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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) and ICHOR HOLDINGS, LTD. (ICHR). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $223.6M, roughly 1.0× ICHOR HOLDINGS, LTD.). CSW INDUSTRIALS, INC. runs the higher net margin — 4.4% vs -7.1%, a 11.5% gap on every dollar of revenue. On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs -4.2%). CSW INDUSTRIALS, INC. produced more free cash flow last quarter ($22.7M vs $5.9M). Over the past eight quarters, ICHOR HOLDINGS, LTD.'s revenue compounded faster (5.4% CAGR vs 5.1%).
Ichor Holdings Ltd. designs, manufactures and supplies critical fluid delivery systems, subsystems and related components for the global semiconductor manufacturing sector. Its products are integrated into front-end wafer processing equipment, supporting production of advanced logic, memory and specialty chips for leading semiconductor device and equipment makers across North America, East Asia and Europe.
CSW vs ICHR — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $223.6M |
| Net Profit | $10.3M | $-16.0M |
| Gross Margin | 39.7% | 9.4% |
| Operating Margin | 7.4% | -6.2% |
| Net Margin | 4.4% | -7.1% |
| Revenue YoY | 20.3% | -4.2% |
| Net Profit YoY | -61.9% | -304.8% |
| EPS (diluted) | $0.62 | $-0.46 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $233.0M | $223.6M | ||
| Q3 25 | $277.0M | $239.3M | ||
| Q2 25 | $263.6M | $240.3M | ||
| Q1 25 | $230.5M | $244.5M | ||
| Q4 24 | $193.6M | $233.3M | ||
| Q3 24 | $227.9M | $211.1M | ||
| Q2 24 | $226.2M | $203.2M | ||
| Q1 24 | $210.9M | $201.4M |
| Q4 25 | $10.3M | $-16.0M | ||
| Q3 25 | $40.7M | $-22.9M | ||
| Q2 25 | $40.9M | $-9.4M | ||
| Q1 25 | $35.1M | $-4.6M | ||
| Q4 24 | $26.9M | $-3.9M | ||
| Q3 24 | $36.1M | $-2.8M | ||
| Q2 24 | $38.6M | $-5.1M | ||
| Q1 24 | $31.8M | $-9.0M |
| Q4 25 | 39.7% | 9.4% | ||
| Q3 25 | 43.0% | 4.6% | ||
| Q2 25 | 43.8% | 11.3% | ||
| Q1 25 | 44.2% | 11.7% | ||
| Q4 24 | 41.4% | 11.6% | ||
| Q3 24 | 45.6% | 13.2% | ||
| Q2 24 | 47.5% | 12.6% | ||
| Q1 24 | 44.4% | 11.4% |
| Q4 25 | 7.4% | -6.2% | ||
| Q3 25 | 20.5% | -8.1% | ||
| Q2 25 | 20.8% | -2.0% | ||
| Q1 25 | 19.5% | -0.5% | ||
| Q4 24 | 15.3% | -0.5% | ||
| Q3 24 | 22.6% | -0.2% | ||
| Q2 24 | 24.3% | -1.1% | ||
| Q1 24 | 21.0% | -1.9% |
| Q4 25 | 4.4% | -7.1% | ||
| Q3 25 | 14.7% | -9.6% | ||
| Q2 25 | 15.5% | -3.9% | ||
| Q1 25 | 15.2% | -1.9% | ||
| Q4 24 | 13.9% | -1.7% | ||
| Q3 24 | 15.8% | -1.3% | ||
| Q2 24 | 17.1% | -2.5% | ||
| Q1 24 | 15.1% | -4.5% |
| Q4 25 | $0.62 | $-0.46 | ||
| Q3 25 | $2.41 | $-0.67 | ||
| Q2 25 | $2.43 | $-0.28 | ||
| Q1 25 | $2.05 | $-0.13 | ||
| Q4 24 | $1.60 | $-0.11 | ||
| Q3 24 | $2.26 | $-0.08 | ||
| Q2 24 | $2.47 | $-0.15 | ||
| Q1 24 | $2.03 | $-0.30 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $40.2M | $98.3M |
| Total DebtLower is stronger | — | $123.5M |
| Stockholders' EquityBook value | $1.1B | $663.9M |
| Total Assets | $2.3B | $942.9M |
| Debt / EquityLower = less leverage | — | 0.19× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $40.2M | $98.3M | ||
| Q3 25 | $31.5M | $92.5M | ||
| Q2 25 | $38.0M | $92.2M | ||
| Q1 25 | $225.8M | $109.3M | ||
| Q4 24 | $213.8M | $108.7M | ||
| Q3 24 | $273.2M | $116.4M | ||
| Q2 24 | $18.9M | $114.3M | ||
| Q1 24 | $22.2M | $102.1M |
| Q4 25 | — | $123.5M | ||
| Q3 25 | — | $123.5M | ||
| Q2 25 | — | $125.0M | ||
| Q1 25 | $800.1M | $126.8M | ||
| Q4 24 | — | $128.5M | ||
| Q3 24 | — | $130.3M | ||
| Q2 24 | — | $130.2M | ||
| Q1 24 | $166.0M | $131.9M |
| Q4 25 | $1.1B | $663.9M | ||
| Q3 25 | $1.1B | $676.2M | ||
| Q2 25 | $1.1B | $694.1M | ||
| Q1 25 | $1.1B | $700.4M | ||
| Q4 24 | $1.0B | $698.3M | ||
| Q3 24 | $1.0B | $697.3M | ||
| Q2 24 | $650.2M | $694.9M | ||
| Q1 24 | $615.7M | $697.2M |
| Q4 25 | $2.3B | $942.9M | ||
| Q3 25 | $1.5B | $966.6M | ||
| Q2 25 | $1.5B | $985.1M | ||
| Q1 25 | $1.4B | $1.0B | ||
| Q4 24 | $1.4B | $995.6M | ||
| Q3 24 | $1.4B | $975.9M | ||
| Q2 24 | $1.1B | $947.7M | ||
| Q1 24 | $1.0B | $957.4M |
| Q4 25 | — | 0.19× | ||
| Q3 25 | — | 0.18× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | 0.75× | 0.18× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.19× | ||
| Q2 24 | — | 0.19× | ||
| Q1 24 | 0.27× | 0.19× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $28.9M | $9.2M |
| Free Cash FlowOCF − Capex | $22.7M | $5.9M |
| FCF MarginFCF / Revenue | 9.8% | 2.6% |
| Capex IntensityCapex / Revenue | 2.6% | 1.5% |
| Cash ConversionOCF / Net Profit | 2.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | $-6.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.9M | $9.2M | ||
| Q3 25 | $61.8M | $9.2M | ||
| Q2 25 | $60.6M | $-7.5M | ||
| Q1 25 | $27.3M | $19.0M | ||
| Q4 24 | $11.6M | $-2.5M | ||
| Q3 24 | $66.8M | $8.1M | ||
| Q2 24 | $62.7M | $17.5M | ||
| Q1 24 | $22.4M | $4.8M |
| Q4 25 | $22.7M | $5.9M | ||
| Q3 25 | $58.7M | $2.1M | ||
| Q2 25 | $57.7M | $-14.8M | ||
| Q1 25 | $22.8M | $496.0K | ||
| Q4 24 | $8.5M | $-6.9M | ||
| Q3 24 | $61.3M | $2.2M | ||
| Q2 24 | $59.6M | $14.6M | ||
| Q1 24 | $17.5M | $314.0K |
| Q4 25 | 9.8% | 2.6% | ||
| Q3 25 | 21.2% | 0.9% | ||
| Q2 25 | 21.9% | -6.2% | ||
| Q1 25 | 9.9% | 0.2% | ||
| Q4 24 | 4.4% | -3.0% | ||
| Q3 24 | 26.9% | 1.0% | ||
| Q2 24 | 26.3% | 7.2% | ||
| Q1 24 | 8.3% | 0.2% |
| Q4 25 | 2.6% | 1.5% | ||
| Q3 25 | 1.1% | 3.0% | ||
| Q2 25 | 1.1% | 3.0% | ||
| Q1 25 | 2.0% | 7.6% | ||
| Q4 24 | 1.6% | 1.9% | ||
| Q3 24 | 2.4% | 2.8% | ||
| Q2 24 | 1.4% | 1.4% | ||
| Q1 24 | 2.3% | 2.2% |
| Q4 25 | 2.81× | — | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 1.48× | — | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.62× | — | ||
| Q1 24 | 0.71× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
ICHR
| Other | $101.6M | 45% |
| US | $67.4M | 30% |
| Other Countries | $29.7M | 13% |
| Europe | $24.9M | 11% |
