Ichor Holdings, Ltd.
ICHR Technology Semiconductor Equipment & Materials
Ichor Holdings, Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $947.7 million, up 11.6% from fiscal 2024. In the quarter to June 2026, revenue grew 22.7%, EPS grew 110.7%, free cash flow fell 59.8% and total debt fell 3.56%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Ichor Holdings, Ltd. (ICHR) Altman Z-score
Ichor Holdings, Ltd.'s Altman Z-score for fiscal 2025 is 2.78, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.78 | (0.82) |
| FY2024 | 3.60 | 0.50 |
| FY2023 | 3.09 | 0.02 |
| FY2022 | 3.08 | (0.30) |
| FY2021 | 3.38 | 0.16 |
| FY2020 | 3.22 | 0.33 |
| FY2019 | 2.89 | (0.56) |
| FY2018 | 3.45 | 0.63 |
| FY2017 | 2.82 | 1.07 |
| FY2016 | 1.75 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.30 | — | 0.36 | |
| Retained earnings / total assets | 0.14 | — | 0.19 | |
| EBIT / total assets | (0.04) | — | −0.14 | |
| Market value of equity / total liabilities | 2.26 | — | 1.36 | |
| Sales / total assets | 1.01 | — | 1.01 | |
| Altman Z-score | Grey zone | 2.78 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.62 | ||
Z and Z″ put Ichor Holdings, Ltd. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| AEHR Aehr Test Systems compare | 63.2× |
| IPGP IPG Photonics Corporation compare | 8.7× |
| AMBA Ambarella, Inc. compare | 8.0× |
| ACLS Axcelis Technologies, Inc. compare | 6.7× |
| PLAB Photronics, Inc. compare | 6.1× |
| VECO Veeco Instruments Inc. compare | 3.1× |
| ICHR Ichor Holdings, Ltd. | 2.8× |
| COHU Cohu, Inc. compare | 2.4× |
| UCTT Ultra Clean Holdings, Inc. compare | 2.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets