ROGMEDIUM SIGNALOPERATIONAL10-K

Rogers Corporation completed facility consolidation activities including joint venture separation and facility closures, while reducing capital expenditure and R&D spending.

The company has streamlined its global footprint by closing facilities in Mexico and consolidating South Korean operations, suggesting completion of a restructuring phase. The joint venture separation with INOAC generated $4.9 million in proceeds and simplified the corporate structure by eliminating dual joint venture arrangements.

Comparing 2026-02-19 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

Rogers demonstrated improved working capital management with inventory declining 12% while cash position strengthened to $197 million. The company significantly reduced capital expenditure from $56.1 million to $30.1 million, indicating completion of major facility investments, though this contributed to lower operating cash flow of $101.2 million. R&D spending decreased modestly to $28.1 million, reflecting the operational consolidation efforts.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-46.3%
$56.1M→$30.1M

Capex reduced 46.3% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Cash & Equivalents
Balance Sheet
+23.3%
$159.8M→$197.0M

Cash grew 23.3% — improving liquidity position supports investment and shareholder returns.

Operating Cash Flow
Cash Flow
-20.4%
$127.1M→$101.2M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

R&D Expense
P&L
-18.8%
$34.6M→$28.1M

R&D spending cut 18.8% — could signal cost discipline or concerning reduction in innovation investment.

Inventory
Balance Sheet
-12.2%
$142.3M→$125.0M

Inventory reduced 12.2% — lean inventory management or demand outpacing supply.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-26
ADDED
Among the factors that could cause our results to differ materially from those indicated by forward-looking statements are risks and uncertainties inherent in our business including, without limitation: failure to capitalize on, volatility within, or other adverse changes with respect to growth opportunities, such as delays in adoption or implementation of new technologies; uncertain business, economic and political conditions in the U.S.
As of December 31, 2025, our AES operating segment had manufacturing and administrative facilities in Chandler, Arizona; Rogers, Connecticut; Bear, Delaware; Eschenbach, Germany; Suzhou, China; Budapest, Hungary; and administrative facilities in Evergem, Belgium.
As of December 31, 2025, our EMS operating segment had manufacturing and administrative facilities in Rogers, Connecticut; Woodstock, Connecticut; Bear, Delaware; Carol Stream, Illinois; Narragansett, Rhode Island; Suzhou, China; Blackburn, England; Ansan, South Korea; and Evergem, Belgium.
We sold to approximately 2,800 customers worldwide in 2025, consisting primarily of OEMs and component suppliers.
We also face competition from manufacturers of commodity materials, including smaller regional producers, particularly in Asia, that generally compete on price, especially for products later in their life cycle.
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REMOVED
and abroad, particularly in China, South Korea, Germany, Belgium, England and Hungary, where we maintain significant manufacturing, sales or administrative operations; the trade policy dynamics between the U.S.
As of December 31, 2024, our AES operating segment had manufacturing and administrative facilities in Chandler, Arizona; Rogers, Connecticut; Bear, Delaware; Eschenbach, Germany; Suzhou, China; Budapest, Hungary; Evergem, Belgium; and Apodoca, Mexico.
As of December 31, 2024, our EMS operating segment had manufacturing and administrative facilities in Rogers, Connecticut; Woodstock, Connecticut; Bear, Delaware; Carol Stream, Illinois; Narragansett, Rhode Island; Suzhou, China; Blackburn, England; Evergem, Belgium; Siheung, South Korea; and Ansan, South Korea.
Joint Venture Separation Agreement On October 29, 2024, we entered into a JV Separation Agreement with INOAC with an effective date of November 5, 2024, in which INOAC acquired our shares of RIC, we acquired INOAC s shares of RIS, and we sold the property, plant and equipment constituting RIS Production Line 1 to INOAC.
The combined transaction resulted in a net payment to us from INOAC of $4.9 million.
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