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ICHR, Ichor Holdings

Semiconductors asset-light Cyclical

Our primary 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.

Outsourcing these subsystems allows OEMs to leverage their suppliers' highly specialized engineering, design, and production skills while focusing their internal resources on their own value-added processes.

To achieve this goal, we engage with our customers early in their design and development processes and utilize our deep engineering resources and operating expertise, as well as our expanded product portfolio, to jointly create, innovate, and advance solutions that are designed to meet the current and future needs of our customers.

Latest annual: FY2025 10-K

ICHR · Ichor Holdings

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$948M

+11.6% YoY · 1% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $959M 5-yr avg $997M

Gross margin 10% 5-yr avg 13%

Operating margin −3.8% 5-yr avg 1.5%

ROIC −4% 5-yr avg 3%

Owner-earnings margin −2% 5-yr avg 1%

Free cash flow margin −2% 5-yr avg 1%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 14% and operating margin about 4.5% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. On a spread this thin the operating result swings hard on small moves in cost or volume — it has ranged from −4.1% to 7.8% over the years, so the cost line is where the needle moves. Inventory runs near 22% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on process leadership and the capex cycle. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 11%). The steadier read is owner earnings: roughly 4% of revenue reaches owners as cash, though it swings. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

69% of revenue comes from outside the United States.

Revenue by geography, FY2025

Singapore46%$432M
United States31%$295M
Other13%$123M
Europe10%$98M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$406M	$656M	$824M	$621M	$914M	$1.1B	$1.3B	$811M	$849M	$948M	$959M	RevenueRevenue
16%	15%	17%	14%	14%	16%	17%	13%	12%	9%	10%	Gross marginGross mgn
7%	6%	6%	8%	6%	6%	7%	10%	9%	10%	10%	SG&A / revenueSG&A/rev
2%	1%	1%	2%	1%	1%	2%	2%	3%	2%	2%	R&D / revenueR&D/rev
$24M	$46M	$64M	$15M	$42M	$81M	$86M	($11M)	($8M)	($39M)	($36M)	Operating incomeOp. inc.
5.9%	7.0%	7.8%	2.4%	4.5%	7.4%	6.7%	−1.3%	−0.9%	−4.1%	−3.8%	Operating marginOp. mgn
$17M	$56M	$58M	$11M	$33M	$71M	$73M	($43M)	($21M)	($53M)	($51M)	Net incomeNet inc.
-4%	—	-7%	—	-3%	4%	3%	—	—	—	—	Effective tax rateTax rate
											Cash flow & returns
$28M	$39M	$60M	$57M	$38M	$15M	$31M	$58M	$28M	$30M	$8M	Operating cash flowOp. cash
$9M	$13M	$23M	$22M	$24M	$26M	$35M	$35M	$31M	$34M	$33M	DepreciationDeprec.
($2M)	($32M)	($28M)	$16M	($29M)	($93M)	($90M)	$49M	$2M	$32M	$9M	Working capital & otherWC & other
$4M	$8M	$14M	$12M	$10M	$21M	$29M	$15M	$18M	$36M	$25M	CapexCapex
1.1%	1.3%	1.7%	2.0%	1.1%	1.9%	2.3%	1.9%	2.1%	3.8%	2.6%	Capex / revenueCapex/rev
$23M	$31M	$47M	$45M	$28M	($6M)	$2M	$42M	$10M	($6M)	($17M)	Owner earningsOwner earn.
5.8%	4.7%	5.7%	7.2%	3.1%	−0.5%	0.2%	5.2%	1.2%	−0.7%	−1.7%	Owner earnings marginOE mgn
$23M	$31M	$47M	$45M	$28M	($6M)	$2M	$42M	$10M	($6M)	($17M)	Free cash flowFCF
5.8%	4.7%	5.7%	7.2%	3.1%	−0.5%	0.2%	5.2%	1.2%	−0.7%	−1.7%	Free cash flow marginFCF mgn
$17M	$181M	$1M	—	$5M	$269M	$0	$0	$0	—	$0	AcquisitionsAcquis.
13%	11%	16%	4%	12%	11%	10%	-1%	-1%	-5%	-4%	ROICROIC
12%	26%	29%	5%	8%	14%	12%	-8%	-3%	-8%	-8%	Return on equityROE
12%	26%	29%	5%	8%	14%	12%	−8%	−3%	−8%	−8%	Retained to equityRetained/eq
											Balance sheet
—	—	—	—	$253M	$75M	$86M	$80M	$109M	$98M	$188M	Cash & investmentsCash+inv
$26M	$49M	$40M	$85M	$101M	$143M	$136M	$67M	$87M	$71M	$93M	ReceivablesReceiv.
$71M	$155M	$121M	$127M	$135M	$236M	$284M	$246M	$250M	$232M	$252M	InventoryInvent.
$89M	$121M	$64M	$132M	$117M	$160M	$110M	$60M	$92M	$84M	$108M	Accounts payablePayables
$9M	$82M	$97M	$80M	$119M	$219M	$310M	$252M	$245M	$218M	$237M	Operating working capitalOper. WC
$157M	$278M	$212M	$277M	$496M	$463M	$513M	$401M	$453M	$410M	$442M	Current assetsCur. assets
$101M	$147M	$88M	$164M	$162M	$208M	$166M	$99M	$136M	$130M	$157M	Current liabilitiesCur. liab.
1.6×	1.9×	2.4×	1.7×	3.1×	2.2×	3.1×	4.1×	3.3×	3.2×	2.8×	Current ratioCurr. ratio
$77M	$169M	$173M	$173M	$175M	$336M	$335M	$335M	$335M	$335M	$335M	GoodwillGoodwill
$282M	$558M	$485M	$567M	$774M	$1.0B	$1.1B	$938M	$996M	$943M	$973M	Total assetsAssets
$38M	$187M	$201M	$178M	$200M	$293M	$301M	$249M	$129M	$124M	$122M	Total debtDebt
$38M	$187M	$201M	$178M	($53M)	$217M	$214M	$169M	$20M	$25M	($66M)	Net debt / (cash)Net debt
5.5×	14.1×	6.4×	1.4×	4.8×	12.6×	7.8×	-0.6×	-0.8×	-5.9×	-5.4×	Interest coverageInt. cov.
$142M	$217M	$198M	$221M	$412M	$501M	$587M	$565M	$698M	$664M	$668M	Shareholders’ equityEquity
0.8%	0.3%	0.9%	1.4%	1.1%	1.0%	1.1%	2.1%	1.8%	1.8%	1.7%	Stock comp / revenueSBC/rev
											Per share
2.0M	26.2M	25.1M	22.8M	23.5M	29.0M	29.0M	29.2M	32.8M	34.2M	34.6M	Shares out (diluted)Shares
$206.18	$25.02	$32.78	$27.27	$38.97	$37.85	$44.20	$27.78	$25.92	$27.68	$27.72	Revenue / shareRev/sh
$8.47	$2.15	$2.30	$0.47	$1.42	$2.45	$2.51	$-1.47	$-0.64	$-1.54	$-1.46	EPS (diluted)EPS
$11.92	$1.17	$1.85	$1.97	$1.19	$-0.19	$0.07	$1.44	$0.31	$-0.18	$-0.48	Owner earnings / shareOE/sh
$11.92	$1.17	$1.85	$1.97	$1.19	$-0.19	$0.07	$1.44	$0.31	$-0.18	$-0.48	Free cash flow / shareFCF/sh
$2.17	$0.31	$0.55	$0.54	$0.44	$0.72	$1.02	$0.53	$0.54	$1.06	$0.72	Cap. spending / shareCapex/sh
$71.98	$8.27	$7.89	$9.73	$17.55	$17.28	$20.28	$19.34	$21.32	$19.39	$19.30	Book value / shareBVPS

The diluted share count moved ×13.32 into 2017 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	−20.0%/yr	−6.6%/yr
Capital spending / share	−7.7%/yr	+19.2%/yr
Book value / share	−13.6%/yr	+2.0%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

34Mpeak FY2025

ROIC

−5%low FY2025

Gross margin

9%low FY2025

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($6M)owner earningsvs.($53M)net incomelow FY2025

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned a $53M loss into ($6M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($53M)	($21M)	($43M)	$73M	$71M
Depreciation & amortizationnon-cash charge added back	+$34M	+$31M	+$35M	+$35M	+$26M
Stock-based compensationreal costnon-cash, but a real cost	+$17M	+$16M	+$17M	+$14M	+$11M
Working capital & othertiming of cash in and out, other non-cash items	+$32M	+$2M	+$49M	−$90M	−$93M
Cash from operations	$30M	$28M	$58M	$31M	$15M
Capital expenditurecash put back in to keep running and to grow	−$36M	−$18M	−$15M	−$29M	−$21M
Owner earnings	($6M)	$10M	$42M	$2M	($6M)
Owner-earnings marginowner earnings ÷ revenue	-1%	1%	5%	0%	-1%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $17M), owner earnings is nearer ($23M).

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? -5.9×

Does not cover its interest

Operating income ($39M) ÷ interest expense $7M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? $25M

Net debt against an operating loss

Cash $98M − debt $124M

What this means
Netting $98M of cash and short-term investments against $124M of debt leaves $25M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 90d

Long (60+ days)

DSO 27 + DIO 98 − DPO 36 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 10%

Solid through the cycle

10-yr median, range -5%–16%; -5% latest = NOPAT ($31M) ÷ invested capital $689M

Industry peers: median 9%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran -5% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 3%

Thin through the cycle

10-yr median margin, range -1%–7%; latest ($6M) = operating cash $30M − maintenance capex $36M

Industry peers: median 14%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -1% of revenue this year, a 3% median across 10 years. Treating stock comp as the real expense it is (less $17M of SBC) leaves ($23M).
Are earnings backed by cash? $30M

Loss, but cash-generative

Net income ($53M) · cash from operations $30M

In the filing’s words And the filing leans heavily on adjusted, non-GAAP earnings — steering you off the GAAP figure just where the cash is not backing it. Read the reconciliation in the notes before taking the adjusted number.

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 1.08×

Maintaining

Capex $36M ÷ depreciation $34M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $948M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 3.16×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $124M vs $281M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 3 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −189%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-1.12/share (latest year $-1.52), the averaged base the calculator's gate runs on, and book value is $19.10/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 7 of 10

What this means
Lost money in 3 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 1 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 7% → −2% (3-yr avg ends)

In the filing’s words The words explain the slip: the filing names price competition rather than pricing actions of its own — a business that looks to take its price, not set it.

What this means
Through the cycle the operating margin slipped — about 7% early to −2% lately, median 5% — competition or costs are biting in.
Reinvestment, incremental ROIC −16%

What this means
Reinvested capital came back at a negative incremental return over this window — the invested base grew while operating profit did not. The filings show where it went.
Owner earnings growth −25%/yr

What this means
Owner earnings shrank about 25% a year over the record.
Worst year 2025 · −4.1% op. margin

What this means
Operations went underwater in 2025, understand why before trusting the good years.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 27, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$442M

Cash & short-term investments$188M
Receivables$93M
Inventory$252M

Current liabilities$157M

Debt due within a year$6M
Accounts payable$108M
Other current liabilities$42M

Current ratio2.82×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.21×stricter: inventory excluded

Cash ratio1.20×strictest: cash alone against what's due

Working capital$285Mthe cushion left after near-term bills

Debt due this year vs. cash$6M due · $188M cash covered by cash on hand, no refinancing forced · both figures from the Mar 27, 2026 balance sheet

Revenue, latest quarter vs. a year ago+4.7%the freshest read on whether the business is still growing

Current ratio, recent quarters4.3× → 2.8×

Deeper floors

Tangible book value$294Mequity stripped of goodwill & intangibles

Net current asset value$138MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$159M$37M of it operating leases

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $385M of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

Reinvested$169M · 44%
Buybacks$92M · 24%
Retained (debt / cash)$124M · 32%

Returned to owners$92M
42% of the owner earnings the business produced over the span, $0 as dividends and $92M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $84M.
Average price paid for buybacks$20.64
Across the years where the filing reports a share count, 4M shares were bought for $92M, about $20.64 each.
Net change in share count1658.6%
The diluted count rose from 2M to 35M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained−16%
Of the earnings it kept rather than paid out ($111M over the span), annual owner earnings (first three years vs last three) fell $18M, so each retained $1 gave back about 0.16 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$376M40% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity51%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$474Mover 10 years buying other businesses, against $169M of capital spent building

None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	—	$3.6M	$5.2M	($6M)
2022	—	$5.0M	$3.3M	$2M
2023	—	$5.7M	$7.2M	$42M
2024	—	$6.5M	$4.4M	$10M
2025	—	$3.4M	−$729k	($6M)
2025	Phil Barros	$4.6M	$2.1M	($6M)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years. A dash under the name means the filing tags the figure without naming the officer.

Insider ownership1.7%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$17M
The slice of the business handed to employees in shares this year, 2% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Ichor Holdings is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

4 of the 6 tests turned up something to look into; the other 2 came back clean.

Look hereIs it less profitable than it was?1.9% vs 5.4%
The owner-earnings margin averaged 5.4% early in the record and 1.9% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid the share count rise anyway?1658.6%
Diluted shares grew 1658.6% over 2016–2025, even as the company spent $92M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.
Look hereDid debt outgrow the business?$38M → $122M
Debt rose from $38M to $122M while owner earnings went from about $34M to $15M — about 1.1 years of owner earnings in debt then, about 7.9 now: measured against what the business earns, the balance sheet carries more debt than it did. Debt raised for buybacks or deals rather than growth is the kind that bites in a downturn.
Look hereDid receivables and inventory outpace sales?24% → 36% of sales
Receivables and inventory grew from $97M to $345M while revenue grew 136%: working capital is climbing faster than sales (24% of revenue then, 36% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

And these came back clean

Did reported profit become cash?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Semiconductors

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
VIAVViavi Solutions Inc.	$1.1B	58%	5.6%	5%	8%
SYNASynaptics	$1.1B	43%	4.1%	8%	12%
SMTCSemtech Corporation	$1.0B	60%	11.8%	9%	16%
IPGPIPG Photonics Corporation	$1.0B	46%	17.9%	10%	16%
MTSIMACOM Technology Solutions Holdings Inc.	$967M	52%	11.7%	4%	20%
ICHRIchor Holdings	$948M	15%	5.2%	11%	4%
ALGMAllegro MicroSystems	$890M	55%	8.1%	13%	14%
ALABAstera Labs Inc.	$853M	75%	-27.4%	14%	11%
Group median	—	54%	6.9%	9%	13%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Ichor Holdings has delivered.

Ichor Holdings’s latest year shows negative owner earnings, a cyclical trough. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Ichor Holdings earns about $37M on its 3.9% median owner-earnings margin. This year’s −0.7% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($37M) Net of stock comp (−$16M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’16→’25−25%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings ($17M) on 35M shares outstanding, per the 10-Q cover, as of 2026-04-28; net cash $66M. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh ICHR against another business →

The owners of ICHR: the meeting and the votes →

Cite: Owner Scorecard, "Ichor Holdings (ICHR), the owner's record," https://ownerscorecard.com/c/ICHR, data as of 2026-07-09.

Manual order: ← ICFI its page in the Manual ICUI →

Industry order: ← ICG the Semiconductors chapter IMOS →