Power & SiC semiconductors · EV-inverter SiC MOSFETs
ROHM
A Japanese diversified chipmaker of power/analog chips and SiC power devices, differentiated by vertical integration from SiC wafers to devices via its SiCrystal acquisition. Its growth axis is SiC MOSFETs for EV inverters — as EV electrification spreads, demand for high-voltage, high-efficiency SiC grows. But softening downstream EV demand and SiC capacity competition are cycle variables, so wafer in-sourcing is its line of cost-competitive defense.
6963.T Updated Jul 12, 2026 5 AI consumers· 1 recurring
Per the valuechain.wiki graph, ROHM is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 9 companies within two hops; the links are backed by 5 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Power & SiC semiconductors (FY2026 sales JPY 205.3bn, +9.7%; net loss JPY 158.4bn on SiC impairment)
- Segments · Power and SiC semiconductors
Revenue from
- automotive & industrial OEM (undisclosed) Medium confidence
Supplies power/SiC devices such as EV-inverter SiC MOSFETs to automotive and industrial OEMs — a direct beneficiary of electrification demand.Confirms EN ROHM Published May 13, 2026: ROHM FY2026 (ended Mar 2026) financial report — sales JPY 205.3bn, net loss JPY 158.4bn on SiC impairmentConfirms EN ROHM / media Published Mar 27, 2026: ROHM begins integration talks with Toshiba D&S and Mitsubishi Electric power devices (Mar 27, 2026); reported Denso JPY 1.3tn TOB proposal (Mar 6, 2026, unconfirmed) - electronics OEM (undisclosed) Low confidence
Supplies electronics OEMs (undisclosed).Confirms EN ROHM Published May 13, 2026: ROHM FY2026 (ended Mar 2026) financial report — sales JPY 205.3bn, net loss JPY 158.4bn on SiC impairmentConfirms EN ROHM / media Published Mar 27, 2026: ROHM begins integration talks with Toshiba D&S and Mitsubishi Electric power devices (Mar 27, 2026); reported Denso JPY 1.3tn TOB proposal (Mar 6, 2026, unconfirmed)
Pays to
- Applied Materials Medium confidence
Purchases front-end tools from Applied Materials — a key upstream for SiC capacity tools.Confirms EN ROHM / media Published Mar 27, 2026: ROHM begins integration talks with Toshiba D&S and Mitsubishi Electric power devices (Mar 27, 2026); reported Denso JPY 1.3tn TOB proposal (Mar 6, 2026, unconfirmed) - Tokyo Electron (TEL) Medium confidence
Purchases SiC/power front-end tools from Tokyo Electron — upstream dependence for SiC capacity additions.Confirms EN ROHM / media Published Mar 27, 2026: ROHM begins integration talks with Toshiba D&S and Mitsubishi Electric power devices (Mar 27, 2026); reported Denso JPY 1.3tn TOB proposal (Mar 6, 2026, unconfirmed) - components, materials & R&D (undisclosed) Low confidence
Parts, materials and R&D (undisclosed).Confirms EN ROHM / media Published Mar 27, 2026: ROHM begins integration talks with Toshiba D&S and Mitsubishi Electric power devices (Mar 27, 2026); reported Denso JPY 1.3tn TOB proposal (Mar 6, 2026, unconfirmed)
Investments
- SiCrystal & SiC capacity investment (vertical integration) High confidence
ROHM built SiC vertical integration from wafer to device via its SiCrystal acquisition and front-loaded large capital into SiC MOSFET capacity for EV inverters — a bet for a cost/supply-control moat. But in FY2026 a BEV-growth slowdown and Chinese competition forced an impairment on these SiC fixed assets (net loss JPY 158.4bn) — the point where the growth bet met a cyclical headwind.Confirms EN ROHM Published May 13, 2026: ROHM FY2026 (ended Mar 2026) financial report — sales JPY 205.3bn, net loss JPY 158.4bn on SiC impairment
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 |
|---|---|---|---|---|---|---|---|
| ROHM | node | -9 | +10.9 | +1.7 | -40.8 | +86.1 | +82 |
| Applied Materials | benef1 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +77.6 |
| Tokyo Electron (TEL) | benef1 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +30.3 |
| Ichor Holdings | benef2 | +52.7 | -41.7 | +25.4 | -4.2 | -42.8 | +205.9 |
| MKS Instruments | benef2 | +16.4 | -51 | +22.6 | +2.2 | +54.4 | +63.3 |
| Advanced Energy Industries | benef2 | -5.7 | -5.4 | +27.5 | +6.6 | +81.6 | +34.3 |
| SMC Corporation | benef2 | +0.9 | +4.5 | +28.6 | -28 | +4.2 | +12.5 |
| TCK (Tokai Carbon Korea) | benef2 | -10.1 | -16.9 | +2.8 | -28.7 | +225.7 | +5.9 |
| Wonik QnC | benef2 | +26.2 | +2 | +11.9 | -33.7 | +53.4 | -9.6 |
| Hana Materials | benef2 | +106 | -30.5 | +26.1 | -47.4 | +173.9 | -25.4 |
YTD as of 2026-09-04 · source: Yahoo Finance
ROHM operates across Nikkei 225, Power & SiC semiconductors, EV-inverter SiC MOSFETs. It is up +82% in 2026. The stock (+82%) and its supply side (avg +54%) are moving in step. Among connected nodes the furthest ahead is Applied Materials (+77.6%) and the furthest behind is Tokyo Electron (TEL) (+30.3%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. But softening downstream EV demand and SiC capacity competition are cycle variables, so wafer in-sourcing is its line of cost-competitive defense.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target ¥7,250 · Price ¥4,865 (09-04) · Upside +49%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| JPMorgan | Overweight | ¥8,000 | Jul 3, 2026 | Report ↗ |
| Goldman Sachs | Buy | ¥6,500 | Jun 8, 2026 | Report ↗ |
After ROHM raised its FY30 AI/data-center sales target to JPY100bn, JPMorgan and Goldman Sachs roughly doubled their price targets and turned bullish on the SiC power-semiconductor story.