Ultra Clean Holdings
UCTT on Nasdaq. Ultra Clean Holdings sells components, subsystems, and cleaning services to semiconductor manufacturers. Market value $3.4bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Technology stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-3.37 of spare cash in the past 12 months. A savings account pays about $4.
You pay 59.3 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 8 cents a year. Above 10 is good.
Quality score: 72 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$74.02 a share, 244% above its 1-year low
Over the past year the price has ranged from $21.49 to $144.22.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $113 million in the past 12 months, $15 million in the year to December 2025.
| Revenue | |||||
| Revenue | $2.1bn | $2.4bn | $1.7bn | $2.1bn | $2.1bn |
| Operating margin | |||||
| Operating margin | 8.8% | 5.1% | 2.0% | 4.3% | -5.2% |
| Debt to equity | |||||
| Debt to equity | 0.67 | 0.55 | n/a | 0.57 | 0.68 |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.04bn | 0.05bn | 0.05bn | 0.05bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 9
- Profit backed by cash (accruals)No
- Debt0.68× equity
- Revenue growth, five yearsSlow, 8.0% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $645 million last quarter, up 24% on a year ago.
- Profit: $9 million, after a loss of $162 million a year ago.
- It keeps 3 cents of each $1 of sales as operating profit, after losing 4 cents a year earlier.
- Over the past 12 months it spent $113 million more cash than it brought in. A year earlier it had $28 million spare.
- 2% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $540m |
| December 2024 | $563m |
| March 2025 | $519m |
| June 2025 | $519m |
| September 2025 | $510m |
| December 2025 | $507m |
| March 2026 | $534m |
| June 2026 | $645m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$2m |
| December 2024 | $16m |
| March 2025 | -$5m |
| June 2025 | -$162m |
| September 2025 | -$11m |
| December 2025 | -$3m |
| March 2026 | -$18m |
| June 2026 | $9m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 23 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 438 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $192m | 0.2% | Cut |
| First Eagle Investment ManagementMatthew McLennan | $99m | <0.1% | Added |
| Royce & AssociatesChuck Royce | $95m | 0.8% | Cut |
| Barrow HanleyBarrow Hanley team | $19,677 | <0.1% | Cut |
Largest holders overall
- BlackRock$987m
- Invesco$446mAdded
- Vanguard Portfolio Management$393m
- Capital World Investors$368mNew
- Vanguard Capital Management$272m
- State Street$257m
- Boston Partners$192mCut
- Geode Capital Management$188mAdded
- Driehaus Capital Management$187mAdded
- Dimensional Fund Advisors LP$135mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- BlackRock, Inc.Passive investor15.0%Since 31 March 2025
- Invesco Ltd.Passive investor7.0%+3.3 ptsSince 30 June 2026
- Vanguard Portfolio ManagementPassive investor6.2%Since 31 March 2026
- FRONTIER CAPITAL MANAGEMENT CO.,LLCPassive investor6.1%+1.3 ptsSince 30 June 2025
- Capital World InvestorsPassive investor5.8%Since 30 June 2026
- Vanguard Capital ManagementPassive investor5.0%Since 30 June 2026
- Dimensional Fund Advisors LPPassive investorSold down below 5%Since 30 June 2025
- FRONTIER CAPITAL MANAGEMENT CO.,LLCPassive investorSold down below 5%Since 31 March 2026
- SHAPIRO CAPITAL MANAGEMENT LLCPassive investorSold down below 5%Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 15.0% | 31 March 2025 | |
Invesco Ltd. Passive investor | 7.0%+3.3 pts | 30 June 2026 | |
Vanguard Portfolio Management Passive investor | 6.2% | 31 March 2026 | |
FRONTIER CAPITAL MANAGEMENT CO.,LLC Passive investor | 6.1%+1.3 pts | 30 June 2025 | |
Capital World Investors Passive investor | 5.8% | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.0% | 30 June 2026 | |
Dimensional Fund Advisors LP Passive investor | Sold down below 5% | 30 June 2025 | |
FRONTIER CAPITAL MANAGEMENT CO.,LLC Passive investor | Sold down below 5% | 31 March 2026 | |
SHAPIRO CAPITAL MANAGEMENT LLC Passive investor | Sold down below 5% | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 9 sold $12m, $7m of it under preset trading plans.
- HARDING BRIAN EChief Accounting OfficerSoldunder a preset trading plan
- Date
- 2 July 2026
- Shares
- 3,837
- Price
- $128.75
- Value
- $494,020
- Savage SheriCFOSoldunder a preset trading plan
- Date
- 4 June 2026
- Shares
- 14,421
- Price
- $89.45
- Value
- $1m
- Savage SheriCFOSoldunder a preset trading plan
- Date
- 4 June 2026
- Shares
- 15,766
- Price
- $89.47
- Value
- $1m
- HARDING BRIAN EChief Accounting OfficerSoldunder a preset trading plan
- Date
- 4 June 2026
- Shares
- 16,988
- Price
- $89.47
- Value
- $2m
- Cho Paul YoonkuGeneral Counsel and SecretarySold
- Date
- 2 June 2026
- Shares
- 944
- Price
- $89.37
- Value
- $84,365
- LIGGETT EMILY MDirectorSold
- Date
- 27 May 2026
- Shares
- 8,198
- Price
- $92.18
- Value
- $755,692
- McKibben Jeffrey L.Chief Information OfficerSold
- Date
- 14 May 2026
- Shares
- 4,205
- Price
- $87.00
- Value
- $365,835
- Cho Paul YoonkuGeneral Counsel and SecretarySold
- Date
- 8 May 2026
- Shares
- 2,000
- Price
- $86.89
- Value
- $173,780
- McKibben Jeffrey L.Chief Information OfficerSold
- Date
- 8 May 2026
- Shares
- 2,500
- Price
- $86.48
- Value
- $216,200
- Palfrey Jamie J.SVP, Global Human ResourcesSold
- Date
- 5 May 2026
- Shares
- 8,691
- Price
- $79.73
- Value
- $692,933
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 July 2026 | HARDING BRIAN E Chief Accounting Officer | Sold under a preset trading plan | 3,837 | $128.75 | $494,020 |
| 4 June 2026 | Savage Sheri CFO | Sold under a preset trading plan | 14,421 | $89.45 | $1m |
| 4 June 2026 | Savage Sheri CFO | Sold under a preset trading plan | 15,766 | $89.47 | $1m |
| 4 June 2026 | HARDING BRIAN E Chief Accounting Officer | Sold under a preset trading plan | 16,988 | $89.47 | $2m |
| 2 June 2026 | Cho Paul Yoonku General Counsel and Secretary | Sold | 944 | $89.37 | $84,365 |
| 27 May 2026 | LIGGETT EMILY M Director | Sold | 8,198 | $92.18 | $755,692 |
| 14 May 2026 | McKibben Jeffrey L. Chief Information Officer | Sold | 4,205 | $87.00 | $365,835 |
| 8 May 2026 | Cho Paul Yoonku General Counsel and Secretary | Sold | 2,000 | $86.89 | $173,780 |
| 8 May 2026 | McKibben Jeffrey L. Chief Information Officer | Sold | 2,500 | $86.48 | $216,200 |
| 5 May 2026 | Palfrey Jamie J. SVP, Global Human Resources | Sold | 8,691 | $79.73 | $692,933 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It isn't cheap on profits: 59.3× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.