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SUMCO is the world's second-largest semiconductor silicon wafer manufacturer, focused on high-precision 300mm wafers, with roughly 30% global share and more than 50% share in wafers for leading-edge logic chips, deeply embedded in the TSMC, Samsung, and Kioxia supply chains. FY2025 revenue was ¥409.7bn, while depreciation pressure and the cycle trough drove a net loss attributable to owners of ¥11.8bn, with Q1 FY2026 still loss-making and net debt at roughly ¥263.9bn as the heavy-asset capacity expansion cycle remains unfinished. Research rating Watch: the current share price of roughly ¥3,499 is already near the upper end of the optimistic valuation range, leaving insufficient margin of safety and making the stock better suited for a watchlist pending a price pullback.