Nikkei 225 · EUV mask defect inspection · de-facto monopoly
Lasertec
A Japanese equipment maker holding a de-facto 100% monopoly in EUV mask/blank defect-inspection tools. Because EUV users Samsung, TSMC and Intel see yields collapse if mask defects go uncaught, this tool is an essential gate, and with no alternative supplier, demand grows structurally as EUV adoption widens. FY2024 revenue was ~$1.2B (+25%), with results tied directly to leading-edge fabs' EUV uptake and mask demand. Orders are lumpy given the inspection-tool nature, but the monopoly position defends pricing and margin.
6920.T Updated Jul 12, 2026 5 AI consumers· 3 recurring
Per the valuechain.wiki graph, Lasertec is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 27 companies within two hops; the links are backed by 7 dated sources, 3 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · EUV mask defect inspection (de-facto monopoly)
- Segments · EUV mask defect inspection (de-facto monopoly)
Revenue from
- TSMC High confidence· Market share 31.9% · FY2024(2023.7~2024.6) · Yuho major-customer revenue disclosure
Supplies EUV mask defect-inspection tools to TSMC — tied to the leading-edge logic EUV ramp, an irreplaceable monopoly supply.Confirms JA EDINET (Lasertec Yuho) Published Sep 1, 2024: Lasertec Annual Securities Report (FY2024) - Intel High confidence· Market share 27.7% · FY2024(2023.7~2024.6) · Yuho major-customer revenue disclosure
Supplies EUV mask defect-inspection tools to Intel — tied to Intel Foundry's EUV adoption.Mentions EN Analyst analysis Published Feb 1, 2026: Lasertec — EUV mask-inspection monopoly (~49% operating margin) supporting AI semisConfirms JA EDINET (Lasertec Yuho) Published Sep 1, 2024: Lasertec Annual Securities Report (FY2024)Mentions EN SemiconAlpha Published Jun 1, 2024: Lasertec: Colossal Fraud or Multi-Award Winning Mask Inspection Supplier? - Samsung Electronics High confidence· Market share 23% · FY2024(2023.7~2024.6) · Yuho major-customer revenue disclosure
Supplies EUV mask defect-inspection tools to Samsung — tied to memory/logic EUV expansion.Confirms JA EDINET (Lasertec Yuho) Published Sep 1, 2024: Lasertec Annual Securities Report (FY2024)
Pays to
- 오키사이드 (Oxide) High confidence
Component supplier for semiconductor-related systems. Lasertec holds about 2.2% as a policy shareholding to secure stable component supply.Confirms JA EDINET (Lasertec Yuho) Published Sep 1, 2024: Lasertec Annual Securities Report (FY2024) - 아발데이터 (AVAL DATA) High confidence
Development and manufacturing outsourcing partner for semiconductor equipment components; policy shareholding held to reinforce the relationship.Confirms JA EDINET (Lasertec Yuho) Published Sep 1, 2024: Lasertec Annual Securities Report (FY2024) - QD레이저 Medium confidence
Optical/laser component supplier. QD Laser's securities report lists Lasertec among its main accounts-receivable customers.Mentions JA Chainvest Published Jun 22, 2026: QD Laser securities report lists Intel and Lasertec as receivables - equipment & infrastructure (undisclosed) Low confidence
Production equipment and infrastructure (undisclosed). - components, materials & R&D (undisclosed) Low confidence
Parts, materials and R&D (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 |
| Lasertec | node | +78.9 | +2.4 | +57 | -60.6 | +138.9 | +22.4 |
YTD as of 2026-07-10 · source: Yahoo Finance
Lasertec's thesis is a de-facto monopoly over an EUV bottleneck step. With near-100% share in EUV mask/blank defect-inspection tools, EUV users Samsung, TSMC and Intel cannot guarantee mask quality without them — the absence of an alternative supplier is the moat defending pricing and margin. Results track leading-edge fabs' EUV-layer expansion and mask demand directly, and as EUV widens into HBM and leading-edge logic, inspection demand grows structurally. FY2024 revenue was ~$1.2B (+25%). Orders are cyclical and lumpy given the inspection-tool nature, and on the cost side it depends on partners like Oxide, AVAL DATA (components) and QD Laser (light sources), stabilizing supply via policy shareholdings. Re-rating triggers are the EUV-layer/mask demand cycle, High-NA EUV adoption, and new inspection demand (e.g. actinic).
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target ¥60,333 · Price ¥44,380 (07-10) · Upside +36%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Goldman Sachs | 買い (Buy) | ¥67,000 | Jul 1, 2026 | Report ↗ |
| J.P. Morgan · Mio Shikanai | Neutral | ¥54,000 | Jun 19, 2026 | Report ↗ |
| Mizuho Securities | 買い (Buy) | ¥60,000 | Jun 8, 2026 | Report ↗ |
Lasertec's EUV mask-inspection monopoly is being re-rated, with brokers lifting targets through H1 2026 — Goldman Sachs now at ¥67,000 while J.P. Morgan and Nomura stay neutral.