# Wintest Corp.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第33期(2025/01/01－2025/12/31) (S100XW0L)
> Page: https://vizora.meequs.com/en/company/wintest
> Retrieved: 2026-09-30T20:24:41.382Z

## Company

Wintest, founded in 1995, is a company in Semiconductor Equipment listed on TSE Standard. It has 68 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Wintest Corp. |
| Ticker | 6721 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6721.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市西区平沼一丁目2番24号 |
| Representative (per filing) | 代表取締役 姜輝 |
| Founded | Jul 1995 |
| Share capital | ¥2.03B |
| Employees (consolidated) | 68 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | December |
| Website | www.wintest.co.jp (https://www.wintest.co.jp/) |
| Corporate number | 3020001025396 |
| EDINET | E02083 |
| Industries (Vizora) | Semiconductor Equipment |

> Profile source: annual securities report (S100XW0L, filed 2026-03-31). As of filing

## Key points (generated from figures)

- Wintest brought in ¥429.1M in revenue.
- It lost about ¥284 for every ¥100 of sales at the operating level.
- Revenue changed +2.9% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥429.1M |  |
| Operating income | -¥1.22B | Margin -284.0% |
| Net income | -¥1.24B | Margin -289.6% |
| Free cash flow | -¥781.9M |  |
| Employees (consolidated) | 68 |  |
| EPS | ¥-19.8 |  |
| Book value per share | ¥6.32 |  |
| Equity ratio | 37.4% |  |
| Shares outstanding | 53,641,000 |  |
| Shareholders | 11,385 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 9.0% | Cash ÷ revenue 19.3% |
| Vs. industry median margin | -298.5 pp | Semiconductor Equipment |
| ROA | -117.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 284 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥793968000 | ¥429053000 | -46.0% |
| Operating income | ¥-536443000 | ¥-1218662000 | — |
| Operating margin | -67.6% | -284.0% | -216.5 pp |
| Employees | 94 people | 68 people | -27.7% |
| Cash and equivalents | ¥1320719000 | ¥82957000 | -93.7% |

### Change in segment revenue mix

Span: FY ending Jul 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 半導体検査装置事業 → 事業再編・廃止 | 71.9% |
| 新エネルギー関連事業 → 事業再編・廃止 | 27.7% |
| その他 → 事業再編・廃止 | 0.4% |

Segment revenue source references: 3 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 429 | 100.0% | S100XW0L |
| Cost of revenue | 920 | 214.4% | S100XW0L |
| Gross profit | -491 | -114.4% | S100XW0L |
| SG&A | 728 | 169.6% | S100XW0L |
| Operating income | -1,219 | -284.0% | S100XW0L |
| Ordinary income | -1,218 | -283.9% | S100XW0L |
| Pretax income | -1,240 | -289.0% | S100XW0L |
| Income tax | 2 | 0.6% | S100XW0L |
| Net income | -1,242 | -289.6% | S100XW0L |
| Net income attributable to owners | -1,242 | -289.6% | S100XW0L |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 214 |
| SG&A | 170 |
| Operating income | -284 |
| (Ref.) Net income | -290 |

### Margin funnel

Gross margin -114.4% → Operating margin -284.0% → Net margin -289.6%
Derived from reported figures (DERIVED).

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 417 | 429 | 12 | +2.9% |
| Gross profit | -339 | -491 | -152 | — |
| Operating income | -1,084 | -1,219 | -135 | — |
| Net income attributable to owners | -1,106 | -1,242 | -137 | — |
| Operating cash flow | -662 | -751 | -89 | — |
| Free cash flow | -664 | -782 | -118 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2020 | 794 | -536 | -67.6% | -620 | -1,160 | -1,226 | S100L1OR |
| FY ending Dec 2021 | 308 | -731 | -237.6% | -629 | -856 | -858 | S100QIB5 |
| FY ending Dec 2022 | 210 | -694 | -329.7% | -686 | -613 | — | S100T6T5 |
| FY ending Dec 2023 | 407 | -558 | -137.1% | -555 | -558 | — | S100VJEK |
| FY ending Dec 2024 | 417 | -1,084 | -259.9% | -1,106 | -662 | -664 | S100XW0L |
| FY ending Dec 2025 | 429 | -1,219 | -284.0% | -1,242 | -751 | -782 | S100XW0L |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥6.3M |
| Operating income per employee (consolidated) | -¥17.9M |
| Net income per employee (consolidated) | -¥18.3M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 87 | 77 | 72 | 72 | 68 |
| Average salary (parent company) | ¥5M | ¥4.9M | ¥5M | ¥5.1M | ¥5.3M |
| Average age (parent company) | 51.0 years | 52.0 years | 52.0 years | 52.0 years | 53.0 years |
| Average tenure (parent company) | 16.0 years | 17.0 years | 18.0 years | 18.0 years | 19.0 years |

Year over year: Employees (consolidated) -5.6% · Revenue (consolidated) +2.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -751 | -175.1% | S100XW0L |
| Capital expenditure | 31 | 7.2% | S100XW0L |
| Free cash flow | -782 | -182.2% | 算出 |
| Investing cash flow | -31 | -7.2% | S100XW0L |
| Financing cash flow | 667 | 155.5% | S100XW0L |
| Change in cash | -8 | -1.8% | S100XW0L |
| Cash and equivalents | 83 | 19.3% | S100XW0L |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 219 | 278 | 362 | 91 | 83 | S100T6T5, S100VJEK, S100XW0L |
| Total assets | 1,896 | 1,902 | 1,974 | 1,195 | 919 | S100QIB5, S100T6T5, S100VJEK, S100XW0L |
| Net assets | 1,590 | 1,353 | 1,665 | 700 | 344 | S100T6T5, S100VJEK, S100XW0L |
| Share capital | 1,000 | 1,211 | 1,627 | 1,674 | 2,030 | S100QIB5, S100T6T5, S100VJEK, S100XW0L |
| Trade receivables | 37 | — | — | — | — | S100QIB5 |
| Current assets | 1,871 | 1,877 | 1,949 | 1,171 | 892 | S100QIB5, S100T6T5, S100VJEK, S100XW0L |
| Current liabilities | 202 | 374 | 165 | 377 | 481 | S100QIB5, S100T6T5, S100VJEK, S100XW0L |
| Short-term borrowings | — | 157 | — | 100 | 100 | S100T6T5, S100XW0L |
| Long-term borrowings | 97 | 169 | 137 | 105 | 73 | S100QIB5, S100T6T5, S100VJEK, S100XW0L |
| Total liabilities | 306 | 550 | 308 | 495 | 576 | S100QIB5, S100T6T5, S100VJEK, S100XW0L |
| Equity attributable to owners of parent | 1,511 | 1,239 | 1,518 | 506 | -26 | S100QIB5, S100T6T5, S100VJEK, S100XW0L |
| Retained earnings | -776 | -1,469 | -2,023 | -3,129 | -4,371 | S100QIB5, S100T6T5, S100VJEK, S100XW0L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100XW0L |
| Other assets | 91% | S100XW0L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 63% | S100XW0L |
| Equity | 37% | S100XW0L |
| Other liabilities | 0% | S100XW0L |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,896 | 1,902 | 1,974 | 1,195 | 919 |
| Equity | 1,590 | 1,353 | 1,665 | 700 | 344 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 219 | 278 | 362 | 91 | 83 |

### 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) | 9.0% |
| Cash ÷ revenue | 19.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 491 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.2% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -33.2% | —× | — | S100QIB5 |
| 2022 | — | —× | -36.1% | —× | — | S100T6T5 |
| 2023 | — | —× | -28.6% | —× | — | S100VJEK |
| 2024 | — | —× | -69.8% | —× | — | S100XW0L |
| 2025 | — | —× | -117.5% | —× | — | S100XW0L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Wuhan Jingce Electronic Group Co., Ltd. （常任代理人 三田証券株式会社 代表取締役社長 門倉 健仁） | Major shareholder | 37.3% | 2025-12-31 |
| RAKUGEN OVERSEAS INTERNATIONAL (ＨＫ) LIMITED （常任代理人 三田証券株式会社 代表取締役社長 門倉 健仁） | Major shareholder | 6.8% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.6% | 2025-12-31 |
| 大畑 雅稔 | Major shareholder | 2.3% | 2025-12-31 |
| PHILLIP SECURITIES (HONG KONG) LIMITED （常任代理人 フィリップ証券株式会社 代表取締役社長 永堀 真） | Major shareholder | 1.5% | 2025-12-31 |
| UBS AG HONG KONG （常任代理人 シティバンク、エヌ・エイ東京支店 カストディ業務部長 石川 潤） | Major shareholder | 1.4% | 2025-12-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社 代表取締役 ケリガン ダニエル） | Major shareholder | 1.2% | 2025-12-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) 株式会社三菱ＵＦＪ銀行取締役頭取執行役員半沢 淳一 | Major shareholder | 0.9% | 2025-12-31 |
| 小熊 雄二郎 | Major shareholder | 0.7% | 2025-12-31 |
| 村上 勇人 | Major shareholder | 0.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第33期(2025/01/01－2025/12/31) | S100XW0L | 2026-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XW0L,, |
| 有価証券報告書－第32期(2024/01/01－2024/12/31) | S100VJEK | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJEK,, |
| 有価証券報告書－第31期(2023/01/01－2023/12/31) | S100T6T5 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6T5,, |
| 有価証券報告書－第30期(2022/01/01－2022/12/31) | S100QIB5 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIB5,, |
| 有価証券報告書－第29期(令和3年1月1日－令和3年12月31日) | S100NSJJ | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSJJ,, |
| 有価証券報告書－第28期(令和2年8月1日－令和2年12月31日) | S100L1OR | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1OR,, |

## 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).