# Rogers (ROG.US)

Canonical: https://gigainvestors.com/s/ROG

Analysis as of: 2026-10-16T07:31:38.614Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $137.78 per share; close as of 2026-10-15.

Estimated value: low $39.19 per share, central $43.09 per share, high $48.28 per share. Buy at or below the central value $43.09 per share. Valuation as of 2026-10-16T07:31:38.614Z; scenarios are not confidence intervals.

Expected annual return: 4.7% at the stated quote. About 4.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.35×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.16×

- FY2018: 0.13×

- FY2019: 0.12×

- FY2020: 0.08×

- FY2021: 0.13×

- FY2022: 0.15×

- FY2023: 0.09×

- FY2024: 0.03×

- FY2025: 0.06×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.8%

- ROIC, second-lowest year: 5.7%

- Typical minus recent gross margin: 3.5 pp

- Typical gross margin (annual median): 35.2%

- Recent gross margin (lower of latest and 3-year median): 31.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.6%

- ROIC including acquisitions, ten-year median: 7.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.8%

- FY2017: 17.3%

- FY2018: 13.8%

- FY2019: 15.1%

- FY2020: 8.3%

- FY2021: 14.1%

- FY2022: 14.8%

- FY2023: 7.7%

- FY2024: 2.5%

- FY2025: 5.7%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.81×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $199M

- Net income, five-year total: $246M

- Return on incremental invested capital: -14.4%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 3.3 pp

- Working capital / revenue, final three-year average: 32.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.50×

- FY2023: 0.90×

- FY2024: 0.74×

- FY2025: 0.61×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 13.8% vs 5.7%

- Per-share earnings: 2.65 to 1.40 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquisition spending exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.3%

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: $246M

- Cumulative retained earnings: $528M

- Diluted shares, 10-year annual growth: -0.3%

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -7.6%

- Per-share value change: -$1.25

- Per-share value, starting three-year median: $2.65

- Per-share value, ending three-year median: $1.40

- Buybacks concentrated in cheaper years (correlation): -0.24

- Average buyback yield: 0.7%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $444M

- Cumulative net income, 10 years: $559M

- ROIC, first three-year median: 13.8%

- ROIC, last three-year median: 5.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.65

- FY2017: $4.34

- FY2018: $4.70

- FY2019: $2.53

- FY2020: $2.67

- FY2021: $5.72

- FY2022: $6.14

- FY2023: $3.03

- FY2024: $1.40

- FY2025: -$3.40

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -11.4%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 10.8%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.34×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.5%

- FY2017: -5.2%

- FY2018: 1.6%

- FY2019: -9.0%

- FY2020: -9.1%

- FY2021: -1.0%

- FY2022: -0.8%

- FY2023: -4.9%

- FY2024: -6.8%

- FY2025: -11.4%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Martin Whitman](https://gigainvestors.com/TA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 50% since Dec 2021 · "Wall Street expects a year-over-year decline in earnings on lower revenues when Rogers Corp." (finance.yahoo.com, Apr 2025) · sales -2.3%

Story as of 2026-10-16T09:59:31.169Z; price observation 2026-10-15.

Price needs cash profits to grow 18.4% a year for ten years

- 2025-08-01: Rogers outlines $13M cost savings and targets Q3 margin expansion amid EV market shifts ([seekingalpha.com](https://seekingalpha.com/news/4476265-rogers-outlines-13m-cost-savings-and-targets-q3-margin-expansion-amid-ev-market-shifts?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-10-30: Rogers outlines $13M annualized savings target while advancing curamik China expansion ([seekingalpha.com](https://seekingalpha.com/news/4510973-rogers-outlines-13m-annualized-savings-target-while-advancing-curamik-china-expansion?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales -2.3%; source https://www.sec.gov/Archives/edgar/data/84748/000008474826000007/rog-20251231.htm; observed 2026-02-19.

- FY2016: $656M 

- FY2017: $821M 

- FY2018: $879M 

- FY2019: $898M 

- FY2020: $803M 

- FY2021: $933M 

- FY2022: $971M 

- FY2023: $908M 

- FY2024: $830M 

- FY2025: $811M 

### Gross margin · FY2025

gross margin 31.7%; source https://www.sec.gov/Archives/edgar/data/84748/000008474826000007/rog-20251231.htm; observed 2026-02-19.

- FY2016: 38.0% 

- FY2017: 38.8% 

- FY2018: 35.4% 

- FY2019: 35.0% 

- FY2020: 36.4% 

- FY2021: 37.4% 

- FY2022: 33.1% 

- FY2023: 33.8% 

- FY2024: 33.4% 

- FY2025: 31.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electronic components; annual sales are USD 810.8 million.

- Source: https://www.sec.gov/Archives/edgar/data/84748/000008474826000007/rog-20251231.htm (filed 2026-02-19); FY2025: revenue 810800000; grossProfit 256800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ROG.US: Rogers Corporation designs, develops, manufactures, and sells engineered materials and components in the United States, other Americas, China, other Asia Pacific countries, Germany, Europe, the Middle East, and Africa. It operates in two Advanced Electronics Solutions (AES), Elastomeric Material Solutions (EMS) segments. The AES segment offers circuit materials, ceramic substrate materials, busbars, and cooling solutions for applications in electric and hybrid electric vehicles, automotive, aerospace and defense, renewable energy, wireless infrastructure, mass transit, industrial, connected devices, and wired infrastructure markets. This segment sells its products under the curamik, ROLINX, RO4000 series, RO3000 series, RT/duroid, CLTE series, TMM, AD series, DiClad series, CuClad series, Kappa, COOLSPAN, TC series, IsoClad series, MAGTREX, IM series, 2929 Bondply, SpeedWave Prepreg, RO4400/RO4400T series, and Radix trade names. The EMS segment provides engineered material solutions, including polyurethane and silicone materials used in cushioning, gasketing, sealing, and vibration management applications; customized silicones used in flex heater and semiconductor thermal applications; and polytetrafluoroethylene and ultra-high molecular weight polyethylene materials used in wire and cable protection, electrical insulation, conduction and shielding, hose and belt protection, vibration management, cushioning, gasketing and sealing, and venting applications. This segment sells its products under the PORON, BISCO, DeWAL, ARLON, eSorba, XRD, Silicone Engineering, and R/bak trade names. The Other segment offers elastomer components under the ENDUR trade name for applications in the general industrial market, as well as elastomer floats under the NITROPHYL trade name for level sensing in fuel tanks, motors, and storage tanks applications in the general industrial and automotive markets. The company was founded in 1832 and is headquartered in Chandler, Arizona.

### Why customers stay

Margins ranged from 31.7% to 33.8% during 2023–25; it earns 12.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 33.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 33.4%.

- Source: https://www.sec.gov/Archives/edgar/data/84748/000008474826000007/rog-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 31.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2016,0.11830745554728087],[2017,0.17280886315958505],[2018,0.13759774913576753],[2019,0.15056356417872396],[2020,0.08312858772869886],[2021,0.1413984636086149],[2022,0.14755990811115705],[2023,0.07740217474078259],[2024,0.0249699925154187],[2025,0.05739645795565472]]; median 0.1279526023415242. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 4 of 10 years; bought back USD 52.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2016: growth capex 0; upkeep 18136000; cash acquisitions 133943000; owner earnings 67994000. Growth capex plus acquisitions / owner earnings = 1.9699238168073654.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2017: growth capex 0; upkeep 27215000; cash acquisitions 60191000; owner earnings 97343000. Growth capex plus acquisitions / owner earnings = 0.6183392745241055.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2018: growth capex 0; upkeep 47115000; cash acquisitions 77969000; owner earnings 90609000. Growth capex plus acquisitions / owner earnings = 0.860499508878809.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 2435000; upkeep 49162000; cash acquisitions 0; owner earnings 47319000. Growth capex plus acquisitions / owner earnings = 0.05145924470086012.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2020: growth capex 0; upkeep 40385000; cash acquisitions 0; owner earnings 81030000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 27800000; upkeep 43300000; cash acquisitions 168200000; owner earnings 108100000. Growth capex plus acquisitions / owner earnings = 1.81313598519889.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 12548189.606614783; upkeep 104239810.39338522; cash acquisitions 3600000; owner earnings 58260189.60661478. Growth capex plus acquisitions / owner earnings = 0.27717365349565115.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 0; upkeep 57000000; cash acquisitions 0; owner earnings 50700000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 0; upkeep 56100000; cash acquisitions 0; owner earnings 19400000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,5957000],[2020,3997000],[2021,1319000],[2022,4677000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/84748/000008474826000007/rog-20251231.htm (filed 2026-02-19); FY2025: cash repurchases 52400000 USD.

### Are managers owners

Insiders own 1.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ROG.US SharesStats.PercentInsiders = 1.2109999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 18.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate 0.25344040342329055. Price 137.78; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.973072805139186 → FY2025 -2.065934065934066. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $54.43 per share

- 2016-11: $74.32 per share

- 2016-12: $76.81 per share

- 2017-01: $79.95 per share

- 2017-02: $82.51 per share

- 2017-03: $85.87 per share

- 2017-04: $102.94 per share

- 2017-05: $106.21 per share

- 2017-06: $108.62 per share

- 2017-07: $117.97 per share

- 2017-08: $118.55 per share

- 2017-09: $133.28 per share

- 2017-10: $152.08 per share

- 2017-11: $161.10 per share

- 2017-12: $161.92 per share

- 2018-01: $164.78 per share

- 2018-02: $137.32 per share

- 2018-03: $119.54 per share

- 2018-04: $106.70 per share

- 2018-05: $113.96 per share

- 2018-06: $111.46 per share

- 2018-07: $116.57 per share

- 2018-08: $138.07 per share

- 2018-09: $147.32 per share

- 2018-10: $123.06 per share

- 2018-11: $128.66 per share

- 2018-12: $99.06 per share

- 2019-01: $126.91 per share

- 2019-02: $155.25 per share

- 2019-03: $158.88 per share

- 2019-04: $167.52 per share

- 2019-05: $137.99 per share

- 2019-06: $172.58 per share

- 2019-07: $158.66 per share

- 2019-08: $132.42 per share

- 2019-09: $136.71 per share

- 2019-10: $135.48 per share

- 2019-11: $130.02 per share

- 2019-12: $124.73 per share

- 2020-01: $117.75 per share

- 2020-02: $116.00 per share

- 2020-03: $94.42 per share

- 2020-04: $111.04 per share

- 2020-05: $108.26 per share

- 2020-06: $124.60 per share

- 2020-07: $119.19 per share

- 2020-08: $113.31 per share

- 2020-09: $98.06 per share

- 2020-10: $121.22 per share

- 2020-11: $146.91 per share

- 2020-12: $155.29 per share

- 2021-01: $156.07 per share

- 2021-02: $181.48 per share

- 2021-03: $188.21 per share

- 2021-04: $195.84 per share

- 2021-05: $187.35 per share

- 2021-06: $200.80 per share

- 2021-07: $190.60 per share

- 2021-08: $212.41 per share

- 2021-09: $186.48 per share

- 2021-10: $201.12 per share

- 2021-11: $272.62 per share

- 2021-12: $273.00 per share

- 2022-01: $272.95 per share

- 2022-02: $273.00 per share

- 2022-03: $271.70 per share

- 2022-04: $270.72 per share

- 2022-05: $265.38 per share

- 2022-06: $262.09 per share

- 2022-07: $269.25 per share

- 2022-08: $250.52 per share

- 2022-09: $241.88 per share

- 2022-10: $235.33 per share

- 2022-11: $109.04 per share

- 2022-12: $119.34 per share

- 2023-01: $139.59 per share

- 2023-02: $147.20 per share

- 2023-03: $163.43 per share

- 2023-04: $160.95 per share

- 2023-05: $157.47 per share

- 2023-06: $161.93 per share

- 2023-07: $168.61 per share

- 2023-08: $144.51 per share

- 2023-09: $131.47 per share

- 2023-10: $122.89 per share

- 2023-11: $129.40 per share

- 2023-12: $132.07 per share

- 2024-01: $115.27 per share

- 2024-02: $112.07 per share

- 2024-03: $118.69 per share

- 2024-04: $119.09 per share

- 2024-05: $118.00 per share

- 2024-06: $120.61 per share

- 2024-07: $122.18 per share

- 2024-08: $107.26 per share

- 2024-09: $113.01 per share

- 2024-10: $100.28 per share

- 2024-11: $103.58 per share

- 2024-12: $101.61 per share

- 2025-01: $93.05 per share

- 2025-02: $79.94 per share

- 2025-03: $67.53 per share

- 2025-04: $61.81 per share

- 2025-05: $66.57 per share

- 2025-06: $68.48 per share

- 2025-07: $65.58 per share

- 2025-08: $78.46 per share

- 2025-09: $80.46 per share

- 2025-10: $87.54 per share

- 2025-11: $83.81 per share

- 2025-12: $91.57 per share

- 2026-01: $97.24 per share

- 2026-02: $107.83 per share

- 2026-03: $107.33 per share

- 2026-04: $135.75 per share

- 2026-05: $141.52 per share

- 2026-06: $163.73 per share

- 2026-07: $123.47 per share

- 2026-08: $125.57 per share

- 2026-09: $152.99 per share

- 2026-10: $137.78 per share

## Annual estimated value (USD per share)

- FY2016: low $46.39 per share, central $51.16 per share, high $57.51 per share

- FY2017: low $52.75 per share, central $60.45 per share, high $68.88 per share

- FY2018: low $64.43 per share, central $76.41 per share, high $87.71 per share

- FY2019: low $66.83 per share, central $81.20 per share, high $93.42 per share

- FY2020: low $57.73 per share, central $64.40 per share, high $73.27 per share

- FY2021: low $69.18 per share, central $79.99 per share, high $91.25 per share

- FY2022: low $67.80 per share, central $75.58 per share, high $85.93 per share

- FY2023: low $38.09 per share, central $42.71 per share, high $48.63 per share

- FY2024: low $36.96 per share, central $41.00 per share, high $46.37 per share

- FY2025: low $37.11 per share, central $40.86 per share, high $45.85 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/84748/000008474826000007/rog-20251231.htm); period 2025-12-31, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Matthew McLennan](https://gigainvestors.com/FE): 188,268 ROG shares; USD 30,825,000 reported position value; 0.05% of portfolio; add; quarter 2026 Q2.
- [Martin Whitman](https://gigainvestors.com/TA): 61,584 ROG shares; USD 10,083,000 reported position value; 1.61% of portfolio; reduce; quarter 2026 Q2.

# ROG — Rogers Corp.

Held by 2 investors · USD 40,908,000 total · 2026 Q2 · reported price USD 163.73 (split-adjusted).
Page: https://gigainvestors.com/s/ROG

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Matthew McLennan (https://gigainvestors.com/FE) | USD 30,825,000 | 0.1% | add +42.82% |
| Martin Whitman (https://gigainvestors.com/TA) | USD 10,083,000 | 1.6% | reduce -59.22% |

## Total held by quarter

- 2025 Q3: USD 21,930,526 · 2 holders · USD 81.83
- 2025 Q4: USD 29,102,404 · 2 holders · USD 91.58
- 2026 Q1: USD 30,357,539 · 2 holders · USD 107.33
- 2026 Q2: USD 40,908,000 · 2 holders · USD 163.73