Semiconductor Equipment

6146 Disco

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥26.9B¥44.7B¥21.2B¥24.7B¥49.9B¥75.1B¥71.4B¥86.5B¥108.2B¥118.7B

Retained capital Retained ¥408.1B of earnings over 2017–2026; annual owner earnings grew ¥73.5B, ¥0.18 per ¥1 retained.

Balance sheet Net cash, debt-free, +¥184.6B · dividend paid 10 of 10 yrs, cut at least once

6857 Advantest

Revenue is Test System (90%) and Services Support and Others (10%).

Owner earnings 2018–2026 ¥24.1B¥38.9B¥58.3B¥55.4B¥61.7B¥47.7B¥13.1B¥268.6B¥309.6B

Retained capital Retained ¥526.1B of earnings over 2018–2026; annual owner earnings grew ¥156.6B, ¥0.30 per ¥1 retained.

Balance sheet Net cash, +¥319.8B · dividend paid 9 of 9 yrs, never cut

6920 Lasertec

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2016–2025 ¥2.8B¥3.0B¥2.7B¥5.3B¥15.6B¥9.7B(¥4.2B)¥37.1B¥30.3B¥75.8B

Retained capital Retained ¥188.1B of earnings over 2016–2025; annual owner earnings grew ¥44.9B, ¥0.24 per ¥1 retained.

Balance sheet Net cash, debt-free, +¥86.1B · dividend paid 10 of 10 yrs, cut at least once

7735 SCREEN Holdings

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 ¥43.5B¥23.2B(¥44.4B)¥2.7B¥51.8B¥72.9B¥65.1B¥85.4B¥58.4B¥78.1B

Retained capital Retained ¥299.1B of earnings over 2017–2026; annual owner earnings grew ¥66.6B, ¥0.22 per ¥1 retained.

Balance sheet Net cash, +¥299.6B · dividend paid 10 of 10 yrs, cut at least once

8035 Tokyo Electron

Tokyo Electron builds the machines that make semiconductors. Its customers are the chipmakers, who buy its coating, deposition, etching, cleaning and test equipment to run their fabrication plants; it also makes the equipment used to produce flat-panel displays. It earns its keep selling these tools, and the parts and service that keep them running.

Owner earnings 2017–2026 ¥119.4B¥166.0B¥165.2B¥224.0B¥112.0B¥246.7B¥383.3B¥382.4B¥520.0B¥458.8B

Retained capital Retained ¥1.22T of earnings over 2017–2026; annual owner earnings grew ¥303.5B, ¥0.25 per ¥1 retained.

Balance sheet Net cash, +¥560.4B · dividend paid 10 of 10 yrs, cut at least once

ACLS Axcelis Technologies

Axcelis Technologies designs, manufactures and services ion implantation and other processing equipment used in the fabrication of semiconductor chips.

Owner earnings 2016–2025 ($11M)$51M$42M($21M)$62M$141M$205M$144M$129M$107M

Retained capital Retained $733M of earnings over 2016–2025; annual owner earnings grew $99M, $0.14 per $1 retained.

Balance sheet Net cash, +$345M

ACMR ACM Research Inc.

We have focused our selling efforts o n establishing a referenceable base of leading foundry, logic and memory chip makers, whose use of our products can influence decisions by other manufacturers.

Owner earnings 2016–2025 ($4M)($8M)$6M$8M($15M)($42M)($67M)($82M)$146M($25M)

Retained capital not read

Balance sheet Net cash, +$579M

AEHR Aehr Test Systems

Test solutions enables Aehr the unique ability to deliver wafer level test and burn-in and package part burn-in for AI accelerators, GPUs, and high-performance computing processors.

Owner earnings 2016–2025 ($6M)($5M)($2M)($6M)($2M)($3M)$1M$10M$1M($10M)

Retained capital not read

Balance sheet Net cash, debt-free, +$25M

ASML ASML HOLDING NV

ASML builds the photolithography machines that print circuit patterns onto silicon wafers — the single most critical and most expensive tool in making an advanced chip. It is the only company that makes the extreme-ultraviolet systems the leading-edge chipmakers cannot produce a modern processor without, so the whole industry's progress runs partly through its order book.

Owner earnings 2016–2025 €1.3B€1.5B€2.6B€2.8B€4.1B€10.4B€7.9B€4.7B€10.2B€11.6B

Retained capital Retained €9.3B of earnings over 2016–2025; annual owner earnings grew €7.0B, €0.75 per €1 retained.

Balance sheet Net cash, +€8.5B · dividend paid 10 of 10 yrs, cut at least once

ASYS Amtech Systems Inc.

We provide equipment, consumables and services for semiconductor device packaging, wafer production and device fabrication.

Owner earnings 2016–2025 ($11M)$33M($15M)($541K)($4M)($9M)$4M($11M)$5M$7M

Retained capital Paid out $56M more than it earned over 2016–2025; annual owner earnings fell $2M.

Balance sheet Net cash, +$17M · buybacks at an average near $5.19

AZTA Azenta Inc.

We are a leading global provider of biological and chemical compound sample exploration and management solutions for the life sciences industry.

Owner earnings 2017–2025 $84M$61M$67M($2M)$97M($520M)($34M)$12M$38M

Retained capital Retained $1.0B of earnings over 2017–2025; annual owner earnings fell $65M, $-0.06 per $1 retained.

Balance sheet Net cash, +$276M · dividend paid 6 of 9 yrs, cut at least once

CRCT Cricut Inc.

Cricut Design Space, giving users access to create and work on their projects anywhere, at any time, across desktop and mobile devices.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$276M

ERII Energy Recovery Inc.

Energy Recovery Inc. designs and manufactures world-class energy-saving technology for critical infrastructure that communities rely on every day, driving a more resilient and sustainable future.

Owner earnings 2016–2025 $4M($771K)$4M$873K$13M$9M$8M$23M$19M$17M

Retained capital Retained $28M of earnings over 2016–2025; annual owner earnings grew $18M, $0.64 per $1 retained.

Balance sheet Net cash, +$75M

KLAC KLA Corporation

We provide advanced process control and process-enabling solutions for manufacturing wafers, reticles/masks, chemicals/materials, integrated circuits, packaged ICs and printed circuit boards, as well as comprehensive support and services across our installed base.

Owner earnings 2017–2025 $1.0B$1.2B$1.0B$1.6B$2.0B$3.0B$3.3B$3.0B$3.7B

Retained capital Retained $2.1B of earnings over 2017–2025; annual owner earnings grew $2.3B, $1.08 per $1 retained.

Balance sheet Meaningful net debt, $2.3B · buybacks at an average near $335 · dividend paid 9 of 9 yrs, never cut

LRCX Lam Research Corporation

Lam Research Corporation is a Delaware corporation, headquartered in Fremont, California.

Owner earnings 2011–2025 $806M$1.9B$2.4B$2.9B$1.9B$3.2B$2.8B$4.8B$4.3B$5.8B

Retained capital Retained $1.3B of earnings over 2011–2025; annual owner earnings grew $3.3B.

Balance sheet Net cash, +$4.5B · buybacks at an average near $21.13 · dividend paid 9 of 10 yrs, never cut

ONTO Onto Innovation

Our products are primarily used by silicon wafer manufacturers, semiconductor integrated circuit fabricators, and advanced packaging manufacturers operating in the semiconductor market.

Owner earnings 2016–2026 $42M$57M$28M$11M$102M$127M$160M$233M$307M

Retained capital Retained $790M of earnings over 2016–2026; annual owner earnings grew $191M, $0.24 per $1 retained.

Balance sheet Net cash, debt-free, +$428M · buybacks at an average near $46.59

VECO Veeco Instruments Inc.

Veeco Instruments Inc. markets Description Applicable Veeco Technologies Semiconductor The Semiconductor market refers to process steps in logic and memory applications where silicon wafers are processed.

Owner earnings 2016–2025 ($35M)$11M($50M)($18M)$36M$42M$84M$34M$46M$53M

Retained capital Paid out $424M more than it earned over 2016–2025; annual owner earnings grew $69M.

Balance sheet Meaningful net debt, $89M · buybacks at an average near $19.07

VELO Velo3D Inc.

We are a production-focused metal additive manufacturing technology company that develops and manufactures advanced metal additive manufacturing systems and provides production and engineering services that enable customers to manufacture high-value metal parts at scale.

Owner earnings 2020–2025 ($27M)($59M)($129M)($107M)($33M)($30M)

Retained capital not read

Balance sheet Net debt against an operating loss, $15M