Ichor Holdings, LTD. key statistics and ratios

In fiscal 2025, Ichor Holdings, LTD. had return on equity of -7.7%, an operating margin of -4.1%, debt equal to 18.8% of equity and a current ratio of 3.16. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Ichor Holdings, LTD.: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	16.7%	16.1%	15.4%	16.5%	13.9%	13.7%	16.2%	16.6%	12.7%	12.2%	9.3%	13.3%
Operating margin	4.3%	5.9%	7.0%	7.8%	2.4%	4.5%	7.4%	6.7%	−1.3%	−0.9%	−4.1%	1.7%
Net margin	1.9%	4.1%	8.6%	7.0%	1.7%	3.6%	6.5%	5.7%	−5.3%	−2.5%	−5.6%	0.3%
Free-cash-flow margin	8.7%	5.8%	4.7%	5.7%	7.2%	3.1%	−0.5%	0.2%	5.2%	1.2%	−0.7%	−6.1%
Return on equity	7.5%	15.4%	31.5%	27.9%	5.1%	10.5%	15.5%	13.4%	−7.5%	−3.3%	−7.7%	0.5%
Return on assets	—	5.9%	13.4%	11.1%	2.0%	5.0%	7.9%	6.9%	−4.3%	−2.2%	−5.4%	0.3%
Asset turnover	—	1.44	1.56	1.58	1.18	1.36	1.22	1.22	0.80	0.88	0.98	1.02
Current ratio	—	1.55	1.89	2.41	1.69	3.06	2.22	3.09	4.06	3.34	3.16	3.56
Debt to equity	—	28.1%	87.4%	103.3%	81.8%	49.1%	58.9%	51.2%	44.3%	18.5%	18.8%	13.5%
Interest cover (operating income ÷ interest)	3.3x	5.5x	14.1x	6.4x	1.4x	4.8x	12.6x	7.8x	n/m	n/m	n/m	3.5x
Effective tax rate	−45.3%	−3.2%	−32.3%	−6.8%	—	−3.1%	3.9%	3.4%	—	—	—	70.6%
R&D as % of revenue	1.7%	1.6%	1.2%	1.1%	1.8%	1.5%	1.4%	1.5%	2.5%	2.7%	2.4%	2.2%
SG&A as % of revenue	8.5%	6.9%	5.8%	5.8%	7.6%	6.2%	6.0%	6.9%	9.8%	9.3%	10.1%	8.6%
Capital spending as % of revenue	0.5%	1.1%	1.3%	1.7%	2.0%	1.1%	1.9%	2.3%	1.9%	2.1%	3.8%	2.6%
Free cash flow ÷ net income	450.1%	140.8%	54.2%	80.4%	417.6%	84.0%	−7.9%	2.8%	—	—	—	<−999%
Dividends ÷ net income	393.3%	—	—	—	—	—	—	—	—	—	—	—
Dividends and buybacks ÷ free cash flow	87.4%	—	—	193.3%	3.6%	—	—	—	—	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Ichor Holdings, LTD.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	11.6%	11.7%	11.3%	4.6%	9.4%	12.6%	13.9%	15.8%
Operating margin	−0.5%	−0.5%	−2.0%	−8.1%	−6.2%	0.8%	2.4%	6.9%
Net margin	−1.7%	−1.9%	−3.9%	−9.6%	−7.1%	−1.0%	0.3%	6.4%
Free-cash-flow margin	−3.0%	0.2%	−6.2%	0.9%	2.6%	−3.9%	−8.0%	−12.0%
Current ratio	3.34	3.09	3.22	3.08	3.16	2.82	3.70	3.56
Debt to equity	18.4%	18.1%	18.0%	18.3%	18.6%	18.3%	13.9%	13.4%
R&D as % of revenue	2.5%	2.4%	2.4%	2.5%	2.5%	2.2%	2.6%	1.8%
SG&A as % of revenue	8.6%	8.9%	10.1%	9.4%	12.1%	8.8%	8.2%	6.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

5 of 7 checks passed · September 25, 2026

What it owns · $1.2bn

Short-term assets $703mLonger-term assets $524m

What it owes, and who funded it · $1.2bn

Short-term liabilities $197mLonger-term liabilities $141mShareholders' equity $888m

Short-term assets cover short-term liabilities $703m of assets due within a year against $197m of liabilities due within a year.
Short-term assets cover long-term liabilities $703m short-term assets against $141m of longer-dated liabilities.
More cash than debt $214m of cash against $119m of debt.
Debt below 40% of shareholders' equity Debt is 13% of equity.
Debt burden no higher than five years ago Debt to equity moved from 55% to 13% over five years.
A year's operating cash flow covers at least 20% of debt −$38m of operating cash flow against $119m of debt.
Operating profit covers interest at least five times over Operating income of $18m against $5m of interest.

From Ichor Holdings, 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.

Moat

35 /100

Weak moat

How hard Ichor Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 8 / 20

Cash operating profit has been a median 7.2% of total assets over 9 years.
Pricing power 8 / 20

Gross margin has been a median 14.4%, moving by 2.0 percentage points (standard deviation) across 10 years.
Durability 0 / 20

Operating margin has been a median 3.3%; its worst year was -2.8%.
Cash conversion 9 / 20

Free cash flow was positive in 7 of 10 years, at a median 3.4% of revenue.
Discipline 10 / 20

The diluted share count rose 29.2% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

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

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Figures from Ichor Holdings, LTD.'s SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ichor Holdings, LTD.