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Ultra Clean Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$61.8M in Q3 2026 · −$164M over twelve months

Operating cash flow−$42.3M
Capital spending−$19.5M
Free cash flow−$61.8M
Cash / net income-1.0×
Cash conversion cycle81 days

Analysis

In Q3 2026, Ultra Clean Holdings generated −$42.3M of operating cash flow and spent $19.5M on capital projects, leaving free cash flow of −$61.8M.

Over the twelve months to Sep 25, 2026, operating cash flow was −$109M; the largest uses were net borrowing (+) / repaid (−) ($482M), operating cash flow ($109M), capital spending ($55.4M); besides operations, cash came from other financing ($607M), shares issued ($36.2M); the cash balance fell by $43.2M.

Operating cash flow was −$42.3M against net income of $40.8M — -1.0× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$93.5M, receivables −$64.4M, payables +$26.7M.

Its cash conversion cycle was 81 days (receivables 29 + inventory 98 − payables 46).

Free cash flow

Ultra Clean Holdings: free cash flow by quarterUltra Clean Holdings: free cash flow by quarter−$200KQ4 2024$15.8MQ1 2025$12.4MQ2 2025−$10.9MQ3 2025−$2.0MQ4 2025−$42.9MQ1 2026−$57.3MQ2 2026−$61.8MQ3 2026
Operating cash flow less capital spending.
Ultra Clean Holdings: operating cash flow against capital spendingUltra Clean Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$17.1M$17.3MQ4 2024$28.2M$12.4MQ1 2025$29.2M$16.8MQ2 2025$100K$11.0MQ3 2025$8.1M$10.1MQ4 2025−$33.3M$9.6MQ1 2026−$41.1M$16.2MQ2 2026−$42.3M$19.5MQ3 2026
Latest (Q3 2026): Operating cash flow −$42.3M, Capital spending $19.5M.

Capital allocation, year by year

Ultra Clean Holdings: where the cash came from (up) and went (down), by fiscal yearUltra Clean Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $212MFY2021: Net borrowing −$132MFY2021: Shares issued $194MFY2021: Capital spending −$59.3MFY2021: Acquisitions −$343M$405MFY2021FY2022: Operating cash flow $47.2MFY2022: Net borrowing −$39.7MFY2022: Shares issued $700KFY2022: Asset sales $2.4MFY2022: Capital spending −$100MFY2022: Buybacks −$12.1M$50.3MFY2022FY2023: Operating cash flow $136MFY2023: Net borrowing −$38.6MFY2023: Shares issued $800KFY2023: Asset sales $2.2MFY2023: Capital spending −$75.8MFY2023: Acquisitions −$46.1MFY2023: Buybacks −$29.4M$139MFY2023FY2024: Operating cash flow $65.0MFY2024: Net borrowing −$10.2MFY2024: Shares issued $2.0MFY2024: Capital spending −$63.5M$67.0MFY2024FY2025: Operating cash flow $65.6MFY2025: Net borrowing −$18.2MFY2025: Shares issued $2.2MFY2025: Capital spending −$50.3MFY2025: Buybacks −$3.4M$67.8MFY2025
Over these 5 years operating cash flow totalled $525M; the largest uses were acquisitions ($389M) and capital spending ($349M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$271M
Debt$635M
Net debt$364M
Due within a year$12.1M
Cash runway20 months

Ultra Clean Holdings is burning cash: its operations consume cash, a free cash flow of −$164M a year at the current rate against $271M of cash and investments: a runway of about 20 months; $12.1M of debt also comes due within a year, which the cash covers before any new financing.

Ultra Clean Holdings: debt maturities by year (FY2025)Ultra Clean Holdings: debt maturities by year (FY2025)$12.1MYear 1$12.1MYear 2$457MYear 3
Principal due in each year as disclosed in the annual report, against $271M of cash and investments now.

Where the cash came from and went

Ultra Clean Holdings: sources (+) and uses (−) of cash, Q3 2026Ultra Clean Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$42.3MNet borrowing (+) / repaid (−)$35.0MShares issued$32.9MCapital spending−$19.5MCash drawn (+) / kept (−)−$15.0MExchange rates$8.7MOther financing$1.0MTaxes on employees’ shares−$800K
Ultra Clean Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Ultra Clean Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$607MNet borrowing (+) / repaid (−)−$482MOperating cash flow−$109MCapital spending−$55.4MCash drawn (+) / kept (−)$43.2MBuybacks−$40.0MShares issued$36.2MTaxes on employees’ shares−$4.3MExchange rates$2.9MOther investing$200KPartners−$100K

From profit to cash

Ultra Clean Holdings: net income to operating cash flow, Q3 2026Ultra Clean Holdings: net income to operating cash flow, Q3 2026Net income$40.8MDepreciation & amortization$12.7MStock-based pay$7.6MReceivables−$64.4MInventory−$93.5MPayables$26.7MEmployee-related liabilities$900KPrepaid and other assets−$2.2MOther liabilities$16.4MIncome taxes payable$5.8MOperating cash flow−$42.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202629984681
Q2 202631934777
Q1 202638884680
Q4 202537824178
Q3 202536814275
Q2 202537784273
Q1 202540794475
Q4 202438764371

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$42.3M−$19.5M—$35.0M$32.9M−$15.0M−$61.8M
Q2 2026−$41.1M−$16.2M—−$19.5M—$67.6M−$57.3M
Q1 2026−$33.3M−$9.6M−$40.0M$138M—−$11.7M−$42.9M
Q4 2025$8.1M−$10.1M——$2.2M$2.3M−$2.0M
Q3 2025$100K−$11.0M—−$3.1M−$1.1M$13.3M−$10.9M
Q2 2025$29.2M−$16.8M−$3.4M−$3.1M—−$9.8M$12.4M
Q1 2025$28.2M−$12.4M—−$12.0M—−$3.7M$15.8M
Q4 2024$17.1M−$17.3M—−$100K$1.1M$4.3M−$200K

Ultra Clean Holdings: income statement and cash flow

Ultra Clean Holdings, Q3 2026: revenue $759M (+49% year over year), operating margin 7.1%. The chart follows the revenue to costs, profit and cash.

Ultra Clean Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.