Latest Ratios: P/E Ratio -37.3x · EV/EBITDA N/A · ROE -7.7%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.0B | $649M | $1.0B | $982M | $777M | $1.3B | $715M | $757M | $410M | $645M | $13M |
| Enterprise Value | $2.1B | $711M | $1.1B | $1.2B | $1.0B | $1.6B | $672M | $889M | $567M | $763M | $197467 |
| P/E Ratio → | -37.30 | — | — | — | 10.69 | 18.79 | 21.45 | 70.79 | 7.09 | 12.55 | — |
| P/S Ratio | 2.11 | 0.68 | 1.21 | 1.21 | 0.61 | 1.22 | 0.78 | 1.22 | 0.50 | 0.98 | 0.03 |
| P/B Ratio | 2.96 | 0.98 | 1.47 | 1.74 | 1.32 | 2.66 | 1.74 | 3.42 | 2.07 | 3.05 | 0.09 |
| P/FCF | — | — | 100.32 | 23.31 | 384.55 | — | 25.56 | 16.90 | 8.80 | 21.20 | 0.56 |
| P/OCF | 67.01 | 21.71 | 36.86 | 17.04 | 24.70 | 87.34 | 18.68 | 13.25 | 6.77 | 16.69 | 0.47 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.75 | 1.29 | 1.47 | 0.81 | 1.44 | 0.74 | 1.43 | 0.69 | 1.16 | 0.00 |
| EV / EBITDA | — | — | 47.32 | 50.18 | 8.53 | 14.78 | 10.22 | 24.14 | 6.51 | 12.58 | 0.01 |
| EV / EBIT | — | — | — | — | 11.95 | 19.71 | 16.39 | 59.61 | 8.83 | 16.48 | 0.01 |
| EV / FCF | — | — | 106.72 | 28.20 | 510.92 | — | 24.05 | 19.85 | 12.17 | 25.08 | 0.01 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 9.3% | 9.3% | 12.2% | 12.7% | 16.6% | 16.2% | 13.7% | 13.9% | 16.5% | 15.6% | 16.1% |
| Operating Margin | -4.1% | -4.1% | -0.9% | -1.3% | 6.7% | 7.4% | 4.5% | 2.4% | 7.8% | 7.3% | 5.9% |
| Net Profit Margin | -5.6% | -5.6% | -2.5% | -5.3% | 5.7% | 6.5% | 3.6% | 1.7% | 7.0% | 7.8% | 4.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -7.7% | -7.7% | -3.3% | -7.5% | 13.4% | 15.5% | 10.5% | 5.1% | 28.2% | 29.1% | 15.4% |
| ROA | -5.4% | -5.4% | -2.2% | -4.3% | 6.9% | 7.9% | 5.0% | 2.0% | 11.3% | 12.5% | 6.9% |
| ROIC | -4.0% | -4.0% | -0.7% | -1.0% | 8.1% | 10.9% | 8.6% | 3.2% | 14.0% | 15.8% | 14.8% |
| ROCE | -4.7% | -4.7% | -0.9% | -1.2% | 9.9% | 11.4% | 8.2% | 3.7% | 16.1% | 16.7% | 15.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.24 | 0.24 | 0.25 | 0.51 | 0.58 | 0.64 | 0.51 | 0.87 | 1.01 | 0.88 | 0.27 |
| Debt / EBITDA | — | — | 7.54 | 12.09 | 2.83 | 3.02 | 3.20 | 5.23 | 2.31 | 3.08 | 1.14 |
| Net Debt / Equity | — | 0.09 | 0.09 | 0.37 | 0.43 | 0.49 | -0.10 | 0.60 | 0.79 | 0.56 | -0.09 |
| Net Debt / EBITDA | — | — | 2.84 | 8.71 | 2.11 | 2.31 | -0.64 | 3.58 | 1.80 | 1.95 | -0.39 |
| Debt / FCF | — | — | 6.40 | 4.90 | 126.37 | — | -1.51 | 2.95 | 3.37 | 3.88 | -0.55 |
| Interest Coverage | -6.19 | -6.19 | -0.95 | -0.60 | 7.81 | 12.43 | 4.70 | 1.40 | 6.43 | 14.13 | 5.61 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.16 | 3.16 | 3.34 | 4.06 | 3.09 | 2.22 | 3.06 | 1.69 | 2.41 | 1.89 | 1.55 |
| Quick Ratio | 1.38 | 1.38 | 1.49 | 1.57 | 1.38 | 1.09 | 2.23 | 0.91 | 1.03 | 0.86 | 0.85 |
| Cash Ratio | 0.76 | 0.76 | 0.80 | 0.81 | 0.52 | 0.36 | 1.56 | 0.37 | 0.50 | 0.47 | 0.50 |
| Asset Turnover | — | 1.01 | 0.85 | 0.86 | 1.18 | 1.07 | 1.18 | 1.10 | 1.70 | 1.21 | 1.44 |
| Inventory Turnover | 3.71 | 3.71 | 2.98 | 2.88 | 3.77 | 3.89 | 5.86 | 4.21 | 5.68 | 3.67 | 4.80 |
| Days Sales Outstanding | — | 27.16 | 37.24 | 30.02 | 38.87 | 47.58 | 40.31 | 49.88 | 17.85 | 27.41 | 23.75 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 9.4% | 5.3% | 4.7% | 1.4% | 14.1% | 8.0% | — |
| FCF Yield | — | — | 1.0% | 4.3% | 0.3% | — | 3.9% | 5.9% | 11.4% | 4.7% | 179.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.2% | 22.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% | 0.2% | 22.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $34M | $33M | $29M | $29M | $29M | $23M | $23M | $25M | $26M | $1M |
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying ICHR stock.
Ichor Holdings, Ltd.'s current P/E ratio is -37.3x. The historical average is 23.6x.
Ichor Holdings, Ltd.'s return on equity (ROE) is -7.7%. The historical average is 9.6%.
Based on historical data, Ichor Holdings, Ltd. is trading at a P/E of -37.3x. Compare with industry peers and growth rates for a complete picture.
Ichor Holdings, Ltd. has 9.3% gross margin and -4.1% operating margin.
Key Metrics
Top Statement Risk
Margin sustainability amid growth
Metrics are mathematically derived from official filings.
Margin Inflection at Cyclical Trough
Gross margin expanded to 13.9% in Q2 2026 from 9.4% in Q4 2025, a 450 basis point improvement, according to the latest quarterly data, yet TTM operating margin remains negative at -4.1%, indicating the recovery is still nascent.
The sequential gross margin expansion suggests that the company is beginning to benefit from operating leverage as revenue rebounds, but the TTM figures reveal that the cumulative effect of prior quarters' losses still weighs heavily. The negative operating margin despite revenue growth implies that fixed costs, particularly in specialized manufacturing facilities, are not yet fully absorbed. Investors should monitor whether the gross margin improvement can be sustained as the product mix shifts and whether it translates into positive operating income on a TTM basis.
Capital Returns Still in Negative Territory
ROIC improved to 0.7% in Q2 2026 from -1.9% in Q3 2025, but remains below the cost of capital, as reported in the quarterly data, indicating that the company is not yet creating value on invested capital.
The improvement in ROIC is driven by the return to positive net income, but the absolute level remains low, reflecting the thin margins and the capital-intensive nature of the business. The company's asset turnover has been stable around 0.24-0.27, suggesting that efficiency gains are not yet material. Given the negative returns over the past ten quarters, the company appears to be in a recovery phase, but sustained improvement will require margin expansion to outpace the growth in invested capital.
Working Capital Drag Intensifies
Cash conversion cycle lengthened to 86 days in Q2 2026 from 98 days in Q4 2025, driven by a rise in DIO to 97 days, according to the quarterly data, indicating that inventory is absorbing more cash as revenue grows.
The increase in days inventory outstanding suggests that the company is building inventory in anticipation of future demand, which is consistent with the raised guidance. However, the cash conversion cycle remains elevated compared to the prior year, and the negative free cash flow margin of -8.0% in Q2 2026 highlights the working capital intensity. The company's ability to manage inventory levels will be critical to converting revenue growth into cash generation.
Net Cash Position Masks Debt Burden
Debt-to-equity fell to 0.18 in Q2 2026 from 0.24 a year earlier, but interest coverage improved to 4.72, according to the balance sheet data, suggesting that the company's leverage is manageable despite recent losses.
The reported D/E understates the true leverage because cash surged to $256.5M, likely from a capital raise, resulting in a net cash position. However, the debt-to-EBITDA ratio of 10.71 remains high, reflecting the depressed EBITDA. The improvement in interest coverage to 4.72 from negative levels indicates that operating income is now sufficient to cover interest expenses, but the sustainability of this coverage depends on continued margin recovery.
Liquidity Buffer Strengthens on Cash Infusion
Current ratio improved to 3.70 in Q2 2026 from 2.82 in Q1, with cash representing 21% of total assets, according to the balance sheet data, providing a strong buffer against operational volatility.
The liquidity position is robust, with a current ratio well above 2 and a quick ratio of 2.07, indicating that the company can cover short-term obligations without relying on inventory sales. The cash surge from the capital raise provides a cushion for continued investment in growth and working capital. However, the negative free cash flow suggests that the company is still consuming cash, and the liquidity buffer may be temporary if losses persist.
Gross Margin Misleads on Value Add
The most commonly misapplied ratio is gross margin, which at 9.3% TTM appears weak, but pass-through revenue inflates sales without corresponding profit, according to the company's business model, obscuring the true value-add of its engineering services.
Investors often compare Ichor's gross margin to diversified peers like Entegris, but the pass-through nature of its revenue means that a significant portion of COGS is purchased components with little markup. A more appropriate metric would be gross profit per unit of internally manufactured content or value-added margin, which would better reflect the company's engineering contribution. Adjusting for pass-through costs would likely reveal a higher margin on value-added activities, but this requires detailed segment disclosure that is not readily available.