Euronext · back-end equipment · hybrid bonding
BESI
A Netherlands (Euronext) company leading hybrid-bonding tools — the bottleneck step for next-generation chip stacking. Today HBM and logic stacking rely mainly on thermocompression (TCB), but as pitch scaling hits its limit, HBM4+ and advanced logic are transitioning to direct copper-to-copper (hybrid) bonding, and BESI holds the gating tool. So this node's value hinges on adoption timing, not current revenue — the company guides a long-term revenue target of €1.5-1.9B, and Samsung's adoption decision plus the advanced-packaging ramps at TSMC and Intel are the triggers that pull that timing forward.
BESI.AS Updated Jul 12, 2026 5 AI consumers· 3 recurring
Per the valuechain.wiki graph, BESI is directly linked to 6 companies (0 supply, 6 revenue relationships) and reaches 32 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Segments · Hybrid bonding
Revenue from
- TSMC Medium confidence· Revenue >$2B · 장기목표 · BESI long-term revenue target €1.5-1.9B
Supplies hybrid-bonding and die-attach tools to TSMC advanced packaging (SoIC) — foundry stacking demand underpins BESI's long-term target (€1.5-1.9B).Confirms EN BESI Investor Relations Published Feb 19, 2026: BESI annual reports and results (Euronext)Confirms EN Yole Group Published Aug 1, 2025: Advanced packaging back-end equipment: TCB and hybrid bonding lead - SK hynix Medium confidence
Candidate for next-gen HBM4+ hybrid bonding — as SK hynix shifts stacking from TCB to hybrid, BESI is first in line. Still pre-mass-adoption, so timing is the swing factor. - Intel Medium confidence
Supplies hybrid-bonding and die-attach tools to Intel's Foveros 3D stacking — another axis of logic advanced-packaging adoption.Confirms EN Yole Group Published Aug 1, 2025: Advanced packaging back-end equipment: TCB and hybrid bonding lead - ASE Technology Medium confidence
Supplies die-attach and hybrid-bonding tools to OSATs like ASE — the packaging-house adoption path beyond foundries; as OSATs move to hybrid, the demand base widens. - Amkor Technology Medium confidence
Supplies die-attach and hybrid-bonding tools to OSATs like Amkor — with ASE, one of the two pillars of packaging-house adoption.Confirms EN BESI Investor Relations Published Feb 19, 2026: BESI annual reports and results (Euronext)Mentions EN Amkor Technology IR Accessed Jun 20, 2026: Amkor breaks ground on $7B Arizona packaging campus (Apple largest customer) - Samsung Electronics Medium confidence
Samsung is evaluating hybrid-bonding adoption — the decision is the step-change trigger for BESI's results and the most imminent event on this node.Confirms KO TheElec Published Apr 10, 2026: Netherlands' BESI: Samsung hybrid-bonding adoption decision coming soon
Pays to
- precision components · optical (undisclosed) Low confidence
Outsources ultra-precision motion/optics parts (suppliers undisclosed) — nanometer alignment accuracy is core to tool performance, so this supply chain's quality is competitiveness itself.Mentions EN BESI Investor Relations Published Feb 19, 2026: BESI annual reports and results (Euronext) - metrology & motion modules (undisclosed) Low confidence
Buys metrology/motion-control modules (undisclosed) — essential sub-modules for bond alignment and inspection, where sourcing stability drives lead times.Mentions EN BESI Investor Relations Published Feb 19, 2026: BESI annual reports and results (Euronext)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Astera Labs | lead2 | · | · | · | · | +25.6 | +148.2 |
| MediaTek | lead2 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +124.3 |
| Fortinet | lead2 | +142 | -32 | +19.7 | +61.4 | -16 | +98.4 |
| Renesas Electronics | lead2 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +84.9 |
| Credo Technology | lead2 | · | · | +46.3 | +245.2 | +114.1 | +79.2 |
| Realtek | lead2 | +19.6 | -33.8 | +56.2 | +19.1 | -6.4 | +73.7 |
| Global Unichip | lead2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +66.4 |
| Cisco | lead2 | +45.8 | -22.5 | +9.3 | +21 | +33.5 | +59.8 |
| Montage Technology | lead2 | -18.2 | -21.8 | -18 | +51.4 | +169 | +47.4 |
| Analog Devices | lead2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +46.7 |
| Microchip Technology | lead2 | +27.5 | -18 | +30.9 | -35 | +14.6 | +40.6 |
| NXP Semiconductors | lead2 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +35.8 |
| Alchip Technologies | lead2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +34.7 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +18.4 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| Ambarella | lead2 | +121 | -59.5 | -25.5 | +18.7 | -2.6 | +9.1 |
| Sony Semiconductor Solutions | lead2 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | -2.4 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -6 |
| Mobileye | lead2 | · | · | +23.6 | -54 | -47.6 | -8.5 |
| Will Semiconductor | lead2 | -12.1 | -49.7 | -8.3 | +22.8 | +15.5 | -14.8 |
| Intel | lead1 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| ASE Technology | lead1 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +167.6 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Amkor Technology | lead1 | +65.6 | -2.3 | +40.3 | -20.8 | +55.9 | +79 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| BESI | node | +33.7 | -6.1 | +121.8 | -9.3 | +35 | +56.2 |
YTD as of 2026-07-10 · source: Yahoo Finance
BESI is an option-like node holding the next bottleneck in chip stacking. As thermocompression (TCB) hits its pitch limit, HBM4+ and advanced logic move to hybrid bonding, where BESI leads the gating tool. The point is adoption timing, not revenue size — results today are small and volatile, but the company guides a long-term €1.5-1.9B, and once adoption is decided results step up. Demand splits across HBM (SK hynix, Samsung), foundry advanced packaging (TSMC SoIC, Intel Foveros) and OSATs (ASE, Amkor), with Samsung's adoption decision the imminent trigger. Conversely, if TCB holds on longer at HBM4, adoption slips. On the graph this node sits on the substitution axis against TCB toolmakers like Hanmi Semiconductor — the pace of hybrid-bonding adoption is precisely the TCB camp's risk.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target €300 · Price €255.3 (07-10) · Upside +18%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Goldman Sachs · Alexander Duval | Buy | €318 | Jun 30, 2026 | Report ↗ |
| J.P. Morgan · Sandeep Deshpande | Overweight | €342 | Jun 15, 2026 | Report ↗ |
| Berenberg · Trion Reid | Hold | €240 | Jun 10, 2026 | Report ↗ |
On AI-driven hybrid bonding demand, J.P. Morgan (EUR 342) and Goldman Sachs (EUR 318) have raised targets aggressively, forming a Buy consensus (average target around EUR 275-294), while Berenberg and Barclays stay on Hold.