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Semtech vs Ichor Holdings: SMTC and ICHR compared
Semtech is the larger company: $342M of revenue in its latest quarter (Q2 FY27) against $329M for Ichor Holdings (Q3 2026). Ichor Holdings is growing faster (+37% against +33% a year earlier). Semtech is more profitable, with an operating margin of 16.3% against 6.9%.
Where the money goes: SMTC and ICHR
Semtech (SMTC) · Q2 FY27
Semtech, Q2 FY27: revenue $342M (+33% year over year), operating margin 16.3%, net earnings $160M, operating cash flow $68.9M. The chart follows the revenue to costs, profit and cash.
Ichor Holdings (ICHR) · Q3 2026
Ichor Holdings, Q3 2026: revenue $329M (+37% year over year), operating margin 6.9%, net earnings $20.9M, operating cash flow −$28.8M. The chart follows the revenue to costs, profit and cash.
| Semtech (SMTC) | Ichor Holdings (ICHR) | |
|---|---|---|
| Latest quarter | Q2 FY27 | Q3 2026 |
| Revenue | $342M | $329M |
| Revenue growth, Y/Y | +33% | +37% |
| Gross margin | 53.8% | 15.8% |
| Operating margin | 16.3% | 6.9% |
| Net earnings | $160M | $20.9M |
| Net margin | 46.8% | 6.4% |
| Operating cash flow | $68.9M | −$28.8M |
| Free cash flow | $61.4M | — |
| Market value | $10.1B | $1.5B |
| Analysts’ mean target | $217.07 | $75.12 |
Questions
Which is bigger, Semtech or Ichor Holdings?
Semtech is the larger company: $342M of revenue in its latest quarter (Q2 FY27) against $329M for Ichor Holdings (Q3 2026).
Is Semtech or Ichor Holdings growing faster?
Ichor Holdings is growing faster (+37% against +33% a year earlier).
Which is more profitable, Semtech or Ichor Holdings?
Semtech is more profitable, with an operating margin of 16.3% against 6.9%.
More: Semtech earnings · how Semtech makes money · Ichor Holdings earnings · how Ichor Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 26, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.