ICHR

MKT CAP:$2B

Ichor Holdings, Ltd.

Market Cap

$2B

Technology·Semiconductors·🇺🇸 United States·NASDAQ

Technology·Semiconductors·🇺🇸·NASDAQ

Stock Price

$64.23+$43.82 (+214.70%)

Apr 17, 2026

Company Details

Ichor Holdings, Ltd. engages in the design, engineering, and manufacture of fluid delivery subsystems and components for semiconductor capital equipment. It primarily offers gas and chemical delivery systems and subsystems that are used in ...

CEO

Philip Barros

IPO Date

Dec 9, 2016

Website

www.ichorsystems.com

Key Metrics TTM

Revenue

$948M

+11.6% YoY

Net Income

-$53M

EPS (Diluted)

-$1.54

Free Cash Flow

-$6M

Revenue / Share

$27.54

Gross Margin

11.1%

Operating Margin

-4.1%

Net Margin

-5.6%

FCF Margin

-0.7%

P/S

2.6x

P/E

—

Earnings Reports

Q1 2026

May 4, 2026

PENDING

FY 2025

Feb 20, 2026

$948M+11.6%EPS -$1.54

Q4 2025

Feb 20, 2026

$224M-4.2%EPS -$0.46

Q3 2025

Sep 30, 2025

$239M+13.3%EPS -$0.67

Q2 2025

Aug 5, 2025

$240M+18.2%EPS -$0.28

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$293M	$44M	$10M
Q2 22	$330M	$55M	$25M
Q3 22	$356M	$64M	$33M
Q4 22	$302M	$49M	$18M
Q1 23	$226M	$33M	$5M
Q2 23	$185M	$26M	-$3M
Q3 23	$197M	$24M	-$5M
Q4 23	$203M	$20M	-$8M
Q1 24	$201M	$23M	-$4M
Q2 24	$203M	$26M	-$2M
Q3 24	$211M	$28M	-$385.0K
Q4 24	$233M	$27M	-$1M
Q1 25	$244M	$29M	-$1M
Q2 25	$240M	$27M	-$5M
Q3 25	$239M	$28M	-$19M
Q4 25	$224M	$21M	-$14M

Valuation

Quarter	P/S	P/E
Q1 22	2.2x	38.4x
Q2 22	2.1x	39.2x
Q3 22	2.0x	33.6x
Q4 22	1.9x	33.9x
Q1 23	2.0x	38.1x
Q2 23	2.3x	109.4x
Q3 23	2.7x	—
Q4 23	3.0x	—
Q1 24	3.1x	—
Q2 24	3.1x	—
Q3 24	3.0x	—
Q4 24	2.9x	—
Q1 25	2.8x	—
Q2 25	2.7x	—
Q3 25	2.6x	—
Q4 25	2.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$36M	-$40M
Q2 22	$9M	-$2M
Q3 22	$20M	$12M
Q4 22	$39M	$32M
Q1 23	-$11M	-$18M
Q2 23	$27M	$23M
Q3 23	$4M	$2M
Q4 23	$38M	$35M
Q1 24	$5M	$314.0K
Q2 24	$17M	$15M
Q3 24	$8M	$2M
Q4 24	-$2M	-$7M
Q1 25	$19M	$496.0K
Q2 25	-$8M	-$15M
Q3 25	$9M	$2M
Q4 25	$9M	$6M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$11M
Q3 22	$8M
Q4 22	$7M
Q1 23	$7M
Q2 23	$4M
Q3 23	$2M
Q4 23	$2M
Q1 24	$4M
Q2 24	$3M
Q3 24	$6M
Q4 24	$4M
Q1 25	$18M
Q2 25	$7M
Q3 25	$7M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+10.8%	+14.8%
Q2 22	+16.7%	+18.5%
Q3 22	+35.3%	+33.7%
Q4 22	+5.1%	+4.7%
Q1 23	-22.9%	-21.8%
Q2 23	-43.9%	-38.3%
Q3 23	-44.7%	-37.6%
Q4 23	-32.6%	-25.5%
Q1 24	-10.8%	-7.2%
Q2 24	+9.8%	+9.4%
Q3 24	+7.3%	+4.9%
Q4 24	+14.7%	+10.9%
Q1 25	+21.4%	+19.8%
Q2 25	+18.2%	+19.3%
Q3 25	+13.3%	+22.3%
Q4 25	-4.2%	+1.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	1.0%
Q2 22	$4M	1.1%
Q3 22	$4M	1.0%
Q4 22	$4M	1.3%
Q1 23	$4M	1.6%
Q2 23	$4M	2.3%
Q3 23	$5M	2.4%
Q4 23	$5M	2.3%
Q1 24	$2M	1.2%
Q2 24	$4M	1.9%
Q3 24	$5M	2.2%
Q4 24	$5M	2.0%
Q1 25	$4M	1.7%
Q2 25	$4M	1.8%
Q3 25	$4M	1.8%
Q4 25	$4M	1.9%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$5M	$23M
Q2 22	$5M	$21M
Q3 22	$5M	$22M
Q4 22	$5M	$22M
Q1 23	$4M	$20M
Q2 23	$5M	$20M
Q3 23	$5M	$20M
Q4 23	$6M	$20M
Q1 24	$5M	$19M
Q2 24	$6M	$20M
Q3 24	$6M	$20M
Q4 24	$6M	$20M
Q1 25	$6M	$22M
Q2 25	$6M	$24M
Q3 25	$6M	$21M
Q4 25	$6M	$27M

Revenue by Geography

Quarter	Europe	Other Countries	Singapore	United States
Q1 22	$24M	$23M	$103M	$142M
Q2 22	$25M	$32M	$114M	$158M
Q3 22	$27M	$39M	$133M	$157M
Q1 23	$30M	$25M	$82M	$89M
Q2 23	$28M	$25M	$70M	$62M
Q3 23	$29M	$23M	$80M	$65M
Q1 24	$31M	$27M	$79M	$64M
Q2 24	$21M	$31M	$82M	$69M
Q3 24	$25M	$34M	$88M	$64M
Q1 25	$25M	$34M	$109M	$76M
Q2 25	$25M	$31M	$107M	$77M
Q3 25	$23M	$27M	$114M	$75M
Q4 25	$25M	$30M	$102M	$67M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$35M	$0	$35M
Q2 22	$46M	$0	$46M
Q3 22	$56M	$0	$56M
Q4 22	$86M	$0	$86M
Q1 23	$69M	$0	$69M
Q2 23	$85M	$0	$85M
Q3 23	$76M	$0	$76M
Q4 23	$80M	$0	$80M
Q1 24	$102M	$0	$102M
Q2 24	$114M	$0	$114M
Q3 24	$116M	$0	$116M
Q4 24	$109M	$0	$109M
Q1 25	$109M	$0	$109M
Q2 25	$92M	$0	$92M
Q3 25	$93M	$0	$93M
Q4 25	$98M	$0	$98M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	29M	-0.1%	+1.0%
Q2 22	29M	+0.1%	-0.2%
Q3 22	29M	+0.0%	+0.1%
Q4 22	29M	-0.0%	+0.0%
Q1 23	29M	-0.2%	-0.1%
Q2 23	29M	+0.5%	+0.3%
Q3 23	29M	+0.6%	+0.9%
Q4 23	29M	+0.4%	+1.2%
Q1 24	30M	+2.1%	+3.5%
Q2 24	34M	+11.8%	+15.2%
Q3 24	34M	+0.5%	+15.0%
Q4 24	34M	+0.2%	+14.9%
Q1 25	34M	+0.6%	+13.3%
Q2 25	34M	+0.5%	+1.9%
Q3 25	34M	+0.5%	+1.9%
Q4 25	34M	+0.2%	+1.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$158.5K	2K
Q2 22	$178.1K	2K
Q3 22	$192.2K	2K
Q4 22	$132.3K	2K
Q1 23	$99.1K	2K
Q2 23	$81.1K	2K
Q3 23	$86.3K	2K
Q4 23	$120.4K	2K
Q1 24	$119.2K	2K
Q2 24	$120.3K	2K
Q3 24	$124.9K	2K
Q4 24	$128.2K	2K
Q1 25	$134.3K	2K
Q2 25	$132.0K	2K
Q3 25	$131.5K	2K
Q4 25	$118.2K	2K

Revenue / Employee