企業概要
Ichor Holdings, Ltd. is engaged in the design, engineering, and manufacture of fluid delivery subsystems and components specifically for semiconductor capital equipment, with operational facilities located in Singapore, the United States, Europe, and international markets. The company operates within the Technology sector, focusing on the Semiconductor Equipment & Materials industry, where it provides critical gas and chemical delivery subsystems utilized in the complex manufacturing processes of semiconductors. Currently, the entity maintains a market capitalization of $1.92B and employs 1891 individuals across its global operations. The annual revenue reported for the trailing twelve months is $947.65M, figures which indicate that the company holds a significant position in a capital-intensive industry requiring substantial investment in research, development, and specialized manufacturing infrastructure.
財務健全性
The company reported a revenue of $947.65M for the trailing twelve months, yet recorded a net income of $-52,781,000, while generating an EBITDA of $24.68M. The substantial gap between the positive EBITDA and the negative net income reveals a heavy cost structure driven by significant interest expenses or non-operating costs that erode bottom-line profitability despite healthy cash generation from core operations. Free cash flow stands at $33.11M, which provides the company with essential financial flexibility to fund ongoing R&D initiatives, capital expenditures, or debt servicing without relying on external equity financing. The gross margin is 11.9%, indicating that manufacturing costs consume a large portion of sales revenue, while the operating margin of -2.8% and profit margin of -5.6% highlight challenges in covering overheads and achieving net profitability. On the balance sheet, the company holds $98.29M in cash against $160.19M in total debt, resulting in a debt-to-equity ratio of 24.13, which characterizes a highly leveraged financial structure rather than a conservative one. The current ratio of 3.17 suggests that the company possesses more than three times the current assets required to cover its short-term liabilities, indicating robust short-term liquidity despite the high debt load. Furthermore, the return on equity is -7.7% and the return on assets is -0.5%, metrics that reveal that management has not yet generated positive returns on shareholder capital or asset base, reflecting the ongoing losses associated with the company's expansion or restructuring phases.
バリュエーション評価
The valuation metrics present a complex picture, with a trailing P/E ratio listed as N/A due to negative earnings, while the forward P/E is 25.11, implying that the market expects earnings to turn positive and grow significantly in the future to justify the current stock price. The price-to-book ratio is 2.86, suggesting that the market values the company at nearly three times its net asset value, which may reflect confidence in future intangible assets or growth potential beyond current book values. Alternative valuation multiples such as the price-to-sales ratio of 2.02 and an EV/EBITDA of 80.03 indicate that investors are pricing the stock based on revenue and operational cash flow rather than current profitability, a common approach for companies in the growth phase of their lifecycle. Regarding price volatility, the stock has a 52-week high of $55.80 and a 52-week low of $13.12, meaning the current price sits at a specific point within this wide range that reflects the market's reassessment of the company's risk profile. The beta of 1.67 indicates that the stock price is significantly more volatile than the broader market, moving approximately 67% more than the market index in either direction, which is typical for smaller-cap technology companies in the semiconductor equipment sector.
Growth & Income
Revenue growth for the trailing twelve months was -4.2%, while earnings growth is N/A due to the current net loss position. The decline in revenue suggests a contraction in demand for semiconductor equipment or a loss of market share, and since earnings are negative, the concept of earnings growing faster or slower than revenue currently does not apply in a traditional sense. As a non-dividend payer with a dividend yield of N/A and a payout ratio of 0.0%, the company retains all of its earnings and cash flows to reinvest into growth initiatives rather than distributing income to shareholders. The overall growth and income profile is characterized by negative revenue momentum and a complete absence of dividend income, positioning the stock strictly as a speculative growth vehicle reliant on future operational turnaround rather than current cash distributions or earnings stability.