UCTT
Ultra Clean Holdings, Inc.
UCTT's fundamentals are strong, but it looks expensive: trading at 84x earnings, about three times its usual 26x. Analysts expect strong earnings growth.
UCTT Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Weak | |
| Stable |
UCTT's revenue and profitability are currently healthy, and its balance sheet is stable, but its cash flow is weak.
UCTT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 8.4x | $48.10 | — |
| Cheap | 18x | $9.98 | -79% |
| Fair | 26x | $15.06 | -69% |
| Expensive | 47x | $26.89 | -44% |
| Current | 84x | $48.10 | — |
Historical ranges are pointers, not guarantees.
UCTT's PE is in its expensive range at 84x. If earnings grow as analysts expect, today's price would be 8.4x next year's earnings, in its cheap range.
UCTT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect strong earnings and revenue growth for UCTT, with profitability improving.
UCTT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.70 | +899% |
| Q3 2026 | $0.57 | +$4.14 |
| Q2 2026 | -$0.52 | +$2.86 |
| Q1 2026 | -$4.29 | -792% |
| Q4 2025 | -$4.00 | -869% |
| Q3 2025 | -$3.57 | -5200% |
| Q2 2025 | -$3.38 | -$3.18 |
| Q1 2025 | $0.62 | +$1.45 |
| Q4 2024 | $0.52 | +$1.22 |
UCTT has returned to profit: it earned $0.57 per share over the past year, after losing money the year before.
UCTT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $759M | +49% |
| Q2 2026 | $644.9M | +24% |
| Q1 2026 | $533.7M | +2.9% |
| Q4 2025 | $506.7M | -10% |
| Q3 2025 | $510M | -5.6% |
| Q2 2025 | $518.8M | +0.5% |
| Q1 2025 | $518.6M | +8.6% |
| Q4 2024 | $563.3M | +27% |
UCTT's revenue is growing: $759M last quarter, up 49% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 7.1% | +5 points |
| Q2 2026 | 4.6% | +32 points |
| Q1 2026 | 2.1% | -0.4 points |
| Q4 2025 | 2.1% | -2.4 points |
| Q3 2025 | 2.1% | -2.6 points |
| Q2 2025 | -27% | -32 points |
| Q1 2025 | 2.5% | -1.1 points |
| Q4 2024 | 4.6% | +3.6 points |
UCTT's operating margin was 7.1% last quarter, up 5 points from the same quarter a year ago.
UCTT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$61.8M | -$50.9M |
| Q2 2026 | -$57.3M | -562% |
| Q1 2026 | -$42.9M | -372% |
| Q4 2025 | -$2M | -$1.8M |
| Q3 2025 | -$10.9M | -$10.6M |
| Q2 2025 | $12.4M | +22% |
| Q1 2025 | $15.8M | +$24M |
| Q4 2024 | -$200K | -101% |
UCTT has burned cash in six of the last eight quarters: −$164M over the past year, against $17M the year before.
UCTT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +100K shares |
| 1 year | +1.8% | +800K shares |
| 3 years | +4.3% | +1.9M shares |
UCTT has 46M diluted shares, up 1.8% from a year ago, despite $40M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $40M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
UCTT spent $40M buying back its own shares over the past year.
UCTT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.3x | Moderate |
| Q2 2026 | 3.1x | Elevated |
| Q1 2025 | -2.4x | Net Cash |
| Q4 2024 | 1.4x | Healthy |
| Q3 2024 | -2.8x | Net Cash |
| Q2 2024 | -3.5x | Net Cash |
| Q1 2023 | -2.6x | Net Cash |
| Q4 2022 | 1.0x | Healthy |
UCTT's net debt is about 2.3 years of its operating earnings (EBITDA), after holding more cash than debt a year ago.
UCTT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.0 | Neutral |
| Stochastic | 12.1 | Oversold |
UCTT's weekly RSI is 38 (neutral) and its Stochastic is 12 (oversold).
UCTT PE vs Technology Sector
| Metric | UCTT | Sector median | Relative |
|---|---|---|---|
| PE | 84x | 28x | 203% above |
| PE % | 90 | 35 | 55 pts above |
UCTT is trading at 84x earnings, a 203% premium to the Technology sector's median of 28x.
UCTT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $56.8 | 15% below |
| 20 week MA | $73.5 | 35% below |
| 50 week MA | $67.3 | 28% below |
| 100 week MA | $46.8 | 2.9% above |
| 200 week MA | $41.6 | 16% above |
UCTT has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 16% above its 200-week average.
UCTT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $23.4 | $31.7 | +35% |
| 2021 | $31.7 | $56.2 | +78% |
| 2022 | $56.2 | $33.3 | -41% |
| 2023 | $33.3 | $34.1 | +2.5% |
| 2024 | $34.1 | $36.5 | +7% |
| 2025 | $36.5 | $26.0 | -29% |
| 2026 YTD | $26.0 | $48.1 | +85% |
UCTT has finished higher in four of the last six years. It's up 85% so far in 2026.