ICHR
Ichor Holdings, Ltd.

Ichor Holdings, Ltd.ICHR

Technology · Semiconductor Equipment & Materials
57.44USD
+2.32%
Sep 23, 2026
ICHR overview ready
Integrated Gas and Chemical Fluid-Delivery Subsystems for Semiconductor Equipment
Ichor is an outsourced designer, engineer, and manufacturer of integrated gas and chemical fluid-delivery subsystems and related precision components used within semiconductor manufacturing equipment.
Strong narrative exposure
Exposed to the Semiconductor Supply Chain Localization narrative through Semiconductor Capital-Equipment Subsystems and Fluid Delivery — component supplier.
Price trend is broken
Longer-term context reads near trend floor, with a near-term setup of daily advance.
The tactical setup reads daily advance, but the weekly structure is broken.
Demanding valuation
The price embeds expectations that run ahead of the cash it currently generates.
Solid fundamentals
Ev / sales is strong.
Primary risk
Cyclicality of semiconductor capital equipment demand.
Market Sep 22Filing Jun 26Price action Sep 22Research Sep 5

Conviction Level

NarrativeHeat8.7ThemeHeat8.0PriceAction5.4Valuation2.2CompanyPosition7.3
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads near trend floor, with a near-term setup of daily advance.
The tactical setup reads daily advance, but the weekly structure is broken.
EntryConstructive

Structure is constructive, but price remains well extended from the long-term weekly base and the earlier reset has already been partly recovered — a workable rather than ideal entry location.

Key Financials

Market Cap
$2.2B
Avg Volume (60D)
812.9K
60 sessions
Revenue Growth YoY
+11.6%
FY2025 vs FY2024
Gross Margin
+10.4%
Trailing twelve months
Operating Margin
-2.4%
Trailing twelve months
Free Cash Flow Yield
-1.2%
Distance from 200DMA
+1.7%
Next Earnings
2026-11-02
P/E
N/M
EV / EBITDA
242.1x
EV / Sales
2.0x
Market metrics as of Sep 22, 2026
Financial results for the period ended Jun 26, 2026
Filed balance-sheet data as of Jun 26, 2026

Fundamentals & Valuation

All three valuation perspectives agree this company is expensive.
Ichor Holdings, Ltd. has an Expensive valuation stance because the price embeds expectations that run ahead of the cash it currently generates.

Company Research

Thesis
Ichor is an outsourced designer, engineer, and manufacturer of integrated gas and chemical fluid-delivery subsystems and related precision components used within semiconductor manufacturing equipment.
Opportunity
High opportunity
Outsourced, precision-engineered subsystems and fluid-handling assemblies required by semiconductor-equipment OEMs as fabs add capacity and adopt more demanding process technologies.
Key risk
Cyclicality of semiconductor capital equipment demand.

Narrative & Theme

Semiconductor Supply Chain Localization
Part of Semiconductor Capital-Equipment Subsystems and Fluid Delivery, with moderate fit.
ICHR is a direct operating beneficiary of semiconductor capital-equipment demand, particularly for tools requiring complex gas and chemical delivery.
Narrative HeatHot8.7 / 10
Theme HeatHeating up8.0 / 10

Business & Markets

Technology · Semiconductor Equipment & Materials
What they do

Ichor Holdings designs, engineers, and manufactures fluid delivery subsystems and components used in semiconductor capital equipment manufacturing globally.

How it earns

The company generates revenue primarily through transactional sales of its subsystems and components to semiconductor equipment manufacturers.

Products & services
Gas delivery subsystems
Chemical delivery subsystems
Customers & end markets
Semiconductor capital equipment manufacturers
Semiconductor device manufacturers
Market position

Ichor Holdings operates as a specialized supplier within the semiconductor equipment materials industry.

Demand drivers
High cyclicality

Semiconductor equipment demand is closely tied to the cyclical semiconductor industry and capital expenditure cycles.