Ambarella, Inc. (AMBA) vs Ichor Holdings, Ltd. (ICHR)

Ambarella, Inc. and Ichor Holdings, Ltd. are both Semiconductor Equipment & Materials companies. Ambarella, Inc. is the larger, with a market value of $2.4B against $1.1B — 2.3× the size. Ambarella, Inc. has negative trailing earnings, so its P/E is not meaningful; Ichor Holdings, Ltd. trades at 483×. Ambarella, Inc. grew revenue faster over the last twelve months: 20.0% against 15.2%. Ichor Holdings, Ltd. has the higher net margin (0.32% vs −13.5%) and the higher return on invested capital (1.44% vs −11.2%). Across the 18 metrics below, Ichor Holdings, Ltd. leads on 11 and Ambarella, Inc. on 7.

Valuation

Metric AMBA ICHR Semiconductor Equipment & Materials median
P/E n/m 482.51 33.70
P/S 5.85 0.97 4.22
P/B 3.94 1.20 2.94
Price to free cash flow n/m n/m 31.49
EV/EBITDA n/m 19.05 22.64
EV/Sales 5.20 0.88 4.97
Earnings yield (2.32%) 0.21% 2.02%
Free cash flow yield (0.23%) (7.08%) 2.27%

Profitability

Metric AMBA ICHR Semiconductor Equipment & Materials median
Gross margin 58.52% 13.26% 46.86%
Operating margin (14.90%) 1.65% 12.02%
Net margin (13.48%) 0.32% 10.16%
Free cash flow margin 2.33% (6.10%) 6.73%
Return on equity (9.41%) 0.45% 5.31%
Return on assets (7.58%) 0.32% 4.10%
Return on invested capital (11.19%) 1.44% 6.36%

Growth

Metric AMBA ICHR Semiconductor Equipment & Materials median
Revenue growth (TTM) 20.04% 15.23% 15.82%
EPS growth (last fiscal year) 37.32% (140.63%) (4.56%)
Revenue growth, 5-year CAGR 11.87% 0.72% 10.11%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric AMBA ICHR Semiconductor Equipment & Materials median
Debt to equity 0.00 0.13 0.09
Current ratio 2.85 3.56 3.56
Net debt to EBITDA 5.48 (4.73) (0.49)

Dividend

Metric AMBA ICHR Semiconductor Equipment & Materials median
Dividend yield — — 0.59%
Payout ratio — — 0.16

Size

Metric AMBA ICHR Semiconductor Equipment & Materials median
Market cap 2.44b 1.05b 3.04b

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