Detailed financial statements for Ichor Holdings, Ltd. (ICHR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Ichor Holdings, Ltd. specializes in the conception, development, and production of fluid delivery subsystems and their constituent components, tailored for capital equipment used in semiconductor manufacturing. The company's primary focus is on gas and chemical handling systems, which are integral to the fabrication of semiconductor devices.
Analysis Summary
Ichor Holdings, Ltd. reported revenue of $947.7M in the most recent fiscal year, growing at a 5-year CAGR of 0.7%.
Trailing-twelve-month margins: gross margin 10.1%, operating margin -2.3%, net margin -4.0%.
Balance sheet quality for ICHR: current ratio of 3.2, net debt of $61.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $405.7M | $655.9M | $823.6M | $620.8M | $914.2M | $1.10B | $1.28B | $811.1M | $849.0M | $947.7M |
| Cost of Revenue | $340.4M | $553.5M | $687.5M | $534.5M | $789.3M | $919.4M | $1.07B | $707.7M | $745.7M | $859.9M |
| Gross Profit | $65.4M | $102.4M | $136.1M | $86.4M | $124.9M | $177.5M | $211.9M | $103.4M | $103.3M | $87.8M |
| Research & Development | $6.4M | $7.9M | $9.4M | $11.1M | $13.4M | $15.7M | $19.6M | $20.2M | $23.0M | $23.1M |
| Selling, General & Admin | $28.1M | $37.8M | $47.4M | $47.3M | $56.6M | $65.9M | $88.6M | $79.3M | $79.4M | $95.7M |
| Operating Expenses | $41.5M | $54.2M | $72.2M | $71.4M | $83.3M | $96.5M | $126.0M | $114.3M | $111.0M | $127.0M |
| Operating Income | $23.9M | $48.2M | $64.0M | $15.0M | $41.6M | $81.0M | $85.8M | -$10.9M | -$7.6M | -$39.3M |
| EBITDA | $34.0M | $58.8M | $87.3M | $36.8M | $65.3M | $106.2M | $121.5M | $22.9M | $22.0M | -$7.4M |
| Interest Expense | $4.4M | $3.3M | $10.0M | $10.6M | $8.7M | $6.5M | $11.1M | $19.4M | $9.3M | $6.6M |
| Pre-tax Income | $20.1M | $45.0M | $54.2M | $4.3M | $32.3M | $73.8M | $75.3M | -$31.1M | -$18.1M | -$47.6M |
| Income Tax | -$649000 | -$7.1M | -$3.7M | -$6.5M | -$988000 | $2.9M | $2.5M | $11.9M | $2.8M | $5.2M |
| Net Income | $16.7M | $51.4M | $57.9M | $10.7M | $33.3M | $70.9M | $72.8M | -$43.0M | -$20.8M | -$52.8M |
| EPS | $1.14 | $2.05 | $2.34 | $0.48 | $1.44 | $2.51 | $2.54 | $-1.47 | $-0.64 | $-1.54 |
| EPS (Diluted) | $1.14 | $1.96 | $2.30 | $0.47 | $1.42 | $2.45 | $2.51 | $-1.47 | $-0.64 | $-1.54 |
| Shares Outstanding (Diluted) | $1.2M | $26.2M | $25.1M | $22.8M | $23.5M | $29.0M | $29.0M | $29.2M | $32.8M | $34.2M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $50.9M | $68.6M | $43.8M | $60.6M | $252.9M | $75.5M | $86.5M | $80.0M | $108.7M | $98.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $26.4M | $49.2M | $40.3M | $84.8M | $101.0M | $143.0M | $136.3M | $66.7M | $86.6M | $70.5M |
| Inventory | $70.9M | $150.8M | $121.1M | $127.0M | $134.8M | $236.1M | $283.7M | $245.9M | $250.1M | $231.8M |
| Total Current Assets | $157.1M | $275.7M | $211.6M | $276.9M | $495.7M | $462.8M | $513.5M | $401.4M | $452.6M | $410.1M |
| Property, Plant & Equipment | $12.0M | $33.1M | $41.7M | $58.7M | $51.9M | $115.0M | $138.6M | $129.4M | $139.3M | $139.0M |
| Goodwill | $77.1M | $94.8M | $173.0M | $173.0M | $174.9M | $335.9M | $335.4M | $335.4M | $335.4M | $335.4M |
| Intangible Assets | $32.1M | $35.7M | $56.9M | $52.0M | $39.8M | $89.9M | $72.0M | $57.3M | $48.7M | $40.4M |
| Total Assets | $282.5M | $541.4M | $485.5M | $566.6M | $774.2M | $1.02B | $1.08B | $938.5M | $995.6M | $942.9M |
| Accounts Payable | $88.5M | $121.4M | $64.3M | $131.6M | $116.7M | $159.7M | $110.2M | $60.5M | $91.7M | $84.0M |
| Short-term Debt | 0 | $6.5M | $8.8M | $8.8M | $8.8M | $7.5M | $7.5M | $7.5M | $7.5M | $6.2M |
| Total Current Liabilities | $101.1M | $145.8M | $87.8M | $163.9M | $162.0M | $208.3M | $166.3M | $99.0M | $135.7M | $129.6M |
| Long-term Debt | $37.9M | $180.2M | $192.1M | $169.3M | $191.5M | $285.3M | $293.2M | $241.2M | $121.0M | $117.3M |
| Total Liabilities | $140.8M | $329.7M | $287.2M | $345.1M | $362.5M | $520.2M | $496.2M | $373.8M | $297.2M | $279.0M |
| Retained Earnings | -$54.4M | -$3.0M | $59.9M | $70.7M | $104.0M | $174.9M | $247.7M | $204.7M | $183.9M | $131.1M |
| Total Equity | $141.7M | $211.7M | $198.3M | $221.4M | $411.7M | $500.7M | $587.5M | $564.7M | $698.3M | $663.9M |
| Total Debt | $37.9M | $186.7M | $200.9M | $192.6M | $210.7M | $322.7M | $341.7M | $286.3M | $174.2M | $160.2M |
| Net Debt | -$12.9M | $118.1M | $157.0M | $132.0M | -$42.2M | $247.2M | $255.3M | $206.4M | $65.5M | $61.9M |
| Working Capital | $56.0M | $129.9M | $123.8M | $113.1M | $333.7M | $254.5M | $347.2M | $302.4M | $316.9M | $280.5M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $16.7M | $56.5M | $57.9M | $10.7M | $33.3M | $70.9M | $72.8M | -$43.0M | -$20.8M | -$52.8M |
| Depreciation & Amortization | $9.5M | $12.5M | $23.1M | $21.9M | $24.2M | $26.0M | $35.1M | $34.6M | $30.7M | $33.5M |
| Stock-based Compensation | $3.2M | $2.2M | $7.6M | $8.5M | $9.9M | $11.5M | $13.9M | $17.3M | $15.6M | $16.7M |
| Change in Working Capital | $257000 | -$17.4M | -$22.3M | $22.2M | -$32.0M | -$92.8M | -$87.6M | $38.9M | $2.7M | $9.0M |
| Operating Cash Flow | $27.7M | $38.7M | $60.5M | $57.1M | $38.3M | $15.3M | $31.5M | $57.6M | $27.9M | $29.9M |
| Capital Expenditure | -$4.3M | -$8.2M | -$13.9M | -$12.3M | -$10.3M | -$20.8M | -$29.4M | -$15.5M | -$17.6M | -$36.2M |
| Acquisitions | -$17.4M | -$181.0M | -$1.4M | 0 | -$5.0M | -$268.8M | $500000 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | -$90.0M | -$1.9M | -$1.8M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $23.5M | $30.4M | $46.6M | $44.8M | $28.0M | -$5.6M | $2.0M | $42.1M | $10.2M | -$6.3M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +61.7% | +25.6% | -24.6% | +47.3% | +20.0% | +16.7% | -36.6% | +4.7% | +11.6% | |
| Net Income Growth (YoY) | +208.4% | +12.6% | -81.5% | +210.2% | +113.0% | +2.7% | -159.0% | +51.6% | -153.5% | |
| EPS Growth (YoY) | +79.8% | +14.1% | -79.5% | +200.0% | +74.3% | +1.2% | -157.9% | +56.5% | -140.6% | |
| Shares Change (YoY) | +2064.3% | -4.2% | -9.4% | +3.0% | +23.5% | -0.1% | +0.8% | +12.2% | +4.5% | |
| FCF Growth (YoY) | +29.7% | +53.0% | -3.8% | -37.6% | -119.9% | +136.3% | +1985.9% | -75.7% | -161.3% | |
| Gross Margin | 16.1% | 15.6% | 16.5% | 13.9% | 13.7% | 16.2% | 16.6% | 12.7% | 12.2% | 9.3% |
| Operating Margin | 5.9% | 7.3% | 7.8% | 2.4% | 4.5% | 7.4% | 6.7% | -1.3% | -0.9% | -4.1% |
| EBITDA Margin | 8.4% | 9.0% | 10.6% | 5.9% | 7.1% | 9.7% | 9.5% | 2.8% | 2.6% | -0.8% |
| Net Margin | 4.1% | 7.8% | 7.0% | 1.7% | 3.6% | 6.5% | 5.7% | -5.3% | -2.5% | -5.6% |
| FCF Margin | 5.8% | 4.6% | 5.7% | 7.2% | 3.1% | -0.5% | 0.2% | 5.2% | 1.2% | -0.7% |
| Effective Tax Rate | -3.2% | -15.8% | -6.8% | -151.0% | -3.1% | 3.9% | 3.4% | -38.3% | -15.3% | -11.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $19.37 | $1.16 | $1.85 | $1.97 | $1.19 | $-0.19 | $0.07 | $1.44 | $0.31 | $-0.18 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.2M | $25.1M | $24.7M | $22.4M | $23.2M | $28.3M | $28.7M | $29.2M | $32.8M | $34.2M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Gross Margin | 10.14% |
| Operating Margin | -2.30% |
| Net Margin | -3.97% |
Financial Health
| Debt / Equity | 0.18 |
| Current Ratio | 3.70 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 9.49 | 12.00 | 6.97 | 69.31 | 21.15 | 18.34 | 10.56 | -22.88 | -49.02 | -12.31 |
| P/B | 0.09 | 2.92 | 2.03 | 3.37 | 1.71 | 2.60 | 1.31 | 1.74 | 1.47 | 0.98 |
| P/S | 0.03 | 0.94 | 0.49 | 1.20 | 0.77 | 1.19 | 0.60 | 1.21 | 1.21 | 0.68 |
| Gross Margin | 16.1% | 15.6% | 16.5% | 13.9% | 13.7% | 16.2% | 16.6% | 12.7% | 12.2% | 9.3% |
| Operating Margin | 5.9% | 7.3% | 7.8% | 2.4% | 4.5% | 7.4% | 6.7% | -1.3% | -0.9% | -4.1% |
| Net Margin | 4.1% | 7.8% | 7.0% | 1.7% | 3.6% | 6.5% | 5.7% | -5.3% | -2.5% | -5.6% |
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