Operating cash flow of -$28.8M and free cash flow of -$39.5M in 2026Q3, driven by a $58.8M working capital outflow, indicate that revenue growth is currently tying up cash rather than generating it.
Ichor Holdings, Ltd. (ICHR) cash flow statement — 13-year operating, investing & financing cash flows
| 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 | -38.45M | 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 % | -169.98% | 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 | 3.52M | -52.78M | -20.82M | -42.98M | 72.8M | 70.9M | 33.28M | 10.73M | 57.88M | 56.45M | 16.66M | 5.63M | 6.17M | 2.76M |
| Depreciation & Amortization | 32.4M | 33.51M | 30.74M | 34.58M | 35.1M | 25.99M | 25.21M | 21.87M | 23.06M | 12.51M | 9.5M | 9.94M | 9.63M | 9.21M |
| Stock-Based Compensation | 15.31M | 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 | -1.34M | 385K | -782K | 9.31M | -3.21M | -1.86M | 0 | -7.13M | -6.69M | -15.35M | -2.43M | -4.93M | -6.2M | 0 |
| Other Non-Cash Items | 6.13M | 23.04M | 465K | 465K | 465K | 1.6M | -12.62M | 937K | 970K | 367K | 527K | 3.99M | 309K | 19.94M |
| Working Capital Changes | -94.47M | 9.01M | 2.7M | 38.92M | -87.63M | -92.83M | -17.49M | 22.21M | -22.33M | -17.41M | 257K | 10.94M | -2.83M | -20.94M |
| Change in Receivables | -56.21M | 16.11M | -19.9M | 69.6M | 6.67M | -33.45M | -16.13M | -44.56M | 10.43M | -1.06M | -9.01M | 6.33M | 959K | -11.07M |
| Change in Inventory | -91.66M | -1.5M | -4.22M | 37.77M | -47.53M | -89.25M | -8.53M | -5.93M | 35.13M | -43.42M | -23.72M | 9.11M | -12.13M | -15.69M |
| Change in Payables | 41.9M | -6.38M | 29.11M | -50.97M | -50.17M | 38.65M | 0 | 67.97M | -62.17M | 22.61M | 36.76M | -1.68M | 8.75M | 0 |
| Cash from Investing | -28.79M | -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 | -28.79M | -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 | 2.61% | 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 | 188.24M | -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) | -4.69M | -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) | 202.52M | 5.63M | 136.74M | 7.52M | 3.77M | 9.66M | -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 | 0 | 0 | 0 | 0 | 0 | 0 | -1.83M | -1.89M | -89.98M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -9.6M | -4.13M | 2.36M | 3.85M | 955K | -5.47M | 149.2M | 5.76M | 4.15M | 7.62M | 0 | -2.63M | 19K | 0 |
| Net Change in Cash | 121M | -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 | -67.24M | -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 % | -6.1% | -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 % | -252.22% | -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 | -1.76 | -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) | -19.13x | -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 | 5.28M | 8.5M | 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 | 2.82M | 0 | 3.33M | 3.88M | 3.29M | 5.64M | 0 | 0 | 2.28M | 1.07M | 103K | 496K | 611K | 0 |
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.
Key Metrics
Top Statement Risk
Working capital absorbing growth cash
Metrics are mathematically derived from official filings.
Operating Cash Flow Lags Reported Earnings
Based on ICHR's reported quarterly figures, operating cash flow was negative $28.8M in 2026Q3 against net income of $20.9M, an OCF/NI ratio of -1.38 that signals earnings are not converting into cash at present.
The gap between net income and operating cash flow is the central issue in this period, and the sign reversal in 2026Q3 suggests reported profit is being absorbed by working capital build rather than generated as distributable cash. The working capital change of -$58.8M in the same quarter is large relative to net income, which may indicate receivables or inventory growth tied to the revenue ramp. Investors should monitor whether this build reverses in subsequent quarters or reflects a structural shift in customer payment terms or inventory policy.
Free Cash Flow Deteriorating Despite Revenue Growth
According to reported filings, ICHR's free cash flow turned to -$39.5M in 2026Q3, a -12.0% margin, even as quarterly revenue expanded to $328.7M, a pattern that suggests growth is consuming rather than generating cash.
Free cash flow has been negative in three of the last four reported quarters, with the most recent quarter representing the weakest print in the window. The contrast between improving income statement metrics and deteriorating FCF points to working capital intensity as the dominant driver rather than capital spending. This pattern warrants further investigation into whether the cash absorption is temporary as the revenue ramp continues, or whether it reflects a sustained need for funding the operating base.
Working Capital Absorbing Growth Cash
Based on ICHR's reported figures, working capital consumed $58.8M in 2026Q3, more than double the prior quarter's $32.0M outflow, indicating that the revenue acceleration is tying up substantial cash in operating assets.
The magnitude of working capital outflow relative to quarterly net income suggests the company is financing customer and inventory growth from its own balance sheet. Given the cyclical, OEM-driven revenue profile, this build may partly reflect pass-through component purchases that inflate receivables and inventory without adding margin. The durability of this cash drag is the key variable for assessing whether recent earnings improvement will translate into free cash generation.
Capital Spending Remains Light Relative to Revenue
As reported in financial statements, ICHR's capital expenditures were $10.7M in 2026Q3, equal to 3.3% of revenue, a modest intensity level that implies the cash burn is not primarily driven by fixed asset investment.
Capex intensity has stayed in a narrow band of roughly 1.5% to 3.3% of revenue across recent quarters, excluding the 7.6% spike in 2025Q1, which suggests a relatively asset-light reinvestment posture. Depreciation and amortization of $7.5M in 2026Q3 sits below capex, indicating modest net reinvestment rather than heavy replacement spending. This profile supports the view that the cash constraint stems from working capital rather than the manufacturing footprint.
Recovery May Not Yet Reflect Cash Durability
The strongest bear view, based on reported figures, is that ICHR's operating turnaround rests on a single profitable quarter while cash flow has swung sharply negative, so earnings improvement may not yet be durable.
A single quarter of positive net income following several loss-making periods does not establish a sustained earnings base, and the -$58.8M working capital outflow could signal that reported profit is being offset by balance sheet absorption. If receivables or inventory fail to normalize, the cash deficit could persist even as revenue grows, which would challenge the accelerating growth narrative. Investors should treat the recovery thesis as unconfirmed until operating cash flow turns consistently positive.