Advantest
ConvictionContext
Capital-equipment sales of semiconductor test systems (SoC + memory testers), mechatronics/handlers, and system-level test, plus recurring services/spares/support; asset-light, R&D-heavy, cyclical to semiconductor capex.
Revenue
~$7.5BJPY 1,128.6B, FY2025 ended Mar 2026Rev growth
+44.7% YoYFY2025Gross margin
64.3%FY2025; Q4 ~67%Op margin
44.2%FY2025, up from 29.3%; operating income +118.8% YoY — recordCapex intensity
Lowasset-light; capex a low-single-digit % of sales — much of manufacturing is outsourcedMarket cap
~$143BJPY 21.4T; TSE 6857 primary listing, ADR ATEYY on OTC; USD@150) — public company, not pre-IPOThe read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for Advantest
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence