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Semiconductors · Technology · Fiscal year ends Dec 30
Ultra Clean reported revenue of $2.1B in the fiscal year ended Dec 2025, down 2.1% from the year before. Operating income was −$107M, an operating margin of −5.2%, and net income was −$181M. Operating cash flow of $66M less capital expenditure of $50M left free cash flow of $15M. Net debt was $165M.
Ranks among the 51 semiconductors companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,102 | 2,374 | 1,735 | 2,098 | 2,054 |
| Cost of revenue | 1,672 | 1,909 | 1,457 | 1,741 | 1,731 |
| Gross profit | 430 | 465 | 277 | 356 | 323 |
| Research & development | 24.5 | 28.5 | 28.3 | 28.3 | 32.0 |
| Selling, general & admin | 220 | 239 | 214 | 237 | 247 |
| Operating income | 186 | 120 | 35.2 | 91.2 | −107 |
| Interest expense | 24.2 | 33.9 | 48.8 | 46.5 | 38.3 |
| Pre-tax income | 154 | 88.3 | −11.3 | 67.2 | −146 |
| Income tax | 27.9 | 37.9 | 10.9 | 32.7 | 25.9 |
| Net income | 120 | 40.4 | −31.1 | 23.7 | −181 |
| Diluted EPS | 2.69 | 0.88 | −0.70 | 0.52 | −4.00 |
| Diluted shares | 0.0 | 45.7 | 44.7 | 45.3 | 45.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 467 | 359 | 307 | 314 | 312 |
| Receivables | 250 | 254 | 181 | 241 | 209 |
| Inventory | 379 | 444 | 375 | 381 | 391 |
| Current assets | 1,137 | 1,099 | 893 | 970 | 960 |
| Net PP&E | 242 | 280 | 328 | 326 | 325 |
| Goodwill | 270 | 249 | 265 | 265 | 114 |
| Total assets | 1,868 | 1,961 | 1,868 | 1,920 | 1,729 |
| Payables | 333 | 254 | 193 | 213 | 195 |
| Current liabilities | 469 | 389 | 310 | 336 | 301 |
| Short-term debt | – | – | – | – | 9.9 |
| Long-term debt | 565 | 485 | – | 500 | 467 |
| Total liabilities | 1,133 | 1,024 | 971 | 984 | 945 |
| Shareholders' equity | 849 | 888 | 839 | 874 | 711 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 212 | 47.2 | 136 | 65.0 | 65.6 |
| Capital expenditure | 59.3 | 100 | 75.8 | 63.5 | 50.3 |
| Free cash flow | 152 | −52.9 | 60.1 | 1.5 | 15.3 |
| Depreciation & amortisation | 34.1 | 38.4 | 37.6 | 45.7 | 47.9 |
| Stock-based compensation | 15.8 | 19.1 | 12.1 | 17.4 | 19.2 |
| Acquisitions | 343 | 0.0 | 46.1 | 0.0 | 0.0 |
| Share buybacks | 0.0 | 12.1 | 29.4 | 0.0 | 3.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.0% | −26.9% | 20.9% | −2.1% |
| Operating income growth (YoY) | – | −35.2% | −70.8% | 159.1% | −217.8% |
| EPS growth (YoY) | – | −67.3% | −179.5% | – | −869.2% |
| Gross margin | 20.5% | 19.6% | 16.0% | 17.0% | 15.7% |
| Operating margin | 8.8% | 5.1% | 2.0% | 4.3% | −5.2% |
| Net margin | 5.7% | 1.7% | −1.8% | 1.1% | −8.8% |
| Return on equityBlank when equity is negative | 14.1% | 4.6% | −3.7% | 2.7% | −25.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.3% | 7.7% | 2.3% | 5.8% | −7.5% |
| Free cash flow margin | 7.2% | −2.2% | 3.5% | 0.1% | 0.7% |
| Cash conversion (CFO ÷ net income) | 1.77x | 1.17x | −4.37x | 2.74x | −0.36x |
| Receivable days | 43 | 39 | 38 | 42 | 37 |
| Inventory days | 83 | 85 | 94 | 80 | 82 |
| Payable days | 73 | 48 | 48 | 45 | 41 |
| Interest cover | 7.67x | 3.55x | 0.72x | 1.96x | −2.80x |
| Debt ÷ equity | 0.67x | 0.55x | – | 0.57x | 0.67x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 98.9 | 127 | – | 186 | 165 |
| Current ratio | 2.42x | 2.82x | 2.88x | 2.89x | 3.19x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.