Rogers Corporation ROG

Information TechnologySemiconductors & Semiconductor EquipmentUnited States of America

Last close 133.06 USD on Nov 1, 2026, +45.3% year to date

Quant rating

Quant rating C Rank 179 of 389 in Information Technology

Growth D 307 of 389
Valuation B 101 of 389
Quality C 218 of 389
Revisions B 84 of 389
Momentum C 196 of 389

Wall Street consensus Buy (1.75)Average target 204.69 USD +53.8%

Historical valuation

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

Key data

Market cap: 2.4B
Enterprise value: 2.1B
52-week range: 75.17 – 168.50
3-year range: 52.69 – 168.50
Dividend yield: –
Beta (5 years): 0.41
Shares outstanding: 17.8M
Next earnings: Jan 27, 2027

About the company

Rogers Corporation designs, develops, manufactures, and sells engineered materials and components. Its segments include Advanced Electronics Solutions (AES) and Elastomeric Material Solutions (EMS) and Other. The AES segment designs, develops, manufactures, and sells circuit materials, ceramic substrate materials, busbars, and cooling solutions for applications in the EV/HEV, automotive, aerospace and defense, renewable energy, wireless infrastructure, mass transit, industrial, connected devices and wired infrastructure markets. The EMS segment designs, develops, manufactures, and sells engineered material solutions for a variety of applications and markets. These include polyurethane and silicone materials used in cushioning, gasketing and sealing, and vibration management applications for EV/HEV, general industrial, portable electronics, automotive, mass transit, and other markets. The Other segment consists of elastomer components for applications in the general industrial market.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	811	830	908	971	933	–
Revenue growth	−2.3%	−8.6%	−6.5%	4.1%	16.2%	0.2%
EPS (basic, normalized)	2.39	2.72	3.78	4.91	7.20	–
EPS growth	−12.1%	−28.0%	−23.0%	−31.8%	–	–
Gross margin	31.7%	33.4%	33.8%	33.1%	37.4%	33.9%
Net margin	−7.6%	3.1%	6.2%	12.0%	11.6%	5.1%
ROE	−5.1%	2.1%	4.7%	10.2%	10.1%	4.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	236
Current ratio	4.14x
Long-term debt (mil)	6.2
Net debt (mil)	−229
Total equity (mil)	1,222
Net debt / equity	−0.19x
Net debt / EBITDA	−1.99x

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
2025 actual	811	−2.3%	2.6x	115	−1.8%	18.6x	2.39	−12.1%	55.7x
2026	873	+7.7%	2.4x	149	+29.8%	14.3x	3.97	+66.0%	33.5x
2027	944	+8.1%	2.3x	167	+11.8%	12.8x	4.50	+13.5%	29.5x
2028	1,046	+10.8%	2.0x	200	+20.0%	10.7x	6.00	+33.2%	22.2x

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
2026	873	+0.1%	+0.1%	+1.4%	3.97	+5.8%	+5.8%	+9.0%
2027	944	+0.2%	+0.2%	+1.5%	4.50	+1.2%	+1.2%	+3.1%
2028	1,046	+0.4%	+0.4%	–	6.00	+4.8%	+4.8%	–

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	213	214	210	192	190	203	216	202	200	217
Sales mean (mil)	210	216	220	192	186	199	208	196	200	216
Surprise	+1.6%	−0.9%	−4.5%	+0.3%	+2.2%	+2.0%	+4.1%	+2.5%	0.0%	+0.6%
EPS reported	0.58	0.69	0.98	0.46	0.27	0.34	0.90	0.89	0.75	0.92
EPS mean	0.55	0.60	0.85	0.43	0.25	0.50	0.70	0.60	0.68	0.99
Surprise	+5.5%	+15.0%	+15.3%	+5.7%	+6.6%	−32.0%	+28.6%	+48.3%	+11.1%	−6.8%

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
ROG Rogers Corporation	2.4B	−1.99x	−7.6%	1.94x	33.5x	29.5x	14.3x	12.8x
LRCX Lam Research Corporation	298.7B	–	31.3%	21.47x	24.7x	19.4x	19.9x	16.3x
AMAT Applied Materials Inc	309.6B	−0.30x	24.7%	12.08x	30.5x	20.8x	25.8x	17.5x
MRVL Marvell Technology, Inc.	172.2B	0.32x	32.6%	9.29x	46.6x	26.7x	36.1x	21.4x
MPWR Monolithic Power Systems Inc	59.1B	−1.06x	22.3%	15.83x	42.0x	26.7x	33.9x	22.3x
STMPA STMicroelectronics N.V.	42.7B	–	2.5%	2.27x	34.7x	17.2x	12.3x	8.1x
Mean		−0.76x	17.6%	10.48x	35.3x	23.4x	23.7x	16.4x
Median		−0.68x	23.5%	10.69x	34.1x	23.8x	22.9x	16.9x

Technical analysis

1M−2.6%
3M+11.6%
1Y+55.2%
3Y+11.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Rogers Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	811	830	908	971	933	803
Cost of revenue	554	553	601	650	584	511
Gross profit	257	277	307	321	349	292
Selling, general & administrative expenses	177	193	202	219	193	182
Research & development	28.1	34.6	35.7	35.2	29.9	29.3
Depreciation/amortization	–	–	–	–	–	0
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	97.1	16.5	14.3	−75.0	3.2	12.9
Other operating expenses	0	0	−30.5	−2.4	6.2	0
Operating income	−45.0	32.6	85.3	144	117	67.3
Net interest income (expense)	1.8	2.9	−7.3	−4.6	5.7	−2.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.9	−1.2	−1.7	0.5	4.0	3.5
Net income before taxes	−45.1	34.3	76.3	140	126	68.5
Provision for taxes	16.7	8.2	19.7	23.8	18.1	18.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−61.8	26.1	56.6	117	108	50.0
Extraordinary items	–	–	–	–	–	–
Net income	−61.8	26.1	56.6	117	108	50.0
EBIT, normalized	52.1	49.1	99.6	69.4	122	85.1
EBITDA, normalized	106	98.5	151	115	165	157
Basic EPS, normalized	2.39	2.72	3.78	4.91	7.20	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Rogers Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	197	160	132	236	232	192
Receivables	163	163	211	220	203	164
Total inventory	125	142	154	182	133	102
Prepaid expenses	–	–	–	4.0	1.9	3.0
Other current assets	14.8	28.5	30.3	17.4	13.6	13.1
Total current assets	500	494	527	660	584	474
Property, plant & equipment	392	389	385	371	344	277
Goodwill	303	358	360	352	370	270
Intangibles	99.3	110	124	134	176	118
Long-term investments	–	0	11.1	14.1	16.3	15.2
Note receivable	48.1	48.0	52.2	55.9	59.4	63.8
Other long-term assets	87.5	82.1	58.1	58.8	48.1	46.0
Total assets	1,430	1,481	1,517	1,646	1,599	1,264
Liabilities
Accounts payable	42.9	48.1	50.3	57.3	64.7	36.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	66.1	61.9	58.6	74.2	85.6	58.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1.4	0.4	–	0.5	0.2	4.8
Other current liabilities	15.7	13.1	7.5	10.5	13.5	12.2
Total current liabilities	126	124	116	143	164	112
Long-term debt	7.4	0.8	30.0	216	190	25.3
Minority interest	–	–	–	–	–	–
Other liabilities	101	105	112	115	126	106
Total liabilities	234	230	258	474	480	243
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	17.8	18.5	18.6	18.6	18.7	18.7
Additional paid-in capital	106	147	152	141	164	148
Retained earnings (accumulated deficit)	1,119	1,181	1,155	1,098	982	874
Treasury stock	–	–	–	–	–	–
Other equity	−47.1	−95.3	−66.4	−85.3	−45.2	−19.6
Total equity	1,196	1,252	1,259	1,172	1,119	1,021
Total liabilities & shareholders' equity	1,430	1,481	1,517	1,646	1,599	1,264

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Rogers Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−61.8	26.1	56.6	117	108	50.0
Depreciation, depletion & amortization	54.3	49.4	51.1	45.9	43.3	71.4
Deferred taxes	−6.7	−17.3	−3.6	−20.6	−3.2	−13.4
Non-cash items	84.4	19.0	14.1	78.0	16.0	15.7
Changes in working capital	31.0	49.9	13.2	−90.5	−39.9	41.3
Cash from operations	101	127	131	129	124	165
Investing activities
Capital expenditures	−30.1	−56.1	−57.0	−117	−71.1	−40.4
Other investing cash flows	15.3	10.5	9.1	3.7	−167	0
Cash from investing	−14.8	−45.6	−47.9	−113	−239	−40.4
Financing activities
Financing cash flow items	−1.4	−1.4	−4.9	−10.8	−2.9	−7.2
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−52.5	−48.7	−185	0.7	162	−97.0
Cash from financing	−53.9	−50.1	−190	−10.1	159	−104
Foreign exchange effects	4.7	−3.3	2.6	−2.7	−4.3	4.5
Net change in cash	37.2	28.1	−104	3.6	40.5	24.9
Free cash flow	71.1	71.0	74.4	12.7	53.2	125

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 1, 2026 after market close.