Ichor Holdings (ICHR) Stock Price & How to Invest

Ichor Holdings designs, engineers, and manufactures critical fluid delivery subsystems and components used in the tools that make semiconductors. Its core products are gas delivery subsystems (which deliver, monitor, and control the specialty gases used in etch and deposition) and chemical delivery subsystems (which blend and dispense the reactive liquids used in electroplating and cleaning). Ichor acts as a turnkey outsourcing partner to major original equipment manufacturers, letting them hand off non-critical elements of tool design, production, and support. The company is headquartered in Fremont, California, and was incorporated in 1999.

The investment picture is that of a lower-margin, high-revenue subsystem supplier tightly geared to the wafer fab equipment cycle. Revenue reached roughly $947.7 million in 2025, up about 12 percent from 2024, and the business returned to sequential growth in early 2026 alongside recovering fab spending and AI-driven chip demand. Gross margins run in the low-to-mid teens, so small volume swings move profitability sharply, and the company posted a GAAP net loss in 2025 while a strategy to internally source more proprietary components (gas panels, valves, weldments) aims to lift margins over time. The stock trades as a cyclical proxy for semiconductor capital spending rather than as a steady compounder.

Customer concentration is severe: Lam Research and Applied Materials together account for the large majority of revenue (roughly 87 percent by one industry estimate), so a pullback in orders from either would hit results hard. The business is deeply cyclical and tied to volatile fab equipment spending, and gross margins in the low teens leave little cushion when volumes fall. Ichor posted a GAAP net loss in 2025, and profitability swings sharply with utilization. Additional risks include supply chain and input cost pressure, geographic exposure to Asian semiconductor supply chains, potential export controls or trade restrictions, and competition from larger, better-capitalized subsystem suppliers.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Ichor Holdings's investor relations page or your broker.

• Revenue (2025): ~$948M
• Revenue (TTM): ~$960M
• Q1 2026 revenue: ~$256M
• Q1 2026 gross margin: ~12.6%
• Q2 2026 revenue guidance: ~$290-310M
• Market cap: ~$3.4B

As of May 2026 Ichor carried a market cap near $3.4 billion on roughly $960 million in trailing revenue, valuing it at close to 3.5 times sales despite thin gross margins. The company reported a non-GAAP profit in Q1 2026 (about $0.15 per share) but a GAAP loss, and 2025 as a whole was a GAAP net loss of about $52.8 million. Its valuation reflects expectations for a semiconductor upcycle and margin recovery rather than current earnings.

There are three common ways to get ICHR exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so ICHR sits alongside other stocks that express the same thesis.

Walnut takes the basket route. Describe a thesis where ICHR fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

ICHR is a cyclical semiconductor supply-chain outsourcer whose fortunes rise and fall with fab equipment spending and its concentrated OEM customer base.

Whether ICHR is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is ICHR a buy?, and where the stock could go from here in the ICHR stock forecast.

For income investors, whether ICHR pays a dividend and how the payout looks is covered in does ICHR pay a dividend?