Forensic Analysis · Technology / Software · as of Jun 27, 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
3.2
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-28.1%
ROE
$5.3B
Market cap
Ultra Clean Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 3.2, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-8%Return on invested capital.Return on invested capital is -8% and slipping from 6% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
1% of revStock-based comp load.Stock-based compensation ran 1% of revenue and 125% of free cash flow in FY2025 — about $0.42 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
-0.3%/yrShare-count dilution.Diluted share count changed -1% over the last 3 years to FY2025 (-0.3%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
$151MGoodwill impairments.Took $151M of goodwill writedowns across 1 year(s) (FY2025 ($151M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-8.8%
Debt / Equity0.68x
Free Cash Flow$15.3M
Latest Revenue$2.05B
Return on Equity-25.5%
Revenue Growth YoY-2.1%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Ultra Clean Holdings, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about UCTT's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown