Ultra Clean Holdings, Inc.
- Open
- 64.87
- Day high
- 66.86
- Day low
- 62.68
- Prev close
- 66.07
- Volume
- 628K
- Mkt cap
- $3.0B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 4.7
- P/S
- 1.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$4.5M over the last 3 months (0 open-market buys, 67 sales)
- 🏛Institutions accumulating (13F)
Ultra Clean Holdings, Inc. (UCTT) is a Technology company listed on NASDAQ. The stock is up 181% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 67 sales (SEC Form 4). Drillr has 3 published research articles covering UCTT.
Ultra Clean Holdings, Inc. (UCTT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
UCTT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 3, 2026 | $0.53 | $0.70 | +31.8% | $645M | +9.7% |
| Apr 28, 2026 | $0.27 | $0.31 | +14.8% | $534M | +1.6% |
| Feb 23, 2026 | $0.23 | $-0.07 | -131.7% | $507M | +0.6% |
| Oct 28, 2025 | $0.24 | $0.28 | +16.7% | $510M | +1.3% |
| Jul 25, 2024 | $0.26 | $0.32 | +23.1% | $516M | +5.3% |
| Feb 21, 2024 | $0.12 | $0.19 | +58.3% | $445M | -0.0% |
| Jul 27, 2023 | $0.25 | $0.16 | -36.0% | $422M | -4.2% |
| Feb 22, 2023 | $0.77 | $0.93 | +20.8% | $433M | -23.3% |
| Oct 26, 2022 | $1.06 | $1.06 | +0.0% | $566M | -7.5% |
| Jul 28, 2022 | $1.03 | $1.04 | +1.0% | $609M | +3.0% |
| Feb 23, 2022 | $1.20 | $1.22 | +1.7% | $615M | +1.4% |
| Feb 17, 2021 | $0.70 | $0.81 | +15.1% | $370M | +15.6% |
UCTT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Sep 2, 2026 | Cook Christopher Sofficer: President, Products Division | Tax | 12,497 | $67.83 |
| Jul 7, 2026 | HARDING BRIAN Eofficer: Chief Accounting Officer | Sell | 1,203 | $130.12 |
| Jul 7, 2026 | HARDING BRIAN Eofficer: Chief Accounting Officer | Sell | 440 | $126.92 |
| Jul 7, 2026 | HARDING BRIAN Eofficer: Chief Accounting Officer | Sell | 2,194 | $128.37 |
| Jun 30, 2026 | HARDING BRIAN Eofficer: Chief Accounting Officer | Grant | 9,363 | — |
| Jun 9, 2026 | Savage Sheriofficer: CFO | Sell | 907 | $88.75 |
| Jun 9, 2026 | Savage Sheriofficer: CFO | Sell | 91 | $91.63 |
| Jun 9, 2026 | Savage Sheriofficer: CFO | Sell | 1,429 | $88.16 |
| Jun 9, 2026 | Savage Sheriofficer: CFO | Sell | 688 | $89.78 |
| Jun 9, 2026 | Savage Sheriofficer: CFO | Sell | 321 | $88.80 |
| Jun 9, 2026 | Savage Sheriofficer: CFO | Sell | 358 | $91.03 |
| Jun 9, 2026 | Savage Sheriofficer: CFO | Sell | 784 | $91.63 |
| Jun 9, 2026 | Savage Sheriofficer: CFO | Sell | 171 | $91.68 |
| Jun 9, 2026 | Savage Sheriofficer: CFO | Sell | 852 | $89.95 |
| Jun 9, 2026 | Savage Sheriofficer: CFO | Sell | 157 | $89.59 |
Source: UCTT SEC Form 4 filings, latest Sep 2, 2026. For informational purposes only — not investment advice.
See the full UCTT insider & 13F page →UCTT research & analysis
[UCTT] Ultra Clean Compounds Semiconductor Franchise Through Subsystems And Wafer Fab Demand
Ultra Clean Holdings, Inc. is a Hayward, California-headquartered semiconductor wafer-fab subsystems supplier that designs and supplies the advanced gas-delivery, fluid-delivery, precision subsystems, and related services to the semiconductor wafer-fab equipment OEMs. The business spans the products and services categories with the product activity including the design and manufacture of the precision gas-delivery and fluid-delivery subsystems and related precision modules and assemblies used in the wafer-fab equipment, and the services activity including the related installation, cleaning, refurbishment, and related services for the wafer-fab equipment OEMs and semiconductor manufacturers, with the customer base concentrated in the major wafer-fab equipment OEMs. The revenue and the economics depend on the wafer-fab equipment OEM demand, the wafer-fab capex environment, the customer concentration, the order activity, the operating costs, and the operating efficiency. On selected various aggregate disclosure, the fiscal 2025 financial profile reflects total revenue derived from the semiconductor subsystems and services operations, an operating profile reflecting a wafer-fab equipment subsystems supplier, and a balance-sheet position consistent with an established semiconductor-equipment supplier. The semiconductor wafer fab subsystems and services core franchise anchors revenue, supported by the subsystems and services producing the revenue from the wafer-fab equipment OEMs, by the precision-engineering capability supporting the differentiated subsystems-supplier positioning, and by the services franchise providing the complementary recurring services revenue. The multi-cycle wafer-fab equipment OEM demand drives the multi-year trajectory, with the wafer-fab equipment OEM demand reflecting the demand from the major wafer-fab equipment OEMs driven by the OEM build rates, and the wafer-fab capex environment reflecting the cyclicality of the broader wafer-fab capex driven by the global semiconductor-capacity build-out. Capital structure reflects the financing of an established semiconductor-equipment supplier, and a capital allocation framework focused on the operations, the product investment, and the balance-sheet management. The bull case anchors on the subsystem-supplier positioning to the wafer-fab equipment OEMs, the precision-engineering capability, and the related services franchise; the bear case anchors on the wafer-fab equipment OEM customer concentration, the wafer-fab capex cyclicality, and the operating-cost exposure.
Semiconductor Equipment Manufacturing Reserves Supplier Capacity Years Ahead
Applied Materials hands suppliers an eight-quarter build schedule and KLA is signing 2029 component capacity deals; Camtek's orders now ship in 2027.
3433.T5332.T6856.TUCTT: CFO Exit at Peak Leverage Signals Capital Reset
UCTT CFO Sheri Savage's retirement follows $525M convertible notes issuance and credit covenant amendments allowing 6x leverage, creating capital allocation decisions at peak balance sheet stress. The tape reads this as routine succession; the filing pattern suggests CFO departure timing reflects contentious financial engineering choices ahead as semiconductor demand shows early cooling signs.
Ultra Clean Holdings, Inc. company profile
Overview
Ultra Clean Holdings, Inc. (NASDAQ:UCTT) is a California-based company founded in 1991 that serves as a critical supplier to the global semiconductor manufacturing industry. Originally established as a provider of ultra-high purity cleaning services, the company has evolved into a comprehensive solutions provider offering both products and services essential to semiconductor fabrication. Ultra Clean has grown through strategic acquisitions and organic expansion to become a key player in the semiconductor capital equipment supply chain, with manufacturing facilities across the United States, Asia, and Europe. The company went public in 2004 and has since established itself as a trusted partner to major semiconductor equipment manufacturers and chip producers worldwide.
Business
Ultra Clean Holdings operates in the semiconductor manufacturing ecosystem, providing critical subsystems, components, and specialized services that enable the production of computer chips. The semiconductor industry involves the fabrication of integrated circuits on silicon wafers through highly complex processes requiring extreme precision and cleanliness standards. Ultra Clean serves as an essential supplier in this value chain, offering products and services that must meet ultra-high purity requirements to avoid contaminating the chip manufacturing process. The company operates through two primary business segments. The Products segment generates approximately 85-90% of total revenue and manufactures critical subsystems and components used in semiconductor fabrication equipment. These include gas delivery systems that transport ultra-pure gases to reaction chambers, chemical delivery modules that handle reactive chemicals in liquid or gaseous form, fluid delivery systems with specialized tubing and flow controllers, precision valves and connectors, pneumatic actuators, and complex assemblies like process modules and frame assemblies. The products must meet stringent purity standards since even microscopic contamination can ruin semiconductor wafers worth thousands of dollars. The Services segment contributes roughly 10-15% of revenue and provides specialized cleaning, coating, and analytical services. This includes tool chamber parts cleaning using proprietary processes to remove contaminants, micro-contamination analysis to detect particles and molecular contamination in manufacturing tools and materials, and analytical verification services to ensure cleaning processes meet required specifications. These services are critical because semiconductor manufacturing tools require periodic maintenance and cleaning to maintain production yields, and any contamination can cause expensive production failures.
Revenue model
Ultra Clean generates revenue primarily through direct product sales to original equipment manufacturers (OEMs) in the semiconductor capital equipment industry, as well as service fees for cleaning and analytical services. The company's customers include major semiconductor equipment manufacturers like Applied Materials, Lam Research, and Tokyo Electron, who integrate Ultra Clean's subsystems into their fabrication tools. Additionally, Ultra Clean serves integrated device manufacturers (IDMs) like Intel and contract manufacturers like TSMC who operate semiconductor fabrication facilities. The business model benefits from several favorable dynamics. The semiconductor industry's complexity creates high switching costs, as Ultra Clean's products must meet exact specifications and undergo lengthy qualification processes that can take months or years. The company's vertically integrated manufacturing approach allows it to control quality and costs while offering comprehensive solutions. Geographic diversification across manufacturing sites in the United States, Malaysia, and other locations provides cost advantages and supply chain resilience. However, the business faces cyclical headwinds tied to semiconductor capital equipment spending, which fluctuates significantly based on chip demand cycles, technological transitions, and macroeconomic conditions. Margin pressure can arise from commodity price inflation, labor cost increases, and competitive pricing dynamics. Geopolitical tensions, particularly between the United States and China, create regulatory uncertainties that can impact customer relationships and market access. The company's exposure to a concentrated customer base of large equipment manufacturers also creates revenue concentration risk, though this is partially offset by the critical nature of Ultra Clean's products in the manufacturing process.
Competitive moat
Ultra Clean's competitive moat is moderately strong but not insurmountable, built primarily on specialized technical expertise and customer relationships rather than structural advantages. The company's strongest defensive position comes from its deep integration into customers' product development cycles and the high switching costs associated with semiconductor manufacturing. Once Ultra Clean's subsystems are qualified and integrated into a customer's equipment design, replacing them requires extensive re-engineering, testing, and re-qualification processes that can take 12-18 months and cost millions of dollars. The company's technical expertise in ultra-high purity manufacturing processes creates another layer of protection. Semiconductor fabrication requires contamination levels measured in parts per billion, demanding specialized knowledge in materials science, precision manufacturing, and cleanroom operations that takes years to develop. Ultra Clean's vertically integrated approach, combining design, manufacturing, and services, makes it difficult for customers to easily substitute suppliers. However, the moat faces several vulnerabilities. The semiconductor equipment industry is dominated by a small number of large OEMs who possess significant bargaining power and could potentially backward integrate or develop alternative suppliers if motivated by cost or strategic considerations. The company's products, while technically sophisticated, are not patent-protected in ways that create absolute barriers to entry. Well-capitalized competitors or new entrants with sufficient investment could potentially replicate Ultra Clean's capabilities over time. Additionally, the cyclical nature of the semiconductor industry means that during downturns, customers become more price-sensitive and willing to consider alternative suppliers, potentially eroding relationship-based advantages.
Risks & safety
Ultra Clean demonstrates a solid margin of safety with strong liquidity but faces earnings volatility due to industry cyclicality. **Cash Position and Solvency:** - Strong cash position of $317.6 million with minimal debt burden - Current ratio of 3.0x indicating strong short-term liquidity - Debt-to-equity ratio of 0.74x, manageable but elevated from recent acquisitions - Positive free cash flow generation of $15.8 million in Q1 2025, though volatile quarter-to-quarter **Valuation Metrics:** - EV/EBITDA of 9.8x appears reasonable for a cyclical industrial company - Price-to-book ratio of 1.14x suggests trading near tangible book value - Graham net-net ratio of -6.3x indicates the stock doesn't qualify as a deep value play - Recent earnings volatility makes P/E ratios less meaningful **Other Considerations:** - Revenue concentration risk with large OEM customers - Cyclical industry exposure creates earnings unpredictability - Geographic diversification provides some operational resilience - Strong balance sheet provides cushion during industry downturns
Recent development
Over the past few years, Ultra Clean has pursued several strategic initiatives to strengthen its market position and operational efficiency. The company has significantly expanded its global manufacturing footprint, particularly in Malaysia, where production capacity has doubled to take advantage of lower labor costs and improved supply chain positioning. This geographic diversification strategy has helped reduce manufacturing costs while maintaining proximity to key Asian customers. A major strategic focus has been expanding the company's presence in China's domestic semiconductor market. Revenue from Chinese customers has grown substantially from historical levels of $10-20 million quarterly to approximately $40-55 million per quarter by 2024, representing a significant new revenue stream. Ultra Clean has implemented a "China for China" manufacturing strategy, establishing local production and engineering capabilities to serve domestic Chinese semiconductor manufacturers while navigating geopolitical trade restrictions. The company has also pursued targeted acquisitions to expand its technological capabilities and market reach. The acquisition of HIS Innovations Group enhanced Ultra Clean's presence in the subfab market, while other acquisitions have broadened the company's lithography portfolio and advanced packaging capabilities. These acquisitions align with the company's strategy to capture a larger share of the semiconductor manufacturing value chain, particularly in high-growth areas like artificial intelligence chip production and advanced packaging technologies. Operationally, Ultra Clean has implemented significant cost optimization initiatives, including facility consolidations in Arizona and the Czech Republic, workforce adjustments to match demand cycles, and investments in automation and manufacturing efficiency. The company has also been positioning itself to benefit from the artificial intelligence boom, expanding capabilities in areas like high-bandwidth memory, chemical mechanical planarization, and advanced deposition processes that are critical for AI chip manufacturing.
UCTT company profile · for informational purposes only — not investment advice.
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