Abstract
Ichor Holdings Ltd. will release its quarterly results on February 09, 2026 Post Market; this preview synthesizes recent financial trends, forecasts for the quarter ending December 2025, and the prevailing institutional sentiment to frame likely outcomes and key watchpoints.
Market Forecast
Consensus expects Ichor Holdings Ltd.’s current-quarter revenue at $220.84 million, with EBIT of $1.98 million and EPS of -$0.06; the year-over-year growth rates implied by estimates are -5.12% for revenue and -68.70% for EBIT, while EPS is forecast to decline year-over-year by -164.77%. The company’s recent report does not provide a fresh gross profit margin or net margin forecast, but the market is monitoring margin trajectory alongside revenue compression, with adjusted EPS projected negative year-over-year. The main business is guided by subdued demand and order lulls near year-end, while the outlook hinges on stabilization in customer capital spending; precision gas delivery systems remain a core revenue driver. The most promising segment is expected to be advanced equipment subsystems aligned to leading-edge wafer fab expansions, with revenue of $220.84 million and year-over-year change of -5.12%.
Last Quarter Review
Ichor Holdings Ltd. reported revenue of $239.30 million last quarter, a gross profit margin of 11.76%, GAAP net profit attributable to the parent company of -$22.85 million, a net profit margin of -9.55%, and adjusted EPS of $0.07, with revenue up 13.34% year-over-year and adjusted EPS down 41.67% year-over-year. A key highlight was the revenue beat versus consensus, as actual revenue of $239.30 million exceeded the $235.14 million estimate, despite operating profit coming in below expectations. The company’s main business segments were not explicitly broken out in the latest dataset, but strength was concentrated in core subsystems for semiconductor capital equipment, with revenue at $239.30 million and year-over-year growth of 13.34%.
Current Quarter Outlook
Main Business: Semiconductor Equipment Subsystems
The company’s main business centers on engineered subsystems and fluid/gas delivery solutions integrated into front-end wafer fabrication tools. For the quarter ending December 2025, the revenue projection of $220.84 million, down -5.12% year-over-year, suggests a modest sequential cooling after the prior quarter’s demand rebound. Margin sensitivity is pronounced given the preceding quarter’s gross profit margin of 11.76% and net margin of -9.55%, which reflect elevated cost absorption and an unfavorable mix. Investors will look for signs of improved manufacturing throughput, pricing stability, and mix shifts toward higher-value assemblies to support gross margin recovery. Management’s execution on backlog conversion and delivery cadence to top wafer-fab customers could mitigate revenue pressure; a smoother ramp profile would support EBIT stabilization from the estimated $1.98 million level.
Most Promising Business: Advanced Subsystems for Leading-Edge Nodes
Advanced subsystems supporting plasma etch, deposition, and ALD processes remain positioned to benefit from the gradual resumption of capital intensity at advanced logic and memory nodes. Although the quarter’s aggregate revenue outlook indicates -5.12% year-over-year contraction, the demand pipeline linked to EUV-adjacent process steps and complex gas panel configurations is a relative bright spot. The upside hinges on customers’ pull-ins for high mix, low volume programs that carry better contribution margins than commoditized assemblies. If these programs scale through early 2026, mix upgrade could produce tangible gross margin lift against the prior 11.76%, while smoothing EBIT variability and counterbalancing broader macro softness.
Stock Price Drivers: Margin Trajectory and Order Visibility
The most influential drivers for the stock this quarter are margin trajectory against the prior -9.55% net margin and evolving order visibility in the customer base. The negative net income in the last quarter underscores sensitivity to under-absorption and one-off charges; any indication of normalized cost structure, inventory discipline, and improved factory utilization could ease concerns. Order visibility into the March and June 2026 quarters will be crucial, as it frames whether the current quarter represents a temporary digestion phase or a deeper demand reset. Equity markets will scrutinize commentary on customer capex plans, lead-time trends, and pricing dynamics, which collectively inform whether EPS can inflect from the estimated -$0.06 and whether EBIT can stabilize above the $1.98 million estimate.
Analyst Opinions
The majority of recent institutional views are cautious, emphasizing near-term revenue softness, risk to margins, and a conservative stance on EPS recovery ahead of February 09, 2026. Analysts point to the quarter’s estimated declines — revenue down -5.12% year-over-year, EBIT down -68.70% year-over-year, and EPS at -$0.06 — as consistent with a digestion period in semiconductor capital equipment spending. Commentary highlights a preference to see sustained order improvement and backlog conversion before endorsing a more constructive stance, with attention fixed on whether gross margin can recover from 11.76% and whether net margin can move back toward breakeven. The cautious camp anticipates neutral-to-negative surprises if mix remains unfavorable and if manufacturing costs do not demonstrate sequential improvement, while acknowledging that upside optionality exists should advanced subsystem demand pull in faster than modeled.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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