Ichor
Builds gas and chemical delivery systems and precision components for semiconductor equipment makers.
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Profile
Designs and manufactures gas and chemical delivery subsystems, valves, weldments, flow controls, and precision-machined parts for semiconductor equipment makers. Revenue comes mainly from purchase orders placed by a concentrated set of OEM customers, tying demand to chip-fabrication equipment spending.
Designs, engineers, and manufactures critical gas- and chemical-delivery subsystems used inside semiconductor process tools. Gas systems meter specialized gases for etch and deposition; chemical systems blend and dispense liquids for cleaning, plating, and planarization. The portfolio also spans weldments and specialty joining, diaphragm valves, advanced flow control, and precision-machined components, with a smaller aerospace and defense presence.
Works with equipment manufacturers early in product design, then qualifies, assembles, and tests customized systems through facilities in the United States, Singapore, Malaysia, and Mexico. Manufacturing near major customers supports configuration changes and short delivery cycles.
Operates as one segment and sells mainly through purchase orders rather than committed volumes. Demand follows cyclical semiconductor equipment spending, while Lam Research and Applied Materials account for most sales.
Company facts
Key statistics
Year to date +171% · Average volume (30d) 849.6K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 5, 2026 | D.A. Davidson | Target | $53 | $85 | ||
| Aug 4, 2026 | Needham | Reiterate | Buy | $72 | $88 | |
| Jul 10, 2026 | Stifel Nicolaus | Target | $76 | $115 | ||
| May 5, 2026 | Needham | Reiterate | Buy | $48 | $72 | |
| May 1, 2026 | Stifel Nicolaus | Target | $30 | $76 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 3, 2026Q2 FY26 | $0.31 | $0.34 | +10.7% | $300.2M | $294.8M | −1.8% | −11.17% |
| May 4, 2026Q1 FY26 | $0.13 | $0.15 | +15.4% | $251.3M | $256.1M | +1.9% | −2.80% |
| Feb 9, 2026Q4 FY25 | −$0.17 | −$0.05 | +70.6% | $220.8M | $223.6M | +1.3% | +32.72% |
| Nov 3, 2025Q3 FY25 | $0.12 | $0.07 | −41.7% | $234.3M | $239.3M | +2.1% | −31.37% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $244.5M | $240.3M | $239.3M | $223.6M | $256.1M | $294.8M | |
| Gross profit | $28.5M | $27.2M | $11.1M | $21.0M | $29.8M | $41.0M | |
| Operating income | −$1.2M | −$4.8M | −$19.4M | −$13.8M | $2.7M | $7.2M | |
| Net income | −$4.6M | −$9.4M | −$22.9M | −$16.0M | −$2.5M | $998.0K | |
| Diluted EPS | −$0.13 | −$0.28 | −$0.67 | −$0.46 | −$0.07 | $0.03 | |
| Gross margin | 11.7% | 11.3% | 4.6% | 9.4% | 11.6% | 13.9% | |
| Operating margin | -0.5% | -2.0% | -8.1% | -6.2% | 1.1% | 2.4% |
Fiscal years (4-quarter sums)FY21 $1.10B · FY22 $1.28B · FY23 $811.1M · FY24 $849.0M · FY25 $947.7M
Revenue by geography · Q1 FY26
Balance sheet, Jun 26, 2026Cash & short-term investments $256.5M · Total debt $154.1M · Total assets $1.19B · Shareholders' equity $865.5M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 34.87M · Float 34.05M · 97.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 5.32M | 15.26% | 13F | Aug 7, 2026 |
| Invesco Ltd. | 2.90M | 8.33% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 2.07M | 5.93% | 13F | Aug 13, 2026 |
| Capital International Investors | 2.04M | 5.86% | 13F | Aug 12, 2026 |
| Vanguard Capital Management | 1.74M | 5.01% | 13G | Jul 31, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 19, 2026 | Philip Ryan Sr. Barros | director, officer: Chief Executive Officer | −1,314 | $61.88 |
| Aug 18, 2026 | Iain MacKenzie | director | −9,933 | $65.76 |
| Jun 8, 2026 | Greg Swyt | officer: Chief Financial Officer | −6,820 | $66.81 |
| Jun 4, 2026 | Philip Ryan Sr. Barros | director, officer: Chief Executive Officer | −13,705 | $70.19 |
| Jun 2, 2026 | Laura A. Black | director | −20,000 | $75.02 |
Peers
- Ultra Clean
Closest peer in outsourced gas and fluid delivery
- MKS
Broader flow, vacuum, and process-control subsystem peer
- Benchmark Electronics
Precision-manufacturing and semicap assembly peer
- Celestica
WFE integration and precision-manufacturing rival
- Jabil
Large-scale manufacturing-services competitor in capital equipment
- Plexus
Complex manufacturing peer with semicap exposure
- Entegris
Adjacent high-purity fluid-management and filtration peer
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Ichor | $55.70 | +0.52% | $1.93B | — | 21.5 | 1.9 | +22.7% |
| Ultra Clean | $71.00 | +2.19% | $3.11B | — | 13.6 | 1.4 | +24.3% |
| MKS | $256.50 | +0.31% | $17.28B | 40.8 | 16.3 | 4.0 | +28.3% |
| Benchmark Electronics | $72.70 | +1.88% | $2.56B | 48.5 | 22.3 | 0.9 | +17.7% |
| Celestica | $299.55 | +0.25% | $34.35B | 31.0 | 19.7 | 2.2 | +61.3% |
| Jabil | $303.90 | +0.82% | $31.59B | 37.6 | 19.1 | 0.9 | +11.8% |
| Plexus | $240.87 | +0.00% | $6.44B | 35.6 | 24.0 | 1.4 | +28.1% |
| Entegris | $135.10 | +0.10% | $20.58B | 67.8 | 30.1 | 6.2 | +11.5% |
| Median | 39.2 | 19.7 | 1.4 | +24.3% |