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Ultra Clean Holdings, Inc. (UCTT) USD

Makes subsystems and provides services for semiconductor capital equipment.

At a glance: strengths & risks
✓Revenue growing (+24% y/y, Q2 2026)✓Margins improving (-25%→7%, Q2 2026)✗Loss-making last FY

Sector: United States — large cap (SEC filings)

US_UCTT

Price chart

45.32 USDDay 1.93%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
45.32 USD · 1.93%
Market cap
2.1 bn USD

Growth

Δ revenue y/y
24.3%
Δ EBITDA y/y
-143.5%

Multiples

P/E (LTM)
—
P/B (FY)
2.9x
P/E (ann.)
59.3x
EV/EBITDA (LTM)
21.8x
EV/EBITDA (ann.)
15.4x

Cash return

Dividend yield
—
FCF yield (LTM)
-5.6%

Value creation

fundamental value/yr, % of market cap
Value created / year
+11.1%
↓ details

Liquidity

Daily turnover (US listing)
46.8 mln USD

Shares: yahoo_fundamentals_timeseries/UCTT

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-26Q2 2026 (3M)OK644.9
y/y 24.3%
29.5
y/y —
12.5
y/y 160.4%
42.0
y/y —
8.7
y/y —
-41.1-16.21918.1
y/y 9.9%
639.8
y/y -11.1%
5.5%520.0SEC EDGAR
2026-03-27Q1 2026 (3M)OK533.7
y/y 2.9%
11.4
y/y -11.6%
12.3
y/y 5.1%
23.7
y/y -3.7%
-17.9
y/y —
-33.3-9.61855.2
y/y -1.9%
627.9
y/y -28.0%
-10.7%456.9Link
2025-12-26Q4 2025 (3M)OK506.6
y/y -10.1%
10.9
y/y -57.8%
19.3
y/y 66.4%
30.2
y/y -19.3%
-3.3
y/y -120.2%
8.1-10.11729.0
y/y -9.9%
711.0
y/y -18.6%
-25.5%346.4Link
2025-09-26Q3 2025 (3M)OK510.0
y/y -5.6%
10.6
y/y -57.9%
12.1
y/y 6.1%
22.7
y/y -38.0%
-10.9
y/y —
0.1-11.01720.5
y/y -11.7%
709.9
y/y -17.3%
-2.0%-140.4Link
2025-06-27Q2 2025 (3M)OK518.8
y/y 0.5%
-141.8
y/y -719.2%
4.8
y/y -57.1%
-137.0
y/y -501.8%
-162.0
y/y -948.2%
29.2-16.81745.6
y/y -9.4%
719.4
y/y -15.6%
-81.4%-157.4Link
2025-03-28Q1 2025 (3M)OK518.6
y/y 8.6%
12.9
y/y -25.4%
11.7
y/y 1.7%
24.6
y/y -14.6%
-5.0
y/y —
28.2-12.41891.0
y/y 0.2%
872.0
y/y 4.9%
-2.3%-152.1Link
2024-12-27Q4 2024 (3M)OK563.4
y/y 26.7%
25.8
y/y 473.3%
11.6
y/y 19.6%
37.4
y/y 163.4%
16.3
y/y 528.9%
17.1-17.31919.9
y/y 2.8%
873.6
y/y 4.1%
2.7%353.6Link
2024-09-27Q3 2024 (3M)OK540.4
y/y 24.2%
25.2
y/y 342.1%
11.4
y/y 17.5%
36.6
y/y 137.7%
-2.3
y/y —
14.9-15.21947.5
y/y 5.5%
857.9
y/y 2.4%
-0.4%-143.6Link
2024-06-28Q2 2024 (3M)OK516.1
y/y 22.4%
22.9
y/y 81.7%
11.2
y/y 20.4%
34.1
y/y 55.7%
19.1
y/y —
23.2-13.01927.3
y/y 4.5%
852.3
y/y 0.3%
9.1%-148.4Link
2024-03-29Q1 2024 (3M)OK477.7
y/y 10.2%
17.3
y/y 39.5%
11.5
y/y 29.2%
28.8
y/y 35.2%
-9.4
y/y —
9.8-18.01887.6
y/y 1.2%
830.9
y/y -4.6%
-4.5%-121.3Link
2023-12-29Q4 2023 (3M)OK444.7
y/y —
4.5
y/y —
9.7
y/y —
14.2
y/y —
-3.8
y/y —
35.3-62.71867.7
y/y —
838.9
y/y —
-3.7%-145.9Link
2023-09-29Q3 2023 (3M)OK435.0
y/y —
5.7
y/y —
9.7
y/y —
15.4
y/y —
-14.5
y/y —
36.2-12.21845.5
y/y —
838.0
y/y —
-2.3%-194.5Link
2023-06-30Q2 2023 (3M)OK421.5
y/y —
12.6
y/y —
9.3
y/y —
21.9
y/y —
-9.4
y/y —
36.4-19.71843.7
y/y —
849.8
y/y —
-4.4%-303.2Link
2023-03-31Q1 2023 (3M)OK433.3
y/y —
12.4
y/y —
8.9
y/y —
21.3
y/y —
-3.4
y/y —
28.0-27.31865.9
y/y —
870.7
y/y —
—-304.7Link

Net debt structure (leases included, IFRS 16) 2026-06-26

Short-term debt (incl. ST leases)22
Long-term debt (incl. LT leases)754
− Cash & equivalents256
Net debt520

Net debt / LTM EBITDA: 4.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-20002004006008002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-60-40-200202024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-20002004006002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.96x of reported net profit; after capex, -0.62x. Loss years (2023, 2025) are left out of the ratio.
year2022202320242025
cash flow / profit1.17x—2.74x—
accruals, % of assets-0.4%-8.9%-2.1%-14.3%
EBIT covers interest -2.8x · capex 1.7x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +11.1%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-26 vs 2025-06-27)
= (42 − 34) × 2.82
23
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (2 062 + 520) ÷ 119
21.8x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (21.8 + 12) ÷ 2
16.9x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -199 + 0 + 40 − 0
-159
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 0.2% × 2 062
−5
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (23 × 16.9 + -159 − 5) ÷ 2 062
+11.1%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • base 2025-06-27 normalized for growth: margin -26.4% << typical 6.5% -> base EBITDA -137->34 (vs normal-margin base, not the trough)
  • share-count dilution 0.2%/yr (valued at market: -5)

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -2% vs +21% the year before — a -23.0 pp move. 3-year CAGR -5%.
revenue growth by year: 2023 -27% · 2024 +21% · 2025 -2%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 21.0x · 3-year 75th pct 22.7x

EV/EBITDA3-year 75th pct

Peer comparison

Group: materials (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
AXCELIS TECHNOLOGIES INCUS3.424.4x
LAM RESEARCH CORPUS287.928.1x
APPLIED MATERIALS INC /DEUS299.230.7x
KLA CORPUS190.332.2x
NOVA LTD.US9.935.6x
ASMLUS605.040.3x
ONTO INNOVATION INC.US9.944.6x
FORMFACTOR INCUS7.745.8x
Group median33.9x
Group average35.2x
This companyUS2.121.8x

Group median 33.9x; this company 21.8x — a 36% discount.

Group average 35.2x; against the average this company is at a 38% discount.

At the adjusted group median the market cap would be +65% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-25; the company's own is live.

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Ultra Clean Holdings, Inc. (UCTT) — from primary filings.

Frequently asked questions

What is Ultra Clean Holdings, Inc. (UCTT)'s EV/EBITDA?
Ultra Clean Holdings, Inc. (UCTT) trades at 21.8x EV/EBITDA.
What is Ultra Clean Holdings, Inc. (UCTT)'s P/B ratio?
Ultra Clean Holdings, Inc. (UCTT) trades at a P/B of 2.9x.
What is Ultra Clean Holdings, Inc. (UCTT)'s return on equity (ROE)?
Ultra Clean Holdings, Inc. (UCTT)'s ROE is 5.5%.
What is Ultra Clean Holdings, Inc. (UCTT)'s market capitalization?
Ultra Clean Holdings, Inc. (UCTT)'s market cap is 2.1 bn USD.

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