Tokyo Electron
ConvictionContext
Sells capital equipment (coater/developer, etch, deposition, cleaning, wafer probers/bonders) to chipmakers, plus a recurring field-solutions business (parts, services, modifications, used equipment) attached to a company-cited installed base of 96,000+ tools; field solutions were JPY 626.0B (~26%) of FY2026 sales
Revenue
JPY 2,443.5B~$16.5B at ~148 JPY/USD) FY2026 (ended Mar 2026), record highRev growth
+0.5% YoY FY2026vs +32.8% FY2025); H1 FY2027 guided +33.1% YoYGross margin
45.3% FY2026down 1.8pp YoY; Q4 FY2026 recovered to 46.8%Op margin
25.6% FY2026JPY 624.9B OP, -3.1pp YoY); Q4 FY2026 28.9%; H1 FY2027 guided 27.5%Capex intensity
~8.8% of sales FY2026capex JPY 216.0B; FY2027 plan JPY 190B); R&D JPY 277.8B FY2026 (+11.1%), JPY 330B planned FY2027Market cap
~$205-220B USDOTC:TOELY implied, late Jun-early Jul 2026 quotes; primary listing TSE Prime 8035The read
Where our coverage leans
Coverage leans bullish
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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
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence