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1. Company Snapshot

1.a. Company Description

Rogers Corporation designs, develops, manufactures, and sells engineered materials and components worldwide.It operates through Advanced Electronics Solutions (AES), Elastomeric Material Solutions (EMS), and Other segments.The AES segment offers circuit materials, ceramic substrate materials, busbars, and cooling solutions for applications in electric and hybrid electric vehicles (EV/HEV), wireless infrastructure, automotive, telematics and thermal solutions, aerospace and defense, mass transit, clean energy, connected devices, and wired infrastructure markets.


This segment sells its products under the curamik, ROLINX, RO4000, RO3000, RT/duroid, CLTE Series, TMM, AD Series, DiClad, CuClad Series, Kappa, COOLSPAN, TC Series, 92ML, IsoClad, MAGTREX, XTremeSpeed RO1200, IM Series, 2929 Bondply, 3001 Bondply Film, and SpeedWave 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, Griswold, XRD, Silicone Engineering, and R/bak names.


The Other segment provides elastomer components; and elastomer floats for level sensing in fuel tanks, motors, and storage tanks for applications in the general industrial and automotive markets under the ENDUR and NITROPHYL names.Rogers Corporation was founded in 1832 and is headquartered in Chandler, Arizona.

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1.b. Last Insights on ROG

Rogers Corporation's recent performance was positively driven by its Q2 revenue beat, with sales increasing sequentially due to improvements across most end markets. The company also repurchased $28 million of shares in Q2, demonstrating its commitment to shareholder value. Additionally, Rogers Communications' strong Q2 results, including growth in Wireless, Cable, and Media, and a significant increase in free cash flow, have contributed to the positive momentum. A recent investment by Starboard Value, which built over a 9% stake in the company, also underscores the potential for future growth.

1.c. Company Highlights

2. Rogers Corporation's Q3 2025 Earnings: A Strong Beat

Rogers Corporation reported a strong Q3 2025, with sales increasing by 6.5% from the prior quarter, driven by improvements in portable electronics, industrial, aerospace, and defense end markets. The company's GAAP EPS came in at $0.48, while adjusted EPS was $0.90, beating estimates of $0.7. Revenue growth was 2.7% year-over-year. The gross margin was not explicitly stated, but the company guided to a gross margin range of 30% to 32% for Q4. The adjusted EBITDA margin is expected to be between 13.5% and 16.5%, a roughly 300 basis point improvement versus the prior year at the midpoint of the range.

Publication Date: Nov -25

📋 Highlights
  • Q3 Sales Growth: Sequential sales rose 6.5% from Q2 and 2.7% year-over-year, driven by portable electronics, industrial, aerospace, and defense markets.
  • GAAP EPS Improvement: Earnings per share surged to $0.48 in Q3 from $0.34 in Q2, primarily due to reduced restructuring expenses.
  • Cost Savings Progress: $13 million in annualized savings from Germany’s Curamik restructuring by late 2026, with $25 million in 2025 cost targets and $32 million run rate
  • Q4 Guidance: Sales projected at $190–$205 million (3% YoY growth, 9% QoQ decline), with gross margin 30–32% despite 80 bps headwind from China’s Curamik ramp.
  • Curamik ROI Timeline: China’s Curamik facility, currently facing 80 bps margin drag in Q4, expected to deliver return on investment by 2026 and support growth in 2026 H1.

Segment Performance

The company's industrial end market, its largest segment, showed strength due to capturing more market share from existing products and customers, improving response and service to meet customer demand, and introducing new products that allow the company to penetrate new markets, as stated by Ali El-Haj. Sales increased across most end markets, with the largest increase in portable electronics and industrial.

Guidance and Outlook

For Q4, Rogers expects sales to be between $190 million and $205 million, a 3% increase in sales year-over-year and a 9% decline quarter-over-quarter. The company has high confidence in better performance and continued growth in all business segments in the first half of 2026. Analysts estimate next year's revenue growth at 7.3%. The ramp of the curamik facility in China is expected to turn into a return on investment in 2026.

Valuation

With a P/E Ratio of -21.96, P/B Ratio of 1.22, and P/S Ratio of 1.81, the market seems to be pricing in some challenges for the company. However, the EV/EBITDA ratio of 14.82 suggests that the company's enterprise value is reasonable relative to its EBITDA. The company's ROE and ROIC are negative, indicating that the company is not generating returns on its equity and invested capital. The current valuation multiples do not fully reflect the company's expected growth, as analysts estimate next year's revenue growth at 7.3%.

Capital Allocation

Rogers Corporation's philosophy on share buybacks is opportunistic, with a focus on optimizing returns to shareholders as part of its capital allocation structure. The company will continue to evaluate investment potential and balance capital allocation between M&A, organic investments, and share repurchases, as stated by Laura Russell.

3. NewsRoom

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Rogers Charity Classic Raises Record-Breaking $26.6 Million for Alberta Children's Charities

Dec -04

Source: globenewswire.com

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Rogers Corporation $ROG Shares Bought by Geode Capital Management LLC

Nov -29

Source: defenseworld.net

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Rogers Sugar Reports Strong Profitability Growth in 2025, Fuelled by our Focus on Servicing our Customers and Disciplined Execution

Nov -27

Source:

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Rogers Sugar Inc. Declares Dividend to Shareholders

Nov -27

Source: globenewswire.com

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REMINDER — Rogers Sugar Inc.: Conference Call – 4th Quarter 2025 Results

Nov -26

Source: globenewswire.com

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Creative Planning Has $2.50 Million Stock Holdings in Rogers Corporation $ROG

Nov -25

Source: defenseworld.net

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Campbell & CO Investment Adviser LLC Trims Position in Rogers Corporation $ROG

Nov -18

Source: defenseworld.net

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Third Avenue Management Exits Deutsche Bank AG, Impacting Portfolio by -6.22%

Nov -14

Source: gurufocus.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.00%)

6. Segments

Advanced Connectivity Solutions

Expected Growth: 8.5%

Growing demand for high-reliability and high-speed connectivity solutions in aerospace, defense, and industrial markets drives the growth of Advanced Connectivity Solutions. Increasing adoption of advanced materials and technologies, such as 5G and IoT, also contribute to the segment's growth.

Elastomeric Material Solutions

Expected Growth: 7.5%

Growing demand for high-performance materials in industries such as aerospace, automotive, and healthcare, driven by increasing need for efficient sealing, cushioning, and vibration isolation solutions.

Other

Expected Growth: 4.5%

Growing demand for advanced materials in automotive and industrial applications, increasing adoption of electric vehicles, and rising need for efficient consumer products drive the growth of Rogers Corporation's 'Other' segment.

7. Detailed Products

Advanced Connectivity Solutions

Rogers Corporation's Advanced Connectivity Solutions provide high-reliability, high-performance materials and solutions for demanding applications in the aerospace, defense, and industrial markets.

Elastomeric Material Solutions

Rogers Corporation's Elastomeric Material Solutions offer a range of elastomeric materials for sealing, cushioning, and vibration isolation in various industries.

Power Electronics Solutions

Rogers Corporation's Power Electronics Solutions provide high-performance materials and solutions for power electronic devices, including thermal management and electrical insulation.

Printed Circuit Materials

Rogers Corporation's Printed Circuit Materials offer a range of high-reliability, high-performance materials for printed circuit boards and other electronic assemblies.

8. Rogers Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Rogers Corporation operates in the advanced materials and elastomeric components industries, which have relatively few substitutes. However, the company's products can be substituted with alternative materials or components in certain applications, posing a moderate threat.

Bargaining Power Of Customers

Rogers Corporation's customers are primarily OEMs and contract manufacturers in the aerospace, defense, and industrial markets. While these customers may have some bargaining power, the company's strong relationships and customized products mitigate this threat.

Bargaining Power Of Suppliers

Rogers Corporation relies on a diverse supplier base for raw materials and components. While the company has some bargaining power due to its size and relationships, suppliers may still exert some pressure on prices and delivery terms.

Threat Of New Entrants

The advanced materials and elastomeric components industries have high barriers to entry, including significant capital expenditures and technical expertise. This limits the threat of new entrants and allows Rogers Corporation to maintain its market position.

Intensity Of Rivalry

The advanced materials and elastomeric components industries are highly competitive, with several established players competing for market share. Rogers Corporation must continually innovate and improve its products to maintain its competitive edge.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 2.62%
Debt Cost 7.33%
Equity Weight 97.38%
Equity Cost 7.33%
WACC 7.33%
Leverage 2.69%

11. Quality Control: Rogers Corporation passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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A-Score: 3.2/10

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

86.99$

Current Price

86.99$

Potential

-0.00%

Expected Cash-Flows