Key Takeaways ICHR's sales and EPS are projected to rise sharply through 2027 as semiconductor demand improves.AI investment, etch and deposition demand, and margin initiatives support Ichor's growth outlook.Rich valuation, customer concentration and cyclical demand raise the bar for ICHR's execution. Ichor Holdings, Ltd. (ICHR - Free Report) presents a split setup for investors. The business is tied to improving semiconductor capital equipment demand, and earnings expectations point to a sharp recovery.
The challenge is valuation. After a major stock-price move, the shares already reflect a considerable amount of optimism, leaving less room for execution missteps.
ICHR Earnings Estimates Are RisingICHR’s estimates show a clear growth-recovery story. Sales are projected to rise from $948 million in 2025 to $1.2 billion in 2026 and $1.45 billion in 2027.
The earnings trajectory is even sharper. EPS is expected to climb from 23 cents in 2025 to $1.41 in 2026 and $2.72 in 2027, suggesting meaningful operating leverage if the company delivers on the revenue ramp.
Why Ichor’s Upside Looks RealThe bullish case is not limited to a cyclical rebound. Ichor is benefiting from AI-driven semiconductor investment trends and stronger demand in etch and deposition, two areas that align well with its fluid delivery subsystems and precision-engineered components.
The company is also working to strengthen margins through vertical integration, a larger proprietary-product portfolio and manufacturing optimization. Ultra Clean Holdings, Inc. (UCTT - Free Report) is a relevant comparison for investors watching this niche, as it also supplies critical subsystems, components and services primarily to the semiconductor industry. Applied Materials, Inc. (AMAT - Free Report) , a major semiconductor equipment company, remains an important industry read-through for capital equipment demand and supply-chain conditions.
Why ICHR May Already Price In Good NewsThe valuation side is harder to ignore. ICHR was recently priced at $95.85, against a 6-12 month price target of $101, suggesting upside exists but may not be dramatic relative to the growth already anticipated.
The stock trades at a trailing P/E of 368.7, a forward P/E of 68.5 and a price-to-sales ratio of 3.5. Those multiples raise the bar for execution, especially since the investment case now depends on strong growth continuing into 2026 and 2027.
What Could Trip Up Ichor SharesCustomer concentration remains a key risk. Ichor depends on a small number of large semiconductor equipment customers, which can create pressure if order patterns shift, qualification timelines slip or pricing leverage moves against the company.
The broader semiconductor equipment market is also cyclical. Even with favorable AI-related trends, Ichor’s growth plans still rely on customer qualifications, smooth manufacturing transitions and successful execution of its production realignment efforts.
ICHR Ratings Point to a Mixed SetupThe bottom line is that ICHR has a credible long-term growth story, but the stock does not screen as an obvious bargain after its strong run. The shares may appeal more to investors focused on execution, margin improvement and earnings expansion than to those seeking a cheap entry point.
ICHR currently carries a Zacks Rank #4 (Sell), which points to weak near-term appeal. Its Zacks Style Scores are more mixed, with a Momentum Score of B, Value Score of F, Growth Score of C and VGM Score of D. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
That combination reinforces the balanced view. Momentum remains the strongest style signal, but weak value characteristics and a subdued overall VGM profile make ICHR a stock to approach with selectivity rather than broad enthusiasm.
Key Takeaways Ichor is entering a stronger demand phase as AI investment boosts wafer fab equipment activity.Etch and deposition exposure benefits from advanced logic, HBM and gate-all-around process intensity.Higher proprietary content, automation and lower-cost plants are supporting margin expansion. Ichor Holdings, Ltd. (ICHR - Free Report) is moving into a stronger demand phase as semiconductor equipment spending improves and AI-related chip investment lifts activity in wafer fabrication.
The investment case now centers on two issues: whether Ichor can benefit from its exposure to etch and deposition tools, and whether operational changes can translate that demand into better margins.
How ICHR Fits Into Chip EquipmentIchor designs, engineers and manufactures critical fluid delivery subsystems and precision-engineered components used mainly in semiconductor capital equipment. Its gas and chemical delivery systems help control specialty gases and chemicals used in etch, deposition, chemical-mechanical planarization and cleaning.
That niche matters because chipmaking tools depend on precise delivery of materials during highly complex manufacturing steps. Ichor’s relationships with major equipment makers, including Lam Research (LRCX - Free Report) , Applied Materials (AMAT - Free Report) and ASML Holding, give it relevance across the wafer fab equipment supply chain.
Lam Research is especially important to the etch and deposition ecosystem, making it a useful reference point for investors tracking Ichor’s end-market exposure. Applied Materials also sits at the center of semiconductor equipment spending, reinforcing why Ichor’s customer base is closely tied to industry capital investment trends.
Ichor’s AI and Etch TailwindThe core upside argument is that AI infrastructure, advanced logic and high-bandwidth memory are driving a more favorable wafer fab equipment cycle. These areas require more complex chip architectures and more process intensity.
That matters for Ichor because the current cycle favors etch and deposition, where the company has significant exposure. Gate-all-around architectures require roughly 30% more process steps, supporting demand for the types of tools and subsystems tied to Ichor’s business.
Why ICHR Margins Could ImproveIchor’s margin story is not just about higher volume. The company is pursuing vertical integration, expanding proprietary product content and optimizing manufacturing to improve profitability as revenues rise.
Management has been shifting manufacturing activity to lower-cost facilities in Mexico and Malaysia, increasing automation and improving production efficiency. Ichor entered 2026 with its branded components representing 25% of content in the systems it builds, up from 15% in 2024, and targets 35% by the end of 2026.
First-quarter 2026 results showed early operating leverage. Revenues rose 15% sequentially to $256.1 million, while non-GAAP gross margin improved to 12.8% and non-GAAP EPS reached 15 cents, up from one cent in the prior quarter.
Where Ichor Still Looks VulnerableThe risks remain meaningful. Ichor depends heavily on a small number of large semiconductor equipment customers, with Lam Research and Applied Materials accounting for 76% of 2025 revenues.
That concentration can amplify swings when customers adjust orders, delay capacity additions or change sourcing strategies. The company also remains tied to the cyclical wafer fab equipment market, where spending can shift quickly with memory conditions, macro weakness or geopolitical uncertainty.
Execution risk is another key issue. Margin expansion depends on customer qualifications, smooth manufacturing transfers, higher proprietary content and efficient production ramps. Delays or disruptions could limit the earnings leverage investors expect.
What ICHR’s Ratings Say NowThe bottom line is that Ichor’s business setup is improving, but the stock’s near-term signal set remains uneven. AI-related demand and margin initiatives provide a stronger fundamental story, yet valuation, execution and cyclicality still matter.
ICHR currently carries a Zacks Rank #4 (Sell). That rank points to weak near-term positioning over the one-to-three-month horizon, even as the longer-term business narrative has improved. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Style Scores also show a mixed profile. ICHR has a Value Score of F, Growth Score of C, Momentum Score of B and VGM Score of D. The Momentum Score is the strongest part of the setup, but the weak Value Score and VGM Score suggest investors may want more evidence that growth and margin execution can keep pace with the stock’s expectations.
Key Takeaways Ichor expects every quarter of 2026 to deliver sequential revenue growth amid stronger demand visibility.Gate-all-around chips require about 30% more process steps, lifting etch and deposition demand.Branded components could reach 35% of system content by year-end 2026, up from 25% entering the year. Ichor Holdings, Ltd. (ICHR - Free Report) has become a sharper semiconductor infrastructure story as AI-related wafer fab spending lifts demand across more complex chipmaking steps.
The company’s appeal rests less on AI branding and more on where that spending flows: etch, deposition, fluid delivery subsystems and higher-value manufacturing content.
How AI Trends Lift ICHR DemandAI infrastructure is pushing chipmakers toward advanced logic, high-bandwidth memory and more complex process flows. That matters for Ichor because its gas and chemical delivery subsystems are used in semiconductor fabrication steps such as etch and deposition.
First-quarter 2026 revenues rose 15% sequentially to $256.1 million, and management expects second-quarter revenues of $290-$310 million. Ichor also expects every quarter of 2026 to show sequential growth, reflecting stronger demand visibility.
Ichor’s Bet on Etch and DepositionIchor is not simply exposed to broad chip demand. Its stronger positioning is tied to etch and deposition, where process complexity is rising. Gate-all-around architectures require roughly 30% more process steps, supporting demand for the equipment categories where Ichor has meaningful exposure.
Lam Research (LRCX - Free Report) offers relevant context because etch and deposition are core wafer fabrication processes in its portfolio. Applied Materials (AMAT - Free Report) is another important reference point, given its focus on deposition and selective etch systems for advanced 3D chip structures.
Why ICHR Wants More Vertical IntegrationIchor’s strategy is also about capturing more value inside the systems it builds. The company is expanding internally designed content across valves, flow controllers, filters, substrates and related components rather than relying only on third-party sourcing.
Branded components represented 25% of system content entering 2026, up from 15% in 2024. Ichor targets 35% by the end of 2026, with a longer-term goal of supplying as much as 75% of system content.
What Trend Investors Should WatchThe trend case has limits. Lam Research and Applied Materials accounted for 76% of Ichor’s 2025 revenues, leaving the company highly exposed to spending decisions by a small group of large semiconductor equipment customers.
Execution also matters. Margin recovery depends on manufacturing transfers to Mexico and Malaysia, customer qualifications, higher internal component sourcing and smooth production ramps. Semiconductor equipment remains cyclical, so favorable AI demand does not eliminate order volatility.
How Ichor’s Ratings Fit the Trend CaseThe bottom line is that ICHR has a credible growth narrative tied to AI-led fab spending, etch and deposition intensity, and rising proprietary content. Still, the stock setup is not yet clean enough to call the story fully de-risked.
ICHR currently carries a Zacks Rank #4 (Sell). Its Momentum Score of B points to stronger price action characteristics, but the Growth Score of C is only neutral. The Value Score of F and VGM Score of D suggest the broader style-score profile is less supportive. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
For investors, that combination argues for balance. Ichor has exposure to attractive semiconductor trends, but the Zacks Rank and mixed Style Scores signal that near-term expectations, valuation and execution risk still deserve close attention.
FREMONT, Calif.--(BUSINESS WIRE)--Ichor Holdings, Ltd. (NASDAQ: ICHR), a leader in the design, engineering, and manufacturing of critical fluid delivery subsystems and components for semiconductor capital equipment, will announce second quarter 2026 results on Monday, August 3rd, 2026.
Second Quarter 2026 Earnings Conference Call Information
Just after 1:00pm Pacific Time on August 3rd, Ichor will issue its second quarter 2026 earnings press release. Ichor will conduct a conference call to discuss its second quarter 2026 results and business outlook at 1:15pm Pacific Time that afternoon. The earnings press release and supplemental financial information will be available on Ichor's investor website, https://ir.ichorsystems.com, after the market close on August 3rd. To listen to the live webcast of the conference call, please visit the investor relations section of Ichor's website at https://ir.ichorsystems.com or go to the direct link at https://www.webcast-eqs.com/ichorq2_26. After the event, the on-demand webcast will be available at the same link. To listen to the conference call live via telephone, please call (877) 407-0989 (domestic) or +1 (201) 389-0921 (international), and reference meeting number 13761355.
About Ichor
We are a leader in the design, engineering and manufacturing of critical fluid delivery subsystems and components primarily for semiconductor capital equipment, as well as other industries such as defense/aerospace and medical. Our primary product offerings include gas and chemical delivery subsystems, collectively known as fluid delivery subsystems, which are key elements of the process tools used in the manufacturing of semiconductor devices. Our gas delivery subsystems deliver, monitor and control precise quantities of the specialized gases used in semiconductor manufacturing processes such as etch and deposition. Our chemical delivery subsystems precisely blend and dispense the reactive liquid chemistries used in semiconductor manufacturing processes such as chemical-mechanical planarization, electroplating, and cleaning. We also provide precision-machined components, weldments, e-beam and laser welded components, precision vacuum and hydrogen brazing, surface treatment technologies, and other proprietary products. We are headquartered in Fremont, CA.
On June 29, 2026, Ichor Holdings Ltd (ICHR) shares rose 12.2%, bringing the current price to $105.46. The stock has experienced significant price movement, trad
Amkor Technology (NASDAQ:AMKR | AMKR Price Prediction) and Ichor Holdings (NASDAQ:ICHR) both reported Q4 2025 earnings on February 9, 2026. One packages the chips powering AI infrastructure. The other supplies the gas delivery systems that make chip manufacturing possible. Both sit deep inside the AI hardware supply chain, and neither has attracted significant market attention: Amkor’s stock trades at roughly $54 and Ichor saw only a modest ~7.7% move following its Q4 print.
AI Packaging Momentum vs. a Restructuring Inflection Point Amkor’s Q4 told a clean growth story. Advanced products hit $1.58 billion, representing 84% of Q4 net sales, driven by AI infrastructure and high-performance computing demand. Gross margin expanded to 16.7% from 15.1% a year earlier, a direct result of richer product mix and stronger factory utilization. New CEO Kevin Engel set the tone clearly:
“2025 was a pivotal year for Amkor. We delivered strong results with record Advanced packaging and Computing revenue, executed on our strategic initiatives, and strengthened our position in the fastest growing areas of the semiconductor industry.”
Engel spent two decades at the firm before stepping into the CEO seat, so the continuity is real.
Ichor’s quarter looked messier. Revenue fell 4.2% year-over-year to $223.6 million, and GAAP net loss came in at $15.96 million due to restructuring charges tied to exiting Scotland and Korea operations. Strip out the noise and the picture improves. Non-GAAP EPS came in at $0.01 versus a consensus estimate of -$0.06, a 116.67% beat. CEO Phil Barros signaled the worst is behind them: “Early indications of customer demand entering the year provide us with a first-quarter revenue outlook reflecting solidly upward momentum from Q4’s trough levels.”
Metric Amkor (Q4 2025) Ichor (Q4 2025) Revenue $1.89B $223.6M Gross Margin 16.7% 11.7% (non-GAAP) Q1 2026 Revenue Guide $1.60B-$1.70B $240M-$260M Market Cap ~$10.6B ~$1.44B Aggressive Bet vs. Lean-and-Recover Amkor is spending aggressively. FY2026 CapEx guidance of $2.5B-$3.0B dwarfs the $904.6 million spent in FY2025, including a new advanced packaging and test campus under construction in Arizona. This is a company betting its balance sheet that AI chip packaging demand keeps compounding. The risk is real: top 10 customers represent 73% of revenue, and high fixed costs mean utilization rates matter enormously.
Ichor is running the opposite playbook. FY2025 CapEx was $36.2 million, tightening its geographic footprint rather than expanding it. The margin improvement story is early-stage but credible. Barros acknowledged that “gross margin improvement strategies are just beginning to take shape” for 2026.
Both Could Surprise, But for Different Reasons Amkor’s Q1 gross margin deserves close attention. Guidance implies a drop to 12.5%-13.5% from Q4’s 16.7%, which is seasonal but still a meaningful compression. For Ichor, the question is whether the restructuring cleanup actually unlocks the margin leverage management is promising. Analysts have a consensus target of $46.86 on Ichor, and AMKR’s analyst target sits at $56.25 versus a current price of $42.99.
Amkor is a larger, established player riding the AI packaging wave with a clear capacity expansion thesis. Ichor is a smaller-cap name that reported restructuring charges in Q4 2025 and is guiding for revenue growth in Q1 2026. Both trade at roughly 1.5x revenue, making neither obviously cheap nor expensive. Both companies operate as essential infrastructure providers within the AI hardware supply chain, with results and guidance reflecting their respective positions in the semiconductor ecosystem.
Eight of the portfolio's 11 equity sectors made a positive impact on calendar year performance, led by Industrials, Materials, and Financials. nLIGHT differentiates itself via vertical integration, domain knowledge, and manufacturing capabilities to deliver cutting edge solutions, increasingly to government and defense organizations. Shares of Sprott outperformed as gold prices broke out to record highs amid elevated geopolitical risk, central bank buying, and a weaker U.S. dollar.
Seven of the portfolio's 10 equity sectors made a positive impact on calendar year performance, led by Industrials, Financials, and Information Technology. Our top contributor was nLIGHT, whose shares have outperformed due to upward revisions to the outlook for its aerospace & defense customers. The Fund's top-detracting position was outdoor products and accessories manufacturer American Outdoor Brands, which was negatively impacted by retail customer conservatism, as well as higher-than-expected tariff-related costs.
Ichor Holdings has underperformed peers in the current semiconductor cycle, particularly in high bandwidth and AI-driven demand. Recent commentary from ASML and other market leaders suggest semiconductor equipment WFE demand will broaden 15-20% in 2026, benefitting Ichor. ICHR's lagging performance has set up a snapback opportunity as the semiconductor bull market continues.
LOS ANGELES, April 01, 2026 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Ichor Holdings, Ltd., (“Ichor" or the "Company") (NASDAQ:ICHR) investors that the firm has initiated an investigation into possible securities fraud, and may file a class action on behalf of investors.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: [email protected], to discuss their legal rights, or join the case via https://portnoylaw.com/ichor-holdings-ltd. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Ichor’s stock price fell $4.84, or 23.2%, to close at $16.00 per share on May 6, 2025, thereby injuring investors. This sell-off followed the May 5, 2025, announcement of the Company’s first quarter 2025 financial results, which failed to meet consensus estimates for both revenue and earnings per share. A primary driver of the disappointment was a gross margin of 12.4%, a figure that landed significantly below the 14.5% midpoint previously forecasted. Management clarified that their Q1 strategy failed to produce the expected “margin flow through” because the firm was forced to purchase “far more external supply” than originally anticipated, highlighting a disconnect between their internal forecasts and actual procurement needs.
The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA, NY and TX Bar [email protected]
310-692-8883
www.portnoylaw.com
JPMorgan Chase & Co. cut its stake in Ichor Holdings, Ltd. (NASDAQ:ICHR – Free Report) by 66.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 237,863 shares of the technology company’s stock after selling 461,648 shares during the period. JPMorgan Chase & Co. owned about 0.69% of Ichor worth $4,167,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of the stock. Barrow Hanley Mewhinney & Strauss LLC raised its position in Ichor by 497.2% in the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,698,239 shares of the technology company’s stock valued at $29,753,000 after purchasing an additional 1,413,870 shares in the last quarter. Millennium Management LLC grew its position in shares of Ichor by 1,710.7% during the third quarter. Millennium Management LLC now owns 855,011 shares of the technology company’s stock worth $14,980,000 after buying an additional 807,792 shares in the last quarter. Invesco Ltd. increased its stake in shares of Ichor by 61.8% during the third quarter. Invesco Ltd. now owns 1,253,457 shares of the technology company’s stock worth $21,961,000 after buying an additional 478,952 shares during the period. Ameriprise Financial Inc. raised its holdings in Ichor by 231.3% in the second quarter. Ameriprise Financial Inc. now owns 393,371 shares of the technology company’s stock valued at $7,726,000 after acquiring an additional 274,633 shares in the last quarter. Finally, Alliancebernstein L.P. raised its holdings in Ichor by 42.0% in the second quarter. Alliancebernstein L.P. now owns 796,891 shares of the technology company’s stock valued at $15,651,000 after acquiring an additional 235,667 shares in the last quarter. Hedge funds and other institutional investors own 94.81% of the company’s stock.
Insiders Place Their Bets In related news, CEO Philip Ryan Sr. Barros sold 21,000 shares of the stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $46.63, for a total value of $979,230.00. Following the transaction, the chief executive officer directly owned 153,936 shares of the company’s stock, valued at $7,178,035.68. This trade represents a 12.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Thomas M. Rohrs sold 53,908 shares of Ichor stock in a transaction on Thursday, February 12th. The stock was sold at an average price of $45.48, for a total transaction of $2,451,735.84. Following the sale, the director owned 53,024 shares in the company, valued at $2,411,531.52. This represents a 50.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 120,259 shares of company stock worth $5,689,250. 1.90% of the stock is currently owned by company insiders.
Ichor Stock Performance Shares of Ichor stock opened at $48.12 on Friday. The company has a quick ratio of 1.38, a current ratio of 3.16 and a debt-to-equity ratio of 0.18. Ichor Holdings, Ltd. has a 52 week low of $13.12 and a 52 week high of $55.33. The firm’s 50 day moving average is $43.26 and its two-hundred day moving average is $27.96. The firm has a market capitalization of $1.67 billion, a P/E ratio of -31.25 and a beta of 1.67.
Wall Street Analyst Weigh In Several research analysts have commented on the stock. Craig Hallum reiterated a “buy” rating and set a $36.00 price target on shares of Ichor in a report on Wednesday, January 14th. Wall Street Zen raised shares of Ichor from a “strong sell” rating to a “hold” rating in a research report on Sunday, February 15th. Needham & Company LLC boosted their target price on shares of Ichor from $36.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday, February 10th. DA Davidson raised their price target on Ichor from $30.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, February 11th. Finally, B. Riley Financial upgraded Ichor from a “neutral” rating to a “buy” rating in a research note on Tuesday, February 10th. Six research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Ichor presently has a consensus rating of “Moderate Buy” and an average target price of $43.14.
Check Out Our Latest Stock Analysis on Ichor
Ichor Company Profile (Free Report)
Ichor Holdings Ltd. is a global supplier of critical subsystems used in the fabrication of semiconductor devices. The company specializes in the design, engineering and manufacturing of gas delivery systems, vacuum pumps and abatement solutions that manage process gases and by-products in wafer-processing tools. Its modular subsystems are designed to integrate with lithography, etch, deposition and cleaning equipment, helping to ensure precise control of gas flow, pressure and purity throughout the chip-manufacturing cycle.
Founded in the mid-1980s and headquartered in Fremont, California, Ichor has expanded its footprint across Asia, Europe and North America.
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FREMONT, Calif.--(BUSINESS WIRE)--Ichor Holdings, Ltd. (NASDAQ: ICHR), a leader in the design, engineering, and manufacturing of critical fluid delivery subsystems and components for semiconductor capital equipment, will announce first quarter 2026 results on Monday, May 4th, 2026. First Quarter 2026 Earnings Conference Call Information Just after 1:00pm Pacific Time on May 4th, Ichor will issue its first quarter 2026 earnings press release. Ichor will conduct a conference call to discuss its f.
Small-cap stocks have outperformed amid a rotation away from mega caps, despite geopolitical uncertainty and shifting interest rate expectations. Small-cap firms may benefit from the next phase of AI adoption as productivity gains broaden across industries. Wells Fargo estimates that each 1% reduction in labor costs could translate into a 6.1% earnings increase for Russell 2000 companies.
Ichor Holdings, Ltd. (NASDAQ:ICHR – Get Free Report) hit a new 52-week high during mid-day trading on Tuesday after B. Riley Financial raised their price target on the stock from $52.00 to $75.00. B. Riley Financial currently has a buy rating on the stock. Ichor traded as high as $61.16 and last traded at $60.47, with a volume of 770510 shares changing hands. The stock had previously closed at $57.50.
A number of other research analysts have also issued reports on ICHR. Stifel Nicolaus upgraded shares of Ichor from a “hold” rating to a “buy” rating and raised their price objective for the company from $30.00 to $55.00 in a report on Tuesday, March 17th. Wall Street Zen upgraded shares of Ichor from a “strong sell” rating to a “hold” rating in a report on Sunday, February 15th. Craig Hallum reiterated a “buy” rating and issued a $36.00 price objective on shares of Ichor in a report on Wednesday, January 14th. Oppenheimer raised their price objective on shares of Ichor from $32.00 to $36.00 and gave the company a “market perform” rating in a report on Tuesday, February 10th. Finally, TD Cowen reiterated a “buy” rating on shares of Ichor in a report on Tuesday, February 10th. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $46.43.
Get Our Latest Analysis on Ichor
Insider Activity In other Ichor news, COO Bruce Ragsdale sold 21,276 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $49.66, for a total transaction of $1,056,566.16. Following the completion of the transaction, the chief operating officer owned 97,661 shares in the company, valued at approximately $4,849,845.26. This trade represents a 17.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas M. Rohrs sold 53,908 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $45.48, for a total transaction of $2,451,735.84. Following the transaction, the director owned 53,024 shares of the company’s stock, valued at approximately $2,411,531.52. The trade was a 50.41% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 120,259 shares of company stock worth $5,689,250. 1.70% of the stock is owned by insiders.
Institutional Inflows and Outflows Hedge funds have recently added to or reduced their stakes in the company. Rice Hall James & Associates LLC bought a new position in Ichor during the 3rd quarter worth approximately $3,877,000. Quantbot Technologies LP raised its holdings in Ichor by 229.7% during the 3rd quarter. Quantbot Technologies LP now owns 107,999 shares of the technology company’s stock worth $1,892,000 after purchasing an additional 75,240 shares during the last quarter. Harvey Partners LLC bought a new position in Ichor during the 3rd quarter worth approximately $3,189,000. Cambiar Investors LLC bought a new position in Ichor during the 4th quarter worth approximately $1,595,000. Finally, SG Americas Securities LLC raised its holdings in Ichor by 295.5% during the 4th quarter. SG Americas Securities LLC now owns 26,073 shares of the technology company’s stock worth $481,000 after purchasing an additional 19,481 shares during the last quarter. Institutional investors own 94.81% of the company’s stock.
Ichor Trading Up 5.2% The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.38 and a current ratio of 3.16. The firm’s fifty day simple moving average is $45.96 and its 200-day simple moving average is $29.63. The stock has a market cap of $2.10 billion, a P/E ratio of -39.27 and a beta of 1.67.
About Ichor (Get Free Report)
Ichor Holdings Ltd. is a global supplier of critical subsystems used in the fabrication of semiconductor devices. The company specializes in the design, engineering and manufacturing of gas delivery systems, vacuum pumps and abatement solutions that manage process gases and by-products in wafer-processing tools. Its modular subsystems are designed to integrate with lithography, etch, deposition and cleaning equipment, helping to ensure precise control of gas flow, pressure and purity throughout the chip-manufacturing cycle.
Founded in the mid-1980s and headquartered in Fremont, California, Ichor has expanded its footprint across Asia, Europe and North America.
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Key Takeaways Ichor shares surged 206.2% in six months, outperforming the semiconductor equipment industry.Ichor is riding a rebound in WFE spending driven by demand for AI, HBM and advanced packaging.Ichor is expanding in Malaysia and Mexico and tightening costs to strengthen operating leverage. Ichor Holdings, Ltd. (ICHR - Free Report) shares skyrocketed 206.2% over the past six months, outperforming the broader semiconductor equipment industry. The rally has been largely fueled by a rebound in wafer fabrication equipment (WFE) spending, driven by strong demand in artificial intelligence (AI), high-bandwidth memory (HBM) and advanced packaging. As chipmakers accelerate investments to support next-generation technologies, Ichor is likely to benefit from being a leading provider of fluid delivery subsystems.
Six-Month ICHR Stock Price Performance
Image Source: Zacks Investment Research
ICHR Buoyed By Strong Earnings MomentumA key catalyst behind the stock’s surge has been its improving earnings profile. Ichor reported better-than-expected quarterly results, coupled with optimistic guidance, indicating a turnaround from earlier weakness. Healthy revenue growth, supported by improving order trends and better demand visibility from customers, has strengthened investor confidence. This positive earnings momentum, along with a supportive industry backdrop, has resulted in multiple expansions and sharp earnings estimate revisions.
Image Source: Zacks Investment Research
ICHR Outpaces Peers on Higher Operating LeverageWhen compared with peers like Ultra Clean Holdings Inc. (UCTT - Free Report) , Cohu Inc. (COHU - Free Report) and Advanced Energy Industries Inc. (AEIS - Free Report) , Ichor stands out due to its higher sensitivity to semiconductor capital spending cycles. While larger players offer relatively stable growth, ICHR’s higher operating leverage allows it to generate outsized gains during industry upcycles. This dynamic has enabled the company to outperform several mid-cap rivals during the current recovery phase.
Cost Optimization, Niche Focus Aid ICHRIchor’s strategy focuses on enhancing its cost structure and expanding its global manufacturing footprint, particularly in lower-cost regions such as Malaysia and Mexico. Its specialized expertise in fluid delivery subsystems, which are critical components in semiconductor manufacturing, ensures strong customer relationships and recurring demand. This combination of cyclical tailwinds, disciplined execution and strategic positioning has been instrumental in driving ICHR’s stellar performance and underscores its appeal as a leveraged play on the semiconductor equipment upcycle.
Ichor currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Ichor Holdings (ICHR - Free Report) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.
Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.
Therefore, the Zacks rating upgrade for Ichor Holdings basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.
Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Ichor Holdings imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for Ichor HoldingsFor the fiscal year ending December 2026, this company is expected to earn $1.15 per share, which is unchanged compared with the year-ago reported number.
Analysts have been steadily raising their estimates for Ichor Holdings. Over the past three months, the Zacks Consensus Estimate for the company has increased 137.2%.
Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of Ichor Holdings to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.
Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.
Below, we take a look at Ichor Holdings (ICHR - Free Report) , a company that currently holds a Momentum Style Score of A. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.
It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Ichor Holdings currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.
You can see the current list of Zacks #1 Rank Stocks here >>>
Set to Beat the Market?Let's discuss some of the components of the Momentum Style Score for ICHR that show why this company shows promise as a solid momentum pick.
A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.
For ICHR, shares are up 14.35% over the past week while the Zacks Electronics - Semiconductors industry is up 10.33% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 26.14% compares favorably with the industry's 18.83% performance as well.
Considering longer term price metrics, like performance over the last three months or year, can be advantageous as well. Over the past quarter, shares of Ichor Holdings have risen 108.13%, and are up 266.17% in the last year. In comparison, the S&P 500 has only moved 3.01% and 38.52%, respectively.
Investors should also pay attention to ICHR's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. ICHR is currently averaging 628,172 shares for the last 20 days.
Earnings OutlookThe Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with ICHR.
Over the past two months, 1 earnings estimate moved higher compared to none lower for the full year. This revision helped boost ICHR's consensus estimate, increasing from $1.11 to $1.15 in the past 60 days. Looking at the next fiscal year, 1 estimate has moved upwards while there have been no downward revisions in the same time period.
Bottom LineTaking into account all of these elements, it should come as no surprise that ICHR is a #2 (Buy) stock with a Momentum Score of A. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep Ichor Holdings on your short list.
I am rating Ichor Holdings a Strong Buy rating based on its position in the semiconductor supply chain and rapid earnings inflection potential. ICHR benefits from AI-driven demand for advanced logic, HBM, and advanced packaging, aligning its product set with key industry growth drivers. 2025 earnings were distorted by restructuring and under-absorption, but margin tailwinds are expected as restructuring noise fades by mid-2026.
FREMONT, Calif.--(BUSINESS WIRE)--Ichor Holdings, Ltd. (NASDAQ: ICHR), a leader in the design, engineering, and manufacturing of critical fluid delivery subsystems and components for semiconductor capital equipment, today announced first quarter 2026 financial results.
First quarter 2026 highlights:
Revenue of $256.1 million, above the mid-point of our guidance range communicated in February; Gross margin of 12.6% on a GAAP basis and 12.8% on a non-GAAP basis; and Earnings (loss) per share of $(0.07) on a GAAP basis and $0.15 on a non-GAAP basis. “Within a strengthening demand environment, we are pleased to report Q1 results at the upper end of our expectations for revenues, gross margin, and earnings per share due to strong operational execution by our team,” commented Phil Barros, Ichor’s CEO. “Revenues of $256 million increased 15% sequentially, a strong start to what we expect will be a sustained industry upcycle driven by structural technology transitions and strategic capacity investments in wafer fabrication equipment. The early investments we made in ramping labor headcount and pre-positioning inventory are enabling Ichor to deliver strong execution for our customers and achieve revenue growth toward the high end of our demand forecast. With customer delivery timelines accelerating, our outlook for the second quarter reflects our expectation for another strong quarter of sequential improvement spanning revenues, gross margin, and earnings per share. We continue to drive the strategic, operational and technological priorities for Ichor that we expect will enable continued gross margin expansion and significant earnings leverage as revenues ramp through the year, and into 2027.”
Q1 2026
Q4 2025
Q1 2025
(dollars in thousands, except per share amounts)
U.S. GAAP Financial Results:
Net sales
$
256,068
$
223,606
$
244,465
Gross margin
12.6
%
9.4
%
11.7
%
Operating margin
0.8
%
(6.2
)%
(0.5
)%
Net loss
$
(2,469
)
$
(15,961
)
$
(4,559
)
Diluted EPS
$
(0.07
)
$
(0.46
)
$
(0.13
)
Q1 2026
Q4 2025
Q1 2025
(dollars in thousands, except per share amounts)
Non-GAAP Financial Results:
Gross margin
12.8
%
11.7
%
12.4
%
Operating margin
3.4
%
1.2
%
2.7
%
Net income
$
5,287
$
280
$
4,236
Diluted EPS
$
0.15
$
0.01
$
0.12
For the first quarter of 2026, revenue was $256.1 million, net loss was $(2.5) million, and net loss per diluted share (“diluted EPS”) was $(0.07). This compares to revenue of $223.6 million and $244.5 million, net loss of $(16.0) million and $(4.6) million, and diluted EPS of $(0.46) and $(0.13), for the fourth quarter of 2025 and first quarter of 2025, respectively.
For the first quarter of 2026, non-GAAP net income was $5.3 million and non-GAAP diluted EPS was $0.15. This compares to non-GAAP net income of $0.3 million and $4.2 million, and non-GAAP diluted EPS of $0.01 and $0.12, for the fourth quarter of 2025 and first quarter of 2025, respectively.
For the second quarter of 2026, we expect the following:
Low-End
Mid-Point
High-End
Revenue
$290 million
$300 million
$310 million
GAAP diluted EPS
$0.10
$0.15
$0.20
Non-GAAP diluted EPS
$0.25
$0.30
$0.35
This outlook for non‑GAAP diluted EPS excludes amortization of intangible assets of approximately $1.9 million and share-based compensation expense of approximately $4.4 million, as well as the related income tax effects. Non-GAAP diluted EPS should be considered in addition to, but not as a substitute for, our financial information presented in accordance with GAAP.
We ended the first quarter of 2026 with cash and cash equivalents of $89.1 million, a decrease of $9.2 million from the prior year ended December 26, 2025. The decrease of $9.2 million for the first quarter of 2026 was primarily due to capital expenditures of $7.1 million and cash used in operating activities of $2.9 million.
Our cash used in operating activities of $2.9 million for the first quarter of 2026 consisted of an increase in our net operating assets and liabilities of $12.7 million and a net loss of $2.5 million, partially offset by non-cash charges of $12.2 million, consisting primarily of depreciation and amortization of $7.7 million and share-based compensation expense of $3.8 million.
The increase in our net operating assets and liabilities of $12.7 million during the first quarter of 2026 was primarily due to an increase in accounts receivable of $22.6 million and an increase in inventory of $20.5 million, partially offset by an increase in accounts payable of $27.4 million, and a decrease in prepaid expenses and other assets of $2.9 million.
In addition to U.S. GAAP ("GAAP") results, this press release also contains non-GAAP financial results, including non‑GAAP gross profit, non‑GAAP operating income, non‑GAAP net income (loss), non‑GAAP diluted EPS, and free cash flow. Management uses non-GAAP metrics to evaluate our operating and financial results. We believe the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing investors’ ability to view our results from management’s perspective. Non-GAAP gross profit, operating income, and net income are defined as: gross profit, operating income (loss), or net income (loss), respectively, excluding (1) amortization of intangible assets, share-based compensation expense, and discrete or infrequent charges and gains that are outside of normal business operations, including transaction-related costs, contract and legal settlement gains and losses, facility shutdown costs, inventory impairment charges, and severance costs associated with reduction-in-force programs, to the extent they are present in gross profit, operating income (loss), and net income (loss), respectively; and (2) the tax impacts associated with these non-GAAP adjustments, as well as non-recurring discrete tax items, including the impact of deferred tax asset valuation allowances. All non-GAAP adjustments are presented on a gross basis; the related income tax effects, including current and deferred income tax expense, are included in the adjustment line under the heading "Tax adjustments related to non-GAAP adjustments." Non-GAAP diluted EPS is defined as non-GAAP net income divided by weighted average diluted ordinary shares outstanding during the period. Non-GAAP gross margin and non-GAAP operating margin are defined as non-GAAP gross profit and non-GAAP operating income, respectively, divided by net sales. Free cash flow is defined as cash provided by or used in operating activities, less capital expenditures. Tables showing these metrics on a GAAP and non-GAAP basis, with reconciliation footnotes thereto, are included at the end of this press release.
Non-GAAP results have limitations as analytical tools, and you should not consider them in isolation or as substitutes for our results reported under GAAP. Other companies may calculate non-GAAP results differently or may use other measures to evaluate their performance, both of which could reduce the usefulness of our non-GAAP results as tools for comparison.
Because of these limitations, you should consider non-GAAP results alongside other financial performance measures and results presented in accordance with GAAP. In addition, in evaluating non-GAAP results, you should be aware that in the future we will incur expenses such as those that are the subject of adjustments in deriving non-GAAP results, and you should not infer from our presentation of non-GAAP results that our future results will not be affected by these expenses or other discrete or infrequent charges and gains that are outside of normal business operations.
We will conduct a conference call to discuss our first quarter 2026 results and business outlook today at 1:30 p.m. PT.
To listen to a live webcast of the call, please visit our investor relations website at https://ir.ichorsystems.com, or go to the live link at https://www.webcast-eqs.com/login/ichor_q12026.
To listen via telephone, please call (877) 407‑0989 (domestic) or +1 (201) 389‑0921 (international), conference ID: 13759474. After the call, an on-demand replay will be available at the same webcast link.
We are a leader in the design, engineering and manufacturing of critical fluid delivery subsystems and components primarily for semiconductor capital equipment, as well as other industries such as defense/aerospace and medical. Our primary product offerings include gas and chemical delivery subsystems, collectively known as fluid delivery subsystems, which are key elements of the process tools used in the manufacturing of semiconductor devices. Our gas delivery subsystems deliver, monitor and control precise quantities of the specialized gases used in semiconductor manufacturing processes such as etch and deposition. Our chemical delivery subsystems precisely blend and dispense the reactive liquid chemistries used in semiconductor manufacturing processes such as chemical-mechanical planarization, electroplating, and cleaning. We also provide precision-machined components, weldments, e-beam and laser welded components, precision vacuum and hydrogen brazing, surface treatment technologies, and other proprietary products. We are headquartered in Fremont, CA. https://ir.ichorsystems.com.
We use a 52- or 53-week fiscal year ending on the last Friday in December. The three-month periods ended March 27, 2026, December 26, 2025, and March 28, 2025 were each 13 weeks. References to the first quarter of 2026, fourth quarter of 2025, and first quarter of 2025 relate to the three-month periods then ended. Our fiscal years ended December 25, 2026 and December 26, 2025 are each 52 weeks. References to 2026 and 2025 relate to the fiscal years then ended.
Certain statements in this release are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “anticipate,” “believe,” “contemplate,” “designed,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “may,” “outlook,” “plan,” “predict,” “project,” “see,” “seek,” “target,” “would” and similar expressions or variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Examples of forward-looking statements include, but are not limited to, statements regarding our outlook for our second fiscal quarter of 2026 and beyond, statements regarding the current business environment, revenue levels in 2026 and beyond, manufacturers’ investment in wafer fabrication equipment, our investment in research and development of new products, acquiring new business, and company and industry growth and performance in 2026 and beyond, as well as any other statement that does not directly relate to any historical fact. Such forward-looking statements are based on management’s current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Our actual results and outcomes could differ materially from those included in these forward-looking statements as a result of various factors, including, but not limited to: geopolitical, economic and market conditions, including high inflation, changes to tax, trade, fiscal and monetary policy, high interest rates, currency fluctuations, challenges in the supply chain and any disruptions in the global economy as a result of the conflicts in Ukraine and the Middle East; being unable to attract, hire, integrate and retain key personnel and other necessary employees; dependence on expenditures by manufacturers and cyclical downturns in the semiconductor capital equipment industry; reliance on a very small number of original equipment manufacturers ("OEMs") for a significant portion of sales; negotiating leverage held by our customers; competitiveness and rapid evolution of the industries in which we participate; keeping pace with developments in the industries we serve and with technological innovation generally; designing, developing and introducing new products that are accepted by OEMs in order to retain our existing customers and obtain new customers; becoming involved in litigation and regulatory proceedings, which could require significant attention from our management and result in significant expense to us and disruptions in our business; managing our manufacturing and procurement process effectively; defects in our products that could damage our reputation, decrease market acceptance and result in potentially costly litigation; and our dependence on a limited number of suppliers. Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission (the “SEC”), including other risks, relevant factors, and uncertainties identified in the "Risk Factors" section of our Annual Report on Form 10‑K for the year ended December 26, 2025 and any other periodic reports that we may file with the SEC.
All forward-looking statements in this press release are based upon information available to us as of the date hereof, and qualified in their entirety by this cautionary statement. We undertake no obligation to update or revise any forward-looking statements contained herein, whether as a result of actual results, changes in our expectations, future events or developments, or otherwise, except as required by law.
ICHOR HOLDINGS, LTD.
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
(unaudited)
March 27,
2026
December 26,
2025
March 28,
2025
Assets
Current assets:
Cash and cash equivalents
$
89,089
$
98,290
$
109,281
Accounts receivable, net
93,067
70,514
79,859
Inventories
252,299
231,794
263,454
Prepaid expenses and other current assets
7,639
9,531
7,240
Total current assets
442,094
410,129
459,834
Property and equipment, net
103,551
103,922
103,372
Operating lease right-of-use assets
35,126
35,046
42,232
Other noncurrent assets
13,664
13,638
15,066
Deferred tax assets, net
4,338
4,337
4,069
Intangible assets, net
38,327
40,405
46,638
Goodwill
335,402
335,402
335,402
Total assets
$
972,502
$
942,879
$
1,006,613
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable
$
108,175
$
84,007
$
102,532
Accrued liabilities
16,528
17,479
17,326
Other current liabilities
13,516
10,602
10,149
Current portion of long-term debt
6,250
6,250
7,500
Current portion of lease liabilities
12,203
11,250
11,409
Total current liabilities
156,672
129,588
148,916
Long-term debt, less current portion, net
115,793
117,278
119,264
Lease liabilities, less current portion
24,419
25,413
31,632
Deferred tax liabilities, net
2,627
1,961
1,555
Other non-current liabilities
4,977
4,753
4,885
Total liabilities
304,488
278,993
306,252
Shareholders’ equity:
Preferred shares ($0.0001 par value; 20,000,000 shares authorized; zero shares issued and outstanding)
—
—
—
Ordinary shares ($0.0001 par value; 200,000,000 shares authorized; 34,744,772, 34,433,776, and 34,113,204 shares outstanding, respectively; 39,182,211, 38,871,215, and 38,550,643 shares issued, respectively)
3
3
3
Additional paid in capital
630,988
624,391
612,644
Treasury shares at cost (4,437,439 shares)
(91,578
)
(91,578
)
(91,578
)
Retained earnings
128,601
131,070
179,292
Total shareholders’ equity
668,014
663,886
700,361
Total liabilities and shareholders’ equity
$
972,502
$
942,879
$
1,006,613
ICHOR HOLDINGS, LTD.
Consolidated Statement of Operations
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended
March 27,
2026
December 26,
2025
March 28,
2025
Net sales
$
256,068
$
223,606
$
244,465
Cost of sales
223,810
202,624
215,943
Gross profit
32,258
20,982
28,522
Operating expenses:
Research and development
5,530
5,604
5,874
Selling, general, and administrative
22,565
27,135
21,742
Amortization of intangible assets
2,078
2,078
2,078
Total operating expenses
30,173
34,817
29,694
Operating income (loss)
2,085
(13,835
)
(1,172
)
Interest expense, net
1,678
1,686
1,646
Other expense, net
323
308
81
Income (loss) before income taxes
84
(15,829
)
(2,899
)
Income tax expense
2,553
132
1,660
Net loss
$
(2,469
)
$
(15,961
)
$
(4,559
)
Net loss per share:
Basic
$
(0.07
)
$
(0.46
)
$
(0.13
)
Diluted
$
(0.07
)
$
(0.46
)
$
(0.13
)
Shares used to compute net loss per share:
Basic
34,607,033
34,404,875
33,998,364
Diluted
34,607,033
34,404,875
33,998,364
ICHOR HOLDINGS, LTD.
Consolidated Statements of Cash Flows
(in thousands) (unaudited)
Three Months Ended
March 27,
2026
December 26,
2025
March 28,
2025
Cash flows from operating activities:
Net loss
$
(2,469
)
$
(15,961
)
$
(4,559
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization
7,654
10,044
8,058
Impairment of inventory
—
3,098
—
Share-based compensation
3,833
4,157
4,123
Impairment of lease right-of-use assets
—
507
—
Deferred income taxes
665
(1,815
)
247
Amortization of debt issuance costs
78
77
116
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net
(22,553
)
13,886
6,760
Inventories
(20,505
)
6,788
(13,352
)
Prepaid expenses and other assets
2,856
300
2,837
Accounts payable
27,382
(8,252
)
14,307
Accrued liabilities
(531
)
(1,192
)
1,804
Other liabilities
673
(2,467
)
(1,364
)
Net cash provided by (used in) operating activities
(2,917
)
9,170
18,977
Cash flows from investing activities:
Capital expenditures
(7,065
)
(3,249
)
(18,481
)
Net cash used in investing activities
(7,065
)
(3,249
)
(18,481
)
Cash flows from financing activities:
Issuance of ordinary shares under share-based compensation plans
4,766
356
4,004
Employees' taxes paid upon vesting of restricted share units
(2,422
)
(487
)
(2,013
)
Repayments on term loan
(1,563
)
—
(1,875
)
Net cash provided by (used in) financing activities
781
(131
)
116
Net increase (decrease) in cash
(9,201
)
5,790
612
Cash at beginning of period
98,290
92,500
108,669
Cash at end of period
$
89,089
$
98,290
$
109,281
Supplemental disclosures of cash flow information:
Cash paid during the period for interest
$
1,959
$
1,386
$
2,251
Cash paid during the period for taxes, net of refunds
$
(686
)
$
1,125
$
560
Supplemental disclosures of non-cash activities:
Capital expenditures included in accounts payable
$
412
$
3,626
$
1,467
Right-of-use assets obtained in exchange for new operating lease liabilities
$
2,424
$
—
$
—
ICHOR HOLDINGS, LTD.
Reconciliation of U.S. GAAP Gross Profit to Non-GAAP Gross Profit
(dollars in thousands)
(unaudited)
Three Months Ended
March 27,
2026
December 26,
2025
March 28,
2025
U.S. GAAP gross profit
$
32,258
$
20,982
$
28,522
Non-GAAP adjustments:
Share-based compensation
545
602
707
Restructuring plan costs (1)
—
3,998
—
Facility shutdown costs (2)
—
496
304
Other (3)
—
—
783
Non-GAAP gross profit
$
32,803
$
26,078
$
30,316
U.S. GAAP gross margin
12.6
%
9.4
%
11.7
%
Non-GAAP gross margin
12.8
%
11.7
%
12.4
%
ICHOR HOLDINGS, LTD.
Reconciliation of U.S. GAAP Operating Income (Loss) to Non-GAAP Operating Income
(dollars in thousands)
(unaudited)
Three Months Ended
March 27,
2026
December 26,
2025
March 28,
2025
U.S. GAAP operating income (loss)
$
2,085
$
(13,835
)
$
(1,172
)
Non-GAAP adjustments:
Share-based compensation
3,833
4,157
4,123
Amortization of intangible assets
2,078
2,078
2,078
Restructuring plan costs (1)
549
9,058
—
Facility shutdown costs (2)
114
1,220
592
Other (3)
—
—
954
Non-GAAP operating income
$
8,659
$
2,678
$
6,575
U.S. GAAP operating margin
0.8
%
(6.2
)%
(0.5
)%
Non-GAAP operating margin
3.4
%
1.2
%
2.7
%
ICHOR HOLDINGS, LTD.
Reconciliation of U.S. GAAP Net Loss to Non-GAAP Net Income
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended
March 27,
2026
December 26,
2025
March 28,
2025
U.S. GAAP net loss
$
(2,469
)
$
(15,961
)
$
(4,559
)
Non-GAAP adjustments:
Share-based compensation
3,833
4,157
4,123
Amortization of intangible assets
2,078
2,078
2,078
Restructuring plan costs (1)
549
9,058
—
Facility shutdown costs (2)
114
1,220
592
Other (3)
—
—
954
Tax adjustments related to non-GAAP adjustments (4)
1,182
(272
)
711
Tax expense from valuation allowance (5)
—
—
337
Non-GAAP net income
$
5,287
$
280
$
4,236
U.S. GAAP diluted EPS
$
(0.07
)
$
(0.46
)
$
(0.13
)
Non-GAAP diluted EPS
$
0.15
$
0.01
$
0.12
Shares used to compute non-GAAP diluted EPS
35,297,664
34,580,920
34,206,989
(1)
Represents the costs associated with our Consolidation Restructuring Plan. Included in this amount for the first quarter of 2026 and fourth quarter of 2025 are: (i) other direct and incremental restructuring related costs of $0.4 million and $1.2 million, respectively; (ii) fixed asset charges of $0.1 million and $2.6 million, respectively; (iii) inventory impairment costs of $0.0 million and $3.1 million, respectively; (iv) severance costs associated with affected employees of $0.0 million and $1.7 million, respectively; and (v) ROU asset impairment costs of $0.0 million and $0.5 million, respectively.
(2)
Represents costs associated with the exit from our Scotland and Korea operations. Included in this amount for the first quarter of 2026, fourth quarter of 2025, and for the first quarter of 2025 are: (i) other direct and incremental facility exit-related costs of $0.1 million, $0.6 million, and $0.0 million, respectively; (ii) severance costs associated with affected employees of $0.0 million, $0.5 million, and $0.6 million, respectively; and (iii) inventory write-off charges of $0.0 million, $0.1 million, and $0.0 million, respectively.
(3)
Represents severance costs associated with our global reduction-in-force programs (other than severance costs associated with the exit from our Scotland and Korea operations, as described above).
(4)
Adjusts GAAP income tax expense for the impact of our non-GAAP adjustments, which are presented on a gross basis.
(5)
During the first quarter of 2025, we recorded a valuation allowance against the deferred tax assets of our Scotland and Korean operations.
ICHOR HOLDINGS, LTD.
Reconciliation of U.S. GAAP Net Cash Provided by Operating Activities to Free Cash Flow
(in thousands)
(unaudited)
Three Months Ended
March 27,
2026
December 26,
2025
March 28,
2025
Net cash provided by (used in) operating activities
Ichor Holdings (ICHR - Free Report) came out with quarterly earnings of $0.15 per share, beating the Zacks Consensus Estimate of $0.13 per share. This compares to earnings of $0.12 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +13.21%. A quarter ago, it was expected that this company would post a loss of $0.06 per share when it actually produced earnings of $0.01, delivering a surprise of +116.67%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Ichor Holdings, which belongs to the Zacks Electronics - Semiconductors industry, posted revenues of $256.07 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 1.19%. This compares to year-ago revenues of $244.46 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Ichor Holdings shares have added about 249.5% since the beginning of the year versus the S&P 500's gain of 5.6%.
What's Next for Ichor Holdings?While Ichor Holdings has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Ichor Holdings was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.22 on $264.38 million in revenues for the coming quarter and $1.15 on $1.14 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Electronics - Semiconductors is currently in the top 32% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, GlobalFoundries Inc. (GFS - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 5.
This company is expected to post quarterly earnings of $0.35 per share in its upcoming report, which represents a year-over-year change of +2.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
GlobalFoundries Inc.'s revenues are expected to be $1.62 billion, up 2.4% from the year-ago quarter.
FREMONT, Calif.--(BUSINESS WIRE)--Ichor Holdings, Ltd. (NASDAQ: ICHR), a leader in the design, engineering, and manufacturing of critical fluid delivery subsystems and components for semiconductor capital equipment, today announced management's participation in the following investor events taking place during the second quarter: B. Riley Securities 26th Annual Institutional Investor Conference The Ritz-Carlton, Marina Del Rey, CA May 20-21, 2026 TD Cowen 54th Annual Technology, Media & Tel.
Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.
Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.
Below, we take a look at Ichor Holdings (ICHR - Free Report) , a company that currently holds a Momentum Style Score of A. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.
It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Ichor Holdings currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.
You can see the current list of Zacks #1 Rank Stocks here >>>
Set to Beat the Market? In order to see if ICHR is a promising momentum pick, let's examine some Momentum Style elements to see if this company holds up.
A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.
For ICHR, shares are up 15.52% over the past week while the Zacks Electronics - Semiconductors industry is up 5.15% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 27.25% compares favorably with the industry's 26.89% performance as well.
Considering longer term price metrics, like performance over the last three months or year, can be advantageous as well. Over the past quarter, shares of Ichor Holdings have risen 64.53%, and are up 317.98% in the last year. In comparison, the S&P 500 has only moved 7.12% and 32.44%, respectively.
Investors should also pay attention to ICHR's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. ICHR is currently averaging 1,045,197 shares for the last 20 days.
Earnings OutlookThe Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with ICHR.
Over the past two months, 4 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost ICHR's consensus estimate, increasing from $1.11 to $1.41 in the past 60 days. Looking at the next fiscal year, 4 estimates have moved upwards while there have been no downward revisions in the same time period.
Bottom LineGiven these factors, it shouldn't be surprising that ICHR is a #2 (Buy) stock and boasts a Momentum Score of A. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep Ichor Holdings on your short list.
Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.
Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.
Below, we take a look at Ichor Holdings (ICHR - Free Report) , a company that currently holds a Momentum Style Score of B. We also talk about price change and earnings estimate revisions, two of the main aspects of the Momentum Style Score.
It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Ichor Holdings currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.
You can see the current list of Zacks #1 Rank Stocks here >>>
Set to Beat the Market? In order to see if ICHR is a promising momentum pick, let's examine some Momentum Style elements to see if this company holds up.
A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.
For ICHR, shares are up 3.71% over the past week while the Zacks Electronics - Semiconductors industry is up 2.64% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 11.02% compares favorably with the industry's 16.81% performance as well.
Considering longer term price metrics, like performance over the last three months or year, can be advantageous as well. Shares of Ichor Holdings have increased 78.71% over the past quarter, and have gained 353.23% in the last year. In comparison, the S&P 500 has only moved 10.51% and 29.58%, respectively.
Investors should also pay attention to ICHR's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. ICHR is currently averaging 1,151,862 shares for the last 20 days.
Earnings OutlookThe Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with ICHR.
Over the past two months, 4 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost ICHR's consensus estimate, increasing from $1.13 to $1.41 in the past 60 days. Looking at the next fiscal year, 4 estimates have moved upwards while there have been no downward revisions in the same time period.
Bottom LineGiven these factors, it shouldn't be surprising that ICHR is a #2 (Buy) stock and boasts a Momentum Score of B. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep Ichor Holdings on your short list.
Philip Ryan Barros, Chief Executive Officer of Ichor Holdings (ICHR +16.45%), reported the sale of 13,705 ordinary shares for a transaction value of approximately $962,000, following an option exercise and immediate sale, according to the SEC Form 4 filing.
Transaction summaryMetricValueContextShares sold (direct)13,705Direct open-market shares sold in this filing.Transaction value$962,000Based on SEC Form 4 weighted average purchase price ($70.19).Post-transaction shares (direct)165,078Directly held shares after transaction completion.Post-transaction value (direct ownership)~$11.73 millionBased on June 4, 2026 market close.Transaction value based on SEC Form 4 weighted average purchase price ($70.19); post-transaction value based on June 4, 2026 market close.
Key questionsWhat is the derivative context behind this transaction?
This sale followed the exercise of 1,403 options, with all resulting shares immediately sold.Did the sale materially impact direct ownership or control?
The transaction reduced Barros's direct holdings by 7.67%, leaving him with 165,078 shares, which accounts for approximately 0.47% of the company’s outstanding shares as of the latest data.How does this transaction compare with Barros's historical trade cadence and size?
Barros averages nearly seven equity transactions per year, with recent open-market sales sized between 15,539 and 21,000 shares; this latest sale, at 13,705 shares, is consistent with the pattern but slightly lower due to a shrinking direct share base.Does the sale reflect any change in indirect or derivative holdings?
No; Barros did not disclose indirect shares or additional derivative securities in this filing, and the transaction affected only directly-held ordinary shares.Company overviewMetricValueEmployees1,820Revenue (TTM)$959.25 millionNet income (TTM)($50.69 million)1-year price change258.05%* 1-year performance calculated using June 4, 2026 as the reference date.
Company snapshotIchor designs and manufactures fluid delivery subsystems, including gas and chemical delivery systems, for semiconductor capital equipment.It generates revenue primarily by supplying OEMs with proprietary subsystems and precision components used in semiconductor manufacturing processes.The company serves leading semiconductor equipment manufacturers globally, with a focus on the United States, Asia, and Europe.Ichor Holdings is a leading provider of critical fluid delivery subsystems and components for the semiconductor industry, leveraging engineering expertise and proprietary technologies to support advanced manufacturing processes.
The company’s scale and global reach enable it to serve major OEMs in key semiconductor markets, positioning it as a vital supplier within the sector.
What this transaction means for investorsThe June 4 sale of Ichor Holdings stock by CEO Philip Barros came at a time when shares were on an upward trajectory, eventually reaching a 52-week high of $80.74 on June 10. Given this, it would be natural for Barros to sell, but this was a non-discretionary disposition.
Barros sold the stock as part of a pre-arranged Rule 10b5-1 trading plan, adopted in March of 2026. Such plans are often implemented by insiders to avoid accusations of trading based on insider information. As a result, the transaction does not appear to be a cause for investor concern.
Ichor Holdings stock is on the upswing thanks to artificial intelligence. AI demand has led to growth in semiconductor manufacturing, and the company provides critical fluid delivery subsystems and components to manufacturers.
Consequently, Ichor reported revenue of $256.1 million in its fiscal first quarter ended March 27, up from the prior year’s $244.5 million. The company anticipates sales will accelerate to at least $290 million in its fiscal Q2, helping to propel its stock price higher.
Robert Izquierdo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
