Recent News
Multiple insider proposed-sale filings and Form 144 reports appeared between May and June 2026, indicating several planned or completed share dispositions by insiders; the company’s investor-relations site announced on July 13, 2026 that Ichor would publish second-quarter 2026 results on August 3, 2026.
Technical Analysis
ADX at 15.46 signals no established trend, implying price action remains range-bound and that momentum confirmation will determine direction over the coming weeks.
DI+ registered at 21.42 with a peak-and-reversal pattern, a bearish signal for directional pressure; DI- sits at 27.52 and is decreasing, which reads as bullish. The juxtaposition of these DI signals aligns with mixed directional pressure and supports a consolidative near-term outlook.
MACD remains negative at -4.23 while showing a dip-and-reversal, indicating nascent bullish momentum; MACD still sits below the signal line (-4.09), so momentum lacks full confirmation until a crossover occurs.
MRO reads -6.64, a negative value that implies price sits below the technical target and carries potential to rise toward that target; that upside potential, however, competes with the valuation backdrop discussed below.
RSI at 47.62 with a dip-and-reversal indicates a nascent shift upward from neutral, consistent with recent modest gains but not yet in bullish territory.
Price sits at $71.87, above the 200-day average ($51.55), which supports a longer-term constructive base, yet below the 50-day average ($83.95), marking the 50-day zone as the nearest medium-term resistance. Shorter-term averages show the 20-day at $69.92 and the 12-day EMA at $71.41 (dip & reversal), which places price slightly above near-term averages and consistent with tentative short-term strength. Bollinger bands center near $69.92 with 1x lower at $64.51 and 1x upper at $75.32, framing immediate trading range boundaries; the super trend upper resides at $85.35 and aligns with the 50-day resistance band.
Fundamental Analysis
Ichor delivered total revenue of $294,784,000 for the reporting period and reported EPS of $0.34 versus an estimate of $0.31, producing an EPS surprise of 9.68% (EPS difference $0.03). Operating income reached $7,195,000 with EBIT of $6,863,000 and EBITDA of $14,066,000, leaving operating margin near 2.44% and EBIT margin about 2.33%.
Margins remain compressed versus semiconductor-equipment peers: gross margin stands at 13.90% while the industry peer mean for gross margin sits materially higher; EBIT margin of 2.33% compares to an industry peer mean of 38.03% and an industry peer median of 38.52%, indicating Ichor lags peer profitability metrics by a wide margin.
Top-line dynamics show revenue growth of 15.12% (most-recent period), with quarter-over-quarter revenue growth of 4.15% and year-over-year revenue growth reported at -9.84%. Operating margin improved quarter-over-quarter by 199.88% (operatingMarginQoQ 1.99877) while operating margin year-over-year moved -221.20% (operatingMarginYoY -2.21202). Earnings growth and many return metrics remain low: return on equity near 0.115% and return on assets at 0.092%.
Balance-sheet strength presents clear liquidity: cash and short-term investments total $256,456,000 and current ratio measures 3.70, quick ratio 2.07, and cash ratio 1.44. Debt remains modest with total debt $154,142,000 and debt-to-assets about 12.97%, leaving interest coverage near 4.72x.
Valuation sits notably elevated under WMDST’s framework: price-to-earnings stands at 234.60 and price-to-book at 3.45, while enterprise multiple registers 204.72. Forward P/E of 88.01 and a forward EPS of $0.8171 imply market expectations priced well above current trailing earnings. WMDST values the stock as over-valued, and the combination of thin margins, modest operating cash flow, and high multiples supports that view unless margins or revenue growth accelerate materially.
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 % |
|