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Designs and builds fluid- and gas-delivery subsystems used inside semiconductor fabrication equipment.
Designs and builds fluid- and gas-delivery subsystems used inside semiconductor fabrication equipment.
Sells subsystems to the equipment makers rather than to chip fabs, so orders follow tool builders' production schedules, and a few customers account for most of its sales. Its parts are designed into the tool for years. It makes its own precision-machined and welded parts to control cost and quality.
In one line: A subsystems peer of Ultra Clean Holdings.
Moat: narrow (customer qualification, switching costs, process know-how). Deep design-in relationships with large equipment OEMs make switching suppliers costly and slow.
Headquarters: Fremont, California, United States · Founded: 1999 · Employees: 1,891
Size Ichor (ICHR) is a United States Information Technology company (Industrial Machinery) with a market value of $1.16B, the 2152nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $30.96 on 6 Nov 2026.
Performance Over six months the shares fell 58.4%, against -36.4% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 14 in its peer set.
Growth Revenue grew 15.2% over the last twelve months (peer median +9.3%); the operating margin is 3.3% (peer median 14.8%).
Valuation It trades at 9.9× forward earnings against a peer median of 13.4× (2nd cheapest of 13).
Capital Return on invested capital runs 9.7 points below its cost of capital (13.3% WACC).
Short interest Short interest is 7.1% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.10B | $948M | $849M | $811M | $1.28B |
| Revenue growth | — | +12% | +5% | -37% | — |
| Gross profit | $138M | $78.7M | $94.8M | $88.7M | $194M |
| EBITDA | $69.2M | $34.5M | $23.1M | $23.7M | $125M |
| Net income | $3.52M | -$52.8M | -$20.8M | -$43.0M | $72.8M |
| Free cash flow | -$67.2M | -$6.28M | $10.2M | $42.1M | $2.02M |
| Capital expenditure | $28.8M | $36.2M | $17.6M | $15.5M | $29.4M |
| Total debt | $152M | $160M | $174M | $286M | $342M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ichor ICHR | $1.16B | -58% | +15% | 3% | 9.9× | n/a |
| Ultra Clean UCTT | $1.97B | -53% | +16% | 4% | 7.2× | n/a |
| Benchmark Electronics BHE | $2.16B | -29% | +13% | 4% | 17.7× | 13.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ICHR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -47.4% | -37.0% | 4th lowest of 14 |
| 6-month return | -58.4% | -36.4% | lowest of 14 |
| Distance from 52-week high | -72.7% | -54.5% | lowest of 14 |
| Revenue growth (TTM) | +15.2% | +9.3% | 7th highest of 14 |
| Operating margin | 3.3% | 14.8% | 2nd lowest of 13 |
| Forward P/E | 9.9× | 13.4× | 2nd cheapest of 13 |
| ROIC minus cost of capital | -9.7 pp | -1.8 pp | 3rd lowest of 14 |
| EV / EBITDA | 15.9× | 15.1× | 6th most expensive of 13 |
| Net debt / EBITDA | -0.9× | -0.8× | 6th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ichor ICHR | United States | $1.16B | -58% | +15% | 3% | 9.9× | n/a | n/a |
| Shibaura Mechatronics 6590.T | Japan | $1.03B | -51% | +1% | 16% | 10.3× | n/a | n/a |
| Eastman Kodak KODK | United States | $786M | -30% | +9% | 4% | 11.1× | -14.7% | +0.8% |
| Techwing 089030.KS | South Korea | $737M | -51% | +4% | 18% | 15.8× | n/a | n/a |
| Ultra Clean UCTT | United States | $1.97B | -53% | +16% | 4% | 7.2× | n/a | n/a |
| EO Technics 039030.KS | South Korea | $2.53B | -39% | +26% | 25% | 29.9× | 18.0% | +3.2% |
| AIMECHATEC 6227.T | Japan | $481M | -36% | +68% | 16% | 11.8× | 13.0% | +17.0% |
| Axcelis Technologies ACLS | United States | $3.06B | -39% | -3% | 10% | 17.8× | 31.2% | +12.1% |
| ACM Research ACMR | United States | $3.11B | -25% | +27% | 13% | 16.0× | n/a | n/a |
| Crane NXT CXT | United States | $3.31B | +27% | +17% | 16% | 12.6× | 7.8% | -9.7% |
| Kulicke and Soffa Industries, I KLIC | United States | $3.35B | -38% | +44% | 13% | 10.9× | 24.4% | +1.0% |
| Sumco 3436.T | Japan | $3.96B | -28% | +4% | -4% | n/a | n/a | n/a |
| GPGI GPGI | United States | $4.12B | +2% | -100% | n/a | 14.2× | n/a | n/a |
| Badger Meter BMI | United States | $4.52B | +33% | -2% | 19% | 32.5× | 10.9% | +16.6% |