ICHR · CIK 0001652535
What Ichor Holdings, Ltd. told the SEC could break it.
Ichor's disclosures are dominated by how concentrated and cyclical its business is. Over 90% of its 2025 sales came from the inherently cyclical semiconductor capital-equipment industry, and just two customers — Lam Research and Applied Materials — accounted for a combined 76% of sales, giving those OEMs strong pricing leverage and tying Ichor's fortunes to their capex swings. Its own production depends on a mix of suppliers that includes single- and sole-source providers of gas- and chemical-delivery components like mass flow controllers, regulators and valves. On top of that, expanding U.S. export controls on advanced semiconductor technology, especially toward China, require licenses for many of its customers' products and could dampen demand, alongside tariff and China-Taiwan supply risk.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Lam Research + Applied Materials = 76% of saleshigh
Two customers — Lam Research and Applied Materials, each over 10% — made up a combined 76% of total 2025 sales, giving those OEMs strong pricing leverage over Ichor.
“For 2025, two customers with individual sales over 10%, Lam Research and Applied Materials, accounted for a combined 76% of total sales.”
SEC filing →As of 2026
Other disclosures
- >90% of sales from cyclical semiconductor capital-equipment industryhigh
Over 90% of Ichor's sales come from the inherently cyclical semiconductor capital-equipment industry, so swings in OEM/fab capex drive large fluctuations in its results.
“In 2025, we derived over 90% of our sales from the semiconductor capital equipment industry.”
SEC filing →As of 2026
Sole-source dependency
- single/sole-source component suppliers (MFCs, regulators, valves, etc.)high
Ichor sources gas/chemical-delivery components — filters, mass flow controllers, regulators, pressure transducers, substrates and valves — from a mix that includes single-source and sole-source suppliers.
“We obtain components and materials from a large number of sources, including single source and sole source suppliers.”
SEC filing →As of 2026
Regulatory & policy
- U.S. export controls on advanced semiconductors (China) & tariffsmedium
Expanding U.S. export controls on advanced semiconductor technology (notably to China) require export licenses for many of Ichor's customers' products and could reduce demand, alongside tariff and China/Taiwan supply-disruption risk.
“The U.S. government also continues to expand and refine export controls and similar regulations aimed at restricting access to advanced semiconductor technology, particularly in China. These controls, which require specific export licenses for many of our customers' products, create ongoing market uncertainty, could reduce demand for our equipment”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“For 2024, two customers with individual sales over 10%, Lam Research and Applied Materials, accounted for a combined 73% of total sales.”
Cited →“For 2025, two customers with individual sales over 10%, Lam Research and Applied Materials, accounted for a combined 76% of total sales.”
Cited →“We have long standing relationships with top tier OEM customers, including Lam Research, Applied Materials, and ASML which were our largest customers by sales in 2025.”
Cited →
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