ADVANTEST CORPORATION ATEYY

Information TechnologySemiconductors & Semiconductor EquipmentJapan

Last close 221.10 USD on Nov 2, 2026, +75.5% year to date

Quant rating

Quant rating C Rank 129 of 200 in Information Technology

Growth D 167 of 200
Valuation D 140 of 200
Quality B 70 of 200
Revisions D 165 of 200
Momentum A 16 of 200

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 166.2B
Enterprise value: 164.3B
52-week range: 113.38 – 272.50
3-year range: 26.62 – 272.50
Dividend yield: 0.23%
Beta (5 years): 2.34
Shares outstanding: 732M
Next earnings: –

About the company

ADVANTEST CORPORATION is a Japan-based company mainly engaged in the manufacture and sale of test system products and mechatronics-related products, such as test handlers and device interfaces, as well as related research and development, maintenance, and service activities. It operates through two segments. The Test System business segment provides products including system on chip (SoC) test systems for SoC semiconductor devices, memory test systems for memory semiconductor devices, test handlers (mechatronics-based products for handling semiconductor devices), and device interfaces (which serve as the interface with the device under test), as well as solutions for system-level testing of semiconductors and modules. The Service and Other segment is engaged in providing comprehensive customer solutions related to the above businesses, as well as offering nanotechnology-related product lines, support services, and the sale of consumables.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	7,111	5,200	3,215	4,219	3,427	–
Revenue growth	36.8%	61.7%	−23.8%	23.1%	21.3%	20.3%
EPS (basic, normalized)	0.40	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	64.3%	57.1%	50.6%	57.0%	56.6%	57.1%
Net margin	33.3%	20.7%	12.8%	23.3%	20.9%	22.2%
ROE	57.6%	34.4%	15.6%	39.3%	30.4%	35.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,553
Current ratio	2.30x
Long-term debt (mil)	651
Net debt (mil)	−1,871
Total equity (mil)	7,276
Net debt / equity	−0.26x
Net debt / EBITDA	−3.40x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	7,111	+36.8%	23.1x	551	–	298.5x	0.40	–	552.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–
2029	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	Jun 2007	Sep 2007
Sales reported (mil)	–	–	–	–	–	–	–	–	473	502
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	0.11	0.08
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

Peer comparison Semiconductors & Semiconductor Equipment

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ATEYY ADVANTEST CORPORATION	166.2B	−3.40x	33.3%	22.02x	–	–	–	–
MU Micron Technology, Inc.	943.1B	−0.35x	63.8%	6.81x	4.8x	4.0x	3.7x	3.1x
LRCX Lam Research Corporation	284.3B	–	31.3%	20.44x	23.5x	18.4x	19.0x	15.5x
AMAT Applied Materials Inc	297.2B	−0.30x	24.7%	11.60x	29.3x	20.0x	24.7x	16.8x
TXN Texas Instruments Incorporated	276.0B	0.67x	28.1%	14.39x	33.4x	26.2x	23.2x	18.7x
KLAC KLA Corporation	199.5B	0.17x	35.6%	30.59x	26.6x	21.5x	21.8x	18.1x
Mean		−0.64x	36.1%	17.64x	23.5x	18.0x	18.5x	14.5x
Median		−0.30x	32.3%	17.41x	26.6x	20.0x	21.8x	16.8x

Technical analysis

1M−13.4%
3M+12.0%
1Y+47.8%
3Y+754.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, ADVANTEST CORPORATION, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	7,111	5,200	3,215	4,219	3,427	2,826
Cost of revenue	2,536	2,232	1,589	1,816	1,488	1,305
Gross profit	4,575	2,968	1,626	2,403	1,939	1,520
Selling, general & administrative expenses	839	1,180	933	1,039	903	868
Research & development	492	–	–	–	–	–
Depreciation/amortization	116	123	118	106	92.5	88.3
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−15.8	143	38.5	–	–	−72.4
Other operating expenses	−0.9	0.9	−2.5	−5.0	0.3	−2.6
Operating income	3,145	1,522	539	1,263	943	639
Net interest income (expense)	114	−21.2	−22.8	28.2	13.2	−0.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−3.2	−1.4	0	−1.2	0	−9.6
Net income before taxes	3,256	1,499	517	1,290	956	629
Provision for taxes	891	424	105	308	239	−1.5
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,365	1,075	412	982	718	630
Extraordinary items	–	–	–	–	–	–
Net income	2,365	1,075	412	982	718	630
EBIT, normalized	3,129	1,664	578	1,263	943	566
EBITDA, normalized	3,290	1,845	750	1,424	1,066	673
Basic EPS, normalized	0.40	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, ADVANTEST CORPORATION, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	2,142	1,751	705	644	958	1,347
Receivables	1,441	754	587	769	675	515
Total inventory	1,460	1,399	1,351	1,273	781	581
Prepaid expenses	–	–	–	–	–	–
Other current assets	227	96.5	134	135	92.0	77.4
Total current assets	5,270	4,000	2,777	2,822	2,507	2,521
Property, plant & equipment	766	646	648	613	526	481
Goodwill	414	408	431	475	519	296
Intangibles	117	115	220	246	182	197
Long-term investments	453	201	133	162	120	92.2
Note receivable	–	–	–	–	–	–
Other long-term assets	363	327	227	203	212	230
Total assets	7,383	5,697	4,436	4,520	4,066	3,818
Liabilities
Accounts payable	594	473	341	498	407	364
Payable/accrued	–	–	–	–	–	–
Accrued expenses	238	192	167	174	171	165
Short-term debt	0	0	0	0	151	0
Current portion of long-term debt	31.3	533	34.0	135	24.0	22.5
Other current liabilities	1,217	865	293	508	487	260
Total current liabilities	2,081	2,064	835	1,316	1,240	811
Long-term debt	95.9	90.1	590	248	182	84.6
Minority interest	–	–	–	–	–	–
Other liabilities	193	165	162	180	222	389
Total liabilities	2,370	2,319	1,586	1,744	1,645	1,285
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	204	216	214	244	266	292
Additional paid-in capital	331	311	300	336	370	403
Retained earnings (accumulated deficit)	4,131	3,267	2,348	2,404	2,300	1,941
Treasury stock	−280	−695	−372	−445	−670	−136
Other equity	628	279	360	238	156	32.3
Total equity	5,014	3,378	2,850	2,777	2,422	2,533
Total liabilities & shareholders' equity	7,383	5,697	4,436	4,520	4,066	3,818

Cash flow statement in millions of USD, fiscal years

Cash flow statement, ADVANTEST CORPORATION, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	3,256	1,499	517	1,290	956	629
Depreciation, depletion & amortization	161	181	173	161	123	106
Deferred taxes	–	–	–	–	–	–
Non-cash items	28.0	162	71.2	11.4	14.6	14.7
Changes in working capital	−1,333	65.6	−544	−934	−446	−137
Cash from operations	2,112	1,907	216	529	648	613
Investing activities
Capital expenditures	−227	−130	−136	−178	−150	−120
Other investing cash flows	9.3	−152	−48.9	−23.5	−236	−32.1
Cash from investing	−218	−281	−185	−201	−386	−152
Financing activities
Financing cash flow items	−3.4	−3.0	–	–	–	–
Cash dividends paid	−225	−182	−164	−191	−209	−141
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,224	−367	236	−392	−356	−134
Cash from financing	−1,453	−552	71.1	−583	−565	−275
Foreign exchange effects	46.3	−34.2	37.5	21.6	34.3	7.9
Net change in cash	488	1,039	140	−234	−268	194
Free cash flow	1,885	1,778	80.1	351	499	493

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.