ICHR
Ichor Holdings, Ltd.

Ichor Holdings, Ltd.ICHR

Technology · Semiconductor Equipment & Materials
30.97USD
+10.49%
Nov 08, 2026
ICHR overview ready
Engineered gas and chemical delivery subsystems for semiconductor fab tools
Ichor is a direct upstream supplier to semiconductor-capital-equipment OEMs, providing engineered gas and chemical fluid-delivery subsystems and precision-manufacturing services used within wafer-fab process tools.
Theme not measured
Semiconductor Equipment Subsystems has no leadership state this session.
Price trend is broken
Longer-term context reads early recovery, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
Fair valuation
The price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably balanced.
Low free cash flow yield
Free cash flow yield is weak.
Primary risk
Cyclicality of semiconductor capital equipment demand.
Market Nov 6Filing Sep 25Price action Nov 7Research Oct 6

Conviction Level

Theme Momentum has no canonical measurement for this company — a research-profile dimension, not an input to this score.

PriceAction3.4BusinessPerformance9.0BusinessQuality4.2Valuation3.5ThemeMomentum—Accelerating — Revenue growth has accelerated across 4 consecutive quarters, rising from -4.2% to +37% year over year. Earnings turned positive: diluted EPS of $0.55 against a loss of -$0.67 a year earlier. — Accelerating describes growth momentum measured in recent filed quarters. It is not proof that the acceleration will continue.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
Semiconductor Equipment Subsystems — Semiconductor Equipment Subsystems is tracked (3–4 priced members) — too few for a leadership state
Its economic family, Semiconductors, reads Lagging (−22.2pp vs SPY) — the family’s reading, not this theme’s.
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads early recovery, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
EntryWeak / unconfirmed recovery

The daily chart may be improving, but the weekly fast averages have not been reclaimed — the recovery is not yet confirmed on the higher timeframe.

Key Financials

Market Cap
$1.2B
Avg Volume (60D)
917.7K
60 sessions
Revenue Growth YoY
+11.6%
FY2025 vs FY2024
Gross Margin
+13.3%
Trailing twelve months
Operating Margin
+1.7%
Trailing twelve months
Free Cash Flow Yield
-5.8%
Distance from 200DMA
-49.2%
P/E
331.1x
EV / EBITDA
21.1x
EV / Sales
1.0x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 25, 2026
Filed balance-sheet data as of Sep 25, 2026

Business Performance

Accelerating

Revenue growth has accelerated across 4 consecutive quarters, rising from -4.2% to +37% year over year. Earnings turned positive: diluted EPS of $0.55 against a loss of -$0.67 a year earlier.

Latest reported: Q3 FY2026, ended Sep 25
Revenue growthAccelerating
+37%
$329M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. -4.2%
  2. +4.7%
  3. +23%
  4. +37%
Earnings growthTurned profitable
$0.55
Diluted EPS $0.55 vs -$0.67 a year earlier · GAAP
Too few comparable EPS quarters: a loss or a turn to profit has no meaningful percentage.
Operating marginExpanding
6.9%
+15.1 pp YoY · gross margin 15.8% (+11.2 pp)
Profit is not fully converting to cash
The share count is rising

Business Quality

4.2 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

One of the two valuation perspectives says fair; own history is the dissenting view.
Ichor Holdings, Ltd. has a Fair valuation stance because the price broadly reflects how much growth and cash flow it delivers per turn of revenue multiple, with upside and risk reasonably balanced.

What changed

  • ICHR rose 10.5% in one session
    ICHR closed +10.5% while the broad market was close to flat (+0.3%).
    2026-11-06

Company Research

Thesis
Ichor is a direct upstream supplier to semiconductor-capital-equipment OEMs, providing engineered gas and chemical fluid-delivery subsystems and precision-manufacturing services used within wafer-fab process tools.
Opportunity
High opportunity
Semiconductor-capacity investment requires process-tool OEMs and specialized upstream subsystem suppliers that enable precision deposition, etch, cleaning, plating, and other fab manufacturing steps.
Key risk
Cyclicality of semiconductor capital equipment demand.

Economic classification

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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 globally, supplying precision gas and chemical delivery systems for wafer fabrication tools.

How it earns

The company generates revenue primarily through transactional sales of engineered subsystems and precision manufacturing services to semiconductor equipment OEMs.

Products & services
Gas delivery subsystems
Chemical delivery subsystems
Customers & end markets
Semiconductor capital equipment OEMs
Semiconductor wafer fabrication facilities
Market position

Niche supplier specializing in engineered fluid delivery subsystems for semiconductor capital equipment OEMs.

Demand drivers
High cyclicality

Semiconductor capital equipment demand is closely tied to cyclical semiconductor industry investment and capacity expansion cycles.

Peers

Companies validated as economically comparable to ICHR — similar business, revenue model and scale.
PRICE ACTIONVALUATIONTHEME
Ultra Clean Holdings, Inc.Damaged Structure — Distribution PressureFair6.5MediumUnavailableNot in RS poolLocked$41.13+10.56%