Forensic Analysis · Semiconductors · as of Sep 25, 2026
Ultra Clean Holdings, Inc. (UCTT)
A forensic read on Ultra Clean Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
6.3
Distress distance
Clean
Earnings quality
3
Forensic signals
-135.8
P / E (ttm)
-25.5%
ROE
$3.5B
Market cap
0.00%
Dividend yield
-2.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Ultra Clean Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 6.3, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-7.5%
FY2025
Return on invested capital.Return on invested capital is -7.5% in the latest fiscal year, against 2.2% in FY2023, having run between -7.5% and 4.7% across FY2023–FY2025 with no direction held. After-tax operating profit was $28M in FY2023 and ($85M) in FY2025, with operating income at 2.0% of revenue in FY2023, 4.3% in FY2024 and -5.2% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: short-term debt and long-term debt are tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged. FY2025's operating profit carried a $151M goodwill write-off that alone took about 10.6 points off that year's return, so more than the whole 9.7-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less.
+0.7%/yr
FY2023–FY2025
Share count.Diluted share count changed +1% over the last 2 years to FY2025 (+0.7%/yr). Roughly flat — buybacks ($3M) are about offsetting stock comp ($19M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
$151M
FY2025–FY2025
Goodwill impairments.Took $151M of goodwill writedowns across 1 year (FY2025 ($151M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$2.05B
Revenue Growth YoY-2.1%
Revenue CAGR (2yr)+8.9%
Net Margin-8.8%
Free Cash Flow$15.3M
Return on Equity-25.5%
Debt / Equity0.69x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Ultra Clean Holdings, Inc.'s actual 10-K/10-Q/8-K filings?