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Intchains Group Ltd (ICG) stock

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NASDAQ: ICG Nasdaq Technology Hardware, Storage & Peripherals

E Fundamentals grade

Intchains Group Ltd is a US-listed company in the technology hardware, storage & peripherals industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$0.7

Revenue-to-maturity cash-flow model

Base case. Range ~$0.7–$0.7 across our lower- and higher-growth cases (0%–5% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Intchains Group Ltd valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds3 adding, 5 cuttingOf 0 active managers that changed their stake, 0 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Intchains Group files

Where Intchains stands after its latest Filing

Revenue for the twelve months was $31m, down 21.5% on a year earlier, against growth of 237.0% a quarter earlier. That puts it 26 of 27 for growth among the technology hardware, storage & peripherals companies we cover. Free-cash-flow margin fell to -44.2% from 62.3% a year earlier. Operating margin narrowed to -47.4% from 70.8%. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 2 financial-health checks. Our revenue-to-maturity cash-flow model value is $0.72 a share, against a share price of $1.26.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Intchains Group Ltd's trailing-twelve-month revenue fell 21.5% year on year, with a free-cash-flow margin of -44.2%. Where it lags: change in growth rate of -258.5pp ranks 27 of 27 technology hardware, storage & peripherals companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -21.5% (-258.5pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 21.5% over the last 12 months.
  • Growth slowing. The growth rate is 258.5 points lower than a quarter earlier.
  • Loss-making. Operating margin is -47.4%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 48.4 points on a year ago.
  • Burning cash. Free cash flow was -44.2% of revenue over the last 12 months.
  • Gross margin slipping. Gross margin is down 46.5 points on a year ago.

Latest results

Earnings per share
-$0.15 against an average estimate of -$0.01: missed by 2900.0%
Next report
August 20, 2026

Intchains Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+10.3%
  • 1 week-2.8%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$30.7M
Operating margin
-47.4%
Net margin
-21.5%
EPS (TTM, diluted)
$-0.11

Growth

Revenue growth
−21.5%
Change in growth rate
−258.5 pts
Share count change
+0.7%

Cash

Free cash flow (TTM)
-$13.6M
FCF margin
-44.2%
Stock pay % of revenue
3.9%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for ICG from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Intchains Group Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value Intchains Group Ltd as an operating company, with every model that fits that kind of business. Cost of equity 11.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.36 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$0.7 ~$0.7–$0.7 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$16 ~$11–$22 Left out: out of range vs price (11.18x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$10 ~$8.9–$11 Left out: out of range vs price (7.19x)
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.1 ~$0.3–$1.5 Left out: out of range vs price (0.11x)
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$0.7 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Intchains Group Ltd with Technology Hardware, Storage & Peripherals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Intchains Group Ltd: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Dec 2025 −$0.01 −$0.15 −2900.0%
Sept 2025 −$0.01 $0.09 +810.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

2 analysts, Nov 2026
Buy2100%
Hold00%
Sell00%

Monthly trend

  1. Nov 2026112

Counts of recommendations published by analysts covering Intchains Group Ltd, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.6%
of tradable shares
Days to cover
0.62
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
1%
of shares
Held by insiders
0.1%
of shares
Employees
127
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Intchains Group Ltd in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Intchains Group Ltd
$0 $50M $100M FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue (TTM), FY20 Q4: $7.9M Revenue (TTM), FY21 Q4: $98M Revenue (TTM), FY22 Q4: $70.5M Revenue (TTM), FY23 Q4: $11.6M Revenue (TTM), FY24 Q4: $39.2M Revenue (TTM), FY25 Q4: $30.7M $30.7M

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY20 Q4 $7.9M
FY21 Q4 $98M
FY22 Q4 $70.5M
FY23 Q4 $11.6M
FY24 Q4 $39.2M
FY25 Q4 $30.7M
Revenue growth, TTM YoY Intchains Group Ltd
-500% 0% 500% 1000% 1500% FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY21 Q4: 1137.7% Revenue growth, TTM YoY, FY22 Q4: -28.0% Revenue growth, TTM YoY, FY23 Q4: -83.5% Revenue growth, TTM YoY, FY24 Q4: 237.0% Revenue growth, TTM YoY, FY25 Q4: -21.5% -21.5%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY21 Q4 1137.7%
FY22 Q4 -28.0%
FY23 Q4 -83.5%
FY24 Q4 237.0%
FY25 Q4 -21.5%
Operating margin (TTM) Intchains Group Ltd
-100% -50% 0% 50% 100% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Operating margin (TTM), FY20 Q4: 10.1% Operating margin (TTM), FY21 Q4: 70.8% Operating margin (TTM), FY22 Q4: 68.1% Operating margin (TTM), FY23 Q4: -79.0% Operating margin (TTM), FY24 Q4: 1.0% Operating margin (TTM), FY25 Q4: -47.4% -47.4%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY20 Q4 10.1%
FY21 Q4 70.8%
FY22 Q4 68.1%
FY23 Q4 -79.0%
FY24 Q4 1.0%
FY25 Q4 -47.4%
FCF margin (TTM) Intchains Group Ltd
-100% -50% 0% 50% 100% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FCF margin (TTM), FY20 Q4: 28.1% FCF margin (TTM), FY21 Q4: 62.3% FCF margin (TTM), FY22 Q4: 68.1% FCF margin (TTM), FY23 Q4: -62.8% FCF margin (TTM), FY24 Q4: -52.6% FCF margin (TTM), FY25 Q4: -44.2% -44.2%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY20 Q4 28.1%
FY21 Q4 62.3%
FY22 Q4 68.1%
FY23 Q4 -62.8%
FY24 Q4 -52.6%
FY25 Q4 -44.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 20-F/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 8 98 71 12 39 31
Gross profit 5 80 58 1 21 2
EBITDA 1 69 48 −9 1 −14
Operating income 1 69 48 −9 0 −15
Net income 1 70 53 −4 7 −7
Diluted EPS $0.02 $1.38 $0.90 −$0.06 $0.12 −$0.11
Growth (year on year)
Revenue — +>999% −28.0% −83.5% +237.0% −21.5%
EBITDA — +>999% −30.4% −117.9% — <−999%
Operating income — +>999% −30.7% −119.1% — —
Net income — +>999% −24.2% −107.2% — −192.4%
Diluted EPS — +>999% −35.0% −106.9% — −190.8%
Margins
Gross margin 57.3% 82.0% 81.6% 11.0% 53.7% 7.2%
EBITDA margin 10.8% 70.9% 68.5% −74.4% 2.6% −44.6%
Operating margin 10.1% 70.8% 68.1% −79.0% 1.0% −47.4%
Net margin 15.1% 71.2% 75.0% −32.6% 18.3% −21.5%
Free-cash-flow margin 28.1% 62.3% 68.1% −62.8% −52.6% −44.2%
Cash flow
Cash from operations 2 61 49 −1 −19 −13
Capital spending 0 0 1 7 1 1
Free cash flow 2 61 48 −7 −21 −14
Stock-based pay — 0 0 0 1 1
Free cash flow after stock pay — 61 48 −8 −22 −15
Balance sheet
Cash — 79 103 82 44 32
Total debt — 0 0 0 0 0
Net debt (negative = net cash) — −79 −103 −82 −44 −32
Diluted shares 50m 50m 59m 60m 60m 60m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · December 31, 2025
What it owns · $146m
Short-term assets $86mLonger-term assets $60m
What it owes, and who funded it · $146m
Short-term liabilities $6mLonger-term liabilities $0mShareholders' equity $140m
  • Short-term assets cover short-term liabilities $86m of assets due within a year against $6m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $86m short-term assets against $79,793 of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Intchains Group Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+0.7%
year over year
R&D spending
35.0%
of revenue

Competitors: side by side with peers

Closest by revenue in technology hardware, storage & peripherals
Last 12 months unless stated ICG INVE OSS TACT MITQ SCKT Median
Revenue, last 12 months $31m $24m $42m $53m $17m $14m $3.9bn
Revenue growth, last 12 months −21.5% 3.1% 702.1% 10.5% −4.6% −17.4% 11.3%
Revenue growth, 3-year average — −37.1% −14.0% −12.1% −5.0% −9.0% 2.7%
Revenue growth, latest quarter — 12.7% 35.9% 1.1% −22.7% −24.9% 22.0%
Gross margin 7.2% 15.9% 48.1% 49.6% 29.1% 49.1% 34.7%
Operating margin −47.4% −82.4% −17.3% −0.8% −2.9% −26.1% 4.1%
Operating margin, 3-year average — −84.1% −80.7% −2.4% −5.5% −20.2% 4.2%
Net margin −21.5% −62.9% 1.0% −0.8% −1.7% −107.5% 2.0%
Cash from operations / revenue −42.1% −29.0% −33.5% 10.3% −14.2% −5.0% 6.3%
Free-cash-flow margin −44.2% −37.9% −34.0% 9.9% −14.2% −8.5% 3.0%
Free-cash-flow margin, 3-year average — −43.4% −56.8% 7.8% −5.3% −9.0% 4.7%
Stock pay / revenue 3.9% 11.7% 6.6% 3.8% 0.2% 5.2% 1.9%
Change in share count 0.7% 1.2% 12.0% 1.4% 0.3% 4.3% 1.4%

Median of all 27 companies we cover in technology hardware, storage & peripherals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

27 technology hardware, storage & peripherals companies
Measure Company Peer median Rank
Revenue growth Growth -21.5% 11.3% 26 of 27
Change in growth rate Growth -258.5pp +5.0pp 27 of 27
Gross margin Profitability 7.2% 41.2% 22 of 22
Operating margin Profitability -47.4% 5.3% 23 of 26
Net margin Profitability -21.5% 2.0% 21 of 27
Free-cash-flow margin Cash generation -44.2% 3.6% 25 of 26
Stock pay as % of revenue Cash generation 3.9% 1.9% 19 of 27
Change in share count Balance sheet 0.7% 1.4% 11 of 27

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$69,260
Institutions reporting
8
Shares held vs prior quarter
▼ 50.1%
Positions opened / closed
0 / 2

Top buyers and sellers, Q2 2026: 3 institutions bought and 5 sold ; the biggest buyer was Marex Group Ltd (+43K shares) and the biggest seller Xtx Topco Ltd (−73K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Marex Group Ltd $36,698 58K 53.0% ▲ 285.2%
Goldman Sachs Group Inc $15,282 24K 22.1% ▼ 59.9%
Smartharvest Portfolios, LLC $14,320 23K 20.7% ▼ 56.5%
UBS Group AG $1,486 2K 2.1% ▲ 424.2%
Morgan Stanley $1,026 2K 1.5% 0.0%
Rhumbline Advisers $397 1K 0.6% ▲ 2240.7%
Jpmorgan Chase & Co $50 0K 0.1% ▼ 53.1%
Sbi Securities Co., Ltd. $1 0K 0.0% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Intchains Group Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Intchains Group Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Intchains Group Ltd in brief

What does Intchains Group Ltd do?
Intchains Group Ltd is a US-listed company in the technology hardware, storage & peripherals industry. Its financial year ends in December.
What is Intchains Group Ltd's stock ticker?
Intchains Group Ltd trades under the ticker ICG on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Intchains Group Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Intchains Group Ltd reported revenue of $30.7M, 21.5% lower than a year earlier, according to its SEC filings.
What is Intchains Group Ltd's free cash flow?
Intchains Group Ltd's free-cash-flow margin is -44.2% of revenue over the trailing twelve months, ranking 25 of the 26 technology hardware, storage & peripherals companies we cover.
Who are Intchains Group Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Marex Group Ltd, Goldman Sachs Group Inc and Smartharvest Portfolios, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Who are Intchains Group Ltd's competitors?
In our Technology Hardware, Storage & Peripherals peer group, the companies closest to Intchains Group Ltd are Inve Technologies, Inc., ONE Stop Systems, Inc., Transact Technologies Inc, Moving Image Technologies Inc. and Socket Mobile, Inc. The side-by-side comparison below sets their revenue, margins and growth against Intchains Group Ltd's.