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 5 AI consumers· 3 recurring
Per the valuechain.wiki graph, Tokyo Ohka Kogyo (TOK) is directly linked to 5 companies (0 supply, 5 revenue relationships) and reaches 37 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 | +320.2 |
| Lenovo | lead2 | -4.6 | -20.9 | +36.2 | +18.2 | -0.6 | +269.8 |
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| 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 |
| ASUSTeK Computer | lead2 | +35.5 | -12.9 | +72 | +41.1 | -14.1 | +119.8 |
| Fortinet | lead2 | +142 | -32 | +19.7 | +61.4 | -16 | +96.8 |
| Astera Labs | lead2 | · | · | · | · | +25.6 | +86.6 |
| HP Inc. | lead2 | +57.2 | -26.4 | +16.1 | +12.1 | -28.7 | +50.7 |
| 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 |
| 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 |
| Mercury Systems | lead2 | -37.5 | -18.7 | -18.3 | +14.8 | +73.8 | +12.9 |
| Sony Semiconductor Solutions | lead2 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | +12.9 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| NXP Semiconductors | lead2 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +5.9 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| 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 |
| 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 |
| Intel | lead1 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +159.6 |
| Kioxia | lead1 | · | · | · | · | +1082.1 | +155 |
| SK hynix | lead1 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +81.6 |
| Samsung Electronics | lead1 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +59.7 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +41.9 |
| Tokyo Ohka Kogyo (TOK) | node | -2.7 | -3 | +63.8 | +4.3 | +111.5 | +14.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
Tokyo Ohka Kogyo (TOK) operates across TSE, semiconductor materials, No.1 in photoresist. It is +14.1% in 2026. The demand side (avg +114%) leads the stock (+14.1%), so customer moves come first here. Among connected nodes the furthest ahead is Intel (+159.6%) and the furthest behind is Samsung Electronics (+59.7%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. FY2024 revenue hit a record ¥200.9B, and its strategy of exiting equipment to focus on leading-edge resist defends share and margin.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target ¥11,933 · Price ¥8,276 (09-04) · Upside +44%
| 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.