5NPLUS·Specialty semiconductor materials & high-purity metals (II-VI compounds, germanium, space photovoltaics, performance chemicals)

5N Plus

ConvictionContext

Vertically integrated materials manufacturer: refines and purifies critical/minor metals (bismuth, tellurium, gallium, germanium, indium, selenium) into II-VI semiconductor compounds and finished products (CdTe for thin-film PV, germanium substrates, space solar cells, IR/imaging detectors, pharma/catalyst chemicals). Sells under multi-year supply agreements to a concentrated set of industrial and defense customers; two reporting segments: Specialty Semiconductors (growth engine) and Performance Materials (bismuth chemicals, catalysts, pharma).

Revenue

$391.1M FY2025~$420M TTM through Q1-2026 (FY2025 $391.1M less Q1-2025 $88.9M plus Q1-2026 $117.9M

Rev growth

+35% FY2025 YoY$391.1M vs $289.3M); +33% Q1-2026 YoY ($117.9M vs $88.9M

Gross margin

33.7% adjusted gross margin FY2025up from 31.6% FY2024); 35.1% in Q1-2026

Op margin

not disclosed as a headlinenet margin ~13% FY2025 ($50.6M net earnings / $391.1M revenue). Adjusted EBITDA margin ~24% FY2025 ($92.4M / $391.1M

Capex intensity

not disclosed as a ratiocompany is in a multi-year capacity-expansion phase (AZUR SPACE +35% capacity completed 2024; further semiconductor capacity expansion planned) so capex is elevated relative to prior years

Market cap

~$2.8B USDTSX: VNP; C$3.86B CAD market cap at ~C$42.99/share, ~89.94M shares, 2026-07-06

The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for 5N Plus

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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