Ichor Holdings, Ltd.

ICHR

TechnologySemiconductorsNASDAQ

$74.31

Market Cap: $2.58B

Ichor Holdings, Ltd. (ICHR) Valuation Summary

Updated Apr 9, 2026 22:17

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1.33 – $126.15	$39.91	-27.7%
Revenue DCF 10Y	$0.51 – $101.18	$30.70	-44.4%
▸ Trading Multiples
EV/Revenue	$38.75 – $980.78	$108.23	+96.0%

Valuation History

DCF Analysis

Ichor Holdings, Ltd. (ICHR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$30.70

Market Price

$74.32

Upside / Downside

-58.7%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -4.1% to a target of 9.9% over 5 years, discounted at a WACC of 8.7%, Ichor Holdings, Ltd. (ICHR) has an intrinsic value of $30.70 per share (range: $0.51 – $101.18).

Key Assumptions

Current Operating Margin

-4.1%

Target Operating Margin

9.9%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.4%

Target CapEx/Rev

6.0%

D&A/Revenue

3.3%

Tax Rate

3.6%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	1,114	17.6%	-1.3%	-15	-15	37	(31)	65	-74	-71
2027	1,292	16.0%	1.5%	19	18	43	(40)	45	-24	-21
2028	1,311	1.4%	4.3%	56	54	43	(46)	5	47	38
2029	1,548	18.1%	7.1%	110	106	51	(59)	60	37	28
2030	1,492	-3.6%	9.9%	148	143	49	(63)	-14	144	98
2031	1,455	-2.5%	9.9%	144	139	48	(66)	-9	130	82
2032	1,435	-1.4%	9.9%	142	137	47	(71)	-5	119	69
2033	1,430	-0.3%	9.9%	142	137	47	(76)	-1	110	59
2034	1,442	0.8%	9.9%	143	138	48	(81)	3	101	50
2035	1,469	1.9%	9.9%	146	141	49	(88)	7	94	42

Enterprise Value Bridge

Sum of PV(FCFF)375

Terminal Value (Gordon Growth at 3.0%)1,690

PV of Terminal Value763

Enterprise Value1,138

(–) Net Debt87

Equity Value1,051

(÷) Shares Outstanding34

Fair Value per Share$30.70

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	3.9%	6.9%	9.9%	12.9%	15.9%
6.7%	$1	$26	$51	$76	$101
7.7%	$-1	$19	$39	$58	$78
8.7%	$-2	$15	$31	$47	$63
9.7%	$-2	$11	$25	$39	$52
10.7%	$-3	$9	$21	$33	$44

Current price: $74.31. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 25.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Ichor Holdings, Ltd. (ICHR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$39.91

Market Price

$74.32

Upside / Downside

-46.3%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-4.1%

Target Operating Margin

9.9%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.4%

Target CapEx/Rev

6.0%

D&A/Revenue

3.3%

Tax Rate

3.6%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	1,114	17.6%	-1.3%	-15	-15	37	(35)	65	-78	-75
2027	1,292	16.0%	1.5%	19	18	43	(50)	45	-34	-30
2028	1,311	1.4%	4.3%	56	54	43	(60)	5	33	27
2029	1,548	18.1%	7.1%	110	106	51	(82)	60	15	11
2030	1,492	-3.6%	9.9%	148	143	49	(90)	-14	117	80

Enterprise Value Bridge

Sum of PV(FCFF)14

Terminal Value (Gordon Growth at 3.0%)2,098

PV of Terminal Value1,440

Enterprise Value1,454

(–) Net Debt87

Equity Value1,366

(÷) Shares Outstanding34

Fair Value per Share$39.91

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	3.9%	6.9%	9.9%	12.9%	15.9%
6.7%	$11	$39	$68	$97	$126
7.7%	$6	$29	$51	$74	$96
8.7%	$3	$22	$40	$58	$77
9.7%	$1	$17	$32	$48	$63
10.7%	$-0	$13	$26	$40	$53

Current price: $74.31. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 25.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$108.23

Market Price

$74.32

Upside / Downside

+45.6%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Ichor Holdings, Ltd. (ICHR) has a fair value of $108.23 based on 7 comparable companies in the Semiconductors industry.

EV/Revenue Valuation — Semiconductors

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Ichor Holdings, Ltd.ICHR	2,544	2.8x	2.8x
Aehr Test SystemsAEHR	2,109	35.5x	42.8x
SkyWater Technology, Inc.SKYT	1,382	3.6x	4.7x
Wolfspeed, Inc.WOLF	1,103	9.5x	9.5x
Alpha and Omega Semiconductor LimitedAOSL	752	0.9x	1.0x
Riskified Ltd.RSKD	651	1.5x	1.6x
OBOOK Holdings Inc.OWLS	476	63.0x	—
Blend Labs, Inc.BLND	388	4.1x	3.1x
Industry Median		4.1x	3.9x
(*) Revenue		948	945
= Enterprise Value		3,881	3,704
(-) Net Debt		87	87
Equity Value		3,794	3,617
(/) Outstanding shares		34	34
Fair Price		$111	$106

Selected Fair Value (avg of trailing + forward)

$108.23

+45.6%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$1.33 – $126.15

$39.91

-27.7%

Revenue DCF 10Y

$0.51 – $101.18

$30.70

-44.4%

▸ Trading Multiples

EV/Revenue

$38.75 – $980.78

$108.23

+96.0%

DCF Analysis

Ichor Holdings, Ltd. (ICHR) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$30.70

Market Price

$74.32

Upside / Downside

-58.7%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-4.1%

Target Operating Margin

9.9%

WACC

8.7%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

2.4%

Target CapEx/Rev

6.0%

D&A/Revenue

3.3%

Tax Rate

3.6%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	1,114	17.6%	-1.3%	-15	-15	37	(31)	65	-74	-71
2027	1,292	16.0%	1.5%	19	18	43	(40)	45	-24	-21
2028	1,311	1.4%	4.3%	56	54	43	(46)	5	47	38
2029	1,548	18.1%	7.1%	110	106	51	(59)	60	37	28
2030	1,492	-3.6%	9.9%	148	143	49	(63)	-14	144	98
2031	1,455	-2.5%	9.9%	144	139	48	(66)	-9	130	82
2032	1,435	-1.4%	9.9%	142	137	47	(71)	-5	119	69
2033	1,430	-0.3%	9.9%	142	137	47	(76)	-1	110	59
2034	1,442	0.8%	9.9%	143	138	48	(81)	3	101	50
2035	1,469	1.9%	9.9%	146	141	49	(88)	7	94	42

Enterprise Value Bridge

Sum of PV(FCFF)375

Terminal Value (Gordon Growth at 3.0%)1,690

PV of Terminal Value763

Enterprise Value1,138

(–) Net Debt87

Equity Value1,051

(÷) Shares Outstanding34

Fair Value per Share$30.70

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	3.9%	6.9%	9.9%	12.9%	15.9%
6.7%	$1	$26	$51	$76	$101
7.7%	$-1	$19	$39	$58	$78
8.7%	$-2	$15	$31	$47	$63
9.7%	$-2	$11	$25	$39	$52
10.7%	$-3	$9	$21	$33	$44

Current price: $74.31. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 25.4% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$108.23

Market Price

$74.32

Upside / Downside

+45.6%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Ichor Holdings, Ltd. (ICHR) has a fair value of $108.23 based on 7 comparable companies in the Semiconductors industry.

EV/Revenue Valuation — Semiconductors

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Ichor Holdings, Ltd.ICHR	2,544	2.8x	2.8x
Aehr Test SystemsAEHR	2,109	35.5x	42.8x
SkyWater Technology, Inc.SKYT	1,382	3.6x	4.7x
Wolfspeed, Inc.WOLF	1,103	9.5x	9.5x
Alpha and Omega Semiconductor LimitedAOSL	752	0.9x	1.0x
Riskified Ltd.RSKD	651	1.5x	1.6x
OBOOK Holdings Inc.OWLS	476	63.0x	—
Blend Labs, Inc.BLND	388	4.1x	3.1x
Industry Median		4.1x	3.9x
(*) Revenue		948	945
= Enterprise Value		3,881	3,704
(-) Net Debt		87	87
Equity Value		3,794	3,617
(/) Outstanding shares		34	34
Fair Price		$111	$106

Selected Fair Value (avg of trailing + forward)

$108.23

+45.6%