Ichor Holdings, Ltd.
$72.45
+3.5%Ichor Holdings, Ltd. engages in the design, engineering, and manufacture of fluid delivery subsystems and components for semiconductor capital equipment. It primarily offers gas and chemical delivery systems and subsystems that are used in the manufacturing of semiconductor devices. The company's gas delivery subsystems deliver, monitor, and control gases used in semiconductor manufacturing processes, such as etch and deposition; and chemical delivery subsystems blend and dispense the reactive liquid chemistries used in semiconductor manufacturing processes comprising chemical-mechanical planarization, electroplating, and cleaning. It also manufactures precision machined components, weldments, electron beam, laser-welded components, precision vacuum and hydrogen brazing, surface treatment technologies, and other proprietary products for use in fluid delivery systems. The company primarily markets its products directly and through resellers to equipment OEMs in the semiconductor equipment market in the United States, the United Kingdom, Singapore, Malaysia, Korea, Mexico, and internationally. Ichor Holdings, Ltd. was incorporated in 1999 and is headquartered in Fremont, California.
At a Glance
Live SnapshotIntrinsic Alpha Methodology
Thesis Lenses
Signal
Medium confidenceValuation multiple is compressed (P/E -47.0).
Valuation inputs: P/E -47.0, earnings yield N/A, momentum +3.5%.
If multiples stay elevated while momentum fades, downside repricing risk rises.
Driver
High confidenceReturn profile is soft (ROE -8.0%, ROIC -4.7%).
Profitability stack: net margin -5.6%, ROE -8.0%, ROIC -4.7%.
Quality deterioration often appears in margins before it shows up in headline EPS.
Risk
High confidenceRisk profile is balanced but has notable pressure points to monitor.
Risk factors: liabilities/assets +29.6%, momentum +3.5%, net margin -5.6%.
Higher leverage with weak momentum and thin margins can amplify drawdown severity.
Ichor Holdings, Ltd. Market vs Earnings Trajectory
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Ichor Holdings, Ltd. Fair Value Envelope
Ichor Holdings, Ltd. Profit Bridge
Profitability Analysis
Gross Margin
Thin margins leave little room for error. Cost management and pricing strategy are critical.
Operating Margin
Operating losses indicate the core business is unprofitable. Requires restructuring or revenue growth.
Net Profit Margin
Net losses indicate the company is burning cash. Sustainability depends on path to profitability.
Ichor Holdings, Ltd. Cash Conversion Engine
Cash Flow Quality Analysis
FCF Conversion Rate
Weak cash conversion. Significant portion of earnings not converting to cash—review working capital trends and capital intensity.
CapEx Intensity
Very high capital intensity consumes most operating cash flow. Limited flexibility for dividends or debt reduction.
FCF Growth Trend
Significant FCF decline raises concerns. Urgent review needed of operational performance and capital allocation.
Working Capital Impact
Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.
Cash Flow Quality Insight
Deteriorating cash generation: Both declining FCF and weak conversion rate signal fundamental challenges. Investigate margin pressure, rising costs, or working capital issues.
Ichor Holdings, Ltd. Funding & Solvency Profile
Financial Health Analysis
Current Ratio
Excellent liquidity position. The company can easily cover its short-term obligations with substantial cushion.
Debt-to-Equity Ratio
Conservative capital structure. The company relies primarily on equity financing, indicating low financial risk.
Working Capital
Strong working capital position provides significant operational flexibility and financial cushion.
Asset Composition
Balanced asset mix between current and non-current assets, typical of many stable businesses.
Financial Health Insight
Strong financial foundation: Excellent liquidity combined with conservative leverage suggests the company is well-positioned to weather economic uncertainties and fund growth opportunities.
Ichor Holdings, Ltd. Street Expectations Map
Wall Street analysts project that ICHR stock may decline over the coming 12 months. The consensus 1-year price target stands at 54.60, with estimates ranging from a low of 36.00 to a high of 76.00.
The consensus 1-year price target stands at 54.60, with estimates ranging from a low of 36.00 to a high of 76.00.
Analyst Consensus Analysis
Upside Potential
Significant downside risk. Stock trading well above analyst consensus suggests elevated valuation concerns and potential correction.
Analyst Agreement
High uncertainty. Very wide target spread indicates significant disagreement among analysts—major valuation uncertainty or transformation underway.
Risk-Reward Profile
Unfavorable risk-reward. Downside risk exceeds upside potential. Consider defensive positioning or alternative opportunities.
Analyst Conviction
High uncertainty: Wide dispersion indicates analysts struggle to agree on valuation—proceed with caution and independent analysis.
Market Sentiment Insight
Extreme uncertainty: Massive dispersion in price targets reflects fundamental disagreement on business trajectory. This could signal transformation, disruption, or complex valuation—requires deep sector expertise and contrarian mindset.
Ichor Holdings, Ltd. Insider Positioning
During the last 12 months, insiders have purchased $820K and sold $9.67M worth of ICHR shares, resulting in $8.85M of net selling activity.
3 Months
0
0.00
55.0K
3.98M
-4.0M
-$3.98M
3-6 Months
0
0.00
120.3K
5.69M
-5.7M
-$5.69M
6-9 Months
20.0K
298.10K
0
0.00
+298K
+$298K
9-12 Months
31.0K
521.92K
0
0.00
+522K
+$522K
Top Buyers
Mackenzie Iain
Director
$714K
Haugen Marc
Director
$106K
Top Sellers
Rohrs Thomas M
Director
$2.45M
Haugen Marc
Director
$1.82M
Swyt Greg
Officer: Chief Financial Officer
$1.54M
Black Laura A.
Director
$1.50M
Ragsdale Bruce
Officer: Chief Operating Officer
$1.06M
Insider Activity Analysis
Net Insider Sentiment
Strong bearish signal with $8.85M net selling. Heavy insider selling may indicate concerns about valuation or near-term prospects.
Buy/Sell Ratio
Very poor ratio. Heavy selling with minimal buying suggests insiders may be concerned about valuation or outlook.
Recent Trend (3 Months)
Heavy recent selling activity. Recent insider sales notably exceed purchases—may warrant investigation into company developments.
Insider Participation
5 insider sellers vs. 2 buyers. Widespread selling across multiple insiders may signal concerns.
Insider Activity Insight
Multiple red flags: Heavy selling, numerous sellers, and continued recent selling create a concerning pattern. Investigate fundamental drivers and consider whether company guidance or industry conditions have deteriorated.
ichr Dividend History
Learning Layer
Related Guides
Build conviction on ICHR by pairing this stock hub with focused valuation guides.
Research Paths
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.