USHIO INC.
6925.TMEDIUMScore: 32.8Light Sources / UV / Cinema / EUV Metrology · Weight: 8%· Data as of 2026-05-13
Investment Thesis
Specialty light source maker — UV/EUV for semiconductor metrology, mercury lamps for industrial photolithography (legacy), Xenon lamps for digital cinema projectors, and laser-assisted DPP EUV sources adopted for APMI metrology tools. NOT a direct EUV lithography light source supplier (ASML/Cymer own that market after Ushio closed XTREME Technologies in 2013 and transferred maintenance to ASML). FY25 revenue ¥176B (+0.8%) but NI -35% YoY — under pressure. Stock +98% 52w nonetheless on AI/EUV theme. Fwd PE 29.6 vs TTM 59.6 implies large guidance recovery expected.
Risk
Concept-stock exposure to silicon photonics narrative — actual EUV lithography supply chain bypasses Ushio (Cymer/Gigaphoton own LPP for ASML). Digital cinema projector lamp business is in secular decline as laser projectors replace xenon. Mercury photolithography lamps facing transition to LED for older nodes.
Monitoring Trigger
If Ushio APMI metrology orders ramp materially (would show in semiconductor light source segment growth >20% YoY), upgrade. If digital cinema lamp revenue declines >15% YoY, accelerated structural decline — trim.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Light sources business | ~70% | ~70% | UV lamps, xenon lamps, excimer lamps for industrial and semiconductor use. |
| Equipment business | ~30% | ~30% | Digital cinema projector lamps, optical equipment, EUV metrology light sources. |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | ASML (legacy maintenance only) | EUV light source maintenance — XTREME Technologies transferred to ASML 2013 | Ushio closed XTREME Technologies GmbH in 2013 and transferred EUV maintenance contracts to ASML. NOT a current supplier relationship. |
| confirmed | Semiconductor metrology tool makers (APMI customers) | Laser-assisted DPP EUV light sources for metrology | Ushio's laser-assisted DPP sources adopted for first prototype APMI metrology tools — used in EUV metrology following industry shift to Sn LPP for scanners. |
| probable | Digital cinema projector OEMs | Xenon and laser-phosphor light sources | Long-running global supplier to digital cinema (Christie, Barco, NEC, Samsung). In secular decline as laser projection replaces xenon. |