ICHR·Semiconductor equipment - fluid delivery subsystems and precision components (gas panels, chemical delivery, flow control, weldments, machined parts)

Ichor Holdings

ConvictionWeak

Design-and-build outsourced subsystem supplier to wafer-fab-equipment (WFE) OEMs. Historically low-margin, pass-through-heavy contract manufacturing of full subsystems; strategy is to move up the value chain by internalizing machining, welding, cleaning and proprietary flow-control components to raise Ichor-branded content and gross margin. Secondary diversification into aerospace and defense precision components. Incorporated in the Cayman Islands, operationally US-headquartered (Fremont, CA) and fully public on Nasdaq - not a pre-IPO or foreign-restricted issue.

Revenue

$947.7M FY2025$256.1M Q1 FY2026

Rev growth

FY2025 +11.6% YoY$947.7M vs $849.0M FY2024); Q1 FY2026 +15% sequential vs Q4 FY2025

Gross margin

FY2025 ~9.3% GAAP$87.8M gross profit); Q1 FY2026 12.6% GAAP / 12.8% non-GAAP - recovering off trough toward a stated near-term >=15% target

Op margin

Negative on a GAAP basisin FY2025 (GAAP net loss $(52.8)M / EPS $(1.54)); roughly breakeven-to-slightly-positive non-GAAP (non-GAAP net income $7.9M

Capex intensity

FY2025 capex $36.2M = 3.8% of sales

Market cap

~$3.4BNasdaq: ICHR; ~$98/share on 2026-07-04, $98.22 close; 52-wk range $13.12-$113.58 - stock is up several-hundred percent off its 2025 trough

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-02-20. The audited primary-source spine — not financial advice.

Live feed

Revenue — annual (GAAP)

FY’21

$1.1B

FY’22

$1.3B+17%

FY’23

$811M-37%

FY’24

$849M+5%

FY’25

$948M+12%

Margins & balance sheet — FY’25

Gross margin9.3%

Operating margin-4.1%

Net margin-5.6%

Net debt$33M

The read

Where our coverage leans

Coverage leans bearish

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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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