At a glance
Ichor Holdings Ltd is worth $1.62B. Revenue grew 11.6% to $947.7M in fiscal 2025, at a loss; over 5 years it has grown 0.7% a year. It pays no dividend. The stock returned +90.4% over the past year with dividends reinvested and −0.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 58.5% in the 2020 crash (S&P 500: 33.7%) and 54.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 44 months after the lows.
The business in plain English
Ichor Holdings makes fluid delivery subsystems: the parts inside chipmaking machines that measure, control and deliver precise amounts of specialty gases and liquid chemicals. Its gas delivery systems serve steps such as etch and deposition, where material is removed from or added to a silicon wafer. Its chemical delivery systems blend and dispense reactive liquids used for polishing, electroplating and cleaning. It also sells precision-machined parts, welded components and other proprietary products, and serves aerospace, defense and medical customers.
Ichor earns money by selling these products to equipment makers, often called OEMs (original equipment manufacturers), that build the tools chip factories use. Most OEMs outsource at least some gas delivery work to a few specialists such as Ichor. Because Ichor joins customers' design work early, in many cases it is the sole supplier when a new tool starts production. Its largest customers by sales in fiscal 2025 were Lam Research, Applied Materials and ASML.
Revenue was $947.7 million for the fiscal year ended December 26, 2025, up 11.6% from the year before, but Ichor still posted a net loss of $52.8 million. By location, Singapore accounted for 45.5% of revenue, the United States 31.1%, Europe 10.3% and other regions 13%. Many of its factories sit close to customers' sites.
Price history
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ICHR +90.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| Singapore | $431.5M | 45.5% |
| United States of America | $295.0M | 31.1% |
| Other | $123.1M | 13% |
| Europe | $98.0M | 10.3% |
Latest results
- In Q3 FY2026 (ended Sep 25, 2026), revenue was $328.7M, up 37.4% from a year earlier, and net income was $20.9M.
- For fiscal 2025, revenue was $947.7M (+11.6% year over year; +0.7% a year from FY2020 to FY2025) with a -5.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +0.7% watch |
|---|---|
| Operating margin | -4.1% weak |
| Free cash flow margin | -0.7% weak |
| Return on equity (FY2025) | -8% weak |
| Return on assets (FY2025) | -5.6% weak |
| Net cash (cash minus debt) | $94.4M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $914.2M | $33.3M | $28.0M |
| FY2021 | $1.10B | $70.9M | $-5.6M |
| FY2022 | $1.28B | $72.8M | $2.0M |
| FY2023 | $811.1M | $-43.0M | $42.1M |
| FY2024 | $849.0M | $-20.8M | $10.2M |
| FY2025 | $947.7M | $-52.8M | $-6.3M |
Valuation snapshot
| Market value | $1.62B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Ichor Holdings Ltd’s market value went from $629.5M at the end of 2017 to $1.62B on Oct 28, 2026, about 2.6 times as much; since the end of 2025 it is up 155%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.62B | +155.4% |
| 2025 | $633.7M | -41.7% |
| 2024 | $1.09B | +10.0% |
| 2023 | $988.1M | +27.9% |
| 2022 | $772.5M | -40.9% |
| 2021 | $1.31B | +87.3% |
| 2020 | $698.2M | -6.7% |
| 2019 | $748.4M | +100.9% |
| 2018 | $372.5M | -40.8% |
| 2017 | $629.5M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ICHR price data to Oct 28, 2026 | +133.7% | +90.4% | +21.0% | -0.3% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +133.8% |
| 2025 | -42.8% |
| 2024 | -4.2% |
| 2023 | +25.4% |
| 2022 | -41.7% |
| 2021 | +52.7% |
| 2020 | -9.4% |
| 2019 | +104.1% |
| 2018 | -33.7% |
| 2017 | +127.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 55.2% over that stretch · deepest drop along the way 58.5%, back to its old high 8.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 52.7% over that stretch · deepest drop along the way 54.6%, back to its old high 43.6 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 19 sales ($7.2M), 17 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 2, 2026 | Laura A. Black Director | sell | $1.5M |
| May 28, 2026 | Greg Swyt Chief Financial Officer | sell (plan) | $1.4M |
| Jun 4, 2026 | Philip Ryan Sr. Barros Chief Executive Officer, Director | sell (plan) | $962K |
| Sep 15, 2026 | Iain MacKenzie Director | sell (plan) | $879K |
| Jun 8, 2026 | Greg Swyt Chief Financial Officer | sell (plan) | $456K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 15.2% | Jun 30, 2025 |
| Invesco Ltd. | 8.4% | Jun 30, 2026 |
| Vanguard Portfolio Management | 6.06% | Jun 30, 2026 |
| Capital International Investors | 5.9% | Jun 30, 2026 |
| Vanguard Capital Management | 5.01% | Jun 30, 2026 |
| Wellington Management Group LLP | 5% | Sep 30, 2025 |
| Dimensional Fund Advisors LP | 4.7% | Sep 30, 2025 |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | 3.4% | Jun 30, 2026 |
ETFs with the most weight in ICHR
| PSCT Invesco S&P SmallCap Information Technology ETF | 0.5% |
| IWC iShares Micro-Cap ETF | 0.18% |
| QIDX Indexperts Quality Earnings Focused ETF | 0.16% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.15% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.12% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.1% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF | 0.07% |
| VIOO Vanguard S&P Small-Cap 600 ETF | 0.07% |
What could go wrong
- Heavy reliance on a few customers. Ichor relies on a very small number of equipment makers for much of its sales. Lam Research, Applied Materials and ASML were its largest customers in fiscal 2025. Losing one could badly hurt results.
- Big customers squeeze prices and margins. Those customers have strong bargaining power, so Ichor may accept lower prices or more liability to keep their business. In fiscal 2025, just 9.3% of sales remained after production costs (gross margin).
- Chip equipment spending runs in cycles. Sales depend on chipmakers' equipment spending, which runs in cycles. In downturns, sales drop and prices may fall faster than costs. Revenue fell from $1.28 billion in fiscal 2022 to $811 million in fiscal 2023.
- Know-how, not patents, is its edge. Ichor's edge rests largely on its employees' know-how, and it generally lacks patent protection. Losing skilled engineers in a competitive tech labor market could weaken its position with customers.
- Tariffs, export rules and overseas exposure. Ichor operates globally, and Singapore made up 45.5% of fiscal 2025 revenue. Changes in tariffs, trade policy or export controls could raise costs, limit hiring or disrupt sales.
- Cayman incorporation and possible US tax issues. Ichor is incorporated in the Cayman Islands, which offers shareholders less protection than US law. It may be classified as a passive foreign investment company (PFIC), which would mean worse US tax treatment for US holders.
Recent events
- Quarterly results released
- Quarterly results released
- Major agreement signed
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Ichor does not pay a dividend, so an income investor would receive no cash payouts; any return would depend on the share price rising. It reported no share buybacks (repurchases of its own stock) from fiscal 2021 through fiscal 2025. Its share count rose 32.1%, from about 28.4 million on July 29, 2021, to about 37.5 million on July 28, 2026, so each share represents a smaller slice of the company.
The stock has fallen hard in downturns. In the 2020 COVID crash it dropped 58.5% from February 19 to March 18, 2020, then regained its peak about 8.6 months after that low. In the 2022 bear market it fell 54.6% between January 14 and July 5, 2022, and did not recover until February 20, 2026. In the year to October 28, 2026, it gained 90.4% but also had a 66.3% peak-to-trough drop. A single stock like this carries more risk than a diversified fund.
Questions investors ask
How does Ichor Holdings make money?
Ichor makes money by designing and manufacturing fluid delivery subsystems and precision parts for companies that build chipmaking equipment. Its gas delivery systems control specialty gases used in etch and deposition, and its chemical delivery systems blend and dispense liquids for polishing, electroplating and cleaning. It also serves aerospace, defense and medical customers. Its largest customers by sales in fiscal 2025 were Lam Research, Applied Materials and ASML. Revenue was $947.7 million for the fiscal year ended December 26, 2025, with 45.5% coming from Singapore.
Does Ichor Holdings pay a dividend?
No. Ichor does not pay a dividend, and it reported no dividends or share buybacks from fiscal 2021 through fiscal 2025. The stock therefore provides no regular income; shareholders earn a return only if the share price rises. Its share count also grew 32.1% between July 29, 2021, and July 28, 2026, which spreads ownership thinner. Ichor may suit investors who want exposure to chip equipment and can accept large price swings, rather than those seeking steady income.
Is Ichor Holdings profitable?
Not in fiscal 2023, 2024 or 2025. Under standard US accounting (GAAP), Ichor lost $43.0 million, $20.8 million and $52.8 million in those years, after earning $72.8 million in fiscal 2022. On its own adjusted (non-GAAP) measure, which leaves out some costs, it earned $7.9 million in fiscal 2025. In the quarter ended June 26, 2026, it earned about $1.0 million on revenue of $294.8 million, up 22.7% from a year earlier.
Is Ichor stock volatile?
Yes, very. Calendar-year returns have ranged from a 127.4% gain in 2017 to a 42.8% loss in 2025. As of October 28, 2026, the shares were up 133.7% year to date and 90.4% over one year, but down 36.7% over three months and about 2% lower in total over five years. Its one-year beta, a measure of how much a stock moves compared with the overall market, was 3.98, meaning swings roughly four times the market's.
Does Ichor Holdings have a lot of debt?
It has more cash than debt. As of June 26, 2026, Ichor held $256.5 million in cash and investments and $120.6 million of total debt, leaving net cash of about $135.9 million. Even so, its fiscal 2025 annual report called its debt substantial and listed it as a risk. The agreement governing the debt includes covenants, or conditions, that limit some actions without lender approval, and the interest rate is variable, so higher rates raise borrowing costs.