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Ichor Holdings, Ltd. engages in the design, engineering, and manufacture of fluid delivery subsystems and components for semiconductor capital equipment in Singapore, the United States, Europe, and internationally. The company offers gas and chemical delivery subsystems used in the manufacturing of semiconductor devices. Its 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, including chemical-mechanical planarization, electroplating, and cleaning. In addition, the company provides precision-machined components, weldments, e-beam and laser welded components, precision vacuum and hydrogen brazing, surface treatment technologies, and other proprietary products. It sells and markets its products to equipment OEMs in the semiconductor equipment market. Ichor Holdings, Ltd. was incorporated in 1999 and is headquartered in Fremont, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $948M | $-7M | $-53M | $-6M | -8.0% | 11.6% | 153.5% |
| 2024 | $849M | $22M | $-21M | $10M | -3.0% | 4.7% | -51.6% |
| 2023 | $811M | $23M | $-43M | $42M | -7.6% | -36.6% | -159.0% |
| 2022 | $1.3B | $121M | $73M | $2M | 12.4% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,280.07 | 811.12 | 849.04 | 947.65 |
| Operating Revenue | - | 1,280.07 | 811.12 | 849.04 | 947.65 |
| Cost Of Revenue | - | 1,068.20 | 707.72 | 745.71 | 859.88 |
| Gross Profit | - | 211.86 | 103.40 | 103.33 | 87.78 |
| Operating Expense | - | 126.04 | 114.29 | 110.97 | 127.05 |
| Research And Development | - | 19.56 | 20.22 | 23.02 | 23.09 |
| Selling General And Administration | - | 88.57 | 79.33 | 79.38 | 95.65 |
| Total Expenses | - | 1,194.25 | 822.02 | 856.68 | 986.92 |
| Operating Income | - | 85.82 | -10.90 | -7.64 | -39.27 |
| Total Operating Income As Reported | - | 85.82 | -10.90 | -7.64 | -39.27 |
| EBITDA | - | 121.49 | 22.88 | 21.96 | -7.44 |
| Normalized EBITDA | - | 121.49 | 22.88 | 21.96 | -7.44 |
| EBIT | - | 86.39 | -11.70 | -8.79 | -40.95 |
| Interest Expense | - | 11.06 | 19.38 | 9.27 | 6.62 |
| Net Interest Income | - | -11.06 | -19.38 | -9.27 | -6.62 |
| Other Non Operating Income Expenses | - | 0.56 | -0.80 | -1.15 | -1.67 |
| Other Income Expense | - | 0.56 | -0.80 | -1.15 | -1.67 |
| Interest Expense Non Operating | - | 11.06 | 19.38 | 9.27 | 6.62 |
| Net Non Operating Interest Income Expense | - | -11.06 | -19.38 | -9.27 | -6.62 |
| Pretax Income | - | 75.33 | -31.08 | -18.05 | -47.57 |
| Tax Provision | - | 2.53 | 11.91 | 2.77 | 5.22 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 72.80 | -42.98 | -20.82 | -52.78 |
| Net Income From Continuing And Discontinued Operation | - | 72.80 | -42.98 | -20.82 | -52.78 |
| Net Income From Continuing Operation Net Minority Interest | - | 72.80 | -42.98 | -20.82 | -52.78 |
| Net Income | - | 72.80 | -42.98 | -20.82 | -52.78 |
| Net Income Common Stockholders | - | 72.80 | -42.98 | -20.82 | -52.78 |
| Net Income Including Noncontrolling Interests | - | 72.80 | -42.98 | -20.82 | -52.78 |
| Normalized Income | - | 72.80 | -42.98 | -20.82 | -52.78 |
| Diluted NI Availto Com Stockholders | - | 72.80 | -42.98 | -20.82 | -52.78 |
| Basic Average Shares | - | 28.71 | 29.20 | 32.76 | 34.23 |
| Diluted Average Shares | - | 28.96 | 29.20 | 32.76 | 34.23 |
| Reconciled Depreciation | - | 35.10 | 34.58 | 30.74 | 33.51 |
| Reconciled Cost Of Revenue | - | 1,051.01 | 687.88 | 723.53 | 834.68 |
| Depreciation Amortization Depletion Income Statement | - | 17.90 | 14.73 | 8.57 | 8.31 |
| Depreciation And Amortization In Income Statement | - | 17.90 | 14.73 | 8.57 | 8.31 |
| Amortization | - | 17.90 | 14.73 | 8.57 | 8.31 |
| Amortization Of Intangibles Income Statement | - | 17.90 | 14.73 | 8.57 | 8.31 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Ichor Holdings, Ltd.this co. | ICHR | $2.5B | - | 3.73 | -8.0% | - |
| Q2 Holdings, Inc. | QTWO | $2.8B | 53.98 | 4.24 | 7.9% | 24.54 |
| Cohu, Inc. | COHU | $2.6B | -35.49 | 3.36 | -9.5% | -283.09 |
| Digi International Inc. | DGII | $2.6B | 63.99 | 4.10 | 6.4% | 30.51 |
| Rogers Corporation | ROG | $2.6B | -42.10 | 2.18 |
| - |
| - |
| - |
| - |
| - |
| -5.2% |
| 233.34 |
| Calix, Inc. | CALX | $2.4B | 136.74 | 2.85 | 2.1% | 59.89 |
| CSG Systems International, Inc. | CSGS | $2.3B | 41.17 | 8.11 | 19.7% | 13.98 |
| Alarm.com Holdings, Inc. | ALRM | $2.2B | 16.79 | 2.62 | 15.6% | 10.13 |
| ePlus inc. | PLUS | $2.1B | 15.95 | 1.98 | 12.4% | 9.08 |
| Peer Median | - | 28.98 | 3.10 | 7.1% | 19.26 | |