Ichor Holdings
ICHRMarket price data through August 3, 2026.
Performance
Aug 2021 – Aug 2026
Track record
How this pick has done since Benson first called it.
- Benson Return
- +25%
- How much this stock is up since Benson first picked it — measured from the price at the time of that first pick, not from today.
- First pick price
- ~$64
- Roughly what one share cost when Benson first picked this stock. This is the starting line for the Benson Return.
- Tracking since
- May 2026
- The month this stock first became a Benson pick.
- Tracking duration
- 3 months
- How long Benson has been tracking this pick.
About Ichor Holdings
Ichor Holdings makes the gas and chemical delivery systems that sit inside the machines used to manufacture computer chips. Think of them as the precision plumbing inside a chip factory's most critical tools, controlling which gases and liquids flow onto the wafer at every stage. Their two biggest customers are Lam Research and Applied Materials, the two giants of semiconductor equipment.
The case for and against
Both sides of the story, in plain English.
- AI Chip Cycle Leverage
Ichor's parts sit inside the etch and deposition tools used to build the most advanced chips, including the ones powering AI data centers. The semiconductor equipment market is forecast to hit a record 145 billion dollars in 2026 and 156 billion in 2027. As Lam Research and Applied Materials buy more tools, Ichor sells more of the parts that make those tools work.
- Earnings Inflection
Ichor just finished a brutal restructuring year that crushed 2025 earnings with 35 million dollars in one-time charges and inventory writedowns. Management expects gross margins to climb from 11 percent today toward 15 percent by year-end, and gross profit dollars to grow at twice the rate of revenue starting in the second quarter. Earnings could more than triple year over year as the new factories in Mexico and Malaysia ramp up.
- Two Customer Reliance
Lam Research and Applied Materials together account for 76 percent of Ichor's total revenue. If either one slows orders or shifts work to a competitor, the financial impact would be severe and almost immediate. This concentration is a torque play in upcycles but brutal in any slowdown.
- Already Priced In
The stock has more than tripled from its December lows and now trades at 62 times forward earnings, well above the sector average. A lot of the recovery story is already baked in. If the May earnings report does not show meaningful margin expansion, the stock could see significant profit-taking.
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How to read this page
This automated research summary uses Financial Modeling Prep market data through 2026-08-03. Model signals, scores, and risk labels can change and may be incomplete or wrong.
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