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) | $1.10B |
| Gross Profit (TTM) | $169.04M |
| EBITDA | $79.11M |
| Operating Margin | 7.20% |
| Return on Equity | 0.45% |
| Return on Assets | 2.76% |
| Revenue/Share (TTM) | $31.10 |
| Book Value | $23.64 |
| Price-to-Book | 1.43 |
| Price-to-Sales (TTM) | 0.95 |
| EV/Revenue | 1.092 |
| EV/EBITDA | 24.59 |
| Quarterly Earnings Growth (YoY) | -6.10% |
| Quarterly Revenue Growth (YoY) | 37.40% |
| Shares Outstanding | $37.58M |
| Float | $36.83M |
| % Insiders | 1.40% |
| % Institutions | 92.26% |
Volatility is currently expanding
Ichor's Q3 2026 earnings beat and margin gains highlight stronger profitability, while supply shortages persist as proprietary component sales expand.
Ichor's Q3 earnings beat estimates by 40% as gross margin surges to 16%, fueled by proprietary components and efficiency gains.
Ichor Holdings, Ltd. (ICHR) Q3 2026 Earnings Call Transcript
Ichor Holdings is rated buy with a $49.60 fair value, ~15% above current levels, citing margin improvement and conservative 2027 EPS estimates. ICHR's gross margin improved to 14.1% in Q2 2026, with management targeting sequential gains and a long-term 20% goal, but progress is not guaranteed. Customer concentration remains high, with Applied Materials and Lam Research accounting for 76% of sales; supply constraints and inventory build are key risks.
Ichor expects AI-driven semiconductor equipment demand to lift Q3 revenues, while manufacturing changes and proprietary products support margin gains.
Ichor Holdings (ICHR) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Ichor Holdings is transitioning from low-margin assembly to an IP-rich equipment supplier, driving significant gross margin expansion. ICHR targets proprietary content growth to 35% by the end of FY2026, supporting structural margin gains and operational leverage as market tailwinds accelerate. Management guides for 31–32% YoY revenue growth in FY2026, with EPS projected to more than double in FY2027, supporting a Buy rating and $85/share target (~47% upside).
Here is how Ichor Holdings (ICHR) and Monolithic Power (MPWR) have performed compared to their sector so far this year.
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.
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