Nikkei 225 · semi equipment · CMP world No.2
Ebara
The world No.2 in semiconductor CMP (chemical-mechanical planarization) tools (F-REX, ~25%) and a leader in dry vacuum pumps and abatement, with a moat in bundling polishing, vacuum and abatement into a single fab. Precision/electronics is 46% of revenue (FY2025 consolidated >¥920B), and it is especially strong with Korean/Japanese memory (SK hynix, Samsung, Kioxia) and Sony image sensors. Its results are tied directly to memory and foundry capex, making it a leading node whose customers' expansion decisions have moved ahead of its own stock.
6361.T Updated Jul 12, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, Ebara is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 30 companies within two hops; the links are backed by 5 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 sales ¥920B+ (precision 46%)
- Customer concentration · #2 in CMP; strong in memory/CIS.
- Segments · CMP tools · Dry vacuum pumps · Abatement
Revenue from
- SK hynix High confidence
Supplies CMP tools and vacuum pumps to SK hynix — a key equipment source for HBM/DRAM expansion; hynix's capex has led Ebara's precision/electronics revenue, its largest demand customer. - Memory · image sensors (CMP · pumps) Medium confidence· Amount ¥212.6B · FY2025 CMP 장비 매출 · CMP within Precision & Electronics (~35% of group sales)
Supplies CMP and vacuum pumps to memory and image-sensor customers (Kioxia, Sony) — NAND stacking and image-sensor pixel competition underpin demand for polishing and vacuum.Confirms EN EBARA Technologies Published Jun 1, 2025: Ebara: over 80% of top-20 chip makers are customers - Samsung Electronics Medium confidence
Supplies CMP and vacuum pumps to Samsung's memory and foundry fabs — scaling and stacking raise the number of CMP steps per fab, structurally growing equipment demand. - TSMC Medium confidence
Supplies CMP and vacuum pumps to TSMC's advanced logic fabs — revenue linked to leading-edge foundry expansion, an anchor customer for holding the No.2 CMP position behind Applied.
Pays to
- R&D engineers (undisclosed) Low confidence
R&D in next-generation CMP and vacuum tools — the cost of maintaining and extending the polishing and utility technology that keeps pace with scaling and stacking. - components & materials (undisclosed) Low confidence
Purchases of precision parts and materials for pumps and CMP tools are the cost core — a supply chain that governs equipment lead times and margins (suppliers 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 |
|---|---|---|---|---|---|---|---|
| Intel | lead2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| 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 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| 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 |
| Ebara | node | +58.1 | +2.3 | +76.1 | +41 | +84 | +32.3 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is equipment leverage to a recovery in memory and foundry capex. Ebara's precision/electronics segment — CMP (F-REX, world No.2 ~25%) plus dry vacuum pumps and abatement — is tied directly to fab investment, so expansion at SK hynix, Samsung and Kioxia and the HBM/AI-memory cycle lift orders. Its structural position is a CMP oligopoly (No.2 behind Applied) and a bundle spanning vacuum and abatement, but customer concentration in memory and image sensors means its results swing with the memory cycle's amplitude. As its customers (e.g. SK hynix) have moved ahead of its own stock, it is best read against fab-capex leading indicators.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target ¥7,027 · Price ¥6,127 (07-10) · Upside +15%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Goldman Sachs | Buy | ¥7,800 | Jul 1, 2026 | Report ↗ |
| UBS | Buy | ¥7,180 | Jun 16, 2026 | Report ↗ |
| Citigroup | 1 | ¥6,100 | Jun 10, 2026 | Report ↗ |
On semiconductor and data-center pump demand, Goldman lifted its target to JPY 7,800 in 2026 and the consensus stands buy-heavy (7 strong buy, 2 buy, 2 neutral).