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World's No. 2 maker of semiconductor fabrication tools: deposition, etch, coater/developer and cleaning systems.
World's No. 2 maker of semiconductor fabrication tools: deposition, etch, coater/developer and cleaning systems.
Sells chipmaking machines in large orders when fabs expand or change generation, then earns from servicing and upgrading the installed base. A few chipmakers buy most of its output, and China has been an unusually large market, so export rules matter. Its coater/developer machines sit beside ASML's scanners in nearly every advanced fab.
In one line: Japan's Applied Materials.
Moat: narrow (installed base, process know-how, customer qualification). Near-monopoly in coater/developer tools; a tool-of-record is hard to displace mid-node.
Headquarters: Tokyo, Japan · Founded: 1963 · Employees: 20,236
Size Tokyo Electron (8035.T) is a Japan Information Technology company (Industrial Machinery) with a market value of $122B, the 10th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥56,320 on 6 Nov 2026.
Performance Over six months the shares gained 41.1%, against -32.2% for the median peer and +1.8% for the Japan market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 17.7% over the last twelve months (peer median +12.3%); the operating margin is 28.3% (peer median 16.3%).
Valuation It trades at 23.1× forward earnings against a peer median of 16.0× (6th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 29% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +17 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 20.2 points above its cost of capital (15.4% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥2.93T | ¥2.44T | ¥2.43T | ¥1.83T | ¥2.21T |
| Revenue growth | — | 0% | +33% | -17% | — |
| Gross profit | ¥1.36T | ¥1.11T | ¥1.15T | ¥830B | ¥984B |
| EBITDA | ¥921B | ¥706B | ¥760B | ¥509B | ¥661B |
| Net income | ¥710B | ¥574B | ¥544B | ¥364B | ¥472B |
| Free cash flow | ¥615B | ¥331B | ¥424B | ¥318B | ¥359B |
| Capital expenditure | ¥157B | ¥219B | ¥168B | ¥125B | ¥76.3B |
| Total debt | n/a | ¥38.3B | ¥21.4B | ¥13.3B | ¥13.2B |
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 |
|---|---|---|---|---|---|---|
| Tokyo Electron 8035.T | $122B | +41% | +18% | 28% | 23.1× | 28.8% |
| Applied Materials AMAT | $264B | -24% | +8% | 31% | 18.8× | 25.5% |
| Lam Research LRCX | $250B | -32% | +33% | 37% | 19.6× | 26.4% |
| ASML Holding N.V. - New York Re ASML | $574B | -11% | +29% | 39% | 22.4× | 26.4% |
| KLA KLAC | $180B | -26% | +16% | 43% | 22.3× | 23.5% |
| Screen 7735.T | $9.20B | -24% | +3% | 20% | 12.4× | 17.3% |
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 | 8035.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.1% | -35.9% | 4th highest of 21 |
| 6-month return | +41.1% | -32.2% | highest of 21 |
| Distance from 52-week high | -30.7% | -54.8% | 3rd highest of 21 |
| Revenue growth (TTM) | +17.7% | +12.3% | 7th highest of 21 |
| Operating margin | 28.3% | 16.3% | 5th highest of 20 |
| Forward P/E | 23.1× | 16.0× | 6th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 28.8% | 24.2% | 3rd most demanding of 15 |
| Growth delivered (Del g) | +11.8% | +10.8% | 6th highest of 15 |
| Hurdle (Req g minus delivered) | +17.0 pp | +14.8 pp | 5th most demanding of 15 |
| ROIC minus cost of capital | +20.2 pp | +4.9 pp | 4th highest of 21 |
| EV / EBITDA | 20.3× | 15.9× | 9th most expensive of 20 |
| Net debt / EBITDA | -0.5× | -0.3× | 9th least indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tokyo Electron 8035.T | Japan | $122B | +41% | +18% | 28% | 23.1× | 28.8% | +11.8% |
| Lam Research LRCX | United States | $250B | -32% | +33% | 37% | 19.6× | 26.4% | +9.7% |
| Applied Materials AMAT | United States | $264B | -24% | +8% | 31% | 18.8× | 25.5% | +10.5% |
| Disco 6146.T | Japan | $28.1B | -45% | +22% | 44% | 23.2× | 25.4% | +19.0% |
| Jabil JBL | United States | $24.6B | -33% | +21% | 5% | 13.5× | 8.3% | +4.2% |
| Entegris ENTG | United States | $19.6B | -14% | +9% | 19% | 23.7× | 26.3% | +11.4% |
| MKS MKSI | United States | $13.0B | -39% | +16% | 17% | 11.5× | 24.0% | +11.0% |
| HANMISemi 042700.KS | South Korea | $11.3B | -56% | -20% | 42% | 54.4× | 41.7% | +17.5% |
| Screen 7735.T | Japan | $9.20B | -24% | +3% | 20% | 12.4× | 17.3% | +13.6% |
| Omron 6645.T | Japan | $5.79B | -17% | -2% | 9% | 16.7× | 11.7% | +3.2% |
| Badger Meter BMI | United States | $4.52B | +33% | -2% | 19% | 32.5× | 10.9% | +16.6% |
| GPGI GPGI | United States | $4.12B | +2% | -100% | n/a | 14.2× | n/a | n/a |
| Sumco 3436.T | Japan | $3.96B | -28% | +4% | -4% | n/a | n/a | n/a |
| Kulicke and Soffa Industries, I KLIC | United States | $3.35B | -38% | +44% | 13% | 10.9× | 24.4% | +1.0% |
| Crane NXT CXT | United States | $3.31B | +27% | +17% | 16% | 12.6× | 7.8% | -9.7% |
| ACM Research ACMR | United States | $3.11B | -25% | +27% | 13% | 16.0× | n/a | n/a |
| Axcelis Technologies ACLS | United States | $3.06B | -39% | -3% | 10% | 17.8× | 31.2% | +12.1% |
| EO Technics 039030.KS | South Korea | $2.53B | -39% | +26% | 25% | 29.9× | 18.0% | +3.2% |
| Ultra Clean UCTT | United States | $1.97B | -53% | +16% | 4% | 7.2× | n/a | n/a |
| Ichor ICHR | United States | $1.16B | -58% | +15% | 3% | 9.9× | n/a | n/a |
| Shibaura Mechatronics 6590.T | Japan | $1.03B | -51% | +1% | 16% | 10.3× | n/a | n/a |