Latest Ratios: P/E Ratio -26.4x · EV/EBITDA 44.3x · ROE -21.1%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.8B | $1.2B | $1.7B | $1.5B | $1.5B | $2.5B | $1.3B | $927M | $330M | $792M | $322M |
| Enterprise Value | $5.3B | $1.7B | $2.0B | $1.9B | $1.8B | $2.7B | $1.4B | $1.1B | $527M | $776M | $337M |
| P/E Ratio → | -26.38 | — | 70.25 | — | 37.67 | 21.32 | 16.48 | — | 9.01 | 10.54 | 32.33 |
| P/S Ratio | 2.34 | 0.57 | 0.79 | 0.88 | 0.64 | 1.21 | 0.92 | 0.87 | 0.30 | 0.86 | 0.57 |
| P/B Ratio | 6.10 | 1.50 | 1.77 | 1.70 | 1.62 | 2.85 | 2.32 | 2.05 | 0.73 | 2.64 | 1.49 |
| P/FCF | 326.57 | 80.25 | 1103.21 | 25.39 | — | 16.72 | 21.04 | 9.79 | 20.74 | 24.18 | 31.22 |
| P/OCF | 73.85 | 18.15 | 25.46 | 11.23 | 32.10 | 12.04 | 13.16 | 7.66 | 7.26 | 16.20 | 18.29 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.82 | 0.95 | 1.07 | 0.74 | 1.29 | 1.00 | 1.03 | 0.48 | 0.84 | 0.60 |
| EV / EBITDA | 44.27 | 14.02 | 11.96 | 19.18 | 9.36 | 10.73 | 8.38 | 15.37 | 6.44 | 7.75 | 9.87 |
| EV / EBIT | 121.26 | — | 17.60 | 49.57 | 14.46 | 14.62 | 11.46 | 39.38 | 8.68 | 8.68 | 15.04 |
| EV / FCF | — | 114.16 | 1334.14 | 30.93 | — | 17.83 | 22.87 | 11.61 | 33.14 | 23.69 | 32.71 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 15.7% | 15.7% | 17.0% | 16.0% | 19.6% | 20.5% | 20.9% | 18.5% | 16.0% | 18.1% | 15.4% |
| Operating Margin | 2.1% | 2.1% | 4.3% | 2.0% | 5.1% | 8.8% | 8.7% | 2.8% | 5.5% | 9.7% | 4.0% |
| Net Profit Margin | -8.8% | -8.8% | 1.1% | -1.8% | 1.7% | 5.7% | 5.5% | -0.9% | 3.3% | 8.1% | 1.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -21.1% | -21.1% | 2.6% | -3.4% | 4.4% | 16.6% | 15.5% | -2.1% | 9.7% | 29.1% | 4.8% |
| ROA | -9.9% | -9.9% | 1.3% | -1.6% | 2.0% | 7.6% | 7.3% | -0.9% | 4.8% | 16.0% | 2.8% |
| ROIC | 2.6% | 2.6% | 5.4% | 2.2% | 8.0% | 16.2% | 14.1% | 3.5% | 9.8% | 26.0% | 7.3% |
| ROCE | 2.9% | 2.9% | 5.8% | 2.2% | 7.7% | 15.1% | 14.2% | 3.7% | 10.3% | 28.1% | 8.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.03 | 1.03 | 0.71 | 0.71 | 0.65 | 0.71 | 0.57 | 0.74 | 0.76 | 0.17 | 0.31 |
| Debt / EBITDA | 6.77 | 6.77 | 3.95 | 6.60 | 3.24 | 2.51 | 1.88 | 4.67 | 4.17 | 0.52 | 1.99 |
| Net Debt / Equity | — | 0.64 | 0.37 | 0.37 | 0.27 | 0.19 | 0.20 | 0.38 | 0.44 | -0.05 | 0.07 |
| Net Debt / EBITDA | 4.16 | 4.16 | 2.07 | 3.44 | 1.34 | 0.67 | 0.67 | 2.40 | 2.41 | -0.16 | 0.45 |
| Debt / FCF | — | 33.91 | 230.93 | 5.54 | — | 1.11 | 1.83 | 1.81 | 12.40 | -0.49 | 1.48 |
| Interest Coverage | -2.80 | -2.80 | 2.45 | 0.77 | 3.60 | 7.68 | 7.20 | 1.09 | 6.07 | 40.64 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.19 | 3.19 | 2.89 | 2.88 | 2.82 | 2.42 | 2.71 | 2.22 | 3.23 | 1.99 | 2.35 |
| Quick Ratio | 1.89 | 1.89 | 1.76 | 1.67 | 1.68 | 1.62 | 1.81 | 1.40 | 1.92 | 0.84 | 1.32 |
| Cash Ratio | 1.04 | 1.04 | 0.94 | 0.99 | 0.92 | 0.99 | 1.00 | 0.77 | 1.01 | 0.34 | 0.52 |
| Asset Turnover | — | 1.19 | 1.09 | 0.93 | 1.21 | 1.04 | 1.27 | 1.05 | 1.14 | 1.66 | 1.48 |
| Inventory Turnover | 4.43 | 4.43 | 4.57 | 3.89 | 4.30 | 4.41 | 6.14 | 5.04 | 4.95 | 3.26 | 4.58 |
| Days Sales Outstanding | — | 37.10 | 41.95 | 38.05 | 39.00 | 43.44 | 37.97 | 38.58 | 35.62 | 35.62 | 48.43 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 0.0% | 0.0% | 0.0% | — | — | 0.1% | — | — | — |
| Payout Ratio | — | — | 2.1% | — | 0.7% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 1.4% | — | 2.7% | 4.7% | 6.1% | — | 11.1% | 9.5% | 3.1% |
| FCF Yield | 0.3% | 1.2% | 0.1% | 3.9% | — | 6.0% | 4.8% | 10.2% | 4.8% | 4.1% | 3.2% |
| Buyback Yield | 0.1% | 0.3% | 0.0% | 1.9% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.3% | 0.0% | 1.9% | 0.8% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $45M | $45M | $45M | $46M | $44M | $41M | $40M | $39M | $34M | $33M |
Cyclical OEM demand concentration
Based on current market data, UCTT trades at a forward P/E of 45.86 and an EV/EBITDA of 49.32, which appears disconnected from its recent negative net margin of -8.82% and suggests investors are pricing in a significant recovery that remains unverified by current quarterly performance metrics.
The valuation multiples imply an aggressive growth expectation that contrasts sharply with the company's historical inability to maintain consistent profitability. Investors should monitor whether this premium is driven by speculative interest in advanced packaging exposure or if it represents a mispricing of the company's cyclical sensitivity relative to its subsystem peers.
As reported in recent financial statements, UCTT's ROIC has languished at 0.7% in 2026Q1, a figure that highlights the company's struggle to generate meaningful returns on its invested capital base compared to the higher-margin, proprietary-focused peers within the broader semiconductor equipment ecosystem.
The persistent low return on capital suggests that the company's integration-heavy business model lacks the pricing power necessary to overcome its high fixed-cost structure. This trend warrants further investigation into whether recent capital allocation, including share repurchases, is effectively destroying shareholder value rather than compounding it during this cyclical trough.
According to quarterly filings, UCTT's cash conversion cycle reached 80 days in 2026Q1, a deterioration from the 72-day cycle observed in 2025Q1, which suggests that inventory management and collection processes are becoming increasingly burdensome as the company navigates a volatile demand environment for its subsystem products.
The rising DIO, which stood at 88 days in the most recent quarter, indicates that the company is holding significant inventory that may be at risk of obsolescence given the custom nature of its semiconductor tool components. This inefficiency ties up critical liquidity and exacerbates the company's reliance on external debt to fund operations.
Based on reported figures, UCTT's debt-to-equity ratio has climbed to 1.11 as of 2026Q1, reflecting a significant increase in leverage that appears to be straining the balance sheet as interest coverage ratios have compressed to a precarious 1.56 times during the latest reporting period.
The rising debt load, combined with negative net margins, suggests that the company's ability to service its obligations is becoming increasingly dependent on external financing rather than internal cash generation. Investors should monitor the potential for covenant pressure if the current cyclical downturn in WFE spending persists longer than anticipated.
The P/E ratio is frequently misapplied to UCTT, as the company's high amortization of intangible assets from past acquisitions and cyclical earnings volatility render GAAP net income an unreliable indicator of the underlying cash-generating capacity of its core subsystem and services business model.
Analysts should instead focus on EV/Sales or adjusted EBITDA metrics to better capture the company's operational scale and the recurring nature of its services revenue. Relying on P/E multiples in a period of negative net income obscures the company's true valuation and fails to account for the significant non-cash charges that distort the bottom line.
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying UCTT stock.
Ultra Clean Holdings, Inc.'s current P/E ratio is -26.4x. The historical average is 24.6x.
Ultra Clean Holdings, Inc.'s current EV/EBITDA is 44.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.5x.
Ultra Clean Holdings, Inc.'s return on equity (ROE) is -21.1%. The historical average is 3.3%.
Based on historical data, Ultra Clean Holdings, Inc. is trading at a P/E of -26.4x. Compare with industry peers and growth rates for a complete picture.
Ultra Clean Holdings, Inc. has 15.7% gross margin and 2.1% operating margin.
Ultra Clean Holdings, Inc.'s Debt/EBITDA ratio is 6.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.