Kokusai Electric
ConvictionContext
Sells high-throughput batch deposition systems (vertical furnaces for ALD, LPCVD, oxidation/diffusion) plus a growing recurring stream of parts, service and process support tied to the installed base (~40% of sales).
Revenue
JPY 235.1B~$1.45B), FY ended Mar 2026Rev growth
-1.6% YoYin FY26; company guides +19.1% (to JPY 280B) for FY ending Mar 2027Gross margin
41.2%FY26, down ~1.4pt YoYOp margin
20.2% adjusted operating marginadj. OP JPY 47.6B, -17.6% YoYCapex intensity
~7.2%capex JPY 16.9B FY26, -20% YoY; guided ~+60% FY27 on a US demo/technology center opening early 2027Market cap
~$16.3BJPY 2.63T; TSE Prime, ticker 6525, Jul 7 2026 at ~JPY 162/USDThe read
Where our coverage leans
Coverage leans bullish
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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
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