Free cash flow remains highly volatile, swinging from a $35.3 million surplus in 2023Q4 to a $10.0 million deficit in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | 7.99M | 29.89M | 27.88M | 57.63M | 31.45M | 15.27M | 38.26M | 57.15M | 60.47M | 38.65M | 27.73M | 26.69M | 8.09M | 11.46M |
| Operating CF Margin % | - | 3.15% | 3.28% | 7.11% | 2.46% | 1.39% | 4.18% | 9.21% | 7.34% | 5.89% | 6.83% | 9.18% | 3.25% | 4.13% |
| Operating CF Growth % | 224.83% | 7.2% | -51.62% | 83.23% | 105.95% | -60.08% | -33.06% | -5.5% | 56.45% | 39.39% | 3.9% | 229.87% | -29.4% | - |
| Net Income | -50.69M | -52.78M | -20.82M | -42.98M | 72.8M | 70.9M | 33.28M | 10.73M | 57.88M | 51.39M | 16.66M | 5.63M | 6.17M | 2.76M |
| Depreciation & Amortization | 33.22M | 33.51M | 30.74M | 34.58M | 35.1M | 25.99M | 25.21M | 22.81M | 23.06M | 12.16M | 9.5M | 9.94M | 9.63M | 9.21M |
| Stock-Based Compensation | 12.61M | 16.73M | 15.58M | 17.34M | 13.92M | 11.47M | 9.88M | 8.54M | 7.58M | 2.23M | 3.22M | 1.12M | 1.01M | 496K |
| Deferred Taxes | -124K | 385K | -782K | 9.31M | -3.21M | -1.86M | 0 | 0 | -6.69M | -7.69M | -2.43M | -4.93M | -6.2M | 0 |
| Other Non-Cash Items | 27.64M | 23.04M | 465K | 465K | 465K | 1.6M | -12.62M | 60.84M | 970K | 367K | 527K | 3.99M | 309K | 19.94M |
| Working Capital Changes | -14.66M | 9.01M | 2.7M | 38.92M | -87.63M | -92.83M | -17.49M | -45.76M | -22.33M | -19.8M | 257K | 10.94M | -2.83M | -20.94M |
| Change in Receivables | -13.21M | 16.11M | -19.9M | 69.6M | 6.67M | -33.45M | -16.13M | -44.56M | 10.43M | -1.25M | -9.01M | 6.33M | 959K | -11.07M |
| Change in Inventory | -8.66M | -1.5M | -4.22M | 37.77M | -47.53M | -89.25M | -8.53M | -5.93M | 35.13M | -45.44M | -23.72M | 9.11M | -12.13M | -15.69M |
| Change in Payables | 6.7M | -6.38M | 29.11M | -50.97M | -50.17M | 38.65M | 0 | 0 | -62.17M | 22.34M | 36.76M | -1.68M | 8.75M | 0 |
| Cash from Investing | -24.75M | -36.17M | -17.64M | -15.5M | -28.93M | -289.58M | -14.6M | -20.49M | -15.36M | -186.75M | -21.2M | -1.37M | -3.47M | -4.24M |
| Capital Expenditures | -24.75M | -36.17M | -17.64M | -15.5M | -29.43M | -20.84M | -10.3M | -12.34M | -13.92M | -8.23M | -4.27M | -1.37M | -3.47M | -2.28M |
| CapEx % of Revenue | 2.58% | 3.82% | 2.08% | 1.91% | 2.3% | 1.9% | 1.13% | 1.99% | 1.69% | 1.25% | 1.05% | 0.47% | 1.39% | 0.82% |
| Acquisitions | 0 | 0 | 0 | 0 | 500K | -268.77M | -5.04M | 0 | -1.44M | -180.96M | -17.41M | 0 | 0 | -1.96M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 504K | 739K | -8.15M | 0 | -8.23M | 473K | 0 | 0 | 0 |
| Cash from Financing | -3.43M | -4.1M | 18.47M | -48.65M | 8.46M | 96.91M | 168.63M | -19.88M | -70.58M | 164.6M | 21.93M | -15.51M | -3.23M | -1.33M |
| Debt Issued (Net) | -61.07M | -5.59M | -120.63M | -52.5M | 7.5M | 92.71M | 21.25M | -23.75M | 15.25M | 149.71M | -25.17M | 9.25M | -3.25M | -1.35M |
| Equity Issued (Net) | 5.17M | 5.63M | 136.74M | 0 | 0 | 0 | -1.83M | -1.89M | -89.98M | 7.28M | 47.1M | 0 | 0 | 18K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -22.13M | 0 | 0 |
| Share Repurchases | -601K | 0 | 0 | 0 | 0 | 0 | -1.83M | -1.89M | -89.98M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 52.46M | -4.13M | 2.36M | 3.85M | 955K | 4.2M | 149.2M | 5.76M | 4.15M | 7.62M | 0 | -2.63M | 19K | 0 |
| Net Change in Cash | -20.19M | -10.38M | 28.71M | -6.51M | 10.97M | -177.4M | 192.29M | 16.78M | -25.47M | 16.51M | 28.46M | 9.81M | 1.39M | 5.89M |
| Free Cash Flow | -16.76M | -6.28M | 10.24M | 42.14M | 2.02M | -5.57M | 27.96M | 44.81M | 46.55M | 30.43M | 23.46M | 25.32M | 4.62M | 9.19M |
| FCF Margin % | -1.75% | -0.66% | 1.21% | 5.19% | 0.16% | -0.51% | 3.06% | 7.22% | 5.65% | 4.64% | 5.78% | 8.71% | 1.86% | 3.31% |
| FCF Growth % | -260.76% | -161.33% | -75.69% | 1985.94% | 136.29% | -119.91% | -37.6% | -3.75% | 53% | 29.69% | -7.35% | 447.76% | -49.67% | - |
| FCF per Share | -0.48 | -0.18 | 0.31 | 1.44 | 0.07 | -0.19 | 1.19 | 1.97 | 1.85 | 1.16 | 19.37 | 1.12 | 0.20 | 0.41 |
| FCF Conversion (FCF/Net Income) | 0.33x | -0.57x | -1.34x | -1.34x | 0.43x | 0.22x | 1.15x | 5.33x | 1.04x | 0.75x | 1.66x | 2.08x | 1.31x | 4.16x |
| Interest Paid | 6.25M | 0 | 11.65M | 20.37M | 10.59M | 7.12M | 8.23M | 8.42M | 8.27M | 3.44M | 3.69M | 2.63M | 2.66M | 0 |
| Taxes Paid | 2.45M | 0 | 3.33M | 3.88M | 3.29M | 5.64M | 0 | 0 | 2.28M | 1.07M | 103K | 496K | 611K | 0 |
Cyclical cash flow volatility
As reported in financial statements, Ichor's operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching an extreme 1.18 in 2026Q1, suggesting that non-cash charges and working capital swings are the primary drivers of reported cash movements rather than core operational profitability.
The persistent gap between net income and operating cash flow highlights the company's reliance on non-cash adjustments, such as depreciation and stock-based compensation, to mask underlying operational weakness. Investors should monitor this divergence, as it suggests that the company's ability to generate cash is highly sensitive to accounting accruals rather than consistent margin expansion.
Based on Ichor's reported figures, free cash flow has exhibited extreme volatility, swinging from a peak of $35.3 million in 2023Q4 to a low of -$14.8 million in 2025Q2, underscoring the company's vulnerability to cyclical downturns in semiconductor capital equipment demand and subsequent margin erosion.
The inability to maintain positive free cash flow across consecutive quarters indicates that the business model lacks the structural resilience to self-fund during periods of lower WFE spending. This trajectory suggests that capital preservation remains a significant challenge, as the company's fixed cost base continues to weigh heavily on cash generation during revenue troughs.
According to recent SEC filings, working capital changes have been a major source of cash flow instability, with a significant $12.7 million outflow in 2026Q1 following a $9.1 million inflow in 2025Q4, reflecting the company's difficulty in managing inventory and receivables cycles amidst fluctuating OEM order patterns.
The erratic nature of working capital movements suggests that Ichor is struggling to align its inventory procurement with the lumpy delivery schedules of its primary customers. This volatility warrants further investigation, as it may indicate that the company is forced to carry excess inventory to meet 'copy exact' requirements, thereby tying up liquidity in non-productive assets.
As indicated by the provided data, Ichor's capital expenditure as a percentage of revenue reached 2.8% in 2026Q1, a level that appears necessary to maintain its specialized manufacturing footprint but may be insufficient to drive the technological upgrades required for next-generation semiconductor node participation.
The consistent level of capital spending suggests that management is prioritizing the maintenance of existing manufacturing capabilities over aggressive capacity expansion. Investors should monitor whether this level of investment is sufficient to keep pace with the evolving precision requirements of Tier 1 OEMs, or if it merely serves to replace aging equipment.
Quick answers to the most common questions about buying ICHR stock.
Ichor Holdings, Ltd. (ICHR) generated $29.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ichor Holdings, Ltd. (ICHR) reported negative free cash flow of $6.3M in 2025, indicating capital requirements exceeded cash from operations.
Ichor Holdings, Ltd. (ICHR) spent $36.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.