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 6 AI consumers· 3 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 |
|---|---|---|---|---|---|---|---|
| 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 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| 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 |
| 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 |
| Ebara | node | +58.1 | +2.3 | +76.1 | +41 | +84 | -4.2 |
YTD as of 2026-09-04 · source: Yahoo Finance
Ebara operates across Nikkei 225, semi equipment, CMP world No.2. It is -4.2% in 2026. The demand side (avg +61.1%) leads the stock (-4.2%), so customer moves come first here. Among connected nodes the furthest ahead is SK hynix (+81.6%) 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. 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.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target ¥7,027 · Price ¥4,436 (09-04) · Upside +58%
| 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).