Is the business good?
How good a business is ICHR?
Ichor Holdings, Ltd. earns −4.1% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−4.1%
Return on invested capital · cost of capital 9.0% · 13 points below what the capital costs: growth destroys value
- Operating margin
- −3.8%
Operating margin · Semiconductor Equipment & Materials median 8.4% · 12 months to Q1 2026
- Share count, year on year
- +1.8%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 2.4%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 4.5% |
| FY2021 | 7.4% |
| FY2022 | 6.7% |
| FY2023 | −1.3% |
| FY2024 | −0.90% |
| FY2025 | −4.1% |
Details›
- Gross margin12 months to Q1 2026
- 9.5%
- Operating margin12 months to Q1 2026
- −3.8%
- Net margin12 months to Q1 2026
- −5.3%
- Free cash flow margin
- −1.8%
- R&D as % of revenue
- 2.4%
- Revenue, trailing twelve months
- $959M
- Free cash flow, trailing twelve months
- −$17M
- Net income, trailing twelve months
- −$51M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −4.1%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Semiconductor Equipment & Materials
Ranks #5 of 22 by Smart Score