Ichor Holdings — Earnings Quality Grade F
ICHR · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 27 days, change -10 days YoY
AR growth -18.6% vs revenue growth 11.6%
Revenue 11.6%, CFFO 7.2%. Cash follows revenue
Expense Quality
Inventory -7.3% vs COGS 15.3%. Normal
CapEx growth 105.1% is >2x revenue growth 11.6%
SG&A/Gross Profit = 109.0%, exceeds 70%
Gross margin 9.3%, change -2.9pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
FCF is negative ($-0.0B)
Accruals ratio = -8.8%. Low accruals
Cash $0.1B covers 61% of debt $0.2B
Balance Sheet Health
Goodwill+Intangibles $0.4B = 57% of equity. Over 50%
Interest coverage = -5.9x (<2x). Financial stress
Other assets -10.2% vs revenue 11.6%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -2% YoY. Normal
Manipulation Score
M-Score = -2.88 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25