*** ## 1. Corporate Overview
Ultra Clean Holdings manufactures the critical subsystems and components that go inside semiconductor capital equipment. When a chipmaker buys a deposition or etch tool from Applied Materials or Lam Research, much of the fluid and gas delivery plumbing, the precision weldments, and the ultra-clean valves inside that tool came from UCT. UCT also runs a Services segment that cleans, recoats, and analytically tests the used components that come out of operating fabs — a consumable-like revenue stream tied to fab utilization rather than new equipment builds.
The company does not sell to chipmakers directly. Its customers are OEM equipment builders (Applied Materials, Lam Research, KLA, ASML), which makes UCTT a leveraged play on capital equipment spending rather than on any single chipmaker’s capex decisions.
| Field | Detail |
|---|---|
| Full legal name | Ultra Clean Holdings, Inc. |
| Ticker / Exchange | UCTT / NASDAQ |
| GICS Sector | Information Technology |
| GICS Industry | Semiconductor Equipment & Materials |
| HQ | Hayward, California, USA |
| Founded | 1991 |
| IPO | March 2004 (NASDAQ) |
| Website | uct.com |
| Employees | ~6,948 (as of 2025) |
| Segment | What It Does | FY2025 Revenue | % of Total |
|---|---|---|---|
| Products | Designs and manufactures critical subsystems: gas delivery modules, chemical delivery systems, fluid control, precision weldments, frame assemblies, robotics, process modules | $1,799M | 87.6% |
| Services | Ultra-high purity cleaning, recoating, and micro-contamination analysis of fab-used components | $255M | 12.4% |
Revenue model: Contract manufacturing and supply agreements with OEM equipment makers. Predominantly one-time sale on Products (correlated to WFE capital spending cycles); Services revenues are more recurring and correlated to fab utilization. Gross margins in Services (~30%) are roughly double Products (~14%), creating a margin mix lever.
The company generates revenue globally, closely mirroring the geographic footprint of its OEM customers’ manufacturing and customer support operations. Specific geographic revenue splits are not disclosed at a granular level in public filings, but the manufacturing base spans North America, Europe, and Asia-Pacific (Malaysia, Singapore, Thailand, South Korea, Taiwan, China, Japan, Philippines). New CEO James Xiao has announced a strategic initiative to increase Asia manufacturing from ~50% to ~60% of total capacity to be closer to customer fabs.
UCT Investor Relations Page — No standalone investor day deck found in the last 12 months. Most recent investor materials are embedded in Q4 2025 earnings slides and the 2024 10-K (filed March 2025). Link to the investor overview page above; specific earnings presentation PDFs available via the IR financials section.
UCT operates a highly distributed, asset-heavy manufacturing footprint across five continents — a deliberate design to co-locate with OEM customer manufacturing sites and avoid single-region concentration risk.
North America
| Location | Operations |
|---|---|
| Oregon (Hillsboro) | Sub-fab integration, components (acquired HIS Innovations, Oct 2023) |
| California | Chemical/gas delivery, system integration, thermal control, cleaning/coating |
| Arizona | Cleaning, coating, analytical testing, metal fabrication, system integration |
| Colorado | Cleaning and coating |
| Texas | Flow control, fluid management, instrumentation, chemical/gas delivery, weldments, cleaning |
| Ontario (Canada) | Flow control, fluid management, instrumentation |
| Maine | Cleaning and coating |
Europe
| Location | Operations |
|---|---|
| Scotland | Cleaning and coating |
| United Kingdom | Flow control, fluid management, gas/liquid control systems, instrumentation |
| France | Flow control, fluid management, gas/liquid control systems, instrumentation |
| Germany | Flow control, fluid management, instrumentation |
| Czech Republic | Precision machining, chemical/gas delivery integration |
| Ireland | Cleaning, coating, analytical testing |
| Netherlands | Fluid Solutions office |
Asia-Pacific and Middle East
| Location | Operations |
|---|---|
| Malaysia (Batu Kawan, Penang) | Precision machining, chemical/gas delivery integration (expansion site) |
| Singapore | Cleaning, coating, flow control, fluid management, system integration, 3D manufacturing, instrumentation |
| Thailand | Components manufacturing |
| South Korea | Control valves, flow control, fluid management, instrumentation, cleaning, coating |
| Taiwan | Cleaning, coating, analytical testing |
| China | Chemical/gas delivery, system integration, thermal control |
| Philippines | Chemical and gas delivery |
| Japan | Flow control, fluid management, instrumentation |
| Israel | Flow control, fluid management, instrumentation, cleaning, coating, analytical testing |
Asset map: no publicly available embed from IR materials. See the UCT Operations page for the current facilities overview.
Asset dynamics: UCT is asset-heavy relative to pure-play services companies, but asset-light relative to semiconductor fabs themselves. The physical footprint drives fixed cost overhead — when revenue dropped from $2.4B (FY2022) to $1.7B (FY2023), the facilities structure became a drag on margins. Conversely, with $3B of installed capacity running at ~65% utilization as of Q4 2025, incremental revenue growth should convert at high marginal operating leverage. Management has stated existing infrastructure can support $3B in revenue with minimal additional capex.
JVs: None disclosed in public filings.
Material partnerships: UCT’s commercial relationships are defined by deep supply agreements with its OEM customers — Applied Materials, Lam Research, KLA, and ASML — rather than formal JVs. These are strategic in practice: UCT designs and qualifies product platforms specifically to one customer’s tool architecture, creating high bilateral switching costs.
HIS Innovations Group (acquired Oct 2023): Previously a strategic supplier in the sub-fab integration segment (Hillsboro, Oregon). Now a wholly owned subsidiary.
| # | Customer | Ticker | Est. Revenue Share (FY2025) | Relationship Type |
|---|---|---|---|---|
| 1 | Lam Research | LRCX | ~33% | OEM supplier (subsystems for etch/deposition tools) |
| 2 | Applied Materials | AMAT | ~23% | OEM supplier (subsystems across etch, CVD, CMP tools) |
| 3 | KLA Corporation | KLAC | ~3-5% est. | OEM supplier (components for inspection equipment) |
| 4 | ASML | ASML | Undisclosed | OEM supplier (precision components) |
| 5 | Intel | INTC | Undisclosed; flagged as a key IDM customer | End-market IDM (tools bought by Intel contain UCT subsystems) |
Concentration risk: Applied Materials and Lam Research combined represented 58.7% of FY2025 revenue (down from 64.0% in FY2021, 62.7% in FY2022, 57.4% in FY2023, 54.5% in FY2024). The top three customers (adding KLA) historically approached 70-80% of revenue. Single-customer concentration is extreme — loss of AMAT or LRCX as a customer would be a company-defining event.
Dependency flags: - Both AMAT and LRCX are customers and, to a degree, competitive in certain subsystem categories (large OEMs occasionally insource). No public evidence of active insourcing threat, but the structural dynamic exists. - Intel (INTC) is flagged as a key IDM customer whose fab ramp (18A process, Fab 34 Ireland, Ohio fab) is a demand catalyst. UCT does not sell directly to Intel but benefits as Intel ramps equipment purchases from AMAT/LRCX.
Modern semiconductor manufacturing tools operate at atomic-scale precision. The gas delivery systems, fluid control modules, and ultra-clean components that manage the flow of reactive chemicals inside these tools must perform to tolerances measured in parts per trillion of contamination. Getting these subsystems wrong means defective chips and expensive tool downtime. UCT has spent 30+ years qualifying its components into the production processes of the world’s largest equipment makers — a qualification process that takes years and is nearly impossible to replicate quickly. In a world building AI data centers at record pace and scrambling to onshore semiconductor manufacturing, every new fab and every new tool order creates demand for UCT’s subsystems.
UCT’s products serve semiconductor capital equipment for the following processes: - Etch (Lam Research TEL tools): gas delivery, plasma confinement components - CVD/ALD/PVD (Applied Materials, Tokyo Electron): chemical delivery, fluid control - CMP (Applied Materials): slurry delivery, fluid management - Cleaning (Lam Research SAPS/MSAP, TEL): fluid systems - Inspection/metrology (KLA): precision components - Advanced packaging (BESI, AMAT Ensemble): sub-fab integration, fluid systems - Sub-fab (pumps, abatement, utilities): HIS Innovations segment (Oregon)
| Metric | Estimate | Source |
|---|---|---|
| Global WFE market (FY2025) | ~$100-110B | SEMI / analyst consensus |
| UCT addressable subsystem market (est.) | ~$12-19B | Industry estimates |
| UCT revenue (FY2025) | $2.05B | Company reported |
| Implied market share | ~10-15% of subsystem TAM | Analyst estimates |
| Name | Title | Tenure | Background |
|---|---|---|---|
| James Xiao | CEO and Director | Since Sep 2025 | 30+ years in semiconductor/display/solar. Spent 19 years at Applied Materials as Corporate VP and GM of semiconductor products group. Also served as President of Applied Films China. B.S. Applied Physics (Dalian), MBA (Indiana/Kelley), Stanford exec training. Deep operational credibility in the OEM ecosystem UCT serves. |
| Sheri Savage | CFO (SVP Finance) | Since 2016 | Prior Corporate Controller at Credence Systems. Earlier roles at Protiviti, KLA-Tencor, Arthur Andersen. B.S. Managerial Economics (UC Davis). Long tenure at UCT; institutional knowledge of the business. |
| Robert Wunar | COO | Since Mar 2026 | 30+ years in semiconductor equipment operations. Joined from Applied Materials where he was COO/Managing Director overseeing revenue and supply chain. Prior: HelmSmart Consulting, SolarCity. B.S. Electronics Engineering (DeVry). Very recent hire — execution track record at UCT not yet established. |
| Chris Cook | Chief Business Officer | Since Aug 2025 (at UCT since Apr 2022) | 25 years at semiconductor companies: Renesas, Infineon, Flex, Cypress Semiconductor. B.S. Electrical Engineering (Purdue), Harvard Business School Leadership Development. |
| Jeff McKibben | CIO | Since 2021 | 30+ years in high-tech manufacturing IT. Previously CIO at ON Semiconductor ($6B). Earlier at HP. M.S. MIS (University of Arizona), B.S. Humanities/IR (Georgetown). |
| Jamie Palfrey | CHRO | Not specified | 25+ years leading global HR. Prior: Shape Technologies, FEI Company, Lam Research, ConocoPhillips. |
Management transition note: UCT underwent significant C-suite turnover in 2025. The previous CEO (Clarence Granger, who was also the founding executive) stepped down. James Xiao (Sep 2025), Robert Wunar (Mar 2026), and Chris Cook (Aug 2025) are all new to their current roles. This is a complete reset of the operating leadership. Key risk: execution risk is elevated until the new team establishes a track record.
| Name | Role | Independent? | Background | Committee Seats |
|---|---|---|---|---|
| Tom Edman | Chairman (effective May 2026) | Yes | CEO of TTM Technologies (TTMI). Former Group VP at Applied Materials; was President/CEO of Applied Films (acquired by AMAT 2006). B.A. East Asian Studies (Yale), MBA (Wharton). Deep semiconductor equipment domain expertise. | Nominating/Governance |
| Clarence Granger | Director (stepping down as Chairman May 2026) | No (former CEO) | Founded UCT; served as CEO for 12 years. Prior: Seagate Technology, HMT Technology. B.S. Industrial Engineering (UC Berkeley), M.S. IE (Stanford). Exiting Chairman role. | N/A |
| David ibnAle | Director | Yes | Founding/Managing Partner of Advance Venture Partners. Previously Augusta Columbia Capital Group, TPG Growth. 20+ years in tech investment. B.A./M.A. Public Policy/International Development (Stanford), MBA (Stanford GSB). | Compensation |
| Emily Liggett | Director | Yes | CEO of Liggett Advisors. Former CEO roles: NovaTorque, Apexon, Capstone Turbine, Elo TouchSystems. B.S. Chemical Engineering (Purdue), M.S. Mfg Systems (Stanford), MBA (Stanford). | Compensation |
| Ernest Maddock | Director | Yes | Retired SVP/CFO of Micron Technology. Earlier EVP/CFO at Riverbed Technology, 15 years at Lam Research rising to EVP/CFO. B.S. Industrial Management (Georgia Tech), MBA (Georgia State). | Audit (likely Chair) |
| Jackie Seto | Director | Yes | Principal at Side People Consulting. 22 years at Lam Research, reached Group VP and GM of Clean Business Unit. | Nominating/Governance |
| Joanne Solomon | Director | Yes | Joined Feb 2025. 35+ years financial leadership. CFO at Amkor Technology for 9 years. Former Audit Senior Manager at Price Waterhouse. Board: Viavi Solutions. B.S. Business/Accounting (Drexel), MBA (Thunderbird/ASU). | Audit |
Board quality: Strong domain depth — Edman (Applied Materials/TTM Technologies), Maddock (Lam Research/Micron), and Seto (Lam Research) collectively bring decades of semiconductor equipment and fab experience directly relevant to UCT’s business. Board transition underway with Granger stepping down; Edman as incoming Chair is an upgrade in terms of active industry engagement.
| Competitor | Ticker | Overlap | Notes |
|---|---|---|---|
| Ichor Holdings | ICHR | High — nearly identical business model | Closest pure-play comp. Makes gas/fluid delivery subsystems for semiconductor OEMs. Smaller revenue base (~$1B). |
| MKS Instruments | MKSI | Partial — overlaps in gas/fluid control; MKS is broader | Offers power delivery, vacuum, and process control in addition to gas delivery. More diversified. |
| Advanced Energy Industries | AEIS | Partial — power delivery/thermal | Adjacent in thermal management; less direct in fluid/subsystem manufacturing. |
| Entegris | ENTG | Partial — overlaps in materials/contamination control | Stronger in specialty chemicals and filtration; Services segment overlaps in contamination analysis. |
| Sanmina / Plexus | SAN / PLXS | Partial — contract manufacturing overlap | Broader contract manufacturers; less semiconductor-specialized. |
UCT’s durable advantages: - Qualification barriers: Subsystems are qualified into specific OEM tool platforms over 12-24 month processes; re-qualification of a new supplier is expensive and time-consuming for OEMs. This creates sticky bilateral lock-in. - Co-location: Manufacturing proximity to OEM facilities reduces lead times and enables rapid design iteration; building this network takes years. - Engineering depth: UCT has deep applications engineering embedded in customer programs — it’s a design partner, not just a box-builder. - Scale: At $2B+ in revenue, UCT has procurement leverage on raw materials and can absorb qualification costs better than smaller competitors.
| Force | Assessment |
|---|---|
| Supplier power | Moderate. UCT sources specialty metals, fittings, valves from a supply base that includes some concentration. Tariff exposure has been mostly recoverable (~90%). |
| Buyer power | High. AMAT and LRCX together represent ~57% of revenue and have meaningful pricing leverage. They can insource, dual-source, or put pressure on UCT’s margins. |
| Competitive rivalry | Moderate. Ichor is the closest pure-play competitor. However, OEM program relationships are sticky, making direct head-to-head competition on existing platforms relatively rare. |
| New entrant threat | Low-to-moderate. High qualification barriers protect incumbents. However, OEMs in theory can develop internal capabilities (insourcing risk). |
| Substitution | Low. No alternative to precision fluid/gas delivery subsystems exists for semiconductor manufacturing tools. The form factor may change (advanced packaging vs. traditional deposition), but UCT’s capabilities are adaptable. |
Valuation (as of ~April 24, 2026)
| Metric | Value |
|---|---|
| Market cap | ~$3.78B |
| Enterprise value | ~$3.95B (est., market cap + net debt ~$165M) |
| P/E (TTM, GAAP) | N/A (net loss FY2025 due to goodwill impairment) |
| Forward P/E (FY2026E) | ~42x (on consensus EPS $2.01) |
| EV/EBITDA | Not calculated; EBITDA approx. $100M TTM non-GAAP; EV/EBITDA ~40x |
| FCF yield | ~0.4% (FCF $15M TTM / market cap $3.78B) |
| Dividend yield | None |
| 52-week range | $18.02 - $84.43 |
Note: Stock up ~277% from April 2025 lows (~$20). Valuation has re-rated significantly.
Income Statement and Margins
| Metric | FY2022 | FY2023 | FY2024 (FY0) | FY2025E (consensus) |
|---|---|---|---|---|
| Revenue | $2,374M | $1,735M | $2,098M | $2,054M (actual) |
| Revenue growth YoY | +12.9% | -26.9% | +20.9% | -2.1% |
| Gross profit | $465M | $277M | $356M | $323M |
| Gross margin | 19.6% | 16.0% | 17.0% | 15.7% |
| EBIT | $120M | $35M | $91M | -$107M |
| EBIT margin | 5.1% | 2.0% | 4.4% | -5.2% |
| Net income | $40M | -$31M | $24M | -$181M |
| Net margin | 1.7% | -1.8% | 1.1% | -8.8% |
| EPS (diluted) | $0.88 | -$0.70 | $0.52 | -$4.00 |
| Non-GAAP EPS | N/A | $0.56 | $1.44 | $1.05 |
FY2025 net loss driven entirely by a $151.1M non-cash goodwill impairment charge. Non-GAAP net income was $47.7M.
Forward Consensus Estimates
| Metric | FY2026E | FY2027E |
|---|---|---|
| Revenue | $2,454M (+19%) | $2,870M (+17%) |
| EPS (diluted) | $2.01 | $3.51 |
| Forward P/E | ~42x | ~24x |
Cash Flow and Balance Sheet
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Operating cash flow | $47M | $136M | $65M | $66M |
| Capex | -$100M | -$76M | -$64M | -$50M |
| Free cash flow | -$53M | $60M | $2M | $15M |
| FCF margin | -2.2% | 3.5% | 0.1% | 0.7% |
| Cash | $359M | $307M | $314M | $312M |
| Total debt | $611M | $640M | $660M | $654M |
| Net debt | $252M | $333M | $346M | $342M |
| Net debt / EBITDA | N/A | ~5x | ~2.5x | N/A (negative EBITDA GAAP) |
| ROIC | Low single digits | Negative | Low single digits | Negative |
Net debt figures shown as absolute (debt minus cash). The business generates modest FCF at current utilization but has meaningful leverage. Debt-to-equity is manageable given balance sheet equity of $711M.
WFE cycle recovery following a sharp 2023 trough. The industry saw a ~$10B WFE decline in 2023; UCT’s revenue fell 27% that year. The 2024 recovery (+21% revenue) showed the operating leverage on the upside. Management expects 15-20% WFE growth in FY2026, with UCT targeting above-market outperformance through market share gains and product mix improvements.
UCT 3.0 strategic initiative: New CEO Xiao has reorganized the company around operational execution, margin recovery, and ramp-readiness. Key pillars: 1. Increase Asia manufacturing share from 50% to 60% (proximity to customer fabs) 2. Fluid Solutions product qualification completing H1 2026 — should improve Services margin mix 3. Sub-fab segment (HIS/Oregon) growing as fabs require more integrated sub-fab solutions 4. Advanced packaging demand: CoWoS and heterogeneous integration tool sets require UCT’s precision subsystems
Capacity utilization thesis: UCT currently operates at ~65% of installed capacity, which is sized to support $3B in revenue. Every percentage point of utilization recovery above the current baseline drives high-margin incremental revenue with minimal new capex required. This is the core of the “available capacity upside” thesis.
Intel 18A and fab ramps: Intel buying equipment from AMAT and LRCX for 18A production ramp (Fab 34 Ireland, Ohio, Arizona) directly drives UCT order flow. Intel has received $8.9B in US government equity investment to support domestic fab buildout — a multi-year equipment procurement cycle.
Memory upcycle: AI-specific HBM demand growing at 22% CAGR per management. NAND upgrades (higher layer counts) require new tool sets. Both drive UCT subsystem demand through Lam Research and other etch/deposition OEMs.
| Risk | Likelihood | Existing Mitigants | Management De-risk Plan | Can It Be Closed? |
|---|---|---|---|---|
| Customer concentration (AMAT/LRCX ~57% of revenue) | High — structural | Multiple OEM relationships; growing IDM and advanced packaging exposure | Diversify revenue mix toward emerging OEMs (ASML, KLA) and IDMs; Fluid Solutions into new customer programs | No — structural to the business model; can be reduced but not eliminated |
| WFE cyclicality | High — structural | Services segment (~12% revenue) partially counter-cyclical; cash buffer of $312M | Maintain lean cost structure; utilization-based scaling; Services as stabilizer | No — semiconductor capex cycles are inherent; UCT will always track WFE |
| Management transition execution risk | Medium-High | Deep bench of semiconductor industry veterans; board stability | Xiao/Wunar/Cook all have deep domain experience from Applied Materials and peer OEMs; UCT 3.0 provides a structured execution framework | Partially — closes as the new team demonstrates results over 2-4 quarters |
| Tariff/trade policy risk | Medium | ~90% tariff cost recovery from customers; distributed manufacturing footprint reduces single-country exposure | Asia manufacturing expansion insulates from US-China tariffs; ongoing tariff recovery process | Partially — recovery mechanism addresses economics; geopolitical risk remains open |
| Goodwill and asset impairment | Low-Medium | $151M impairment taken in FY2025; goodwill balance reduced | Balance sheet cleaned up; future impairment risk reduced but not zero as new acquisitions are integrated | Partially — one-time event, unlikely to recur at same magnitude absent new acquisitions |
James Xiao (CEO) is new to the role (September 2025) and is the architect of the UCT 3.0 turnaround. His Applied Materials background is directly relevant and is a key reason the market re-rated the stock. Formal employment agreement terms not extracted from public filings. The entire executive team is new (Xiao, Wunar, Cook all appointed 2025-2026) — key-person risk is diffuse across the leadership layer rather than concentrated in one individual.
Last earnings: Q4 2025, reported February 23, 2026. - Q4 revenue $506.6M vs. $563M a year prior; full-year 2025 revenue $2,054M - $151.1M non-cash goodwill impairment drove GAAP net loss of $181.2M for the year - Non-GAAP EPS for FY2025 was $1.05; for Q4 was $0.22 - Gross margin compression: 15.7% for FY2025 vs. 17.0% in FY2024 - Q1 2026 guidance: $505-545M revenue, non-GAAP EPS $0.18-$0.34 - Management raised WFE growth outlook to 15-20% for FY2026 - CEO Xiao announced AI-focused Asian capacity plan (50% to 60% Asia manufacturing)
Next earnings: Q1 2026 results expected late April / early May 2026.
Material news (last 90 days): - March 2026: Robert Wunar appointed COO (effective March 23, 2026) - April-May 2026: Board Chair transition — Clarence Granger stepping down May 22, 2026; Tom Edman appointed as incoming Chairman - April 2026: Stock up ~202% year-to-date (from ~$20 lows in April 2025 to ~$83 in April 2026) - WFE spending optimism from AI infrastructure buildout driving sector re-rating
| Holder | Type | Who They Are | Shares | % Outstanding | Filing |
|---|---|---|---|---|---|
| BlackRock, Inc. | Institutional — passive index | World’s largest asset manager; holds UCT via index and active strategies | 6,719,452 | 15.0% | 13F |
| Vanguard Group | Institutional — passive index | Second-largest asset manager; index inclusion | 4,990,724 | 11.0% | 13F |
| Frontier Capital Management | Institutional — active growth | Boston-based active small/mid-cap growth manager; specialist in tech and industrial growth names | 3,509,839 | 7.7% | 13F |
| Invesco Ltd. | Institutional — passive/active mix | Global asset manager; likely via ETF products including sector and mid-cap ETFs | 3,399,834 | 7.5% | 13F |
| State Street Corp | Institutional — passive index | Index and ETF manager (SPDR funds); broad index inclusion | 1,852,482 | 5.0% | 13F |
| Dimensional Fund Advisors | Institutional — quantitative | Factor-based quant manager; holds small/mid-cap value/growth factor exposure | 1,524,857 | 3.4% | 13F |
| Royce & Associates | Institutional — active small-cap | Small-cap specialist value manager; long-term holders of semiconductor equipment names | 1,098,693 | 2.4% | 13F |
Total institutional ownership: ~94% of shares outstanding (244 institutional owners, 238 long-only, 5 long/short). High institutional ownership reflects a well-covered small-cap name with significant index inclusion. Frontier Capital at 7.7% is the largest active thesis-driven holder — their continued conviction is worth tracking.
Insider ownership: Low in percentage terms given the ~94% institutional float. Founder Clarence Granger remains a holder. Cross-check Form 4 filings for current insider levels.
Activist positions: None identified.
Short interest: Specific current short interest data not pulled from NASDAQ filings; check real-time. With the stock up ~280% from its 2025 lows, short squeeze dynamics have likely already played through, but short interest as % of float warrants monitoring at elevated valuation levels.
Recent ownership changes: Institutional holdings data current as of Feb-Apr 2026. No major disclosed position changes found in search results.
| Analyst | Firm | Rating | Price Target |
|---|---|---|---|
| Krish Sankar | TD Cowen | Strong Buy | $70 |
| Edward Yang | Oppenheimer | Buy | $85 |
| Charles Shi | Needham | Strong Buy | $70 |
Consensus: 3 analysts, all Buy/Strong Buy. Average price target: $75. Current price ~$83 — stock has run slightly past near-term consensus targets. Coverage is thin (3 analysts) — this is typical for a small-cap at this market cap tier and presents information edge for investors willing to do primary research. Consensus estimates carry less statistical weight with only 3 analysts.
The 2024 Form 10-K (filed March 2025) was accessed. Key data points incorporated: - Segment revenue (Products/Services) verified from 10-K - Customer concentration (AMAT/LRCX percentages) sourced from 10-K disclosures - The FY2025 10-K would be the next filing to monitor (expected March 2026 filing) for updated customer concentration, debt covenants, and goodwill balance post-impairment. - Recommend pulling current Form 4 insider transactions and any 13D/13G changes directly from EDGAR for the most current ownership data.
Sources: Ultra Clean Holdings IR (uct.com), PRNewswire earnings releases, StockAnalysis financials, Fintel institutional holdings, UCT Operations page, management bios from uct.com/about-uct/leadership, analyst consensus from StockAnalysis/TipRanks, Simply Wall St news, Yahoo Finance Q4 2025 earnings highlights.