Ultra Clean Holdings
ConvictionModerate
Two-segment picks-and-shovels: Products (designed-in subsystems and components built to WFE-OEM specs, ~87% of revenue) + Services (ultra-high-purity parts cleaning, coating and analytics near customer fabs, ~13%). Volume-driven, thin-margin outsourced manufacturing levered to the WFE capex cycle.
Revenue
$2,054.0MFY2025); $533.7M (Q1 FY2026Rev growth
-2.1% FY2025 y/y+5.4% q/q in Q1 FY2026 (~+2.9% y/y), with Q2 FY2026 guide of $565-605M (~+10% q/q at midpointGross margin
~16%Q1 FY2026: 15.8% GAAP / 16.5% non-GAAP) - structurally thin contract-manufacturing marginOp margin
Q1 FY2026: 2.1% GAAP / 5.1% non-GAAPFY2025 GAAP negative on a $151.1M non-cash goodwill impairmentCapex intensity
Low~2-4% of revenue; management says existing global capacity can ramp toward ~$4B revenue with only modest incremental capexMarket cap
~$4.78BNasdaq: UCTT, ~$108.60/sh, 2026-07-06The read
Where our coverage leans
Coverage leans bullish
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