ICHOR HOLDINGS, LTD. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ICHOR HOLDINGS, LTD. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	406	656	824	621	914	1,097	1,280	811	849	948
Cost of revenue	340	555	687	534	789	919	1,068	708	746	860
Gross profit	65.4	101	136	86.4	125	177	212	103	103	87.8
Research and development	6.38	7.9	9.36	11.1	13.4	15.7	19.6	20.2	23	23.1
Selling, general and administrative	28.1	37.8	47.4	47.3	56.6	65.9	88.6	79.3	79.4	95.7
Operating expenses	41.5	54.6	72.2	71.4	83.3	96.5	126	114	111	127
Operating income	23.9	46.2	64	15	41.6	81	85.8	-10.9	-7.64	-39.3
Interest expense	4.37	3.28	9.99	10.6	8.73	6.45	11.1	19.4	9.27	6.62
Other non-operating income	0.63	0.13	0.24	-0.06	-0.53	-0.81	0.56	-0.8	-1.15	-1.67
Pre-tax income	20.1	43	54.2	4.28	32.3	73.8	75.3	-31.1	-18.1	-47.6
Income tax	-0.65	-13.9	-3.66	-6.45	-0.99	2.86	2.53	11.9	2.77	5.22
Income from continuing operations	20.8	56.9	57.9	10.7
Net income	16.7	56.5	57.9	10.7	33.3	70.9	72.8	-43	-20.8	-52.8
EBITDA	33.4	58.7	87	36.8	65.8	107	121	23.7	23.1	-5.77
EPS, basic	0.92	2.25	2.34	0.48	1.44	2.51	2.54	-1.47	-0.64	-1.54
EPS, diluted	0.70	2.15	2.30	0.47	1.42	2.45	2.51	-1.47	-0.64	-1.54
Shares, basic (weighted)	1.5	25.1	24.7	22.4	23.2	28.3	28.7	29.2	32.8	34.2
Shares, diluted (weighted)	1.97	26.2	25.1	22.8	23.5	29	29	29.2	32.8	34.2

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	52.6	69.3	43.8	60.6	253	75.5	86.5	80	109	98.3
Receivables	26.4	49.2	40.3	84.8	101	143	136	66.7	86.6	70.5
Inventory	70.9	155	121	127	135	236	284	246	250	232
Other current assets	7.06	5.36	6.35	4.45	7.08	8.15	7.01	8.8	7.23	9.53
Total current assets	157	278	212	277	496	463	513	401	453	410
Property, plant and equipment	12	34.4	41.7	44.5	41.8	85.2	98.1	92.8	94.9	104
Lease right-of-use assets				14.2	10.1	29.8	40.6	36.6	44.5	35
Goodwill	77.1	169	173	173	175	336	335	335	335	335
Intangible assets	32.1	73.4	56.9	52	39.8	89.9	72	57.3	48.7	40.4
Other non-current assets	3.57	1.05	0.91	1.09	5.5	9.17	12.9	11.9	15.2	13.6
Total assets	282	558	485	567	774	1,021	1,084	938	996	943
Accounts payable	88.5	121	64.3	132	117	160	110	60.5	91.7	84
Accrued liabilities	6.55	12.2	9.56	12.8	20.8	19.1	23.6	14.9	16	17.5
Short-term debt		6.49	8.75	8.75	8.75	7.5	7.5	7.5	7.5	6.25
Total current liabilities	101	147	87.8	164	162	208	166	99	136	130
Long-term debt	37.9	180	192	169	192	285	293	241	121	117
Lease liabilities				9.08	5.27	22.4	31.8	28.2	34.2	25.4
Other non-current liabilities	1.17	2.9	3.33	2.68	3.55	4.21	4.88	4.3	4.79	4.75
Total liabilities	141	341	287	345	362	520	496	374	297	279
Total debt	37.9	187	201	178	200	293	301	249	129	124
Paid-in capital	196	215	228	242	399	417	431	452	606	624
Retained earnings	-54.4	2.06	59.9	70.7	104	175	248	205	184	131
Treasury stock			-90	-91.6	-91.6	-91.6	-91.6	-91.6	-91.6	-91.6
Shareholders' equity	142	217	198	221	412	501	587	565	698	664
Total equity	142	217	198	221	412	501	587	565	698	664
Total liabilities and equity	282	558	485	567	774	1,021	1,084	938	996	943
Shares outstanding	23.9	25.9	22.2	22.6	27.9	28.6	28.9	29.4	33.9	34.4

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	16.7	56.5	57.9	10.7	33.3	70.9	72.8	-43	-20.8	-52.8
Depreciation and amortization	9.5	12.5	23.1	21.9	24.2	26	35.1	34.6	30.7	33.5
Stock-based compensation	3.22	2.23	7.58	8.54	9.88	11.5	13.9	17.3	15.6	16.7
Deferred income tax	-2.43	-15.3	-6.59	-7.16	-1.69	-1.86	-3.22	9.31	-0.78	0.13
Change in receivables	-9.01	-1.06	10.4	-44.6	-16.1	-33.5	6.67	69.6	-19.9	16.1
Change in inventory	-23.7	-43.4	35.1	-5.93	-8.53	-89.2	-47.5	37.8	-4.22	-1.5
Change in payables	36.8	22.6	-62.2	68	-14.5	38.6	-50.2	-51	29.1	-6.38
Cash from operations	27.7	38.8	60.5	57.2	38.3	15.3	31.5	57.6	27.9	29.9
Capital expenditures	-4.27	-8.23	-13.9	-12.3	-10.3	-20.8	-29.4	-15.5	-17.6	-36.2
Acquisitions	-17.4	-181	-1.44		-5.04	-269	0.5	0	0
Purchases of investments						-115	0	0
Sales and maturities of investments		2.43				115	0	0
Cash from investing	-21.2	-187	-15.4	-20.5	-14.6	-290	-28.9	-15.5	-17.6	-36.2
Debt issued	15	140
Debt repaid	-30.2	-0.3	-8.91
Stock issued	47.1	7.28			139		0	0	137	0
Share buybacks			-90	-1.6
Cash from financing	21.9	165	-70.6	-19.9	169	96.9	8.46	-48.7	18.5	-4.1
Net change in cash	28.5	16.7	-25.5	16.8	192	-177	11	-6.52	28.7	-10.4
Free cash flow	23.5	30.6	46.6	44.8	28	-5.57	2.02	42.1	10.2	-6.28
Interest paid	3.69	3.44	8.27	8.42	8.24	7.12	10.6	20.4	11.7	8.5
Income taxes paid	0.1	1.07	2.28	0.9	0.25	5.64	3.29	3.88	3.33	3.01

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 26, 2026; growth uses fiscal years. Valuation uses the share price of $57.94 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	10.4%	Gross profit / revenue.
Operating margin	-2.4%	Operating income / revenue.
EBITDA margin	0.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-3.2%	Pre-tax income / revenue.
Net margin	-4.0%	Net income / revenue.
FCF margin	-2.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-0.0%	Cash from operations / revenue.
Return on equity (ROE)	-4.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-3.4%	Net income / average total assets.
Return on invested capital (ROIC)	-2.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.4%	Research and development expense / revenue.
SG&A / revenue	9.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.5%	Capital expenditures / revenue.
D&A / revenue	2.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-9.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-15.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-25.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-6.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-125.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	7.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-1.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-4.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-161.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-4.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-5.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	5.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	7.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.70x	Current assets / current liabilities.
Quick ratio	2.03x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.44x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.14x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	10.1%	Total debt / total assets.
Liabilities / assets	27.2%	Total liabilities / total assets.
Net debt	-$135.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-39.8x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-3.71x	Operating income / interest expense.
Working capital	$481.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	31.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$493.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.85x	Revenue / average total assets.
Fixed asset turnover	9.40x	Revenue / average property, plant and equipment.
Inventory turnover	3.13x	Cost of revenue / average inventory.
Days inventory	117 days	365 x average inventory / cost of revenue.
Receivables turnover	9.69x	Revenue / average receivables.
Days sales outstanding	38 days	365 x average receivables / revenue.
Days payables	51 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	104 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.11	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$27.93	Revenue / diluted weighted shares.
FCF per share	-$0.71	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.01	Cash from operations / diluted weighted shares.
Book value per share	$23.15	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.21	Tangible book value / shares outstanding.
Cash per share	$6.86	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$2.17B	Share price x shares outstanding.
Enterprise value	$2.03B	Market cap + total debt - cash - short-term investments.
P/S	2.14x	Market cap / revenue.
P/B	2.51x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.40x	Market cap / tangible book value, when positive.
EV/Sales	2.01x	Enterprise value / revenue.
EV/EBITDA	595x	Enterprise value / EBITDA, when both are positive.
FCF yield	-1.2%	Free cash flow / market cap.
Earnings yield	-1.9%	Net income / market cap (the inverse of P/E).

What was ICHOR HOLDINGS, LTD.'s revenue in fiscal 2025?

ICHOR HOLDINGS, LTD. reported revenue of $947.7M for fiscal 2025, 11.6% higher than the year before.

Was ICHOR HOLDINGS, LTD. profitable in fiscal 2025?

No. It reported a net loss of $52.8M.

How much free cash flow did ICHOR HOLDINGS, LTD. generate in fiscal 2025?

Cash from operations of $29.9M minus capital expenditures of $36.2M left free cash flow of -$6.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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