Recent News
On August 4, 2025 Ichor Holdings announced second-quarter 2025 results: revenue of $240.3M, GAAP gross margin 11.3%, GAAP EPS $(0.28) and non‑GAAP EPS $0.03. On August 6, 2025 the company disclosed participation in multiple Q3 investor conferences. On August 15, 2025 management announced executive leadership changes effective late August/early September. On August 25, 2025 several analysts issued fresh coverage and the consensus recommendation averaged a “Moderate Buy.”
Technical Analysis
Trend strength: ADX at 12.36 indicates no established trend, which supports a range-bound near-term price bias rather than a sustained breakout or breakdown.
Directional indicators: DI+ shows a dip & reversal, a bullish signal; DI- shows a dip & reversal, a bearish signal. The simultaneous dip-and-reverse on both lines signals directional uncertainty and increases the likelihood of price chop until one side decisively separates.
MACD: MACD trades at -0.06 with a dip & reversal and sits above the signal line (-0.31); the cross above the signal line indicates a pickup in bullish momentum despite negative absolute MACD, implying any rally may start from a low-momentum base.
MRO: MRO at -20.33 (peak & reversal) places price below the WMDST target, suggesting upward pressure toward the target even as the oscillator shows a recent peak-and-reverse; that dynamic supports potential mean-reversion rather than trend extension.
RSI: RSI 49.03 with a peak & reversal sits near neutral; momentum lacks conviction and does not confirm a sustained move in either direction.
Price versus averages and bands: Last close $17.68 sits above the 20-day average ($17.33) and 12-day EMA ($17.65, dip & reversal) but below the 50-day ($18.38) and 200-day ($23.13) averages. Price occupies the middle of the 1x Bollinger band range ($16.43–$18.23), reinforcing a near-term trading band between roughly $16.6 (superTrendLower) and the upper 1x band near $18.2.
Volatility and volume: 42-day volatility at 7% and 52-week volatility at 5% indicate elevated short-term variability; recent daily volume near 1.08M sits below the 10-day average of 1.34M but above the 50-day average, consistent with episodic higher-volume moves inside a neutral trend environment.
Fundamental Analysis
Revenue and growth: Total revenue for the period registers $240,285,000. Reported revenue growth shows a modest decline year-over-year of approximately -2.87% and a sequential change near -1.36% QoQ, indicating top-line stagnation after recent gains.
Profitability: Operating margin at -2.01% and EBIT margin at -2.10% reflect negative operating profitability on a GAAP basis. EBIT margin improved QoQ by about +3.08% and improved YoY by roughly +0.84%, signaling margin recovery from a lower base but not yet returning to positive industry medians. Gross margin at 11.32% sits below the industry peer low of 12.04% and well under the industry peer mean of 52.91%, indicating lower conversion of revenue to gross profit versus peers.
Earnings and guidance: Reported EPS $0.03 missed the estimate of $0.14 by $0.11, an EPS surprise of -78.57%. Forward EPS stands at $0.3375 with a forward P/E of 58.29x, while trailing P/E sits at 692.67x—reflecting distorted earnings and a transition from recent losses to modest positive non‑GAAP EPS.
Cash, liquidity, and leverage: Cash and short-term investments total $92,224,000 with a cash ratio of 0.68 and a current ratio of 3.22, above the industry peer mean current ratio of 2.69. Net debt equals $32,781,000 and debt-to-assets at 16.93% sits below the industry peer mean of 24.24%, indicating conservative leverage relative to peers. Operating cash flow remains negative at -$7,508,000 and free cash flow at -$14,799,000, producing a free cash flow yield of -2.26% and free cash growth down roughly -30.84% YoY despite a QoQ uptick of +27.76%.
Returns and efficiency: Return on equity at -1.36% and return on assets at -0.95% show negative returns on capital; asset turnover at 0.24x sits slightly above the industry peer mean of 0.21x, indicating relatively efficient asset use despite depressed margins.
Valuation context: Enterprise multiple registers at 246.22 and enterprise value $730,293,214 versus market cap $655,734,214. Price-to-book at 0.94x sits below the industry peer mean book multiple of 8.22x, while price-to-sales at 2.73x sits near the lower end of peer expectations. The current valuation as determined by WMDST: over-valued, driven by elevated enterprise multiples, negative cash flow, and compressed GAAP margins even as revenue growth shows modest improvement.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-04 |
| NEXT REPORT DATE: | 2025-11-03 |
| CASH FLOW | Begin Period Cash Flow | $ 109.3 M |
| Operating Cash Flow | $ -7.51 M | |
| Capital Expenditures | $ -7.29 M | |
| Change In Working Capital | $ -12.76 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -17.06 M | |
| End Period Cash Flow | $ 92.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 240.3 M | |
| Forward Revenue | $ -73.79 M | |
| COSTS | ||
| Cost Of Revenue | $ 213.1 M | |
| Depreciation | $ 5.9 M | |
| Depreciation and Amortization | $ 8.0 M | |
| Research and Development | $ 5.7 M | |
| Total Operating Expenses | $ 245.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 27.2 M | |
| EBITDA | $ 3.0 M | |
| EBIT | $ -5.03 M | |
| Operating Income | $ -4.84 M | |
| Interest Income | — | |
| Interest Expense | $ 1.6 M | |
| Net Interest Income | $ -1.64 M | |
| Income Before Tax | $ -6.67 M | |
| Tax Provision | $ 2.7 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ -9.41 M | |
| Net Income From Continuing Operations | $ -9.41 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.14 | |
| EPS Actual | $ 0.03 | |
| EPS Difference | $ -0.11 | |
| EPS Surprise | -78.571 % | |
| Forward EPS | $ 0.34 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 985.1 M | |
| Intangible Assets | $ 380.0 M | |
| Net Tangible Assets | $ 314.2 M | |
| Total Current Assets | $ 439.1 M | |
| Cash and Short-Term Investments | $ 92.2 M | |
| Cash | $ 92.2 M | |
| Net Receivables | $ 80.8 M | |
| Inventory | $ 259.4 M | |
| Long-Term Investments | $ 14.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 90.6 M | |
| Short-Term Debt | $ 7.5 M | |
| Total Current Liabilities | $ 136.4 M | |
| Net Debt | $ 32.8 M | |
| Total Debt | $ 166.8 M | |
| Total Liabilities | $ 290.9 M | |
| EQUITY | ||
| Total Equity | $ 694.1 M | |
| Retained Earnings | $ 169.9 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 20.27 | |
| Shares Outstanding | 34.243 M | |
| Revenue Per-Share | $ 7.02 | |
| VALUATION | Market Capitalization | $ 655.7 M |
| Enterprise Value | $ 730.3 M | |
| Enterprise Multiple | 246.222 | |
| Enterprise Multiple QoQ | 91.635 % | |
| Enterprise Multiple YoY | 26.133 % | |
| Enterprise Multiple IPRWA | high: 352.454 ICHR: 246.222 mean: 67.31 median: 62.513 low: -86.607 |
|
| EV/R | 3.039 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.419 | |
| Asset To Liability | 3.386 | |
| Debt To Capital | 0.194 | |
| Debt To Assets | 0.169 | |
| Debt To Assets QoQ | 0.368 % | |
| Debt To Assets YoY | 2040.455 % | |
| Debt To Assets IPRWA | high: 0.594 mean: 0.242 median: 0.206 ICHR: 0.169 low: 0.006 |
|
| Debt To Equity | 0.24 | |
| Debt To Equity QoQ | -0.899 % | |
| Debt To Equity YoY | 2126.784 % | |
| Debt To Equity IPRWA | high: 1.065 mean: 0.38 median: 0.307 ICHR: 0.24 low: -0.023 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.945 | |
| Price To Book QoQ | -18.704 % | |
| Price To Book YoY | -47.114 % | |
| Price To Book IPRWA | high: 12.365 mean: 8.217 median: 6.565 ICHR: 0.945 low: -3.361 |
|
| Price To Earnings (P/E) | 692.671 | |
| Price To Earnings QoQ | 248.421 % | |
| Price To Earnings YoY | -6.163 % | |
| Price To Earnings IPRWA | ICHR: 692.671 high: 234.96 mean: 79.886 median: 68.389 low: -85.349 |
|
| PE/G Ratio | -9.236 | |
| Price To Sales (P/S) | 2.729 | |
| Price To Sales QoQ | -18.023 % | |
| Price To Sales YoY | -55.317 % | |
| Price To Sales IPRWA | high: 73.382 mean: 24.753 median: 23.58 ICHR: 2.729 low: 2.027 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 58.293 | |
| Forward PE/G | -0.777 | |
| Forward P/S | -8.886 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -176.434 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.241 | |
| Asset Turnover Ratio QoQ | -1.192 % | |
| Asset Turnover Ratio YoY | 13.096 % | |
| Asset Turnover Ratio IPRWA | high: 0.318 ICHR: 0.241 mean: 0.209 median: 0.207 low: 0.091 |
|
| Receivables Turnover | 2.991 | |
| Receivables Turnover Ratio QoQ | 1.837 % | |
| Receivables Turnover Ratio YoY | 1.978 % | |
| Receivables Turnover Ratio IPRWA | ICHR: 2.991 high: 2.444 median: 1.435 mean: 1.387 low: 0.524 |
|
| Inventory Turnover | 0.815 | |
| Inventory Turnover Ratio QoQ | -3.074 % | |
| Inventory Turnover Ratio YoY | 8.309 % | |
| Inventory Turnover Ratio IPRWA | high: 1.171 ICHR: 0.815 median: 0.585 mean: 0.549 low: 0.176 |
|
| Days Sales Outstanding (DSO) | 30.51 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 100.173 | |
| Cash Conversion Cycle Days QoQ | -1.49 % | |
| Cash Conversion Cycle Days YoY | -17.287 % | |
| Cash Conversion Cycle Days IPRWA | high: 481.513 mean: 209.117 median: 192.207 ICHR: 100.173 low: -16.885 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.794 | |
| CapEx To Revenue | -0.03 | |
| CapEx To Depreciation | -1.231 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 811.7 M | |
| Net Invested Capital | $ 819.2 M | |
| Invested Capital | $ 819.2 M | |
| Net Tangible Assets | $ 314.2 M | |
| Net Working Capital | $ 302.7 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.676 | |
| Current Ratio | 3.219 | |
| Current Ratio QoQ | 4.242 % | |
| Current Ratio YoY | -24.559 % | |
| Current Ratio IPRWA | high: 9.593 ICHR: 3.219 mean: 2.688 median: 2.452 low: 0.842 |
|
| Quick Ratio | 1.318 | |
| Quick Ratio QoQ | -0.083 % | |
| Quick Ratio YoY | -30.926 % | |
| Quick Ratio IPRWA | high: 7.858 mean: 1.931 median: 1.696 ICHR: 1.318 low: 0.609 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 56.232 | |
| Cost Of Debt | 0.767 % | |
| Interest Coverage Ratio | -3.078 | |
| Interest Coverage Ratio QoQ | 304.378 % | |
| Interest Coverage Ratio YoY | 147.381 % | |
| Interest Coverage Ratio IPRWA | high: 120.949 median: 35.147 mean: 33.433 ICHR: -3.078 low: -116.706 |
|
| Operating Cash Flow Ratio | -0.075 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 40.801 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -2.14 % | |
| Revenue Growth | -1.71 % | |
| Revenue Growth QoQ | -135.699 % | |
| Revenue Growth YoY | -286.681 % | |
| Revenue Growth IPRWA | high: 27.687 % mean: 3.707 % median: 3.318 % ICHR: -1.71 % low: -23.04 % |
|
| Earnings Growth | -75.0 % | |
| Earnings Growth QoQ | -250.0 % | |
| Earnings Growth YoY | -51.786 % | |
| Earnings Growth IPRWA | high: 46.667 % mean: 9.803 % median: 8.654 % ICHR: -75.0 % low: -127.273 % |
|
| MARGINS | ||
| Gross Margin | 11.321 % | |
| Gross Margin QoQ | -2.966 % | |
| Gross Margin YoY | -9.979 % | |
| Gross Margin IPRWA | high: 89.444 % mean: 52.906 % median: 50.078 % low: 12.035 % ICHR: 11.321 % |
|
| EBIT Margin | -2.095 % | |
| EBIT Margin QoQ | 308.382 % | |
| EBIT Margin YoY | 84.095 % | |
| EBIT Margin IPRWA | high: 44.159 % median: 35.228 % mean: 34.061 % ICHR: -2.095 % low: -45.219 % |
|
| Return On Sales (ROS) | -2.014 % | |
| Return On Sales QoQ | 292.593 % | |
| Return On Sales YoY | 76.977 % | |
| Return On Sales IPRWA | high: 42.579 % median: 33.668 % mean: 33.198 % ICHR: -2.014 % low: -49.982 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -14.80 M | |
| Free Cash Flow Yield | -2.257 % | |
| Free Cash Flow Yield QoQ | -3800.0 % | |
| Free Cash Flow Yield YoY | -291.271 % | |
| Free Cash Flow Yield IPRWA | high: 2.8 % mean: 1.124 % median: 0.925 % ICHR: -2.257 % low: -3.485 % |
|
| Free Cash Growth | -3083.669 % | |
| Free Cash Growth QoQ | 2776.476 % | |
| Free Cash Growth YoY | -167.565 % | |
| Free Cash Growth IPRWA | high: 408.013 % mean: 67.487 % median: 57.007 % low: -301.396 % ICHR: -3083.669 % |
|
| Free Cash To Net Income | 1.573 | |
| Cash Flow Margin | -4.262 % | |
| Cash Flow To Earnings | 1.089 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -0.945 % | |
| Return On Assets QoQ | 107.692 % | |
| Return On Assets YoY | 75.978 % | |
| Return On Assets IPRWA | high: 8.327 % mean: 6.512 % median: 6.382 % ICHR: -0.945 % low: -19.735 % |
|
| Return On Capital Employed (ROCE) | -0.593 % | |
| Return On Equity (ROE) | -0.014 | |
| Return On Equity QoQ | 108.141 % | |
| Return On Equity YoY | 84.103 % | |
| Return On Equity IPRWA | high: 0.256 mean: 0.154 median: 0.152 ICHR: -0.014 low: -0.233 |
|
| DuPont ROE | -1.349 % | |
| Return On Invested Capital (ROIC) | -0.485 % | |
| Return On Invested Capital QoQ | 304.167 % | |
| Return On Invested Capital YoY | -128.379 % | |
| Return On Invested Capital IPRWA | high: 12.291 % median: 11.998 % mean: 9.694 % ICHR: -0.485 % low: -9.445 % |
|