Free cash flow turned sharply negative at -$57.3M in 2026Q2, as working capital changes consumed $65.2M, despite net income of $8.7M, indicating significant accrual-based earnings.
Ultra Clean Holdings, Inc. (UCTT) cash flow statement — 24-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 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Cash from Operations | -108.6M | 65.6M | 65M | 135.9M | 47.2M | 211.6M | 97.28M | 120.97M | 45.38M | 48.91M | 17.58M | 926K | 30.36M | 29.93M | 27.34M | 23.72M | -4.86M | 1.09M | 11.58M | 23.52M | 7.68M | -3.18M | 4.02M | 429K | 2.74M |
| Operating CF Margin % | - | 3.19% | 3.1% | 7.84% | 1.99% | 10.07% | 6.96% | 11.35% | 4.14% | 5.29% | 3.12% | 0.2% | 5.91% | 6.74% | 6.78% | 5.24% | -1.1% | 0.68% | 4.34% | 5.82% | 2.28% | -2.15% | 2.18% | 0.55% | 3.25% |
| Operating CF Growth % | -42911.47% | 0.92% | -52.17% | 187.92% | -77.69% | 117.52% | -19.58% | 166.55% | -7.2% | 178.23% | 1798.16% | -96.95% | 1.43% | 9.48% | 15.24% | 588.45% | -545.19% | -90.58% | -50.76% | 206.05% | 341.97% | -178.97% | 837.53% | -84.34% | - |
| Net Income | 26.6M | -171.6M | 34.5M | -31.1M | 50.4M | 126.4M | 80.39M | -7.62M | 36.95M | 75.08M | 10.05M | -10.73M | 11.36M | 10.42M | 5.15M | 23.73M | 20.1M | -20.03M | -52.42M | 15.89M | 16.31M | 2M | 8.55M | 108K | -2.16M |
| Depreciation & Amortization | 77.2M | 76M | 76.1M | 61.7M | 72.3M | 67.5M | 46.63M | 43.36M | 21.91M | 10.71M | 11.74M | 10.94M | 7.89M | 9.11M | 6.98M | 2.94M | 2.32M | 2.28M | 5.6M | 4.38M | 3.87M | 2.39M | 2.37M | 1.81M | 1.71M |
| Stock-Based Compensation | 22M | 19.2M | 17.4M | 12.1M | 19.1M | 15.8M | 12.7M | 12.06M | 10.27M | 7.76M | 5.67M | 3.66M | 4.4M | 4.68M | 5.07M | 4.36M | 3.2M | 2.71M | 3.54M | -1.32M | -1.06M | 221K | 0 | 0 | 0 |
| Deferred Taxes | -3.7M | -2.7M | -3M | -12.4M | -200K | -3.2M | 375K | -3.56M | -82K | -3.75M | 3.53M | 10.35M | 2.19M | 78K | -2.73M | -6.28M | -284K | 7.36M | -5.22M | -903K | -2M | -318K | -575K | 213K | -646K |
| Other Non-Cash Items | 7.7M | 154.4M | -25M | 13.6M | 78.2M | 8.7M | 5.29M | 4.76M | -308K | -53K | 2.54M | 457K | 245K | 956K | 174K | -672K | -1.24M | 0 | 55.33M | 3.29M | 1.91M | -75K | 0 | 105K | 2.25M |
| Working Capital Changes | -249M | -9.7M | -35M | 92M | -172.6M | -3.6M | -48.12M | 71.96M | -23.36M | -40.84M | -15.96M | -13.75M | 4.28M | 4.67M | 12.69M | -364K | -28.95M | 8.77M | 4.76M | 2.19M | -11.34M | -7.39M | -6.32M | -1.8M | 1.59M |
| Change in Receivables | -72.9M | 32.3M | -60.3M | 78.5M | -15.7M | -53M | -32.69M | -4.49M | 7.69M | -14.93M | -15.83M | 5.82M | 5.63M | -17.38M | 8.05M | 13.54M | -19.8M | -21M | 21.05M | 9.7M | -10.72M | -5.74M | 0 | 0 | 0 |
| Change in Inventory | -341.1M | -9.9M | -6.5M | 80.8M | -84.4M | -125.1M | -8.02M | 22.29M | 50.15M | -131.87M | -31.52M | -8.33M | 7.09M | -9.13M | 24.28M | 3.81M | -12.31M | -7.16M | 9.53M | -1.93M | -14.07M | -3.97M | -6.01M | -894K | -1.51M |
| Change in Payables | 136.3M | -17.6M | 26.4M | -61.5M | -68.4M | 170.6M | -12.56M | 31.02M | -82.95M | 99.57M | 31.7M | -12.59M | -5.19M | 30.64M | -19.5M | -16.51M | -214K | 34.79M | -25.56M | -772K | 8.75M | 1.77M | 0 | 0 | 0 |
| Cash from Investing | -55.2M | -47M | -63.5M | -119.7M | -96.2M | -404.8M | -29.83M | -49.18M | -349.27M | -16.15M | -7.28M | -55.22M | -5.14M | -2.87M | -75.55M | -3.98M | -3.77M | -738K | -9.45M | -7.73M | -36.29M | -454K | -3.32M | -491K | -28.31M |
| Capital Expenditures | -55.4M | -50.3M | -63.5M | -75.8M | -100.1M | -59.3M | -36.43M | -26.31M | -29.49M | -16.15M | -7.28M | -10.15M | -5.33M | -2.96M | -609K | -3.98M | -3.82M | -738K | -9.45M | -7.71M | -3.94M | -1.13M | -3.32M | -491K | -1.77M |
| CapEx % of Revenue | 2.27% | 2.45% | 3.03% | 4.37% | 4.22% | 2.82% | 2.6% | 2.47% | 2.69% | 1.75% | 1.29% | 2.16% | 1.04% | 0.67% | 0.15% | 0.88% | 0.86% | 0.46% | 3.54% | 1.91% | 1.17% | 0.76% | 1.8% | 0.63% | 2.1% |
| Acquisitions | 0 | 0 | 0 | -46.1M | 3.4M | -342.8M | 6.6M | -29.87M | -319.78M | 0 | 0 | -45.06M | 0 | 0 | -74.94M | 0 | 0 | 0 | 0 | -46K | -32.35M | 0 | 0 | 0 | -26.29M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 200K | 3.3M | 0 | 2.2M | 500K | 7.7M | 1K | 7M | 0 | 0 | 0 | 0 | 191K | 96K | -74.94M | 0 | 46K | 0 | 0 | 27K | -32.35M | 672K | 0 | 0 | 0 |
| Cash from Financing | 117.7M | -21.2M | 9.8M | -69.9M | -56M | 460.8M | -31.11M | -53.36M | 380.07M | -17.07M | -7.85M | 25.4M | -6.63M | -20.96M | 50.37M | -2.24M | 16.59M | -3.28M | -5.96M | -5.67M | 41.27M | 2.85M | 4.71M | -140K | 31.04M |
| Debt Issued (Net) | 168.5M | -18.2M | 13.3M | -38.6M | -39.7M | 283.4M | -28.8M | -51.2M | 300.7M | -16.2M | -7.68M | 24.01M | -7.5M | -21M | 52.6M | -3.92M | 13.55M | -3.38M | -3.75M | -9.42M | 28.67M | 2.27M | -30.72M | -140K | 21.11M |
| Equity Issued (Net) | -3.9M | -1.2M | 2M | -28.6M | -11.4M | 193.6M | 600K | 300K | -3.1M | -2.7M | 602K | 2.41M | 1.94M | 774K | 327K | 1.01M | 1.79M | 102K | -2.1M | 2.43M | 11.54M | 582K | 35.42M | 0 | 9.93M |
| Dividends Paid | 0 | -100K | -500K | -200K | -300K | 0 | 0 | -600K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -40M | -3.4M | 0 | -29.4M | -12.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.34M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -46.9M | -1.7M | -5M | -2.5M | -4.6M | -16.2M | -2.91M | -1.86M | 82.47M | 1.8M | -771K | -1.02M | -1.07M | -734K | -2.56M | 672K | 1.24M | 0 | -112K | 1.32M | 1.06M | 0 | 0 | 0 | 0 |
| Net Change in Cash | -43.2M | -2.1M | 6.9M | -51.8M | -107.7M | 266.2M | 37.74M | 18.39M | 75.84M | 15.84M | 2.36M | -28.89M | 18.58M | 6.1M | 2.16M | 17.5M | 7.96M | -2.92M | -3.83M | 10.13M | 12.66M | -777K | 5.41M | -202K | 5.48M |
| Free Cash Flow | -164M | 15.3M | 1.5M | 60.1M | -52.9M | 152.3M | 60.85M | 94.66M | 15.9M | 32.76M | 10.3M | -9.23M | 25.02M | 26.97M | 26.73M | 19.74M | -8.67M | 353K | 2.13M | 15.81M | 3.74M | -4.3M | 699K | -62K | 968K |
| FCF Margin % | -6.71% | 0.74% | 0.07% | 3.46% | -2.23% | 7.25% | 4.35% | 8.88% | 1.45% | 3.54% | 1.83% | -1.97% | 4.87% | 6.07% | 6.63% | 4.36% | -1.96% | 0.22% | 0.8% | 3.92% | 1.11% | -2.92% | 0.38% | -0.08% | 1.15% |
| FCF Growth % | -1059.06% | 920% | -97.5% | 213.61% | -134.73% | 150.28% | -35.71% | 495.48% | -51.47% | 218.05% | 211.63% | -136.87% | -7.2% | 0.89% | 35.4% | 327.59% | -2557.22% | -83.46% | -86.5% | 322.36% | 187.03% | -715.45% | 1227.42% | -106.41% | - |
| FCF per Share | -3.55 | 0.34 | 0.03 | 1.34 | -1.16 | 3.43 | 1.48 | 2.40 | 0.41 | 0.95 | 0.31 | -0.29 | 0.84 | 0.93 | 1.02 | 0.84 | -0.38 | 0.02 | 0.10 | 0.71 | 0.19 | -0.25 | 0.04 | -0.01 | 0.22 |
| FCF Conversion (FCF/Net Income) | -6.17x | -0.36x | 2.74x | -4.37x | 1.17x | 1.77x | 1.25x | -12.87x | 1.24x | 0.65x | 1.75x | -0.09x | 2.67x | 2.87x | 5.31x | 1.00x | -0.24x | -0.05x | -0.22x | 1.48x | 0.47x | -1.59x | 0.47x | 3.97x | -1.27x |
| Interest Paid | 8.2M | 39.7M | 40.4M | 44.8M | 31.9M | 19.9M | 15.6M | 23.6M | 7.1M | 2.2M | 2.5M | 2.16M | 2.04M | 2.24M | 1.55M | 1.06M | 934K | 0 | 1.18M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 19.7M | 42M | 34.3M | 31.2M | 36.8M | 23.1M | 16.4M | 14.5M | 14.5M | 7.5M | 4.46M | 2.9M | 3.52M | 1.58M | 5.31M | 2.23M | 4.54M | 0 | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying UCTT stock.
Ultra Clean Holdings, Inc. (UCTT) generated $65.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ultra Clean Holdings, Inc. (UCTT) generated $15.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Ultra Clean Holdings, Inc. (UCTT) spent $50.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ultra Clean Holdings, Inc. (UCTT) returned $0.1M to shareholders via cash dividends and spent $3.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Working capital swings
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Working Capital
In 2026Q2, UCTT reported net income of $8.7M but operating cash flow of -$41.1M, a negative conversion ratio of -4.72, per the cash flow statement, indicating significant accrual-based earnings.
The gap between net income and operating cash flow is stark, with working capital changes consuming $65.2M in 2026Q2 alone. This suggests that revenue growth is being absorbed by inventory and receivables build-up, rather than converting to cash. Investors should monitor whether this is a timing issue or a structural inefficiency in the company's cash conversion cycle.
Free Cash Flow Turns Sharply Negative
Free cash flow deteriorated to -$57.3M in 2026Q2, a swing of over $100M from the prior quarter's -$42.9M, as reported in the cash flow statement, despite revenue growth accelerating.
The negative FCF margin of -8.9% in 2026Q2 contrasts sharply with the positive FCF margins seen in early 2025, indicating that the recent revenue surge is not yet translating into cash generation. This divergence suggests that the company is funding growth through working capital, which may pressure liquidity if the trend persists.
Capital Spending Remains Restrained
Capital expenditures totaled $16.2M in 2026Q2, representing 2.5% of revenue, as per the cash flow statement, a level consistent with prior quarters and suggesting a maintenance-focused capex profile.
The relatively low capex intensity, combined with D&A of $19.3M, implies that the company is not investing heavily in expansion. This may indicate that management is prioritizing cash preservation over growth, but it also raises questions about the sustainability of the recent revenue acceleration without additional capacity investment.
Working Capital Swings Dominate Cash Flow
Working capital changes consumed $65.2M in 2026Q2, following a $60.0M outflow in 2026Q1, as reported in the cash flow statement, indicating a significant build-up in inventory and receivables.
The persistent negative working capital changes over the last two quarters suggest that the company is accumulating inventory to support the revenue surge, but this is tying up cash. The efficiency of collections and inventory turnover will be critical to watch, as any slowdown could exacerbate the cash flow strain.
Capital Deployment Paused Amid Cash Strain
No dividends were paid in 2026Q2, and buybacks were absent, while the company repurchased $40.0M in 2026Q1, as per the cash flow statement, indicating a shift to cash conservation.
The cessation of shareholder returns in the most recent quarter, despite a prior buyback, suggests that management is prioritizing liquidity over capital returns. This is prudent given the negative free cash flow, but it may signal limited confidence in near-term cash generation.
Cumulative Earnings Outpace Cash Generation
Over the last ten quarters, cumulative net income was -$166.8M while cumulative operating cash flow was $55.1M, per the cash flow statement, showing a positive divergence of $221.9M.
The cumulative operating cash flow exceeding net income by a wide margin indicates that non-cash charges like D&A and SBC are significant, but also that working capital has been a source of cash in some periods. However, the recent quarters show a reversal, with working capital becoming a major use of cash, which could erode this historical cushion.
Cash Flow Obscures Working Capital Timing
The cash flow statement shows SBC of $6.4M in 2026Q2, but the largest non-cash adjustment is the $65.2M working capital outflow, as reported, which may obscure the underlying cash generation from operations.
The heavy working capital swings, likely tied to inventory build-up for the revenue surge, may not reflect a permanent deterioration in cash flow. However, the company's thin margins and high inventory requirements mean that any demand pullback could lead to rapid cash consumption. Investors should adjust for these timing effects when assessing the company's true cash-generating ability.