Ichor Holdings Financials
Ichor Holdings (ICHR) reported $1.0B in revenue over the twelve months to Jun 26, 2026, up 9.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue recovery is being overwhelmed by cost escalation, turning a formerly profitable operating model into persistent margin compression.
Revenue recovery is not translating into operating earnings: FY2025 gross margin fell to9.3% from12.2% in FY2024. Cash conversion diverged from accounting results: operating cash flow was$29.9M despite a-$52.8M net loss, indicating non-cash charges and working-capital effects supported reported cash.
Lower gross margin left little room for fixed overhead: gross profit was
The balance sheet is less debt-dependent: debt-to-equity fell to 0.2x from 0.4x in FY2023, showing reduced reliance on borrowing. A 3.2x current ratio coexists with negative FY2025 free cash flow of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Ichor Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Ichor Holdings has an operating margin of -4.1%, meaning the company loses $4 on every $100 of revenue. This results in a profitability score of 27/100. This is down from -0.9% the prior year.
Ichor Holdings's revenue grew 11.6% year-over-year to $947.7M, a solid pace of expansion. This earns a growth score of 60/100.
Ichor Holdings carries a low D/E ratio of 0.18, meaning only $0.18 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 76/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.16, Ichor Holdings holds $3.16 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 79/100.
While Ichor Holdings generated $29.9M in operating cash flow, capex of $36.2M consumed most of it, leaving -$6.3M in free cash flow. This results in a low score of 32/100, reflecting heavy capital investment rather than weak cash generation.
Ichor Holdings posts a -8.0% return on equity (ROE), meaning it loses $8 for every $100 of shareholders' equity. This results in a returns score of 25/100. This is down from -3.0% the prior year.
Ichor Holdings scores 5.89, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.1B) relative to total liabilities ($279.0M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Ichor Holdings passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
Ichor Holdings reported a net loss of $52.8M while generating $29.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Ichor Holdings reported an operating loss of $39.3M against $6.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Ichor Holdings generated $947.7M in revenue in fiscal year 2025. This represents an increase of 11.6% from the prior year.
Ichor Holdings's EBITDA was -$5.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 125.0% from the prior year.
Ichor Holdings reported -$52.8M in net income in fiscal year 2025. This represents a decrease of 153.5% from the prior year.
Ichor Holdings earned -$1.54 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 140.6% from the prior year.
Cash & Balance Sheet
Ichor Holdings recorded an outflow of $6.3M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 161.3% from the prior year.
Ichor Holdings held $98.3M in cash against $117.3M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Ichor Holdings's gross margin was 9.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.9 percentage points from the prior year.
Ichor Holdings's operating margin was -4.1% in fiscal year 2025, reflecting core business profitability. This is down 3.2 percentage points from the prior year.
Ichor Holdings's net profit margin was -5.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.1 percentage points from the prior year.
Ichor Holdings's ROE was -8.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.0 percentage points from the prior year.
Capital Allocation
Ichor Holdings invested $23.1M in research and development in fiscal year 2025. This represents an increase of 0.3% from the prior year.
Ichor Holdings invested $36.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 105.1% from the prior year.
Not reported for fiscal year 2025.
ICHR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $294.8M+15.1% | $256.1M+14.5% | $223.6M-6.6% | $239.3M-0.4% | $240.3M-1.7% | $244.5M+4.8% | $233.3M+10.5% | $211.1M |
| Cost of Revenue | $253.8M+13.4% | $223.8M+10.5% | $202.6M-11.2% | $228.2M+7.1% | $213.1M-1.3% | $215.9M+4.7% | $206.3M+12.5% | $183.3M |
| Gross Profit | $41.0M+27.0% | $32.3M+53.7% | $21.0M+89.6% | $11.1M-59.3% | $27.2M-4.6% | $28.5M+5.7% | $27.0M-2.9% | $27.8M |
| R&D Expenses | $7.8M+40.5% | $5.5M-1.3% | $5.6M-5.0% | $5.9M+3.3% | $5.7M-2.8% | $5.9M+0.4% | $5.8M-0.4% | $5.9M |
| SG&A Expenses | $24.1M+6.8% | $22.6M-16.8% | $27.1M+20.5% | $22.5M-7.2% | $24.3M+11.6% | $21.7M+8.0% | $20.1M-0.5% | $20.2M |
| Operating Income | $7.2M+245.1% | $2.1M+115.1% | -$13.8M+28.8% | -$19.4M-301.3% | -$4.8M-313.0% | -$1.2M+6.4% | -$1.3M-225.2% | -$385K |
| Interest Expense | $1.5M-13.4% | $1.7M-0.5% | $1.7M+2.0% | $1.7M+1.1% | $1.6M-0.7% | $1.6M-1.7% | $1.7M+2.2% | $1.6M |
| Income Tax | $4.4M+72.8% | $2.6M+1834.1% | $132K-80.7% | $683K-75.1% | $2.7M+65.1% | $1.7M+122.8% | $745K+348.8% | $166K |
| Net Income | $998K+140.4% | -$2.5M+84.5% | -$16.0M+30.2% | -$22.9M-142.9% | -$9.4M-106.4% | -$4.6M-15.6% | -$3.9M-42.0% | -$2.8M |
| EPS (Diluted) | $0.03+142.9% | -$0.07+84.8% | -$0.46+31.3% | -$0.67-139.3% | -$0.28-115.4% | -$0.13-8.3% | -$0.12-50.0% | -$0.08 |
ICHR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.2B+22.2% | $972.5M+3.1% | $942.9M-2.5% | $966.6M-1.9% | $985.1M-2.1% | $1.0B+1.1% | $995.6M+2.0% | $975.9M |
| Current Assets | $659.3M+49.1% | $442.1M+7.8% | $410.1M-3.5% | $424.9M-3.2% | $439.1M-4.5% | $459.8M+1.6% | $452.6M+1.2% | $447.1M |
| Cash & Equivalents | $256.5M+187.9% | $89.1M-9.4% | $98.3M+6.3% | $92.5M+0.3% | $92.2M-15.6% | $109.3M+0.6% | $108.7M-6.7% | $116.4M |
| Inventory | $290.7M+15.2% | $252.3M+8.8% | $231.8M-4.1% | $241.7M-6.8% | $259.4M-1.5% | $263.5M+5.3% | $250.1M+4.5% | $239.4M |
| Accounts Receivable | $104.7M+12.4% | $93.1M+32.0% | $70.5M-16.5% | $84.4M+4.4% | $80.8M+1.2% | $79.9M-7.8% | $86.6M+2.9% | $84.2M |
| Goodwill | $335.4M0.0% | $335.4M0.0% | $335.4M0.0% | $335.4M0.0% | $335.4M0.0% | $335.4M0.0% | $335.4M0.0% | $335.4M |
| Total Liabilities | $322.8M+6.0% | $304.5M+9.1% | $279.0M-3.9% | $290.4M-0.2% | $290.9M-5.0% | $306.3M+3.0% | $297.2M+6.7% | $278.6M |
| Current Liabilities | $178.1M+13.7% | $156.7M+20.9% | $129.6M-6.1% | $138.0M+1.1% | $136.4M-8.4% | $148.9M+9.8% | $135.7M+10.4% | $122.9M |
| Long-Term Debt | $114.3M-1.3% | $115.8M-1.3% | $117.3M+0.1% | $117.2M-0.3% | $117.5M-1.5% | $119.3M-1.5% | $121.0M-1.4% | $122.8M |
| Total Equity | $865.5M+29.6% | $668.0M+0.6% | $663.9M-1.8% | $676.2M-2.6% | $694.1M-0.9% | $700.4M+0.3% | $698.3M+0.2% | $697.3M |
| Retained Earnings | $129.6M+0.8% | $128.6M-1.9% | $131.1M-10.9% | $147.0M-13.5% | $169.9M-5.2% | $179.3M-2.5% | $183.9M-2.1% | $187.8M |
ICHR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$15.9M-444.2% | -$2.9M-131.8% | $9.2M-0.8% | $9.2M+223.2% | -$7.5M-139.6% | $19.0M+862.7% | -$2.5M-130.8% | $8.1M |
| Capital Expenditures | $7.8M+10.0% | $7.1M+117.5% | $3.2M-54.5% | $7.1M-2.0% | $7.3M-60.5% | $18.5M+320.2% | $4.4M-25.5% | $5.9M |
| Free Cash Flow | -$23.6M-136.9% | -$10.0M-268.6% | $5.9M+182.1% | $2.1M+114.2% | -$14.8M-3083.7% | $496K+107.2% | -$6.9M-417.2% | $2.2M |
| Investing Cash Flow | -$7.8M-10.0% | -$7.1M-117.5% | -$3.2M+54.5% | -$7.1M+2.0% | -$7.3M+60.5% | -$18.5M-320.2% | -$4.4M+25.5% | -$5.9M |
| Financing Cash Flow | $191.0M+24357.1% | $781K+696.2% | -$131K+92.8% | -$1.8M+19.3% | -$2.3M-2046.6% | $116K+113.0% | -$892K-1121.9% | -$73K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
ICHR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 13.9%+1.3pp | 12.6%+3.2pp | 9.4%+4.7pp | 4.6%-6.7pp | 11.3%-0.4pp | 11.7%+0.1pp | 11.6%-1.6pp | 13.2% |
| Operating Margin | 2.4%+1.6pp | 0.8%+7.0pp | -6.2%+1.9pp | -8.1%-6.1pp | -2.0%-1.5pp | -0.5%+0.1pp | -0.5%-0.4pp | -0.2% |
| Net Margin | 0.3%+1.3pp | -1.0%+6.2pp | -7.1%+2.4pp | -9.6%-5.6pp | -3.9%-2.1pp | -1.9%-0.2pp | -1.7%-0.4pp | -1.3% |
| Return on Equity | 0.1%+0.5pp | -0.4%+2.0pp | -2.4%+1.0pp | -3.4%-2.0pp | -1.4%-0.7pp | -0.7%-0.1pp | -0.6%-0.2pp | -0.4% |
| Return on Assets | 0.1%+0.3pp | -0.3%+1.4pp | -1.7%+0.7pp | -2.4%-1.4pp | -1.0%-0.5pp | -0.4%0.0pp | -0.4%-0.1pp | -0.3% |
| Current Ratio | 3.70+0.9x | 2.82-0.3x | 3.16+0.1x | 3.08-0.1x | 3.22+0.1x | 3.09-0.2x | 3.34-0.3x | 3.64 |
| Debt-to-Equity | 0.130.0x | 0.170.0x | 0.180.0x | 0.170.0x | 0.170.0x | 0.170.0x | 0.170.0x | 0.18 |
| FCF Margin | -8.0%-4.1pp | -3.9%-6.6pp | 2.6%+1.8pp | 0.9%+7.0pp | -6.2%-6.4pp | 0.2%+3.1pp | -2.9%-4.0pp | 1.0% |
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Where Ichor Holdings Ranks
Frequently Asked Questions
What is Ichor Holdings's annual revenue?
Ichor Holdings (ICHR) reported $947.7M in total revenue for fiscal year 2025. This represents a 11.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ichor Holdings's revenue growing?
Ichor Holdings (ICHR) revenue grew by 11.6% year-over-year, from $849.0M to $947.7M in fiscal year 2025.
Is Ichor Holdings profitable?
No, Ichor Holdings (ICHR) reported a net income of -$52.8M in fiscal year 2025, with a net profit margin of -5.6%.
What is Ichor Holdings's EBITDA?
Ichor Holdings (ICHR) had EBITDA of -$5.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Ichor Holdings have?
As of fiscal year 2025, Ichor Holdings (ICHR) had $98.3M in cash and equivalents against $117.3M in long-term debt.
What is Ichor Holdings's gross margin?
Ichor Holdings (ICHR) had a gross margin of 9.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ichor Holdings's operating margin?
Ichor Holdings (ICHR) had an operating margin of -4.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Ichor Holdings's net profit margin?
Ichor Holdings (ICHR) had a net profit margin of -5.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ichor Holdings's return on equity (ROE)?
Ichor Holdings (ICHR) has a return on equity of -8.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ichor Holdings's free cash flow?
Ichor Holdings (ICHR) recorded an outflow of $6.3M in free cash flow during fiscal year 2025. This represents a -161.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ichor Holdings's operating cash flow?
Ichor Holdings (ICHR) generated $29.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ichor Holdings's total assets?
Ichor Holdings (ICHR) had $942.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ichor Holdings's capital expenditures?
Ichor Holdings (ICHR) invested $36.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Ichor Holdings spend on research and development?
Ichor Holdings (ICHR) invested $23.1M in research and development during fiscal year 2025.
What is Ichor Holdings's current ratio?
Ichor Holdings (ICHR) had a current ratio of 3.16 as of fiscal year 2025, which is generally considered healthy.
What is Ichor Holdings's debt-to-equity ratio?
Ichor Holdings (ICHR) had a debt-to-equity ratio of 0.18 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ichor Holdings's return on assets (ROA)?
Ichor Holdings (ICHR) had a return on assets of -5.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ichor Holdings's Altman Z-Score?
Ichor Holdings (ICHR) has an Altman Z-Score of 5.89, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Ichor Holdings's Piotroski F-Score?
Ichor Holdings (ICHR) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ichor Holdings's earnings high quality?
Ichor Holdings (ICHR) reported a net loss of $52.8M while generating $29.9M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ichor Holdings cover its interest payments?
Ichor Holdings (ICHR) reported an operating loss of $39.3M against $6.6M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ichor Holdings?
Ichor Holdings (ICHR) scores 50 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.