Start here if you're new
what it is
Rogers makes specialty materials that help power electronics run cooler, lighter, and more reliably.
how it gets paid
Last year Rogers made $811M in revenue. printed circuit materials was the main engine at $244M, or 30% of sales.
why growth slowed
Revenue fell 2.3% last year. The company will also be slowing production of curamik and shutting down a facility in belgium in favor of higher-profit portfolios.
what just happened
Rogers posted Q4 EPS of $0.88, beating the $0.59 estimate by about 49%.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
75/100 earnings predictability — reasonably predictable
43.8x trailing p/e — you're paying up for this one
7.0% return on capital — nothing to write home about
xvary composite: 59/100 — below average
What they do
Rogers makes specialty materials that help power electronics run cooler, lighter, and more reliably.
Rogers wins when your device cannot fail. Its materials sit inside high-heat, high-voltage, and high-frequency applications where a bad part can wreck the whole system. That is why the company still generated $811 million of annual revenue even after a 2.3% sales decline, and why customers tend to stick once a design is qualified.
How they make money
$811M
annual revenue · their business grew -2.3% last year
printed circuit materials
$244M
+3.0%
polymer materials and components
$187M
2.0%
high-performance foam
$146M
+5.0%
ceramic substrates and power electronics materials
$162M
+7.0%
electroluminescent lamps and other components
$72M
6.0%
The products that matter
high-performance circuit materials
Printed Circuit Materials
part of an $811M revenue base
this sits inside the $811M business and matters because automotive electronics and power applications do not tolerate material failure. your upside depends on these products keeping design wins sticky.
core electronics exposure
engineered polymers and foams
Polymer Components
linked to industrial and mobility demand
this also lives inside the same $811M revenue pool. recent commentary tied improvement to industrial demand, while weak EV battery demand showed how cyclical this part of your thesis can get.
cyclical demand read
ceramic substrates and related products
Ceramic / Curamik Portfolio
operations reshuffle in progress
management said the new ceramic facility in china is operating without issue while slowing curamik production and closing a belgium facility. that is the quiet part loud: portfolio cleanup is now part of the earnings story.
margin lever
Key numbers
43.8x
trailing p/e
P/E ratio → how many dollars you pay for each dollar of profit → so what: you are paying a growth multiple for a company with shrinking recent earnings.
5.6%
operating margin
Operating margin → profit after running the business → so what: the core business is still losing money before interest and taxes.
$811M
annual revenue
Revenue → total sales → so what: Rogers is still a real industrial business, but its scale is small enough that execution mistakes hit fast.
7.0%
return on capital
Return on capital → profit generated from the money tied up in the business → so what: 7.0% is decent, not special, and weak for a premium multiple.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 20 / 100
- net profit margin 7.6% — keeps 8 cents of every dollar in revenue
- return on equity 7% — $0.07 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in ROG 3 years ago → it's now worth $6,550.
The index would have given you $14,540.
source: institutional data · total return
What just happened
beat estimates
Rogers posted Q4 EPS of $0.88, beating the $0.59 estimate by about 49%.
Fourth-quarter sales were $202 million, helped by a recovering industrial segment. Management also said the new ceramic facility in China is operating without issue.
$202M
revenue
$0.88
eps
31.7%
gross margin
the number that mattered
The 49% EPS beat mattered most because it showed cost control is working faster than the market expected, even before a full demand recovery.
-
rogers corporation closed out 2025 with middling financial results.
-
fourth-quarter sales of $202 million were largely a result of a recovering industrial segment.improvements in adas (advanced driver assistance system) and renewable energy also supported the top line. however, ev battery demand was weak due to elevated consumer-debt levels and macroeconomic uncertainty. earnings were better-than-expected at $0.88 per share, compared to our $0.59 estimate. this was a result of restructuring efforts completed ahead of schedule and a favorable producxt mix.
-
the new ceramic facility is operating without issue in china.
-
near-term dynamics appear promising.shorter lead times and more regionalized production should help the bottom line recover to around $3.25 per share in 2026.
-
the new facilities should help reduce the impact of tariffs, too.the company will also be slowing production of curamik and shutting down a facility in belgium in favor of higher-profit portfolios.
source: company earnings report, 2026
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What could go wrong
the #1 risk is legacy asbestos litigation tied to a small-cap materials balance sheet.
med
asbestos litigation
Rogers had 616 pending asbestos claims as of june 30. That is a legacy problem, but it still sits on the same balance sheet funding today's recovery story.
With $811M in annual revenue and a $2B market cap, you do not need this liability to get worse for it to matter. You just need it to stay material.
med
ev battery demand staying weak
Management already flagged weak EV battery demand tied to consumer debt levels and macro pressure. That means one of the higher-expectation end markets is currently leaning the wrong way.
If that softness persists, the path from $811M revenue to the $860M estimate gets harder, and the $3.25 EPS recovery case starts looking generous.
med
portfolio reshuffle execution
The china ceramic facility is ramping while a belgium site is being shut and curamik production is being slowed. That can improve mix. It can also create operational friction if the handoff is messy.
This matters because the business only earned a 7.5% net margin last year. There is not a lot of cushion for manufacturing miscues.
med
valuation outrunning fundamentals
The stock trades at 43.8x trailing earnings even after a year when revenue fell 2.3% and full-year EPS dropped to $2.39 from $2.71.
That multiple can hold if recovery keeps coming through. If it does not, you own an ordinary-margin materials business priced like something better.
616 pending claims, weak EV battery demand, and a 43.8x trailing multiple all sit on top of an $811M revenue base. That is a lot of things that need to go right at once.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
the move from $811M to $860M
That revenue bridge is the simplest test of whether this is a real recovery or just a cleaner quarter inside a choppy cycle.
risk
asbestos claim trend
616 pending claims are already on the books. you want that number moving down, not becoming a permanent line item investors have to mentally discount.
operations
china ramp and belgium shutdown
Management is trying to improve mix and reduce tariff friction at the same time. the next few quarters should tell you whether that transition is smooth.
trend
eps recovery toward $3.25
That estimate is the number underwriting today's valuation. if earnings stall closer to $2.39 than $3.25, the stock has less room for optimism.
Analyst rankings
short-term outlook
average
momentum score 3. in human-speak, analysts see a stock acting pretty normally rather than one flashing a strong near-term signal.
risk profile
average
stability score 3. You're not buying a safety trade, but you're not buying a collapse case either.
chart momentum
average
technical score 3. the chart is not screaming either way. the fundamentals still have to do the heavy lifting.
earnings predictability
75 / 100
Guidance has been reasonably reliable. That helps, but it does not make a 43.8x multiple cheap.
source: institutional data
Institutional activity
institutions have been net selling for 2 consecutive quarters — 75 buyers vs. 77 sellers in 4q2025. total institutional holdings: 18.9M shares. net selling for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$55
$132
$105
current price
$94
target midpoint · 10% from current · 3-5yr high: $175 (+65% · 14% ann'l return)
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