# Ultra Clean Holdings (UCTT.US)

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

Analysis as of: 2026-10-16T07:32:39.386Z. Financial observations: FY2000–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: $55.83 per share; close as of 2026-10-15.

Estimated value: low $13.20 per share, central $14.44 per share, high $16.09 per share. Buy at or below the central value $14.44 per share. Valuation as of 2026-10-16T07:32:39.386Z; scenarios are not confidence intervals.

Expected annual return: 4.3% at the stated quote. About 4.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 3

- Operating margin variation: 0.51×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.10×

- FY2018: 0.06×

- FY2019: 0.03×

- FY2020: 0.09×

- FY2021: 0.09×

- FY2022: 0.05×

- FY2023: 0.02×

- FY2024: 0.04×

- FY2025: 0.02×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 8.9%

- ROIC, second-lowest year: 3.2%

- Typical minus recent gross margin: 1.8 pp

- Typical gross margin (annual median): 17.6%

- Recent gross margin (lower of latest and 3-year median): 15.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.6%

- ROIC including acquisitions, ten-year median: 4.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.0%

- FY2017: 38.8%

- FY2018: 9.0%

- FY2019: 4.4%

- FY2020: 20.7%

- FY2021: 20.3%

- FY2022: 8.8%

- FY2023: 3.1%

- FY2024: 6.2%

- FY2025: 3.2%

### economics: fail

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.7M

- Net income, five-year total: -$29M

- Return on incremental invested capital: 10.3%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 2.4 pp

- Working capital / revenue, final three-year average: 20.0%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $128M

- FY2022: $40M

- FY2023: -$45M

- FY2024: $36M

- FY2025: -$156M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.0% vs 3.2%

- Per-share earnings: 0.30 to -0.70 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.7%

- Ordinary dilution, 5-year annual growth: 2.0%

- Market cap gain: $833M

- Cumulative retained earnings: $151M

- Diluted shares, 10-year annual growth: 3.7%

- Diluted shares, 5-year annual growth: 2.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$1.00

- Per-share value, starting three-year median: $0.30

- Per-share value, ending three-year median: -$0.70

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 0.6%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: $739M

- Cumulative net income, 10 years: $161M

- ROIC, first three-year median: 10.0%

- ROIC, last three-year median: 3.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.30

- FY2017: $2.19

- FY2018: $0.94

- FY2019: -$0.24

- FY2020: $1.89

- FY2021: $2.69

- FY2022: $0.88

- FY2023: -$0.70

- FY2024: $0.52

- FY2025: -$4.00

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -14.3%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 29.3%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.38×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.0%

- FY2017: 4.7%

- FY2018: -0.9%

- FY2019: -12.8%

- FY2020: -1.8%

- FY2021: -4.5%

- FY2022: -0.3%

- FY2023: -8.9%

- FY2024: -2.2%

- FY2025: -14.3%

## Holders

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

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

## Price story

Down 61% since Jun 2026 · sales -2.1%

Story as of 2026-10-16T09:59:45.074Z; price observation 2026-10-15.

Price needs cash profits to grow 21.6% a year for ten years

- 2026-01-20: Ultra Clean (UCTT) Soars 28% as Chip Expansion Sparks Rosy Prospects ([finance.yahoo.com](https://finance.yahoo.com/news/ultra-clean-uctt-soars-28-013630142.html))

- 2026-04-29: Ultra Clean Holdings Q1 Earnings Beat Estimates, Revenues Rise Y/Y ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/ultra-clean-holdings-q1-earnings-142800452.html))

### Sales · FY2024–2025

sales -2.1%; source https://www.sec.gov/Archives/edgar/data/1275014/000162828026010744/uctt-20251226.htm; observed 2026-02-23.

- FY2016: $563M 

- FY2017: $924M 

- FY2018: $1.1B 

- FY2019: $1.1B 

- FY2020: $1.4B 

- FY2021: $2.1B 

- FY2022: $2.4B 

- FY2023: $1.7B 

- FY2024: $2.1B 

- FY2025: $2.1B 

### Gross margin · FY2025

gross margin 15.7%; source https://www.sec.gov/Archives/edgar/data/1275014/000162828026010744/uctt-20251226.htm; observed 2026-02-23.

- FY2016: 15.4% 

- FY2017: 18.1% 

- FY2018: 16.0% 

- FY2019: 18.5% 

- FY2020: 20.9% 

- FY2021: 20.5% 

- FY2022: 19.6% 

- FY2023: 16.0% 

- FY2024: 17.0% 

- FY2025: 15.7% 

## Owner memo

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

### How it makes money

Operates in semiconductor equipment & materials; annual sales are USD 2.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1275014/000162828026010744/uctt-20251226.htm (filed 2026-02-23); FY2025: revenue 2054000000; grossProfit 322900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UCTT.US: Ultra Clean Holdings, Inc. develops and supplies critical subsystems, components and parts, and cleaning and analytical services for the semiconductor industry in the United States and internationally. The company offers outsourced solutions for the development, design, component sourcing and cleaning, prototyping, engineering, and manufacturing and testing of advanced systems. It also provides a range of gas delivery solutions, such as precision thermal products, valves, connectors, industrial process connectors and valves, pneumatic actuators, manifolds and safety solutions, hoses, pressure gauges, gas lines, and component heaters, as well as complex weldments. In addition, the company offers assemblies, including gas and fluid delivery solutions, wafer transport systems, mechatronic assemblies, process modules, and sub-fab process equipment support racks; weldments and frames with exacting standards; heaters, sensors, and controllers for precise temperature control; integrated device manufacturers and OEMs validated process tool chamber parts cleaning and coating services; and tool part process optimization solutions, analytical verification of process tool chamber part cleaning effectiveness and micro contamination analysis of tool parts, wafers and depositions, chemicals, cleanroom materials, deionized water, and airborne molecular contamination. It primarily serves customers in the semiconductor capital equipment and semiconductor integrated device manufacturing industries, as well as display, consumer, medical, energy, industrial, and research equipment industries. The company was founded in 1991 and is headquartered in Hayward, California.

### Why customers stay

Margins ranged from 15.7% to 17% during 2023–25; it earns 8.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2023: grossProfit / revenue = 16%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2024: grossProfit / revenue = 17%.

- Source: https://www.sec.gov/Archives/edgar/data/1275014/000162828026010744/uctt-20251226.htm (filed 2026-02-23); FY2025: grossProfit / revenue = 15.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); 10-year return on capital observations [[2016,0.09957138361337639],[2017,0.38791705230223766],[2018,0.08985750452993974],[2019,0.04444317402241024],[2020,0.20696163732832137],[2021,0.20339062274169276],[2022,0.08778463264161525],[2023,0.030672843591440548],[2024,0.062092804022205926],[2025,0.03151921847895554]]; median 0.08882106858577749. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 10 years; bought back USD 3.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2016: growth capex 0; upkeep 7278000; owner earnings 14512000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2017: growth capex 5437000; upkeep 10712000; owner earnings 75085000. Growth capex / owner earnings = 0.07241126723047213.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2018: growth capex 8387000; upkeep 21100000; cash acquisitions 319800000; owner earnings 36596000. Growth capex plus acquisitions / owner earnings = 8.967838015083617.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2019: growth capex 0; upkeep 26312000; cash acquisitions 29900000; owner earnings 5888000. Growth capex plus acquisitions / owner earnings = 5.078125.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2020: growth capex 0; upkeep 36427000; cash acquisitions 0; owner earnings 85973000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2021: growth capex 0; upkeep 59300000; cash acquisitions 342800000; owner earnings 127700000. Growth capex plus acquisitions / owner earnings = 2.684416601409554.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2022: growth capex 31700000; upkeep 68400000; cash acquisitions 0; owner earnings 40400000. Growth capex plus acquisitions / owner earnings = 0.7846534653465347.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2024: growth capex 0; upkeep 63500000; cash acquisitions 0; owner earnings 36300000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,600000],[2020,1500000],[2021,7300000],[2022,300000],[2023,200000],[2024,500000],[2025,100000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1275014/000162828026010744/uctt-20251226.htm (filed 2026-02-23); FY2025: cash repurchases 3400000 USD.

### Are managers owners

Insiders own 1.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UCTT.US SharesStats.PercentInsiders = 1.9290000000000003 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 21.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Ten-year compound average after fade. Initial solved rate 0.3013273978527652. Price 55.83; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.3150424534279559 → FY2025 -3.432671081677704. Closing-price date 2026-10-15.

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

- 2016-10: $8.50 per share

- 2016-11: $10.04 per share

- 2016-12: $9.70 per share

- 2017-01: $12.53 per share

- 2017-02: $13.85 per share

- 2017-03: $16.87 per share

- 2017-04: $19.24 per share

- 2017-05: $22.84 per share

- 2017-06: $18.75 per share

- 2017-07: $23.45 per share

- 2017-08: $23.07 per share

- 2017-09: $30.62 per share

- 2017-10: $25.52 per share

- 2017-11: $20.98 per share

- 2017-12: $23.09 per share

- 2018-01: $21.69 per share

- 2018-02: $19.26 per share

- 2018-03: $19.25 per share

- 2018-04: $17.51 per share

- 2018-05: $17.62 per share

- 2018-06: $16.60 per share

- 2018-07: $13.42 per share

- 2018-08: $15.26 per share

- 2018-09: $12.55 per share

- 2018-10: $10.52 per share

- 2018-11: $9.40 per share

- 2018-12: $8.47 per share

- 2019-01: $11.86 per share

- 2019-02: $10.65 per share

- 2019-03: $10.35 per share

- 2019-04: $11.97 per share

- 2019-05: $12.75 per share

- 2019-06: $13.92 per share

- 2019-07: $14.59 per share

- 2019-08: $11.94 per share

- 2019-09: $14.64 per share

- 2019-10: $21.37 per share

- 2019-11: $22.24 per share

- 2019-12: $23.47 per share

- 2020-01: $23.01 per share

- 2020-02: $20.91 per share

- 2020-03: $13.80 per share

- 2020-04: $18.39 per share

- 2020-05: $20.73 per share

- 2020-06: $22.63 per share

- 2020-07: $30.09 per share

- 2020-08: $24.52 per share

- 2020-09: $21.46 per share

- 2020-10: $21.29 per share

- 2020-11: $31.64 per share

- 2020-12: $31.15 per share

- 2021-01: $38.60 per share

- 2021-02: $46.38 per share

- 2021-03: $58.04 per share

- 2021-04: $51.07 per share

- 2021-05: $56.33 per share

- 2021-06: $53.72 per share

- 2021-07: $54.01 per share

- 2021-08: $46.24 per share

- 2021-09: $42.60 per share

- 2021-10: $49.57 per share

- 2021-11: $54.81 per share

- 2021-12: $57.36 per share

- 2022-01: $50.42 per share

- 2022-02: $45.81 per share

- 2022-03: $42.39 per share

- 2022-04: $31.17 per share

- 2022-05: $33.56 per share

- 2022-06: $29.77 per share

- 2022-07: $33.60 per share

- 2022-08: $29.27 per share

- 2022-09: $25.75 per share

- 2022-10: $31.11 per share

- 2022-11: $35.63 per share

- 2022-12: $33.15 per share

- 2023-01: $33.65 per share

- 2023-02: $31.86 per share

- 2023-03: $33.16 per share

- 2023-04: $28.54 per share

- 2023-05: $34.28 per share

- 2023-06: $38.46 per share

- 2023-07: $38.10 per share

- 2023-08: $35.16 per share

- 2023-09: $29.67 per share

- 2023-10: $23.86 per share

- 2023-11: $27.14 per share

- 2023-12: $34.14 per share

- 2024-01: $38.20 per share

- 2024-02: $43.20 per share

- 2024-03: $45.94 per share

- 2024-04: $41.83 per share

- 2024-05: $46.38 per share

- 2024-06: $49.00 per share

- 2024-07: $43.26 per share

- 2024-08: $37.70 per share

- 2024-09: $39.93 per share

- 2024-10: $33.45 per share

- 2024-11: $38.43 per share

- 2024-12: $35.95 per share

- 2025-01: $36.87 per share

- 2025-02: $24.60 per share

- 2025-03: $21.41 per share

- 2025-04: $18.71 per share

- 2025-05: $19.37 per share

- 2025-06: $22.57 per share

- 2025-07: $22.52 per share

- 2025-08: $24.02 per share

- 2025-09: $27.25 per share

- 2025-10: $27.41 per share

- 2025-11: $25.36 per share

- 2025-12: $25.33 per share

- 2026-01: $43.68 per share

- 2026-02: $60.68 per share

- 2026-03: $62.18 per share

- 2026-04: $78.15 per share

- 2026-05: $85.57 per share

- 2026-06: $142.59 per share

- 2026-07: $83.31 per share

- 2026-08: $67.83 per share

- 2026-09: $81.06 per share

- 2026-10: $55.83 per share

## Annual estimated value (USD per share)

- FY2016: low $6.27 per share, central $6.96 per share, high $7.88 per share

- FY2017: low $10.08 per share, central $12.11 per share, high $13.88 per share

- FY2018: low $12.46 per share, central $15.04 per share, high $17.05 per share

- FY2019: low $12.65 per share, central $15.99 per share, high $18.13 per share

- FY2020: low $17.63 per share, central $20.80 per share, high $23.57 per share

- FY2021: low $45.83 per share, central $57.50 per share, high $65.67 per share

- FY2022: low $29.91 per share, central $39.13 per share, high $44.74 per share

- FY2023: low $13.88 per share, central $15.69 per share, high $17.29 per share

- FY2024: low $14.76 per share, central $15.97 per share, high $17.58 per share

- FY2025: low $14.41 per share, central $15.57 per share, high $17.12 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/1275014/000162828026010744/uctt-20251226.htm); period 2025-12-26, filed 2026-02-23.

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.

## Reported holder observations

- [Matthew McLennan](https://gigainvestors.com/FE): 347,930 UCTT shares; USD 49,612,000 reported position value; 0.08% of portfolio; reduce; quarter 2026 Q2.
- [Lee Ainslie](https://gigainvestors.com/mc): 5,035 UCTT shares; USD 718,000 reported position value; 0.01% of portfolio; reduce; quarter 2026 Q2.

# UCTT — Ultra Clean Holdings Inc.

Held by 2 investors · USD 50,330,000 total · 2026 Q2 · reported price USD 142.60 (split-adjusted).
Page: https://gigainvestors.com/s/UCTT

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Matthew McLennan (https://gigainvestors.com/FE) | USD 49,612,000 | 0.1% | reduce -19.85% |
| Lee Ainslie (https://gigainvestors.com/mc) | USD 718,000 | <0.1% | reduce -75.21% |

## Total held by quarter

- 2021 Q2: USD 49,000 · 1 holder · USD 53.61
- 2021 Q3: USD 329,002 · 1 holder · USD 42.65
- 2021 Q4: USD 637,054 · 1 holder · USD 57.32
- 2022 Q1: USD 1,738,202 · 1 holder · USD 42.39
- 2022 Q2: USD 3,066,786 · 1 holder · USD 29.77
- 2022 Q3: USD 3,421,506 · 1 holder · USD 25.75
- 2022 Q4: USD 5,323,890 · 1 holder · USD 33.15
- 2023 Q1: USD 6,287,136 · 1 holder · USD 33.16
- 2023 Q2: USD 9,806,492 · 1 holder · USD 38.46
- 2023 Q3: USD 8,814,601 · 1 holder · USD 29.67
- 2023 Q4: USD 14,181,483 · 1 holder · USD 34.14
- 2024 Q1: USD 15,157,581 · 1 holder · USD 45.94
- 2024 Q2: USD 16,539,411 · 1 holder · USD 49.00
- 2024 Q3: USD 14,919,405 · 1 holder · USD 39.93
- 2024 Q4: USD 14,413,757 · 1 holder · USD 35.95
- 2025 Q1: USD 8,680,449 · 1 holder · USD 21.41
- 2025 Q2: USD 8,128,337 · 1 holder · USD 22.57
- 2025 Q3: USD 10,970,005 · 1 holder · USD 27.25
- 2025 Q4: USD 10,399,713 · 1 holder · USD 25.33
- 2026 Q1: USD 28,255,355 · 2 holders · USD 62.19
- 2026 Q2: USD 50,330,000 · 2 holders · USD 142.60