# ADVANTEST CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第84期(2025/04/01－2026/03/31) (S100YKTA)
> Page: https://vizora.meequs.com/en/company/advantest
> Retrieved: 2026-09-30T19:09:19.353Z

## Company

Advantest, founded in 1954, is a company in Semiconductor Equipment listed on TSE Prime. It has 7,241 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ADVANTEST CORPORATION |
| Ticker | 6857 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6857.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内1丁目6番2号 |
| Representative (per filing) | 代表取締役兼経営執行役員社長 Group COO 津久井 幸一 |
| Founded | Dec 1954 |
| Share capital | ¥32.4B |
| Employees (consolidated) | 7,241 |
| Average salary (parent only) | ¥11M |
| Fiscal year end | March |
| Website | www.advantest.com (https://www.advantest.com/) |
| Corporate number | 9011601000379 |
| EDINET | E01950 |
| Industries (Vizora) | Semiconductor Equipment |

> Profile source: annual securities report (S100YKTA, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98.6 | 36 |
| Profitability | 96.3 | 41 |
| Cash conversion | 24.4 | 39 |
| Efficiency | 86.6 | 41 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 90% of Advantest's sales come from Test System Business, with Services, Support and Others making up much of the rest.
- Out of every ¥100 of sales, about ¥44 is left as operating profit.
- Revenue changed +44.7% from the prior year, operating profit +118.8%.

## Company structure

- Segment revenue mix: Test System Business 90.3%、Services, Support and Others 9.7%
- Revenue → net income: ¥1128610000000 → ¥375353000000
- Net income → operating cash flow: ¥375353000000 → ¥335182000000（difference ¥-40171000000）
- Main uses of operating cash flow: CapEx ¥36030000000 / dividends ¥35754000000 / buybacks ¥114328000000
- Change in cash: ¥77422000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.13T |  |
| Operating income | ¥499.1B | Margin 44.2% |
| Net income | ¥375.4B | Margin 33.3% |
| Free cash flow | ¥299.2B |  |
| Largest business | Test System Business | of segment revenue 90.3% |
| Employees (consolidated) | 7,241 |  |
| EPS | ¥515.15 |  |
| Diluted EPS | ¥513.3 |  |
| Book value per share | ¥804.15 |  |
| Equity ratio | 67.9% | Derived from disclosed figures |
| Shares outstanding | 732,000,000 |  |
| Treasury shares | 6,983,600 |  |
| Average salary (parent only) | ¥11M | Filing company only |
| Cash ratio | 29.0% | Cash ÷ revenue 30.1% |
| Vs. industry median margin | +29.7 pp | Semiconductor Equipment |
| ROE | 57.6% | Derived from disclosed figures |
| ROA | 37.1% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.2× dividends
- FY2026, revenue is 2.7× its level five years ago
- FY2026, one segment accounts for 98% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥312789000000 | ¥1128610000000 | +260.8% |
| Operating income | ¥70726000000 | ¥499120000000 | +605.7% |
| Operating margin | 22.6% | 44.2% | +21.6 pp |
| Employees | 5,261 people | 7,241 people | +37.6% |
| Cash and equivalents | ¥149164000000 | ¥339966000000 | +127.9% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 半導体・部品テストシステム事業 → 事業再編・廃止 | 65.9% |
| サービス他 → サービス他 | 9.7% |
| サービス他 → 事業再編・廃止 | 11.7% |
| メカトロニクス関連事業 → 事業再編・廃止 | 12.8% |
| 新設・再編 → テストシステム事業 | 90.3% |

Segment revenue source references: 5 (derived)

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,128,610 | 100.0% | S100YKTA |
| Cost of revenue | 402,503 | 35.7% | S100YKTA |
| Gross profit | 726,107 | 64.3% | S100YKTA |
| SG&A | 229,628 | 20.3% | S100YKTA |
| Operating income | 499,120 | 44.2% | S100YKTA |
| Pretax income | 516,720 | 45.8% | S100YKTA |
| Income tax | 141,367 | 12.5% | S100YKTA |
| Net income | 375,353 | 33.3% | S100YKTA |
| Net income attributable to owners | 375,353 | 33.3% | S100YKTA |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 36 |
| SG&A | 20 |
| Operating income | 44 |
| (Ref.) Net income | 33 |

### Margin funnel

Gross margin 64.3% → Operating margin 44.2% → Net margin 33.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +44.7%; Core profit growth: +118.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.65×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 779,707 | 1,128,610 | 348,903 | +44.7% |
| Gross profit | 445,085 | 726,107 | 281,022 | +63.1% |
| Operating income | 228,161 | 499,120 | 270,959 | +118.8% |
| Net income attributable to owners | 161,177 | 375,353 | 214,176 | +132.9% |
| Operating cash flow | 285,971 | 335,182 | 49,211 | +17.2% |
| Free cash flow | 266,540 | 299,152 | 32,612 | +12.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 155,916 | — | — | 14,201 | 15,833 | — | S100LOF7 |
| FY ending Mar 2018 | 207,223 | — | — | 18,103 | 28,254 | — | S100OO6R |
| FY ending Mar 2019 | 282,456 | — | — | 56,993 | 44,792 | — | S100R218 |
| FY ending Mar 2020 | 275,894 | 58,708 | 21.3% | 53,532 | 66,475 | 57,593 | S100LOF7 |
| FY ending Mar 2021 | 312,789 | 70,726 | 22.6% | 69,787 | 67,830 | 54,553 | S100OO6R |
| FY ending Mar 2022 | 416,901 | 114,734 | 27.5% | 87,301 | 78,889 | 60,670 | S100R218 |
| FY ending Mar 2023 | 560,191 | 167,687 | 29.9% | 130,400 | 70,224 | 46,636 | S100TTJ3 |
| FY ending Mar 2024 | 486,507 | 81,628 | 16.8% | 62,290 | 32,668 | 12,125 | S100W4E8 |
| FY ending Mar 2025 | 779,707 | 228,161 | 29.3% | 161,177 | 285,971 | 266,540 | S100YKTA |
| FY ending Mar 2026 | 1,128,610 | 499,120 | 44.2% | 375,353 | 335,182 | 299,152 | S100YKTA |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥155.9M |
| Operating income per employee (consolidated) | ¥68.9M |
| Net income per employee (consolidated) | ¥51.8M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,941 | 6,544 | 6,766 | 7,001 | 7,241 |
| Average salary (parent company) | ¥10.2M | ¥10.1M | ¥10.1M | ¥10.5M | ¥11M |
| Average age (parent company) | 46.1 years | 46.1 years | 46.0 years | 45.8 years | 45.7 years |
| Average tenure (parent company) | 20.9 years | 20.7 years | 20.4 years | 20.1 years | 20.2 years |

Year over year: Employees (consolidated) +3.4% · Revenue (consolidated) +44.7%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Test System Business | 1,019,380 | 90.3% | 518,760 | 50.9% |
| Services, Support and Others | 109,230 | 9.7% | 8,758 | 8.0% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Test System Business | 90.3% | 98.3% | 8.0 | 50.9% |
| Services, Support and Others | 9.7% | 1.7% | -8.0 | 8.0% |

Segment → industry: Services, Support and Others → Semiconductor Equipment / Test System Business → Semiconductor Equipment

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 335,182 | 29.7% | S100YKTA |
| Capital expenditure | 36,030 | 3.2% | S100YKTA |
| Free cash flow | 299,152 | 26.5% | 算出 |
| Investing cash flow | -34,552 | -3.1% | S100YKTA |
| Financing cash flow | -230,550 | -20.4% | S100YKTA |
| Dividends paid | 35,754 | 3.2% | S100YKTA |
| Share buyback | 114,328 | 10.1% | S100YKTA |
| Change in cash | 77,422 | 6.9% | S100YKTA |
| Cash and equivalents | 339,966 | 30.1% | S100YKTA |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 116,582 | 85,537 | 106,702 | 262,544 | 339,966 | S100TTJ3, S100W4E8, S100YKTA |
| Total assets | 494,696 | 600,224 | 671,229 | 854,210 | 1,171,816 | S100R218, S100TTJ3, S100W4E8, S100YKTA |
| Net assets | 294,621 | 368,694 | 431,178 | 506,539 | 795,726 | S100TTJ3, S100W4E8, S100YKTA |
| Share capital | 32,363 | 32,363 | 32,363 | 32,363 | 32,363 | S100R218, S100TTJ3, S100W4E8, S100YKTA |
| Property, plant and equipment | 51,392 | 64,046 | 78,884 | 78,602 | 101,628 | S100R218, S100TTJ3, S100W4E8, S100YKTA |
| Goodwill | 63,187 | 63,092 | 65,254 | 61,160 | 65,690 | S100R218, S100TTJ3, S100W4E8, S100YKTA |
| Current assets | 304,945 | 374,695 | 420,261 | 599,753 | 836,407 | S100R218, S100TTJ3, S100W4E8, S100YKTA |
| Total liabilities | 200,075 | 231,530 | 240,051 | 347,671 | 376,090 | S100R218, S100TTJ3, S100W4E8, S100YKTA |
| Equity attributable to owners of parent | 294,621 | 368,694 | 431,178 | 506,539 | 795,726 | S100R218, S100TTJ3, S100W4E8, S100YKTA |
| Retained earnings | 279,828 | 319,171 | 355,299 | 489,850 | 655,566 | S100R218, S100TTJ3, S100W4E8, S100YKTA |
| Treasury stock | -81,547 | -59,099 | -56,353 | -104,193 | -44,372 | S100R218, S100TTJ3, S100W4E8, S100YKTA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YKTA |
| Property, plant and equipment | 9% | S100YKTA |
| Intangibles and goodwill | 5% | — |
| Other assets | 57% | S100YKTA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YKTA |
| Equity | 68% | S100YKTA |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 494,696 | 600,224 | 671,229 | 854,210 | 1,171,816 |
| Equity | 294,621 | 368,694 | 431,178 | 506,539 | 795,726 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 116,582 | 85,537 | 106,702 | 262,544 | 339,966 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 9.0% | S100YKTA |
| Fixed assets ÷ total assets | 8.7% | S100YKTA |
| Goodwill ÷ parent equity | 8.3% | S100YKTA |

Goodwill over 4 years: 63,187 → 65,690 JPY; total investing cash flow: -178,294 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 29.0% |
| Cash ÷ revenue | 30.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 67.2% |
| Cash vs. profit gap | -40,171 JPY mn (of net income -10.7%) |
| Shareholder returns / net income | 40.0% |
| Shareholder returns / FCF | 50.2% |
| Shareholder payments — dividends / net income | 9.5% |
| Shareholder payments — dividends / FCF | 12.0% |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 10.3% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 20.9% | 0.84× | 17.6% | 1.68× | 29.6% | S100R218 |
| 2023 | 23.3% | 1.02× | 23.8% | 1.65× | 39.3% | S100TTJ3 |
| 2024 | 12.8% | 0.77× | 9.8% | 1.59× | 15.6% | S100W4E8 |
| 2025 | 20.7% | 1.02× | 21.1% | 1.63× | 34.4% | S100YKTA |
| 2026 | 33.3% | 1.11× | 37.1% | 1.56× | 57.6% | S100YKTA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 31.0% | 2025-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 13.4% | 2025-03-31 |
| ＨＳＢＣ ＨＯＮＧ ＫＯＮＧ－ＴＲＥＡＳＵＲＹ ＳＥＲＶＩＣＥＳ Ａ／Ｃ ＡＳＩＡＮ ＥＱＵＩＴＩＥＳ ＤＥＲＩＶＡＴＩＶＥＳ （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.6% | 2025-03-31 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＮ １４００４２ （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.3% | 2025-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１ （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.2% | 2025-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＷＥＳＴ ＣＬＩＥＮＴ － ＴＲＥＡＴＹ ５０５２３４ （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.2% | 2025-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１ （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.4% | 2025-03-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ） （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.3% | 2025-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３ （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.1% | 2025-03-31 |
| ＭＯＸＬＥＹ ＆ ＣＯ ＬＬＣ （常任代理人 株式会社みずほ銀行） | Major shareholder | 0.9% | 2025-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥1.13T, up +44.7% from ¥779.7B.
- Profit grew even faster: operating income reached ¥499.1B (+118.8%) and net income ¥375.4B (+132.9%).
- Operating cash flow also rose, to ¥335.2B (+17.2%).

### Drivers

- Demand for testers used on high-end AI and data center chips surged, lifting SoC tester sales sharply
- Memory tester sales held up well, led by high-performance DRAM
- Production capacity added ahead of time let the company ship into strong demand
- A richer product mix lowered the cost of sales relative to revenue

### Risks

- Chipmakers' equipment spending swings widely; if chip demand slows, customers may delay orders
- A handful of large customers account for a big share of sales, so a change in one customer's plans can hit results quickly
- Tighter export controls and other rules, or parts shortages when demand jumps, could limit what the company can ship

Cited: Annual Securities Report (84th term) (Management's analysis of financial position, operating results and cash flows); Annual Securities Report (84th term) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第84期(2025/04/01－2026/03/31) | S100YKTA | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKTA,, |
| 有価証券報告書－第83期(2024/04/01－2025/03/31) | S100W4E8 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4E8,, |
| 有価証券報告書－第82期(2023/04/01－2024/03/31) | S100TTJ3 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTJ3,, |
| 有価証券報告書－第81期(2022/04/01－2023/03/31) | S100R218 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R218,, |
| 訂正有価証券報告書－第80期(令和3年4月1日－令和4年3月31日) | S100OO6R | 2022-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OO6R,, |
| 有価証券報告書－第79期(令和2年4月1日－令和3年3月31日) | S100LOF7 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOF7,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).