Ultra Clean Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ultra Clean Holdings, Inc. 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Revenue	563	924	1,097	1,066	1,399	2,102	2,374	1,735	2,098	2,054
Cost of revenue	476	757	921	869	1,107	1,672	1,909	1,457	1,741	1,731
Gross profit	86.8	168	176	197	292	430	465	277	356	323
Research and development	9.9	11.7	13.3	14.6	14.8	24.5	28.5	28.3	28.3	32
Selling and marketing	11.6	13.7	16.3	22.4	25.1	48.2	54.4	51.8	57.3	61.2
General and administrative	42.9	52.8	85.5	130	131	172	184	162	180	186
Operating expenses	64.4	78.2	115	167	170	244	345	242	265	430
Operating income	22.4	89.5	60.7	29.9	121	186	120	35.2	91.2	-107
Interest expense		2.2	10	25.6	16.9	24.2	33.9	48.8	46.5	38.3
Interest income							0.9	4.1	4.8	3.9
Pre-tax income	18.9	87	52.3	2.3	99.7	154	88.3	-11.3	67.2	-146
Income tax	8.9	11.9	15.3	10	19.3	27.9	37.9	10.9	32.7	25.9
Net income to minority interests			0.4	1.7	2.8	6.9	10	8.9	10.8	9.6
Net income	10.1	75.1	36.6	-9.4	77.6	120	40.4	-31.1	23.7	-181
EBITDA	28.4	94.8	72.2	51.4	146	220	159	72.8	137	-59.5
EPS, basic	0.31	2.25	0.95	-0.24	1.93	2.75	0.89	-0.70	0.53	-4.00
EPS, diluted	0.30	2.19	0.94	-0.24	1.89	2.69	0.88	-0.70	0.52	-4.00
Shares, basic (weighted)	32.6	0	0	0	0	0	45.2	44.7	44.9	45.3
Shares, diluted (weighted)	33.2	0	0	0	0	0	45.7	44.7	45.3	45.3

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	52.5	68.3	144	163	200	467	359	307	314	312
Receivables	74.7	90.2	107	113	146	250	254	181	241	209
Inventory	104	237	186	172	180	379	444	375	381	391
Other current assets	6.46	12.1	25.7	19.4	18.9	41.3	42.4	30.9	34.1	48.2
Total current assets	237	407	463	467	545	1,137	1,099	893	970	960
Property, plant and equipment	18.9	32.2	144	145	159	242	280	328	326	325
Lease right-of-use assets				34.9	37.8	83.4	99	152	161	157
Goodwill	85.2	85.2	150	171	171	270	249	265	265	114
Intangible assets	37	31.6	194	180	161	246	188	215	185	157
Other non-current assets	0.76	1.93	5.2	5.2	5.3	9.3	10.8	10.9	9.6	13
Total assets	381	563	966	1,019	1,103	1,868	1,961	1,868	1,920	1,729
Accounts payable	71.2	174	99	133	121	333	254	193	213	195
Accrued liabilities	7.9	10.8	15.8	24.8	34.5	46.8	52.5	47.7	50.1	51.1
Short-term debt										9.9
Total current liabilities	101	207	139	211	201	469	389	310	336	301
Long-term debt										467
Lease liabilities				28.8	31.1	65.9	80.3	143	149	157
Other non-current liabilities		5.89	27.8	18.8	23.8	12.9	9.2	37.3	6.7	6.8
Total liabilities	165	263	515	567	551	1,133	1,024	971	984	945
Total debt				302	277	565	485		500	467
Paid-in capital	182	189	290	301	313	515	531	542	558	579
Retained earnings	38	113	150	140	218	337	378	347	370	189
Treasury stock	-3.34	-3.34	-3.3	-3.3	-3.3	-3.3	-15.4	-45	-45	-48.4
Other comprehensive income	-0.38	1.85	-0.6	-1.3	5.1	-0.2	-5.4	-4.4	-10.3	-8.6
Shareholders' equity	216	300	436	437	533	849	888	839	874	711
Minority interests			14.7	15.8	18.6	43.8	49.1	58.3	62.2	73.1
Total equity	216	300	451	453	551	893	937	897	936	784
Total liabilities and equity	381	563	966	1,019	1,103	2,025	1,961	1,868	1,920	1,729
Shares outstanding	33	33.7	0	39.9	40.6	44.9	45.2	44.6	45.1	45.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2020	FY2022	FY2023	FY2024	FY2025
Net income	10.1	75.1	37	-7.7	80.4	126	50.4	-22.2	34.5	-172
Depreciation and amortization	5.98	5.3	11.5	21.5	25	34.1	38.4	37.6	45.7	47.9
Stock-based compensation	5.67	7.8	10.3	12.1	12.7	15.8	19.1	12.1	17.4	19.2
Deferred income tax	3.47	-3.7	0.1	-2.5	0.4	-3.1	0.1	-12.2	-2.8	-2.7
Change in receivables	-15.8	-14.9	7.2	-4.5	-32.7	-53	-15.7	78.5	-60.3	32.3
Change in inventory	-31.5	-132	50.2	22.3	-8	-125	-84.4	80.8	-6.5	-9.9
Change in payables	31.7	99.6	-83.2	31	-12.6	171	-68.4	-61.5	26.4	-17.6
Cash from operations	17.6	48.9	41.7	121	97.3	212	47.2	136	65	65.6
Capital expenditures	-7.28	-16.1	-26.1	-26.3	-36.4	-59.3	-100	-75.8	-63.5	-50.3
Acquisitions			-320	-29.9	0	-343	0	-46.1	0	0
Cash from investing	-7.28	-16.1	-346	-49.2	-29.8	-405	-96.2	-120	-63.5	-47
Debt repaid	-14.3	-31.2	-86.4	-93	-106	-132	-39.7	-38.6	-10.2	-18.2
Stock issued	0.6	1.8	94.6	0.3	0.6	194	0.7	0.8	2	2.2
Share buybacks					0	0	-12.1	-29.4	0	-3.4
Cash from financing	-7.85	-17.1	380	-53.4	-31.1	461	-56	-69.9	9.8	-21.2
Exchange rate effect							-2.7	1.9	-4.4	0.5
Net change in cash	2.36	15.8	75.8	18.4	37.8	266	-108	-51.8	6.9	-2.1
Free cash flow	10.3	32.8	15.6	94.7	60.9	152	-52.9	60.1	1.5	15.3
Interest paid	2.51	2.2	7.1	23.6	15.6	19.9	31.9	44.8	40.4	39.7
Income taxes paid	4.46	7.61	14.6				36.8	31.2	34.3	42

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 $77.69 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	15.8%	Gross profit / revenue.
Operating margin	2.8%	Operating income / revenue.
EBITDA margin	5.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.7%	Pre-tax income / revenue.
Net margin	-1.1%	Net income / revenue.
FCF margin	-5.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-3.0%	Cash from operations / revenue.
Effective tax rate	132.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	-3.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-1.2%	Net income / average total assets.
Return on invested capital (ROIC)	5.0%	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	1.5%	Research and development expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.1%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-9.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-11.4%	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	2.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-217.8%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-143.5%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-864.6%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-869.2%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	0.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	11.6%	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	-7.6%	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	920.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-24.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-18.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-7.1%	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	5.9%	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	-9.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.1%	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	9.4%	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	0.0%	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	-0.3%	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	1,516.0%	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	2.73x	Current assets / current liabilities.
Quick ratio	1.09x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.60x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.94x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	31.2%	Total debt / total assets.
Liabilities / assets	62.6%	Total liabilities / total assets.
Net debt	$343.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.08x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.34x	Operating income / interest expense.
Working capital	$735.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	13.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$382.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.14x	Revenue / average total assets.
Fixed asset turnover	6.78x	Revenue / average property, plant and equipment.
Inventory turnover	2.93x	Cost of revenue / average inventory.
Days inventory	124 days	365 x average inventory / cost of revenue.
Receivables turnover	10.6x	Revenue / average receivables.
Days sales outstanding	35 days	365 x average receivables / revenue.
Days payables	59 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	100 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.51	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	$47.62	Revenue / diluted weighted shares.
FCF per share	-$2.45	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$1.44	Cash from operations / diluted weighted shares.
Book value per share	$14.12	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$8.44	Tangible book value / shares outstanding.
Cash per share	$5.65	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.52B	Share price x shares outstanding.
Enterprise value	$3.86B	Market cap + total debt - cash - short-term investments.
P/S	1.60x	Market cap / revenue.
P/B	5.50x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	9.20x	Market cap / tangible book value, when positive.
EV/Sales	1.76x	Enterprise value / revenue.
EV/EBIT	61.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	34.6x	Enterprise value / EBITDA, when both are positive.
FCF yield	-3.2%	Free cash flow / market cap.
Earnings yield	-0.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.1%	(Dividends paid + share buybacks) / market cap.

What was Ultra Clean Holdings, Inc.'s revenue in fiscal 2025?

Ultra Clean Holdings, Inc. reported revenue of $2.05B for fiscal 2025, 2.1% lower than the year before.

Was Ultra Clean Holdings, Inc. profitable in fiscal 2025?

No. It reported a net loss of $181.2M.

How much free cash flow did Ultra Clean Holdings, Inc. generate in fiscal 2025?

Cash from operations of $65.6M minus capital expenditures of $50.3M left free cash flow of $15.3M.

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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