Semiconductor equipment · No.1 in dicing & grinding (60–70%)
Disco Corporation
World No.1 in dicing/grinding/polishing equipment (60–70% share), bundling tools, consumable blades and service. Essential to TSMC, Samsung, SK hynix, ASE and Amkor. FY revenue ~$2.9B.
6146.T Updated Jul 12, 2026 4 AI consumers· 3 recurring
Per the valuechain.wiki graph, Disco Corporation is directly linked to 5 companies (0 supply, 5 revenue relationships) and reaches 31 companies within two hops; the links are backed by 6 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2026 (ended Mar 2026) net sales JPY 436.8bn (+11.1%), operating income JPY 184.9bn (42.3% margin, record)
- Segments · World No.1 in dicing and grinding equipment
Revenue from
- TSMC High confidence· Market share >65% · 2024 · global dicing/grinding share
Supplies dicing/grinding tools to TSMC, but the real tie is the recurring blade/service revenue on top — the higher foundry utilization runs, the more consumables turn. - Samsung Electronics Medium confidence
Supplies dicing/grinding tools to Samsung — HBM and advanced packaging add dicing/thinning steps, growing both tool and consumable demand.Confirms KO Digital Today Published Jun 1, 2025: Deepening reliance on Japanese suppliers in the HBM4 era - SK hynix Medium confidence
Supplies dicing/grinding tools to SK hynix — HBM stacking raises grinding (thinning) difficulty, a key demand source.Mentions EN Analyst analysis Published Apr 25, 2026: DISCO (6146) FY2026 analysis — AI/HBM precision-processing demand; consumables at high levels - ASE Technology Medium confidence
Supplies dicing/grinding tools to leading OSAT ASE — where back-end volume concentrates, a core axis of the consumable aftermarket. - Amkor Technology Medium confidence
Supplies dicing/grinding tools to OSAT Amkor — as advanced-packaging outsourcing grows, recurring blade demand rises.
Pays to
- blade materials & components (undisclosed) Low confidence
Parts, materials and R&D (undisclosed). - equipment & infrastructure (undisclosed) Low confidence
Equipment and infrastructure (undisclosed).
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 | +163.4 |
| Intel | lead2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +159.6 |
| MediaTek | lead2 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +152.4 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +123 |
| Global Unichip | lead2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +122.8 |
| Fortinet | lead2 | +142 | -32 | +19.7 | +61.4 | -16 | +96.8 |
| Astera Labs | lead2 | · | · | · | · | +25.6 | +86.6 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +48.5 |
| Realtek | lead2 | +19.6 | -33.8 | +56.2 | +19.1 | -6.4 | +47.5 |
| Cisco | lead2 | +45.8 | -22.5 | +9.3 | +21 | +33.5 | +43.8 |
| Alchip Technologies | lead2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +36.1 |
| Analog Devices | lead2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +34.8 |
| Renesas Electronics | lead2 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +28.2 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Credo Technology | lead2 | · | · | +46.3 | +245.2 | +114.1 | +18.5 |
| Microchip Technology | lead2 | +27.5 | -18 | +30.9 | -35 | +14.6 | +18.4 |
| Sony Semiconductor Solutions | lead2 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | +12.9 |
| NXP Semiconductors | lead2 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +5.9 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +3.8 |
| Montage Technology | lead2 | -18.2 | -21.8 | -18 | +51.4 | +169 | +3.4 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +0.2 |
| Ambarella | lead2 | +121 | -59.5 | -25.5 | +18.7 | -2.6 | -11.2 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -14.7 |
| Mobileye | lead2 | · | · | +23.6 | -54 | -47.6 | -18 |
| Will Semiconductor | lead2 | -12.1 | -49.7 | -8.3 | +22.8 | +15.5 | -33.7 |
| ASE Technology | lead1 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +135.3 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +81.6 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +59.7 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +41.9 |
| Amkor Technology | lead1 | +65.6 | -2.3 | +40.3 | -20.8 | +55.9 | +21.6 |
| Disco Corporation | node | -6.6 | +27.7 | +218.5 | +11.6 | +49.6 | -17.3 |
YTD as of 2026-09-04 · source: Yahoo Finance
Disco Corporation operates across Nikkei 225, Semi equipment, No.1 dicing/grinding (60-70%). After +49.6% in 2025, it corrected -17.3% in 2026. The demand side (avg +79.6%) leads the stock (-17.3%), so customer moves come first here. Among connected nodes the furthest ahead is ASE Technology (+135.3%) and the furthest behind is TSMC (+41.9%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. FY revenue ~$2.9B.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target ¥98,400 · Price ¥54,460 (09-04) · Upside +81%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Goldman Sachs | Buy (強気継続) | ¥95,000 | Jun 30, 2026 | Report ↗ |
| Tokai Tokyo Securities | Outperform | ¥80,200 | Jun 5, 2026 | Report ↗ |
| Mizuho Securities | Buy | ¥120,000 | Jun 4, 2026 | Report ↗ |
Six straight record years on AI-driven precision dicing/grinding demand prompted Goldman Sachs, Mizuho and others to lift targets to the JPY 80,000-120,000 range.