Tokyo Electron Limited TELWY

Information TechnologySemiconductors & Semiconductor EquipmentJapan

Last close 31.25 USD on Nov 3, 2026, +39.1% year to date

Quant rating

Quant rating A Rank 11 of 200 in Information Technology

Growth B 66 of 200
Valuation B 37 of 200
Quality A 7 of 200
Revisions B 38 of 200
Momentum C 81 of 200

Wall Street consensus Buy (1.79)Average target 103.96 USD +232.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 148.6B
Enterprise value: 145.0B
52-week range: 28.81 – 41.40
3-year range: 28.81 – 247.80
Dividend yield: 1.85%
Beta (5 years): –
Shares outstanding: 2,340M
Next earnings: Apr 30, 2027

About the company

Tokyo Electron Ltd is a Japan-based company mainly engaged in the manufacture and sale of industrial electronics products, primarily semiconductor production equipment and flat panel display (FPD) production equipment. The Semiconductor Manufacturing Equipment segment provides wafer-compatible batch-type thermal processing equipment, wafer-compatible semi-batch-type deposition equipment, wafer-compatible single wafer deposition equipment, wafer-compatible coater/developers, wafer-compatible plasma etch systems, and semiconductor test systems. The Company also provides logistics, facility management, and insurance services.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	15,396	16,216	12,098	16,635	16,471	–
Revenue growth	−5.1%	34.0%	−27.3%	1.0%	30.3%	4.0%
EPS (basic, normalized)	1.60	1.65	1.01	1.50	1.46	–
EPS growth	−3.0%	64.2%	−32.8%	2.7%	–	–
Gross margin	45.3%	47.1%	45.4%	44.6%	45.5%	45.6%
Net margin	23.5%	22.4%	19.9%	21.3%	21.8%	21.8%
ROE	29.3%	30.1%	21.7%	32.0%	36.9%	30.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	3,684
Current ratio	2.37x
Long-term debt (mil)	0
Net debt (mil)	−3,684
Total equity (mil)	13,944
Net debt / equity	−0.26x
Net debt / EBITDA	−0.82x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	15,396	−5.1%	9.4x	4,511	−12.0%	32.1x	1.60	−3.0%	19.5x
2027	22,151	+43.9%	6.5x	7,358	+63.1%	19.7x	2.26	+41.2%	13.8x
2028	28,189	+27.3%	5.1x	10,216	+38.8%	14.2x	3.20	+41.5%	9.8x
2029	32,935	+16.8%	4.4x	12,613	+23.5%	11.5x	3.98	+24.5%	7.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	22,151	+2.8%	+5.4%	+15.3%	2.26	+5.3%	+8.8%	+22.3%
2028	28,189	+4.3%	+8.4%	+26.4%	3.20	+6.6%	+12.3%	+38.6%
2029	32,935	+4.8%	+9.3%	+29.1%	3.98	+9.9%	+14.6%	+41.3%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales reported (mil)	463,662	547,293	555,071	566,555	654,540	655,402	549,586	630,082	630,082	633,783
Sales mean (mil)	441,786	550,650	502,413	547,601	603,826	646,746	578,342	597,818	604,127	692,975
Surprise	+5.0%	−0.6%	+10.5%	+3.5%	+8.4%	+1.3%	−5.0%	+5.4%	+4.3%	−8.5%
EPS reported	43.81	53.98	54.64	51.09	68.38	62.40	51.43	54.04	51.72	93.73
EPS mean	37.39	47.02	42.75	46.92	55.71	57.27	60.01	56.42	55.04	82.10
Surprise	+17.2%	+14.8%	+27.8%	+8.9%	+22.7%	+9.0%	−14.3%	−4.2%	−6.0%	+14.2%

Peer comparison Semiconductors & Semiconductor Equipment

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
TELWY Tokyo Electron Limited	148.6B	−0.82x	23.5%	10.32x	13.8x	9.8x	19.7x	14.2x
ADI Analog Devices, Inc.	203.4B	1.03x	21.9%	6.06x	32.6x	25.0x	25.0x	20.1x
QCOM QUALCOMM Incorporated	172.7B	0.41x	12.5%	6.28x	15.6x	16.4x	11.9x	12.9x
ATEYY ADVANTEST CORPORATION	165.8B	−3.40x	33.3%	22.37x	–	–	–	–
MRVL Marvell Technology, Inc.	150.8B	0.32x	32.6%	8.14x	40.8x	23.3x	33.1x	19.6x
KXIAY Kioxia Holdings Corporation	118.6B	0.03x	23.7%	7.76x	0.3x	0.2x	2.3x	1.6x
Mean		−0.40x	24.6%	10.16x	20.6x	15.0x	18.4x	13.7x
Median		0.18x	23.6%	7.95x	15.6x	16.4x	19.7x	14.2x

Technical analysis

1M−21.4%
3M−12.9%
1Y+37.8%
3Y+124.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Tokyo Electron Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	15,396	16,216	12,098	16,635	16,471	12,639
Cost of revenue	8,416	8,571	6,611	9,222	8,976	7,535
Gross profit	6,981	7,644	5,487	7,413	7,495	5,103
Selling, general & administrative expenses	1,292	1,327	1,131	1,322	1,268	972
Research & development	1,751	1,667	1,341	1,440	1,301	1,234
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−22.6	3.0	−1.5	3.3	41.9	33.7
Other operating expenses	0	0	0	0	0	0
Operating income	3,960	4,647	3,017	4,649	4,884	2,863
Net interest income (expense)	738	37.7	11.9	30.1	7.0	−11.4
Gain (loss) on sale of assets	−7.8	−7.8	66.3	0.8	0.6	−12.0
Other non-operating income (expense)	24.0	31.7	33.8	26.1	13.2	24.2
Net income before taxes	4,714	4,709	3,129	4,706	4,905	2,864
Provision for taxes	1,095	1,080	724	1,154	1,312	669
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	3,620	3,629	2,405	3,551	3,593	2,195
Extraordinary items	–	–	–	–	–	–
Net income	3,620	3,629	2,405	3,551	3,593	2,195
EBIT, normalized	3,938	4,650	3,015	4,652	4,926	2,897
EBITDA, normalized	4,450	5,066	3,362	4,976	5,229	3,204
Basic EPS, normalized	1.60	1.65	1.01	1.50	1.46	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Tokyo Electron Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	3,190	3,309	3,123	3,563	3,052	2,814
Receivables	3,312	3,238	2,585	4,433	4,474	2,478
Total inventory	4,493	4,996	5,042	4,912	3,895	3,752
Prepaid expenses	–	–	–	–	–	–
Other current assets	570	466	488	203	159	131
Total current assets	11,565	12,009	11,238	13,111	11,579	9,175
Property, plant & equipment	3,713	2,946	2,230	1,951	1,834	1,779
Goodwill	–	–	–	–	–	–
Intangibles	236	239	214	215	185	155
Long-term investments	1,545	1,453	1,942	1,350	1,286	1,043
Note receivable	–	–	–	–	–	–
Other long-term assets	967	865	611	781	688	723
Total assets	18,027	17,512	16,235	17,408	15,572	12,876
Liabilities
Accounts payable	806	720	610	876	994	818
Payable/accrued	–	–	–	–	–	–
Accrued expenses	242	368	289	326	369	309
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	52.6	24.8	30.6	30.6	8.0	8.1
Other current liabilities	3,180	3,408	3,114	3,511	2,481	1,824
Total current liabilities	4,280	4,521	4,044	4,744	3,852	2,960
Long-term debt	189	118	57.5	69.0	27.8	26.3
Minority interest	–	–	–	–	–	–
Other liabilities	515	501	500	550	620	634
Total liabilities	4,984	5,140	4,602	5,362	4,499	3,621
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	346	367	363	414	452	496
Additional paid-in capital	492	520	516	587	641	705
Retained earnings (accumulated deficit)	13,276	11,998	9,871	10,047	9,180	7,650
Treasury stock	−2,650	−1,852	−894	−166	−225	−278
Other equity	1,579	1,339	1,776	1,163	1,024	682
Total equity	13,043	12,372	11,633	12,046	11,072	9,255
Total liabilities & shareholders' equity	18,027	17,512	16,235	17,408	15,572	12,876

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Tokyo Electron Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	4,714	4,709	3,129	4,706	4,905	2,864
Depreciation, depletion & amortization	513	415	346	325	304	308
Deferred taxes	–	–	–	–	–	–
Non-cash items	−862	101	−104	39.9	157	71.7
Changes in working capital	−964	−1,342	−499	−1,860	−3,036	−1,925
Cash from operations	3,401	3,882	2,873	3,210	2,329	1,318
Investing activities
Capital expenditures	−1,383	−1,121	−826	−575	−535	−550
Other investing cash flows	775	−10.5	−1.1	260	77.8	385
Cash from investing	−608	−1,131	−827	−314	−457	−165
Financing activities
Financing cash flow items	−23.5	−17.0	−16.7	−13.7	−8.1	−5.8
Cash dividends paid	−1,711	−1,576	−1,338	−1,905	−1,367	−990
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−945	−1,000	−793	−13.0	−0.1	−39.2
Cash from financing	−2,680	−2,593	−2,148	−1,932	−1,375	−1,035
Foreign exchange effects	15.5	−1.8	30.2	66.6	75.3	44.7
Net change in cash	128	156	−71.8	1,030	573	163
Free cash flow	2,018	2,762	2,047	2,635	1,794	767

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.