Engineered substrates · SOI · Smart Cut
Soitec
A world leader in engineered substrates including SOI (Silicon-on-Insulator), where its monopoly on the Smart Cut layer-transfer process is a moat that forces foundries and fabless firms to run certain processes only on its substrates. It has broadened the lineup across RF-SOI (5G front-ends), FD-SOI (low-power SoCs), POI (SAW filters) and SmartSiC (power), with FY2025 revenue of €891M. As a materials maker directly exposed to the smartphone inventory cycle, the direction of front-end-module demand is a leading indicator of its substrate orders.
SOI.PA Updated Jul 12, 2026 3 AI consumers· 2 recurring
Per the valuechain.wiki graph, Soitec is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 8 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 · FY2026 revenue EUR 592M (-34%, RF-SOI correction); Edge & Cloud AI +8%, Photonics-SOI USD 100M+
- Customer concentration · Leader in RF/FD-SOI substrates.
- Segments · RF-SOI · FD-SOI · POI · SmartSiC
Revenue from
- GlobalFoundries High confidence
GlobalFoundries runs its FD-SOI process on Soitec substrates — the foundry's process is locked to this substrate, so Soitec's revenue tracks GF's FD-SOI utilization.Mentions EN Power Semiconductors Weekly Published May 28, 2026: Soitec navigates RF-SOI downturn while AI-driven photonics surges (analyst analysis)Confirms EN Soitec Published May 27, 2026: Soitec FY2026 (ended Mar 2026) results — revenue EUR 592M (-34%), Edge & Cloud AI +8% - Qualcomm High confidence
Qualcomm's 5G front-ends (PAs, switches) use RF-SOI substrates — smartphone volume and inventory cycles set the amplitude of Soitec's RF revenue, its largest demand source.Mentions EN Power Semiconductors Weekly Published May 28, 2026: Soitec navigates RF-SOI downturn while AI-driven photonics surges (analyst analysis)Confirms EN Soitec Published May 27, 2026: Soitec FY2026 (ended Mar 2026) results — revenue EUR 592M (-34%), Edge & Cloud AI +8% - Fabless · filters · SiC (engineered substrates) Medium confidence
Supplies specialty substrates (POI for SAW filters, SmartSiC) to filter and power fabless firms — a growth line diversifying away from mobile RF into filters and power.
Pays to
- R&D engineers (undisclosed) Low confidence
R&D in engineered-substrate processes and new products — the cost of maintaining the moat by extending Smart Cut into FD-SOI, SmartSiC and beyond. - Silicon wafers · materials (undisclosed) Low confidence
Purchases the base silicon wafers and materials for the Smart Cut process — the upstream input to its process monopoly, where wafer supply and price drive the cost ratio (suppliers 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 |
|---|---|---|---|---|---|---|---|
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| LG Electronics | lead2 | -16.2 | -20.9 | -5.8 | -9.5 | +19.2 | +85.5 |
| Kyocera | lead2 | +7.5 | -2.1 | +33.8 | -24 | +46.7 | +63 |
| Apple | lead2 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +16.2 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | -3.8 |
| Xiaomi | lead2 | -43.9 | -21.1 | -4.6 | +209.7 | -6.9 | -27.2 |
| GlobalFoundries | lead1 | · | -17.1 | +12.5 | -29.2 | -18.6 | +97.8 |
| Qualcomm | lead1 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| Soitec | node | -3.7 | -13.4 | -2.3 | -37.4 | -68.9 | +271.9 |
YTD as of 2026-07-10 · source: Yahoo Finance
The thesis is the smartphone and power-semiconductor cycle passing its trough. FY2025 revenue fell sharply then rebounded precisely because Soitec is a materials maker directly exposed to the RF-SOI inventory cycle — when front-end-module demand recovers, substrate orders move first. Its moat is the Smart Cut monopoly and the dependency of GlobalFoundries and Qualcomm on running certain processes only on its substrates. The next growth axes are FD-SOI low-power SoCs and SmartSiC (power semis), and a re-rating hinges on broadening beyond mobile into automotive and edge AI.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 1 · Hold 1 · Sell 1 · Avg. target €145 · Price €98 (07-10) · Upside +48%