ROHM

ローム / ローム株式会社

A Japanese integrated device manufacturer supplying power and analog semiconductors, discrete devices, and passive components for automotive and AI server power infrastructure.

TSE: 6963 (Prime Market)
Other: ROHCY (OTC ADR)
Profile as of September 12, 2026
#132 in the AsiaAI Tech Index
How the ranking works →

ROHM has credible exposure to the power bottleneck created by AI servers, but its AI opportunity remains indirect. Its core earnings are dominated by automotive, and its capital base carries the consequences of an overextended silicon carbide investment cycle.

Key figures

Revenue FY2025: 481.1 billion yen
Revenue growth FY2025: 7.3%
Operating margin FY2025: 2.3%
Net income FY2025: Loss of 158.4 billion yen
R&D spend: Not disclosed
Capital expenditure FY2025: 82.4 billion yen
Market capitalization 2026-09-12: Approximately 1.77 trillion yen Estimate
Automotive share of revenue FY2025: 49.2%
Computer and storage share of revenue FY2025: 12.3%
Worldwide power-and-analog market share 2024: 1.5%
Impairment losses FY2025: 163.2 billion yen

Overview

ROHM is a Kyoto-based integrated device manufacturer established in 1958. It produces power and analog semiconductors, discrete devices, modules, and passive components. Unlike fabless chip designers, ROHM operates an integrated manufacturing model, producing its components internally while selectively adapting its footprint to include external foundry capacity.

The company's largest end market is automotive, which accounted for nearly half of its FY2025 revenue. It supplies components for vehicle electrification, including silicon carbide devices. ROHM is currently navigating a challenging transition, having recorded substantial impairment losses on its silicon carbide fixed assets due to slower electric-vehicle growth and intense price competition from Chinese manufacturers. It is exploring industry consolidation, including potential business integration with Toshiba Electronic Devices & Storage and Mitsubishi Electric.

The AI angle

ROHM supplies the power and analog semiconductor content surrounding AI compute rather than the AI accelerators themselves. Its relevant products include DrMOS integrated power stages, multiphase controllers, MOSFETs, silicon carbide MOSFETs, gallium nitride HEMTs, power-management ICs, shunt resistors, and capacitors.

AI demand reaches ROHM primarily through the higher power density required in GPU and server racks. The company estimates that a next-generation server configuration can require 22,000 power devices and 17,000 analog devices per rack, a massive increase over current configurations. It has positioned itself as a partner for 800V server architectures, including a disclosed partnership with NVIDIA, though specific volumes and revenue contributions remain undisclosed.

Computer and storage sales rose 8.9% year over year in FY2025, driven partly by AI-server business expansion. ROHM targets more than 100 billion yen in server-business sales by FY2030, aiming to capitalize on the growing need for efficient power conversion and voltage regulation in data centers.

Technology and moat

ROHM's technical position rests on its integrated manufacturing model, broad power-and-analog portfolio, automotive qualification experience, and silicon carbide device development. Its ability to combine discrete devices, control ICs, passive components, and modules in system-level power designs provides a competitive edge.

For AI servers, its proposition is not a single breakthrough device but the combination of power stages, controllers, and system-level design for GPU power architectures. It claims its second-generation DrMOS product achieved the world's highest performance as of April 2026. However, its defensibility is moderate rather than absolute. While power devices require rigorous electrical, thermal, and reliability qualification, the underlying categories have large, capable rivals like Infineon, onsemi, and STMicroelectronics, and are not protected by a foundry monopoly.

Five-pillar assessment

Scale and market position: A mid-sized global player holding about 1.5% of the worldwide power-and-analog semiconductor market, trailing larger rivals like Infineon and STMicroelectronics.
Technology and R&D: Strong capabilities in power and analog integration, silicon carbide device development, and automotive-grade discrete manufacturing, supported by an IDM model.
Supply-chain centrality: Strategic partnerships with DENSO in automotive and NVIDIA in 800V server architectures, alongside integration discussions with Toshiba and Mitsubishi Electric.
Financial momentum: Struggling with severe impairment losses and underutilization in its silicon carbide business, despite modest top-line growth and emerging AI-server opportunities.
Governance and quality: Independent public company with standard Japanese board structures, currently reforming executive compensation and capital allocation in response to poor financial performance.

Supply chain and relationships

ROHM's upstream dependencies include silicon carbide substrates, silicon wafers, precious metals such as gold, front-end manufacturing equipment, and outsourced semiconductor assembly and test capacity. The company noted that gold-price increases pressured FY2025 costs, prompting a shift toward copper wire where customer approval permits. Supplier names are not disclosed.

On the customer side, Japan-based clients account for 52.4% of sales. While ROHM does not publicly identify its largest customers by revenue, it maintains a strategic partnership with DENSO for automotive analog ICs and is an NVIDIA partner for 800V server architectures. If ROHM stopped supplying, customers would face redesign and requalification work, though the volume is broadly replaceable by competitors over a period of months.

Customers

NVIDIAPartner for 800V server architecture

Partners

DENSOStrategic partnership for analog IC development
Toshiba Electronic Devices & StorageManufacturing collaboration and integration discussions

Competitors

Mitsubishi ElectricCompetes in power devices; in integration talks
InfineonInferredCompetes in automotive, industrial, and power semiconductors
onsemiInferredCompetes in automotive and industrial power, including SiC
STMicroelectronicsInferredCompetes in power, automotive, and analog semiconductors
RenesasInferredCompetes in automotive and industrial semiconductors
Monolithic Power SystemsInferredCompetes in power-management ICs and modules
Texas InstrumentsInferredCompetes in selected power and analog products
Analog DevicesInferredCompetes in selected power and analog products

Geopolitics and risk

ROHM's geographic exposure is heavily concentrated in Japan, which accounts for over half of its sales. China represents 14.6% of FY2025 revenue, exposing the company to regional logistics, local competition, and geopolitical friction. ROHM notes that Chinese silicon carbide manufacturers are aggressively cutting prices, placing pressure on its utilization and margins.

Direct U.S. tariff exposure is limited because direct exports to the United States are small, but the company faces indirect risks through foreign exchange fluctuations and global semiconductor export controls that can affect its customers and supply chains. Its manufacturing footprint is undergoing restructuring to address underutilization and fixed-cost pressures.

Risk matrix
Risk	Severity	Why it matters
SiC demand and EV slowdown	High	Lower BEV growth expectations led to 163.2 billion yen in impairment losses.
Chinese SiC competition	High	Aggressive price cutting by Chinese manufacturers pressures utilization and margins.
Automotive concentration	High	Automotive contributes 49.2% of sales, making revenue sensitive to vehicle production cycles.
Manufacturing underutilization	High	Reduced demand expectations for SiC capacity create fixed-cost pressure.
Japan customer concentration	Medium	Japan-based customers account for 52.4% of sales.
China revenue and cross-strait exposure	Medium	China represents 14.6% of sales, exposing ROHM to geopolitical and supply-chain friction.
Precious-metal inflation	Medium	Higher gold prices increase variable costs, prompting a shift to copper wire.
Potential business integrations	Medium	Integration talks with Toshiba and Mitsubishi Electric create execution uncertainty.

Governance and ownership

ROHM is an independent Japanese public company listed on the Tokyo Stock Exchange. It is not state-owned or controlled by a keiretsu or industrial parent. The ROHM Music Foundation holds a 10.76% equity stake but is not an operating parent.

The company is led by President and CEO Katsumi Azuma and follows a standard Japanese listed-company governance framework with outside directors. Following recent performance deterioration and significant impairment losses, management is revising executive remuneration, considering higher stock compensation, and increasing investor dialogue to address weak profitability and capital efficiency.

What to watch

Whether FY2026 revenue reaches the 510.0 billion yen plan and operating profit reaches 30.0 billion yen.
Whether computer and storage revenue delivers the 19.9% growth forecast and reveals a separable AI-server figure.
Whether silicon carbide device and module sales achieve forecast growth without further impairment.
Whether integration agreements with Toshiba and Mitsubishi Electric are finalized.
Whether the NVIDIA 800V-server partnership translates into material disclosed revenue.

Recent developments

September 6, 2026Launched fourth-generation 650V IGBTs for automotive and industrial applications.
May 13, 2026Reported FY2025 revenue of 481.1 billion yen and a net loss of 158.4 billion yen.
April 28, 2026Stated that DENSO withdrew its proposal to acquire ROHM shares while continuing strategic collaboration.
March 27, 2026Announced discussions on possible business integration involving Toshiba and Mitsubishi Electric.
November 1, 2025Published Integrated Report 2025, setting out structural reforms and an adjusted SiC strategy.
May 8, 2025Announced a strategic partnership framework with DENSO focused on semiconductor collaboration.

Coverage on AsiaAI.FYI

Infineon’s GaN Market Surge: How AI Server Power Demands Are Reshaping the Chip Supply Chain September 7, 2026

About this profile

Compiled with AI-assisted research from company filings, market data, and published reporting as of September 12, 2026, then reviewed by AsiaAI.FYI. Figures marked Estimate are not company-reported. Check primary filings before relying on any number.

Confidence: B. Identity, FY2025 results, and strategic direction are supported by company documents, but named customers, suppliers, AI-specific revenue, and R&D expense remain undisclosed.

Main sources: ROHM Integrated Report 2025; FY2025 financial-results presentation; Shareholders' meeting notice; Market-data reporting.

All 23 sources

Position in the AI stack

Supplies power-management, silicon carbide, gallium nitride, and passive components that help AI servers convert and regulate rapidly rising electricity loads.

Legal name: ROHM Co., Ltd.
Headquarters: Kyoto, Japan
Founded: 1958
Founders: Ken Sato / 佐藤研一
Leadership: Katsumi Azuma / 東克己, President, Representative Director and Chief Executive Officer
Employees: 21,756 (2026-03-31)
Ownership: Publicly listed
Listings: TSE: 6963 (Prime Market)
Other: ROHCY (OTC ADR)
Business: Power and analog semiconductors, discrete devices, and passive components
Sector: Electronic Components
Website: rohm.com