Nikkei 225 · wafer-fab equipment · etch/deposition/coater
Tokyo Electron (TEL)
The world’s No.3 semiconductor-equipment maker, one of the big four with ASML, Applied Materials and Lam. FY2025 (ended March 2025) revenue about $16.0B (+33%). Supplies coater/developer, etch, deposition and clean tools to Samsung, SK hynix, TSMC, Intel, Micron and Kioxia. Korea revenue surged on HBM and logic demand; targets 40% AI-equipment revenue by FY2026.
8035.T Updated Jul 12, 2026 5 AI consumers· 3 recurring
Per the valuechain.wiki graph, Tokyo Electron (TEL) is directly linked to 16 companies (5 supply, 11 revenue relationships) and reaches 46 companies within two hops; the links are backed by 25 dated sources, 4 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue about $16.0B (+33%)
- Customer concentration · High share in etch, deposition and coater. Customers Samsung, SK, TSMC, Intel, Micron, Kioxia. AI-equipment share target 40% by FY2026.
- Segments · SPE (semiconductor tools) · FPD tools
Revenue from
- Samsung Electronics High confidence· Revenue ~$16B · FY2025 · annual total revenue
Supplies coater/developer, etch, deposition and clean tools to Samsung Electronics.Confirms JA Tokyo Electron / EDINET Published Jun 16, 2025: Annual Securities Report (FY ended Mar 2025)Mentions KO Sisa Journal e Accessed Jun 21, 2026: Foreign toolmakers including TEL ramp investment to court Samsung and SKConfirms KO TheElec Accessed Jun 21, 2026: TEL hybrid etcher may reshape the equipment mix inside Samsung - Kioxia High confidence
Supplies NAND production equipment and wafers to Kioxia. - SanDisk High confidence
Supplies NAND production equipment to SanDisk. - SK hynix High confidence
Supplies coater/developer, etch, deposition and cleaning equipment to SK Hynix fabs.Mentions KO Sisa Journal e Accessed Jun 21, 2026: Foreign toolmakers including TEL ramp investment to court Samsung and SK - TSMC High confidence
Supplies coater/developer, etch, deposition and clean tools to TSMC.Mentions KO Sisa Journal e Accessed Jun 21, 2026: Foreign toolmakers including TEL ramp investment to court Samsung and SK - SMIC Medium confidence
Supplies front-end equipment (DUV) to SMIC. - Texas Instruments Medium confidence
Supplies front-end equipment to Texas Instruments. - Intel Medium confidence
Supplies coater/developer, etch, deposition and clean tools to Intel.Mentions KO Sisa Journal e Accessed Jun 21, 2026: Foreign toolmakers including TEL ramp investment to court Samsung and SK - Micron Technology Medium confidence
Supplies coater/developer, etch, deposition and clean tools to Micron Technology.Mentions KO Sisa Journal e Accessed Jun 21, 2026: Foreign toolmakers including TEL ramp investment to court Samsung and SK - ROHM Medium confidence
Supplies front-end equipment to Rohm.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) - Nanya Technology Medium confidence
Supplies coater/etch/deposition WFE to Nanya's DRAM fab.
Pays to
- TCK (Tokai Carbon Korea) High confidence
Purchases SiC focus rings and consumables from TCK. - 어드밴스드에너지 (RF 파워) High confidence
RF power supply source for etch/deposition tools.Confirms EN U.S. SEC / Advanced Energy Industries Published Feb 13, 2026: Advanced Energy Industries FY2025 Form 10-K - Hana Materials Medium confidence
Purchases silicon and SiC etch parts from Hana Materials. - Wonik QnC Medium confidence
Purchases quartz and ceramic parts from Wonik QnC. - MKS Instruments Medium confidence
Uses MKS RF-power/vacuum subsystems in etch/deposition tools.Confirms EN Yole Group Published Jan 1, 2025: Critical subsystems suppliers are the superstars of the chain - component & subsystem suppliers (undisclosed) Low confidence
Outsources precision parts and subsystems for its tools (suppliers undisclosed). - precision machining & metrology (undisclosed) Low confidence
Buys precision machining and metrology modules (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 |
| GigaDevice | lead2 | +7.3 | -17 | -45.1 | +103.8 | +147.9 | +94.6 |
| 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 |
| Cambricon | lead2 | -48.7 | -21.2 | +77.1 | +420 | +120.1 | +65.9 |
| 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 |
| Hygon | lead2 | · | · | +54.2 | +93.4 | +106.9 | +33.6 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +18.4 |
| 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 |
| SanDisk | lead1 | · | · | · | · | · | +707.1 |
| Kioxia | lead1 | · | · | · | · | +1082.1 | +260.5 |
| Micron Technology | lead1 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| ROHM | lead1 | -9 | +10.9 | +1.7 | -40.8 | +86.1 | +109.5 |
| Texas Instruments | lead1 | +17.5 | -9.9 | +6.4 | +13.1 | -4.5 | +81.6 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| Nanya Technology | lead1 | -8.3 | -14.2 | +22.5 | -56.2 | +984.7 | +33.8 |
| SMIC | lead1 | -29.6 | -7.4 | -18.3 | +169.9 | +98.4 | +5.6 |
| Tokyo Electron (TEL) | node | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +78.2 |
| MKS Instruments | benef1 | +16.4 | -51 | +22.6 | +2.2 | +54.4 | +131 |
| Advanced Energy Industries | benef1 | -5.7 | -5.4 | +27.5 | +6.6 | +81.6 | +47.2 |
| Wonik QnC | benef1 | +26.2 | +2 | +11.9 | -33.7 | +53.4 | +9.3 |
| TCK (Tokai Carbon Korea) | benef1 | -10.1 | -16.9 | +2.8 | -28.7 | +225.7 | -2.5 |
| Hana Materials | benef1 | +106 | -30.5 | +26.1 | -47.4 | +173.9 | -15.7 |
| KC Tech | benef2 | -24.2 | -6.1 | +57.9 | +5.9 | +56.7 | +108.1 |
| Hana Micron | benef2 | +109 | -41 | +143.5 | -52.4 | +269.3 | +5.3 |
YTD as of 2026-07-10 · source: Yahoo Finance
Tokyo Electron's thesis is pure exposure to the scaling/stacking cycle through its etch, deposition and coater oligopoly. One of the big four with ASML, Applied and Lam, it effectively monopolizes coater/developer and holds high share in etch and deposition — as device scaling and 3D stacking (HBM, 3D NAND) add process steps, tool demand grows structurally. FY2025 revenue of about $16.0B (+33%) was pulled by HBM and logic capacity investment with Korea revenue surging, and lifting AI-equipment share to 40% by FY2026 is the growth axis. With Samsung, SK, TSMC, Intel, Micron, Kioxia and SanDisk as customers, results track their fab capacity cycles directly. On the cost side it depends on TCK, Hana Materials and Wonik QnC (consumables) and MKS and Advanced Energy (RF/vacuum). Re-rating triggers are the HBM/NAND/logic capacity cycle, the rising AI-equipment share, and China export-control exposure.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target ¥49,900 · Price ¥72,940 (07-10) · Upside -32%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Goldman Sachs | Buy | — | Jun 30, 2026 | Report ↗ |
| JPMorgan | Overweight | — | Mar 16, 2026 | Report ↗ |
| Bernstein (SocGen) | Outperform | ¥49,900 | Feb 6, 2026 | Report ↗ |
Goldman Sachs named Tokyo Electron among its Japanese chip stocks to buy for 2026, arguing Japan's semiconductor sector is entering its largest-ever cycle, and maintained Buy (exact target not verified).
Analyses covering this node
- Target upside is a residual, not a signal: consensus writes down the chain after the fact Jul 10, 2026
- The chain splits along borders: where policy makes new slots Jun 23, 2026