Semi materials · EUV photoresist · World No.1 (22%+)
JSR Corporation
The world's No.1 in photoresist (22%+ share), making an essential material for semiconductor lithography. It supplies EUV and ArF resist to leading-edge fabs such as Samsung Foundry, TSMC and Intel, and — with five Japanese firms controlling ~90% of the global PR market — is one axis of a structural bottleneck. As EUV lithography expands, resist consumption grows, tying lithography-material demand to fab utilization.
4185.T Updated Jul 12, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, JSR Corporation is directly linked to 4 companies (1 supply, 3 revenue relationships) and reaches 28 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · World leader in EUV/ArF photoresist (delisted Jun 2024, non-public under JIC)
- Segments · Photoresist (EUV, ArF)
Revenue from
- Samsung Electronics High confidence· Market share >22% · 2024 · global photoresist share
Supplies photoresist to Samsung foundry/memory — an essential-material supplier serving a customer that competes with TSMC.Mentions EN Private Markets News Published Aug 1, 2025: The Japanese lock on photolithography — JSR's EUV photoresist dominance (analysis)Confirms EN DigiTimes Published Jun 25, 2024: JIC acquires JSR (JPY 4,350/share, JPY 909bn); delisted Jun 25, 2024, non-public - TSMC High confidence
Supplies photoresist to top foundry TSMC — as world No.1 (22%+) in the Japanese-five oligopoly, a materials bottleneck of EUV expansion.Mentions EN Private Markets News Published Aug 1, 2025: The Japanese lock on photolithography — JSR's EUV photoresist dominance (analysis)Confirms EN DigiTimes Published Jun 25, 2024: JIC acquires JSR (JPY 4,350/share, JPY 909bn); delisted Jun 25, 2024, non-public - Intel Medium confidence
Supplies EUV/ArF photoresist to Intel's leading-edge logic fabs — an essentials relationship where resist consumption grows with lithography steps.Mentions EN Private Markets News Published Aug 1, 2025: The Japanese lock on photolithography — JSR's EUV photoresist dominance (analysis)Confirms EN DigiTimes Published Jun 25, 2024: JIC acquires JSR (JPY 4,350/share, JPY 909bn); delisted Jun 25, 2024, non-public
Pays to
- Yokogawa Electric High confidence
Adopts CENTUM DCS and AI autonomous control from Yokogawa at its synthetic-rubber feedstock plant (world-first 35-day autonomous run). - components, materials & R&D (undisclosed) Low confidence
Parts, materials and R&D (undisclosed). - equipment & infrastructure (undisclosed) Low confidence
Production 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 |
|---|---|---|---|---|---|---|---|
| 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 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| 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 |
| 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 |
| JSR Corporation | node | · | · | · | · | · | · |
| Yokogawa Electric | benef1 | -15.9 | +23.6 | +30.6 | +18.8 | +52.3 | +9.4 |
An EUV and ArF photoresist maker (returns not tracked given its listing structure). A late-beneficiary structure as its foundry and memory customers (TSMC, Samsung above Wiwynn, Intel, Marvell) rise first and EUV materials follow. As EUV lithography expands, resist consumption grows, an essentials chokepoint forming a lithography-materials oligopoly with Tokyo Ohka and Shin-Etsu.
Analysis generated from returns as of 2026-06-23