Ultra Clean Holdings Inc

uct.com

What Do They Do?

Makes subsystems and components for semiconductor equipment makers, and provides tool-part cleaning and analytical services for chipmakers and equipment makers.

How Do They Make Money?

For Products, customers buy subsystems and parts, invoiced when goods ship; for Services, they buy cleaning and analytical work, invoiced when it is completed. Invoices are due within 30 to 90 days.

revenue

Segment	Share	Revenue	How money arrives
Products Sold outright	88% FY2022: 87%		Sold outright
Services Sold outright	12% FY2022: 13%		Sold outright

Who Are Their Customers?

UCT sells primarily to semiconductor equipment makers and chip manufacturers, plus buyers in other equipment markets. Dedicated account managers work with equipment makers and chipmakers and, in many cases, provide on-site support.

Customers above 10% of revenue, FY2025

of revenue from two customers (37%, 22%)

FY2023: 57% from two customers

Do Revenues Turn Into Profits?

Not on paper. It lost $181.2M in FY2025, but brought in more cash than it spent: $15.3M of free cash flow.

Operating income, FY2025

−5% of revenue

▼ Now a loss vs FY2024 ($91.2M, 4%)

Net income, FY2025

−9% of revenue

▼ Now a loss vs FY2024 ($23.7M, 1%)

Free cash flow, FY2025

1% of revenue

▲ +920% vs FY2024 ($1.5M, 0%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 25, 2026

Revenue: ▲ +49%; vs $510M in Q3 FY2025
Net income: ▲ Now profitable; vs −$10.9M in Q3 FY2025

Products share of revenue vs 87.3% in Q3 FY2025

Aug 6, 2026 Michael Keogh takes over as CFO from Sheri Savage Keogh succeeded Savage effective August 5, 2026; Savage remained with the company in a transition role.
Aug 3, 2026 Company gives third-quarter revenue and earnings guidance Forecasts revenue of $700 million to $750 million and GAAP diluted net income per share of $0.67 to $0.87.

Flat. Revenue was $2.1B in FY2025, about the same as the $2.1B of FY2021.

Sub-fab offerings The earlier report described subsystem and service offerings for semiconductor OEMs and IDMs; the latest says it has broadened its IDM, memory and foundry portfolio into sub-fab components, process solutions and integrated subsystems.

Revenue over time

Products Services

$2.5B$1.3B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Ichor Systems, Fujikin, Foxsemicon Integrated Technology, Jabil, VDL ETG, Celestica, Benchmark Electronics, Swagelok, Parker Hannifin, Watlow, KoMiCo, SHT, EnPro, Pentagon, Balazs, Eurofins, and SCAS

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