Short answer
Ultra Clean Holdings, Inc. (UCTT) filed its fiscal 2025 10-K annual report with the SEC on Feb 23, 2026. It reported revenue of $2.1B (−2.1% year over year) and net income of −$181M.
- Top risk flagged: Export control risk under U.S. Department of Commerce regulations, impacting Asia Pacific and EMEA operations with potential fines, penalties, and export bans
FY2025 key financial metrics · XBRL
- Revenue
- $2.1B
- −2.1% YoY
- Net income
- −$181M
- −864.6% YoY
- Operating margin
- -5.2%
- −9.6 pp YoY
- Gross margin
- 15.7%
- −1.3 pp YoY
- EPS (diluted)
- −$4.00
- −869.2% YoY
- ROE
- -25.5%
- −28.2 pp YoY
- Operating cash flow
- $66M
- +0.9% YoY
Source: XBRL data from the Ultra Clean Holdings, Inc. (UCTT) FY2025 10-K on SEC EDGAR. USD.
Ultra Clean Holdings, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business not described; filing mainly includes governance, ethics, and compliance disclosures
- No new products, services, or business segments introduced or emphasized this year
- Strategic positioning unchanged; focus on compliance with insider trading, code of ethics, and stock incentive plans
- Equity compensation plan details: 1.6 million securities exercisable, 0.5 million available for issuance under plans
- Most notable filing-specific fact: multiple amendments to credit agreement with Barclays Bank from 2018 through October 2024
Management Discussion & Analysis
- Revenue $2,054.0M, down 2.1% YoY; Products $1,799.3M down $54.4M, Services $254.7M up $10.8M
- Operating margin (5.2%) vs 4.3% in prior year; Products margin (2.6%) vs 4.3%, Services margin (24.0%) vs 4.8%
- Best segment: Products revenue $1,799.3M with 14.0% gross margin; Worst: Services operating loss $61.2M with -24.0% margin
- Operating cash flow $65.6M; capex $50.3M; share repurchases increased by $3.4M; dividends not disclosed
- Management notes goodwill impairment of $151.1M as key risk; expects sufficient liquidity for 12+ months; Pillar Two tax changes may impact FY 2026 results
Risk Factors
- Export control risk under U.S. Department of Commerce regulations, impacting Asia Pacific and EMEA operations with potential fines, penalties, and export bans
- Geopolitical exposure to ongoing 2023 Israel-Hamas conflict affecting Asia and EMEA regional stability risks
- Single-source and sole-source supplier dependency, including customer-designated suppliers and ransomware attack on a key supplier disrupting component supply
- Market disruption from OEMs internalizing manufacturing and competing cleaning/coating services, risking loss of business and design wins
- Revenue concentration with top 2 customers accounting for ~57% of sales in fiscal 2025, exposing company to significant customer order volatility
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