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Ichor Holdings

ICHR
23
Semiconductors · Technology
Also trades as: 0Z0F.L GBP 0.38 (+0.34%)
Price
$37.94
+0.08 (+0.21%)
Market Cap
$1.42B
Exchange
NASDAQ
Winston Score
23
Winston is worried
Weak fundamentals across most pillars.
Data as of Oct 25, 2026 · filings through Jun 26, 2026

§How the score breaks down

Quality
Weak
3/30
Growth
Mixed
8/20
Cash Flow
Weak
0/10
Stability
Good
5/10
Valuation
Data not available
0/10
Ownership
Mixed
6/15
Dividends
Not counted
n/a

22 of 95 counted points = Winston Score 23. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+18.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 29.0M (2021) → 34.2M (2025)

§Winston Score History

The full picture

Ichor Holdings makes the fluid delivery systems used inside semiconductor manufacturing equipment. These are the precise gas and chemical delivery subsystems that control the flow of materials during the chip-making process. Ichor does not make chips itself — it supplies critical components to major equipment makers like Lam Research and Applied Materials, which are among its largest customers.

Ichor earns revenue by selling these engineered subsystems and components directly to semiconductor equipment manufacturers. The company operates primarily in the United States, with some international manufacturing presence, and generated roughly $2.6 billion in market value despite currently thin margins. Its competitive position comes from deep integration with a small number of large customers, which creates switching costs but also heavy customer concentration risk. The key risk Ichor faces is its dependence on the cyclical semiconductor equipment spending cycle — when chipmakers cut capital budgets, demand for Ichor's products drops quickly, as reflected in its current negative operating and return margins.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+22.7% YoY

YoY Growth Rate

Steady revenue growth

Reported EPS Growth

+110.7% YoY

Quarterly reporting periods ended:

27 Jun 2025: $-0.28

26 Jun 2026: $0.03

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$23M/ year

→ Flat (+0% vs prior year)

2.4% of revenue

Below sector average (15%)

Steady R&D investment year-over-year

Insider Activity

2.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

$256M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$256M cash & investments at current burn rate

Growth context

Ichor Holdings is growing revenue at 23% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
13.9%
Thin — 13.9% gross margin
Profit after running costs
Operating Margin
2.4%
Thin — 2.4% operating margin
Return on the money invested
ROCE
-2.3%
Weak — -2.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
+9.1%
Steady sales growth (+9.1% YoY)
Profit growth
EPS YoY
N/A
—
Data not available
How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
-2.5%
Burning cash (-2.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.18
Conservative — low debt load (0.18)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
—
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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