Hide

FocusBar

FeedbackFeedback
Subscribe to Premium Member
110.59 (1y: +113%)
Market Cap 3.45 B P/E(ttm)
Enterprise Value 3.17 B P/B 4.66
CYMI- NAS (USA)
Cymer, Inc.
  • Currently 1/5
Business Predictability Rank: 1-Star (On Watch)
Back Testing Results:
Average gain of all 1-Star stocks: 1.1% per year.
% of Stocks that are in still loss if held for 10yrs: 45%.
Read more:
What is Predictability Rank?
Performances of real portfolio
Top Ranked Predictable Companies
$110.59
Switch to:

GuruFocus Financial Strength Rank measures how strong a companyย’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 9/10

vs
industry		 vs
history
Cash to Debt No Debt
CYMI's Cash to Debt is ranked higher than
69% of the 622 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 10000.00 vs. CYMI: No Debt )
CYMI' s 10-Year Cash to Debt Range
Min: 0.91   Max: No Debt
Current: No Debt
Equity to Asset 0.707
CYMI's Equity to Asset is ranked higher than
77% of the 622 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 0.59 vs. CYMI: 0.707 )
CYMI' s 10-Year Equity to Asset Range
Min: 0.3   Max: 0.79
Current: 0.71
0.3
0.79
Interest Coverage No Debt
CYMI's Interest Coverage is ranked higher than
67% of the 622 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 10000.00 vs. CYMI: No Debt )
CYMI' s 10-Year Interest Coverage Range
Min: 3   Max: No Debt
Current: No Debt
F-Score: 2
Z-Score: 8.48
M-Score: -3.08
GuruFocus Profitability Rank ranks how profitable a company is and how likely the companyย’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
ย•ย•3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rankย•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 5/10

vs
industry		 vs
history
Operating margin (%) -7.90
CYMI's Operating margin (%) is ranked higher than
75% of the 622 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 2.60 vs. CYMI: -7.90 )
CYMI' s 10-Year Operating margin (%) Range
Min: -12.9   Max: 25
Current: -7.9
-12.9
25
Net-margin (%) -6.8
CYMI's Net-margin (%) is ranked higher than
80% of the 622 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 1.40 vs. CYMI: -6.8 )
CYMI' s 10-Year Net-margin (%) Range
Min: -6.8   Max: 17.6
Current: -6.8
-6.8
17.6
ROE (%) -4.9
CYMI's ROE (%) is ranked higher than
72% of the 622 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 2.00 vs. CYMI: -4.9 )
CYMI' s 10-Year ROE (%) Range
Min: -4.9   Max: 29.9
Current: -4.9
-4.9
29.9
ROA (%) -3.6
CYMI's ROA (%) is ranked higher than
75% of the 622 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 1.20 vs. CYMI: -3.6 )
CYMI' s 10-Year ROA (%) Range
Min: -3.6   Max: 12
Current: -3.6
-3.6
12
ROC (Joel Greenblatt) (%) -10.20
CYMI's ROC (Joel Greenblatt) (%) is ranked higher than
70% of the 622 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 4.80 vs. CYMI: -10.20 )
CYMI' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -17.1   Max: 50.5
Current: -10.2
-17.1
50.5
Revenue Growth (%) 13.9
CYMI's Revenue Growth (%) is ranked higher than
86% of the 622 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 4.80 vs. CYMI: 13.9 )
CYMI' s 10-Year Revenue Growth (%) Range
Min: -10.6   Max: 14.6
Current: 13.9
-10.6
14.6
ยป CYMI's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades
Q2 2012

CYMI Guru Trades in Q2 2012

George Soros 50,000 sh (New)
Ron Baron 1,917,396 sh (+51.86%)
PRIMECAP Management 700,000 sh (+12.9%)
Steven Cohen Sold Out
Jim Simons Sold Out
Paul Tudor Jones Sold Out
Chuck Royce 1,262,800 sh (-4.28%)
Joel Greenblatt 57,170 sh (-4.52%)
Ken Fisher 473,140 sh (-10.01%)
Pioneer Investments 25,927 sh (-54.61%)
» More
Q3 2012

CYMI Guru Trades in Q3 2012

Paul Tudor Jones 8,300 sh (New)
Pioneer Investments 42,790 sh (+65.04%)
Ron Baron 2,564,252 sh (+33.74%)
PRIMECAP Management 772,500 sh (+10.36%)
George Soros Sold Out
Ken Fisher 470,625 sh (-0.53%)
Chuck Royce 1,124,515 sh (-10.95%)
Joel Greenblatt 8,647 sh (-84.87%)
» More
Q4 2012

CYMI Guru Trades in Q4 2012

Mario Gabelli 9,000 sh (New)
Jeremy Grantham 225,300 sh (unchged)
Paul Tudor Jones Sold Out
Chuck Royce Sold Out
Pioneer Investments Sold Out
Joel Greenblatt Sold Out
Ken Fisher Sold Out
PRIMECAP Management 722,500 sh (-6.47%)
Ron Baron 1,547,639 sh (-39.65%)
» More
Q1 2013

CYMI Guru Trades in Q1 2013

Jeremy Grantham Sold Out
PRIMECAP Management 702,500 sh (-2.77%)
Mario Gabelli 8,400 sh (-6.67%)
Ron Baron 783,132 sh (-49.4%)
» More
» Details

Insider Trades

Latest Guru Trades with CYMI

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Ron Baron 2013-03-31 Reduce -49.4%0.44%$89.34 - $105.83 $ 110.5913%783132
Ron Baron 2012-12-31 Reduce -39.65%0.33%$46.65 - $90.07 $ 110.5943%1547639
Ken Fisher 2012-12-31 Sold Out 0.07%$46.65 - $90.07 $ 110.5943%0
Joel Greenblatt 2012-12-31 Sold Out 0.03%$46.65 - $90.07 $ 110.5943%0
Mario Gabelli 2012-12-31 New Buy0.01%$46.65 - $90.07 $ 110.5943%9000
Joel Greenblatt 2012-09-30 Reduce -84.87%0.21%$50.19 - $62.05 $ 110.5991%8647
Ron Baron 2012-09-30 Add 33.74%0.21%$50.19 - $62.05 $ 110.5991%2564252
George Soros 2012-09-30 Sold Out 0.04%$50.19 - $62.05 $ 110.5991%0
Ron Baron 2012-06-30 Add 51.86%0.24%$47.05 - $57.21 $ 110.59114%1917396
George Soros 2012-06-30 New Buy0.04%$47.05 - $57.21 $ 110.59114%50000
Premium More recent guru trades are included for Premium Members only!!

Guru Investment Theses on Cymer, Inc.

Baron Funds Comments on Cymer - Feb 06, 2013

Cymer, Inc. (CYMI), the leading provider of photolithography light sources for semiconductor manufacturing jumped dramatically (up 77.1% this quarter) after it was announced it was being acquired by its largest customer, ASML. This validated our multi-year growth thesis, centered on the uptake of next-generation extreme ultra-violet (EUV) lasers. (Randy Gwirtzman)

From Baron Funds' fourth quarter letter.


Check out Ron Baron latest stock trades

Baron Funds Comments on Cymer Inc. - Dec 06, 2012

For example, Cymer, Inc.'s share price fell 13.4% in the quarter.We have been purchasing Cymer for more than a year. We estimated Cymer would earn only about $1 per share per year in 2012, which made its share price seem relatively expensive. However, we believed the company was spending more than $4 per share after taxes annually to develop a new laser light source that would enable Intel and ASML to produce significantly smaller silicon chips. The new chips would be more powerful, allow faster operations and use less energy.Within a few years after the introduction of its new lasers, we thought Cymer could earn $15-20 per share.We expected that earnings stream to grow significantly for a decade. This is because Cymer has an unusually large portion of its revenues provided by fees from its customers for the use of Cymer lasers that they had purchased! ASML, Cymer's most important customer, agreed to purchase Cymer in October. While we will make more than a 50% return on our investment, we had hoped for a lot more than that in coming years.We had added to our Cymer investment in the quarter when its share price fell. Cymer's intellectual property provides this company with an important competitive advantage over businesses that would like to copy its invention and business model.

From Baron Fundsโ€™ third quarter commentary.


Check out Ron Baron latest stock trades

Baron Funds Comments on Cymer Inc. - May 24, 2012

From Baron Funds' first quarter letter: Cymer, Inc. (CYMI) manufactures and sells highly engineered laser products into the semiconductor capital equipment (SCE) industry. The ultra-violet (UV) lasers that Cymer sells are used for photolithography which effectively prints circuits on substrate wafers to produce computer chips. Roughly twothirds of the company's business is in recurring revenue services and parts. This is the reverse of Cymer's SCE competitors. The service segment is integrated into Cymer's customers' work processes, which allows for increased system utilization and creates a stickiness for Cymer's products. The company is also developing an important new UV laser product called EUV which we believe has the potential to double Cymer's revenues over the next few years. As the EUV technology is proven out, we believe that Cymer's earnings will increase dramatically. (Randy Gwirtzman)
Check out Ron Baron latest stock trades

Top Ranked Articles about Cymer, Inc.

Baron Funds Comments on Cymer
February 6, 2013
Cymer, Inc. (CYMI), the leading provider of photolithography light sources for semiconductor manufacturing jumped dramatically (up 77.1% this quarter) after it was announced it was being acquired by its largest customer, ASML. This validated our multi-year growth thesis, centered on the uptake of next-generation extreme ultra-violet (EUV) lasers. (Randy Gwirtzman) Read more...
Baron Funds Comments on Cymer Inc.
December 6, 2012
For example, Cymer, Inc.'s share price fell 13.4% in the quarter.We have been purchasing Cymer for more than a year. We estimated Cymer would earn only about $1 per share per year in 2012, which made its share price seem relatively expensive. However, we believed the company was spending more than $4 per share after taxes annually to develop a new laser light source that would enable Intel and ASML to produce significantly smaller silicon chips. The new chips would be more powerful, allow faster operations and use less energy.Within a few years after the introduction of its new lasers, we thought Cymer could earn $15-20 per share.We expected that earnings stream to grow significantly for a decade. This is because Cymer has an unusually large portion of its revenues provided by fees from its customers for the use of Cymer lasers that they had purchased! ASML, Cymer's most important customer, agreed to purchase Cymer in October. While we will make more than a 50% return on our investment, we had hoped for a lot more than that in coming years.We had added to our Cymer investment in the quarter when its share price fell. Cymer's intellectual property provides this company with an important Read more...
Baron Funds Comments on Cymer Inc.
May 24, 2012
From Baron Funds' first quarter letter: Cymer, Inc. (CYMI) manufactures and sells highly engineered laser products into the semiconductor capital equipment (SCE) industry. The ultra-violet (UV) lasers that Cymer sells are used for photolithography which effectively prints circuits on substrate wafers to produce computer chips. Roughly twothirds of the company's business is in recurring revenue services and parts. This is the reverse of Cymer's SCE competitors. The service segment is integrated into Cymer's customers' work processes, which allows for increased system utilization and creates a stickiness for Cymer's products. The company is also developing an important new UV laser product called EUV which we believe has the potential to double Cymer's revenues over the next few years. As the EUV technology is proven out, we believe that Cymer's earnings will increase dramatically. (Randy Gwirtzman) Read more...

Ratios

vs
industry		 vs
history
P/B 4.66
CYMI's P/B is ranked lower than
87% of the 622 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 1.28 vs. CYMI: 4.66 )
CYMI' s 10-Year P/B Range
Min: 1   Max: 13.04
Current: 4.66
1
13.04
P/S 7.21
CYMI's P/S is ranked lower than
94% of the 622 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 1.10 vs. CYMI: 7.21 )
CYMI' s 10-Year P/S Range
Min: 1.27   Max: 7.21
Current: 7.21
1.27
7.21
EV-to-EBIT -44.36
CYMI's EV-to-EBIT is ranked higher than
73% of the 622 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 14.70 vs. CYMI: -44.36 )
CYMI' s 10-Year EV-to-EBIT Range
Min: 5.5   Max: 863
Current: -44.36
5.5
863
PEG 12.7
CYMI's PEG is ranked higher than
96% of the 622 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 1.93 vs. CYMI: 12.7 )
CYMI' s 10-Year PEG Range
Min: 0.44   Max: 5.56
Current: 12.7
0.44
5.56
Shiller P/E 76.7
CYMI's Shiller P/E is ranked higher than
86% of the 622 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 14.80 vs. CYMI: 76.7 )
CYMI' s 10-Year Shiller P/E Range
Min: 12.57   Max: 96.67
Current: 76.7
12.57
96.67

Valuation & Return

vs
industry		 vs
history
Price/Net Cash 330.5
CYMI's Price/Net Cash is ranked higher than
97% of the 622 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 5.30 vs. CYMI: 330.5 )
CYMI' s 10-Year Price/Net Cash Range
Min: 7.3   Max: 266
Current: 330.5
7.3
266
Price/Net Current Asset Value 16.2
CYMI's Price/Net Current Asset Value is ranked higher than
82% of the 622 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 6.80 vs. CYMI: 16.2 )
CYMI' s 10-Year Price/Net Current Asset Value Range
Min: 4.5   Max: 17.4
Current: 16.2
4.5
17.4
Price/Tangible Book 4.8
CYMI's Price/Tangible Book is ranked higher than
77% of the 622 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 1.40 vs. CYMI: 4.8 )
CYMI' s 10-Year Price/Tangible Book Range
Min: 1.3   Max: 3.9
Current: 4.8
1.3
3.9
Price/DCF (Projected) 3.6
CYMI's Price/DCF (Projected) is ranked higher than
95% of the 622 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 1.10 vs. CYMI: 3.6 )
CYMI' s 10-Year Price/DCF (Projected) Range
Min: 0.8   Max: 5
Current: 3.6
0.8
5
Price/Median PS Value 2.2
CYMI's Price/Median PS Value is ranked higher than
90% of the 622 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 0.80 vs. CYMI: 2.2 )
CYMI' s 10-Year Price/Median PS Value Range
Min: 0.5   Max: 2
Current: 2.2
0.5
2
Earnings Yield (Greenblatt) 4.30
CYMI's Earnings Yield (Greenblatt) is ranked higher than
82% of the 622 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 5.60 vs. CYMI: 4.30 )
CYMI' s 10-Year Earnings Yield (Greenblatt) Range
Min: 0.1   Max: 18.1
Current: 4.3
0.1
18.1
Forward Rate of Return (Yacktman) 0.99
CYMI's Forward Rate of Return (Yacktman) is ranked higher than
86% of the 622 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 2.30 vs. CYMI: 0.99 )
CYMI' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -6.2   Max: 43.9
Current: 0.99
-6.2
43.9

Business Description

Cymer, Inc was incorporated in California in 1986 and reincorporated in Nevada on July 12, 1996. The Company, together with its wholly-owned subsidiaries, is engaged in the development, manufacturing and marketing of light sources for sale to customers who manufacture photolithography tools in the semiconductor equipment industry. The Company sells replacement parts and support services directly to its chipmaker customer as well as to its lithography tool manufacturer customers. The Company provides state-of-the-art light sources designed to help enable the performance of edge wafer steppers and wafer scanners built by lithography tool manufacturers. The Company currently supplies deep ultraviolet light sources to its lithography tool manufacturer customers, ASML Holding N.V., Canon, Inc. and Nikon, Corp., who integrate its light source into their wafer steppers and scanners which they then provide to chipmakers. The Company provides installed base products in support of its chipmaker customers, who use its light sources in their advanced wafer patterning production processes. In addition, the Company provides comprehensive support products for its installed base of light sources to the lithography tool manufacturers as well as directly to chipmakers, which include all of the world's largest semiconductor manufacturers. Its two reportable business segments are Cymer and TCZ. Cymer's primary business is to design, manufacture and sell DUV and EUV light sources and installed base products for use in photolithography systems used in the manufacture of semiconductors. TCZ develops, integrates, markets and supports silicon crystallization tools used in the manufacture of high-resolution LTPS-LCD and OLED displays. The Company's DUV light sources include the ArF immersion light sources for use on the critical process layers. It's Laser-Produced Plasma ('LPP') EUV light source is designed to provide scalable power that enables high volume manufacturing. The Company currently supplies light sources to ASML, Nikon, and Canon, lithography tool manufacturers who in turn supply their wafer steppers and scanners to chipmakers. The Company sells to customers in China, Europe, Japan, South Korea, Taiwan, the United States and other Asian countries. Its chipmaker customers include the world's semiconductor manufacturers. The Company currently has one DUV light source competitor, Gigaphoton. It faces strong competition in the high-resolution LTPS - LCD and OLED display market from a number of established competitors, including Japan Steel Works, AP Systems, Sumitomo Heavy Industries and others. The Company is subject to federal, state and local regulations, such as regulations related to the environment, land use, public utility utilization and the fire code, in connection with the storage, handling, discharge and disposal of substances that it use in its manufacturing process and in its facilities.
Company Website
SEC Reports
Industry: Semiconductor Equipment & Materials
Compare:ASML, AMAT, TOELY, KLAC, LRCX
ยป More Articles for CYMI

Headlines

Articles On GuruFocus.com
Baron Funds Comments on Cymer Feb 06 2013 
Baron Funds Comments on Cymer Inc. Dec 06 2012 
Baron Funds Comments on Cymer Inc. May 24 2012 
Cymer Inc. (CYMI) President/COO Edward J Jr Brown sells 14,027 Shares Feb 16 2011 
Cymer Inc. (CYMI) Chairman, CEO Robert P Akins sells 17,473 Shares Dec 08 2010 
Cymer Inc. (CYMI) Chairman, CEO Robert P Akins sells 20,314 Shares Dec 01 2010 
Cymer Inc. (CYMI) Chairman, CEO Robert P Akins sells 39,840 Shares Sep 27 2010 
Cymer Inc. (CYMI) Chairman, CEO Robert P Akins sells 1,350 Shares Jul 27 2010 
Arnold Van Den Berg Buys General Electric Company, W.W. Grainger Inc., Staples Inc., Sells Pfizer In May 21 2008 

Personalized Checklist





Within your circle of competence?
Macro economic environment favorable?
High quality business?
Enough margin of safety with stocks?
Gurus are buying?
Insiders are buying?
Management capable and shareholder friendly?
Catalyst for stock price to appreciate?
Your level of confidence with the research?

GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names
Free 7-day Trial