ICHOR HOLDINGS, LTD. ICHR
Unless expressly indicated or the context requires otherwise, the terms "Ichor," "Company," "we," "us," "our," and similar terms in this Annual Report on Form 10-K refer to Ichor Holdings, Ltd. and its consolidated subsidiaries.
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.
We use a 52- or 53-week fiscal year ending on the last Friday in December. The following table details our fiscal periods included elsewhere in this Annual Report on Form 10-K. All references to 2025, 2024, and 2023, including the quarters thereto, relate to our fiscal periods as so detailed.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $947.7M | $849.0M | $811.1M | $1.28B | $1.10B | $914.2M | $620.8M | $823.6M | $655.9M | $405.7M |
| Cost of revenue | $859.9M | $745.7M | $707.7M | $1.07B | $919.4M | $789.3M | $534.5M | $687.5M | $555.1M | $340.4M |
| Gross profit | $87.8M | $103.3M | $103.4M | $211.9M | $177.5M | $124.9M | $86.4M | $136.1M | $100.8M | $65.4M |
| R&D | $23.1M | $23.0M | $20.2M | $19.6M | $15.7M | $13.4M | $11.1M | $9.4M | $7.9M | $6.4M |
| SG&A | $95.7M | $79.4M | $79.3M | $88.6M | $65.9M | $56.6M | $47.3M | $47.4M | $37.8M | $28.1M |
| Total operating expenses | $127.0M | $111.0M | $114.3M | $126.0M | $96.5M | $83.3M | $71.4M | $72.2M | $54.6M | $41.5M |
| Operating income | -$39.3M | -$7.6M | -$10.9M | $85.8M | $81.0M | $41.6M | $15.0M | $64.0M | $46.2M | $23.9M |
| Interest expense | $6.6M | $9.3M | $19.4M | $11.1M | $6.5M | $8.7M | $10.6M | $10.0M | $3.3M | $4.4M |
| Pre-tax income | -$47.6M | -$18.1M | -$31.1M | $75.3M | $73.8M | $32.3M | $4.3M | $54.2M | $43.0M | $20.1M |
| Income tax | $5.2M | $2.8M | $11.9M | $2.5M | $2.9M | $988.0K | $6.5M | $3.7M | $13.9M | $649.0K |
| Net income | -$52.8M | -$20.8M | -$43.0M | $72.8M | $70.9M | $33.3M | $10.7M | $57.9M | $56.5M | $16.7M |
| EPS, basic | -1.54 | -0.64 | -1.47 | 2.54 | 2.51 | 1.44 | 0.48 | 2.34 | 2.25 | 0.92 |
| EPS, diluted | -1.54 | -0.64 | -1.47 | 2.51 | 2.45 | 1.42 | 0.47 | 2.30 | 2.15 | 0.70 |
| Shares, diluted (wtd. avg.) | $34.2M | $32.8M | $29.2M | $29.0M | $29.0M | $23.5M | $22.8M | $25.1M | $26.2M | $2.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $98.3M | $108.7M | $80.0M | $86.5M | $75.5M | $252.9M | — | — | — | — |
| Receivables | $70.5M | $86.6M | $66.7M | $136.3M | $143.0M | $101.0M | $84.8M | $40.3M | $49.2M | $26.4M |
| Inventory | $231.8M | $250.1M | $245.9M | $283.7M | $236.1M | $134.8M | $127.0M | $121.1M | $154.5M | $70.9M |
| Total current assets | $410.1M | $452.6M | $401.4M | $513.5M | $462.8M | $495.7M | $276.9M | $211.6M | $278.5M | $157.1M |
| Property, plant and equipment | $103.9M | $94.9M | $92.8M | $98.1M | $85.2M | $41.8M | $44.5M | $41.7M | $34.4M | $12.0M |
| Goodwill | $335.4M | $335.4M | $335.4M | $335.4M | $335.9M | $174.9M | $173.0M | $173.0M | $169.4M | $77.1M |
| Other intangibles | $40.4M | $48.7M | $57.3M | $72.0M | $89.9M | $39.8M | $52.0M | $56.9M | $73.4M | $32.1M |
| Total assets | $942.9M | $995.6M | $938.5M | $1.08B | $1.02B | $774.2M | $566.6M | $485.5M | $557.7M | $282.5M |
| Accounts payable | $84.0M | $91.7M | $60.5M | $110.2M | $159.7M | $116.7M | $131.6M | $64.3M | $121.4M | $88.5M |
| Short-term debt | $6.2M | $7.5M | $7.5M | $7.5M | $7.5M | $8.8M | $8.8M | $8.8M | $6.5M | — |
| Total current liabilities | $129.6M | $135.7M | $99.0M | $166.3M | $208.3M | $162.0M | $163.9M | $87.8M | $147.2M | $101.1M |
| Long-term debt | $117.3M | $121.0M | $241.2M | $293.2M | $285.3M | $191.5M | $169.3M | $192.1M | $180.2M | $37.9M |
| Total liabilities | $279.0M | $297.2M | $373.8M | $496.2M | $520.2M | $362.5M | $345.1M | $287.2M | $340.9M | $140.8M |
| Retained earnings | $131.1M | $183.9M | $204.7M | $247.7M | $174.9M | $104.0M | $70.7M | $59.9M | $2.1M | -$54.4M |
| Total equity | $663.9M | $698.3M | $564.7M | $587.5M | $500.7M | $411.7M | $221.4M | $198.3M | $216.8M | $141.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $29.9M | $27.9M | $57.6M | $31.5M | $15.3M | $38.3M | $57.1M | $60.5M | $38.8M | $27.7M |
| Depreciation and amortisation | $23.5M | $21.0M | $18.8M | $17.2M | $11.1M | $10.9M | $8.9M | $7.7M | $3.6M | $2.5M |
| Stock-based compensation | $16.7M | $15.6M | $17.3M | $13.9M | $11.5M | $9.9M | $8.5M | $7.6M | $2.2M | $3.2M |
| Capital expenditure | $36.2M | $17.6M | $15.5M | $29.4M | $20.8M | $10.3M | $12.3M | $13.9M | $8.2M | $4.3M |
| Investing cash flow | -$36.2M | -$17.6M | -$15.5M | -$28.9M | -$289.6M | -$14.6M | -$20.5M | -$15.4M | -$186.8M | -$21.2M |
| Financing cash flow | -$4.1M | $18.5M | -$48.7M | $8.5M | $96.9M | $168.6M | -$19.9M | -$70.6M | $164.6M | $21.9M |
| Buybacks | — | — | — | — | — | — | $1.6M | $90.0M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001652535-26-000012.
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