TSE · CMP slurry · FEOL leader
Fujimi Incorporated
A CMP slurry maker. ~60% share in transistor-formation (FEOL) slurry (~15% overall). FY2025 revenue ¥62.5B (+21.5%) on AI advanced-chip demand. TSMC is its largest customer (16% of sales); in Japan it serves Renesas, Sony and Toyota. Expanding high-value slurry for 2nm and 3D structures.
5384.T Updated Jul 12, 2026 4 AI consumers· 1 recurring
Per the valuechain.wiki graph, Fujimi Incorporated is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 28 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue ¥62.5B (+21.5%)
- Customer concentration · ~60% FEOL slurry; TSMC largest customer.
- Segments · FEOL CMP slurry · SiC/wafer polishing
Revenue from
- TSMC High confidence
Supplies FEOL CMP slurry to TSMC (16% of sales, largest customer) — a consumable axis tied to leading-edge logic utilization. - Foundry · memory · Japan automotive electronics (slurry) Medium confidence
Renesas, Sony (Japan) plus global foundries/memory. - SK hynix Medium confidence
Supplies CMP slurry to SK hynix — tied to HBM/DRAM capacity utilization.Mentions EN Earnings briefing Published May 1, 2026: Fujimi FY2026 — strong CMP slurry for advanced semiconductors - Samsung Electronics Medium confidence
Supplies CMP slurry to Samsung — a demand axis from memory/logic utilization.
Pays to
- Abrasives · materials (undisclosed) Low confidence
Sources ceria/silica abrasives and materials — the materials axis of slurry performance and cost (undisclosed). - manufacturing & R&D (undisclosed) Low confidence
Manufacturing and R&D in the US, Taiwan and Malaysia — near-customer supply and new-slurry development (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 |
| Apple | lead2 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +16.2 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| 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 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| Fujimi Incorporated | node | +64.7 | -1.6 | +40.4 | -24.2 | +28.4 | +54.6 |
YTD as of 2026-07-10 · source: Yahoo Finance
Fujimi's thesis is an oligopoly over a narrow bottleneck — transistor-formation (FEOL) CMP slurry. In this planarization consumable it holds ~60% of the FEOL segment (~15% overall), and as scaling and 3D stacking add polishing steps, consumption grows — AI advanced-chip demand drove FY2025 revenue of ¥62.5B (+21.5%), and high-value slurry for 2nm and 3D structures is the growth axis. Its largest customer is TSMC (16% of sales), tied to leading-edge logic utilization, and it broadens into Samsung, SK hynix, and Japan's Renesas and Sony. As a consumable it responds immediately to fab utilization, and its cost depends on ceria and silica abrasives. Re-rating triggers are leading-edge fab utilization, 2nm/3D slurry adoption, and rising CMP step counts.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 1 · Hold 1 · Sell 0 · Avg. target ¥4,980 · Price ¥4,165 (07-10) · Upside +20%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Major Japanese securities firm (undisclosed) | やや強気 (2) | ¥5,500 | Jun 23, 2026 | Report ↗ |
| Major U.S. securities firm (undisclosed) | 中立 | ¥4,460 | Jun 5, 2026 | Report ↗ |
CMP slurry leader Fujimi draws split views: a U.S. brokerage stays Neutral after the rally while a major Japanese house calls for 5,500 yen with a bullish stance.