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Lasertec

6920.TMEDIUM

EUV Inspection · Weight: 5%· Data as of 2026-05-07

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¥42,930+0.56%

6-month daily

Investment Thesis

100% monopoly in actinic EUV mask blank inspection. 46.1% op margin. Co-dependent with ASML — ACTIS A200HiT launched Oct 2025 extends monopoly to High-NA EUV. Intel 2025 & 2026 EPIC Supplier Awards confirm customer lock-in. Non-negotiable for every 5nm-and-below chip.

Risk

PE 44x premium. Q3 FY2026 EPS missed consensus by 25.9% — execution risk. TSMC N2 volume delay = direct revenue impact. Short-seller overhang persists.

Monitoring Trigger

Monitor ASML EXE:5000 High-NA shipment volumes (each unit = new Lasertec inspection need). If TSMC N2 ramp falls below 5K wafer/month by Q4 2026, reassess FY2027 guidance.

Key Dates

2026-06-30rebalanceSemiannual portfolio rebalance

2026-07monitoringASML EXE:5000 High-NA shipment count Q2 2026 — each unit requires ACTIS A200HiT support. TSMC N2 yield ramp update.

2026-08earningsLasertec FY2026 full-year results expected (FY ends June 2026). Watch for FY2027 guidance vs consensus ¥220B revenue.

2026-12catalystTSMC N2 mass production milestone. Intel 18A EUV ramp checkpoint.

Update History

2026-05-07evolveHOLD

View report →

Added Intel as 3rd confirmed supply chain customer (2025+2026 EPIC awards); op_margin updated 48.7%→46.1% (Q3 FY2026 actuals); key dates refreshed; thesis updated for High-NA EUV ACTIS A200HiT

op_margin:48.7%46.1%pe:43.0444.17supply_chain[Intel]:inferredconfirmed (2026-03)

Key Metrics

44.17

45.06

Fwd PE

16.52

P/B

43.0%

ROE

46.1%

Op Margin

D/E

0.8%

Div Yield

+¥96B

FCF

¥3.73T

Mkt Cap

Business Segments

Segment	Revenue	Share	Description
Semiconductor Inspection	¥226B	90%	EUV mask inspection (monopoly)
Other	¥25B	10%	LED/display

Supply Chain Evidence

Evidence	Customer	Product	Detail
confirmed	ASML	EUV ecosystem partner / High-NA extension	ACTIS A200HiT (Oct 2025) purpose-built for ASML High-NA EUV EXE:5000. Co-dependency deepening.[source](2024-03)
confirmed	TSMC	EUV reticle inspection for 3nm/2nm (N3/N2)	TSMC 2023 Excellent Performance Award for EUV Mask Inspection collaboration. Only EUV volume foundry.[source](2024-03)
confirmed	Intel	EUV mask inspection — EPIC award recipient	Won Intel 2025 EPIC Supplier Award (Apr 2025) AND Intel 2026 EPIC Supplier Award (Mar 2026). Excellence in EUV Mask Technology Development. One of only 37 global recipients.[source](2026-03)

Sources & References

↗StockAnalysishttps://stockanalysis.com/quote/tyo/6920/statistics/↗Yahoo Finance JPhttps://finance.yahoo.co.jp/quote/6920.T

Peer Comparison

Company	PE	Fwd PE	ROE	Op Margin	FCF
Kokusai Electric	37.06	30.51	16.35%	18.6%	+¥16B
Ibiden	112	62	11.5%	14.5%	-¥100B
Tokyo Electron	40.21	30.85	23.9%	24.2%	+¥398B
Advantest	54	44	49.3%	44.2%	+¥375B est.
SCREEN Holdings	23.29	17.85	19.8%	19.0%	+¥49.4B
Shin-Etsu Chemical	25	23.5	11.1%	24.7%	+¥346B
DISCO Corp	55.44	43	N/A	42.3%	+¥63.7B (OCF ¥133.5B minus capex ¥69.8B; capex doubled FY2025→FY2026)
Lasertec	44.17	45.06	43.0%	46.1%	+¥96B
Resonac Holdings	83.53	~31.6x	5.72%	4.3%	+¥24B
Renesas Electronics	Loss	17.78	-2.1% GAAP / ~10.5% Non-GAAP	33.7% Non-GAAP Q1 2026 (H1 guided 31.3%)	+¥364B (confirmed: OCF ¥453B minus capex ¥89B)
SUMCO	Loss	N/A	-1.54%	-0.8%	-¥11B
Socionext	36.77	22.44	6.0%	7.5%	-¥4B