Detailed financial statements for Ultra Clean Holdings, Inc. (UCTT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.

Ultra Clean Holdings, Inc. specializes in providing essential subsystems, intricate components, precision parts, and rigorous ultra-high purity cleaning and sophisticated analytical verification services. The company primarily caters to the global semiconductor sector, operating across the U.S. and internationally.

Analysis Summary

Ultra Clean Holdings, Inc. reported revenue of $2.05B in the most recent fiscal year, growing at a 5-year CAGR of 8.0%.

Trailing-twelve-month margins: gross margin 16.1%, operating margin 4.3%, net margin 1.1%. Free cash flow grew at -24.1% CAGR over 5 years.

At $49.71 (closing price, October 30, 2026), UCTT trades at a P/E of 87.21 and an ROE of 3.93%. Market capitalisation stands at $2.3B.

Balance sheet quality for UCTT: debt-to-equity ratio of 1.11, current ratio of 2.79 over the last 12 months, net debt of $498.5M at the end of the last fiscal year. 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	$562.8M	$924.4M	$1.10B	$1.07B	$1.40B	$2.10B	$2.37B	$1.73B	$2.10B	$2.05B
Cost of Revenue	$476.0M	$756.7M	$920.7M	$869.4M	$1.11B	$1.67B	$1.91B	$1.46B	$1.74B	$1.73B
Gross Profit	$86.8M	$167.6M	$175.8M	$196.8M	$291.8M	$430.0M	$465.0M	$277.3M	$356.3M	$322.9M
Research & Development	$9.9M	$11.7M	$13.3M	$14.6M	$14.8M	$24.5M	$28.5M	$28.3M	$28.3M	$32.0M
Selling, General & Admin	$54.5M	$66.6M	$101.8M	$152.3M	$155.6M	$219.8M	$238.7M	$209.1M	$236.8M	$247.2M
Operating Expenses	$64.4M	$78.2M	$115.1M	$166.9M	$170.4M	$244.3M	$344.6M	$242.1M	$265.1M	$279.2M
Operating Income	$22.4M	$89.4M	$60.7M	$29.9M	$121.4M	$185.7M	$120.4M	$35.2M	$91.2M	$43.7M
EBITDA	$34.1M	$89.4M	$81.8M	$69.5M	$166.2M	$246.0M	$190.6M	$99.2M	$189.8M	-$31.4M
Interest Expense	0	$2.2M	$10.0M	$25.6M	$16.9M	$24.2M	$33.9M	$48.8M	$46.5M	$38.3M
Pre-tax Income	$18.9M	$86.9M	$52.3M	$2.3M	$99.7M	$154.3M	$88.3M	-$11.3M	$67.2M	-$145.7M
Income Tax	$8.9M	$11.9M	$15.3M	$10.0M	$19.3M	$27.9M	$37.9M	$10.9M	$32.7M	$25.9M
Net Income	$10.1M	$75.1M	$36.6M	-$9.4M	$77.6M	$119.5M	$40.4M	-$31.1M	$23.7M	-$181.2M
EPS	$0.31	$2.25	$0.95	-$0.19	$1.93	$2.75	$0.89	-$0.70	$0.53	-$4.00
EPS (Diluted)	$0.30	$2.19	$0.94	-$0.19	$1.89	$2.69	$0.88	-$0.70	$0.52	-$4.00
Shares Outstanding (Diluted)	33.1 M	34.3 M	38.9 M	39.5 M	41.1 M	44.4 M	45.7 M	44.7 M	45.3 M	45.3 M

Income Statement (Quarterly)

Year	2025-Q4	2026-Q1	2026-Q2	2026-Q3
Revenue	$506.7M	$533.7M	$644.9M	$759.0M
Gross Profit	$77.3M	$84.4M	$103.7M	$128.4M
Operating Income	$10.9M	$11.4M	$29.5M	$53.7M
EBITDA	$29.7M	$30.7M	$50.4M	$72.0M
Net Income	-$3.3M	-$17.9M	$8.7M	$39.1M
EPS	-$0.07	-$0.40	$0.19	$0.86
EPS (Diluted)	-$0.07	-$0.40	$0.19	$0.85

Balance Sheet (10y)

Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Cash & Equivalents	$52.5M	$68.3M	$144.1M	$162.5M	$200.3M	$466.5M	$358.8M	$307.0M	$313.9M	$311.8M
Short-term Investments	0	0	0	0	0	0	0	0	0	0
Receivables	$74.7M	$90.2M	$107.0M	$112.7M	$145.5M	$250.1M	$253.7M	$180.8M	$241.1M	$208.8M
Inventory	$103.9M	$231.8M	$186.1M	$172.4M	$180.4M	$379.2M	$443.9M	$374.5M	$381.0M	$390.9M
Total Current Assets	$237.4M	$402.4M	$459.4M	$467.0M	$545.1M	$1.14B	$1.10B	$893.2M	$970.1M	$959.7M
Property, Plant & Equipment	$18.9M	$32.2M	$142.9M	$180.2M	$197.0M	$325.7M	$378.6M	$480.0M	$486.9M	$481.8M
Goodwill	$85.2M	$85.2M	$155.5M	$171.1M	$171.1M	$270.0M	$248.8M	$265.2M	$265.3M	$114.2M
Intangible Assets	$37.0M	$31.6M	$193.7M	$180.3M	$160.5M	$245.7M	$187.9M	$215.3M	$184.9M	$156.8M
Total Assets	$380.7M	$558.3M	$961.9M	$1.02B	$1.10B	$2.03B	$1.96B	$1.87B	$1.92B	$1.73B
Accounts Payable	$71.2M	$173.5M	$99.0M	$133.1M	$121.3M	$332.9M	$253.5M	$192.9M	$212.5M	$194.9M
Short-term Debt	$16.8M	$12.4M	$9.7M	$8.8M	$7.4M	$22.1M	$20.8M	$17.6M	$16.0M	$30.1M
Total Current Liabilities	$101.1M	$202.3M	$142.2M	$210.6M	$201.3M	$469.1M	$389.2M	$310.0M	$335.6M	$300.7M
Long-term Debt	$50.9M	$39.9M	$331.5M	$283.4M	$261.6M	$529.9M	$493.0M	$461.2M	$476.5M	$623.6M
Total Liabilities	$164.6M	$258.0M	$510.3M	$566.8M	$551.3M	$1.13B	$1.02B	$970.5M	$984.1M	$944.9M
Retained Earnings	$38.0M	$113.1M	$149.7M	$140.3M	$218.0M	$337.4M	$377.8M	$346.7M	$370.4M	$189.2M
Total Equity	$216.1M	$300.3M	$436.0M	$436.7M	$532.6M	$848.9M	$887.9M	$838.9M	$873.6M	$711.0M
Total Debt	$67.8M	$52.3M	$341.2M	$334.2M	$311.8M	$635.2M	$611.2M	$639.9M	$660.3M	$810.3M
Net Debt	$15.3M	-$16.0M	$197.1M	$171.7M	$111.5M	$168.8M	$252.4M	$332.9M	$346.4M	$498.5M
Working Capital	$136.4M	$200.1M	$317.1M	$256.4M	$343.8M	$668.0M	$709.6M	$583.2M	$634.5M	$659.0M

Balance Sheet (Quarterly)

Year	2025-Q3	2025-Q4	2026-Q1	2026-Q2
Cash & Equivalents	$314.1M	$311.8M	$323.5M	$255.9M
Total Assets	$1.72B	$1.73B	$1.86B	$1.92B
Total Liabilities	$939.2M	$944.9M	$1.15B	$1.20B
Total Equity	$709.9M	$711.0M	$627.9M	$639.8M
Total Debt	$650.1M	$810.3M	$780.4M	$775.9M

Cash Flow (10y)

Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net Income	$10.1M	$75.1M	$36.9M	-$7.6M	$80.4M	$126.4M	$50.4M	-$31.1M	$34.5M	-$171.6M
Depreciation & Amortization	$11.7M	$10.7M	$21.1M	$41.6M	$44.8M	$67.5M	$68.4M	$61.7M	$76.1M	$76.0M
Stock-based Compensation	$5.7M	$7.8M	$10.3M	$12.1M	$12.7M	$15.8M	$19.1M	$12.1M	$17.4M	$19.2M
Change in Working Capital	-$16.0M	-$40.8M	-$23.4M	$72.0M	-$48.1M	-$3.6M	-$172.6M	$92.0M	-$35.0M	-$9.7M
Operating Cash Flow	$17.6M	$48.9M	$45.4M	$121.0M	$97.3M	$211.6M	$47.2M	$135.9M	$65.0M	$65.6M
Capital Expenditure	-$7.3M	-$16.1M	-$29.5M	-$26.3M	-$36.4M	-$59.3M	-$100.1M	-$75.8M	-$63.5M	-$50.3M
Acquisitions	0	0	-$319.8M	-$29.9M	$6.6M	-$342.8M	$3.4M	-$46.1M	0	0
Stock Repurchased	0	0	0	0	0	0	-$12.1M	-$29.4M	0	-$3.4M
Dividends Paid	0	0	0	-$600,000	0	0	-$300,000	-$200,000	-$500,000	-$100,000
Free Cash Flow	$10.3M	$32.8M	$15.9M	$94.7M	$60.9M	$152.3M	-$52.9M	$60.1M	$1.5M	$15.3M

Cash Flow (Quarterly)

Year	2025-Q3	2025-Q4	2026-Q1	2026-Q2
Operating Cash Flow	$100,000	$8.1M	-$33.3M	-$41.1M
Capital Expenditure	-$11.0M	-$10.1M	-$9.6M	-$16.2M
Free Cash Flow	-$10.9M	-$2.0M	-$42.9M	-$57.3M
Dividends Paid	0	0	0	0
Stock-based Compensation	$4.4M	$4.8M	$3.2M	$6.4M

Growth & Margins (10y)

Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue Growth (YoY)		+64.3%	+18.6%	-2.8%	+31.2%	+50.3%	+13.0%	-26.9%	+20.9%	-2.1%
Net Income Growth (YoY)		+647.0%	-51.3%	-125.7%	+925.5%	+54.0%	-66.2%	-177.0%	+176.2%	-864.6%
EPS Growth (YoY)		+625.8%	-57.8%	-120.0%	+1,115.8%	+42.5%	-67.6%	-178.7%	+175.7%	-854.7%
Shares Change (YoY)		+3.5%	+13.5%	+1.5%	+4.1%	+8.0%	+2.9%	-2.2%	+1.3%	+0.0%
FCF Growth (YoY)		+218.1%	-51.5%	+495.5%	-35.7%	+150.3%	-134.7%	+213.6%	-97.5%	+920.0%
Gross Margin	15.4%	18.1%	16.0%	18.5%	20.9%	20.5%	19.6%	16.0%	17.0%	15.7%
Operating Margin	4.0%	9.7%	5.5%	2.8%	8.7%	8.8%	5.1%	2.0%	4.3%	2.1%
EBITDA Margin	6.1%	9.7%	7.5%	6.5%	11.9%	11.7%	8.0%	5.7%	9.0%	-1.5%
Net Margin	1.8%	8.1%	3.3%	-0.9%	5.5%	5.7%	1.7%	-1.8%	1.1%	-8.8%
FCF Margin	1.8%	3.5%	1.4%	8.9%	4.4%	7.2%	-2.2%	3.5%	0.1%	0.7%
Effective Tax Rate	47.0%	13.6%	29.3%	434.8%	19.3%	18.1%	42.9%	-96.5%	48.7%	-17.8%

Per-Share Data (10y)

Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FCF Per Share	$0.31	$0.95	$0.41	$2.40	$1.48	$3.43	-$1.16	$1.34	$0.03	$0.34
Dividends Per Share	$0.00	$0.00	$0.00	$0.02	$0.00	$0.00	$0.01	$0.00	$0.01	$0.00
Shares Outstanding (Basic)	32.6 M	33.4 M	38.4 M	39.5 M	40.2 M	43.5 M	45.2 M	44.7 M	44.9 M	45.3 M

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

Return on Equity	3.93%
Return on Invested Capital	2.72%
Return on Assets	1.26%
Gross Margin	16.11%
Operating Margin	4.32%
Net Margin	1.09%

Financial Health

Debt / Equity	1.11
Current Ratio	2.79
Piotroski F-Score	4
Altman Z-Score	2.63

Key Ratios (10y)

Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
P/E	31.29	10.26	8.92	-123.53	16.14	20.86	37.25	-48.77	68.92	-6.51
P/B	1.46	2.57	0.75	2.12	2.35	2.94	1.69	1.82	1.88	1.66
P/S	0.56	0.83	0.30	0.87	0.90	1.19	0.63	0.88	0.78	0.57
Gross Margin	15.4%	18.1%	16.0%	18.5%	20.9%	20.5%	19.6%	16.0%	17.0%	15.7%
Operating Margin	4.0%	9.7%	5.5%	2.8%	8.7%	8.8%	5.1%	2.0%	4.3%	2.1%
Net Margin	1.8%	8.1%	3.3%	-0.9%	5.5%	5.7%	1.7%	-1.8%	1.1%	-8.8%

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Explore sector: Technology · Semiconductors

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