Rogers (ROG) AI Stock Analysis

• Market Cap: $1.93B
• Dividend Yield: N/A
• Average Volume (3M): 168.56K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.08
• Revenue Growth: -4.87%
• EPS Growth: -235.48%
• Country: US
• Employees: 3,200
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): 0.89
• Shares Outstanding: 17,984,499
• 10 Day Avg. Volume: 120,252
• 30 Day Avg. Volume: 168,560
• PEG Ratio: 0.08
• Price to Book (P/B): 1.41
• Price to Sales (P/S): 2.08
• P/FCF Ratio: 16.65
• Enterprise Value/Market Cap: 0.91
• Enterprise Value/Revenue: 2.21
• Enterprise Value/Gross Profit: 7.11
• Enterprise Value/Ebitda: 20.18
• 1Y Price Target: $301.79
• Price Target Upside: 180.76% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: $121.00 ▲(12.57% Upside)

The score reflects strong technical momentum and a constructive earnings outlook (margin/EBITDA and EPS improvement guidance) supported by balance-sheet strength and cash generation. Offsetting these positives are weakened recent earnings (including a 2025 net loss) and limited valuation support due to a negative P/E.

Positive Factors

Balance sheet strength

Rogers' low and improving leverage plus a large equity base provide durable financial flexibility. That cushion supports capital expenditures, selective M&A, and share repurchases while absorbing cyclical revenue volatility, enabling multi‑year strategic investments without relying on external funding.

Recovering cash generation

Consistent operating cash flow and a marked free cash flow recovery in 2025 ($71M annual FCF, higher year-end cash) underpin the company's ability to fund $30–$40M of capex, sustain buybacks and support restructuring. Reliable cash generation strengthens long‑term solvency and reinvestment capacity.

Sizable margin & cost savings

Material, realized cost savings and a clear plan for additional annualized reductions are driving sustainable margin expansion. Combined with Q4 adjusted EBITDA margin improvement, these structural efficiency gains should convert to durable higher operating leverage as revenue recovers, improving long‑term profitability.

Negative Factors

Choppy revenue and 2025 net loss

Multi‑year revenue softness and a 2025 net loss indicate underlying demand and margin pressure that reduce earnings predictability. Even with gross margin resilience, compressed operating profits mean improvement depends on consistent revenue recovery and execution of cost programs to restore durable profitability.

Exposure to weak EV/HEV and EMS demand

Significant exposure to automotive EV/HEV end markets creates structural top‑line vulnerability if regional EV adoption lags. EMS revenue declines tied to weak EV demand can persist across quarters, lengthening recovery times and making revenue growth reliant on uneven auto market cycles and geographic demand shifts.

Ceramic ramp delays & restructuring costs

Slower-than-expected ramp and notable restructuring charges create near- to medium‑term headwinds: underutilization and one‑time costs compress margins, delay scale benefits, and raise execution risk. These dynamics can offset planned savings and postpone revenue gains from new capacity and product ramps.

Rogers Business Overview & Revenue Model

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.

How the Company Makes Money

Rogers generates revenue primarily through its Wireless segment, which includes the sale of mobile voice and data services, device sales, and accessories. The company also earns significant income from its Cable segment, which encompasses residential services such as internet, television, and home phone services. Additionally, the Media segment contributes to revenue through advertising sales, subscriptions, and content licensing from various television and radio stations. Partnerships with content providers and technology companies further enhance its offerings, enabling Rogers to attract and retain customers. Furthermore, the company's Business Solutions segment provides telecommunications and managed services to enterprise clients, contributing another stream of income. Overall, Rogers' diverse revenue model allows it to capitalize on multiple market opportunities within the telecommunications and media landscape.

Rogers Financial Statement Overview

Summary

Fundamentals are mixed: a strong, low-leverage balance sheet (78) and generally positive but uneven cash generation (67) are offset by weakened earnings power and choppy revenue, including a net loss in 2025 (income statement 45). Overall financial stability is solid, but profitability consistency is the key weakness.

Income Statement

Revenue has been choppy over the last several years (down in 2023–2025 after prior growth), and profitability has deteriorated meaningfully. Gross margin has held in a reasonable band (~32–37%), but operating profitability has compressed from earlier highs, culminating in a net loss in 2025 (annual) despite still-positive operating earnings. Overall, the business shows margin resilience at the gross level, but weaker cost control and a clear downshift in bottom-line performance drive a below-average score.

Balance Sheet

The balance sheet is a key strength: leverage is low with debt-to-equity consistently modest and improving sharply since 2022, and equity remains large relative to total assets. While returns on equity were solid earlier (2021–2022) and positive in 2023–2024, the 2025 loss pushed returns negative, highlighting earnings volatility rather than balance-sheet stress. Net-net, the company appears well-capitalized with ample financial flexibility.

Cash Flow

Cash generation is generally healthy, with operating cash flow positive every year and free cash flow recovering strongly into 2025 (annual), when free cash flow matched operating cash flow and surged versus the prior year. That said, cash conversion has not been consistently strong: free cash flow was weak in 2022 and only moderate in 2023–2024, and operating cash flow did not fully cover accounting earnings in several periods (while 2025 produced positive cash flow alongside a net loss). Overall, cash flow is supportive but somewhat uneven through the cycle.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	793.90M	810.80M	830.10M	908.40M	971.20M	932.90M
Gross Profit	247.40M	256.80M	277.10M	307.10M	321.00M	349.10M
EBITDA	87.10M	105.00M	98.30M	127.50M	113.10M	169.90M
Net Income	-66.90M	-61.80M	26.10M	56.60M	116.60M	108.10M
Balance Sheet
Total Assets	1.45B	1.43B	1.48B	1.52B	1.65B	1.60B
Cash, Cash Equivalents and Short-Term Investments	167.80M	197.00M	159.80M	131.70M	235.90M	232.30M
Total Debt	23.00M	39.70M	24.60M	50.00M	228.50M	190.41M
Total Liabilities	243.30M	234.20M	229.50M	258.20M	473.70M	479.67M
Stockholders Equity	1.20B	1.20B	1.25B	1.26B	1.17B	1.12B
Cash Flow
Free Cash Flow	47.20M	101.20M	71.00M	74.40M	12.70M	53.30M
Operating Cash Flow	88.00M	101.20M	127.10M	131.40M	129.50M	124.40M
Investing Cash Flow	-16.10M	-14.80M	-45.60M	-47.90M	-113.10M	-238.60M
Financing Cash Flow	-51.50M	-53.90M	-50.10M	-190.30M	-10.10M	159.00M

Rogers Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 107.49
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ROG, the sentiment is Positive. The current price of 107.49 is above the 20-day moving average (MA) of 103.00, above the 50-day MA of 97.99, and above the 200-day MA of 81.29, indicating a bullish trend. The MACD of 3.32 indicates Negative momentum. The RSI at 58.41 is Neutral, neither overbought nor oversold. The STOCH value of 61.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ROG.

Rogers Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CTS	73 Outperform	$1.58B	24.79	10.98%	0.36%	3.70%	1.68%
VICR	71 Outperform	$6.95B	83.73	18.50%	―	11.55%	1745.46%
ROG	68 Neutral	$1.93B	-33.22	-5.34%	―	-4.87%	-235.48%
BHE	64 Neutral	$2.05B	84.31	3.37%	1.44%	-2.93%	-40.33%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
PENG	58 Neutral	$1.01B	82,936.51	4.85%	―	10.76%	―
MEI	56 Neutral	$306.64M	-4.84	-8.87%	5.93%	-9.51%	29.57%

Rogers Corporate Events

Rogers Reports Improved Q4 2025 Profitability and Cash Flow

On February 17, 2025, Rogers Corporation reported 2025 net sales of $810.8 million, down modestly from 2024, with a gross margin of 31.7% and a net loss of $61.8 million, or a loss of $3.40 per share, while generating adjusted EBITDA of $115.0 million and essentially flat free cash flow of $71.1 million year on year. Despite the annual loss, full‑year adjusted earnings per share of $2.39 trailed 2024 only slightly, underscoring the impact of non‑recurring items and restructuring on reported results.

For the fourth quarter of 2025, Rogers posted net sales of $201.5 million, up 4.8% from a year earlier, driven by stronger industrial, advanced driver‑assistance systems and renewable energy demand, alongside favorable currency effects, and it lifted GAAP earnings per diluted share to $0.26 from a loss a year ago, with adjusted earnings nearly doubling to $0.89. Management highlighted that cost‑improvement initiatives and lower operating expenses materially boosted profitability and cash generation, as operating cash flow rose to $46.9 million, ending cash increased to $197.0 million after share repurchases of $14.3 million, and the company exited 2025 with a streamlined operating structure and stronger balance sheet that support its competitive position in advanced materials.

The most recent analyst rating on (ROG) stock is a Hold with a $102.00 price target. To see the full list of analyst forecasts on Rogers stock, see the ROG Stock Forecast page.