Ultra Clean Holdings, Inc.
UCTT Technology Semiconductor Equipment & Materials
Ultra Clean Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.1 billion, down 2.08% from fiscal 2024. In the quarter to June 2026, revenue grew 24.3%, EPS grew 105.3%, free cash flow fell 558.4% and total debt rose 25.3%, each against the same quarter a year earlier.
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Ultra Clean Holdings, Inc. (UCTT) Beneish M-score
Ultra Clean Holdings, Inc.'s Beneish M-score for fiscal 2025 is −3.38; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.38 | (1.04) |
| FY2024 | −2.34 | 0.60 |
| FY2023 | −2.94 | (0.53) |
| FY2022 | −2.41 | (0.23) |
| FY2021 | −2.18 | 0.12 |
| FY2020 | −2.30 | 0.89 |
| FY2019 | −3.20 | (1.23) |
| FY2018 | −1.97 | 0.10 |
| FY2017 | −2.07 | 0.33 |
| FY2016 | −2.40 | 0.18 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.88 | — | 0.81 | |
| Gross margin index | 1.08 | — | 0.57 | |
| Asset quality index | 0.79 | — | 0.32 | |
| Sales growth index | 0.98 | — | 0.87 | |
| Depreciation index | 0.47 | — | 0.05 | |
| SG&A index | 1.07 | — | −0.18 | |
| Total accruals to total assets | (0.14) | — | −0.64 | |
| Leverage index | 1.05 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.38 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| COHU Cohu, Inc. compare | −3.7× |
| UCTT Ultra Clean Holdings, Inc. | −3.4× |
| AMBA Ambarella, Inc. compare | −3.1× |
| ICHR Ichor Holdings, Ltd. compare | −2.9× |
| IPGP IPG Photonics Corporation compare | −2.5× |
| VECO Veeco Instruments Inc. compare | −2.4× |
| ACLS Axcelis Technologies, Inc. compare | −2.3× |
| AEHR Aehr Test Systems compare | −2.3× |
| AXTI AXT Inc compare | −2.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI