Company Reports

Although Hoya is widely known as an eyeglass lens and contact lens provider, it has more than 60% market share in mask blanks for semiconductor manufacturing, and an even higher market share, at more than 75%, in mask blanks used for extreme ultraviolet, or EUV, lithography technology. Hoya’s IT business accounts for less than 30% of its total revenue and more than half of Hoya's earnings, thanks to its dominant position in this area. Over the next decade, as semiconductor miniaturization continues and EUV technology becomes more indispensable, we believe that sales of high-value-added EUV mask blanks will grow and drive Hoya's profit growth.

Hoya's June-quarter revenue rose 16% year on year, while adjusted operating profit increased 24%. For the following quarter, the company guides for 13% year-on-year revenue growth and an 18% increase in adjusted operating profit. It also announced a share buyback of up to JPY 200 billion.

Driven by strong growth in the information technology segment, Hoya delivered record results for the March quarter and for fiscal 2025 (ending March 2026). At the briefing, management also updated its capital allocation policy and outlined plans to expand capacity for EUV blanks and HDD substrates.

Although Hoya is widely known as an eyeglass lens and contact lens provider, it has more than 60% market share in mask blanks for semiconductor manufacturing, and an even higher market share, at more than 75%, in mask blanks used for extreme ultraviolet, or EUV, lithography technology. Hoya’s IT business accounts for less than 30% of its total revenue and more than half of Hoya's earnings, thanks to its dominant position in this area. Over the next decade, as semiconductor miniaturization continues and EUV technology becomes more indispensable, we believe that sales of high-value-added EUV mask blanks will grow and drive Hoya's profit growth.

Hoya reported another solid quarter, with 10.8% year-over-year sales growth for the December quarter. Most products reported solid growth, with 4.1% sales growth for the life care segment and 14.6% sales growth for the information technology segment on a constant-currency basis.

Although Hoya is widely known as an eyeglass lens and contact lens provider, it has more than 60% market share in mask blanks for semiconductor manufacturing, and an even higher market share, at more than 75%, in mask blanks used for extreme ultraviolet, or EUV, lithography technology. Hoya’s IT business accounts for less than 30% of its total revenue and more than half of Hoya's earnings, thanks to its dominant position in this area. Over the next decade, as semiconductor miniaturization continues and EUV technology becomes more indispensable, we believe that sales of high-value-added EUV mask blanks will grow and drive Hoya's profit growth.

Although Hoya is widely known as an eyeglass lens and contact lens provider, it has more than 60% market share in mask blanks for semiconductor manufacturing, and an even higher market share, at more than 75%, in mask blanks used for extreme ultraviolet, or EUV, lithography technology. Hoya’s IT business accounts for less than 30% of its total revenue and more than half of Hoya's earnings, thanks to its dominant position in this area. Over the next decade, as semiconductor miniaturization continues and EUV technology becomes more indispensable, we believe that sales of high-value-added EUV mask blanks will grow and drive Hoya's profit growth.

Hoya's revenue for the September quarter was 5% above its guidance, the highest quarterly revenue posted, thanks to solid growth in both the lifecare and information technology segments. Its operating margin of 29.9% was similar to that in the June quarter.

Although Hoya is widely known as an eyeglass lens and contact lens provider, it has more than 60% market share in mask blanks for semiconductor manufacturing, and an even higher market share, at more than 75%, in mask blanks used for extreme ultraviolet lithography technology. Hoya’s IT business accounts for less than 30% of its total revenue and half of Hoya's earnings thanks to its dominant position in this area. Over the next decade, as semiconductor miniaturization continues and EUV technology becomes more indispensable, we believe that sales of high-value-added EUV mask blanks will grow and drive Hoya's profit growth.

Hoya's June-quarter sales and operating income increased by 3% and 13%, respectively, year over year. On a constant-currency basis, these numbers were 8% and 18%. The solid growth is partly due to the low base last year, as the life care segment was unusually weak due to the IT incident.

Although Hoya is widely known as an eyeglass lens and contact lens provider, it has more than 60% market share in mask blanks for semiconductor manufacturing, and an even higher market share, at more than 75%, in mask blanks used for extreme ultraviolet lithography technology. Hoya’s IT business accounts for less than 30% of its total revenue and half of Hoya's earnings thanks to its dominant position in this area. Over the next decade, as semiconductor miniaturization continues and EUV technology becomes more indispensable, we believe that sales of high-value-added EUV mask blanks will grow and drive Hoya's profit growth.

Hoya reported its fiscal 2024 results (ending March 2025) with sales up 10.1% and operating income up 24.0% in the March quarter. Shares rose more than 2% on the day following the results.

Although Hoya is widely known as an eyeglass lens and contact lens provider, it has more than 60% market share in mask blanks for semiconductor manufacturing, and an even higher market share, at more than 75%, in mask blanks used for extreme ultraviolet lithography technology. Hoya’s IT business accounts for less than 30% of its total revenue and half of Hoya's earnings thanks to its dominant position in this area. Over the next decade, as semiconductor miniaturization continues and EUV technology becomes more indispensable, we believe that sales of high-value-added EUV mask blanks will grow and drive Hoya's profit growth.

Although Hoya is widely known as an eyeglass lens and contact lens provider, it has more than 60% market share in mask blanks for semiconductor manufacturing, and an even higher market share, at more than 75%, in mask blanks used for extreme ultraviolet lithography technology. Hoya’s IT business accounts for less than 30% of its total revenue and half of Hoya's earnings thanks to its dominant position in this area. Over the next decade, as semiconductor miniaturization continues and EUV technology becomes more indispensable, we believe that sales of high-value-added EUV mask blanks will grow and drive Hoya's profit growth.

Hoya reported solid December-quarter results, with sales and operating income up 13.4% and 16.6%, respectively. The company also announced a buyback plan of up to 3 million shares for a maximum of JPY 50 billion, the third time this fiscal year, bringing the total to JPY 150 billion.

Although Hoya is widely known as an eyeglass lens and contact lens provider, it has more than 60% market share in mask blanks for semiconductor manufacturing, and an even higher market share, at more than 75%, in mask blanks used for extreme ultraviolet lithography technology. Hoya’s IT business accounts for less than 30% of its total revenue and half of Hoya's earnings thanks to its dominant position in this area. Over the next decade, as semiconductor miniaturization continues and EUV technology becomes more indispensable, we believe that sales of high-value-added EUV mask blanks will grow and drive Hoya's profit growth.

We initiate coverage of Hoya with a wide moat rating and fair value estimate of JPY 21,000 per share. Although widely known as an eyeglass lens and contact lens provider, Hoya has a market share of more than 60% for mask blanks used in semiconductor manufacturing and an even higher market share, at more than 75%, for mask blanks used in extreme ultraviolet lithography technology.