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· 5 recurring
Per the valuechain.wiki graph, Tokyo Electron (TEL) is directly linked to 16 companies (5 supply, 11 revenue relationships) and reaches 47 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 |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Intel | lead2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +159.6 |
| MediaTek | lead2 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +152.4 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +123 |
| Global Unichip | lead2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +122.8 |
| Fortinet | lead2 | +142 | -32 | +19.7 | +61.4 | -16 | +96.8 |
| Astera Labs | lead2 | · | · | · | · | +25.6 | +86.6 |
| Everpure (formerly Pure Storage) | lead2 | +44 | -17.8 | +33.3 | +72.3 | +9.1 | +48.5 |
| Realtek | lead2 | +19.6 | -33.8 | +56.2 | +19.1 | -6.4 | +47.5 |
| Cisco | lead2 | +45.8 | -22.5 | +9.3 | +21 | +33.5 | +43.8 |
| Alchip Technologies | lead2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +36.1 |
| Analog Devices | lead2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +34.8 |
| Renesas Electronics | lead2 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +28.2 |
| Cambricon | lead2 | -48.7 | -21.2 | +77.1 | +420 | +120.1 | +27 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Credo Technology | lead2 | · | · | +46.3 | +245.2 | +114.1 | +18.5 |
| Microchip Technology | lead2 | +27.5 | -18 | +30.9 | -35 | +14.6 | +18.4 |
| GigaDevice | lead2 | +7.3 | -17 | -45.1 | +103.8 | +147.9 | +18.3 |
| Sony Semiconductor Solutions | lead2 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | +12.9 |
| NXP Semiconductors | lead2 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +5.9 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +3.8 |
| Montage Technology | lead2 | -18.2 | -21.8 | -18 | +51.4 | +169 | +3.4 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +0.2 |
| Hygon | lead2 | · | · | +54.2 | +93.4 | +106.9 | -7.8 |
| Ambarella | lead2 | +121 | -59.5 | -25.5 | +18.7 | -2.6 | -11.2 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -14.7 |
| Mobileye | lead2 | · | · | +23.6 | -54 | -47.6 | -18 |
| Will Semiconductor | lead2 | -12.1 | -49.7 | -8.3 | +22.8 | +15.5 | -33.7 |
| SanDisk | lead1 | · | · | · | · | · | +633 |
| Micron Technology | lead1 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +256.4 |
| Kioxia | lead1 | · | · | · | · | +1082.1 | +155 |
| ROHM | lead1 | -9 | +10.9 | +1.7 | -40.8 | +86.1 | +82 |
| Nanya Technology | lead1 | -8.3 | -14.2 | +22.5 | -56.2 | +984.7 | +52.4 |
| Texas Instruments | lead1 | +17.5 | -9.9 | +6.4 | +13.1 | -4.5 | +51.5 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +41.9 |
| SMIC | lead1 | -29.6 | -7.4 | -18.3 | +169.9 | +98.4 | -10.9 |
| Tokyo Electron (TEL) | node | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +30.3 |
| MKS Instruments | benef1 | +16.4 | -51 | +22.6 | +2.2 | +54.4 | +63.3 |
| Advanced Energy Industries | benef1 | -5.7 | -5.4 | +27.5 | +6.6 | +81.6 | +34.3 |
| TCK (Tokai Carbon Korea) | benef1 | -10.1 | -16.9 | +2.8 | -28.7 | +225.7 | +5.9 |
| Wonik QnC | benef1 | +26.2 | +2 | +11.9 | -33.7 | +53.4 | -9.6 |
| Hana Materials | benef1 | +106 | -30.5 | +26.1 | -47.4 | +173.9 | -25.4 |
| Tokai Carbon | benef2 | -20.4 | -3 | -3.2 | -14.2 | +26.8 | +72.5 |
| KC Tech | benef2 | -24.2 | -6.1 | +57.9 | +5.9 | +56.7 | +45.5 |
| Hana Micron | benef2 | +109 | -41 | +143.5 | -52.4 | +269.3 | -7.7 |
YTD as of 2026-09-04 · source: Yahoo Finance
Tokyo Electron (TEL) operates across Nikkei 225, wafer-fab equipment, etch/deposition/coater. It is +30.3% in 2026. The demand side (avg +232.3%) is well ahead of the stock (+30.3%). Customer money has not fully worked its way down to this layer, which leaves catch-up room if propagation continues and a hardened gap if it stalls. Among connected nodes the furthest ahead is SanDisk (+633%) and the furthest behind is Wonik QnC (-9.6%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Korea revenue surged on HBM and logic demand; targets 40% AI-equipment revenue by FY2026.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target ¥49,900 · Price ¥53,320 (09-04) · Upside -6%
| 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