Most investors follow the semiconductor sector through familiar names like Nvidia, TSMC and ASML, but it is in the shadows of these giants that a company is quietly growing that provides key tools for advanced chip manufacturing - from advanced inspection to metrology. And yet it is showing returns on capital and revenue growth that would put even the bigger names to shame.

While the market speculates on the next evolution of AI or the geopolitics surrounding Taiwan, this company is steadily increasing margins, growing market share and generating strong cash flow. Most interestingly, its valuation remains very reasonable on the face of it.

In this analysis, we look at one of the best-managed players in the semiconductor supply chain that most retail investors still overlook.

✅ Top points of analysis

• ROIC over 20% - ROE higher than most semiconductor giants
• No debt, strong balance sheet - Net cash > $600 million
• Revenue + EPS growing at double digits, growth profile with margin expansion
• Key…