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 5 AI consumers· 4 recurring
Per the valuechain.wiki graph, Soitec is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 9 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 | +123 |
| LG Electronics | lead2 | -16.2 | -20.9 | -5.8 | -9.5 | +19.2 | +105.5 |
| Kyocera | lead2 | +7.5 | -2.1 | +33.8 | -24 | +46.7 | +53.5 |
| Motorola Solutions, Inc. | lead2 | +61.9 | -3.8 | +23 | +49.1 | -16.2 | +22.8 |
| Apple | lead2 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +18 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | +8.4 |
| Xiaomi | lead2 | -43.9 | -21.1 | -4.6 | +209.7 | -6.9 | -19.9 |
| GlobalFoundries | lead1 | · | -17.1 | +12.5 | -29.2 | -18.6 | +29.7 |
| Qualcomm | lead1 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +0.2 |
| Soitec | node | -3.7 | -13.4 | -2.3 | -37.4 | -68.9 | +386.9 |
YTD as of 2026-09-04 · source: Yahoo Finance
Soitec operates across Engineered substrates, SOI, Smart Cut. After -68.9% in 2025, it rebounded +386.9% in 2026. The stock (+386.9%) and its demand side (avg +15%) are moving in step. Among connected nodes the furthest ahead is GlobalFoundries (+29.7%) and the furthest behind is Qualcomm (+0.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. 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.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 1 · Hold 1 · Sell 1 · Avg. target €145 · Price €128.3 (09-04) · Upside +13%