Ultra Clean Holdings, Inc.

Name: Ultra Clean Holdings, Inc. financial statements and ratios
Creator: Annalist

UCTT · Nasdaq · Technology, semiconductor equipment · United States · US GAAP · Fiscal year ends December

Latest report: Q3 FY2026, the quarter ended 25 September 2026, released 28 October 2026. Snapshot FY2026Q3_593a0b16.

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Overview

Revenue, quarter

+48.8% year on year

Operating income, quarter

+407% year on year

Net income, quarter

n.m. year on year

Diluted EPS, quarter

n.m. year on year

Operating margin, last 4 quarters

+8.7pp year on year

Return on equity, last 4 quarters

+24.3pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest quarter, with their history over earlier quarters.

Revenue for the quarter ended 25 September 2026 was US$759 million, 48.8% higher than in the same quarter a year earlier.
Strengthenedin Q3 FY2026 · stated since Q1 FY202648.8% from 24.3% in Q2 FY2026
Rule: Revenue against a year earlier · Sources 10-Q 2026-09
History of this finding, 11 records
1. Q3 FY2026 StrengthenedRevenue for the quarter ended 25 September 2026 was US$759 million, 48.8% higher than in the same quarter a year earlier.Recorded from FY2026Q3_593a0b16 · data update
2. Q2 FY2026 StrengthenedRevenue for the quarter ended 26 June 2026 was US$645 million, 24.3% higher than in the same quarter a year earlier.Reconstructed · data update
3. Q1 FY2026 NewRevenue for the quarter ended 27 March 2026 was US$534 million, 2.9% higher than in the same quarter a year earlier.Reconstructed · data update
4. Q1 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
5. Q4 FY2025 StrengthenedRevenue for the quarter ended 26 December 2025 was US$507 million, 10.0% lower than in the same quarter a year earlier.Reconstructed · data update
6. Q3 FY2025 NewRevenue for the quarter ended 26 September 2025 was US$510 million, 5.6% lower than in the same quarter a year earlier.Reconstructed · data update
7. Q3 FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
8. Q2 FY2025 WeakenedRevenue for the quarter ended 27 June 2025 was US$519 million, 0.5% higher than in the same quarter a year earlier.Reconstructed · data update
9. Q1 FY2025 WeakenedRevenue for the quarter ended 28 March 2025 was US$519 million, 8.6% higher than in the same quarter a year earlier.Reconstructed · data update
10. Q4 FY2024 StrengthenedRevenue for the quarter ended 27 December 2024 was US$563 million, 26.7% higher than in the same quarter a year earlier.Reconstructed · data update
11. Q3 FY2024 NewRevenue for the quarter ended 27 September 2024 was US$540 million, 24.2% higher than in the same quarter a year earlier.Reconstructed · initial
Net income attributable to the company was US$39 million, against a net loss of US$11 million in the same quarter a year earlier.
Strengthenedin Q3 FY2026 · stated since Q2 FY2026
Rule: Net income against a year earlier · Sources 10-Q 2026-09
History of this finding, 12 records
1. Q3 FY2026 StrengthenedNet income attributable to the company was US$39 million, against a net loss of US$11 million in the same quarter a year earlier.Recorded from FY2026Q3_593a0b16 · data update
2. Q2 FY2026 NewNet income attributable to the company was US$9 million, against a net loss of US$162 million in the same quarter a year earlier.Reconstructed · data update
3. Q2 FY2026 RetiredThe finding changed to a profit after a loss a year earlier.Reconstructed · data update
4. Q1 FY2026 StrengthenedThe company reported a net loss of US$18 million, against a net loss of US$5 million in the same quarter a year earlier.Reconstructed · data update
5. Q4 FY2025 WeakenedThe company reported a net loss of US$3 million, against net income of US$16 million in the same quarter a year earlier.Reconstructed · data update
6. Q3 FY2025 WeakenedThe company reported a net loss of US$11 million, against a net loss of US$2 million in the same quarter a year earlier.Reconstructed · data update
7. Q2 FY2025 StrengthenedThe company reported a net loss of US$162 million, against net income of US$19 million in the same quarter a year earlier.Reconstructed · data update
8. Q1 FY2025 NewThe company reported a net loss of US$5 million, against a net loss of US$9 million in the same quarter a year earlier.Reconstructed · data update
9. Q1 FY2025 RetiredThe finding changed to a loss.Reconstructed · data update
10. Q4 FY2024 NewNet income attributable to the company was US$16 million, against a net loss of US$4 million in the same quarter a year earlier.Reconstructed · data update
11. Q4 FY2024 RetiredThe finding changed to a profit after a loss a year earlier.Reconstructed · data update
12. Q3 FY2024 NewThe company reported a net loss of US$2 million, against a net loss of US$14 million in the same quarter a year earlier.Reconstructed · initial
The operating margin over the last 4 quarters was 4.3%, 8.7 percentage points higher than a year earlier.
Strengthenedin Q3 FY2026 · stated since Q2 FY2026
Rule: Operating margin against a year earlier · Sources 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03 and 2 more
History of this finding, 12 records
1. Q3 FY2026 StrengthenedThe operating margin over the last 4 quarters was 4.3%, 8.7 percentage points higher than a year earlier.Recorded from FY2026Q3_593a0b16 · data update
2. Q2 FY2026 NewThe operating margin over the last 4 quarters was 2.8%, 6.5 percentage points higher than a year earlier.Reconstructed · data update
3. Q2 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. Q1 FY2026 WeakenedThe operating margin over the last 4 quarters was -5.3%, 9.3 percentage points lower than a year earlier.Reconstructed · data update
5. Q4 FY2025 StrengthenedThe operating margin over the last 4 quarters was -5.2%, 9.6 percentage points lower than a year earlier.Reconstructed · data update
6. Q3 FY2025 StrengthenedThe operating margin over the last 4 quarters was -4.4%, 7.9 percentage points lower than a year earlier.Reconstructed · data update
7. Q2 FY2025 NewThe operating margin over the last 4 quarters was -3.6%, 6.3 percentage points lower than a year earlier.Reconstructed · data update
8. Q2 FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
9. Q1 FY2025 WeakenedThe operating margin over the last 4 quarters was 4.1%, 1.8 percentage points higher than a year earlier.Reconstructed · data update
10. Q4 FY2024 NewThe operating margin over the last 4 quarters was 4.4%, 2.3 percentage points higher than a year earlier.Reconstructed · data update
11. Q4 FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
12. Q3 FY2024 NewThe operating margin over the last 4 quarters was 3.5%, 0.5 percentage points lower than a year earlier.Reconstructed · initial
Return on equity over the last 4 quarters was 3.7%, against -20.6% a year earlier.
Strengthenedin Q3 FY2026 · stated since Q2 FY2026
Rule: Return on equity against a year earlier · Sources 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12 and 3 more
History of this finding, 11 records
1. Q3 FY2026 StrengthenedReturn on equity over the last 4 quarters was 3.7%, against -20.6% a year earlier.Recorded from FY2026Q3_593a0b16 · data update
2. Q2 FY2026 NewReturn on equity over the last 4 quarters was -3.4%, against -19.5% a year earlier.Reconstructed · data update
3. Q2 FY2026 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. Q1 FY2026 StrengthenedReturn on equity over the last 4 quarters was -25.9%, against 3.3% a year earlier.Reconstructed · data update
5. Q4 FY2025 StrengthenedReturn on equity over the last 4 quarters was -22.9%, against 2.8% a year earlier.Reconstructed · data update
6. Q3 FY2025 StrengthenedReturn on equity over the last 4 quarters was -20.6%, against 0.4% a year earlier.Reconstructed · data update
7. Q2 FY2025 NewReturn on equity over the last 4 quarters was -19.5%, against -1.0% a year earlier.Reconstructed · data update
8. Q2 FY2025 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
9. Q1 FY2025 StrengthenedReturn on equity over the last 4 quarters was 3.3%, against -4.4% a year earlier.Reconstructed · data update
10. Q4 FY2024 StrengthenedReturn on equity over the last 4 quarters was 2.8%, against -3.6% a year earlier.Reconstructed · data update
11. Q3 FY2024 NewReturn on equity over the last 4 quarters was 0.4%, against 0.1% a year earlier.Reconstructed · initial
Operating cash flow over the last 4 quarters was an outflow of US$109 million, and free cash flow after purchases of property, plant and equipment an outflow of US$164 million.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
Strengthenedin Q3 FY2026 · stated since Q1 FY2026
Rule: Free cash flow · Sources 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03 and 2 more
History of this finding, 10 records
1. Q3 FY2026 StrengthenedOperating cash flow over the last 4 quarters was an outflow of US$109 million, and free cash flow after purchases of property, plant and equipment an outflow of US$164 million.Recorded from FY2026Q3_593a0b16 · data update
2. Q2 FY2026 StrengthenedOperating cash flow over the last 4 quarters was an outflow of US$66 million, and free cash flow after purchases of property, plant and equipment an outflow of US$113 million.Reconstructed · data update
3. Q1 FY2026 NewPurchases of property, plant and equipment exceeded operating cash flow by US$43 million over the last 4 quarters.Reconstructed · data update
4. Q1 FY2026 RetiredThe finding changed to negative.Reconstructed · data update
5. Q4 FY2025 WeakenedFree cash flow over the last 4 quarters was US$15 million, and operating cash flow was -0.4 times net income attributable to the company.Reconstructed · data update
6. Q3 FY2025 WeakenedFree cash flow over the last 4 quarters was US$17 million, and operating cash flow was -0.5 times net income attributable to the company.Reconstructed · data update
7. Q2 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$28 million, and operating cash flow was -0.6 times net income attributable to the company.Reconstructed · data update
8. Q1 FY2025 StrengthenedFree cash flow over the last 4 quarters was US$26 million, and operating cash flow was 3.0 times net income attributable to the company.Reconstructed · data update
9. Q4 FY2024 WeakenedFree cash flow over the last 4 quarters was US$2 million, and operating cash flow was 2.7 times net income attributable to the company.Reconstructed · data update
10. Q3 FY2024 NewFree cash flow over the last 4 quarters was US$20 million, and operating cash flow was 23.1 times net income attributable to the company.Reconstructed · initial
Net debt was US$364 million at 25 September 2026, 2.3 times EBITDA over the last 4 quarters.
Strengthenedin Q3 FY2026 · stated since Q4 FY2025
Rule: Net debt or net cash · Sources 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09 and 2 more
History of this finding, 4 records
1. Q3 FY2026 StrengthenedNet debt was US$364 million at 25 September 2026, 2.3 times EBITDA over the last 4 quarters.Recorded from FY2026Q3_593a0b16 · data update
2. Q2 FY2026 StrengthenedNet debt was US$344 million at 26 June 2026, 3.1 times EBITDA over the last 4 quarters.Reconstructed · data update
3. Q1 FY2026 StrengthenedNet debt was US$278 million at 27 March 2026.Reconstructed · data update
4. Q4 FY2025 NewNet debt was US$165 million at 26 December 2025.Reconstructed · initial

Records before Q3 FY2026 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents24 documents, latest Form 10-Q, period ended 25 September 2026List

DownloadsExcel workbook · JSON · Brief for AI

SnapshotFY2026Q3_593a0b16

Corporate Events

Acquisition31 March 2021
Completed an acquisition.
Source 8-K 2021-03

Earnings, Returns and Balance Sheet

Revenue

By quarter, US dollars

Operating Income

By quarter, US dollars

Net Income Attributable to the Company

By quarter, US dollars

Margins

Last 4 quarters at each quarter end, per cent

Returns

Last 4 quarters, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by quarter, US dollars

Net Debt

Total debt less cash and short-term investments, at quarter end, US dollars

Diluted Earnings per Share

By quarter, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a quarter derived from cumulative reports.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

Q3 FY2026

Form 10-Q, period ended 25 September 2026, filed 28 October 2026. Changes are against the previous report, and each figure shows its period.

8changes2thresholds crossed

Changes in This Report 8

StrengthenedRevenue Against a Year Earlier10-Q 2026-09
Revenue for the quarter ended 25 September 2026 was US$759 million, 48.8% higher than in the same quarter a year earlier.
Earlier record, Q2 FY2026
Revenue for the quarter ended 26 June 2026 was US$645 million, 24.3% higher than in the same quarter a year earlier.
StrengthenedNet Income Against a Year Earlier10-Q 2026-09
Net income attributable to the company was US$39 million, against a net loss of US$11 million in the same quarter a year earlier.
Earlier record, Q2 FY2026
Net income attributable to the company was US$9 million, against a net loss of US$162 million in the same quarter a year earlier.
StrengthenedOperating Margin Against a Year Earlier10-Q 2026-09
The operating margin over the last 4 quarters was 4.3%, 8.7 percentage points higher than a year earlier.
Earlier record, Q2 FY2026
The operating margin over the last 4 quarters was 2.8%, 6.5 percentage points higher than a year earlier.
StrengthenedReturn on Equity Against a Year Earlier10-Q 2026-09
Return on equity over the last 4 quarters was 3.7%, against -20.6% a year earlier.
Earlier record, Q2 FY2026
Return on equity over the last 4 quarters was -3.4%, against -19.5% a year earlier.

4 more changes

StrengthenedFree Cash Flow10-Q 2026-09
Operating cash flow over the last 4 quarters was an outflow of US$109 million, and free cash flow after purchases of property, plant and equipment an outflow of US$164 million.
Earlier record, Q2 FY2026
Operating cash flow over the last 4 quarters was an outflow of US$66 million, and free cash flow after purchases of property, plant and equipment an outflow of US$113 million.
StrengthenedNet Debt or Net Cash10-Q 2026-09
Net debt was US$364 million at 25 September 2026, 2.3 times EBITDA over the last 4 quarters.
Earlier record, Q2 FY2026
Net debt was US$344 million at 26 June 2026, 3.1 times EBITDA over the last 4 quarters.
WeakenedLiquidity Cover10-Q 2026-09
Cash, short-term investments and operating cash flow over the last 4 quarters equalled 2.9 times the sum of debt due within 12 months, capital expenditure and dividends.
Earlier record, Q2 FY2026
Cash, short-term investments and operating cash flow over the last 4 quarters equalled 4.0 times the sum of debt due within 12 months, capital expenditure and dividends.
StrengthenedCash Backing of Earnings10-Q 2026-09
Net income attributable to the company over the last 4 quarters exceeded operating cash flow by an amount equal to 7.1% of average total assets.
Earlier record, Q2 FY2026
Net income attributable to the company over the last 4 quarters exceeded operating cash flow by an amount equal to 2.3% of average total assets.

Thresholds Crossed 2

StrengthenedFree Cash Flow
Operating cash flow over the last 4 quarters was an outflow of US$109 million, and free cash flow after purchases of property, plant and equipment an outflow of US$164 million.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
StrengthenedCash Backing of Earnings
Net income attributable to the company over the last 4 quarters exceeded operating cash flow by an amount equal to 7.1% of average total assets.
Interpretation. Part of the profit has not come in as cash yet: net income was larger than operating cash flow. Profit made of accounting entries tends to repeat less than profit backed by cash (Sloan, 1996).

Fiscal years and the latest quarter, with flows over the last 4 quarters and balances at the quarter end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

These ratios are not computed for this company; the method below gives the reason.

Method

Not computed: at 27 December 2024 the debt maturity schedule reports debt that the balance sheet items do not capture, so total debt is incomplete.
Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesLiquidity cover 2.93x, Debt due within 12 months $0 · Q3 FY2026

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash, short-term investments and operating cash flow over the last 4 quarters equalled 2.9 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Weakenedin Q3 FY2026 · stated since Q4 FY20252.93x from 4.04x in Q2 FY2026
Rule: Liquidity cover · Sources 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09 and 2 more
History of this finding, 4 records
1. Q3 FY2026 WeakenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 2.9 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2026Q3_593a0b16 · data update
2. Q2 FY2026 WeakenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 4.0 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
3. Q1 FY2026 StrengthenedCash, short-term investments and operating cash flow over the last 4 quarters equalled 6.9 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
4. Q4 FY2025 NewCash, short-term investments and operating cash flow over the last 4 quarters equalled 6.0 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Last 4 Quarters to Q3 FY2026

Sources	Amount
Cash and short-term investments	$271m
Operating cash flow	−$109m
Sources	$162m

Uses	Amount
Debt due within 12 months	$0
Capital expenditure	$55.4m
Dividends paid	$0
Uses	$55.4m

Liquidity cover 2.93x

By Fiscal Year

Ratio	FY202526 Dec 2025	Q3 FY2026latest quarter
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year, or of the last 4 quarters, are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityEarnings above cash flowCash-flow accruals 7.1%, Operating cash flow to EBITDA −0.70x · Q3 FY2026

Accruals and the cash backing of reported earnings.

Net income attributable to the company over the last 4 quarters exceeded operating cash flow by an amount equal to 7.1% of average total assets.
Interpretation. Part of the profit has not come in as cash yet: net income was larger than operating cash flow. Profit made of accounting entries tends to repeat less than profit backed by cash (Sloan, 1996).
Strengthenedin Q3 FY2026 · stated since Q2 FY20267.1% from 2.3% in Q2 FY2026
Rule: Cash backing of earnings · Sources 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12 and 2 more
History of this finding, 10 records
1. Q3 FY2026 StrengthenedNet income attributable to the company over the last 4 quarters exceeded operating cash flow by an amount equal to 7.1% of average total assets.Recorded from FY2026Q3_593a0b16 · data update
2. Q2 FY2026 NewNet income attributable to the company over the last 4 quarters exceeded operating cash flow by an amount equal to 2.3% of average total assets.Reconstructed · data update
3. Q2 FY2026 RetiredThe finding changed to earnings led by accruals.Reconstructed · data update
4. Q1 FY2026 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 10.6% of average total assets.Reconstructed · data update
5. Q4 FY2025 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 13.5% of average total assets.Reconstructed · data update
6. Q3 FY2025 ConfirmedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 12.9% of average total assets.Reconstructed · data update
7. Q2 FY2025 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 13.2% of average total assets.Reconstructed · data update
8. Q1 FY2025 StrengthenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.9% of average total assets.Reconstructed · data update
9. Q4 FY2024 WeakenedOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 2.2% of average total assets.Reconstructed · data update
10. Q3 FY2024 NewOperating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 4.2% of average total assets.Reconstructed · initial

Net Income and Operating Cash Flow

Last 4 quarters at each quarter end, US dollars

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202329 Dec 2023	FY202526 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets	n/a
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)			n/a
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company		n/a	n/a
Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 3.31, Last 4 quarters 4.00 at Q3 FY2026 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 3.31, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Weakenedin FY2025 · stated since FY20233.31 from 4.11 in FY2024
Rule: Altman Z'' zone · Sources 10-Q 2026-09, 10-K 2025-12
History of this finding, 3 records
1. FY2025 WeakenedThe Altman Z'' score for fiscal 2025 was 3.31, above the safe threshold of 2.60.Reconstructed · data update
2. FY2024 StrengthenedThe Altman Z'' score for fiscal 2024 was 4.11, above the safe threshold of 2.60.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was 3.75, above the safe threshold of 2.60.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202230 Dec 2022	FY202329 Dec 2023	FY202427 Dec 2024	FY202526 Dec 2025	Q3 FY2026latest quarter
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	safe zone	safe zone	safe zone	safe zone	safe zone	safe zone

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

3.31Safe zone, above 2.60

The score of 3.31 is in the safe zone of the model, above 2.60. The largest part is working capital, at 2.50; an operating loss lowers the score by 0.42.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.381	6.560	2.500
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.109	3.260	0.357
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	−0.062	6.720	−0.417
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.830	1.050	0.871
Score			3.311

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
Form 10-Q, period ended 25 September 2026	28 Oct 2026	10-Q:0001628280-26-067880
Form 10-Q, period ended 26 June 2026	4 Aug 2026	10-Q:0001628280-26-052540
Form 10-Q, period ended 27 March 2026	29 Apr 2026	10-Q:0001628280-26-028365
Form 10-K, period ended 26 December 2025	23 Feb 2026	10-K:0001628280-26-010744
Form 10-Q, period ended 26 September 2025	29 Oct 2025	10-Q:0001628280-25-047117
Form 10-Q, period ended 27 June 2025	29 Jul 2025	10-Q:0001628280-25-036413
Form 10-Q, period ended 28 March 2025	29 Apr 2025	10-Q:0001628280-25-020658
Form 10-K, period ended 27 December 2024	25 Feb 2025	10-K:0001628280-25-007865
Form 10-Q, period ended 27 September 2024	30 Oct 2024	10-Q:0001628280-24-044152
Form 10-Q, period ended 28 June 2024	26 Jul 2024	10-Q:0001628280-24-033152
Form 10-Q, period ended 29 March 2024	6 May 2024	10-Q:0001628280-24-020679
Form 10-K, period ended 29 December 2023	6 Mar 2024	10-K:0000950170-24-027213
Form 10-Q, period ended 29 September 2023	7 Nov 2023	10-Q:0000950170-23-060220
Form 10-Q, period ended 30 June 2023	11 Aug 2023	10-Q:0000950170-23-041897
Form 10-Q, period ended 31 March 2023	5 May 2023	10-Q:0000950170-23-018326
Form 10-K, period ended 30 December 2022	28 Feb 2023	10-K:0000950170-23-005148
Form 10-Q, period ended 30 September 2022	9 Nov 2022	10-Q:0000950170-22-023975
Form 10-Q, period ended 1 July 2022	9 Aug 2022	10-Q:0000950170-22-016091
Form 10-Q, period ended 1 April 2022	10 May 2022	10-Q:0000950170-22-009042
Form 10-K, period ended 31 December 2021	1 Mar 2022	10-K:0001564590-22-008065
Form 10-Q, period ended 24 September 2021	3 Nov 2021	10-Q:0001564590-21-053884
Form 10-Q, period ended 25 June 2021	4 Aug 2021	10-Q:0001564590-21-040843
Form 10-Q, period ended 26 March 2021	5 May 2021	10-Q:0001564590-21-023889
Form 8-K, period ended 31 March 2021	5 Apr 2021	8-K:0001193125-21-106305

Checks

294287 of 294 checks passed, 7 warnings

Fiscal calendar59 passedFiscal years last 350 to 380 days, quarters 80 to 125 days, and each period starts on the day after the one before. Checked at error level.

Quarters and fiscal year119 passedThe 4 quarters of every item add up to its fiscal year, or a later filing restated the year. Checked at error level.

Reported quarters0 of 1 passedA quarter that a filing reports on its own agrees with the figures of the same filing. Checked at warning level.

Amortisation of intangible assets, Q3 FY2022: $7.0m against −$15.7m

Withheld values2 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Amortisation of intangible assets, Q3 FY2022: withheld, negative where the item cannot be negative

Proceeds from issuance of common stock, Q3 FY2025: withheld, negative where the item cannot be negative

Filer identity1 passedThe documents are those of the company of this page. Checked at error level.

Balance sheet identity23 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Balance sheet structure23 passedTotal assets equal liabilities, temporary equity and total equity. Checked at warning level.

Lease liabilities5 passedLease payments due, less imputed interest, equal the lease liabilities. Checked at warning level.

Debt maturities0 of 3 passedThe debt maturity schedule adds up to the long-term debt. Checked at warning level.

31 Dec 2021: $565m against $0

30 Dec 2022: $969m against $0

27 Dec 2024: $500m against $0

Quarters and 9 months18 passedThe 3 reported quarters of a fiscal year add up to the reported 9-month figure. Checked at error level.

Gross profit28 passedRevenue less cost of revenue equals reported gross profit. Checked at warning level.

Earnings per share4 of 5 passedNet income divided by average shares agrees with reported basic earnings per share. Checked at warning level.

FY2021: 2,747,126 against 2.75

Interest and debt1 passedInterest expense of a fiscal year is between 0.5% and 15% of the average total debt at its opening and closing dates, so that the debt captured carries the interest reported. Checked at warning level.

Primary statements6 passedEach key figure of the latest fiscal year is a line of the income statement, the balance sheet or the cash flow statement of the annual report. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	1,332
Confirmed by other figures	52.7%, 702 values
Confirmed by a second document	0.0%, 0 values
Derived from reported figures	19.2%, 256 values
Values withheld	2
Restated figures tracked	19
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Ultra Clean Holdings, Inc., snapshot ultra-clean/FY2026Q3_593a0b16 (as of FY2026 Q3); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2026Q3_593a0b16 · dataset SHA-256 593a0b16c92ea9d2a6912b61f280e14863337c3122155d02b09577398c1021a3 · findings rules 0.5

Data: info.json · dataset.json · validation.json · documents.json