Customer concentration risk
First written in FY2016. 4 of 11 entries say "Worsened", first in FY2018. Latest entry: FY2026.
Tokyo Electron Limited moved to the "Worse" side of this theme in 2026, 4 years after the typical company in this theme (2022).
The whole theme swung hardest in 2025: 7 of 19 companies on the "Worse" side.
9 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「Samsung Electronics Co., Ltd. 368,079 15.1 Taiwan Semiconductor Manufacturing Company Ltd. 315,813 12.9」
Samsung’s sales share rose from 11.8% in the previous fiscal year to 15.1%, while TSMC’s rose from 11.5% to 12.9%, increasing concentration among the top customers. - FY2025Discloses 2 top customers accounting for more than 10% each.Annual report
「Samsung Electronics Co., Ltd. 286,800 11.8 Taiwan Semiconductor Manufacturing Company Ltd. 280,618 11.5」
Whereas only Samsung accounted for more than 10% in the previous fiscal year, at 13.0%, 2 customers exceeded 10% in the current fiscal year: Samsung at 11.8% and TSMC at 11.5%. The share of the largest customer declined, while the number of top customers disclosed expanded. - FY2024MitigatedAnnual report
「Samsung Electronics Co., Ltd. 237,441 13.0」
Sales to Samsung, disclosed as a major customer, accounted for 13.0%, down from the highest percentage disclosed in the previous fiscal year, 16.2%. Whereas the 3 largest customers were disclosed in the previous fiscal year, Samsung was the only customer accounting for more than 10% in the current fiscal year. - FY2023WorsenedAnnual report
「Intel Corporation 357,636 16.2 Taiwan Semiconductor Manufacturing Company Ltd. 320,427 14.5 Samsung Electronics Co., Ltd. 275,916 12.5」
The sales shares of the 3 largest customers were 16.2% for Intel, 14.5% for TSMC and 12.5% for Samsung. The highest percentage rose from 15.6% in the previous fiscal year to 16.2%, and the combined share of the 3 largest customers increased from 42.3% to 43.2%. - FY2022MitigatedAnnual report
「Samsung Electronics Co., Ltd. 312,279 15.6 Intel Corporation 303,982 15.2 Taiwan Semiconductor Manufacturing Company Ltd. 231,393 11.5」
The sales shares of the 3 largest customers were 15.6% for Samsung, 15.2% for Intel and 11.5% for TSMC. The highest percentage declined from 20.4% in the previous fiscal year to 15.6%, and the combined share declined from 43.8% to 42.3%. - FY2021MitigatedAnnual report
「Samsung Electronics Co., Ltd. 256,656 18.3 Intel Corporation 193,706 13.8 Taiwan Semiconductor Manufacturing Company Ltd. 164,340 11.7」
The sales shares of the 3 largest customers were 18.3% for Samsung, 13.8% for Intel and 11.7% for TSMC. The highest percentage declined from 20.4% for Intel in the previous fiscal year, while the combined share of the 3 largest customers declined from 47.8% to 43.8%. - FY2020WorsenedAnnual report
「Intel Corporation 230,340 20.4 Taiwan Semiconductor Manufacturing Company Ltd. 187,890 16.7 Samsung Electronics Co., Ltd. 120,127 10.7」
Sales to major customers were concentrated as follows: Intel accounted for 20.4% of total sales, TSMC for 16.7% and Samsung for 10.7%. The highest percentage rose from 15.6% in the previous fiscal year. - FY2019RestatedAnnual report
「Intel Corporation 199,594 15.6 Samsung Electronics Co., Ltd. 175,315 13.7 SK hynix Inc. 174,468 13.6 Micron Technology, Inc. 131,821 10.3」
The company reiterates the risk of sales concentration among specific customers and discloses sales shares for 4 major companies ranging from 10.3% to 15.6%. - FY2018WorsenedAnnual report
「Samsung Electronics Co., Ltd. 261,544 23.1 Intel Corporation 181,053 16.0 SK hynix Inc. 132,146 11.7」
The company disclosed sales by major customer, with sales to Samsung totaling ¥261.544 billion, or 23.1% of total sales. The concentration among specific customers was quantified more clearly. - FY2017RestatedAnnual report
「Depending on the timing of large-scale capital expenditure by major semiconductor manufacturers, sales may temporarily become concentrated among specific customers, and intensifying sales competition could adversely affect the Group’s operating results.」
The company reiterates the risk of sales concentration among specific customers and also discloses sales to major customers including Intel, TSMC, Samsung and Micron. - FY2016First statedAnnual report
「Depending on the timing of large-scale capital expenditure by major semiconductor manufacturers, sales may temporarily become concentrated among specific customers, and intensifying sales competition could adversely affect the Group’s operating results.」
During the current fiscal year, sales to major customers were ¥100.671 billion for Samsung, ¥83.795 billion for Intel and ¥71.937 billion for TSMC.