Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
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Valued as a loss-making company: Sales comps and Analyst consensus.
ACCE opinionIchor Holdings Ordinary Shares (ICHR)
Fair value (2 models)
Not available
ACCE price target
$41.00
Rating
Not rated
Horizon
12 months
ACCE price target published on 17 Oct 2026, 00:00 CEST; previously $60.00 since 28 Sept 2026, 00:00 CEST.
Price used: $37.94 at the close on 23 Oct 2026, 22:00 CEST.
Models: Analyst consensus and Sales comps.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
41
out of 100
Analysts
88% buy
8 covering
1-year return
+71.7%
Dividend yield
0.00%
Ichor Holdings Ordinary Shares in four questions
Plain answers, details below
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Overview
ACCE thesis
Ichor designs and makes fluid delivery subsystems that supply gases and chemicals to semiconductor fabrication tools. It is a key supplier to a few leading equipment makers, which gives it steady volume but weak pricing power. Wafer fab equipment spending is the main driver. Revenue grew 22.7%, but the gross margin is 12.7% and the operating margin 2.8%, at 17.2x forward earnings.
⚠ Investor warnings · 5 flagsAI-assisted·How I use AI
high
Earnings collapse despite revenue growth
Revenue up 22.7% YoY but earnings down 6.1%; net margin negative at -4.0%. Profitability deteriorating while top line expands signals margin pressure or cost control issues.
high
Negative ROE and cash generation weak
ROE -5.2% indicates shareholder value destruction. FCF of $10M on $2.2B market cap (0.45% yield) insufficient to support valuation or debt service.
moderate
Valuation stretched on forward metrics
Forward P/E 18.2 and EV/EBITDA 57.1 are elevated for a company with negative current profitability and decelerating earnings. Fair value range $42-$78 wide, suggesting model uncertainty.
moderate
Long-term revenue decline masked by recent bounce
5-year revenue CAGR -9.5% despite recent QoQ +15.1% and YoY +22.7%. Suggests cyclical recovery rather than structural growth; sustainability unclear.
moderate
Insider selling without offsetting buying
Last 10 disclosures show $4.02M in insider sales and $0 in buys. No insider conviction signal at current price levels.
AI research notes
AI-assisted·How I use AIWritten Oct 11, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue jumped 22.7% year over year, suggesting strong demand recovery in semiconductor equipment after a prolonged downturn.
Analyst consensus is overwhelmingly bullish, with 86% rating the stock Buy or Strong Buy and a mean target 57.1% above current price.
The company beat earnings expectations by 4.8% and maintains a conservative debt to equity ratio of 0.18, leaving room to invest or return capital.
Why it could disappoint
Earnings per share fell despite 22.7% revenue growth, with the company posting negative 4.0% net margin and negative 5.5% return on invested capital.
Forward P/E of 18.2x and free cash flow yield of only 0.5% leave little margin for error if the semiconductor cycle turns.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 2, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where ICHR's valuation models land
Price
$37.94
Model fair valueConfidence: low
about $84.62
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Fair value
Upside
Analyst consensus
Sales comps
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Quality
INVESTOR
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