ATLAS
TOELY

Tokyo Electron

Cyclical AI Beneficiary
$312.32
82.8% vs S&P 12m

Business overview

AI capex leverage

Broad WFE portfolio in coater/developer, etch, deposition, and cleaning, with deep ties to leading-edge logic and memory customers.

Co-monopolist with ASML/Nikon on EUV coat/develop tracks. Critical sole supplier on key process steps.

Products
  • Coat/develop
  • Etch
  • Deposition
  • Cleaning
  • Test
Competitors (2)

Composite score

Higher = stronger overall research case

62
Fundamental63
Technical83
Valuation20
AI relevance78
Risk-adjusted (higher = safer)57
Segment-relative fundamental percentile: 14

Synthetic 1Y price action

Deterministic price series; 50d (yellow) and 200d (orange) MAs shown

3M RS: 7.9%6M RS: 31.3%12M RS: 82.8%Vol30d: 58%DD52w: -7.0%

Financial summary

Curated, illustrative

Revenue
$15.64B
Growth (YoY)
8.6%
Gross margin
45.3%
Operating margin
28.9%
FCF
$1.47B
Capex
$1.99B
Net cash / (debt)
$3.24B
ROIC
14.2%
Customer conc.
Medium

Valuation

Market cap
$142.67B
Enterprise value
$139.43B
P/E (TTM)
39.1x
Forward P/E
38.1x
EV / Sales
8.9x
EV / EBITDA
30.8x
P / FCF
97.3x
PEG
1.8x
Rule of 40

Risks

Severity 1 (low) to 5 (severe)

  • 4
    Export controls on China
  • 2
    FX (JPY)

Score components

What drove the composite

Growth48
Profitability82
Cash generation46
Balance sheet84
Moat / AI relevance75
Capital intensity (higher = lighter)53
Customer diversification60
Valuation discipline (dilution)65
Trend (MA50/MA200)95
Momentum (3/6/12m)77
Relative strength100
Realized vol (higher = lower vol)34