SCREEN Holdings Co., Ltd. (DINRF)
ÜberbewertetFundamental
58
Kurs
$15590.00
Marktkapitalisierung
$2.63T
Teil 1 · Was das Unternehmen wert ist
Übersicht
SCREEN Holdings makes the machines chipmakers use to clean silicon wafers between manufacturing steps — a process repeated dozens of times as a chip is built, since even microscopic contamination ruins the finished product. It also sells smaller businesses making equipment for printed circuit boards and for graphic-arts and precision machinery. Its main customers are the world's largest semiconductor manufacturers, who buy the equipment as part of building or upgrading a fab.
Wie das Geld verdient wird
Revenue comes from selling capital equipment to chip fabs, plus ongoing spare parts and maintenance service on machines already installed. A single wafer-cleaning tool is an expensive, highly engineered purchase, so orders arrive in large, lumpy batches tied to a customer's decision to build or expand a fab rather than as steady, predictable sales.
Umsatz nach Segment
Wafer-cleaning and related process equipment sold to chipmakers; SCREEN holds an estimated 45% global share in wafer cleaning specifically.
Equipment for printed circuit board manufacturing, plus graphic-arts and precision machinery lines, together a small share of the group.
Wettbewerbsvorteil
Patente und Lizenzen · SchmalDecades of process know-how in wafer cleaning, reflected in an estimated 45% global market share in that specific step, make SCREEN's equipment difficult to displace once a fab has qualified it for a production line — requalifying with a rival supplier is costly and slow. The advantage is narrow rather than wide because larger rivals such as Tokyo Electron, Lam Research and Applied Materials compete hard in adjacent and overlapping process steps.
Was die Nachfrage antreibt
ZyklischOrders follow the semiconductor industry's capital-spending cycle: when chipmakers are confident about future demand they commit to new fabs and equipment orders surge, and when memory or logic prices fall they delay spending and orders can collapse within a couple of quarters. Because the core segment alone is 80% of sales, this single cycle dominates the company's results.
Wichtigste Risiken
- Concentration in one equipment cycle — With the Semiconductor Production Equipment segment worth about 80% of sales and almost all of profit, a downturn in chipmakers' capital spending hits the whole company at once, with no other large segment to offset it.
- China export controls — Export restrictions imposed since mid-2023 have already cut China-sourced revenue at Japan's major chip equipment makers, including SCREEN, by roughly 10%, and further tightening could remove one of the industry's largest markets.
- Competition from larger rivals — SCREEN competes directly with Tokyo Electron in coating, developing and cleaning tools, and indirectly with Applied Materials, Lam Research and KLA in adjacent process steps, several of which have greater scale and R&D budgets.
Die Argumente dafür
Buyers argue that record SPE order intake and a projected 19.7% revenue increase for the next fiscal year show demand from AI-driven chip investment more than offsetting the China slowdown, and that SCREEN's leading share in wafer cleaning gives it pricing power as capacity expands worldwide.
Die Argumente dagegen
Sellers worry that a company this dependent on a single equipment cycle and increasingly locked out of China faces years of volatile results, and that larger, better-funded competitors in adjacent process steps could gradually erode SCREEN's cleaning-equipment lead.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18. September 2026 with claude-haiku-4-5 — shared with all users
Lam Research offers single-wafer wet clean and bevel clean platforms sold to the same advanced logic and memory fabs that buy SCREEN's cleaning tools.
Applied Materials competes with SCREEN in wafer cleaning and in thermal processing and anneal systems, selling to the same logic and memory manufacturers worldwide.
Tokyo Electron sells the same two core tool families as SCREEN — coater/developer tracks and wafer cleaning systems — to the same foundry and memory fabs, and is the dominant supplier in coater/developers where SCREEN is the number two.
SEMES, the Korean equipment arm of the Samsung group, builds single-wafer cleaning systems and coater/developer tracks that compete head-on with SCREEN for orders at Samsung and other Korean memory lines.
ACM Research specialises in single-wafer and batch cleaning equipment and is the main challenger to SCREEN inside Chinese fabs, the market where SCREEN has been winning a large share of its recent cleaning-tool orders.
Bilanz & Liquidität
Umsatz
$591.65B
Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie
Nettogewinn
$85.81B
Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie
Freier Cashflow
$46.14B
Gesamtes Eigenkapital
$497.11B
Gesamtverbindlichkeiten
$6.04B
Current Ratio
2.12
Zinsdeckungsgrad
-
Schulden/EBITDA
0.05
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$11959.72
Aktueller Kurs
$15590.00
Sicherheitsmarge
-30.4%
Innerer-Wert-Spanne
$7773.82 - $16145.63
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
32.93
ROE
18.9%
P/B-Verhältnis
5.68
P/FCF
56.90
Bruttomarge
38.1%
ROIC
11.0%
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
11.0%
WACC
15.2%
ROIC − WACC
-4.3 pp
Der ROIC liegt unter den Kapitalkosten: Das Unternehmen vernichtet für jeden investierten Dollar Wert.
Fundamentalanalyse-Kriterien
Bestanden (13)
- Price CAGR 22.34%
- ROIC 11.0%
- Gross Margin 38.1%
- Debt/Equity ratio
- Operating Margin 18.8%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- ROE 18.5%
- Revenue Growth 5Y 13.6%
- Analyst Consensus 57% Buy
- PEG Ratio 1.08
- Earnings Quality (OCF/NI) 1.03
Nicht bestanden (8)
- P/FCF 56.90
- P/B Ratio 5.68
- CapEx intensity
- Price below Graham Number
- DCF valuation (Overvalued)
- Earnings Surprise avg -21.4%
- Net Margin Trend 15.2% vs 15.9%
- Piotroski F-Score 2/9
Nicht verfügbar (6)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Share Dilution (missing shares data)
Piotroski F-Score
Ernsthafte finanzielle Bedenken
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Institutionelle Beteiligungen
Für dieses Unternehmen liegen keine institutionellen Meldungen vor.
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Toshio Hiroe | Representative Chairman of the Board | 66 |
| Mr. Masato Goto | President, CEO & Representative Director | 63 |
| Manabu Ishimura | CFO, Managing Executive Officer & Head of Financial Strategy | - |
| Hiroshi Tomita | CTO, Senior Executive Officer & Head of R&D Strategy | - |
| Junko Shima | Executive Officer and Head of Legal & IP Strategy | - |
| Ms. Chiho Otobe | Senior Executive Officer & Head of Communication Strategy | - |
| Yasuhito Shiraishi | Senior Executive Officer & GM of Human Resources Strategy Division | - |
| Mr. Shunichi Hasegawa | Head of the CSR Promotional Department | - |
| Mr. Akihiko Miyagawa | Senior Exec Officer, Head of Corp Planning, GM of Corp Strategy Div. & Director | - |
| Yoshihide Higaki | Exec. Officer, Head of Corporate Marketing Office and In Charge of Marketing & R&D Strategy Division | - |
Prüfungsrisiko
1
Vorstandsrisiko
6
Vergütungsrisiko
1
Aktionärsrechterisiko
7
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Latest News
Recent headlines for DINRF, sourced from Markets Gazette.