Is the business good?
How good a business is UCTT?
Ultra Clean Holdings, Inc. earns 5.0% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
5.0%
Return on invested capital · cost of capital 9.0% · 4.0 points below what the capital costs: growth destroys value
- Operating margin
- 2.8%
Operating margin · Semiconductor Equipment & Materials median 8.4% · 12 months to Q2 2026
- Share count, year on year
- +2.0%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 1.5%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 8.7% |
| FY2021 | 8.8% |
| FY2023 | 2.0% |
| FY2024 | 4.3% |
| FY2025 | −5.2% |
Details›
- Gross margin12 months to Q2 2026
- 16%
- Operating margin12 months to Q2 2026
- 2.8%
- Net margin12 months to Q2 2026
- −1.1%
- Free cash flow margin
- −5.1%
- R&D as % of revenue
- 1.5%
- Revenue, trailing twelve months
- $2.20B
- Free cash flow, trailing twelve months
- −$113M
- Net income, trailing twelve months
- −$23M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 5.0%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Semiconductor Equipment & Materials
Ranks #4 of 22 by Smart Score