Ultra Clean Holdings Inc

Ultra Clean Holdings (Nasdaq: UCTT), known as UCT, builds parts and subsystems that go inside the machines used to make computer chips. Its main customers are semiconductor OEMs (original equipment manufacturers, the companies that build chipmaking tools), which outsource this work. UCT makes gas, chemical and fluid delivery systems, frame assemblies, precision robotics and process modules. It also makes components such as ultra-clean valves, connectors and heaters. It often helps with design, prototyping and testing, but the OEMs generally own the designs it builds.

UCT reports two segments. Products brought in 87.6% of the $2.05 billion in revenue for the fiscal year ended December 26, 2025. Services provided the other 12.4%. This segment cleans and recoats parts from chipmaking tool chambers to ultra-high purity standards and tests for microscopic contamination. Its customers include IDMs (integrated device manufacturers, chipmakers that design and make their own chips) as well as OEMs. The company says this business is less sensitive to industry cycles.

Revenue is concentrated: the top two customers supplied 58.7% of fiscal 2025 revenue. Most sales go to US-registered companies with sites around the world, and 75.9% of revenue was international. By country, Singapore was the largest at 36.7% of revenue, followed by the United States at 24.1%, Austria at 10.8%, China at 7.0% and Korea at 5.5%.

• In Q3 FY2026 (ended Sep 25, 2026), revenue was $759.0M, up 48.8% from a year earlier, and net income was $39.1M.
• For fiscal 2025, revenue was $2.05B (-2.1% year over year; +8.0% a year from FY2020 to FY2025) with a -8.8% net margin.

• Over FY2021–FY2025: $44.9M in buybacks and $0.00 in dividends.
• The company pays no regular dividend.
• Shares outstanding changed +6.8% from Oct 22, 2021 to Oct 21, 2026.

Rank among 1514 US companies

Market value at each year end

Ultra Clean Holdings’s market value went from $319.3M at the end of 2016 to $2.68B on Oct 28, 2026, about 8.4 times as much; since the end of 2025 it is up 133%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 73 sales ($5.6M), 71 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in UCTT

1. Two customers bring in most revenue. The top two customers provided 58.7% of fiscal 2025 revenue. Most are not required to place orders, and they generally own the designs UCT builds, so they can move work in-house or to rivals.
2. Customers hold the pricing power. Large customers can push UCT to accept lower margins or more liability to keep their business. Margins were thin: in fiscal 2025, gross margin (sales left after production costs) was 15.7%.
3. Chip equipment spending rises and falls sharply. UCT depends on chipmakers' spending on new equipment, which drops when chips are oversupplied. Revenue fell from $2.37 billion in fiscal 2022 to $1.73 billion in fiscal 2023.
4. An AI-driven boom could end sharply. UCT's fiscal 2025 annual report anticipated unusually high, AI-driven demand. Parts, materials and skilled workers may run short, and a sharp drop after the peak would hurt more if UCT has expanded costs and inventory.
5. US–China trade rules have already hurt. UCT says changing US trade policy and export rules on China have already hurt the business. China was 7.0% of fiscal 2025 revenue, and 75.9% came from outside the US.
6. Debt is larger than cash. As of September 25, 2026, UCT had $635.1 million of debt against $270.9 million of cash and investments. Loan covenants (lender rules) can limit its plans, and forced early repayment would strain finances.

• Oct 27, 2026 Quarterly results released
• Sep 30, 2026 Executive or board change
• Aug 14, 2026 Major agreement signed
• Aug 6, 2026 Executive or board change
• Aug 3, 2026 Quarterly results released
• Jul 8, 2026 Executive or board change
• May 26, 2026 Shareholder vote results
• Apr 24, 2026 Major agreement signed; New debt or financial obligation
• Mar 3, 2026 Major agreement signed; New debt or financial obligation; Unregistered sale of shares
• Feb 27, 2026 Major agreement signed; Other company announcement

Ultra Clean Holdings pays no dividend. It paid none from fiscal 2021 through fiscal 2025, and its annual report says it does not intend to pay one. Any return depends on the share price, so an income investor would need to sell shares to raise cash. UCT spent $44.9 million buying back its own shares over those five years, yet its share count still rose 6.8%, to about 48.0 million by October 21, 2026. Free cash flow (cash left after capital spending) was $15.3 million in fiscal 2025, on $2.05 billion of revenue.

The share price has swung sharply. It fell 94.3% in the 2008 financial crisis and took about eight years to recover. It dropped 52.6% in the 2020 COVID crash and recovered in about four months. In the 2022 bear market it fell 58.8% and did not regain its peak until February 2026. As with any single stock, UCT carries more risk than a diversified fund.