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The Moat Index

Ichor Holdings, Ltd.

ICHR · Technology · $2.9B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

28/ 100
No moat

The four filters

Pricing power15

Median gross margin 14.6% over 10y, stable.

Returns on capital45

Median ROIC 10.6%, above the 9% hurdle in 60% of years.

Balance-sheet safety28

Net debt/EBITDA n/ax, interest coverage -6x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$82.87
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

12 years of fundamentals

The business, in plain English

Ichor Holdings, Ltd. booked $947.7M of revenue in FY2025 in the Technology sector and kept 9.3% of it as gross profit — a thin-margin business by that measure. After every other cost, −5.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $290.6M (FY2015) to $947.7M (FY2025) — about 12.5% a year compounded over 10 years.

It earned −4.5% on invested capital in FY2025, with a median of 10.8% across 11 filed years. The Returns on Capital filter above scores it 45/100.

The balance sheet carried $123.5M of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

The share count rose 44.3% between FY2016 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Returns on Capital is the strongest of the four filters (45/100) and Pricing Power the weakest (15/100), which is how ICHR lands at 28/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2014–FY2025 · 12 fiscal years, normalized from ICHR’s SEC filings

RevenueSales, as filed$947.7M FY2025
$0$500M$1B2014201820222025
Gross marginRevenue kept after cost of goods9.3% FY2025
0%10%2014201820222025
Return on invested capitalOperating profit on the capital employed−4.5% FY2025
0%10%2014201820222025
Owner earningsCash an owner could take out−$52.8M FY2025
$02014201820222025

Gaps in a line mean that item isn’t in ICHR’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale28.3 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — ICHR has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#429 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #427DBD Diebold Nixdorf, Incorporated29.1No moat
  2. #428NVTS Navitas Semiconductor Corporation28.8No moat
  3. #430DFLI DRAGONFLY ENERGY HOLDINGS CORP.28.1No moat
  4. #431TBRG TruBridge, Inc.28.0No moat

Compare ICHR with its nearest peers →All Technology companies on the Index →

Common questions about ICHR

Does Ichor Holdings, Ltd. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Ichor Holdings, Ltd. (ICHR) 28.3 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 15, returns on capital 45, balance-sheet safety 28, capital discipline 24.
How has ICHR's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 28.3 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ICHR. See the disclaimer.

Ichor Holdings, Ltd. (ICHR) Moat Score — The Moat Index · Buy Like Buffett