ICHOR HOLDINGS, LTD. (ICHR) FY2025 10-K Annual Report
ICHOR HOLDINGS, LTD. (ICHR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 20, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
ICHOR HOLDINGS, LTD. FY2025 10-K Analysis
Business Overview
- • Core business: design and manufacture critical fluid delivery subsystems and components for semiconductor capital equipment and other industries
- • No new products or segments explicitly introduced or emphasized in 2026 filing text
- • Strategic focus on early customer engagement and leveraging expanded product portfolio for semiconductor OEMs' design and development processes
- • Revenue grew to $947.7M in 2025 from $849.0M in 2024, with net GAAP loss widening to $(52.8)M in 2025
- • Noteworthy: maintained strong relationships with top semiconductor OEMs Lam Research, Applied Materials, and ASML as largest 2025 customers
Management Discussion & Analysis
- • Revenue $947.7M, up 11.6% YoY from $849.0M in 2024 driven by increased semiconductor capital equipment demand
- • Operating margin (4.1%) in 2025 vs (0.9%) in 2024; GAAP gross margin 9.3% vs 12.2%, non-GAAP operating margin steady at 2.2%
- • Best segment: Semiconductor capital equipment (over 90% of sales), with key customers Lam Research and Applied Materials accounting for 76% sales
- • Restructuring and exit costs approx. $35M in 2025; net loss $52.8M vs $20.8M; non-GAAP net income $7.9M vs $5.9M; R&D flat at $23.1M
- • Capital allocation and cash flow: paid down revolver in 2024; reduced interest expense 28.6% to $6.6M; no specific dividend or buyback info disclosed
- • Outlook: Management cautious on global trade risks, tariffs, and export controls; optimistic on long-term semiconductor demand growth despite near-term uncertainties
Risk Factors
- • Cybersecurity risk overseen by Audit Committee with quarterly reports on mitigation and incident response
- • Cybersecurity governance led by CIO with 25+ years of IT and security experience
- • IT Steering Committee manages ongoing cybersecurity strategy and risk management activities
ICHOR HOLDINGS, LTD. FY2025 Key Financial MetricsXBRL
Revenue
$948M
▲ +11.6% YoY
Net Income
-$53M
▼ -153.5% YoY
Gross Margin
9.3%
▼ -291bp YoY
Operating Margin
-4.1%
▼ -324bp YoY
Net Margin
-5.6%
▼ -312bp YoY
ROE
-8.0%
▼ -497bp YoY
Total Assets
$943M
▼ -5.3% YoY
EPS (Diluted)
$-1.54
▼ -140.6% YoY
Operating Cash Flow
$30M
▲ +7.2% YoY
Source: XBRL data from ICHOR HOLDINGS, LTD. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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