Ichor Holdings

The grade, in three tenses

Headline 4.2 out of ten, 9 of 9 metrics filed: past 5.5 out of ten, present 4.0 out of ten, future 3.1 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2017. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 5.7 out of ten. +9.9% a year over 10 filed years; profitable in 7 of 10. 57th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 2.2 out of ten. Share count grew 5.7% a year. 0% of cash flow returned. Insiders: 28 sales, 2 purchases. 22nd percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 3.4 out of ten. ROE -8%: lost 8¢ per shareholder dollar. Leverage 30%: owes 30¢ per asset dollar. 34th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 4.0 out of ten. bottom 40% of 97 in its family; net margin -5.6%. 40th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 5.3 out of ten. top 47% of 66 in its family for leadership; chief executive since 2025. 53rd percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 2.0 out of ten. bottom 20% of 94 in its family for room to expand. 20th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 4.2 out of ten. bottom 42% of 93 in its family for growth drivers. 42nd percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 3.7 out of ten. bottom 37% of 88 in its family for expectations against reality. 37th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-02-20 for the period ended 2025-12-26 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-04 for the period ended 2026-06-26 (on EDGAR). Newest results release: Form 8-K filed 2026-08-03 (on EDGAR). Newest filing: Form 4, 2026-10-05. Filings on record since 2015. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-02-20.

The people

Philip Barros became chief executive in 2025. The career the proxy statement sets out runs from Applied Materials, where he held various management positions from 1999 to 2004, through Ichor itself: director of systems engineering from 2004, vice president of engineering from 2008, senior vice president of engineering from 2010, chief technology officer from 2015, and chief executive since 2025. He studied mechanical engineering at San Jose State University. The board keeps the chairman's job separate from his, on the reasoning that it lets him concentrate on managing the company, its day to day operations and its outside stakeholders. [1, 2]

The promotion followed a resignation. Jeff Andreson had been chief executive and a director from January 2020 to November 2025, and before that president from April 2019 and chief financial officer from December 2017; after resigning he stays on as a strategic advisor through August 31, 2026. Christopher Smith resigned as chief commercial officer in the same year, having held the job from January 2022 to September 2025, and remained as a strategic advisor through February 27, 2026. On the insider record this site holds, Andreson's last filing came in 2025. [3, 4, 5]

Greg Swyt has been chief financial officer since August 2023, after serving as chief accounting officer from January 2022 and nearly 25 years in finance roles across semiconductor capital equipment and electronics. Bruce Ragsdale has been chief operating officer since December 2022, and came by way of Intel, of ASM International, where he ran worldwide operations from 2015 until 2022, and of more than 20 years at Applied Materials. The board had nine members when the proxy statement was written and put seven of them up for re-election: Thomas Rohrs was not renominated because of a board age limit of 75, and Marc Haugen chose not to stand again. [6, 7, 8, 9]

At the end of 2025 the company employed about 1,891 full-time people and 557 contingent or temporary workers worldwide, a large share of them in manufacturing, engineering and technical work. It describes that workforce as balanced between Singapore, Malaysia and North America. On the insider record this site holds, eleven of the twenty-one people who have ever filed a report have filed one in the last fifteen months. [10, 11, 5]

How it operates

Ichor designs, engineers and makes the fluid delivery subsystems that sit inside the machines used to manufacture chips. Its gas delivery subsystems meter and control the specialized gases used in the dry steps, etching and deposition; its chemical delivery subsystems blend and dispense the reactive liquids used in the wet steps, chemical-mechanical planarization, electroplating and cleaning. Around those it sells welded assemblies, diaphragm valves, precision-machined components and an advanced flow controller of its own patented design, which replaces the mass flow controller in a conventional gas panel and switches on and off in less than 100ms while metering down to 0.01 sccm. The case the filing makes for the work is blunt: any malfunction or material degradation in fluid delivery reduces yields and raises the chance of manufacturing defects. [12, 13, 14, 15, 16, 17, 18]

It sells straight to the equipment makers, and to very few of them. The filing says five companies account for over 70% of all semiconductor wafer fabrication equipment revenues, and that in 2025 two customers each above a tenth of sales, Lam Research and Applied Materials, made up a combined 76% of the total. ASML, named alongside them as a top tier customer, did not reach a tenth of sales in 2025 or 2024. No long-term contract obliges anyone to order; the business runs on purchase orders, though Lam Research and Applied Materials have both bought for over 20 years. Aerospace and defense work, the one deliberate step outside chips, is still under a tenth of sales, and over 90% of 2025 sales came from semiconductor capital equipment. [19, 20, 21, 22, 23, 24, 25, 26]

Where the goods go is not where they are used. The company's table of sales by place is drawn on where products were shipped, and on that basis Singapore took 431.5 million dollars, 45.5% of 2025 sales; the United States 295.0 million, 31.1%; Other Countries 123.1 million, 13.0%; and Europe 98.0 million, 10.3%. Foreign operations run through subsidiaries in Singapore, Malaysia and Mexico, and the filing names North America, Asia and, to a lesser degree, Europe as its principal markets. The whole business reports as a single operating segment, with the chief executive as the officer who reviews it. [27, 28, 29, 30]

It makes these things itself, in leased plants placed close to its customers. At the end of 2025 the principal manufacturing and administrative sites came to about 1,038,600 square feet, every one of them leased: Malaysia the largest at 271,500 square feet, then California at 262,200, Oregon at 150,700, Minnesota at 133,300, Singapore at 97,700, Mexico at 62,900, Texas at 47,800 and Nevada at 12,500. Clean rooms in Singapore, Oregon and Texas meet the Class 100 and Class 10,000 standards for particle counts; the quality system is AS9100 certified, and the plants in Minnesota and California comply with the International Traffic in Arms Regulations, the American rules on defense-related work. [31, 32, 33, 34, 35]

Parts come from many sources, single source and sole source suppliers among them, held on consigned and just-in-time stocking programs so that inventory stays light and the line can follow a change in the order. A gas delivery system can be built, with its performance measured, in as little as 20 to 30 days from the order. The model needs little capital for its size: 36.2 million dollars of capital spending in 2025, 3.8% of sales, against 17.6 million and 2.1% the year before. [36, 37, 38, 39]

The specifics

The company was first incorporated as Celerity, Inc. in 1999; Ichor Holdings, Ltd., an exempt limited company in the Cayman Islands, was formed in March 2012, and the ordinary shares were first sold to the public in December 2016. It has filed with the SEC since 2015. It bought IMG Companies, LLC under a merger agreement dated November 11, 2021, which brought the precision machining business. The holding structure still spans the Cayman Islands, the Netherlands, Singapore and Scotland, and Singapore matters for more than manufacturing: a tax holiday there, worth about 3.4 million dollars against the Singapore statutory rate in 2025, expires in 2026. The books run on a 52 or 53 week year ending on the last Friday in December. [40, 41, 42, 43, 44, 45]

Its protection is partly patents and partly position. As of the end of 2025 it held 103 granted patents and had 105 applications pending, 44 and 32 of them filed in the United States, with grants expiring between 2027 and 2043; the filing says plainly that the business does not depend on any single patent or group of related patents. Intellectual property it develops for a customer is generally owned by that customer. The stronger lock is the design cycle: by joining a customer's development early, it can be the sole source supplier when a product is first introduced, and a new supplier has to be qualified on engineering, documentation, manufacturing and quality procedures before it can take that place. [46, 47, 48, 49, 50]

In the concentrated part of its market, fluid delivery subsystems, the filing names one rival, Ultra Clean Technology, with other suppliers behind it; in chemical delivery, weldments and precision machining, where the trades are fragmented, it faces numerous smaller suppliers. It also competes with its own customers' internal manufacturing groups, since the outsourcing that created the business could be reversed. The equipment makers typically own the design rights to their products. And the filing is candid about who holds the whip: customers exert significant negotiating leverage and often require price reductions as a condition of buying, which it says have reduced gross margins in order to keep or expand market share. [51, 52, 53, 54, 55]

Trade rules reach into both ends of the business. The Bureau of Industry and Security has issued rules restricting exports of advanced computing and semiconductor manufacturing items for use in certain manufacturing in China, which the filing says have already affected its sales and operations. Its Mexican operations rely on exemptions under the United States-Mexico-Canada Agreement, whose scheduled joint review falls in July 2026. Two of its plants are held to the International Traffic in Arms Regulations for defense work. Against all that, the company says it is not a party to any material litigation or regulatory proceeding and knows of none threatened. [56, 57, 35, 58]

What drives growth, line by line

Sales rose and the profit on them fell. Revenue grew 11.6% in 2025 to 947.7 million dollars, which the filing puts down to increased customer demand as spending in the semiconductor capital equipment industry picked up. Gross margin went the other way, to 9.3% from 12.2%, on restructuring, country exit and reduction-in-force costs, higher supplies, tooling, employee and occupancy costs and an unfavourable sales mix, partly offset by lower excess and obsolete inventory expense. Operating margin was negative 4.1% against negative 0.9%, and the net loss widened to 52.8 million dollars from 20.8 million. Behind that sits the Consolidation Restructuring Plan the board approved in the third quarter of 2025 and widened in the fourth: closing the plants in Scotland and Korea, moving machining assets to larger sites, and about 35 million dollars of restructuring, exit, severance and impairment charges in the year. [59, 60, 61, 62, 63, 64, 65]

Singapore. The largest line and the fastest growing: 431.5 million dollars, 45.5% of 2025 sales, up 22.2% from 353.2 million. The table counts where products were shipped, so this is the address the racks and panels went to, not where the chips they help make are sold. The company runs its own Singapore plant, 97,700 square feet of it, with clean rooms, and its Singapore earnings carry a tax holiday that expires in 2026. [27, 28, 33, 34, 44]

United States. 295.0 million dollars, 31.1% of sales, up 9.7% from 268.9 million. Most of the floor space sits here: California, Oregon, Minnesota, Texas and Nevada together outweigh every foreign site, and the plants in Minnesota and California are the ones held to the International Traffic in Arms Regulations, which is where the aerospace and defense work is done. [27, 33, 35, 66]

Other Countries. 123.1 million dollars, 13.0% of sales, down 3.9% from 128.0 million, the second of the two lines that shrank. The filing gives no breakdown beneath it; foreign operations run through the subsidiaries in Singapore, Malaysia and Mexico, and the principal markets named are North America, Asia and, to a lesser degree, Europe. [27, 29]

Europe. 98.0 million dollars, 10.3% of sales, down 0.8% from 98.9 million, the flattest line on the table. It is also the region the restructuring cut into: the plan closed the Scottish facility, though the holding structure still includes an entity organized in Scotland. [27, 64, 43]

Two names carry the whole thing. The customers at or above a tenth of sales made up 76% of net sales in 2025, 73% in 2024 and 82% in 2023; in 2025 Applied Materials was the larger of the two, having been the smaller the year before, and ASML, a ten percent customer in 2023, has not been one since. The concentration shows on the balance sheet as well: at the end of 2025 three customers, each a tenth or more of the balance, made up about 66% of accounts receivable, against four customers and 77% a year earlier. [67, 68, 22, 69]

What comes next, in the company's own words: it expects the Consolidation Restructuring Plan to be substantially complete by the end of 2026, with roughly 0.9 million dollars more of lease asset impairment and 2.4 million dollars more of other costs still to come, and warns it may incur more if the scope changes. It says it remains confident in its belief that long-term demand for semiconductors, semiconductor capital equipment and its own products will continue to grow, and it names aerospace and defense, where it says its market share is low, as the place it is pushing for growth outside chips. [70, 71, 72, 73, 66]

What the desk infers (inferred, not filed)

• The Singapore line, the biggest entry in the sales table, mostly records tool building by Applied Materials and Lam Research in Asia rather than demand from buyers based in Singapore. Because: The table is drawn on the location to which the products were shipped, not where they are used. [28] Two customers, Lam Research and Applied Materials, made up 76% of 2025 sales, so almost every shipment goes to one of them. [20] The company deliberately places its plants near its customers' own factories, and its foreign operations run through subsidiaries in Singapore, Malaysia and Mexico. [31, 29] Its own Singapore site runs to 97,700 square feet with clean rooms in it, the kind of capacity built to feed a customer next door. [33, 34] Confidence 75 of 100. Wrong if: A disclosure naming a customer headquartered in Singapore at a tenth or more of sales, or a breakdown showing the Singapore line is shipped to buyers other than the two largest customers.
• Price, not volume, sets this company's gross margin: the two customers that take three quarters of its sales also set the terms, which is why a year of growing sales produced a shrinking gross profit. Because: Sales grew 11.6% in 2025 while gross profit fell 15.1% and gross margin fell 290 bps, to 9.3% from 12.2%. [60, 74] Even with the restructuring costs taken out, the company's own non-GAAP gross margin slipped to 12.2% from 12.7%, so the squeeze is not only the plan. [62] The filing says customers often require price reductions as a condition of purchasing, which have resulted in reduced gross margins in order to keep or expand market share. [55, 54] No long-term contract fixes quantities, so terms are settled order by order. [23] Confidence 70 of 100. Wrong if: A year in which sales to Lam Research and Applied Materials grow and non-GAAP gross margin widens, with the filing crediting price rather than mix or cost.
• The footprint plan is a move of manufacturing toward the low-cost sites, Malaysia above all, which is already the company's largest plant by floor space. Because: The plan closed the facilities in Scotland and Korea and began transitioning manufacturing activities and relocating machining assets to expanded high-volume facilities. [64] Malaysia is the largest site on the list at 271,500 square feet, ahead of California at 262,200, and Mexico carries 62,900. [33] The company describes cost-effective locations near its customers and a workforce balanced between Singapore, Malaysia and North America. [31, 11] Capital spending rose to 36.2 million dollars in 2025, 3.8% of sales, from 17.6 million, the kind of step that pays for fitting out receiving plants. [39] Confidence 60 of 100. Wrong if: A later filing showing the transferred machining work landed at sites in the United States, or a plan update naming receiving plants other than Malaysia and Mexico.

Sources

1. Ichor Holdings, Form DEF 14A filed 2026-04-01: “Ichor Holdings, Ltd. ICHR 2025 - Current CEO 2015 - 2025 CTO 2010 - 2015 SVP Engineering 2008 - 2010 VP Engineering 2004 - 2009 Director Systems Engineering Applied Materials, Inc. AMAT 1999 - 2004 various management positions Stanford University Executive Leadership Program San Jose State University B.S. Mechanical Engineering”
2. Ichor Holdings, Form DEF 14A filed 2026-04-01: “The Board continues to believe that separating the roles of Chairman and Chief Executive Officer is the most effective leadership structure because it allows Mr. Barros to focus on the management of the Company, day-to-day operations and engaging with external stakeholders.”
3. Ichor Holdings, Form DEF 14A filed 2026-04-01: “Jeff Andreson, 65, after resigning as the Chief Executive Officer and Director, Mr. Andreson remains with Ichor as a Strategic Advisor through August 31, 2026. Mr. Andreson has served as Chief Executive Officer and Director of Ichor from January 2020 to November 2025, and prior to that time, served as President of Ichor from April 2019 to January 2020 and as Chief Financial Officer from December 2017 to April 2019.”
4. Ichor Holdings, Form DEF 14A filed 2026-04-01: “Christopher Smith, 66, after resigning as the Chief Commercial Officer, Mr. Smith remained with Ichor as a Strategic Advisor through February 27, 2026. Mr. Smith has served as Chief Commercial Officer of Ichor from January 2022 to September 2025.”
5. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
6. Ichor Holdings, Form DEF 14A filed 2026-04-01: “Greg Swyt, 65, has served as Chief Financial Officer of Ichor since August 2023. Prior to this role, Mr. Swyt served as Chief Accounting Officer beginning in January 2022, after nearly 25 years of financial leadership roles in the semiconductor capital equipment and global electronics technology industries.”
7. Ichor Holdings, Form DEF 14A filed 2026-04-01: “Bruce Ragsdale, 55, has served as Chief Operating Officer of Ichor since December 2022. Prior to joining Ichor, he served as vice president, supply chain sourcing at Intel Corporation. He previously served as senior vice president, global operations and supply chain at ASM International, where from 2015 until 2022 he was responsible for all aspects of worldwide operations, including engineering, manufacturing, supply chain and logistics. Prior to ASM International, Mr. Ragsdale spent over 20 years at Applied Materials”
8. Ichor Holdings, Form DEF 14A filed 2026-04-01: “Our business and affairs are managed under the direction of our Board, which is currently comprised of nine members.”
9. Ichor Holdings, Form DEF 14A filed 2026-04-01: “The Board did not re-nominate Thomas Rohrs, due to our Board’s age limit of 75, and Marc Haugen has elected to not stand for reelection, and as such, their terms will expire as of the Annual Meeting.”
10. Ichor Holdings, Form 10-K filed 2026-02-20: “we employed approximately 1,891 full‑time employees and 557 contingent/temporary employees worldwide. A significant portion of our workforce supports manufacturing, engineering, and technical operations.”
11. Ichor Holdings, Form 10-K filed 2026-02-20: “We operate with a global workforce strategically balanced between Singapore, Malaysia, and North America.”
12. Ichor Holdings, Form 10-K filed 2026-02-20: “We are a leader in the design, engineering and manufacturing of critical fluid delivery subsystems and components primarily for semiconductor capital equipment, as well as other industries such as defense/aerospace and medical.”
13. Ichor Holdings, Form 10-K filed 2026-02-20: “Our gas delivery subsystems deliver, monitor and control precise quantities of the specialized gases used in semiconductor manufacturing processes such as etch and deposition. Our chemical delivery subsystems precisely blend and dispense the reactive liquid chemistries used in semiconductor manufacturing processes such as chemical-mechanical planarization, electroplating, and cleaning.”
14. Ichor Holdings, Form 10-K filed 2026-02-20: “We also provide precision-machined components, weldments, e-beam and laser welded components, precision vacuum and hydrogen brazing, surface treatment technologies, and other proprietary products.”
15. Ichor Holdings, Form 10-K filed 2026-02-20: “Ichor manufactures a full line of diaphragm valves, including conventional and modular diaphragm valves, modular metering valves, and check valves that are engineered to meet or exceed all industry standards in performance and purity.”
16. Ichor Holdings, Form 10-K filed 2026-02-20: “Our advanced flow controller ("AFC") is our patented state-of-the-art mass flow technology manufactured to replace the mass flow controllers ("MFC") in traditional fluid delivery subsystems.”
17. Ichor Holdings, Form 10-K filed 2026-02-20: “Our AFC has the fastest on/off response, at less than 100ms, with no bursting and is insensitive to inlet/outlet pressure. It also provides the lowest flow, down to 0.01 sccm, for high-precision applications.”
18. Ichor Holdings, Form 10-K filed 2026-02-20: “Fluid delivery subsystems ensure accurate measurement and uniform delivery of specialty gases and chemicals at critical steps in the semiconductor manufacturing processes. Any malfunction or material degradation in fluid delivery reduces yields and increases the likelihood of manufacturing defects in these processes.”
19. Ichor Holdings, Form 10-K filed 2026-02-20: “We are dependent upon a small number of customers, as the semiconductor equipment manufacturer market is highly concentrated with five companies accounting for over 70% of all semiconductor wafer fabrication equipment revenues.”
20. Ichor Holdings, Form 10-K filed 2026-02-20: “For 2025, two customers with individual sales over 10%, Lam Research and Applied Materials, accounted for a combined 76% of total sales.”
21. Ichor Holdings, Form 10-K filed 2026-02-20: “We have long standing relationships with top tier OEM customers, including Lam Research, Applied Materials, and ASML which were our largest customers by sales in 2025.”
22. Ichor Holdings, Form 10-K filed 2026-02-20: “ASML did not represent 10% or more of sales in 2025 and 2024.”
23. Ichor Holdings, Form 10-K filed 2026-02-20: “We do not have long-term contracts that require customers to place orders with us in fixed or minimum volumes, and we generally operate on a purchase order basis with customers.”
24. Ichor Holdings, Form 10-K filed 2026-02-20: “Lam Research and Applied Materials have been our customers for over 20 years.”
25. Ichor Holdings, Form 10-K filed 2026-02-20: “Currently, revenue from the aerospace and defense industry represent less than 10% of our total sales.”
26. Ichor Holdings, Form 10-K filed 2026-02-20: “In 2025, we derived over 90% of our sales from the semiconductor capital equipment industry.”
27. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
28. Ichor Holdings, Form 10-K filed 2026-02-20: “The following table sets forth sales by geographic area, which represents sales to unaffiliated customers based upon the location to which the products were shipped”
29. Ichor Holdings, Form 10-K filed 2026-02-20: “Foreign operations are conducted primarily through our wholly owned subsidiaries in Singapore and Malaysia, and Mexico. Our principal markets include North America, Asia, and to a lesser degree, Europe.”
30. Ichor Holdings, Form 10-K filed 2026-02-20: “We operate as a single business operating segment, which includes all activities related to the design, engineering, and manufacturing of critical fluid delivery subsystems and components for semiconductor capital equipment.”
31. Ichor Holdings, Form 10-K filed 2026-02-20: “We have developed a highly flexible manufacturing model with cost-effective locations situated nearby the manufacturing facilities of our largest customers. We have facilities in the United States, Singapore, Malaysia, and Mexico.”
32. Ichor Holdings, Form 10-K filed 2026-02-20: “our principal manufacturing and administrative facilities, including our executive offices, are comprised of approximately 1,038,600 square feet. All of our facilities are leased, which allows for flexibility as business conditions and geographic demand change.”
33. Ichor Holdings, Form 10-K filed 2026-02-20: “Malaysia 271,500 California 262,200 Oregon 150,700 Minnesota 133,300 Singapore 97,700 Mexico 62,900 Texas 47,800 Nevada 12,500”
34. Ichor Holdings, Form 10-K filed 2026-02-20: “We operate clean rooms at our facilities in Singapore, Oregon, and Texas that meet Class 100 and Class 10,000 standards for customer-specified testing, assembly, and integration of high-purity gas and chemical delivery systems.”
35. Ichor Holdings, Form 10-K filed 2026-02-20: “Our quality management system is AS9100 certified and we operate International Traffic in Arms Regulations ("ITAR") compliant facilities in Minnesota and California.”
36. Ichor Holdings, Form 10-K filed 2026-02-20: “We obtain components and materials from a large number of sources, including single source and sole source suppliers.”
37. Ichor Holdings, Form 10-K filed 2026-02-20: “We use supplier-consigned material and just-in-time stocking programs for a portion of our inventories to effectively manage our component inventories and better respond to changing customer requirements. These approaches are designed to reduce our inventory levels and maintain flexibility in responding to changes in product demand.”
38. Ichor Holdings, Form 10-K filed 2026-02-20: “it can take as little as 20 to 30 days for us to manufacture a gas delivery system with fully evaluated performance metrics after receiving an order.”
39. Ichor Holdings, Form 10-K filed 2026-02-20: “In 2025, 2024, and 2023, our total capital expenditures were $36.2 million, $17.6 million, and $15.5 million, respectively, representing 3.8%, 2.1%, and 1.9%, of sales, respectively.”
40. Ichor Holdings, Form 10-K filed 2026-02-20: “We were originally incorporated as Celerity, Inc. (“Celerity”) in 1999. Ichor Holdings, Ltd., an exempt limited company incorporated in the Cayman Islands, was formed in March 2012. We completed the initial public offering of our ordinary shares in December 2016.”
41. The record on this page: the filing record (the EDGAR submissions feed)
42. Ichor Holdings, Form 10-K filed 2026-02-20: “Agreement and Plan of Merger, dated November 11, 2021, by and among Ichor Systems, Inc., Incline Merger Sub, LLC, IMG Companies, LLC, and Brian J. Miller”
43. Ichor Holdings, Form 10-K filed 2026-02-20: “We have significant operations in the U.S. and our holding company structure includes entities organized in the Cayman Islands, Netherlands, Singapore and Scotland.”
44. Ichor Holdings, Form 10-K filed 2026-02-20: “offset by the benefit of our tax holiday in Singapore, which expires in 2026. In 2025, the tax benefit resulting from our Singapore tax holiday, compared to the Singapore statutory tax rate, was approximately $3.4 million.”
45. Ichor Holdings, Form 10-K filed 2026-02-20: “We use a 52- or 53-week fiscal year ending on the last Friday in December.”
46. Ichor Holdings, Form 10-K filed 2026-02-20: “As of December 26, 2025, we had 103 granted patents and 105 pending patent applications, of which 44 and 32, respectively, were filed in the U.S. The expiration dates of our granted patents range from 2027 to 2043.”
47. Ichor Holdings, Form 10-K filed 2026-02-20: “While we consider our patents to be valuable assets, we do not believe the success of our business or our overall operations are dependent upon any single patent or group of related patents.”
48. Ichor Holdings, Form 10-K filed 2026-02-20: “Intellectual property developed on behalf of our customers is generally owned exclusively by those customers.”
49. Ichor Holdings, Form 10-K filed 2026-02-20: “In many cases, our early engagement with our customers enables us to be the sole source supplier when the product is initially introduced.”
50. Ichor Holdings, Form 10-K filed 2026-02-20: “onboarding a new customer is a time-consuming process as our customers generally require that they qualify our engineering, documentation, manufacturing and quality control procedures.”
51. Ichor Holdings, Form 10-K filed 2026-02-20: “The fluid delivery subsystem market is concentrated, and we face competition from Ultra Clean Technology, with additional competition from other suppliers. The chemical delivery subsystem, weldment, and precision machining industries are fragmented, and we face competition from numerous smaller suppliers.”
52. Ichor Holdings, Form 10-K filed 2026-02-20: “When we compete for new business, we face competition from other suppliers of gas or chemical delivery subsystems, and in some cases with the internal manufacturing groups of OEMs. While many OEMs have outsourced the design and manufacturing of their gas and chemical delivery systems, we would face additional competition if in the future these OEMs elected to develop and build these systems internally.”
53. Ichor Holdings, Form 10-K filed 2026-02-20: “OEMs also typically own the design rights to their products.”
54. Ichor Holdings, Form 10-K filed 2026-02-20: “Our customers exert a significant amount of negotiating leverage over us, which requires us to accept lower prices and gross margins or take on increased liability risk in order to retain or expand our market share with them.”
55. Ichor Holdings, Form 10-K filed 2026-02-20: “Our customers often require price reductions and quality or delivery commitments as conditions to their purchasing from us, which have, among other things, resulted in reduced gross margins in order for us to maintain or expand our market share.”
56. Ichor Holdings, Form 10-K filed 2026-02-20: “the Bureau of Industry and Security (“BIS") has issued multiple rules in the last several years (the "BIS Rules") that restrict the export of advanced computing and semiconductor manufacturing items when provided for use in certain semiconductor manufacturing activities in China, which have impacted and may continue to impact our sales and operations.”
57. Ichor Holdings, Form 10-K filed 2026-02-20: “Additionally, our operations in Mexico currently benefit from exemptions under the U.S.-Mexico-Canada Agreement; however, we cannot provide any assurance that these exclusions and exemptions will remain in place indefinitely, particularly as the USMCA undergoes its scheduled joint review in July 2026.”
58. Ichor Holdings, Form 10-K filed 2026-02-20: “We are presently not a party to any material litigation or regulatory proceeding and are not aware of any pending or threatened litigation or regulatory proceeding against us which, individually or in the aggregate, could have a material adverse effect on our business, financial condition, or results of operations.”
59. The record on this page: the filed annual figures (EDGAR's company facts)
60. Ichor Holdings, Form 10-K filed 2026-02-20: “During fiscal year 2025, our revenue grew 11.6% to $947.7 million, driven by sustained demand from our primary customers, including Lam Research and Applied Materials.”
61. Ichor Holdings, Form 10-K filed 2026-02-20: “The increase in net sales from 2024 to 2025 was primarily due to increased customer demand stemming from increased spending within the semiconductor capital equipment industry.”
62. Ichor Holdings, Form 10-K filed 2026-02-20: “Net sales $ 947,652 $ 849,040 Gross margin 9.3 % 12.2 % Gross margin, non-GAAP 12.2 % 12.7 % Operating margin (4.1) % (0.9) % Operating margin, non-GAAP 2.2 % 2.2 % Net loss $ (52,781) $ (20,820) Net income, non-GAAP $ 7,915 $ 5,888”
63. Ichor Holdings, Form 10-K filed 2026-02-20: “The decrease in gross margin from 2024 to 2025 was primarily due to increased restructuring, country exit, and reduction-in-force related costs; increased supplies and tooling, employee, and occupancy costs; and unfavorable sales mix, partially offset by lower excess and obsolete inventory expense.”
64. Ichor Holdings, Form 10-K filed 2026-02-20: “As part of this realignment, we began transitioning certain manufacturing activities and relocating machining assets to our expanded high-volume facilities, while concurrently consolidating our footprint through the closure of our facilities in Scotland and Korea. During fiscal year 2025, we incurred restructuring, exit, severance, and related asset impairment charges of approximately $35 million in connection with these activities.”
65. Ichor Holdings, Form 10-K filed 2026-02-20: “In the third quarter of 2025, and amended in the fourth quarter of 2025, our Board of Directors approved the Consolidation Restructuring Plan (the "Plan"). The Plan includes activities and plans to align our geographic footprint with our long-term strategic plan.”
66. Ichor Holdings, Form 10-K filed 2026-02-20: “We support a number of aerospace and defense related customers with advanced, high-precision manufacturing services. We are strengthening our support for these customers to increase our new design win rate. The aerospace and defense sector represents a high-growth opportunity where our current market share is low.”
67. Ichor Holdings, Form 10-K filed 2026-02-20: “The following table sets forth our major customers with 10% or more of sales, which comprised 76%, 73%, and 82% of net sales in 2025, 2024, and 2023, respectively”
68. Ichor Holdings, Form 10-K filed 2026-02-20: “Applied Materials $ 371,697 $ 300,263 $ 295,082 Lam Research $ 351,418 $ 319,099 $ 286,836”
69. Ichor Holdings, Form 10-K filed 2026-02-20: “At December 26, 2025 and December 27, 2024, three and four customers (with each single customer representing 10% or more of the balance of accounts receivable) represented, in the aggregate, approximately 66% and 77%, respectively, of the balance of accounts receivable.”
70. Ichor Holdings, Form 10-K filed 2026-02-20: “We expect the Plan to be substantially complete by the end of 2026. We may incur additional expenses due to unanticipated events or changes in plan scope.”
71. Ichor Holdings, Form 10-K filed 2026-02-20: “We expect to incur approximately an additional $0.9 million of operating lease ROU asset impairment charges under the Plan.”
72. Ichor Holdings, Form 10-K filed 2026-02-20: “We expect to incur approximately an additional $2.4 million of other costs under the Plan.”
73. Ichor Holdings, Form 10-K filed 2026-02-20: “we remain confident in our belief that the long-term demand for semiconductors, semiconductor capital equipment, and our products will continue to grow, driven by an increasing need for expanded semiconductor productive capacity and advanced manufacturing process technologies.”
74. Ichor Holdings, Form 10-K filed 2026-02-20: “Gross profit $ 87,775 $ 103,334 $ (15,559) (15.1 %) Gross margin 9.3 % 12.2 % -290 bps”

Where the revenue comes from

By geography: Singapore 46%, United States 31%, Other 13%, Europe 10%. As tagged in its annual report (Form 10-K, filed 2026-02-20).

Who runs it

Barros, Philip Ryan Sr. (Chief Executive Officer); Rohrs, Thomas M (CEO and Chairman); Swyt, Greg (Chief Financial Officer); Ragsdale, Bruce (Chief Operating Officer); Mackenzie, Iain (director); Black, Laura A. (director); Titinger, Jorge (director); Arienzo, Wendy (director); Kispert, John H (director); Wasserman, Yuval (director); and 1 more. 11 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-05.

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