UCTTUltra Clean Holdings, Inc.

Semiconductors & Related Devices

Revenue: $2.1B; 2.1% YoY
Operating margin: -5.2%; 220% YoY
EBITDA: −$60M; 143% YoY
Market cap: $2.3B
Employees: 7,411; $277K revenue each
Net debt / EBITDA: —; $364M net debt
AI in 10-K: 3.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
5% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$277K · 32nd pct
Bottom quartile of its SIC industry
Quiet on AINo
3.6 per 10K words · 75th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$12M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.1B	$2.4B	$1.7B	$2.1B	$2.1B	2.1%
Operating income	$186M	$120M	$35M	$91M	−$107M	218%
Net income	$120M	$40M	−$31M	$24M	−$181M	865%
Operating cash flow	$212M	$47M	$136M	$65M	$66M	0.9%
Capex	$59M	$100M	$76M	$64M	$50M	21%
Stock-based comp	$16M	$19M	$12M	$17M	$19M	10%
Buybacks	$0	$12M	$29M	$0	$3M

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $12M · 86
Net: −$12M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	82	262
FY2024	—	—	115	186
FY2023	—	—	108	152
FY2022	—	—	105	92
FY2021	—	—	181	143