Ichor Holdings Ordinary Shares (ICHR)

FairStock Score: 32/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Ichor is a cyclical supplier of fluid delivery subsystems to semiconductor capital-equipment makers. That can be a decent position when chip demand is strong, but the filed record shows no consistent earning power, which is the opposite of a durable moat. In FY2025, ended 2025-12-26, revenue was $947.7M but net income was -$52.8M, or -$1.54 per diluted share. FY2024 lost $20.8M and FY2023 lost $43.0M. Yet the latest quarter offers a flicker: in fiscal Q2 2026, ended 2026-06-26, revenue was $294.8M, net income $998k, and diluted EPS $0.03, versus a $9.4M net loss in fiscal Q2 2025 and a $2.5M loss in fiscal Q1 2026. Revenue growth was 22.68% year over year. Still, FairStock’s profitability and valuation markers are not comforting: ROE -5.17%, ROCE 0.36%, TTM FCF -$25.6M, FCF yield -1.3%, and at the 2026-10-13 close of $51.57, P/B 2.23, P/E -44.08, and EV/EBITDA 291.74. The balance sheet is reasonable with D/E 0.18 and Altman Z-Score 4.50, and Piotroski is 5/9. FairStock classifies it as a TURNAROUND because the latest year had a loss after earlier profits. I like the improving sequential trend, but I want durable earning power and positive cash generation before calling the price attractive. At a $1.9B market cap, the market is already assuming a strong recovery.

In plain English: Ichor makes gas and chemical delivery systems used in machines that produce semiconductors. The business has been weak, with losses in fiscal 2023 through fiscal 2025, but the latest quarter showed a small profit and faster sales. At $51.57, the shares look expensive relative to those small profits and negative cash flow, so this is a speculative turnaround rather than a proven bargain.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-26) · fiscal Q1 2026 10-Q (period ended 2026-03-27) · fiscal Q3 2025 10-Q (period ended 2025-09-26) · fiscal Q2 2025 10-Q (period ended 2025-06-27) · FY2025 10-K (period ended 2025-12-26) · FY2024 10-K (period ended 2024-12-27) · FY2023 10-K (period ended 2023-12-29)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer