Ichor Holdings (ICHR) just wrapped up FY 2025 with Q4 revenue of US$223.6 million and a basic EPS loss of US$0.46, while trailing twelve month figures show revenue of US$947.7 million and a basic EPS loss of US$1.54. Over recent quarters, the company has seen quarterly revenue move between US$211.1 million and US$244.5 million, with basic EPS losses ranging from US$0.08 to US$0.67. This pattern keeps the focus squarely on how efficiently each dollar of sales is translating into earnings. With forecasts in the supplied data pointing to future revenue and earnings growth, this latest update gives investors more information to judge whether margins are starting to move in the right direction.

See our full analysis for Ichor Holdings.

With the headline numbers set, the next step is to see how these results line up with the most widely discussed narratives around Ichor, and where the data challenges or reinforces those views.

Losses Stack Up On Nearly US$948 Million In Sales

• Over the last twelve months, Ichor generated US$947.7 million of revenue but recorded a net loss of US$52.8 million, with trailing basic EPS at a loss of US$1.54.
• Consensus narrative talks about revenue trending higher over time with margins improving, yet the current loss profile shows the company still has work to do before that view plays out.
  • Analysts in the consensus narrative are assuming margins move from about a 2.2% loss today to a 1.9% profit in three years, which would be a clear shift from the current US$52.8 million loss.
  • Those same projections look for earnings of US$21.1 million by around 2028, a very different outcome to the trailing twelve month loss and something you may want to stress test against these latest numbers.

Low 1.6x P/S Versus Peers On US$45.27 Share Price

• Ichor is trading on a P/S of 1.6x, which the data shows is well below the 5.8x US semiconductor industry average and the 9.8x peer group, while the current share price is US$45.27.
• Bulls point to this lower multiple as valuation support, but the bearish narrative flags that profitability has not yet caught up with that potential opportunity.
  • The DCF fair value cited in the data is US$69.71, above the current US$45.27 price, which bullish investors see as a valuation gap, whereas bears focus on the fact the business still posted a US$52.8 million loss over the last year.
  • Bears also highlight that losses have grown at about 56.1% per year over the past five years, so they question how quickly the company can move from a low P/S and DCF gap to the positive earnings profile that many bulls are framing.

If you are trying to decide whether the current P/S and the gap to DCF fair value line up more with the optimistic or cautious story, it is worth reading the full bear case that sets out the main pushbacks in one place. 🐻 Ichor Holdings Bear Case

Quarterly Loss Swings Test The Bull Story

• Across FY 2025, quarterly net losses ranged from US$4.6 million to US$22.9 million, with basic EPS losses between US$0.13 and US$0.67 even as quarterly revenue held in a US$211.1 million to US$244.5 million band.
• Bulls argue that as new products scale and operations settle, earnings can swing from a US$20.7 million loss today to profits, but the recent pattern of losses means execution is crucial to that view.
  • The bullish narrative leans on forecasts that earnings could reach about US$17.8 million by around 2028, yet the latest twelve month loss of US$52.8 million shows the turnaround they are expecting still has to come through in future periods.
  • That optimistic camp also assumes revenue growth and margin improvement are enough to justify a higher price target of US$46.86, so watching how quickly these quarterly losses narrow or persist is key if you are weighing that upside case.

If you want to see how bullish investors connect these swings in quarterly performance to a potential long term payoff, the full bull narrative lays out that case in detail. 🐂 Ichor Holdings Bull Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Ichor Holdings on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

See the numbers another way? Take a couple of minutes to test your own view against the data and shape a narrative that fits how you see Ichor today, then Do it your way

A great starting point for your Ichor Holdings research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.

See What Else Is Out There

Ichor is still reporting losses on nearly US$947.7 million of revenue, with quarterly earnings swinging and profitability yet to line up with bullish expectations.

If these ongoing losses and earnings swings make you want steadier prospects, check out our 83 resilient stocks with low risk scores that focus on companies with more resilient profiles right now.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.