Nikkei 225 · 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
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 | +109.5 |
| Applied Materials | benef1 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +135 |
| Tokyo Electron (TEL) | benef1 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +78.2 |
| Ichor Holdings | benef2 | +52.7 | -41.7 | +25.4 | -4.2 | -42.8 | +444.2 |
| MKS Instruments | benef2 | +16.4 | -51 | +22.6 | +2.2 | +54.4 | +131 |
| Advanced Energy Industries | benef2 | -5.7 | -5.4 | +27.5 | +6.6 | +81.6 | +47.2 |
| SMC Corporation | benef2 | +0.9 | +4.5 | +28.6 | -28 | +4.2 | +26.6 |
| Wonik QnC | benef2 | +26.2 | +2 | +11.9 | -33.7 | +53.4 | +9.3 |
| TCK (Tokai Carbon Korea) | benef2 | -10.1 | -16.9 | +2.8 | -28.7 | +225.7 | -2.5 |
| Hana Materials | benef2 | +106 | -30.5 | +26.1 | -47.4 | +173.9 | -15.7 |
YTD as of 2026-07-10 · source: Yahoo Finance
A Japanese diversified chipmaker of power/analog and SiC power devices, where vertical integration from SiC wafers to devices (via SiCrystal) is its line of cost and supply defense. Its growth axis is SiC MOSFETs for EV inverters, with EV electrification lifting demand for high-voltage, high-efficiency SiC. FY2026 sales rose 9.7% (JPY 205.3bn), but BEV slowdown and Chinese competition forced a SiC fixed-asset impairment and a net loss of JPY 158.4bn — a cyclical headwind to the SiC vertical-integration (SiCrystal) bet. Amid this, ROHM began integration talks with Toshiba D&S and Mitsubishi Electric power devices (Mar 2026); separately, media reported Denso proposed a ~JPY 1.3tn TOB, which remains unconfirmed. What matters is the timing of a SiC-demand recovery and the direction of power-semiconductor consolidation.
Analysis generated from returns as of 2026-07-12Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target ¥7,250 · Price ¥5,600 (07-10) · Upside +29%
| 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.