Telic Company Overview
Telic Company is one of the oldest independent American makers of chrome-coated photomask blanks and precision-coated glass substrates. It was founded in 1968 by three of the physicists who pioneered magnetron sputtering. From a single facility in Valencia, California, it supplies sputtered chrome, aluminum, gold and ITO films, photoresist-coated plates, double-side-polished thin glass and patterned substrates. Its customers are photomask shops, university and government nanofabrication labs, microfluidics and MEMS developers, holography and optics producers, and flat-panel-display and PCB tooling makers. Telic does not compete with Hoya, Shin-Etsu or AGC on leading-edge quartz blanks for advanced semiconductor nodes. Its niche is low-volume, fast-turnaround and large-format work, with resist coating up to 50 × 50 inches and 24-hour coating turns, for customers whose needs fall outside the high-volume mask-blank supply chain. Since joining HEF Photonics, Telic has provided the group's North American lithography, thin-metal deposition and micro-patterning capability, alongside Abrisa Technologies, ZC&R Coatings for Optics, Agama Glass and Evaporated Coatings Inc.
What the company does
Telic coats and processes glass and wafer substrates in a cleanroom using physical vapour deposition (PVD), photoresist spin coating, polishing, lithography and lift-off. Its legacy product, made since the 1970s, is the chrome photomask blank: a polished glass plate coated with a sputtered chromium (or chromium-oxide) light-absorbing film and, where required, a photoresist layer. Mask shops and research labs write circuit or microstructure patterns into the resist with laser or e-beam writers, then etch the chrome to make a photomask. Telic also sells blanks coated with other metals (aluminum, gold), holographic resist blanks, coated microscope slides, ITO-coated substrates, digital microfluidic components, patterned thin-film substrates, and finished photomasks and reticles.
The company's own current description, from its website, presents Telic as a provider of "Integrated Microfabrication Solutions". It has served semiconductor, photonics, microfluidics and advanced research markets for more than 50 years and highlights large-format processing, integrated manufacturing, rapid development support and production-scale capability. An earlier company description called Telic a "zero defect class 100 manufacturer of high-performance thin metal films for use in photolithography, optics and medical products."
Business model and revenue model
| Revenue stream | Description | Mix |
|---|---|---|
| Product sales | Standard and custom photomask blanks, coated slides, holographic blanks, aluminum blanks, ITO substrates, photomasks/reticles, microfluidic components | — |
| Contract processing (toll coating and finishing) | Sputter coating, resist coating, double-sided polishing, lift-off, RF etching, cleaning and packaging of customer-supplied substrates and wafers, with fast-turn (24-hour) options | — |
Telic is a build-to-order and catalogue manufacturer. Revenue comes from two streams:
Product sales: Description: Standard and custom photomask blanks, coated slides, holographic blanks, aluminum blanks, ITO substrates, photomasks/reticles, microfluidic components; Mix: Not publicly disclosed
Contract processing (toll coating and finishing): Description: Sputter coating, resist coating, double-sided polishing, lift-off, RF etching, cleaning and packaging of customer-supplied substrates and wafers, with fast-turn (24-hour) options; Mix: Not publicly disclosed
Telic has no subscription, licensing or recurring-software revenue. Its sputtering patents date from 1975–1996 and have expired, so it earns no royalties.
Value-chain position
Telic sits between raw-substrate suppliers and mask and device makers:
- Specialty glass makers (soda-lime; borosilicate such as Corning Eagle, Schott D263, Schott AF32, Schott Borofloat), sputter target vendors, photoresist suppliers — Telic: Glass preparation and polishing → cleaning → sputter metallization (Cr, Al, Au, ITO) → resist/BARC coating → optional patterning and lift-off → cleanroom packaging; Downstream (customers): Photomask shops, university and national-lab nanofabrication centres, MEMS and microfluidics developers, holography and optics makers, FPD/MCM start-ups, PCB tooling masters, life-science slide users
Customer types and end markets
| End market | Typical Telic products / services |
|---|---|
| Semiconductor and photomask | Chrome photomask blanks, reticles, photomasks, wafer coating |
| Nanofabrication and academic research | Small-lot resist-coated blanks, metallized wafers, fast-turn coatings |
| Microfluidics and lab-on-chip | Digital microfluidic components, patterned thin-film substrates, thin polished glass |
| Optics and photonics | Metal and ITO-coated optics substrates, patterned thin films |
| Holography | Holographic resist blanks |
| Flat-panel display, MCM and PCB tooling | Large-format photomask blanks on soda-lime and borosilicate glass |
| Life sciences and medical | Gold-coated and other coated microscope slides |
| Defense, security and aerospace (through HEF Photonics) | Etched and metallized glass functions combined with group shaping and coating capabilities |
Semiconductor and photomask: Typical Telic products / services: Chrome photomask blanks, reticles, photomasks, wafer coating
Nanofabrication and academic research: Typical Telic products / services: Small-lot resist-coated blanks, metallized wafers, fast-turn coatings
Microfluidics and lab-on-chip: Typical Telic products / services: Digital microfluidic components, patterned thin-film substrates, thin polished glass
Optics and photonics: Typical Telic products / services: Metal and ITO-coated optics substrates, patterned thin films
Holography: Typical Telic products / services: Holographic resist blanks
Flat-panel display, MCM and PCB tooling: Typical Telic products / services: Large-format photomask blanks on soda-lime and borosilicate glass
Life sciences and medical: Typical Telic products / services: Gold-coated and other coated microscope slides
Defense, security and aerospace (through HEF Photonics): Typical Telic products / services: Etched and metallized glass functions combined with group shaping and coating capabilities
Independent characterization
Telic is a micro-cap specialty coater. Its strategic value is in its capabilities more than its size: a working U.S. chrome-blank line, large-format resist coating, thin-glass double-sided polishing and five decades of process know-how in a small, long-tenured team. Market-research publishers routinely list Telic among photomask-blank producers next to Hoya, Shin-Etsu, AGC, S&S Tech and ULCOAT. In revenue terms, however, it is several orders of magnitude smaller, and it serves the trailing-edge, research and large-format end of the market rather than leading-edge quartz blanks for wafer fabs. Since the HEF acquisition, Telic's role has shifted. It is now the lithography and thin-metal node of a vertically integrated North American optical-components platform, as well as a stand-alone merchant supplier.
Strategy
Stated strategic themes
Telic's strategy is now set within HEF Photonics. The themes management states publicly are:
-
Integrated North American offer. HEF describes the Telic integration as giving the defense, security and aerospace markets an integrated solution that covers glass shaping, treatment and etching. It calls this offer unique in North America and the same as the one HEF provides in France.
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Building a full optical-solutions platform in North America. The ECI acquisition (May 2026) is described as a step toward "a fully integrated optical solutions platform in North America", with coating operations on both coasts.
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Microfabrication repositioning. Telic's own messaging has moved from "photomask blank supplier" to "Integrated Microfabrication Solutions", emphasizing large-format processing, integrated manufacturing, rapid development support and production-scale capability.
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Group-level photonics growth. HEF has aimed to double photonics' share of group revenue (from about 10% in 2021) and to strengthen France's photonics industry through research, including the COMETA metasurface optical-components laboratory with the Laboratoire Hubert Curien at HEF's IREIS institute.
Initiatives in the last 24 months
| Initiative | Timing | Description |
|---|---|---|
| Integration into HEF Photonics USA | 2025–2026 | Telic is brought into the North American photonics platform alongside Abrisa, ZC&R, Agama and ECI |
| Cross-selling of micro-patterning and wafer-level processing | 2025 onward | HEF positions Telic's micro-patterning, wafer-level processing and cleanroom optical-component manufacturing as complements to Abrisa's and Agama's glass and coating capabilities |
| Website and brand relaunch | 2025–2026 | New website covering precision glass, photomask blanks, coating, polishing and microfabrication, branded "Member of HEF Photonics" |
| Trade-show visibility through HEF | Oct 2025 | HEF Photonics presentation at OPS-2025 covering patterning by photolithography, masking, engraving, electroforming and laser processing |
| Group coating-capacity expansion | May 2026 | The ECI acquisition adds ion-beam sputtering, a capability the group did not previously have, which complements Telic's magnetron metallization |
Integration into HEF Photonics USA: Timing: 2025–2026; Description: Telic is brought into the North American photonics platform alongside Abrisa, ZC&R, Agama and ECI
Cross-selling of micro-patterning and wafer-level processing: Timing: 2025 onward; Description: HEF positions Telic's micro-patterning, wafer-level processing and cleanroom optical-component manufacturing as complements to Abrisa's and Agama's glass and coating capabilities
Website and brand relaunch: Timing: 2025–2026; Description: New website covering precision glass, photomask blanks, coating, polishing and microfabrication, branded "Member of HEF Photonics"
Trade-show visibility through HEF: Timing: Oct 2025; Description: HEF Photonics presentation at OPS-2025 covering patterning by photolithography, masking, engraving, electroforming and laser processing
Group coating-capacity expansion: Timing: May 2026; Description: The ECI acquisition adds ion-beam sputtering, a capability the group did not previously have, which complements Telic's magnetron metallization
Medium-term targets
Telic has published no financial targets or guidance. HEF Groupe's stated long-term goal (2021) was to double the group's size within about ten years and to double photonics' share of revenue within three to five years.
Products & Services
Photomask blanks and lithography products
| Product | Description and key specifications | Target customer | Notes |
|---|---|---|---|
| Chrome photomask blanks (standard) | Sputtered chromium absorber film on polished glass, optionally pre-coated with positive photoresist; the company's "Legacy" product since the 1970s | Mask shops, university and government nanofab labs, MEMS and microfluidics developers | Flagship product; pricing not publicly disclosed |
| Large-format photomask blanks | Chrome blanks on soda-lime and borosilicate glass (Corning Eagle, Schott D263, Schott AF32, Schott Borofloat) | Flat-panel display, PCB tooling-master and multi-chip-module (MCM) mask makers | Resist coating available up to 50" × 50" |
| Photoresist blanks / large photoresist blanks for 3D microstructures | Spin-coated positive or negative resists up to 50 µm thick on large substrates | Grayscale and 3D micro-optics, microfluidics mould makers | Thick-resist capability is a differentiator |
| Aluminum blanks | Sputtered aluminum film on glass or wafer | Optics, MEMS, lift-off and research users | — |
| Holographic resist blanks | Resist-coated plates for recording holograms and diffractive structures | Holography and diffractive-optics producers | Featured "Made in California" product |
| Photomasks | Patterned chrome masks made in-house (lithography and patterning) | Research and low-volume production customers | Offered under the post-acquisition microfabrication positioning |
| Reticles | Patterned reticles for projection lithography | Research fabs, optics makers | — |
Coated and patterned substrates
| Product | Description and key specifications | Target customer |
|---|---|---|
| Gold-coated microscope slides | Sputtered gold on glass slides, with adhesion layers | Life-science, surface-plasmon and electrochemistry researchers |
| Coated microscope slides (other metals) | Custom metal and oxide films on standard slides | Biomedical and analytical labs |
| ITO-coated substrates | Transparent conductive indium-tin-oxide on glass | Display, electro-optic and microfluidic device developers |
| Patterned thin-film substrates | Lithographically patterned metal films (lift-off or etch) | MEMS, sensors, microelectrodes |
| Digital microfluidic components | Patterned electrode substrates for electrowetting-based digital microfluidics | Lab-on-chip developers |
| Precision glass substrates (uncoated) | Cut, polished and cleaned glass, including thin glass down to 0.3 mm (0.012") | Optics and microfluidics customers |
Contract processing services
| Service | Capability |
|---|---|
| PVD thin-film coating | DC and RF magnetron sputtering, both cylindrical and planar, for films from 30 Å to 5 µm. A wide target inventory and versatile tooling allow fast turnaround on wafers and glass. Several multi-target inline sputtering systems. |
| Spin coating | Positive and negative photoresists, BARC, TARC and LOR, on substrates up to 50" × 50" and up to 50 µm thick |
| Double-sided polishing | Grinding, lapping, polishing and super-polishing; substrates from 1" to 31" diameter (up to 50" square); thin glass down to 0.3 mm |
| Lithography and lift-off | Patterning and microfabrication on customer or Telic substrates |
| RF etching | Pre-clean and surface preparation |
| Substrate cleaning | Cleanroom cleaning of glass and wafers |
| Custom cleanroom packaging | Custom substrate boxes; packaging ready for production integration |
| Precision glass fabrication | Advanced machining of glass |
| Wafer coating service | Metallization and resist coating of customer wafers, with 24-hour fast-turn options |
Launch and version years for individual products, and price lists, are not publicly disclosed.
Financial Narrative
Disclosure status
Telic is a privately held subsidiary of HEF Groupe, which is itself privately held. Neither company files public financial statements in the United States. As a result, Telic's income statement, balance sheet, cash-flow statement and ratios (gross, operating, EBITDA and net margins; total assets; cash; debt; equity; goodwill; working capital; operating cash flow; capex; free cash flow; ROE; ROA; ROIC; liquidity and leverage ratios; cash conversion cycle) are not publicly disclosed for any fiscal year. The company pays no public dividends and has no share buybacks.
Parent-group financial context (HEF Groupe)
HEF Groupe's revenue is reported periodically in the French business press rather than in audited public filings.
Sources: Le Journal des Entreprises (2018, 2020 and 2021 figures). A more recent press report puts the group at about EUR 330 million of revenue and 3,200 employees. The fall in revenue in 2020 reflects the pandemic shock to HEF's automotive surface-treatment base. The 2021 rebound (about +32%) was driven by recovery in automotive volumes and by the first photonics acquisitions. HEF said in 2021 that photonics would account for about 10% of group revenue that year (about EUR 23 million) and aimed to double photonics' share within three to five years.
Commentary
At roughly EUR 2 million, Telic contributes well under 1% of HEF Groupe revenue. Its financial significance to the parent lies in what it enables: it gives HEF Photonics North America the lithography, etching and thin-metal deposition steps needed to offer integrated "glass shaping, treatment and etching" solutions to defense, security and aerospace customers. Revenue per employee of about EUR 130,000 is typical of a small, labour-intensive, high-mix coating shop and well below that of high-volume blank makers. With a workforce whose tenure is mostly above 20 years, Telic's main financial exposure is succession risk rather than capital intensity. The equipment base (sputtering systems, polishers, coaters) is largely depreciated, and new growth investment is now funded by the parent.
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Group Structure
| Level | Entity | Role |
|---|---|---|
Ultimate parent | HEF Groupe (Andrézieux-Bouthéon, France) | Surface engineering and treatment group; about 3,200 employees, about 90 industrial sites in 21 countries |
Division | HEF Photonics Business Unit | Optical coatings, precision optics, photolithography in France and the U.S. |
Regional sub-unit | HEF Photonics USA / North America | Abrisa Technologies (Abrisa Industrial Glass, Santa Paula CA; ZC&R Coatings for Optics, Torrance CA), Agama Glass Technologies (Clarksburg WV), Evaporated Coatings Inc. (Willow Grove PA), Telic (Valencia CA) |
Operating company | Telic Company Inc. | Photomask blanks, thin-film metallization, resist coating, polishing, lithography and lift-off |
Product Families
| Product family | Contents |
|---|---|
Photomask blanks and lithography products | Chrome photomask blanks (standard and large-format), photoresist blanks, reticles, photomasks, aluminum blanks, holographic resist blanks, large resist blanks for 3D microstructures |
Coated and patterned substrates | Gold-coated and other coated microscope slides, ITO-coated substrates, patterned thin-film substrates, digital microfluidic components |
Contract processing services | PVD sputter coating, spin coating, double-sided polishing, lift-off, RF etching, cleaning, cleanroom packaging, wafer coating, precision glass fabrication |
Financial Analysis
| Indicator | Value | Source and basis |
|---|---|---|
Annual revenue | Just under EUR 2 million (about USD 2 million) | HEF Groupe acquisition announcement, latest year before acquisition |
Employees | 15 | HEF Groupe acquisition announcement |
Revenue per employee | About EUR 130,000 | Derived: about EUR 2.0 million ÷ 15 employees |
Revenue band (commercial database) | Under USD 5 million | ZoomInfo company profile |
Facility size | More than 17,000 sq ft | Company history |
Cleanroom | 2,500 sq ft (company history) | The California Manufacturing Technology Consulting profile gives a 3,000 sq ft class 100 cleanroom |
Income Statement and Operating Metrics (number)
| Metric | FY2018 | FY2020 | FY2021 |
|---|---|---|---|
HEF Groupe revenue (EUR Mn) | 240 | 207 | 274 |
HEF Groupe employees (number) | 2,700 | 3,000 | 3,150 |
Capital Markets
| Item | Status |
|---|---|
Listing / share price performance (1, 3, 5 years) | Not applicable; Telic is a private, wholly owned subsidiary |
Valuation multiples (P/E, EV/EBITDA, EV/Sales, P/B) | Not applicable; the acquisition price is not publicly disclosed |
Analyst consensus | No analyst coverage |
Dividend history and policy | No public dividends |
Credit ratings (Moody's, S&P, Fitch) | Unrated; HEF Groupe also has no public credit rating |
Parent-company status | HEF Groupe is privately held and not listed |
Analyst Conclusions
Management guidance and consensus
Telic has issued no financial guidance and has no consensus estimates. HEF Groupe's stated direction is to grow photonics as a share of group revenue and to build a fully integrated optical-solutions platform in North America, in which Telic supplies photolithography, etching and thin-metal deposition.
Bull case
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The integrated offer creates pull-through revenue. Abrisa, Agama and ECI customers in defense, avionics and medical optics increasingly need patterned metal functions (grids, apertures, electrodes, masks). Telic's micro-patterning becomes a step in group programmes rather than a stand-alone sale, lifting volume above the roughly EUR 2 million pre-acquisition base.
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Domestic sourcing preference. As one of very few U.S. chrome-blank and lithography shops, Telic gains from U.S. microelectronics R&D build-out and defense supply-chain localization, where foreign blank makers are disadvantaged.
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A large-format niche the majors do not serve. Coating and resist capability up to 50 × 50 inches addresses FPD prototyping, PCB masters and large micro-optics, which high-volume quartz-blank makers do not prioritize.
Bear case
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Structural decline of the legacy product. The value of the mask-blank market is moving toward quartz, phase-shift, OMOG and EUV blanks, which are controlled by a top five holding more than 90% share. Chrome-on-glass for semiconductors is a shrinking pool.
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Key-person and succession risk. A 15-person team in which more than three-quarters have over 20 years' tenure faces retirement-driven loss of tacit process knowledge. Integration could speed up departures.
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Low-cost Asian competition. Chinese blank producers are scaling soda-lime and FPD capacity, pressuring prices on Telic's standard blanks and limiting its ability to grow beyond custom niches.
Key catalysts and monitorables (next 12 months)
| Catalyst / monitorable | Why it matters |
|---|---|
| Announcement of joint HEF Photonics programmes using Telic patterning | Evidence that the integration thesis is producing revenue |
| Capital investment in Valencia (new sputtering, lithography or inspection tools) | Signals HEF's commitment to scaling Telic |
| Leadership appointments at the Telic site | Addresses succession risk |
| New product introductions (for example quartz blanks, metasurface substrates, AR optics substrates) | Expansion beyond the legacy chrome-on-glass niche |
| Further HEF Photonics USA acquisitions | Platform consolidation could reshape Telic's role |
| U.S. research-fab funding and defense microelectronics budgets | Main end-demand drivers for Telic's customers |
| Photomask-blank pricing and Chinese capacity additions | Pressure on Telic's standard-product margins |
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Announcement of joint HEF Photonics programmes using Telic patterning — Why it matters: Evidence that the integration thesis is producing revenue
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Capital investment in Valencia (new sputtering, lithography or inspection tools) — Why it matters: Signals HEF's commitment to scaling Telic
Leadership appointments at the Telic site: Why it matters: Addresses succession risk
- New product introductions (for example quartz blanks, metasurface substrates, AR optics substrates) — Why it matters: Expansion beyond the legacy chrome-on-glass niche
Further HEF Photonics USA acquisitions: Why it matters: Platform consolidation could reshape Telic's role
- U.S. research-fab funding and defense microelectronics budgets — Why it matters: Main end-demand drivers for Telic's customers
Photomask-blank pricing and Chinese capacity additions: Why it matters: Pressure on Telic's standard-product margins
Analyst verdict
Telic Company is a small but strategically meaningful asset. Its importance comes from its history and capabilities rather than its finances. Founded in 1968 by physicists whose cylindrical-magnetron patents became foundational references for the sputtering industry, it is one of the last independent U.S. makers of chrome photomask blanks. Its roughly EUR 2 million of revenue and 15 employees put it in a different category from HOYA, Shin-Etsu and AGC, whose mask-blank franchises sit inside businesses generating trillions of yen. Market-report listings that place Telic beside those leaders reflect its presence in the market, not its competitive weight.
The investment case changed when HEF Groupe acquired it. As a stand-alone business, Telic faced a slowly declining core market, an ageing and irreplaceable workforce, and no visible route into quartz or EUV technology. As part of HEF Photonics, it supplies the lithography, etching and thin-metal steps in a North American platform that now covers glass fabrication (Abrisa, Agama), optical coatings (ZC&R, ECI) and patterning (Telic). Group management describes the resulting integrated offer as unique in North America. Telic's value to HEF lies less in its own profit and loss than in the higher-value, multi-function components it allows the group to sell to defense, aerospace, medical and semiconductor-equipment customers.
The main risks are operational: a single site, key-person dependence and the need to transfer five decades of process know-how to a new generation. Over the next 12 months, the indicators to watch are HEF capital spending in Valencia, new leadership appointments, and visible joint programmes that use Telic's patterning capability. If those appear, Telic is likely to grow inside HEF as a capability hub. If they do not, it is likely to remain a stable but static niche supplier of research and large-format blanks, steadily losing relevance in mainstream semiconductor lithography.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure / context | Prior roles |
|---|---|---|---|
Jean-Noël Maran | President, HEF Photonics (previously Regional Manager and General Manager, HEF Photonics North America) | Led the Telic integration (2024–2025), the Agama acquisition (May 2025) and the ECI acquisition (May 2026) | HEF Photonics North America leadership |
Chantal Germain | Director, HEF Photonics Business Unit | Group-level owner of the photonics unit that includes Telic | — |
Matt Kennedy | Named company contact, Telic Company | Long-standing customer and programme contact | — |
Fabrice Prost | President, HEF Groupe | Led the group's photonics diversification from 2020 | Former co-president of HEF with Philippe Maurin-Perrier |
“—” = not publicly disclosed.
Governance Detail
| Founder | Contribution |
|---|---|
John A. Thornton | Physicist and co-inventor of the cylindrical magnetron (U.S. 3,884,793); sole inventor of the bias-sputtering and sputter-cleaning patent U.S. 4,126,530. He was one of the most cited researchers in sputter deposition, and the AVS (American Vacuum Society) named its John A. Thornton Memorial Award and Lecture after him. |
Alan S. Penfold | Physicist and lead inventor on Telic's core magnetron patents (3,884,793; 3,995,187; 4,030,996; 4,031,424; 4,116,794; 4,243,505) |
David Masson | Physicist and co-founder |
Major Shareholders
| Holder | Stake | Basis |
|---|---|---|
HEF Groupe (through HEF Photonics) | 100% | HEF Groupe announcement of the acquisition of TELIC |
Board & Management Changes
| Date | Change |
|---|---|
Late 2024 / early 2025 | Ownership passes to HEF Groupe; Telic reports into HEF Photonics North America under Jean-Noël Maran |
By May 2026 | Jean-Noël Maran is identified as President of HEF Photonics |
Competitive Landscape
Competitors by Segment
| Segment | Competitor | Country | Positioning against Telic |
|---|---|---|---|
Semiconductor photomask blanks (quartz, advanced nodes) | HOYA Corporation | Japan | Global leader in mask blanks, including EUV; operates at a different scale and technology tier |
Semiconductor photomask blanks | Shin-Etsu Chemical (Shin-Etsu MicroSi) | Japan | Leader in blanks and synthetic quartz; developed OMOG (MoSi binary absorber) blanks |
Semiconductor photomask blanks | AGC Inc. | Japan | DUV and EUV blanks and synthetic quartz |
Photomask blanks (Korea) | S&S Tech | South Korea | Blanks for Korean mask and FPD makers |
Photomask blanks | ULCOAT / ULVAC Coating Corporation | Japan | Chrome and phase-shift blanks; FPD blanks |
Photomask blanks | SKC / SK Enpulse (Changzhou Fusion New Material) | South Korea / China | Expanding blank capacity |
Photomask blanks | CST Co., Ltd. | Japan | Specialty blanks |
Photomask blanks (China) | Hunan Puzhao; Shaoguang Xincai; Fei Li Hua; Dongguan Accurate Photoelectric; ShenZhen Longtu Photomask | China | Low-cost soda-lime and FPD blanks; benefit from China's domestic-substitution policies |
U.S. merchant blanks and research coating | Mutch Microsystems; Applied Materials (listed by market reports in blank-related equipment and materials) | USA | Overlap in U.S. research and low-volume demand |
U.S. thin-film coating shops | Acree Technologies; Advanced Materials Processing; Newport Thin Film Laboratory; Intellivation | USA | Compete for contract metallization and coating jobs |
Peer Comparison FY2021
| Company | Fiscal year | Revenue | Revenue growth | Net margin | Relevant segment |
|---|---|---|---|---|---|
Telic Company | Latest before acquisition | Just under EUR 2 million | — | — | Whole company |
HOYA Corporation | FY ended Mar 2026 | JPY 947.7 billion | +9.4% | 26.7% (profit JPY 253.1 billion) | Information Technology (mask blanks, FPD masks, HDD glass): JPY 354.8 billion revenue, +14.0%, segment profit margin 54.2% |
Shin-Etsu Chemical | FY ended Mar 2026 | JPY 2,574.0 billion | +0.5% | 18.4% (net income JPY 474.5 billion) | Electronic materials (including mask blanks, photoresists, pellicles): JPY 1,015.8 billion, operating margin 33.9% |
AGC Inc. | FY ended Dec 2025 | JPY 2,058.8 billion | -0.4% | 3.4% (net income JPY 69.2 billion) | Electronics (display glass, semiconductor materials including EUV blanks) |
“—” = not publicly disclosed.
Peer Comparison FY2026
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Shin-Etsu net sales (JPY Mn, FY ending March) | 2,074,428 | 2,808,824 | 2,414,937 | 2,561,249 | 2,573,969 |
Shin-Etsu net income (JPY Mn, FY ending March) | 500,118 | 708,239 | 520,140 | 534,021 | 474,460 |
Recent Developments
Telic issues few press releases. Its material developments are reported mainly through HEF Groupe and HEF Photonics.
