UCTT
Ultra Clean Holdings, Inc.

Ultra Clean Holdings, Inc.UCTT

Technology · Semiconductor Equipment & Materials
41.13USD
+10.56%
Nov 08, 2026
UCTT overview ready
Supplier of critical fluid and gas-delivery subsystems for semiconductor OEMs
UCTT is a semiconductor-capital-equipment supply-chain vendor: it designs and manufactures critical fluid, gas-delivery, and electromechanical subsystems for process-tool OEMs, while also providing cleaning, coating, and analytical services used by semiconductor manufacturers to restore contamination-sensitive tool components.
Theme not measured
Semiconductor Equipment Subsystems has no leadership state this session.
Price trend is broken
Longer-term context reads damaged structure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Fair valuation
The price broadly reflects how its multiples compare with businesses of the same kind, with upside and risk reasonably balanced.
Low free cash flow yield
Free cash flow yield is weak.
Primary risk
Cyclicality of semiconductor capital expenditure.
Market Nov 6Filing Sep 25Price action Nov 7Research Jul 17

Conviction Level

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

PriceAction3.4BusinessPerformance9.0BusinessQuality5.5Valuation3.5ThemeMomentum—Accelerating — Revenue growth has accelerated across 4 consecutive quarters, rising from -10% to +49% year over year. Earnings turned positive: diluted EPS of $0.85 against a loss of -$0.24 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 damaged structure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, 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
$2.0B
Avg Volume (60D)
1.3M
60 sessions
Revenue Growth YoY
-2.1%
FY2025 vs FY2024
Gross Margin
+16.1%
Trailing twelve months
Operating Margin
+4.3%
Trailing twelve months
Free Cash Flow Yield
-8.3%
Distance from 200DMA
-44.8%
P/E
74.2x
EV / EBITDA
15.0x
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 -10% to +49% year over year. Earnings turned positive: diluted EPS of $0.85 against a loss of -$0.24 a year earlier.

Latest reported: Q3 FY2026, ended Sep 25
Revenue growthAccelerating
+49%
$759M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. -10%
  2. +2.9%
  3. +24%
  4. +49%
Earnings growthTurned profitable
$0.85
Diluted EPS $0.85 vs -$0.24 a year earlier · GAAP
Too few comparable EPS quarters: a loss or a turn to profit has no meaningful percentage.
Operating marginExpanding
7.1%
+5.0 pp YoY · gross margin 16.9% (+0.8 pp)
Profit is not fully converting to cash

Business Quality

5.5 / 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 cheap; own history is the dissenting view. The published stance is held at fair because no positive free cash flow behind the low multiple.
Ultra Clean Holdings, Inc. has a Fair valuation stance because the price broadly reflects how its multiples compare with businesses of the same kind, with upside and risk reasonably balanced.

What changed

  • UCTT rose 10.6% in one session
    UCTT closed +10.6% while the broad market was close to flat (+0.3%).
    2026-11-06

Company Research

Thesis
UCTT is a semiconductor-capital-equipment supply-chain vendor: it designs and manufactures critical fluid, gas-delivery, and electromechanical subsystems for process-tool OEMs, while also providing cleaning, coating, and analytical services used by semiconductor manufacturers to restore contamination-sensitive tool components.
Opportunity
Moderate opportunity
New domestic fab construction and broader semiconductor supply-chain capital expenditure drive demand for wafer-fab equipment, the critical subsystems embedded in that equipment, and recurring process-tool support services.
Key risk
Cyclicality of semiconductor capital expenditure.

Economic classification

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Business & Markets

Technology · Semiconductor Equipment & Materials
What they do

Ultra Clean Holdings, Inc. designs, manufactures, and supplies critical subsystems, components, and cleaning and analytical services for semiconductor manufacturing equipment globally.

How it earns

Primarily transactional revenue from product sales and service contracts with semiconductor equipment OEMs and manufacturers.

Products & services
Fluid and gas delivery subsystems
Precision thermal products
Valves and connectors
Pneumatic actuators and manifolds
Cleaning, coating, and analytical services for semiconductor tools
Customers & end markets
Semiconductor process-tool original equipment manufacturers (OEMs)
Semiconductor manufacturers
Market position

Niche supplier specializing in critical fluid, gas-delivery, and electromechanical subsystems within the semiconductor equipment supply chain.

Demand drivers
High cyclicality

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

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