ENTG · CIK 1101302
What Entegris, Inc. told the SEC could break it.
Entegris's disclosures show concentration at every layer of its semiconductor-materials business. Its customers are a small set of fabs — its top ten were 50% of 2025 net sales, with TSMC alone at 16% — and its footprint is heavily East Asian, with 82% of sales international and Taiwan (23%) and China (21%) the two largest markets, exposing it to China-Taiwan tension. That geography collides with policy: U.S. and allied export controls on semiconductor exports to China, a market worth about 21% of sales, have already cut into its ability to sell there. On supply, certain critical raw materials — filtration membranes, polymer resins, engineered abrasives and petroleum coke — come from a single source, a limited group of suppliers, or a single country.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- top-ten customers = 50% of net sales (TSMC 16%)high
Entegris's sales are concentrated in a small set of semiconductor fabs — its top ten customers accounted for 50% of net sales in 2025 (with TSMC alone at 16%); customer consolidation and localization efforts increase their bargaining power and pricing pressure.
“Our top ten customers accounted for 50%, 48% and 43% of our net sales in 2025, 2024 and 2023, respectively.”
SEC filing →As of 2026
Regulatory & policy
- US/foreign export controls on semiconductor exports to China (21% of sales)high
US and allied export controls on semiconductor/high-tech exports to China — a market representing ~21% of Entegris's 2025 sales — have already reduced its ability to sell into China, and further regulation could cut demand more.
“Over the last several years, the U.S. and other governments have significantly expanded export controls on certain technologies and commodities to certain markets, particularly with respect to semiconductor and other high technology exports to China, a market which represented approximately 21% of our sales in 2025.”
SEC filing →As of 2026
Sole-source dependency
- single-source raw materials (filtration membranes, polymer resins, abrasive particles, petroleum coke)high
Certain Entegris raw materials/components — filtration membranes and polymer resins (APS) and engineered abrasive particles, specialty/commodity chemicals and petroleum coke (MS) — are obtained from a single source, a limited group of suppliers, or suppliers in a single country, creating concentrated supply risk partly mitigated by multi-year supply agreements.
“However, certain raw materials and components—such as certain filtration membranes and polymer resins in our APS segment and certain engineered abrasive particles, specialty and commodity chemicals and petroleum coke in our MS segment—are obtained from a single source, a limited group of suppliers or from suppliers in a single country.”
SEC filing →As of 2026
Geographic concentration
- 82% international sales; Taiwan 23%, China 21% (Taiwan-China tension)medium
82% of Entegris's 2025 sales were international, heavily weighted to East Asia (Taiwan 23%, China 21%, South Korea 13%, Japan 10%); China-Taiwan tensions or an Asia-Pacific disruption could materially harm revenue.
“Sales percentage on a geographic basis for 2025 and 2024 and the percentage increase (decrease) in sales for 2025 compared to sales for 2024 were as follows: Year ended December 31, 2025 December 31, 2024 Percentage increase (decrease) in sales North America 18 % 21 % (16) % Taiwan 23 % 20 % 11 % China 21 % 21 % (2) % South Korea 13 % 13 % 2 % Japan 10 % 10 % 3 % Europe 7 % 8 % (13) % Southeast Asia 8 % 7 % 10 %”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Taiwan Semiconductor Manufacturing Company (TSMC)
“Percentage of net sales to top customers: Taiwan Semiconductor Manufacturing Company (TSMC) 16% 16% 11% Remaining top ten customers 34% 32% 32% Total top ten customers 50% 48% 43%”
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