Recent News
On August 3, 2026 the company announced completion of an at‑the‑market equity offering that issued roughly 2.5 million ordinary shares and materially increased cash balances; the same filing accompanied a scheduled investor webcast and SEC furnishing of results. Earlier in June 2026, several insider share dispositions appeared in public filings.
Technical Analysis
Directional indicators show a clear bearish bias: ADX at 25.62 indicates a meaningful trend present, while DI+ at 16.69 is decreasing and DI‑ at 32.78 shows a dip‑and‑reversal, both pointing to downside directional pressure that reinforces the immediate negative price bias and constrains upside versus the current valuation.
Momentum readings confirm bearish momentum. MACD sits at ‑6.16 with a signal line at ‑5.77 and displays a peak‑and‑reversal pattern; MACD below its signal line indicates accelerating negative momentum that weighs on any near‑term recovery attempts.
MRO reads ‑13.39 with a dip‑and‑reversal signal. The negative MRO implies the price sits below the model target and therefore contains measurable upside potential, but the magnitude indicates that the upside would need a material shift in momentum to realize; present momentum indicators remain opposing such a shift.
RSI at 42.33 and decreasing signals diminishing buying pressure without reaching oversold extremes, leaving room for further downside before a technical oversold bounce becomes likely. Price trades below the 12‑day EMA ($57.04), the 20‑day average ($58.23) and far beneath the 50‑day average ($77.04); the 200‑day average ($54.11) sits just above the close ($52.82). High short‑term beta (42‑day 4.47; 52‑week 3.93) and elevated volatility imply swift, amplified moves around these technical levels, with the SuperTrend upper boundary at $62.26 acting as a near‑term supply zone.
Fundamental Analysis
Revenue reached $294,784,000 for the period reported. Sequential revenue growth registered 4.15% QoQ while the reported YoY revenue change reads ‑9.84% YoY. Gross margin stands at 13.90%, with gross margin YoY change of 22.81% (reported), reflecting some unit‑cost improvements or mix effects even as absolute margin remains below peers’ midpoint. Operating margin registers 2.44% and EBIT margin 2.33%; EBIT margin moved +2.38% QoQ but shows a reported YoY change of ‑2.11%.
Earnings per share arrived at $0.34 actual versus $0.31 estimate, an EPS surprise of 9.68%. Non‑GAAP adjustments produced a larger spread between GAAP and non‑GAAP measures in the reported period, and EBITDA totaled $14,066,000 with EBIT at $6,863,000, indicating modest operating leverage at current volumes.
Liquidity and leverage profile improved materially after the financing: cash and short‑term investments rose to $256,456,000 and operating cash dynamics produced a sizable cash flow delta of $167,367,000 for the period. Current ratio equals 3.70 and quick ratio 2.07; the cash ratio measures 1.44. Total debt sits at $154,142,000 with debt‑to‑assets 12.97% and debt‑to‑equity 0.1781 (17.81%), preserving conservative leverage metrics while supporting flexibility.
Returns remain minimal: return on equity at 0.115% and return on assets at 0.092%, reflecting low incremental profitability on invested capital despite revenue gains. Asset turnover of 0.27285 slightly exceeds the peer mean provided (industry peer mean 0.22092), while the cash conversion cycle at 93.62 days remains well below the peer mean of 233.30 days, signaling relatively efficient working‑capital conversion versus the provided industry peer range.
Valuation multiples present a stretched picture: trailing P/E about 234.6x and forward P/E about 88.0x, P/B roughly 3.45x, and EVR near 9.77. Free cash flow turned negative at $‑23,643,000 in the period, producing a free cash flow yield around ‑0.79%. Taken together, margin, return, and cash‑flow profiles do not align with the elevated multiples observed. The current valuation as determined by WMDST: over‑valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-03 |
| NEXT REPORT DATE: | 2026-11-02 |
| CASH FLOW | Begin Period Cash Flow | $ 89.1 M |
| Operating Cash Flow | $ -15.88 M | |
| Capital Expenditures | $ -7.77 M | |
| Change In Working Capital | $ -32.02 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 167.4 M | |
| End Period Cash Flow | $ 256.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 294.8 M | |
| Forward Revenue | $ 2.3 B | |
| COSTS | ||
| Cost Of Revenue | $ 253.8 M | |
| Depreciation | $ 5.3 M | |
| Depreciation and Amortization | $ 7.2 M | |
| Research and Development | $ 7.8 M | |
| Total Operating Expenses | $ 287.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 41.0 M | |
| EBITDA | $ 14.1 M | |
| EBIT | $ 6.9 M | |
| Operating Income | $ 7.2 M | |
| Interest Income | — | |
| Interest Expense | $ 1.5 M | |
| Net Interest Income | $ -1.45 M | |
| Income Before Tax | $ 5.4 M | |
| Tax Provision | $ 4.4 M | |
| Tax Rate | 40.0 % | |
| Net Income | $ 998.0 K | |
| Net Income From Continuing Operations | $ 998.0 K | |
| EARNINGS | ||
| EPS Estimate | $ 0.31 | |
| EPS Actual | $ 0.34 | |
| EPS Difference | $ 0.03 | |
| EPS Surprise | 9.677 % | |
| Forward EPS | $ 0.82 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.2 B | |
| Intangible Assets | $ 371.8 M | |
| Net Tangible Assets | $ 493.7 M | |
| Total Current Assets | $ 659.3 M | |
| Cash and Short-Term Investments | $ 256.5 M | |
| Cash | $ 256.5 M | |
| Net Receivables | $ 104.7 M | |
| Inventory | $ 290.7 M | |
| Long-Term Investments | $ 13.6 M | |
| LIABILITIES | ||
| Accounts Payable | $ 125.7 M | |
| Short-Term Debt | $ 6.2 M | |
| Total Current Liabilities | $ 178.1 M | |
| Net Debt | — | |
| Total Debt | $ 154.1 M | |
| Total Liabilities | $ 322.8 M | |
| EQUITY | ||
| Total Equity | $ 865.5 M | |
| Retained Earnings | $ 129.6 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 23.15 | |
| Shares Outstanding | 37.384 M | |
| Revenue Per-Share | $ 7.89 | |
| VALUATION | Market Capitalization | $ 3.0 B |
| Enterprise Value | $ 2.9 B | |
| Enterprise Multiple | 204.721 | |
| Enterprise Multiple QoQ | 5.193 % | |
| Enterprise Multiple YoY | -16.855 % | |
| Enterprise Multiple IPRWA | ICHR: 204.721 high: 201.385 median: 161.974 mean: 148.476 low: -293.876 |
|
| EV/R | 9.769 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.373 | |
| Asset To Liability | 3.681 | |
| Debt To Capital | 0.151 | |
| Debt To Assets | 0.13 | |
| Debt To Assets QoQ | -20.49 % | |
| Debt To Assets YoY | -23.383 % | |
| Debt To Assets IPRWA | high: 0.423 median: 0.159 mean: 0.149 ICHR: 0.13 low: 0.002 |
|
| Debt To Equity | 0.178 | |
| Debt To Equity QoQ | -25.017 % | |
| Debt To Equity YoY | -25.875 % | |
| Debt To Equity IPRWA | high: 1.213 mean: 0.333 median: 0.299 ICHR: 0.178 low: -0.075 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.445 | |
| Price To Book QoQ | 30.553 % | |
| Price To Book YoY | 264.715 % | |
| Price To Book IPRWA | high: 31.988 median: 29.291 mean: 24.471 ICHR: 3.445 low: -9.2 |
|
| Price To Earnings (P/E) | 234.604 | |
| Price To Earnings QoQ | -30.643 % | |
| Price To Earnings YoY | -66.131 % | |
| Price To Earnings IPRWA | ICHR: 234.604 high: 219.575 median: 202.248 mean: 184.828 low: -129.292 |
|
| PE/G Ratio | 1.852 | |
| Price To Sales (P/S) | 10.116 | |
| Price To Sales QoQ | 46.933 % | |
| Price To Sales YoY | 270.672 % | |
| Price To Sales IPRWA | high: 145.73 median: 68.545 mean: 59.297 ICHR: 10.116 low: 6.505 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 88.009 | |
| Forward PE/G | 0.695 | |
| Forward P/S | 1.322 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 19.148 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.273 | |
| Asset Turnover Ratio QoQ | 2.046 % | |
| Asset Turnover Ratio YoY | 13.08 % | |
| Asset Turnover Ratio IPRWA | high: 0.342 ICHR: 0.273 mean: 0.221 median: 0.203 low: 0.004 |
|
| Receivables Turnover | 2.982 | |
| Receivables Turnover Ratio QoQ | -4.757 % | |
| Receivables Turnover Ratio YoY | -0.301 % | |
| Receivables Turnover Ratio IPRWA | ICHR: 2.982 high: 1.831 mean: 1.466 median: 1.419 low: 0.55 |
|
| Inventory Turnover | 0.935 | |
| Inventory Turnover Ratio QoQ | 1.097 % | |
| Inventory Turnover Ratio YoY | 14.683 % | |
| Inventory Turnover Ratio IPRWA | high: 2.21 ICHR: 0.935 mean: 0.561 median: 0.399 low: 0.148 |
|
| Days Sales Outstanding (DSO) | 30.602 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 93.617 | |
| Cash Conversion Cycle Days QoQ | -1.327 % | |
| Cash Conversion Cycle Days YoY | -6.545 % | |
| Cash Conversion Cycle Days IPRWA | high: 649.753 median: 269.15 mean: 233.301 ICHR: 93.617 low: 40.819 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.613 | |
| CapEx To Revenue | -0.026 | |
| CapEx To Depreciation | -1.468 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 979.8 M | |
| Net Invested Capital | $ 986.1 M | |
| Invested Capital | $ 986.1 M | |
| Net Tangible Assets | $ 493.7 M | |
| Net Working Capital | $ 481.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.44 | |
| Current Ratio | 3.701 | |
| Current Ratio QoQ | 31.159 % | |
| Current Ratio YoY | 14.979 % | |
| Current Ratio IPRWA | high: 10.33 ICHR: 3.701 median: 2.508 mean: 2.267 low: 1.334 |
|
| Quick Ratio | 2.069 | |
| Quick Ratio QoQ | 70.806 % | |
| Quick Ratio YoY | 57.038 % | |
| Quick Ratio IPRWA | high: 8.33 ICHR: 2.069 median: 1.804 mean: 1.595 low: 0.804 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 10.958 | |
| Cost Of Debt | 0.557 % | |
| Interest Coverage Ratio | 4.723 | |
| Interest Coverage Ratio QoQ | 349.815 % | |
| Interest Coverage Ratio YoY | -253.44 % | |
| Interest Coverage Ratio IPRWA | high: 150.669 mean: 53.404 median: 47.739 ICHR: 4.723 low: -444.6 |
|
| Operating Cash Flow Ratio | -0.136 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 47.68 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 22.189 % | |
| Revenue Growth | 15.119 % | |
| Revenue Growth QoQ | 4.147 % | |
| Revenue Growth YoY | -984.152 % | |
| Revenue Growth IPRWA | high: 36.183 % ICHR: 15.119 % mean: 9.848 % median: 7.1 % low: -6.721 % |
|
| Earnings Growth | 126.667 % | |
| Earnings Growth QoQ | -90.952 % | |
| Earnings Growth YoY | -268.889 % | |
| Earnings Growth IPRWA | ICHR: 126.667 % high: 125.806 % mean: 15.242 % median: 11.702 % low: -31.148 % |
|
| MARGINS | ||
| Gross Margin | 13.903 % | |
| Gross Margin QoQ | 10.368 % | |
| Gross Margin YoY | 22.807 % | |
| Gross Margin IPRWA | high: 85.054 % median: 53.99 % mean: 53.574 % low: 16.08 % ICHR: 13.903 % |
|
| EBIT Margin | 2.328 % | |
| EBIT Margin QoQ | 238.372 % | |
| EBIT Margin YoY | -211.122 % | |
| EBIT Margin IPRWA | high: 47.037 % median: 38.519 % mean: 38.028 % ICHR: 2.328 % low: -55.266 % |
|
| Return On Sales (ROS) | 2.441 % | |
| Return On Sales QoQ | 199.877 % | |
| Return On Sales YoY | -221.202 % | |
| Return On Sales IPRWA | high: 42.486 % median: 37.057 % mean: 35.721 % ICHR: 2.441 % low: -48.45 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -23.64 M | |
| Free Cash Flow Yield | -0.793 % | |
| Free Cash Flow Yield QoQ | 40.106 % | |
| Free Cash Flow Yield YoY | -64.865 % | |
| Free Cash Flow Yield IPRWA | high: 0.775 % median: 0.294 % mean: 0.234 % ICHR: -0.793 % low: -1.49 % |
|
| Free Cash Growth | 136.856 % | |
| Free Cash Growth QoQ | -150.954 % | |
| Free Cash Growth YoY | -104.438 % | |
| Free Cash Growth IPRWA | high: 185.89 % ICHR: 136.856 % median: 31.318 % mean: 15.15 % low: -217.099 % |
|
| Free Cash To Net Income | -23.69 | |
| Cash Flow Margin | -8.226 % | |
| Cash Flow To Earnings | -24.299 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 0.092 % | |
| Return On Assets QoQ | -135.659 % | |
| Return On Assets YoY | -109.735 % | |
| Return On Assets IPRWA | high: 10.276 % mean: 7.233 % median: 7.201 % ICHR: 0.092 % low: -7.716 % |
|
| Return On Capital Employed (ROCE) | 0.679 % | |
| Return On Equity (ROE) | 0.001 | |
| Return On Equity QoQ | -131.081 % | |
| Return On Equity YoY | -108.487 % | |
| Return On Equity IPRWA | high: 0.279 mean: 0.147 median: 0.134 ICHR: 0.001 low: -0.171 |
|
| DuPont ROE | 0.13 % | |
| Return On Invested Capital (ROIC) | 0.418 % | |
| Return On Invested Capital QoQ | 211.94 % | |
| Return On Invested Capital YoY | -186.186 % | |
| Return On Invested Capital IPRWA | high: 14.252 % median: 11.665 % mean: 11.135 % ICHR: 0.418 % low: -11.245 % |
|