Ichor Holdings, Ltd. is dedicated to the design, engineering and manufacture of fluid supply subsystems and components for semiconductor capital equipment. The company is headquartered in Fremont, California.
| Revenue (TTM) | $1.01B |
| Gross Profit (TTM) | $128.42M |
| EBITDA | $36.80M |
| Operating Margin | 2.76% |
| Return on Equity | -5.17% |
| Return on Assets | 0.36% |
| Revenue/Share (TTM) | $29.22 |
| Book Value | $23.15 |
| Price-to-Book | 2.29 |
| Price-to-Sales (TTM) | 2.08 |
| EV/Revenue | 1.851 |
| EV/EBITDA | 299.21 |
| Quarterly Earnings Growth (YoY) | -6.10% |
| Quarterly Revenue Growth (YoY) | 22.70% |
| Shares Outstanding | $37.45M |
| Float | $36.67M |
| % Insiders | 1.45% |
| % Institutions | 92.39% |
Volatility is currently contracting
Ichor Holdings is benefiting from a semiconductor equipment demand recovery, driving strong revenue and margin growth. Q2 2026 revenue rose 24% YoY to $294.8M, with non-GAAP EPS reaching $0.34 and non-GAAP gross margin improving to 14.1%. Management guides for further sequential growth in Q3, forecasting $315–345M revenue and $0.40–0.50 non-GAAP EPS.
Ichor Holdings offers a compelling risk/reward profile after a sharp valuation reset, trading at $57 despite strong operational momentum. ICHR's margin expansion is structurally driven by proprietary content, internalization, and manufacturing footprint shifts, with sequential 100bps gains and a path to 20% gross margin. Management guides for 30%+ revenue growth in 2026 and is preparing for $2–3bn annual capacity, supported by a net cash balance sheet and disciplined opex.
I reiterate Ichor Holdings (ICHR) as a Strong Buy with a revised price target of $82. Q2 2026 results demonstrated 15% sequential and 23% y/y revenue growth, with non-GAAP EPS reaching a three-year high and gross margin beating guidance. Management guides for a steep H2 2026 revenue ramp, projecting at least 30% full-year revenue growth and 25% higher H2 vs. H1 revenues.
Ichor's Q2 earnings beat estimates as margin gains offset a revenue miss, while strong demand fuels upbeat 2026 growth and Q3 guidance.
Ichor expects a steeper second-half revenue ramp, quarterly margin gains and stronger 2027 growth as supply issues ease and internal content rises.
FREMONT, Calif.--(BUSINESS WIRE)--Ichor Holdings, Ltd. (NASDAQ: ICHR), a leader in the design, engineering, and manufacturing of critical fluid delivery subsystems and components for semiconductor capital equipment, today announced second quarter 2026 financial results. Second quarter 2026 highlights: Revenue of $294.8 million, up 15% compared to Q1 2026 and up 24% compared to Q2 2025; Gross margin of 13.9% on a GAAP basis and 14.1% on a non‑GAAP basis; Earnings per share of $0.03 on a GAAP bas.
Ichor Holdings heads into second-quarter earnings with strong AI-driven semiconductor demand and manufacturing expansion supporting growth.
Ichor's AI-led growth story gains traction as etch, deposition and proprietary content drive sequential revenue gains in 2026.
Ichor's AI-driven etch and deposition exposure is strengthening demand, while proprietary content and lower-cost production could lift margins.
Ichor's earnings outlook is surging with semiconductor demand, but lofty valuation and execution risks temper the stock's appeal after a strong run.
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