TSE · semiconductor materials · No.1 in photoresist
Tokyo Ohka Kogyo (TOK)
A Japanese materials maker holding one axis of the leading-edge lithography-materials oligopoly: No.1 in photoresist overall (~24.7%) and No.2 in EUV resist (~28%). Its customers are TSMC, Samsung, SK hynix, Intel and Kioxia, and with over 80% of sales overseas, results track leading-edge fabs' EUV wafer starts directly. FY2024 revenue hit a record ¥200.9B, and its strategy of exiting equipment to focus on leading-edge resist defends share and margin.
4186.T Updated Jul 12, 2026 4 AI consumers· 1 recurring
Per the valuechain.wiki graph, Tokyo Ohka Kogyo (TOK) is directly linked to 5 companies (0 supply, 5 revenue relationships) and reaches 36 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Net sales ¥237.0bn (+17.9%, record FY2025), operating income ¥47.4bn (+43.2%). Electronic Functional Materials ¥124.7bn, High-purity Chemicals ¥109.4bn. FY2026 guidance ¥261.0bn (+10.1%)
- Segments · Photoresist (No.1 overall 24.7% · No.2 in EUV 28%)
Revenue from
- SK hynix High confidence
Supplies EUV photoresist to SK hynix — demand grows as HBM DRAM shifts to EUV.Confirms EN Tokyo Ohka Kogyo Published Feb 9, 2026: FY2025 Financial Results (year ended December 31, 2025) - Samsung Electronics High confidence
Supplies EUV photoresist to Samsung memory/logic — a key customer behind its No.1-overall (~24.7%) position, with wider EUV adoption lifting consumption.Confirms EN Tokyo Ohka Kogyo Published Feb 9, 2026: FY2025 Financial Results (year ended December 31, 2025)Mentions JA LogMi Finance Published Nov 15, 2025: TOK: 24.7% world-No.1 photoresist share; 28% No.2 in EUV resist - Intel Medium confidence
Supplies EUV photoresist to Intel's leading-edge logic — a customer axis tied to Intel Foundry's EUV ramp.Confirms EN Tokyo Ohka Kogyo Published Feb 9, 2026: FY2025 Financial Results (year ended December 31, 2025) - TSMC Medium confidence
Supplies EUV photoresist to TSMC's leading-edge logic — more EUV layers mean more consumption per wafer, so TSMC utilization is TOK revenue. As one of few oligopoly suppliers, it is hard to substitute.Mentions EN Analyst consensus (Nomura, Citi) Published Feb 10, 2026: Tokyo Ohka Kogyo (4186) analyst consensus: Buy, target ¥11,542 (Nomura, Citi upgrades)Confirms EN Tokyo Ohka Kogyo Published Feb 9, 2026: FY2025 Financial Results (year ended December 31, 2025)Mentions JA LogMi Finance Published Nov 15, 2025: TOK: 24.7% world-No.1 photoresist share; 28% No.2 in EUV resist - Kioxia Medium confidence
Supplies photoresist to Kioxia — named in company IR alongside TSMC, Samsung, SK and Intel (per-customer share undisclosed). A NAND leading-edge demand axis.Mentions JA Eventos (IR lecture note) Published Dec 6, 2025: TOK IR briefing: key customers and business structure
Pays to
- equipment & infrastructure (undisclosed) Low confidence
Production equipment and infrastructure investment — leading-edge resist capacity expansion underpins share defense (suppliers undisclosed). - components, materials & R&D (undisclosed) Low confidence
Parts, materials and R&D for resist manufacturing — purity and photosensitivity are the source of competitiveness, making materials sourcing and research the barrier to entry (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 |
|---|---|---|---|---|---|---|---|
| Dell Technologies | lead2 | +51.2 | -26.6 | +95.9 | +53 | +11.2 | +248.1 |
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| Lenovo | lead2 | -4.6 | -20.9 | +36.2 | +18.2 | -0.6 | +175.7 |
| 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 |
| 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 |
| Cisco | lead2 | +45.8 | -22.5 | +9.3 | +21 | +33.5 | +59.8 |
| Mercury Systems | lead2 | -37.5 | -18.7 | -18.3 | +14.8 | +73.8 | +47.9 |
| Montage Technology | lead2 | -18.2 | -21.8 | -18 | +51.4 | +169 | +47.4 |
| ASUSTeK Computer | lead2 | +35.5 | -12.9 | +72 | +41.1 | -14.1 | +46.7 |
| 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 |
| 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 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| 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 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Kioxia | lead1 | · | · | · | · | +1082.1 | +260.5 |
| Intel | lead1 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| Tokyo Ohka Kogyo (TOK) | node | -2.7 | -3 | +63.8 | +4.3 | +111.5 | +42.9 |
YTD as of 2026-07-10 · source: Yahoo Finance
Tokyo Ohka Kogyo holds one axis of the leading-edge lithography-materials oligopoly. It is No.1 in photoresist overall (~24.7%) and No.2 in EUV resist (~28%), feeding leading-edge fabs like TSMC, Samsung, SK hynix, Intel and Kioxia, with over 80% of sales overseas. The driver is fabs' EUV wafer starts — as EUV layer counts rise and nodes shrink, resist consumption per wafer grows, so HBM and leading-edge logic ramps are TOK demand. FY2024 revenue set a record at ¥200.9B, and its strategy of exiting equipment to focus on resist defends share and margin. Re-rating triggers are the pace of EUV-layer expansion, customer fab utilization, and the EUV-share contest.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target ¥11,933 · Price ¥10,365 (07-10) · Upside +15%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Nomura Securities | Neutral(継続) | ¥10,500 | Jun 12, 2026 | Report ↗ |
| SMBC Nikko Securities | 1(継続) | ¥13,300 | May 19, 2026 | Report ↗ |
| BofA Securities | Buy(継続) | ¥12,000 | May 11, 2026 | Report ↗ |
Buy-leaning consensus (average target around JPY 11,542) on strong AI-driven advanced photoresist demand, though Nomura and Morgan Stanley MUFG stay neutral on valuation grounds.