Disco Corp DSCSY

Information TechnologySemiconductors & Semiconductor EquipmentJapan

Last close 33.94 USD on Nov 1, 2026, +1.3% year to date

Quant rating

Quant rating A Rank 16 of 200 in Information Technology

Growth A 25 of 200
Valuation A 28 of 200
Quality A 3 of 200
Revisions B 30 of 200
Momentum C 132 of 200

Wall Street consensus Buy (2.00)Average target 483.43 USD +1,324.4%

Historical valuation

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

Key data

Market cap: 34.1B
Enterprise value: 31.9B
52-week range: 26.33 – 58.00
3-year range: 16.98 – 58.00
Dividend yield: 1.03%
Beta (5 years): 1.64
Shares outstanding: 109M
Next earnings: Jan 19, 2027

About the company

Disco Corp is a Japan-based company mainly engaged in the manufacture and sale of semiconductor manufacturing devices and precision processing tools, as well as the maintenance and related services business. The Company is engaged in the provision of dicing saws, laser saws, grinders, polishers, surface planers and other precision processing equipment, as well as dicing blades, grinding wheels, dry polishing wheels, grindstones for grinding and cutting and other precision processing tools.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	2,753	2,623	2,033	2,140	2,086	–
Revenue growth	4.9%	29.0%	−5.0%	2.6%	26.3%	10.8%
EPS (basic, normalized)	7.84	8.03	4.99	5.70	4.76	–
EPS growth	−2.4%	60.8%	−12.4%	19.7%	–	–
Gross margin	70.1%	70.6%	67.8%	64.9%	60.7%	66.8%
Net margin	31.0%	31.5%	27.4%	29.2%	26.1%	29.0%
ROE	25.1%	27.6%	22.3%	25.8%	24.3%	25.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,176
Current ratio	2.94x
Long-term debt (mil)	0
Net debt (mil)	−2,173
Total equity (mil)	3,994
Net debt / equity	−0.54x
Net debt / EBITDA	−1.73x

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	2,753	+4.9%	11.6x	1,253	−0.2%	25.5x	7.84	−2.4%	4.3x
2027	3,620	+31.5%	8.8x	1,763	+40.8%	18.1x	11.25	+43.6%	3.0x
2028	4,308	+19.0%	7.4x	2,143	+21.5%	14.9x	13.92	+23.7%	2.4x
2029	4,903	+13.8%	6.5x	2,447	+14.2%	13.0x	15.76	+13.2%	2.2x

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	3,620	+1.7%	+3.8%	+9.5%	11.25	+2.1%	+4.5%	+12.1%
2028	4,308	+1.5%	+4.9%	+14.4%	13.92	+2.4%	+5.9%	+17.3%
2029	4,903	+1.1%	+4.9%	+12.8%	15.76	+2.8%	+3.1%	+11.5%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	104,299	82,799	96,244	93,553	120,717	89,914	104,623	109,291	133,061	114,308
Sales mean (mil)	92,669	83,363	95,122	99,105	111,967	86,802	102,925	100,367	123,050	114,646
Surprise	+12.6%	−0.7%	+1.2%	−5.6%	+7.8%	+3.6%	+1.6%	+8.9%	+8.1%	−0.3%
EPS reported	326.99	218.85	274.35	293.54	356.52	219.23	296.47	338.71	395.39	315.50
EPS mean	292.63	253.36	283.87	305.39	319.44	214.36	310.16	284.91	380.91	311.87
Surprise	+11.7%	−13.6%	−3.4%	−3.9%	+11.6%	+2.3%	−4.4%	+18.9%	+3.8%	+1.2%

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
DSCSY Disco Corp	34.1B	−1.73x	31.0%	8.55x	3.0x	2.4x	18.1x	14.9x
ASMIY ASM International NV	40.2B	−1.01x	22.8%	7.59x	32.6x	23.2x	21.2x	15.6x
RNECY Renesas Electronics Corp	34.0B	–	–	–	–	–	–	–
IBIDY Ibiden Co Ltd	30.1B	−1.95x	15.3%	7.84x	16.0x	10.1x	21.5x	15.6x
CRDO Credo Technology Group Holding Ltd	28.4B	−1.14x	35.4%	10.39x	27.6x	18.0x	20.7x	12.6x
ON ON Semiconductor Corp	27.9B	0.35x	2.0%	3.87x	22.3x	15.7x	13.1x	10.6x
Mean		−1.09x	21.3%	7.65x	20.3x	13.9x	18.9x	13.9x
Median		−1.14x	22.8%	7.84x	22.3x	15.7x	20.7x	14.9x

Technical analysis

1M−12.7%
3M−6.5%
1Y−14.1%
3Y+73.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Disco Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	2,753	2,623	2,033	2,140	2,086	1,652
Cost of revenue	822	772	654	750	820	686
Gross profit	1,931	1,851	1,379	1,389	1,266	966
Selling, general & administrative expenses	550	527	396	389	350	327
Research & development	215	211	180	169	163	159
Depreciation/amortization	6.1	0.8	0.2	0.3	0.4	0.5
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	6.3	5.0	51.3	1.0	1.0	1.5
Other operating expenses	0	0	0	0	0	0
Operating income	1,153	1,107	751	830	751	478
Net interest income (expense)	−5.0	7.7	−4.4	7.0	−4.6	−1.0
Gain (loss) on sale of assets	−0.8	−0.3	−0.4	4.3	−0.6	−0.3
Other non-operating income (expense)	10.8	7.1	10.6	7.8	12.7	6.2
Net income before taxes	1,158	1,121	757	849	758	483
Provision for taxes	304	294	201	225	214	129
Minority interest	−0.5	−1.2	0	−0.2	−0.4	−0.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	854	826	557	624	544	353
Extraordinary items	–	–	–	–	–	–
Net income	854	826	557	624	544	353
EBIT, normalized	1,159	1,112	803	831	752	479
EBITDA, normalized	1,253	1,193	876	909	822	541
Basic EPS, normalized	7.84	8.03	4.99	5.70	4.76	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Disco Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	1,793	1,528	1,424	1,228	1,034	992
Receivables	357	287	309	311	317	299
Total inventory	890	927	760	688	563	504
Prepaid expenses	–	–	–	–	–	–
Other current assets	75.7	88.7	64.6	71.0	99.4	85.4
Total current assets	3,116	2,831	2,557	2,298	2,013	1,880
Property, plant & equipment	1,407	1,361	974	1,111	1,187	980
Goodwill	–	–	–	–	–	–
Intangibles	1.6	1.6	1.7	1.7	2.1	2.6
Long-term investments	25.0	23.5	22.2	21.3	21.6	22.6
Note receivable	–	–	–	–	–	–
Other long-term assets	135	145	119	98.5	101	87.4
Total assets	4,684	4,362	3,675	3,530	3,325	2,972
Liabilities
Accounts payable	145	206	239	200	238	203
Payable/accrued	–	–	–	–	–	–
Accrued expenses	279	278	205	203	193	138
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	550	586	538	500	472	345
Total current liabilities	973	1,070	983	903	903	686
Long-term debt	0	0	0	0	0	0
Minority interest	2.3	2.3	1.3	1.8	2.2	1.9
Other liabilities	5.2	6.6	5.2	5.9	7.2	6.7
Total liabilities	981	1,079	989	911	912	695
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	141	147	144	163	178	194
Additional paid-in capital	153	161	157	178	194	211
Retained earnings (accumulated deficit)	3,296	2,887	2,296	2,216	2,000	1,848
Treasury stock	−0.3	−0.3	−0.3	−0.2	−0.3	−0.3
Other equity	113	88.9	88.0	62.3	41.2	24.6
Total equity	3,703	3,283	2,686	2,619	2,413	2,278
Total liabilities & shareholders' equity	4,684	4,362	3,675	3,530	3,325	2,972

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Disco Corp, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	1,158	1,121	757	849	758	483
Depreciation, depletion & amortization	93.4	81.3	72.9	78.1	70.3	61.6
Deferred taxes	–	–	–	–	–	–
Non-cash items	12.7	73.3	69.3	14.9	51.5	44.0
Changes in working capital	−423	−473	−255	−326	−192	−76.0
Cash from operations	841	803	645	616	688	512
Investing activities
Capital expenditures	−222	−446	−107	−107	−359	−191
Other investing cash flows	−633	−7.1	−1.0	8.8	0.3	72.3
Cash from investing	−855	−453	−108	−98.5	−358	−118
Financing activities
Financing cash flow items	−0.5	0	−0.5	−0.4	0	–
Cash dividends paid	−285	−257	−206	−242	−225	−150
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	2.2	2.2	1.7	0.9	1.7	7.5
Cash from financing	−284	−254	−204	−242	−224	−143
Foreign exchange effects	16.8	−3.5	14.9	5.0	25.4	20.3
Net change in cash	−281	91.2	347	281	131	271
Free cash flow	619	356	537	509	329	322

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 1, 2026 after market close.