Ichor Holdings, Ltd.
- Open
- 79.00
- Day high
- 84.76
- Day low
- 77.32
- Prev close
- 83.74
- Volume
- 1.5M
- Mkt cap
- $2.9B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 4.3
- P/S
- 3.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$5.7M over the last 3 months (0 open-market buys, 8 sales)
- 🏛Institutions accumulating (13F)
Ichor Holdings, Ltd. (ICHR) is a Technology company listed on NASDAQ. The stock is up 264% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 8 sales (SEC Form 4).
Ichor Holdings, Ltd. (ICHR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ICHR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 4, 2026 | $0.13 | $0.15 | +15.4% | $256M | +1.9% |
| Feb 4, 2025 | $0.27 | $0.08 | -70.4% | $233M | -4.8% |
| Feb 7, 2023 | $0.71 | $0.72 | +1.4% | $302M | +0.3% |
| Feb 8, 2022 | $0.91 | $0.90 | -1.1% | $287M | -1.3% |
| Nov 2, 2021 | $0.85 | $0.81 | -4.7% | $263M | -14.1% |
| Aug 3, 2021 | $0.85 | $0.90 | +5.9% | $282M | -0.9% |
| May 4, 2021 | $0.72 | $0.76 | +5.6% | $265M | +5.9% |
| Feb 2, 2021 | $0.69 | $0.81 | +17.4% | $245M | +16.4% |
| Nov 2, 2020 | $0.60 | $0.62 | +3.3% | $228M | +3.3% |
| May 4, 2020 | $0.58 | $0.52 | -10.3% | $220M | -13.3% |
| Feb 5, 2020 | $0.49 | $0.48 | -2.0% | $189M | -4.0% |
| Aug 6, 2019 | $0.24 | $0.23 | -4.2% | $139M | -4.2% |
ICHR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | RAGSDALE BRUCEofficer: Chief Operating Officer | Tax | 1,580 | $111.77 |
| Jun 9, 2026 | Swyt Gregofficer: Chief Financial Officer | Sell | 6,820 | $66.81 |
| Jun 5, 2026 | BARROS PHILIP RYAN SR.director, officer: Chief Executive Officer | Option | 1,403 | $21.76 |
| Jun 5, 2026 | BARROS PHILIP RYAN SR.director, officer: Chief Executive Officer | Sell | 13,705 | $70.19 |
| Jun 2, 2026 | Black Laura A.director | Sell | 20,000 | $75.02 |
| Jun 2, 2026 | Swyt Gregofficer: Chief Financial Officer | Tax | 1,081 | $70.01 |
| May 29, 2026 | Swyt Gregofficer: Chief Financial Officer | Sell | 19,662 | $70.42 |
| May 27, 2026 | BARROS PHILIP RYAN SR.director, officer: Chief Executive Officer | Tax | 1,078 | $68.96 |
| May 19, 2026 | Titinger Jorgedirector | Sell | 4,000 | $64.21 |
| May 19, 2026 | Swyt Gregofficer: Chief Financial Officer | Tax | 503 | — |
| May 19, 2026 | RAGSDALE BRUCEofficer: Chief Operating Officer | Tax | 623 | — |
| May 19, 2026 | BARROS PHILIP RYAN SR.director, officer: Chief Executive Officer | Tax | 881 | — |
| May 18, 2026 | Black Laura A.director | Grant | 2,349 | — |
| May 18, 2026 | Arienzo Wendydirector | Grant | 2,349 | — |
| May 18, 2026 | RAGSDALE BRUCEofficer: Chief Operating Officer | Grant | 12,079 | — |
Source: ICHR SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full ICHR insider & 13F page →Ichor Holdings, Ltd. company profile
Overview
Ichor Holdings, Ltd. (NASDAQ:ICHR) is a specialized semiconductor equipment supplier founded in 1999 and headquartered in Fremont, California. The company went public in December 2016 and has established itself as a critical supplier of fluid delivery subsystems to the semiconductor manufacturing industry. Ichor designs, engineers, and manufactures gas and chemical delivery systems that enable the precise control of materials used in semiconductor fabrication processes. The company serves major semiconductor equipment manufacturers globally and has been strategically expanding its proprietary product portfolio to reduce dependence on external suppliers while improving profit margins.
Business
Ichor Holdings operates in the semiconductor capital equipment industry, specifically focusing on fluid delivery subsystems that are essential components in semiconductor manufacturing equipment. The semiconductor industry relies on extremely precise processes to create computer chips, and these processes require the careful delivery and control of various gases and liquid chemicals. The company's core products fall into two main categories. Gas delivery subsystems represent the primary revenue driver, delivering, monitoring, and controlling gases used in critical semiconductor manufacturing processes such as etching (removing material from wafers) and deposition (adding material layers to wafers). These systems must maintain ultra-high purity levels and precise flow control to ensure consistent chip quality. Chemical delivery subsystems blend and dispense reactive liquid chemistries used in processes like chemical-mechanical planarization (smoothing wafer surfaces), electroplating (adding metal layers), and cleaning (removing contaminants). Beyond complete subsystems, Ichor manufactures precision machined components, weldments, and other proprietary products that go into fluid delivery systems. The company has been developing next-generation gas panels that contain approximately 80% proprietary Ichor content, compared to only 10% in traditional panels, representing a significant strategic shift toward higher-value, internally developed products. The company's revenue is primarily driven by gas panel integration business, with memory semiconductor exposure reduced to approximately 25% of total revenue as of 2024. The business serves foundry, logic, DRAM, and NAND segments, with recent growth in advanced packaging and silicon carbide applications for electric vehicles.
Competitive moat
Ichor's competitive moat is moderate but strengthening through its strategic initiatives. The company's primary moat stems from its specialized engineering expertise in ultra-high-purity fluid delivery systems, which require deep technical knowledge and extensive customer qualification processes. These systems must meet extremely stringent purity and precision requirements, creating high switching costs once integrated into customer equipment designs. The company's qualification process with major semiconductor equipment manufacturers creates a significant barrier to entry. Ichor has achieved qualifications with its four largest customers for key proprietary components including substrates, valves, and fittings, representing years of engineering collaboration and testing. This qualification process typically takes 12-18 months and creates customer stickiness, as equipment manufacturers are reluctant to re-qualify alternative suppliers without compelling reasons. Ichor's expanding proprietary product portfolio strengthens its competitive position. The next-generation gas panels containing 80% proprietary content versus 10% in traditional panels create differentiation and reduce commoditization risk. The company's vertical integration strategy, targeting 25% internal component production in 2025, reduces dependence on external suppliers and improves cost competitiveness. However, the moat faces several challenges. The semiconductor equipment industry is highly cyclical, and during downturns, customers may delay equipment purchases regardless of supplier relationships. Larger competitors with greater resources could potentially develop competing technologies or acquire specialized suppliers. The company's relatively small size compared to major semiconductor equipment manufacturers limits its bargaining power. Additionally, technological disruptions in semiconductor manufacturing processes could potentially obsolete existing fluid delivery technologies, though such changes typically occur gradually and create opportunities for new product development. The company's moat is most vulnerable to competition from larger, well-funded competitors who could invest heavily in R&D to develop competing proprietary technologies, though the specialized nature of the business and long qualification cycles provide some protection.
Risks & safety
Ichor demonstrates a moderate margin of safety with solid liquidity but cyclical earnings volatility. **Cash and Debt Position:** - Cash and short-term investments: $109.3 million as of Q1 2025 - Current ratio: 3.09, indicating strong short-term liquidity - Debt-to-equity ratio: 0.24, representing manageable leverage - Free cash flow: $0.5 million in Q1 2025, though volatile across quarters - No immediate solvency concerns given strong balance sheet **Valuation Metrics:** - EV/EBITDA: 31.2x (elevated due to cyclical trough in earnings) - Price-to-book: 1.13x (reasonable relative to assets) - Current price: $16.00 (down significantly from 2022 highs) - Revenue multiple appears reasonable given specialized market position **Other Considerations:** - Cyclical industry creates earnings volatility and valuation challenges - Strong balance sheet provides cushion during industry downturns - Margin expansion initiatives may improve profitability metrics - Geographic diversification reduces single-market risk
Recent development
Over the past few years, Ichor has executed a significant strategic transformation focused on vertical integration and proprietary product development. The company's most important initiative involves reducing external component sourcing from 90% to approximately 75% in 2025, with a long-term goal of achieving 25% internal component production. This internalization strategy targets higher-margin proprietary components including high-purity valves, fittings, and substrates. The development of next-generation gas panels represents a major product innovation. These panels contain approximately 80% proprietary Ichor content compared to only 10% in traditional panels, enabling significantly higher margins. The company has delivered over 50 of these advanced gas panels and achieved qualifications on multiple applications with major customers. Ichor has systematically expanded its customer qualification portfolio, achieving approvals with its four largest customers for key proprietary components. By the end of 2025, the company expects all four major customers to be qualified on valves, fittings, and substrates. This qualification process typically requires 12-18 months of testing and validation, creating significant customer switching costs. The company has also diversified its market exposure, reducing memory semiconductor dependence to approximately 25% of revenue while expanding in growth areas like silicon carbide applications for electric vehicles, advanced packaging, and EUV lithography. The silicon carbide market alone is estimated at $60 million annually with potential to double within 3-4 years. Manufacturing capacity expansion has been another focus, with the company adding significant machining resources and optimizing its global footprint. Current facility capacity supports revenues up to $400 million, providing operational leverage as demand recovers. The Mexico manufacturing facility also provides flexibility under USMCA trade agreements, potentially mitigating tariff impacts.
ICHR company profile · for informational purposes only — not investment advice.
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