Ultra Clean Holdings Future Growth
Future criteria checks 5/6
Ultra Clean Holdings is forecast to grow earnings and revenue by 54.7% and 15% per annum respectively. EPS is expected to grow by 54.8% per annum. Return on equity is forecast to be 20.3% in 3 years.
Key information
54.7%
Earnings growth rate
54.83%
EPS growth rate
| Semiconductor earnings growth | 25.4% |
| Revenue growth rate | 15.0% |
| Future return on equity | 20.33% |
| Analyst coverage | Low |
| Last updated | 05 May 2026 |
Recent future growth updates
Recent updates
Seeking Alpha • May 05
Ultra Clean- WFE Upgrades Bodes Well, But Preferable To Wait For A Pullback
Summary Ultra Clean Holdings (UCTT) has surged by 189% YTD, outperforming semiconductor and Russell 2000 peers handsomely, with a solid quant rating to boot. The upgrade in WFE outlook is poised to reflect well on UCTT's topline prospects, and with utilization at implied rates of under 75%, operating leverage too appears to be onthecards.. UCTT is priced at earnings multiple premium but offers compelling earnings growth; however its FCF yield is quite poor by historical standards. The monthly charts imply some overextension, while a potential mean reversion trade versus other semiconductor offerings has already played out. Read the full article on Seeking Alpha
Narrative Update • Apr 21
UCTT: AI Memory Cycle And UCT 3.0 Plan Will Shape Outlook
Analysts have raised Ultra Clean Holdings' price targets into a $70 to $85 range, reflecting their updated views that improving 2026 customer forecasts, stronger expectations for leading edge foundry and DRAM demand, and the company's "UCT 3.0" plan together support a higher valuation framework, even as model inputs like fair value and growth assumptions stay largely unchanged. Analyst Commentary Recent research highlights that bullish analysts are adjusting their valuation ranges higher for Ultra Clean Holdings, pointing to stronger customer outlooks into 2026, a constructive view on leading edge foundry and DRAM exposure, and execution around the "UCT 3.0" plan.Narrative Update • Apr 06
UCTT: AI And Memory Upcycle Will Support New UCT 3.0 Plan
Analysts have lifted Ultra Clean Holdings' consolidated price target to $70, up from $50. They cite stronger customer outlooks into 2026, a more constructive view on leading edge memory and foundry spending, and support from the new "UCT 3.0" plan and related revenue growth expectations.Narrative Update • Mar 23
UCTT: AI And Memory Upcycle Will Support New UCT 3.0 Execution
Analysts have lifted Ultra Clean Holdings' price targets by as much as $50, to the $70 to $85 range, citing stronger customer forecasts into 2026, Q1 guidance that aligns with a robust longer-term outlook, and expectations that the new "UCT 3.0" plan could benefit from projected 15% to 20% WFE and revenue growth tied to AI and memory demand. Analyst Commentary Research desks are largely positive on Ultra Clean Holdings, with recent reports tying higher price targets to Q4 performance, Q1 guidance, and a multi year outlook that is closely linked to wafer fab equipment demand and AI and memory spending.Narrative Update • Mar 09
UCTT: AI And Memory Cycle Upswing Will Test New UCT 3.0 Plan
Analysts have raised their core valuation work on Ultra Clean Holdings, with the internal fair value estimate increasing from about $38.75 to $81.25 as they factor in higher long term revenue growth assumptions, updated profit margin expectations, a much higher future P/E framework, and Street research pointing to stronger 2026 demand for wafer fab equipment and memory related exposure. Analyst Commentary Recent Street commentary on Ultra Clean Holdings has centered on updated targets, a stronger multi year revenue outlook and company specific execution under new leadership.Narrative Update • Feb 22
UCTT: Raised Price Objective Will Heighten Risk If Margin Upside Disappoints
Narrative update on Ultra Clean Holdings Analysts have raised their price target on Ultra Clean Holdings by $15, based on updated assumptions regarding discount rates, long-term revenue growth, profit margins, and future P/E expectations that together support a higher valuation framework. Analyst Commentary Bullish analysts see the higher price target as a reflection of updated modeling around revenue growth, profitability, and the P/E multiple that investors may be willing to pay for Ultra Clean Holdings over time.Narrative Update • Feb 08
UCTT: Higher P/E Assumptions Will Magnify Earnings Risk Next WFE Downturn
Analysts have raised their price target on Ultra Clean Holdings by $15 to $38.75, citing updated assumptions for the discount rate and forward P/E that they view as better aligned with current fundamentals. Analyst Commentary Bullish Takeaways Bullish analysts view the higher price target of $38.75 as more consistent with their updated P/E assumptions, suggesting the previous target may have been too conservative relative to current earnings expectations.
New Narrative • Feb 07
AI Demand And China Expansion Will Likely Fail To Offset Margin And Complexity Risks
Catalysts About Ultra Clean Holdings Ultra Clean Holdings supplies subsystems, components and services to semiconductor equipment manufacturers supporting advanced chip production. What are the underlying business or industry changes driving this perspective?Narrative Update • Jan 24
UCTT: Normalized Customer Inventories Will Expose Earnings To Next WFE Downturn Risk
Narrative Update: Ultra Clean Holdings Analyst Price Target Shift Analysts have lifted their price target on Ultra Clean Holdings from US$35.00 to about US$38.75, citing recent Q3 earnings strength, better gross margins and the view that normalized inventories at key customers could support revenue when wafer fab equipment demand improves. Analyst Commentary Recent commentary from bullish analysts focuses on how Q3 execution and customer inventory trends might affect Ultra Clean Holdings' earnings power and valuation over time.Analysis Article • Jan 11
Ultra Clean Holdings, Inc.'s (NASDAQ:UCTT) Share Price Boosted 31% But Its Business Prospects Need A Lift Too
Ultra Clean Holdings, Inc. ( NASDAQ:UCTT ) shares have had a really impressive month, gaining 31% after a shaky period...Narrative Update • Jan 10
UCTT: Margin Strength And Normalized Inventories Will Shape Next WFE Upcycle
Analysts have raised their price target on Ultra Clean Holdings to US$35 from US$30, citing the recent Q3 earnings beat, stronger gross margins and indications that normalized inventories at key customers could support a more immediate revenue pickup when wafer fab equipment spending improves. Analyst Commentary Bullish Takeaways Bullish analysts view the Q3 earnings beat as a sign that execution on costs and operations is tracking ahead of what was baked into prior expectations.Narrative Update • Dec 17
UCTT: Margin Strength And Normalized Inventories Will Drive Next WFE Upcycle
Analysts have lifted their price target on Ultra Clean Holdings to $35 from $30, citing the company’s Q3 earnings beat, stronger gross margins, and normalized customer inventories that, in their view, position the business for a sharper revenue rebound in the next wafer fab equipment upcycle. Analyst Commentary Bullish analysts view the higher price target as a reflection of improving fundamentals, pointing to recent operating trends as support for renewed multiple expansion and upside to forward growth expectations.Narrative Update • Dec 03
UCTT: Margin Strength And Normalized Inventories Will Support Next WFE Upcycle
Analysts have raised their price target on Ultra Clean Holdings to $35 from $30, citing the company’s Q3 earnings beat, stronger gross margins, and normalized customer inventories that position it for an eventual wafer fab equipment upcycle. Analyst Commentary Bullish analysts view the price target increase as confirmation that Ultra Clean is executing well through the current cycle, with recent results helping to de risk near term estimates and support a higher valuation multiple.Narrative Update • Nov 19
UCTT: Expected Margin Improvement Will Drive Further Upside Amid Industry Recovery
Ultra Clean Holdings' analyst price target has increased by $5 to $35. Analysts cite the company's Q3 earnings beat, improved gross margins, and normalized inventories as drivers for their raised expectations.Narrative Update • Nov 04
UCTT: Earnings Momentum And Margin Expansion Will Drive Shares Higher
Ultra Clean Holdings’ analyst price target has increased from $31.25 to $35.00, as analysts cite improved earnings, stronger profit margins, and normalized inventories that support the company's outlook. Analyst Commentary Recent analyst commentary reflects a predominantly positive outlook on Ultra Clean Holdings, citing a range of financial and operational developments influencing the company's valuation and growth prospects.Analysis Article • Oct 11
A Look At The Intrinsic Value Of Ultra Clean Holdings, Inc. (NASDAQ:UCTT)
Key Insights The projected fair value for Ultra Clean Holdings is US$29.33 based on 2 Stage Free Cash Flow to Equity...Analysis Article • Aug 29
These 4 Measures Indicate That Ultra Clean Holdings (NASDAQ:UCTT) Is Using Debt Reasonably Well
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Analysis Article • Jul 31
Ultra Clean Holdings, Inc. (NASDAQ:UCTT) Second-Quarter Results Just Came Out: Here's What Analysts Are Forecasting For This Year
Last week, you might have seen that Ultra Clean Holdings, Inc. ( NASDAQ:UCTT ) released its quarterly result to the...Analysis Article • Jul 07
The Returns At Ultra Clean Holdings (NASDAQ:UCTT) Aren't Growing
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Amongst other things, we'll want to...Analysis Article • Jun 16
Improved Revenues Required Before Ultra Clean Holdings, Inc. (NASDAQ:UCTT) Shares Find Their Feet
Ultra Clean Holdings, Inc.'s ( NASDAQ:UCTT ) price-to-sales (or "P/S") ratio of 0.4x might make it look like a strong...Analysis Article • Apr 19
We Think Ultra Clean Holdings (NASDAQ:UCTT) Is Taking Some Risk With Its Debt
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Analysis Article • Mar 28
Returns At Ultra Clean Holdings (NASDAQ:UCTT) Appear To Be Weighed Down
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Ideally, a...Analysis Article • Mar 07
Investors Shouldn't Be Too Comfortable With Ultra Clean Holdings' (NASDAQ:UCTT) Earnings
Despite announcing strong earnings, Ultra Clean Holdings, Inc.'s ( NASDAQ:UCTT ) stock was sluggish. We think that the...Analysis Article • Mar 06
The Market Doesn't Like What It Sees From Ultra Clean Holdings, Inc.'s (NASDAQ:UCTT) Revenues Yet As Shares Tumble 32%
Ultra Clean Holdings, Inc. ( NASDAQ:UCTT ) shareholders that were waiting for something to happen have been dealt a...Analysis Article • Feb 27
Results: Ultra Clean Holdings, Inc. Exceeded Expectations And The Consensus Has Updated Its Estimates
There's been a major selloff in Ultra Clean Holdings, Inc. ( NASDAQ:UCTT ) shares in the week since it released its...
New Narrative • Feb 17
AI Demand In China And Operational Efficiencies In Malaysia Will Improve Future Prospects
Increased demand for AI infrastructure and diverse service offerings in China drive revenue growth and customer investments in technology.Seeking Alpha • Jan 27
Ultra Clean Holdings: Reliable, Cost-Effective And Downright Undervalued
Summary Ultra Clean Holdings is poised for a 55.5% upside over the next 12 months due to margin recovery and strong market fundamentals. UCTT's business model, divided into Products and Services, benefits from high-margin service segments and strong relationships with major semiconductor OEMs. Despite historical volatility, UCTT's revenue growth, driven by acquisitions and international expansion, positions it well for future stability and diversification. Investment risks include customer concentration and interest rate exposure, but UCTT stock remains undervalued with significant potential based on forward revenues and earnings. Read the full article on Seeking AlphaAnalysis Article • Jan 18
Estimating The Fair Value Of Ultra Clean Holdings, Inc. (NASDAQ:UCTT)
Key Insights The projected fair value for Ultra Clean Holdings is US$42.41 based on 2 Stage Free Cash Flow to Equity...Analysis Article • Jan 02
Ultra Clean Holdings (NASDAQ:UCTT) Takes On Some Risk With Its Use Of Debt
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Analysis Article • Dec 12
Ultra Clean Holdings (NASDAQ:UCTT) Has Some Way To Go To Become A Multi-Bagger
Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'll want...Seeking Alpha • Nov 12
Ultra Clean Holdings: Time To Buy The Cyclical Trough On AI Strength
Summary Ultra Clean Holdings is a contract manufacturer for semiconductor equipment, with significant upside potential during market strength. UCTT's main customers, Lam Research and Applied Materials, and a growing number of other clients, bolster its strong growth prospects. The company has a reasonable valuation and has reached a buy point for the next 2–4 years due to a new semiconductor cycle. Q3 results highlight improving fundamentals, reinforcing UCTT's position as a strong investment opportunity. Read the full article on Seeking AlphaSeeking Alpha • Oct 27
Ultra Clean Holdings: Margins Remains The Issue
Summary Ultra Clean Holdings' sales remain strong, but margins are lagging, impacting overall profitability. The company's reliance on Lam Research and Applied Materials has decreased, as the company is gradually diversifying its customer base. Despite a pullback in shares, the potential for margin improvement offers significant upside, though achieving past high margins may be challenging. Current valuation appears high given realistic earnings, but the stock's appeal is increasing with improved earnings and share price pullback. Read the full article on Seeking AlphaAnalysis Article • Aug 26
Is Ultra Clean Holdings (NASDAQ:UCTT) Using Too Much Debt?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's...Seeking Alpha • Aug 03
Ultra Clean Holdings: Why The Market Looked Past Strong Results
Summary UCTT delivered with Q2 results and Q3 guidance that surpassed expectations, but they were nonetheless unable to halt the ongoing decline in the stock price. The latest updates could have been enough to trigger a rally on most days, but not this time because they were offset by potentially problematic developments elsewhere. The stock has collapsed in recent weeks after a long uptrend, but there is reason to believe a bounce could be near if charts have anything to say. Speculators may take a shot at UCTT, provided they are okay with therisk the stock is vulnerable to a sudden selloff for a reason. Read the full article on Seeking AlphaEarnings and Revenue Growth Forecasts
| Date | Revenue | Earnings | Free Cash Flow | Cash from Op | Avg. No. Analysts |
|---|---|---|---|---|---|
| 12/31/2028 | 3,917 | 264 | 82 | 191 | 2 |
| 12/31/2027 | 2,988 | 136 | 236 | 340 | 4 |
| 12/31/2026 | 2,544 | 38 | 2 | -48 | 5 |
| 3/27/2026 | 2,069 | -194 | -43 | 4 | N/A |
| 12/26/2025 | 2,054 | -181 | 15 | 66 | N/A |
| 9/26/2025 | 2,111 | -162 | 17 | 75 | N/A |
| 6/27/2025 | 2,141 | -153 | 28 | 89 | N/A |
| 3/28/2025 | 2,139 | 28 | 26 | 83 | N/A |
| 12/27/2024 | 2,098 | 24 | 2 | 65 | N/A |
| 9/27/2024 | 1,979 | 4 | 20 | 83 | N/A |
| 6/28/2024 | 1,874 | -9 | 45 | 105 | N/A |
| 3/29/2024 | 1,779 | -37 | 51 | 118 | N/A |
| 12/29/2023 | 1,735 | -31 | 60 | 136 | N/A |
| 9/29/2023 | 1,856 | 1 | -30 | 62 | N/A |
| 6/30/2023 | 2,056 | 25 | -3 | 97 | N/A |
| 3/31/2023 | 2,244 | 9 | 44 | 143 | N/A |
| 12/30/2022 | 2,374 | 40 | -53 | 47 | N/A |
| 9/30/2022 | 2,423 | 58 | 43 | 128 | N/A |
| 7/1/2022 | 2,342 | 80 | 26 | 109 | N/A |
| 4/1/2022 | 2,248 | 122 | -3 | 79 | N/A |
| 12/31/2021 | 2,102 | 120 | 152 | 212 | N/A |
| 9/24/2021 | 1,856 | 97 | 162 | 214 | N/A |
| 6/25/2021 | 1,666 | 89 | 139 | 181 | N/A |
| 3/26/2021 | 1,495 | 93 | 111 | 147 | N/A |
| 12/25/2020 | 1,399 | 78 | 61 | 97 | N/A |
| 9/25/2020 | 1,315 | 45 | 45 | 85 | N/A |
| 6/26/2020 | 1,206 | 21 | 50 | 86 | N/A |
| 3/27/2020 | 1,127 | -1 | 90 | 119 | N/A |
| 12/27/2019 | 1,066 | -9 | N/A | 121 | N/A |
| 9/27/2019 | 1,037 | 0 | N/A | 115 | N/A |
| 6/28/2019 | 1,017 | -7 | N/A | 122 | N/A |
| 3/29/2019 | 1,042 | 12 | N/A | 55 | N/A |
| 12/28/2018 | 1,097 | 37 | N/A | 42 | N/A |
| 9/28/2018 | 1,088 | 59 | N/A | 27 | N/A |
| 6/29/2018 | 1,097 | 84 | N/A | 17 | N/A |
| 3/30/2018 | 1,035 | 85 | N/A | 45 | N/A |
| 12/29/2017 | 924 | 75 | N/A | 49 | N/A |
| 9/29/2017 | 850 | 64 | N/A | 46 | N/A |
| 6/30/2017 | 754 | 47 | N/A | 34 | N/A |
| 3/31/2017 | 655 | 28 | N/A | 27 | N/A |
| 12/30/2016 | 563 | 10 | N/A | 18 | N/A |
| 9/23/2016 | 492 | -16 | N/A | 6 | N/A |
| 6/24/2016 | 468 | -17 | N/A | 0 | N/A |
| 3/25/2016 | 456 | -15 | N/A | 6 | N/A |
| 12/25/2015 | 469 | -11 | N/A | 1 | N/A |
| 9/25/2015 | 486 | 9 | N/A | 11 | N/A |
| 6/26/2015 | 480 | 2 | N/A | 27 | N/A |
Analyst Future Growth Forecasts
Earnings vs Savings Rate: UCTT is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (3.5%).
Earnings vs Market: UCTT is forecast to become profitable over the next 3 years, which is considered above average market growth.
High Growth Earnings: UCTT is expected to become profitable in the next 3 years.
Revenue vs Market: UCTT's revenue (15% per year) is forecast to grow faster than the US market (11.6% per year).
High Growth Revenue: UCTT's revenue (15% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: UCTT's Return on Equity is forecast to be high in 3 years time (20.3%)
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/21 11:25 |
| End of Day Share Price | 2026/05/21 00:00 |
| Earnings | 2026/03/27 |
| Annual Earnings | 2025/12/26 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Ultra Clean Holdings, Inc. is covered by 10 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Christian Schwab | Craig-Hallum Capital Group LLC |
| Thomas Diffely | D.A. Davidson & Co. |
| Yu Shi | Needham & Company |