Revenue rebounded by 4.7% in 2026Q1, yet structural margin constraints persist with gross margins hovering at only 12.6%.
| 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 |
|---|
| Sales/Revenue | 959.25M | 947.65M | 849.04M | 811.12M | 1.28B | 1.1B | 914.24M | 620.84M | 823.61M | 655.89M | 405.75M | 290.64M | 249.09M | 277.64M |
| Revenue Growth % | 7.53% | 11.61% | 4.67% | -36.63% | 16.7% | 19.98% | 47.26% | -24.62% | 25.57% | 61.65% | 39.6% | 16.68% | -10.28% | - |
| Cost of Goods Sold | 850.68M | 859.88M | 745.71M | 707.72M | 1.07B | 919.44M | 789.34M | 534.47M | 687.47M | 553.5M | 340.35M | 242.09M | 212.75M | 239.65M |
| COGS % of Revenue | - | 90.74% | 87.83% | 87.25% | 83.45% | 83.82% | 86.34% | 86.09% | 83.47% | 84.39% | 83.88% | 83.29% | 85.41% | 86.32% |
| Gross Profit | 108.58M | 87.78M | 103.33M | 103.4M | 211.86M | 177.48M | 124.89M | 86.36M | 136.14M | 102.4M | 65.39M | 48.55M | 36.34M | 37.99M |
| Gross Margin % | 11.32% | 9.26% | 12.17% | 12.75% | 16.55% | 16.18% | 13.66% | 13.91% | 16.53% | 15.61% | 16.12% | 16.71% | 14.59% | 13.68% |
| Gross Profit Growth % | - | -15.06% | -0.06% | -51.2% | 19.37% | 42.11% | 44.61% | -36.56% | 32.95% | 56.58% | 34.69% | 33.61% | -4.34% | - |
| Operating Expenses | 144.59M | 127.05M | 110.97M | 114.29M | 126.04M | 96.47M | 83.34M | 71.39M | 72.17M | 54.24M | 41.52M | 35.95M | 32.79M | 34.43M |
| OpEx % of Revenue | - | 13.41% | 13.07% | 14.09% | 9.85% | 8.79% | 9.12% | 11.5% | 8.76% | 8.27% | 10.23% | 12.37% | 13.16% | 12.4% |
| Selling, General & Admin | 95.27M | 95.65M | 79.38M | 79.33M | 88.57M | 65.86M | 56.61M | 47.27M | 47.45M | 37.8M | 28.13M | 24.73M | 22.46M | 22.35M |
| SG&A % of Revenue | - | 10.09% | 9.35% | 9.78% | 6.92% | 6% | 6.19% | 7.61% | 5.76% | 5.76% | 6.93% | 8.51% | 9.02% | 8.05% |
| Research & Development | 22.74M | 23.09M | 23.02M | 20.22M | 19.56M | 15.69M | 13.36M | 11.1M | 9.36M | 7.9M | 6.38M | 4.81M | 3.92M | 4.21M |
| R&D % of Revenue | - | 2.44% | 2.71% | 2.49% | 1.53% | 1.43% | 1.46% | 1.79% | 1.14% | 1.2% | 1.57% | 1.66% | 1.57% | 1.52% |
| Other Operating Expenses | 4M | 8.31M | 8.57M | 14.73M | 17.91M | 14.92M | 13.37M | 13.02M | 241K | 126K | 629K | 46K | -253K | 0 |
| Operating Income | -36.02M | -39.27M | -7.64M | -10.89M | 85.82M | 81.01M | 41.55M | 14.98M | 63.97M | 48.16M | 23.87M | 12.6M | 3.55M | 4.54M |
| Operating Margin % | -3.75% | -4.14% | -0.9% | -1.34% | 6.7% | 7.39% | 4.54% | 2.41% | 7.77% | 7.34% | 5.88% | 4.34% | 1.42% | 1.64% |
| Operating Income Growth % | - | -414.03% | 29.88% | -112.69% | 5.94% | 94.97% | 177.44% | -76.59% | 32.82% | 101.75% | 89.44% | 255.06% | -21.85% | - |
| EBITDA | -11.07M | -5.77M | 23.1M | 23.68M | 120.92M | 107.01M | 65.8M | 36.85M | 87.03M | 60.64M | 33.37M | 22.54M | 13.18M | 13.75M |
| EBITDA Margin % | -1.15% | -0.61% | 2.72% | 2.92% | 9.45% | 9.76% | 7.2% | 5.93% | 10.57% | 9.25% | 8.22% | 7.75% | 5.29% | 4.95% |
| EBITDA Growth % | -142.28% | -124.96% | -2.44% | -80.42% | 13.01% | 62.63% | 78.58% | -57.66% | 43.52% | 81.73% | 48.06% | 71.03% | -4.15% | - |
| D&A (Non-Cash Add-back) | 24.95M | 33.51M | 30.74M | 34.58M | 35.1M | 25.99M | 24.25M | 21.87M | 23.06M | 12.48M | 9.5M | 9.94M | 9.63M | 9.21M |
| EBIT | -39.69M | -40.95M | -8.79M | -11.7M | 86.39M | 80.21M | 41.02M | 14.92M | 64.21M | 46.31M | 24.5M | 12.18M | 3.3M | 3.56M |
| Net Interest Income | -4.97M | -6.62M | -9.27M | -19.38M | -11.06M | -6.45M | -8.73M | -10.65M | -9.99M | -3.28M | -4.37M | -3.83M | -3.12M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.35M |
| Interest Expense | 6.65M | 6.62M | 9.27M | 19.38M | 11.06M | 6.45M | 8.73M | 10.65M | 9.99M | 3.28M | 4.37M | 3.83M | 3.12M | 0 |
| Other Income/Expense | -8.57M | -8.29M | -10.41M | -20.18M | -10.49M | -7.26M | -9.26M | -10.7M | -9.75M | -3.15M | -3.74M | -3.79M | -3.37M | -4.33M |
| Pretax Income | -44.58M | -47.57M | -18.05M | -31.08M | 75.33M | 73.76M | 32.29M | 4.28M | 54.22M | 45.01M | 20.13M | 8.82M | 178K | 209K |
| Pretax Margin % | -4.65% | -5.02% | -2.13% | -3.83% | 5.88% | 6.72% | 3.53% | 0.69% | 6.58% | 6.86% | 4.96% | 3.03% | 0.07% | 0.08% |
| Income Tax | 6.11M | 5.21M | 2.77M | 11.91M | 2.53M | 2.86M | -988K | -6.45M | -3.66M | -7.11M | -649K | -3.99M | -5.6M | -2.55M |
| Effective Tax Rate % | -13.7% | -10.96% | -15.32% | -38.31% | 3.35% | 3.87% | -3.06% | -150.97% | -6.76% | -15.79% | -3.22% | -45.27% | -3148.31% | -1218.66% |
| Net Income | -50.69M | -52.78M | -20.82M | -42.98M | 72.8M | 70.9M | 33.28M | 10.73M | 57.88M | 51.39M | 16.66M | 12.81M | 6.17M | 2.76M |
| Net Margin % | -5.28% | -5.57% | -2.45% | -5.3% | 5.69% | 6.46% | 3.64% | 1.73% | 7.03% | 7.83% | 4.11% | 4.41% | 2.48% | 0.99% |
| Net Income Growth % | -209.28% | -153.51% | 51.56% | -159.04% | 2.69% | 113.04% | 210.18% | -81.46% | 12.64% | 208.4% | 30.1% | 107.64% | 123.8% | - |
| Net Income (Continuing) | -50.69M | -52.78M | -20.82M | -42.98M | 72.8M | 70.9M | 33.28M | 10.73M | 57.88M | 56.91M | 20.78M | 12.81M | 5.78M | 2.76M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.46 | -1.54 | -0.64 | -1.47 | 2.51 | 2.45 | 1.42 | 0.47 | 2.30 | 1.96 | -3.11 | -0.74 | 0.00 | 0.12 |
| EPS Growth % | -208.33% | -140.63% | 56.46% | -158.57% | 2.45% | 72.54% | 202.13% | -79.57% | 17.35% | 163.02% | -320.27% | - | -99.92% | - |
| EPS (Basic) | - | -1.54 | -0.64 | -1.47 | 2.54 | 2.51 | 1.44 | 0.48 | 2.34 | 2.05 | -3.11 | -0.74 | 0.00 | 0.12 |
| Diluted Shares Outstanding | 34.61M | 34.23M | 32.76M | 29.2M | 28.96M | 28.98M | 23.46M | 22.77M | 25.13M | 26.22M | 1.21M | 22.58M | 22.58M | 22.58M |
| Basic Shares Outstanding | 34.61M | 34.23M | 32.76M | 29.2M | 28.71M | 28.26M | 23.17M | 22.42M | 24.71M | 25.12M | 1.21M | 22.39M | 22.39M | 22.39M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | 172.77% | - | - |
Cyclical margin compression risk
According to the provided quarterly data, Ichor Holdings experienced a revenue rebound of 4.7% in 2026Q1, following a period of significant fluctuation where growth rates peaked at 21.4% in 2025Q1 before decelerating, highlighting the company's high sensitivity to broader semiconductor capital equipment spending cycles.
The recent return to positive year-over-year growth suggests that demand for gas delivery subsystems is beginning to stabilize after the contraction observed in late 2025. However, the inconsistency in growth rates implies that Ichor remains highly dependent on the timing of large-scale capacity expansions by its primary OEM customers.
As reported in financial statements, Ichor's gross margin remains structurally challenged, hovering near 12.6% in 2026Q1, which reflects the company's limited pricing power and the high proportion of pass-through component costs inherent in its specialized subsystem manufacturing model for Tier 1 semiconductor equipment providers.
The inability to consistently expand gross margins beyond the low-teens suggests that Ichor acts primarily as a high-precision integrator rather than a high-margin component owner. Investors should monitor whether future vertical integration efforts can successfully decouple revenue growth from the current high-cost material base.
Based on reported figures, Ichor's operating income reached a marginal $2.1 million in 2026Q1, representing a significant improvement from the $19.4 million loss in 2025Q3, yet the company continues to struggle with maintaining positive operating leverage during periods of fluctuating top-line demand.
The persistent volatility in operating margins indicates that fixed costs, particularly those associated with specialized manufacturing facilities, are not yet being absorbed efficiently. This suggests that the company's current operating structure requires higher revenue thresholds to achieve sustainable profitability.
Data indicates that Ichor consistently utilizes stock-based compensation, with quarterly charges frequently exceeding $4 million throughout 2025, which further exacerbates the net losses reported during periods where operating income was already under significant pressure from underutilized manufacturing capacity and high variable cost structures.
The reliance on stock-based compensation during periods of negative net income warrants further investigation into management's long-term incentive alignment. Investors should consider whether these non-cash expenses mask the true operational cash burn during cyclical troughs.
While Ichor's 2026Q1 results show a return to positive operating income, the historical trend of negative net margins suggests that the company may be structurally unable to achieve profitability without a sustained, multi-quarter surge in global wafer fab equipment spending to cover its fixed costs.
Short-term improvements in operating income may be temporary artifacts of cost-cutting rather than a fundamental shift in the business model. The risk remains that any subsequent downturn in the semiconductor cycle will immediately revert the company to negative profitability due to its high-beta exposure.
Quick answers to the most common questions about buying ICHR stock.
For fiscal year 2025, Ichor Holdings, Ltd. (ICHR) reported total revenue of $947.7M. This represents a 241.3% increase compared to $277.6M in 2013.
Ichor Holdings, Ltd. (ICHR) reported a net loss of $52.8M for the fiscal year ending 2025.
Ichor Holdings, Ltd. (ICHR) reported an operating income of $-39.3M, resulting in an operating profit margin of -4.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Ichor Holdings, Ltd. (ICHR) generated $87.8M in gross profit for the year, representing a gross profit margin of 9.3%. This demonstrates the company's core pricing power and production efficiency.