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Electronics","tier":1,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":77.9}},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":1,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":43.6}}],"benefiting":[],"analysis":"Entegris의 핵심 논점은 반도체 공정에서 반복 소비되는 소모성 소재(CMP 슬러리·고순도 화학·오염제어)의 '반복 수요' 구조다. 장비와 달리 소재는 웨이퍼가 팹을 지날 때마다 소비되므로, 팹 가동률과 미세화(레이어 수 증가)가 매출을 끌어올리고 설비투자 사이클의 변동성을 상대적으로 덜 탄다. 미세화가 진행될수록 오염제어·고순도 요구가 높아져 웨이퍼당 소재 소비량이 늘고, TSMC·삼성·인텔 같은 최상위 팹의 첨단·AI 공정 확대가 이 구조적 수요를 키운다. 그래프상 Entegris는 세계 최상위 팹에 대한 매출 노드로, 파운드리 가동률과 노드 미세화가 사슬 상류에서 이 노드로 전파되는 소모성 소재 수요의 결정적 연결점이다.","analysis_en":"The core of Entegris is the 'recurring demand' structure of consumables (CMP slurry, high-purity chemicals, contamination control) used repeatedly in the semiconductor process. Unlike equipment, materials are consumed each time a wafer passes through the fab, so fab utilization and scaling (more layers) lift revenue with relatively less capex-cycle volatility. As scaling advances, contamination-control and purity requirements rise, increasing materials consumed per wafer, and leading-edge/AI capacity growth at top fabs (TSMC, Samsung, Intel) enlarges this structural demand. In graph terms Entegris is a revenue node to the world's top fabs — the decisive junction where foundry utilization and node scaling propagate down the chain into consumable-materials demand.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"high","metric":{"fy":2025,"consumables_pct":80,"net_sales_usd_m":3196.6,"net_sales_yoy_pct":-1,"unit_driven_yoy_pct":2},"note":"삼성전자에 고순도 소재·CMP 슬러리를 공급 — 메모리·파운드리 가동률에 연동되는 반복 수요 축이다.","note_en":"Supplies high-purity materials and CMP slurry to Samsung — recurring demand tied to memory/foundry utilization.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-12","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ENTG&type=10-K","title":"Entegris 10-K","title_en":"Entegris Form 10-K","excerpt":"엔테그리스 FY2025(2025 연간) 순매출 $3,196.6M(-1%, PIM 매각·수요 둔화). 매출의 약 80%가 웨이퍼 처리마다 반복 소비되는 소모성 소재(unit-driven)로, 이 반복 매출이 장비 대비 변동성을 낮춘다. 2025년 unit-driven 매출 +2%(웨이퍼 스타트에 연동, CMP 소모재·액체여과·선택적 식각 주도). TSMC·삼성·인텔 등 최상위 팹 고객.","excerpt_en":"Entegris FY2025 net sales $3,196.6M (-1%, divested PIM + softer demand). About 80% of sales are unit-driven consumables used up each time a wafer is processed, and this recurring revenue lowers volatility versus equipment. 2025 unit-driven revenue grew ~2% (in line with wafer starts, led by CMP consumables, liquid filtration and selective etch). Top fabs (TSMC, Samsung, Intel) are customers."},{"stance":"confirms","publisher":"MatrixBCG","publisher_en":"MatrixBCG","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://matrixbcg.com/blogs/competitors/entegris","title":"Entegris, TSMC·삼성·인텔 CMP 공급","title_en":"Entegris serves TSMC, Samsung, Intel","excerpt":"삼성전자에 고순도 소재·CMP 슬러리 공급.","excerpt_en":"Supplies high-purity materials and CMP slurry to Samsung Electronics."}]},{"direction":"revenue","counterparty":"TSMC","counterparty_slug":"tsmc","confidence":"high","metric":{"fy":2025,"consumables_pct":80,"net_sales_usd_m":3196.6,"net_sales_yoy_pct":-1,"unit_driven_yoy_pct":2},"note":"TSMC에 고순도 소재·CMP 슬러리를 공급하는 핵심 고객 관계 — 세계 1위 파운드리의 첨단·AI 공정 확대가 웨이퍼당 소재 소비를 늘리는 최대 구조적 수요처다.","note_en":"A core customer relationship supplying high-purity materials and CMP slurry to TSMC — the world's top foundry, whose leading-edge/AI capacity growth increases materials consumed per wafer, the biggest structural demand driver.","sources":[{"stance":"mentions","publisher":"애널리스트 컨센서스","publisher_en":"Analyst consensus","kind":"research","lang":"en","published_at":"2026-04-30","url":"https://www.marketbeat.com/stocks/NASDAQ/ENTG/forecast/","title":"엔테그리스(ENTG) 애널리스트: Moderate Buy, 목표가 $156.56 (2026)","title_en":"Entegris (ENTG) analysts: Moderate Buy, target $156.56 (2026)","excerpt":"애널리스트 컨센서스 Moderate Buy(9~11인), 12개월 평균 목표가 $156.56. Q1 2026 매출 $811.9M(+5% YoY)·EPS $0.86로 컨센서스 상회. AI·첨단공정 확대에 따른 소모재 반복 수요가 성장 근거.","excerpt_en":"Analyst consensus Moderate Buy (9-11 analysts), 12-month average target $156.56. Q1 2026 revenue $811.9M (+5% YoY) and EPS $0.86 beat consensus. Recurring consumables demand from AI/advanced-node expansion is the growth thesis."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-12","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ENTG&type=10-K","title":"Entegris 10-K","title_en":"Entegris Form 10-K","excerpt":"엔테그리스 FY2025(2025 연간) 순매출 $3,196.6M(-1%, PIM 매각·수요 둔화). 매출의 약 80%가 웨이퍼 처리마다 반복 소비되는 소모성 소재(unit-driven)로, 이 반복 매출이 장비 대비 변동성을 낮춘다. 2025년 unit-driven 매출 +2%(웨이퍼 스타트에 연동, CMP 소모재·액체여과·선택적 식각 주도). TSMC·삼성·인텔 등 최상위 팹 고객.","excerpt_en":"Entegris FY2025 net sales $3,196.6M (-1%, divested PIM + softer demand). About 80% of sales are unit-driven consumables used up each time a wafer is processed, and this recurring revenue lowers volatility versus equipment. 2025 unit-driven revenue grew ~2% (in line with wafer starts, led by CMP consumables, liquid filtration and selective etch). Top fabs (TSMC, Samsung, Intel) are customers."},{"stance":"confirms","publisher":"MatrixBCG","publisher_en":"MatrixBCG","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://matrixbcg.com/blogs/competitors/entegris","title":"Entegris, TSMC·삼성·인텔 CMP 공급","title_en":"Entegris serves TSMC, Samsung, Intel","excerpt":"TSMC에 고순도 소재·CMP 슬러리 공급.","excerpt_en":"Supplies high-purity materials and CMP slurry to TSMC."}]},{"direction":"revenue","counterparty":"Intel","counterparty_slug":"intel","confidence":"mid","metric":{"fy":2025,"consumables_pct":80,"net_sales_usd_m":3196.6,"net_sales_yoy_pct":-1,"unit_driven_yoy_pct":2},"note":"인텔에 고순도 소재·CMP 슬러리를 공급 — 인텔 팹 가동률과 첨단공정 투자에 연동되는 소모성 소재 매출이다.","note_en":"Supplies high-purity materials and CMP slurry to Intel — consumable-materials revenue tied to Intel's fab utilization and leading-edge investment.","sources":[{"stance":"confirms","publisher":"Entegris","publisher_en":"Entegris","kind":"ir","lang":"ko","published_at":"2026-01-01","url":"https://www.entegris.com/content/dam/web/about-us/corporate-overview/documents/fact-sheets/corporate-fact-sheet-5498-ko.pdf","title":"인테그리스(Entegris) 회사 개요(국문)","title_en":"Entegris corporate fact sheet (Korean)","excerpt":"엔테그리스: 반도체 첨단소재·프로세스 솔루션.","excerpt_en":"Entegris: advanced materials and process solutions for semiconductors."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-12","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ENTG&type=10-K","title":"Entegris 10-K","title_en":"Entegris Form 10-K","excerpt":"엔테그리스 FY2025(2025 연간) 순매출 $3,196.6M(-1%, PIM 매각·수요 둔화). 매출의 약 80%가 웨이퍼 처리마다 반복 소비되는 소모성 소재(unit-driven)로, 이 반복 매출이 장비 대비 변동성을 낮춘다. 2025년 unit-driven 매출 +2%(웨이퍼 스타트에 연동, CMP 소모재·액체여과·선택적 식각 주도). TSMC·삼성·인텔 등 최상위 팹 고객.","excerpt_en":"Entegris FY2025 net sales $3,196.6M (-1%, divested PIM + softer demand). About 80% of sales are unit-driven consumables used up each time a wafer is processed, and this recurring revenue lowers volatility versus equipment. 2025 unit-driven revenue grew ~2% (in line with wafer starts, led by CMP consumables, liquid filtration and selective etch). Top fabs (TSMC, Samsung, Intel) are customers."},{"stance":"confirms","publisher":"MatrixBCG","publisher_en":"MatrixBCG","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://matrixbcg.com/blogs/competitors/entegris","title":"Entegris, TSMC·삼성·인텔 CMP 공급","title_en":"Entegris serves TSMC, Samsung, Intel","excerpt":"Intel에 고순도 소재·CMP 슬러리 공급.","excerpt_en":"Supplies high-purity materials and CMP slurry to Intel."}]},{"direction":"cost","counterparty":"설비·인프라 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"생산 설비·인프라에 투자(비공개) — 소재 수요 확대에 대응한 캐파 증설 비용이다.","note_en":"Invests in production equipment and infrastructure (undisclosed) — capacity spend to meet growing materials demand.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-12","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ENTG&type=10-K","title":"Entegris 10-K","title_en":"Entegris Form 10-K","excerpt":"생산 설비·인프라 투자(비공개).","excerpt_en":"Production equipment and infrastructure (undisclosed)."}]},{"direction":"cost","counterparty":"부품·소재·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"고순도 소재·슬러리 제조용 부품·소재·R&D를 조달·투자(비공개) — 순도·입자 제어가 제품 경쟁력의 축이다.","note_en":"Sources and invests in parts, materials and R&D for its materials and slurry (undisclosed) — purity and particle control anchor product competitiveness.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-12","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ENTG&type=10-K","title":"Entegris 10-K","title_en":"Entegris Form 10-K","excerpt":"고순도 소재·CMP 슬러리 제조용 부품·소재·R&D(비공개).","excerpt_en":"Parts, materials and R&D (undisclosed)."}]}]}