Ultra Clean Holdings, Inc. (UCTT) Stock Price & How to Invest
Short answer
UCTT is Ultra Clean Holdings, an outsourced maker of subsystems, modules, and precision components for the semiconductor capital equipment industry. It is a cyclical, high-customer-concentration supplier whose fortunes track wafer fab equipment (WFE) spending, and the stock has been a leveraged play on the 2026 AI-driven chip equipment upcycle.
UCTT stock price
As of 2026-07-08, Ultra Clean Holdings, Inc. (UCTT) last closed at $100.91, up 309.9% over the past year. Over the past 52 weeks it has traded between $21.63 and $142.59.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Ultra Clean Holdings, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Ultra Clean Holdings, Inc. (UCTT) do?
Ultra Clean Holdings (Nasdaq: UCTT) builds production tools, gas and chemical delivery systems, process modules, and other subsystems that go inside the machines its customers use to manufacture semiconductors. The business splits into a Products division (integrated outsourced subassemblies and high-precision manufacturing, the large majority of revenue) and a smaller Services division (tool chamber parts cleaning, coating, and micro-contamination analysis). Its customers are the big wafer fab equipment makers, and the company is a classic outsourced supplier, meaning its results rise and fall with how much its handful of large customers are spending.
The investment picture is that of a cyclical, capital-intensive, thin-margin supplier riding the 2026 upturn in equipment demand tied to AI (leading-edge foundry logic, high-bandwidth memory, and advanced packaging). Trailing revenue is roughly $2.1 billion with non-GAAP gross margins in the mid-teens, and the stock re-rated sharply in 2026 on optimism about rising WFE budgets. The counterweights are extreme customer concentration (the top few clients regularly exceed 70 percent of revenue), low structural margins, a full-year 2025 GAAP loss driven by a large goodwill impairment, and full exposure to the notoriously volatile semiconductor equipment cycle.
What's driving Ultra Clean Holdings, Inc. (UCTT)?
1. AI-driven WFE upcycle
Management has pointed to customers quoting roughly $140 billion to $145 billion of wafer fab equipment spending for 2026, implying about 18 to 20 percent growth over 2025, with early signals of 15 percent or more growth into 2027. As an outsourced supplier of subsystems, Ultra Clean is directly leveraged to that rising equipment spend across foundry, logic, and memory.
2. Leading-edge and advanced packaging demand
Demand is being pulled by leading-edge foundry logic, high-bandwidth memory, and advanced packaging, all tied to AI compute buildouts. Higher wafer starts and more complex process steps generally mean more subsystems, chambers, and consumable services per tool, which is the part of the value chain Ultra Clean addresses.
3. Services and operational execution
The smaller Services segment (parts cleaning, coating, analytics) provides a more recurring revenue stream than the lumpy Products business and can support margins through the cycle. A new chief operating officer joined in 2026 with a mandate around gross-margin improvement, on-time delivery, and scaling global manufacturing, which management frames as a lever on the company's structurally thin margins.
What are the risks to Ultra Clean Holdings, Inc. (UCTT)?
Customer concentration is the defining risk: the top few clients regularly account for over 70 percent of revenue, so losing share at, or a spending pullback from, a single large customer can swing results dramatically. Margins are structurally thin (non-GAAP gross margin in the mid-teens), leaving little cushion in a downturn, and full-year 2025 GAAP results included a large non-cash goodwill impairment that produced a net loss. The semiconductor equipment cycle is highly volatile, so a slowdown in WFE spending would hit revenue and earnings hard. The stock also rose very sharply in 2026, which raises the stakes if the equipment cycle disappoints, and the company carries the usual supply-chain, pricing-power, and geographic-exposure risks of an outsourced hardware supplier.
How is Ultra Clean Holdings, Inc. (UCTT) valued? (approximate, JULY 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Ultra Clean Holdings, Inc.'s investor relations page or your broker.
- Revenue (TTM): ~$2.1B
- FY2025 revenue: ~$2.05B
- Q1 2026 revenue: ~$533.7M
- FY2025 non-GAAP EPS: ~$1.05
- Market cap: ~$5.4B
- Non-GAAP gross margin: ~16%
Ultra Clean generated roughly $2.1 billion of revenue over the trailing twelve months at a mid-teens non-GAAP gross margin, and reported full-year 2025 non-GAAP EPS near $1.05 while posting a GAAP net loss driven largely by a non-cash goodwill impairment of about $151 million. The stock re-rated sharply higher in 2026 on the AI-equipment upcycle, pushing the market cap to roughly $5.4 billion, or a bit over 2.5 times trailing revenue, which is a rich multiple for a thin-margin, cyclical supplier. Because trailing GAAP earnings were negative, a conventional P/E is not meaningful, so investors tend to anchor valuation on forward WFE-driven earnings power.
Who competes with Ultra Clean Holdings, Inc. (UCTT)?
Direct subsystem and outsourced-manufacturing peers
Ichor Holdings is the closest direct competitor in gas and fluid delivery subsystems and outsourced subassemblies, with Ultra Clean holding a larger revenue base. Contract manufacturers such as Sanmina also compete for outsourced semiconductor subsystem work.
Broader semi-equipment component suppliers
MKS Instruments and Advanced Energy Industries supply instruments, power, and subsystems into the same wafer fab equipment ecosystem. They overlap with parts of Ultra Clean's addressable content, though several also sell components that Ultra Clean integrates.
Customers and the equipment OEMs
Ultra Clean's largest customers are the major wafer fab equipment makers (such as Lam Research and Applied Materials), which both drive its revenue and, where they choose to build subsystems in-house rather than outsource, represent a competitive and concentration risk.
How to invest in Ultra Clean Holdings, Inc. (UCTT)
There are three common ways to get UCTT 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 UCTT sits alongside other stocks that express the same thesis.
Walnut takes the basket route. Describe a thesis where UCTT 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.
The bottom line on Ultra Clean Holdings, Inc. (UCTT)
Ultra Clean is a thin-margin, cyclical picks-and-shovels supplier levered to WFE spending, so the story is about the equipment cycle and customer concentration, not a durable moat.
More on Ultra Clean Holdings, Inc. (UCTT)
Whether UCTT 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 UCTT a buy?, and where the stock could go from here in the UCTT stock forecast.
For income investors, whether UCTT pays a dividend and how the payout looks is covered in does UCTT pay a dividend?
Build a basket around UCTT with Walnut
Use Ultra Clean Holdings, Inc. as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What does Ultra Clean Holdings actually do?
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It designs and manufactures subsystems, modules, and components that go inside semiconductor manufacturing equipment, including gas and chemical delivery systems, process modules, and precision assemblies, plus a services arm that cleans, coats, and analyzes tool chamber parts.
What ticker and exchange is UCTT?
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UCTT trades on the Nasdaq. It is the ticker for Ultra Clean Holdings, Inc., a US-listed semiconductor capital equipment supplier.
Is UCTT profitable?
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It is profitable on a non-GAAP basis (full-year 2025 non-GAAP EPS was about $1.05), but reported a GAAP net loss for 2025 driven largely by a non-cash goodwill impairment of roughly $151 million. Margins are structurally thin, with non-GAAP gross margin in the mid-teens.
Why did UCTT stock move so much in 2026?
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The stock re-rated sharply higher in 2026 as investors priced in a strong wafer fab equipment upcycle tied to AI demand, with management citing roughly $140 billion to $145 billion of quoted 2026 WFE spending. As a leveraged outsourced supplier, its earnings expand quickly when equipment spending rises.
What is Ultra Clean's biggest risk?
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Customer concentration. The top few customers regularly account for over 70 percent of revenue, so a spending pullback or share loss at a single large client can swing results sharply. Thin margins and the volatile equipment cycle amplify that exposure.
Who are UCTT's main competitors?
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Its closest direct peer is Ichor Holdings in outsourced subsystems, and it also competes with or alongside MKS Instruments, Advanced Energy Industries, and contract manufacturers like Sanmina within the semiconductor equipment supply chain.
How is UCTT valued?
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As of mid-2026 the market cap was around $5.4 billion on roughly $2.1 billion of trailing revenue, a bit over 2.5 times sales. Because trailing GAAP earnings were negative, a standard P/E is not meaningful, so investors typically use forward, cycle-adjusted earnings to judge valuation.
How does UCTT fit into a thematic portfolio?
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UCTT is a picks-and-shovels, semiconductor capital equipment supplier, so it tends to appear in AI-infrastructure or chip-equipment themes as a high-beta way to express a view on rising wafer fab equipment spending. Walnut is not an investment adviser, and how it fits any portfolio depends on your own thesis and risk tolerance.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Ultra Clean Holdings, Inc.'s investor relations page or your broker before making investment decisions.