Ultra Clean Holdings, Inc. (UCTT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-94.6%

$2.55

vs $46.83 price

Levered DCF

$0.66

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.02

Safe zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-6.51×	68.92×	-48.77×	37.25×	20.86×	16.14×	-123.53×	8.92×
P/B	1.66×	1.88×	1.82×	1.69×	2.94×	2.35×	2.12×	0.75×
P/S	0.57×	0.78×	0.88×	0.63×	1.19×	0.9×	0.87×	0.3×
EV / EBITDA	-53.44×	10.47×	18.74×	9.19×	10.83×	8.21×	15.81×	6.38×
Gross margin	15.7%	17.0%	16.0%	19.6%	20.5%	20.9%	18.5%	16.0%
Operating margin	2.1%	4.3%	2.0%	5.1%	8.8%	8.7%	2.8%	5.5%
Net margin	-8.8%	1.1%	-1.8%	1.7%	5.7%	5.5%	-0.9%	3.3%
Current ratio	3.19×	2.89×	2.88×	2.82×	2.42×	2.71×	2.22×	3.23×
Debt / equity	1.14×	0.76×	0.76×	0.69×	0.75×	0.59×	0.77×	0.78×
Interest coverage	1.14×	1.96×	0.72×	3.55×	7.68×	7.2×	1.17×	6.07×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	0.0%
Payout ratio	-0.1%	2.1%	-0.6%	0.7%	0.0%	0.0%	-6.4%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-25.5%	2.7%	-3.7%	4.6%	14.1%	14.6%	-2.2%	8.4%
Return on invested capital	3.0%	2.9%	2.2%	4.3%	9.5%	10.6%	-12.1%	5.2%
Return on assets	-10.5%	1.2%	-1.7%	2.1%	5.9%	7.0%	-0.9%	3.8%
Free cash flow yield	1.3%	0.1%	3.9%	-3.5%	6.1%	4.9%	10.2%	4.9%
Earnings yield	-15.4%	1.4%	-2.0%	2.7%	4.8%	6.2%	-1.0%	11.3%
Enterprise value	$1.7B	$2B	$1.9B	$1.8B	$2.7B	$1.4B	$1.1B	$522.3M
Net debt / EBITDA	-15.88×	1.83×	3.36×	1.32×	0.69×	0.67×	2.47×	2.41×
Cash conversion cycle (days)	78	77	84	75	54	57	55	70