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Japanese company that reclaims and remanufactures used silicon wafers for the semiconductor industry.
Japanese company that reclaims and remanufactures used silicon wafers for the semiconductor industry.
Paid per wafer processed, mostly for chip fabs that use test wafers and then send them back to be polished and reused several times, so revenue follows fabs' test-wafer use and wafer starts rather than their chip sales.
In one line: A wafer-recycling specialist with no direct US-listed peer.
Moat: narrow (cost advantage, process know-how). Reclaiming wafers is cheaper than buying new; scale and process yield are the edge.
Headquarters: Tokyo, Japan · Founded: 2003 · Employees: 2,744
Size RS Technologies (3445.T) is a Japan Industrials company (Industrial Machinery) with a market value of $671M, the 923rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,975 on 6 Nov 2026.
Performance Over six months the shares fell 33.6%, against -29.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue grew 18.1% over the last twelve months (peer median +9.2%); the operating margin is 18.8% (peer median 8.9%).
Valuation It trades at 9.9× forward earnings against a peer median of 16.3× (2nd cheapest of 12).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +25%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.5 points below its cost of capital (11.7% WACC).
Next results Next results expected around 16 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥79.3B | ¥76.7B | ¥59.2B | ¥51.9B | ¥49.9B |
| Revenue growth | — | +30% | +14% | +4% | — |
| Gross profit | ¥24.7B | ¥22.6B | ¥19.4B | ¥17.3B | ¥18.3B |
| EBITDA | ¥20.9B | ¥19.8B | ¥17.3B | ¥15.8B | ¥16.6B |
| Net income | ¥9.65B | ¥9.30B | ¥9.45B | ¥7.70B | ¥7.74B |
| Free cash flow | n/a | ¥7.43B | ¥4.24B | ¥8.53B | ¥10.0B |
| Capital expenditure | n/a | ¥7.67B | ¥8.95B | ¥5.50B | ¥5.38B |
| Total debt | ¥12.3B | ¥23.4B | ¥12.3B | ¥6.66B | ¥9.37B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| RS Technologies 3445.T | $671M | -34% | +18% | 19% | 9.9× | 2.8% |
| Sumco 3436.T | $3.96B | -28% | +4% | -4% | n/a | n/a |
| Formosa Sumco Technology 3532.TW | $3.01B | +12% | +9% | 4% | 50.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3445.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -40.0% | -10.0% | lowest of 21 |
| 6-month return | -33.6% | -29.3% | 7th lowest of 20 |
| Distance from 52-week high | -54.0% | -45.5% | 8th lowest of 21 |
| Revenue growth (TTM) | +18.1% | +9.2% | 7th highest of 21 |
| Operating margin | 18.8% | 8.9% | 6th highest of 21 |
| Forward P/E | 9.9× | 16.3× | 2nd cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 2.8% | 7.7% | 5th least demanding of 11 |
| Growth delivered (Del g) | +24.6% | +9.7% | highest of 11 |
| Hurdle (Req g minus delivered) | -21.8 pp | +1.3 pp | least demanding of 11 |
| ROIC minus cost of capital | -5.5 pp | -2.7 pp | 8th lowest of 21 |
| EV / EBITDA | 4.9× | 15.6× | cheapest of 8 |
| Net debt / EBITDA | -4.1× | -0.2× | 3rd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| RS Technologies 3445.T | Japan | $671M | -34% | +18% | 19% | 9.9× | 2.8% | +24.6% |
| Suntar Environmental Technology 688101.SS | China | $670M | -39% | +20% | 24% | n/a | 0.0% | +11.8% |
| Guangdong Kingstrong Technology 300629.SZ | China | $669M | -29% | +33% | 33% | n/a | 19.8% | +4.2% |
| Aeroflex Industries AEROFLEX.NS | India | $676M | +17% | +55% | 20% | 55.2× | n/a | n/a |
| Changhong Huayi Compressor 000404.SZ | China | $665M | -23% | -6% | 5% | 8.8× | -12.1% | +2.4% |
| Zhejiang Hongchang Electrical Technology 301008.SZ | China | $677M | +9% | +3% | -1% | n/a | n/a | n/a |
| Houpu Clean Energy 300471.SZ | China | $678M | -20% | +8% | 1% | n/a | 41.1% | +17.7% |
| Shenyang Blue Silver Industry Automatic Equipment 300293.SZ | China | $662M | -30% | -9% | -13% | n/a | n/a | n/a |
| Shandong Weida Machinery 002026.SZ | China | $660M | -19% | +2% | 9% | 16.3× | 7.5% | -2.4% |
| JDM Jingda Machine (Ningbo) 603088.SS | China | $682M | -24% | +13% | 13% | 10.4× | 20.3% | +15.9% |
| J.S. Corrugating Machinery 000821.SZ | China | $659M | -33% | -32% | 1% | 16.6× | n/a | n/a |
| Zhejiang Xinxing Tools 301677.SZ | China | $658M | n/a | +10% | 40% | n/a | -1.0% | +9.6% |
| Shuifa Gas 603318.SS | China | $656M | -45% | -4% | 11% | n/a | n/a | n/a |
| Nissei ASB Machine Co 6284.T | Japan | $686M | -9% | +9% | 26% | 11.3× | 0.4% | +9.9% |
| Xinlei Compressor 301317.SZ | China | $687M | -49% | +10% | -16% | 51.8× | n/a | n/a |
| Jiangyin Haida Rubber & Plastic 300320.SZ | China | $687M | -20% | +2% | 9% | 18.1× | 7.9% | +9.7% |
| Techman Robot 4585.TW | Taiwan | $652M | -40% | +33% | 6% | n/a | 50.5% | +9.4% |
| Glotech Industrial 5475.TWO | Taiwan | $652M | -56% | +101% | 12% | n/a | n/a | n/a |
| Krn Heat Exchanger and Refrigeration KRN.NS | India | $651M | -29% | +77% | 15% | 46.3× | n/a | n/a |
| Shin Zu Shing 3376.TW | Taiwan | $648M | -47% | -22% | -2% | 11.1× | n/a | n/a |
| Furukawa 5715.T | Japan | $646M | -24% | +10% | 6% | 12.8× | n/a | n/a |