TacticScaleWhat Ichor Does & How It Makes Money (ICHR)
Updated October 2026 · reflects Ichor's latest reported financials
Maker of gas and chemical delivery subsystems for chipmaking equipment. Ichor makes money by selling gas and chemical delivery subsystems and precision components to semiconductor equipment OEMs, which build them into their chipmaking tools.
How Ichor makes money
Ichor makes money by selling gas and chemical delivery subsystems and precision components to semiconductor equipment OEMs, which build them into their chipmaking tools.
What Ichor does
Ichor Holdings designs, engineers and manufactures fluid delivery subsystems for semiconductor capital equipment. Its gas delivery subsystems deliver, monitor and control the gases used in steps such as etch and deposition. Its chemical delivery subsystems blend and dispense the reactive liquids used in chemical-mechanical planarization, electroplating and cleaning. The company also supplies precision-machined components, weldments, e-beam and laser welded parts, vacuum and hydrogen brazing, and surface treatment technologies. It sells to semiconductor equipment OEMs, so its business depends on spending on chipmaking tools. Ichor was incorporated in 1999, is headquartered in Fremont, California, and operates in Singapore, the United States, Europe and other regions.
Products & services
- Gas delivery subsystems
- Chemical delivery subsystems
- Precision-machined components
- Weldments and e-beam/laser welded components
- Precision vacuum and hydrogen brazing
- Surface treatment technologies
What is Ichor worth?
On an owner-earnings DCF, Ichor's most-likely value is about $8 versus a recent price near $60 (86% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$4) with a margin of safety — so the honest verdict here is “Stretched — richly priced.” Fair value earns its keep only at the extremes, not in the wide middle.
Today's $60 is above even the optimistic Bull case ($15) — the market expects faster, longer growth than modeled here. Expensive unless that extra growth actually shows up.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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