share, central $35.80 per share, high $41.23 per share

- FY2023: low $17.87 per share, central $20.03 per share, high $22.91 per share

- FY2024: low $17.43 per share, central $19.45 per share, high $22.13 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1652535/000165253526000012/ichr-20251226.htm); period 2025-12-26, filed 2026-02-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.