Ichor Holdings, Ltd. (ICHR) stock analysis
Close on Nov 12, 2026Market cap $1.39BP/E –Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Weak6 of 30 checks passed
Ichor passes 6 of the 30 checks behind our score; 10 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 1/6
- Growth
- 1/6
- Past performance
- 0/6
- Financial health
- 4/6
- Dividend
- 0/6
What stands out
Low debt
Debt is 13.9% of shareholders' equity, under the 40% we consider low.
Low bankruptcy risk
The Altman Z-score is 4.03; above 3 is the safe zone and below 1.8 the distress zone.
Guidance raised
Ichor raised its first quarter of 2026 Revenue outlook on Feb 9, 2026.
P/B below the industry
Ichor's price-to-book of 1.62 is below the Electronic Components and Accessories median of 3.49.
What to watch
Margin of safety under 20%
The price is 442% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $37.45 is above our fair value estimate of $6.91.
Return on equity under 15%
Return on equity was -5.2% over the last twelve months and averaged 2.1% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was -2.6%, below the 10% that usually covers the cost of capital.
Valuation1/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA above its 5-year median
Ichor's EV/EBITDA of 152.2 is above its 5-year median of 23.6.
P/B below the industry
Ichor's price-to-book of 1.62 is below the Electronic Components and Accessories median of 3.49.
Trading above fair value
The share price of $37.45 is above our fair value estimate of $6.91.
Margin of safety under 20%
The price is 442% above fair value, so there is no margin of safety.
Growth1/6
Revenue growing under 10% a year
Revenue grew -9.5% a year over the last three fiscal years, short of the 10% we look for.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing slower than the industry
Revenue grew 9.1% over the last twelve months; the Electronic Components and Accessories median is 17.3%.
Guidance raised
Ichor raised its first quarter of 2026 Revenue outlook on Feb 9, 2026.
Gross margin slipping
Gross margin was 10.4% over the last twelve months, against 11.9% a year earlier.
Past performance0/6
Return on equity under 15%
Return on equity was -5.2% over the last twelve months and averaged 2.1% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was -2.6%, below the 10% that usually covers the cost of capital.
Return on equity below the industry
Ichor's return on equity of -5.2% is below the Electronic Components and Accessories median of 4.8%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin below its 5-year average
Net margin was -4.0% over the last twelve months, against a 5-year average of -0.2%.
Net margin below the industry
Ichor's net margin of -4.0% is below the Electronic Components and Accessories median of 2.9%.
Financial health4/6
Low debt
Debt is 13.9% of shareholders' equity, under the 40% we consider low.
Debt falling against equity
Debt to equity fell from 48.6% five years ago to 13.9%.
Debt not well covered by cash flow
Operating cash flow over the last twelve months equals -0.3% of total debt; we look for at least 20%.
Interest not well covered
Operating income covers interest expense -3.7 times; we look for at least 5.
Short-term assets cover short-term debts
Current assets are 3.70 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 4.03; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Ichor has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$6.91
The share price is 442% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| EV/EBITDA | 22.5× | 23.6× | 21.3× | $8.62 | 70% |
| P/Bleft out, too far from the others | 2.5× | 1.6× | 3.5× | $58.72 | – |
| Earnings power | 14.9% cost of equity | – | – | $2.92 | 30% |
| Fair value | $6.91 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 13.8
- Electronic Components and Accessories median 34.8
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $44.36M
- Value traded per 1% price move
- $10.25M
Downside
High risk
- Typical loss in a bad month
- 41.6%
- Volatility (annualized)
- 95%
- Sharpe ratio, 1 year
- 1.46
- Beta to the S&P 500 (5Y)
- 2.17
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2014 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +11.6% | -9.5% | +0.7% | +12.5% | |
| Gross profit | -15.1% | -25.5% | -6.8% | +6.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 15.4% | 10.5% | -7.7% | |
| Return on assets | – | 5.0% | -5.4% | |
| Current ratio | 1.55 | 3.06 | 3.16 | |
| Debt to equity | 0.27 | 0.49 | 0.19 | |
| Net debt to EBITDA | -0.44× | -0.80× | -4.38× | |
| Interest coverage | 5.5× | 4.8× | -5.9× | |
| Inventory turnover | – | 6.0× | 3.6× | |
| Capex to revenue | 1.1% | 1.1% | 3.8% | |
| Diluted shares | 2M | 23M | 34M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Ichor generated $162.12M from operations and spent $119.57M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -5.6% | 0.98× | 1.42× | -7.7% |
| FY2024 | -2.5% | 0.88× | 1.53× | -3.3% |
| FY2023 | -5.3% | 0.80× | 1.76× | -7.5% |
| FY2022 | 5.7% | 1.22× | 1.93× | 13.4% |
| FY2021 | 6.5% | 1.22× | 1.97× | 15.5% |
| FY2020 | 3.6% | 1.36× | 2.12× | 10.5% |
| FY2019 | 1.7% | 1.18× | 2.51× | 5.1% |
| FY2018 | 7.0% | 1.58× | 2.51× | 27.9% |
| FY2017 | 8.6% | 1.56× | 2.34× | 31.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero-$52.78M
- Cash generatingOperating cash flow above zero$29.89M
- Return on assets improvedROA up on the prior year-2.2% → -5.3%
- Earnings backed by cashOperating cash flow above net income$29.89M vs -$52.78M
- Less leverageLong-term debt to assets fell12.2% → 12.4%
- Better liquidityCurrent ratio rose3.34 → 3.16
- No dilutionShare count did not rise33M → 34M
- Gross margin improvedGross margin up on the prior year12.17% → 9.26%
- More efficientAsset turnover rose0.90 → 0.95
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