Ichor Holdings (ICHR) FY2024 results: revenue $849 million, up 4.7% on the year

Ichor Holdings, Ltd. (ICHR) reported revenue of $849 million for fiscal 2024, the year ended 27 December 2024, up 4.7% on the year before. Net income was -$21 million, and diluted earnings per share $-0.64. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2025.

Revenue

$849 million

+4.7% on the year

FY2017FY2024

Operating margin

-0.9%

-1.3% a year earlier

FY2017FY2024

Net income

-$21 million

FY2017FY2024

Diluted EPS

-$0.64

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	849	811	1,280	+4.7%
Cost of revenue	746	708	1,068	+5.4%
Gross profit	103	103	212	-0.1%
Gross margin	12.2%	12.7%	16.6%
Research and development	23.0	20.2	19.6	+13.8%
Selling, general and administrative	79.4	79.3	88.6	+0.1%
Operating income	-7.6	-10.9	85.8
Operating margin	-0.9%	-1.3%	6.7%
Interest expense	9.3	19.4	11.1	-52.2%
Pre-tax income	-18.1	-31.1	75.3
Income tax	2.8	11.9	2.5	-76.8%
Effective tax rate	n/a	n/a	3.4%
Net income	-20.8	-43.0	72.8
Net margin	-2.5%	-5.3%	5.7%
Diluted EPS	-$0.64	-$1.47	$2.51

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	27.9	57.6	31.5	-51.6%
Capital expenditure	17.6	15.5	29.4	+13.8%
Free cash flow	10.2	42.1	2.0	-75.7%
Free cash flow margin	1.2%	5.2%	0.2%
Cash from investing	-17.6	-15.5	-28.9
Cash from financing	18.5	-48.7	8.5
Depreciation and amortisation	30.7	34.6	35.1	-11.1%
Share-based compensation	15.6	17.3	13.9	-10.2%
Diluted shares, weighted	33m	29m	29m	+12.2%
Shares outstanding at period end	34m	29m	29m	+15.0%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	698	565	587	+23.7%
Debt	129	249	301	-48.3%
Operating lease liabilities	34.2	28.2	31.8	+21.3%
Other liabilities	135	96.9	164	+38.8%
Total liabilities and equity	996	938	1,084	+6.1%
Fixed assets	94.9	92.8	98.1	+2.3%
Goodwill	335	335	335	0.0%
Intangible assets	48.7	57.3	72.0	-15.0%
Cash and equivalents	109	80.0	86.5	+35.9%
Receivables	86.6	66.7	136	+29.8%
Inventory	250	246	284	+1.7%
Other assets	71.2	60.5	71.8	+17.7%
Total assets	996	938	1,084	+6.1%

10-K for the year ended 27 December 2024, filed 21 February 2025: the filing.