Ultra Clean Holdings, Inc.
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Range $115 – $135
Price Chart
About the company
Ultra Clean Holdings, Inc. specializes in providing essential subsystems, intricate components, precision parts, and rigorous ultra-high purity cleaning and sophisticated analytical verification services. The company primarily caters to the global semiconductor sector, operating across the U.
- CEO
- Jinsong Xiao
- IPO
- 2004
- Employees
- 6,948
- HQ
- Hayward, CA, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $3.32B
- P/E
- -142.35
- Fwd P/E
- 23.64
- PEG
- -3.19
- P/S
- 1.51
- P/B
- 5.23
- EV/EBITDA
- 31.72
- Div Yield
- 0.00%
- Gross Margin
- 15.83%
- Op Margin
- 2.84%
- Net Margin
- -1.07%
- ROE
- -3.48%
- ROIC
- -1.32%
Latest fiscal year · YoY change
- Revenue
- $2.05B-2.1%
- Gross Profit
- $322.90M-9.4%
- Op Income
- $43.70M
- Net Income
- $-181,200,000-864.6%
- EPS
- $-4.00-854.7%
- OCF Growth
- +0.9%
- FCF Growth
- +920.0%
- 52W High
- $144.22
- 52W Low
- $21.49
- 50D MA
- $77.09
- 200D MA
- $71.76
- Beta
- 1.88
- RSI (14)
- 48
- Avg Volume
- 1.16M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Ultra Clean reported record Q2 revenue and earnings, with management pointing to AI-driven demand, expanding capacity, and a path toward higher margins in 2027-2028.· August 3, 2026
- Record Q2 revenue reached $644.9 million, with EPS of $0.70 and net income of $32.3 million.
- Gross margin improved to 16.7% from 16.5% last quarter, driven mainly by higher volumes and factory efficiencies.
- Management is expanding capacity in Malaysia, Singapore, and the Czech Republic to support a $4 billion annualized revenue run rate by mid-2027 and is evaluating a path to $5 billion over time.
- Customer demand remains healthy, and UCT said AI-driven semiconductor investment is increasing both the volume and complexity of work.
- Third-quarter guidance calls for revenue of $700 million to $750 million and EPS of $0.83 to $1.03.
Q2 2026 non-GAAP revenue was a record $644.9 million, up from $533.7 million in the prior quarter. Product revenue was $572.7 million versus $465.7 million, and services revenue was $72.2 million versus $68.0 million. Gross margin was 16.7% versus 16.5% in Q1; products gross margin was 15.1% versus 14.6%, and services gross margin was 28.9% versus 30.0%. Operating margin was 7.0% versus 5.1%, EPS was $0.70 versus $0.31, and net income was $32.3 million versus $14.5 million. Cash and cash equivalents were $255.9 million, and operating cash flow was negative $41.1 million. For Q3 2026, management guided to revenue of $700 million to $750 million and EPS of $0.83 to $1.03. The company also said it expects tax rate to stay in the low 20% range for 2026.
James Xiao struck an upbeat tone, saying demand was increasing across products and services and that AI-related investment is reshaping semiconductor capital equipment needs. He emphasized that customers are engaging earlier in the development cycle and giving UCT longer planning horizons, which he framed as evidence of deeper strategic importance. Strategically, he highlighted UCT 3.0, with ramp readiness, new product transfer capabilities, and digital transformation as the main pillars supporting durable growth.
Sheri Brumm said Q2 was another quarter of solid execution, with record revenue of $644.9 million and gross margin of 16.7%, up from 16.5% in Q1. She noted operating expenses were $62.5 million, or 9.7% of revenue, and operating margin improved to 7.0%. She also pointed to cash of $255.9 million, negative operating cash flow of $41.1 million, and ongoing inventory investment to support anticipated demand. On outlook, she said margins should continue to expand as factories are utilized more, with a goal of reaching the 20% gross margin / $4 billion revenue run rate profile during 2027, while tax rate should remain in the low 20% range.
Analysts focused on whether guidance was conservative relative to customers’ system growth, and management said timing differences, subsystem integration lags, and different customer quarter-ends create a revenue recognition gap. Management also said it sees upside if customers use UCT more as overflow capacity when their internal manufacturing is constrained. On capacity, James said UCT expects to be ready for a $4 billion run rate in the first half of 2027 and is already evaluating Southeast Asia expansion for a $5 billion run rate later. Questions also probed customer diversification, supply chain tightness, and service growth; management said the top two customers have fallen from 64% to the high 50s of revenue, it has not seen component shortages thanks to ramp-readiness work, and services should grow at double-digit rates but with some timing lag.
The quarter showed record revenue, higher EPS, and improving gross and operating margins, suggesting operating leverage is beginning to show through. Management sounded confident that AI-driven demand, customer capacity constraints, and deeper co-innovation relationships can help UCT outgrow the market. The company also has visible capacity expansion plans and says it has not been hit by the component shortages seen at some peers.
Management acknowledged timing gaps versus customer system growth, so near-term revenue may not perfectly track end-market momentum. Gross margin is still below the 20% long-term goal, cash declined to $255.9 million, and operating cash flow remained negative because of inventory and working-capital investment. Management also said margins will continue to fluctuate with volume, mix, manufacturing region, and material and transportation costs.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 98.8%
- Shares Outstanding
- 44.83M
- Float Shares
- 44.28M
of shares held by institutions
345 13F filers
Buy/sell ratio 0.20. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 6.92M | ▲ 87.37K |
| Vanguard Group Inc | 4.99M | ▲ 293.05K |
| Invesco Ltd. | 3.12M | ▲ 1.46M |
| Vanguard Portfolio Management LLC | 2.76M | ▼ 44.81K |
| Capital World Investors | 2.58M | ▲ 2.58M |
| Vanguard Capital Management LLC | 1.91M | ▼ 7.47K |
| State Street Corp | 1.80M | ▼ 35.56K |
| Boston Partners | 1.36M | ▼ 108.67K |
| Geode Capital Management, LLC | 1.32M | ▲ 176.85K |
| Driehaus Capital Management LLC | 1.31M | ▲ 246.83K |
| Dimensional Fund Advisors LP | 949.35K | ▼ 62.42K |
| Alliancebernstein L.P. | 793.94K | ▲ 736.75K |
Held by 327 ETFs
Biggest fund positions in UCTT by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Sep 30, 26 | Xiao Jinsong | other | 19,188 |
| Sep 28, 26 | DAVERN ALEXANDER M | other | 0 |
| Aug 31, 26 | Keogh Michael Dennis | other | 20,917 |
| Aug 5, 26 | Keogh Michael Dennis | other | 0 |
| Aug 31, 26 | Cook Christopher S | other | 12,497 |
| Jul 2, 26 | HARDING BRIAN E | sell | 440 |
| Jul 2, 26 | HARDING BRIAN E | sell | 2,194 |
| Jul 2, 26 | HARDING BRIAN E | sell | 1,203 |
| Jun 26, 26 | HARDING BRIAN E | other | 9,363 |
| Jun 4, 26 | Savage Sheri | sell | 600 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our UCTT coverage
Recent articles, reports, and earnings notes.
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