# Ultra Clean Holdings, Inc. (UCTT)

> Source: Nexqual · https://nexqual.com/UCTT · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Ultra Clean Holdings, Inc. (UCTT), nexqual.com/UCTT" · informational, not investment advice.

**Price:** USD 45.32 (+1.93% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 44.46 · day 44.15–46.22 · 52w 21.49–144.22 · market cap $2.05B · NMS

## Key facts
- Last four reported quarters (through Jun 26, 2026): revenue $2.20B, net income -$23.4M (-1.1% margin), free cash flow -$113M (SEC filings).
- 2 of 80 tracked superinvestors hold UCTT (13F, Q2 2026): 0 new, 0 added, 2 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 14 Form 4 filings, $11.3M; 9 not under a Rule 10b5-1 plan ($4.4M); 7 by opportunistic insiders (7 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.83 on a 1–5 scale) (6 analysts), mean target USD 132.83 (range 120–150).
- Total return with dividends: 1Y +51.1% vs S&P 500 +13.4%; 5Y -8.6% vs S&P 500 +76.9%.
- Next earnings: 2026-10-27, EPS estimate USD 0.94, revenue estimate $728M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.10B | $2.37B | $1.73B | $2.10B | $2.05B | $2.20B |
| Gross profit | $430M | $465M | $277M | $356M | $323M | — |
| Operating income | $186M | $120M | $35.2M | $91.2M | -$107M | $62.4M |
| Net income | $120M | $40.4M | -$31.1M | $23.7M | -$181M | -$23.4M |
| EPS (diluted) | $2.69 | $0.88 | -$0.70 | $0.52 | -$4.00 | — |
| Free cash flow | $152M | -$52.9M | $60.1M | $1.5M | $15.3M | -$113M |
| Gross margin | 20.5% | 19.6% | 16.0% | 17.0% | 15.7% | — |
| Operating margin | 8.8% | 5.1% | 2.0% | 4.3% | -5.2% | 2.8% |
| Net margin | 5.7% | 1.7% | -1.8% | 1.1% | -8.8% | -1.1% |
| Revenue growth | +50.3% | +13.0% | -26.9% | +20.9% | -2.1% | — |
| Cash + short-term investments | $467M | $359M | $307M | $314M | $312M | — |
| Total debt | $565M | $485M | — | $500M | $477M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 26, 2026)
P/S 0.9x · EV/EBITDA 21.4x · EV/Sales 1.1x · P/B 3.2x · FCF yield -5.51% · Earnings yield -1.14% · Buyback yield (TTM) 1.95% · Net debt $344M · EV $2.40B
P/E at fiscal year-ends: Dec 2024 68.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold UCTT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.08% | $49.6M | Reduced -19.9% |
| Lee Ainslie | Maverick Capital | 0.01% | $718K | Reduced -75.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
5 of 14 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-02 | Harding Brian E | Chief Accounting Officer | 3,837 | $494K | 10.3% | Yes (adopted March 5, 2026) | Too little history (no open-market trades in 2023) |
| 2026-06-04 | Savage Sheri | CFO | 14,421 | $1.3M | 17.8% | Yes | Too little history (no open-market trades in 2025) |
| 2026-06-04 | Savage Sheri | CFO | 15,766 | $1.4M | 23.7% | Yes | Too little history (no open-market trades in 2025) |
| 2026-06-04 | Harding Brian E | Chief Accounting Officer | 16,988 | $1.5M | 37.7% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-02 | Cho Paul Yoonku | General Counsel and Secretary | 944 | $84K | 4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-27 | Liggett Emily M | Director | 8,198 | $756K | 17.7% | No | Too little history (no open-market trades in 2025) |
| 2026-05-14 | McKibben Jeffrey L. | Chief Information Officer | 4,205 | $366K | 27% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-08 | Cho Paul Yoonku | General Counsel and Secretary | 2,000 | $174K | 11.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-08 | McKibben Jeffrey L. | Chief Information Officer | 2,500 | $216K | 13.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-05 | Palfrey Jamie J. | SVP, Global Human Resources | 8,691 | $693K | 34.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-05 | Harding Brian E | Chief Accounting Officer | 4,000 | $320K | 9.8% | No | Too little history (no open-market trades in 2023) |
| 2026-05-04 | Cook Christopher S | President, Products Division | 11,478 | $849K | 10.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-01 | Granger Clarence L | Director | 30,000 | $2.3M | 26.6% | Yes (adopted November 7, 2025) | Too little history (no open-market trades in 2023) |
| 2026-04-30 | Cook Christopher S | President, Products Division | 11,903 | $896K | 9.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.83 on a 1–5 scale), 6 analysts; mean target USD 132.83 (low 120, high 150).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Freedom Broker | Initiated | Buy | $127 |
| 2026-08-04 | Oppenheimer | Target raised | Outperform | $115 → $150 |
| 2026-08-04 | TD Cowen | Target raised | Buy | $130 → $140 |
| 2026-08-04 | Needham | Target raised | Buy | $92 → $125 |
| 2026-07-09 | TD Cowen | Target raised | Buy | $100 → $130 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +51.1% | -8.6% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +51.3% | -1.8% |
| Volatility (annualized) | 89.3% | 60.3% |
| Max drawdown | -68.8% (Jun 2026→Oct 2026) | -69.7% (Jan 2022→Mar 2025) |

## Peers (Semiconductor Equipment & Materials)
COHU (Cohu, Inc.) USD 47.96 +3.67% · AEHR (Aehr Test Systems) USD 55.31 -0.61% · PLAB (Photronics, Inc.) USD 28.15 +0.90% · VECO (Veeco Instruments Inc.) USD 42.06 +2.21% · AMBA (Ambarella, Inc.) USD 66.5 +5.35% · ICHR (Ichor Holdings) USD 37.94 +0.21%

## More
Full page: https://nexqual.com/UCTT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in UCTT's own 10-K filed 2026-02-23 (https://www.sec.gov/Archives/edgar/data/1275014/000162828026010744/uctt-20251226.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Applied Materials (AMAT) | "Our two largest revenue customers in fiscal years 2025, 2024 and 2023 were Applied Materials, Inc. and Lam Research Corporation, each of which accounted for more than 10% of our total revenues in those three years." |
| Customer | Lam Research (LRCX) | "Our two largest revenue customers in fiscal years 2025, 2024 and 2023 were Applied Materials, Inc. and Lam Research Corporation, each of which accounted for more than 10% of our total revenues in those three years." |
| Customer | ASML (ASML) | "Three customers' gross accounts receivable balances, Applied Materials, Inc., Lam Research Corporation and ASML Holding NV were individually greater than 10.0% of gross accounts receivable as of December 27, 2024, in the…" |
| Partner | Cinos | "In particular, we participate in a joint venture with Cinos Co., Ltd. ("Cinos Korea") in South Korea and Cinos Xi'an in China." |
| Competitor | Jabil (JBL) | "Our principal competitors for gas delivery systems are Ichor Systems, Inc. and Fujikin Incorporated; our principal competitors for other critical subsystems are Foxsemicon Integrated Technology Inc., Jabil, Inc., VDL ETG…" |
| Competitor | Celestica (CLS) | "Our principal competitors for gas delivery systems are Ichor Systems, Inc. and Fujikin Incorporated; our principal competitors for other critical subsystems are Foxsemicon Integrated Technology Inc., Jabil, Inc., VDL ETG…" |

## Revenue by business segment (quarter ended 2026-06-26)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Semiconductor Products And Solutions | $572.7M | 88.8% | +25.9% | $24.8M | 4.3% |
| Services | $72.2M | 11.2% | +13.0% | $4.7M | 6.5% |
| Total revenue | $644.9M | 100% | — | $29.5M | 4.6% |

## Revenue by product line (quarter ended 2026-06-26)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Products | $572.7M | 88.8% | +25.9% |
| Services | $72.2M | 11.2% | +13.0% |
| Total revenue | $644.9M | 100% | — |

## Revenue by region (quarter ended 2026-06-26)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Singapore | $252.8M | 39.2% | +41.2% |
| United States | $141.9M | 22.0% | +5.4% |
| Austria | $62.4M | 9.7% | +26.6% |
| Others | $54.2M | 8.4% | +9.3% |
| Malaysia | $48.4M | 7.5% | +163.0% |
| China | $35.6M | 5.5% | -25.5% |
| South Korea | $31.2M | 4.8% | +11.0% |
| Taiwan | $18.4M | 2.9% | +53.3% |
| Total revenue | $644.9M | 100% | — |

## Customer concentration

Period ended 2026-06-26: 61.3%, 39.5%, 21.8% of revenue from unnamed direct customers (10-Q, filed 2026-08-04).

## Company outlook (8-K filed 2026-08-03)

- "The Company expects revenue in the range of $700 million to $750 million."
- "The Company expects GAAP diluted net income per share to be between $0.67 and $0.87 and non-GAAP diluted net income per share to be between $0.83 and $1.03."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.94 | $0.67 | +40.6% | $727.6M | 6 |
| Next quarter (ends 2026-12-31) | $1.16 | $0.84 | +38.3% | $813.9M | 6 |
| Current fiscal year (ends 2026-12-31) | $3.11 | $2.33 | +33.3% | $2.72B | 6 |
| Next fiscal year (ends 2027-12-31) | $6.24 | $3.94 | +58.6% | $3.85B | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-27): ±22.6%; last 8 reports averaged ±7.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 27 | 101.7% | ±22.6% |
| 2026-12-18 | 55 | 91.7% | ±28.8% |
| 2027-03-19 | 146 | 83.7% | ±42.0% |
| 2027-06-17 | 236 | 82.6% | ±52.2% |