Revenue growth has decelerated to 2.9% in 2026Q1, while structural margin constraints kept operating margins compressed at a thin 2.1%.
| 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 |
|---|
| Sales/Revenue | 2.07B | 2.05B | 2.1B | 1.73B | 2.37B | 2.1B | 1.4B | 1.07B | 1.1B | 924.35M | 562.76M | 469.1M | 513.96M | 444.02M | 403.43M | 452.64M | 443.13M | 159.76M | 266.92M | 403.81M | 337.23M | 147.53M | 184.2M | 77.52M | 84.25M |
| Revenue Growth % | -3.24% | -2.08% | 20.93% | -26.95% | 12.97% | 50.27% | 31.17% | -2.77% | 18.63% | 64.25% | 19.96% | -8.73% | 15.75% | 10.06% | -10.87% | 2.14% | 177.38% | -40.15% | -33.9% | 19.74% | 128.58% | -19.91% | 137.62% | -7.99% | - |
| Cost of Goods Sold | 1.75B | 1.73B | 1.74B | 1.46B | 1.91B | 1.67B | 1.11B | 869.4M | 920.68M | 756.72M | 475.98M | 398.07M | 440.82M | 376.69M | 347.64M | 393.65M | 383.99M | 151.74M | 241.45M | 346.35M | 286.54M | 127.46M | 155M | 67.31M | 74.96M |
| COGS % of Revenue | - | 84.28% | 83.01% | 84.01% | 80.42% | 79.54% | 79.14% | 81.54% | 83.96% | 81.87% | 84.58% | 84.86% | 85.77% | 84.84% | 86.17% | 86.97% | 86.65% | 94.98% | 90.46% | 85.77% | 84.97% | 86.39% | 84.14% | 86.83% | 88.97% |
| Gross Profit | 323.4M | 322.9M | 356.3M | 277.3M | 465M | 429.98M | 291.76M | 196.8M | 175.84M | 167.63M | 86.78M | 71.03M | 73.13M | 67.33M | 55.79M | 58.99M | 59.14M | 8.02M | 25.47M | 57.46M | 50.69M | 20.08M | 29.21M | 10.21M | 9.3M |
| Gross Margin % | 15.63% | 15.72% | 16.99% | 15.99% | 19.58% | 20.46% | 20.86% | 18.46% | 16.04% | 18.13% | 15.42% | 15.14% | 14.23% | 15.16% | 13.83% | 13.03% | 13.35% | 5.02% | 9.54% | 14.23% | 15.03% | 13.61% | 15.86% | 13.17% | 11.03% |
| Gross Profit Growth % | - | -9.37% | 28.49% | -40.37% | 8.15% | 47.37% | 48.25% | 11.92% | 4.9% | 93.16% | 22.18% | -2.88% | 8.62% | 20.69% | -5.43% | -0.25% | 637.79% | -68.52% | -55.68% | 13.36% | 152.46% | -31.26% | 186.17% | 9.8% | - |
| Operating Expenses | 432.3M | 279.2M | 265.1M | 242.1M | 344.6M | 244.3M | 170.39M | 166.9M | 115.14M | 78.23M | 64.39M | 65.19M | 54.95M | 51.42M | 47.44M | 35.45M | 33.66M | 24.09M | 32.87M | 33.95M | 25.35M | 17.52M | 15.76M | 8.41M | 11.13M |
| OpEx % of Revenue | - | 13.59% | 12.64% | 13.96% | 14.51% | 11.62% | 12.18% | 15.65% | 10.5% | 8.46% | 11.44% | 13.9% | 10.69% | 11.58% | 11.76% | 7.83% | 7.6% | 15.08% | 12.31% | 8.41% | 7.52% | 11.87% | 8.56% | 10.85% | 13.21% |
| Selling, General & Admin | 248.2M | 247.2M | 236.8M | 209.1M | 238.7M | 219.8M | 155.56M | 152.3M | 101.85M | 66.57M | 54.49M | 55.61M | 47.88M | 45.88M | 42.32M | 29.89M | 28.18M | 20.88M | 29.96M | 30.97M | 22.3M | 15.15M | 13.35M | 7.25M | 9.51M |
| SG&A % of Revenue | - | 12.04% | 11.29% | 12.06% | 10.05% | 10.46% | 11.12% | 14.28% | 9.29% | 7.2% | 9.68% | 11.85% | 9.32% | 10.33% | 10.49% | 6.6% | 6.36% | 13.07% | 11.23% | 7.67% | 6.61% | 10.27% | 7.25% | 9.36% | 11.28% |
| Research & Development | 32.9M | 32M | 28.3M | 28.3M | 28.5M | 24.51M | 14.83M | 14.6M | 13.29M | 11.67M | 9.9M | 9.58M | 7.07M | 5.54M | 5.12M | 5.56M | 5.49M | 3.21M | 2.9M | 2.98M | 3.05M | 2.36M | 2.41M | 1.16M | 1.62M |
| R&D % of Revenue | - | 1.56% | 1.35% | 1.63% | 1.2% | 1.17% | 1.06% | 1.37% | 1.21% | 1.26% | 1.76% | 2.04% | 1.38% | 1.25% | 1.27% | 1.23% | 1.24% | 2.01% | 1.09% | 0.74% | 0.9% | 1.6% | 1.31% | 1.49% | 1.93% |
| Other Operating Expenses | 1000K | 0 | 0 | 4.7M | 77.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -108.9M | 43.7M | 91.2M | 35.2M | 120.4M | 185.67M | 121.37M | 29.9M | 60.7M | 89.4M | 22.39M | 5.84M | 18.18M | 15.91M | 8.35M | 23.55M | 25.48M | -16.07M | -62.48M | 23.51M | 25.33M | 2.56M | 13.45M | 1.8M | -1.83M |
| Operating Margin % | -5.26% | 2.13% | 4.35% | 2.03% | 5.07% | 8.83% | 8.68% | 2.8% | 5.54% | 9.67% | 3.98% | 1.25% | 3.54% | 3.58% | 2.07% | 5.2% | 5.75% | -10.06% | -23.41% | 5.82% | 7.51% | 1.74% | 7.3% | 2.32% | -2.17% |
| Operating Income Growth % | - | -52.08% | 159.09% | -70.76% | -35.15% | 52.98% | 305.92% | -50.74% | -32.1% | 299.25% | 283.34% | -67.88% | 14.31% | 90.63% | -64.56% | -7.58% | 258.49% | 74.27% | -365.81% | -7.21% | 888.84% | -80.95% | 647.94% | 198.14% | - |
| EBITDA | -51.9M | 119.7M | 167.3M | 96.9M | 188.8M | 253.17M | 166.17M | 71.5M | 81.82M | 100.11M | 34.13M | 16.78M | 26.07M | 25.02M | 15.33M | 26.49M | 27.8M | -13.8M | -56.88M | 27.88M | 29.2M | 4.95M | 15.81M | 3.61M | -124K |
| EBITDA Margin % | -2.51% | 5.83% | 7.98% | 5.59% | 7.95% | 12.05% | 11.88% | 6.71% | 7.46% | 10.83% | 6.06% | 3.58% | 5.07% | 5.64% | 3.8% | 5.85% | 6.27% | -8.64% | -21.31% | 6.9% | 8.66% | 3.36% | 8.58% | 4.65% | -0.15% |
| EBITDA Growth % | -131.88% | -28.45% | 72.65% | -48.68% | -25.43% | 52.36% | 132.41% | -12.61% | -18.27% | 193.32% | 103.38% | -35.64% | 4.2% | 63.26% | -42.15% | -4.71% | 301.51% | 75.75% | -304.02% | -4.53% | 490% | -68.7% | 338.52% | 3008.06% | - |
| D&A (Non-Cash Add-back) | 57M | 76M | 76.1M | 61.7M | 68.4M | 67.5M | 44.8M | 41.6M | 21.11M | 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 |
| EBIT | -122.3M | -107.4M | 113.7M | 37.5M | 122.2M | 185.7M | 121.4M | 27.9M | 60.71M | 89.42M | 22.39M | 5.84M | 18.18M | 15.91M | 10.78M | 23.55M | 25.48M | -16.07M | -62.48M | 23.51M | 25.33M | 2.56M | 13.45M | 1.8M | -1.83M |
| Net Interest Income | -25.6M | -34.4M | -41.7M | -44.7M | -33M | -23.8M | -16M | -25.2M | -9.7M | -2.1M | 0 | 0 | -1.85M | -3.31M | -1.65M | -1.11M | -667K | -791K | -870K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.2M | 3.9M | 4.8M | 4.1M | 900K | 427K | 875K | 400K | 300K | 100K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 21.1M | 38.3M | 46.5M | 48.8M | 33.9M | 24.18M | 16.85M | 25.6M | 10M | 2.2M | 0 | 0 | 1.85M | 3.31M | 1.65M | 1.11M | 667K | 791K | 870K | 0 | 0 | 147K | 0 | 0 | 0 |
| Other Income/Expense | -30.4M | -189.4M | -24M | -46.5M | -32.1M | -31.4M | -21.7M | -27.6M | -8.44M | -2.46M | -3.44M | -2.23M | -1.85M | -3.31M | -1.65M | -1.11M | -667K | -791K | -870K | -1.8M | -1.76M | -653K | -387K | -1.46M | -354K |
| Pretax Income | -146.5M | -145.7M | 67.2M | -11.3M | 88.3M | 154.32M | 99.67M | 2.3M | 52.27M | 86.94M | 18.95M | 3.61M | 16.33M | 12.6M | 6.7M | 22.44M | 24.81M | -16.87M | -63.35M | 21.71M | 23.58M | 2.71M | 13.06M | 340K | -2.19M |
| Pretax Margin % | -7.08% | -7.09% | 3.2% | -0.65% | 3.72% | 7.34% | 7.13% | 0.22% | 4.77% | 9.41% | 3.37% | 0.77% | 3.18% | 2.84% | 1.66% | 4.96% | 5.6% | -10.56% | -23.73% | 5.38% | 6.99% | 1.84% | 7.09% | 0.44% | -2.59% |
| Income Tax | 37.7M | 25.9M | 32.7M | 10.9M | 37.9M | 27.93M | 19.28M | 10M | 15.32M | 11.86M | 8.9M | 14.34M | 4.97M | 2.17M | 1.54M | -1.29M | 4.71M | 3.16M | -10.94M | 5.82M | 7.27M | 705K | 4.51M | 232K | -25K |
| Effective Tax Rate % | -25.73% | -17.78% | 48.66% | -96.46% | 42.92% | 18.1% | 19.34% | 434.78% | 29.31% | 13.64% | 46.95% | 397.53% | 30.45% | 17.26% | 23.06% | -5.77% | 19% | -18.74% | 17.26% | 26.79% | 30.82% | 26.01% | 34.54% | 68.24% | 1.14% |
| Net Income | -194.1M | -181.2M | 23.7M | -31.1M | 40.4M | 119.5M | 77.6M | -9.4M | 36.6M | 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 |
| Net Margin % | -9.38% | -8.82% | 1.13% | -1.79% | 1.7% | 5.69% | 5.55% | -0.88% | 3.34% | 8.12% | 1.79% | -2.29% | 2.21% | 2.35% | 1.28% | 5.24% | 4.54% | -12.54% | -19.64% | 3.94% | 4.84% | 1.36% | 4.64% | 0.14% | -2.56% |
| Net Income Growth % | -790.75% | -864.56% | 176.21% | -176.98% | -66.19% | 53.99% | 925.53% | -125.69% | -51.26% | 647.04% | 193.65% | -194.5% | 8.95% | 102.29% | -78.29% | 18.1% | 200.35% | 61.79% | -429.81% | -2.56% | 714.28% | -76.57% | 7816.67% | 105% | - |
| Net Income (Continuing) | -187.1M | -171.6M | 34.5M | -22.2M | 50.4M | 126.4M | 80.4M | -7.7M | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 74.2M | 73.1M | 62.2M | 58.3M | 49.1M | 43.77M | 18.57M | 15.8M | 15.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.28 | -4.00 | 0.52 | -0.70 | 0.88 | 2.69 | 1.89 | -0.19 | 0.94 | 2.19 | 0.30 | -0.34 | 0.38 | 0.36 | 0.20 | 1.01 | 0.87 | -0.94 | -2.43 | 0.72 | 0.83 | 0.12 | 0.55 | 0.01 | -0.50 |
| EPS Growth % | -793.17% | -869.23% | 174.29% | -179.55% | -67.29% | 42.33% | 1094.74% | -120.21% | -57.08% | 630% | 188.24% | -189.47% | 5.56% | 80% | -80.2% | 16.09% | 192.55% | 61.32% | -437.5% | -13.25% | 591.67% | -78.18% | 5400% | 102% | - |
| EPS (Basic) | - | -4.00 | 0.53 | -0.70 | 0.89 | 2.75 | 1.93 | -0.19 | 0.95 | 2.25 | 0.31 | -0.34 | 0.39 | 0.37 | 0.20 | 1.05 | 0.92 | -0.94 | -2.43 | 0.75 | 0.85 | 0.12 | 0.59 | 0.01 | -0.50 |
| Diluted Shares Outstanding | 45.3M | 45.3M | 45.3M | 44.7M | 45.7M | 44.4M | 41.1M | 39.5M | 38.92M | 34.3M | 33.15M | 31.56M | 29.94M | 29.04M | 26.26M | 23.44M | 22.98M | 21.4M | 21.54M | 22.12M | 19.65M | 17.17M | 15.54M | 10.71M | 4.3M |
| Basic Shares Outstanding | 45.3M | 45.3M | 44.9M | 44.7M | 45.2M | 43.5M | 40.2M | 39.5M | 38.4M | 33.41M | 32.63M | 31.56M | 29.3M | 28.35M | 25.7M | 22.69M | 21.8M | 21.4M | 21.54M | 21.29M | 19.22M | 16.24M | 14.61M | 9.98M | 4.3M |
| Dividend Payout Ratio | - | - | 2.11% | - | 0.74% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical OEM demand concentration
According to the latest quarterly data, UCTT's revenue growth has fluctuated significantly, moving from a 26.7% year-over-year increase in 2024Q4 to a modest 2.9% growth in 2026Q1, reflecting the inherent lumpiness of capital equipment spending cycles within the broader semiconductor manufacturing equipment ecosystem.
The revenue trajectory appears heavily tethered to the capital expenditure cycles of Tier-1 OEMs, which creates inconsistent top-line performance. Investors should monitor whether the recent shift toward advanced packaging and HBM-related tools can provide a more durable growth floor compared to traditional wafer fab equipment cycles.
As reported in financial statements, UCTT maintains a structurally thin gross margin profile, which averaged approximately 15.8% in 2026Q1, suggesting that the company functions primarily as a high-level integrator with limited pricing power relative to more proprietary component-heavy peers in the semiconductor supply chain.
The persistent inability to expand gross margins beyond the mid-teens indicates that the company's cost structure is highly sensitive to component procurement prices and manufacturing overhead. This lack of margin expansion suggests that the business model may struggle to generate meaningful operating leverage even during periods of revenue growth.
Based on the provided income statement data, UCTT's operating margin has remained compressed at 2.1% in 2026Q1, indicating that the company's fixed cost base and SG&A expenses scale too closely with revenue, preventing the realization of significant operating leverage during cyclical upturns.
The company's operating income appears highly vulnerable to even minor revenue fluctuations, as evidenced by the sharp margin contraction seen in previous quarters. This suggests that the current manufacturing footprint may be oversized for the current level of demand, necessitating a more disciplined approach to managing fixed operating expenses.
Data from recent filings reveals a concerning trend of negative net income, with the company reporting a net loss of $17.9 million in 2026Q1, which warrants further investigation into the impact of non-operating items, interest expenses, and the potential amortization of past acquisition-related intangible assets.
The recurring gap between operating income and net income suggests that the company's bottom line is burdened by significant non-operating costs or financial leverage. Investors should be cautious, as the reported net losses indicate that the current business model is not yet generating sustainable profitability for shareholders.
While some analysts point to the resilience of the Services segment, the company's reliance on a few major OEMs creates significant downside risk, as evidenced by the -8.82% net margin profile and the potential for rapid de-leveraging during any downturn in global semiconductor capital expenditure.
Short-term performance may be masked by temporary spikes in demand, but the underlying cost structure remains exposed to inventory obsolescence and high interest burdens. The market's tendency to view UCTT as a simple beta play on WFE spending may overlook the structural risks inherent in its assembly-heavy, low-margin business model.
Quick answers to the most common questions about buying UCTT stock.
For fiscal year 2025, Ultra Clean Holdings, Inc. (UCTT) reported total revenue of $2.05B. This represents a 2337.9% increase compared to $84.3M in 2002.
Ultra Clean Holdings, Inc. (UCTT) reported a net loss of $181.2M for the fiscal year ending 2025.
Ultra Clean Holdings, Inc. (UCTT) reported an operating income of $43.7M, resulting in an operating profit margin of 2.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Ultra Clean Holdings, Inc. (UCTT) generated $322.9M in gross profit for the year, representing a gross profit margin of 15.7%. This demonstrates the company's core pricing power and production efficiency.