UCTT Ultra Clean Holdings, Inc.

Overview and Growth

Ultra Clean Holdings, Inc. generated $2.05B of revenue in fiscal 2025, with net loss of $181.20M and an operating cash inflow of $65.60M. Revenue of $2.05B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 2.1% below fiscal 2024 revenue of $2.10B, marking a top-line contraction. On a per-share basis, diluted EPS was -$4.00, which connects the reported earnings outcome with the company’s diluted share count. Diluted EPS decreased by 869.2% from $0.52 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. The revenue-to-assets relationship was 1.19x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $322.90M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 15.7%, so that share of each revenue unit remained after the cost of revenue reported for the period. The company recorded an operating loss of $107.40M after the reported operating expense base. Relative to revenue, the operating deficit measured 5.2%, showing the shortfall after operating costs. After all below-operating-line items, the company recorded a net loss of $181.20M for the fiscal year. Measured against revenue, the bottom-line deficit represented 8.8% after all recognized items. Before income taxes, the company recorded a loss of $145.70M, bridging the operating result to the final net loss. Pretax margin was -7.1%, reflecting a pre-tax loss equal to 7.1% of revenue. The reported income-tax provision was $25.90M, the amount recognized between pretax income and the final net-income result. The loss-to-equity relationship was 23.1%, placing the bottom-line deficit against shareholder capital. Relative to total assets, the net loss represented 10.5%.

Liquidity and Capital Structure

At period end, the $1.73B asset base was financed through $944.90M of liabilities and $784.10M of equity. The near-term balance sheet paired $959.70M of current assets with $300.70M of current liabilities at the reporting date. The current ratio was 3.19x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Reported cash and equivalents were $311.80M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 103.7%, excluding receivables and other current assets. Borrowings totaled $481.40M, adding a fixed financing obligation alongside the company’s equity capital. The debt-to-equity relationship was 0.61x, showing how much debt the company carried for each unit of book equity. The debt-to-assets relationship was 27.8%, comparing borrowing with the total asset balance. The liabilities-to-assets relationship was 54.7%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 18.0% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 9.9% lower than fiscal 2024 assets of $1.92B, measuring the company’s own balance-sheet change.

Cash Flow and Earnings Quality

The company reported $65.60M of operating cash flow, a cash inflow that shows the cash generated by operations. Capital expenditures used $50.30M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 76.7% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $15.30M, leaving cash available for debt reduction, shareholder returns, or further investment. Free cash flow represented 0.7% of revenue, linking post-investment cash generation with the company’s operating scale. Free cash flow equaled 0.9% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 26, 2025. Analysis generated Oct 21, 2026.