Ichor Holdings, Ltd.

Technology
Semiconductors
www.ichorsystems.com

Earnings Score
Moat Score
Safety Score

Market Cap $1.08B
PE -38
Debt $138.75M
Cash $116.45M
EV $1.10B
FCF $52.45M

Earnings

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Sales & Net Margins

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Earnings	-$28.78M
EBIT	-$14.35M
ROE	-4%
ROA	-1%
FCF	$52.45M
Equity	$697.28M
Growth Stability	-73%
PE	-37.55
PEG	-23.25
PB	1.55
P/FCF	20.6
P/S	1.32
Price/Cash	0.11
Debt/Equity	0.2
Debt/FCF	2.65
Net Margins	-3%
Gross Margins	12%
Op. Margins	-2%
Earnings CAGR	3%
Sales Growth YoY	7%
Sales Growth QoQ	4%
Sales CAGR	3%
FCF CAGR	1%
Equity CAGR	23%
Earnings Stability	0.02
Earnings Growth YoY	-73%
Earnings Growth QoQ	-46%

Earnings CAGR 5Y	2%
Sales CAGR 5Y	1%
FCF CAGR 5Y	2%
Equity CAGR 5Y	18%
Earnings CAGR 3Y	124%
Sales CAGR 3Y	124%
FCF CAGR 3Y	216%
Equity CAGR 3Y	11%
Market Cap	$1.08B
Revenue	$819.23M
Assets	$975.90M
Total Debt	$138.75M
Cash	$116.45M
Shares Outstanding	32.42M
EV	1.1B
Earnings Score	6%
Moat Score	12%
Safety Score	62%
Final Score	27%
Working Capital	324.12M
Current Ratio	3.64
Gross Profit	$96.69M
Shares Growth 3y	4%
Equity Growth QoQ	0%
Equity Growth YoY	22%

Assets & ROA

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Stockholders Equity & ROE

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Ichor Holdings Ltd is engaged in the design, engineering, and manufacturing of critical fluid delivery subsystems and components for semiconductor capital equipment. The product offerings include gas and chemical delivery subsystems, collectively known as fluid delivery subsystems, which are key elements of the process tools used in the manufacturing of semiconductor devices. The company also manufactures machined components, weldments, and proprietary products for use in fluid delivery systems. Geographically, the company operates in the United States of America, Singapore, Europe, and other countries, of which a majority of the revenue is generated from the United States of America.

SEC Filings

Direct access to Ichor Holdings, Ltd. (ICHR) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 27
- 10-Q Jun 28
- 10-Q Mar 29
2023
- 10-K Dec 29
- 10-Q Sep 29
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 30
- 10-Q Sep 30
- 10-Q Jul 01
- 10-Q Apr 01

Sector Comparison

How does Ichor Holdings, Ltd. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Ichor Holdings, Ltd. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 3%

Stability 2%

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Ichor Holdings, Ltd. Discounted Cash Flow

Fully customizable DCF calculator online for Ichor Holdings, Ltd..

Years

Calculation mode

= $572M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$52M	$53M	$54M	$54M	$55M	$56M	$57M	$57M	$58M	$59M	$60M	$596M
DCF		$48M	$44M	$41M	$38M	$35M	$32M	$29M	$27M	$25M	$23M	$230M
Value	$572M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	-3%	0%	9%	7%	2%	4%	6%	6%	-5%	-3%
ROA	-	8%	8%	13%	3%	5%	8%	8%	-1%	-1%
ROE	-	1%	26%	29%	5%	8%	14%	12%	-8%	-4%

Bad Net Margins (-2.74%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	1.7	6.41	4.59	4.24	7.55	-54.34	153.47	6.11	2.65
Debt over Equity	-	0.28	0.9	1.08	0.86	0.51	0.6	0.53	0.46	0.2
Growth Stability	-	-	-	100%	28%	80%	100%	100%	-73%	-73%

Neutral Debt/FCF ratio (2.65)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.2)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (-73%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	40%	62%	26%	-25%	47%	20%	17%	-37%	1%
Earnings YoY growth	-	-118%	3K%	3%	-81%	210%	113%	3%	-159%	2%
Equity YoY growth	-	90%	53%	-9%	12%	86%	22%	17%	-4%	18%
FCF YoY growth	-	-7%	30%	52%	-4%	-38%	-120%	-136%	2K%	2%