Ichor (NASDAQ:ICHR – Get Free Report) released its quarterly earnings data on Monday. The technology company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03, FiscalAI reports. Ichor had a positive return on equity of 0.50% and a negative net margin of 3.97%.The company had revenue of $294.78 million during the quarter, compared to analysts’ expectations of $300.17 million. During the same period last year, the firm posted $0.03 earnings per share. The business’s revenue was up 22.7% on a year-over-year basis. Ichor updated its Q3 2026 guidance to 0.400-0.500 EPS.
Here are the key takeaways from Ichor’s conference call:
- Accelerating demand outlook: Management expects sequential revenue growth of more than 10% in both Q3 and Q4, with second-half revenue at least 25% above the first half and full-year 2026 growth of at least 30% versus 2025.
- Margin expansion is progressing: Q2 gross margin reached 14.1%, exceeding guidance, while management expects approximately 100 basis points of additional improvement in each of the next two quarters. The company also expressed increased confidence in a longer-term path toward 20% gross margins.
- Q3 guidance points to continued momentum: Revenue is forecast at $315 million to $345 million, representing 12% sequential growth at the midpoint, with non-GAAP EPS guided to $0.40-$0.50.
- Capacity and internal manufacturing are being expanded: Ichor said current capacity supports approximately $500 million in quarterly revenue and that targeted investments could raise annual capacity to roughly $3 billion. Proprietary content is expected to increase from about 25% currently to approximately 35% by the end of Q4, supporting margins and supply-chain flexibility.
- Growth is consuming cash and equity issuance diluted shareholders: Inventory investments contributed to operating cash flow of negative $15.9 million in Q2, with improvement not expected until the first half of 2027. The completed $200 million ATM offering also issued 2.48 million shares, increasing liquidity but adding dilution.
Ichor Stock Performance
Shares of NASDAQ:ICHR traded down $2.66 on Wednesday, reaching $68.61. 538,202 shares of the company’s stock were exchanged, compared to its average volume of 1,056,800. Ichor has a twelve month low of $13.77 and a twelve month high of $113.58. The company has a fifty day moving average of $85.68 and a 200-day moving average of $63.21. The company has a market capitalization of $2.39 billion, a price-to-earnings ratio of -46.36 and a beta of 1.82. The company has a current ratio of 2.82, a quick ratio of 1.21 and a debt-to-equity ratio of 0.17.
Key Ichor News
- Positive Sentiment: Ichor reported second-quarter adjusted EPS of $0.34, ahead of the $0.31 consensus estimate, as improved margins helped offset weaker-than-expected revenue. Sales rose approximately 23% year over year to $294.8 million. ICHR Q2 Earnings Beat Estimates on Margin Gains, Revenues Rise Y/Y
- Positive Sentiment: Management issued above-consensus third-quarter guidance of $315 million to $345 million in revenue and $0.40 to $0.50 in EPS. The company expects second-half volumes to be at least 25% higher than the first half as supply constraints ease and semiconductor-related demand strengthens. Ichor anticipates Q3 revenue of $315M-$345M
- Positive Sentiment: Needham raised its price target from $72 to $88 and retained a “buy” rating, citing the company’s improving growth outlook. Needham raises Ichor price target
- Neutral Sentiment: Analyst views were mixed: Oppenheimer raised its target from $60 to $80 but maintained a “market perform” rating, while B. Riley cut its target from $125 to $105 but kept a “buy” rating. Benzinga analyst updates
- Negative Sentiment: Second-quarter revenue of $294.8 million missed the roughly $300.2 million consensus estimate. The miss appears to be outweighing the adjusted EPS beat in the near term, particularly as investors assess the timing of the expected second-half recovery. Ichor Holdings falls on Q2 revenue miss
Insider Buying and Selling
In other Ichor news, CEO Philip Ryan Sr. Barros sold 13,705 shares of Ichor stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $70.19, for a total value of $961,953.95. Following the completion of the transaction, the chief executive officer directly owned 165,078 shares of the company’s stock, valued at $11,586,824.82. The trade was a 7.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Marc Haugen sold 5,337 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $75.63, for a total value of $403,637.31. Following the sale, the director directly owned 10,825 shares in the company, valued at approximately $818,694.75. This trade represents a 33.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 79,447 shares of company stock valued at $5,678,621 in the last quarter. Corporate insiders own 1.70% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Invesco Ltd. grew its stake in Ichor by 141.2% during the fourth quarter. Invesco Ltd. now owns 3,023,882 shares of the technology company’s stock worth $55,730,000 after buying an additional 1,770,425 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Ichor by 1,710.7% during the 3rd quarter. Millennium Management LLC now owns 855,011 shares of the technology company’s stock worth $14,980,000 after acquiring an additional 807,792 shares during the period. J. Goldman & Co LP acquired a new stake in shares of Ichor during the 4th quarter worth approximately $6,663,000. Heartland Advisors Inc. acquired a new stake in shares of Ichor during the 4th quarter worth approximately $5,529,000. Finally, Ameriprise Financial Inc. increased its stake in Ichor by 231.3% in the second quarter. Ameriprise Financial Inc. now owns 393,371 shares of the technology company’s stock valued at $7,726,000 after acquiring an additional 274,633 shares during the last quarter. Institutional investors and hedge funds own 94.81% of the company’s stock.
Analyst Upgrades and Downgrades
ICHR has been the subject of a number of research reports. B. Riley Financial cut their target price on shares of Ichor from $125.00 to $105.00 and set a “buy” rating for the company in a research note on Tuesday. Zacks Research downgraded shares of Ichor from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 21st. TD Cowen decreased their target price on Ichor from $115.00 to $100.00 and set a “buy” rating on the stock in a research report on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Ichor in a report on Wednesday, June 24th. Finally, Stifel Nicolaus upped their price objective on Ichor from $76.00 to $115.00 and gave the company a “buy” rating in a report on Friday, July 10th. Six analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $82.43.
Read Our Latest Stock Report on Ichor
Ichor Company Profile
Ichor Holdings Ltd. is a global supplier of critical subsystems used in the fabrication of semiconductor devices. The company specializes in the design, engineering and manufacturing of gas delivery systems, vacuum pumps and abatement solutions that manage process gases and by-products in wafer-processing tools. Its modular subsystems are designed to integrate with lithography, etch, deposition and cleaning equipment, helping to ensure precise control of gas flow, pressure and purity throughout the chip-manufacturing cycle.
Founded in the mid-1980s and headquartered in Fremont, California, Ichor has expanded its footprint across Asia, Europe and North America.
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