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Japanese space-tech startup building and operating small SAR (synthetic aperture radar) satellites for all-weather Earth observation.
Japanese space-tech startup building and operating small SAR (synthetic aperture radar) satellites for all-weather Earth observation.
Earns from selling imagery and analysis to government and industry under contracts and subscriptions, while spending heavily on launching more satellites to shorten the time between passes over a site. Radar images can be taken through clouds and at night, which is why customers pay for them.
In one line: A Japanese SAR-satellite operator, akin to America's ICEYE/Capella Space.
Moat: narrow (IP / patents, installed base). Proprietary small-SAR satellite design and an early-mover constellation give data-continuity advantages.
Headquarters: Tokyo, Japan · Founded: 2018 · Employees: 228
Size Synspective (290A.T) is a Japan Information Technology company (Telecommunications Equipment) with a market value of $950M, the 756th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,113 on 6 Nov 2026.
Performance Over six months the shares fell 15.8%, against -27.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 5.1% over the last twelve months (peer median +3.5%); the operating margin is -196.3% (peer median -3.3%).
Valuation It trades at 52.9× forward earnings against a peer median of 35.9× (3rd most expensive of 11).
Capital Return on invested capital runs 23.8 points below its cost of capital (12.3% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥2.74B | ¥2.38B | ¥2.32B | ¥1.39B | ¥492M |
| Revenue growth | — | +3% | +67% | +182% | — |
| Gross profit | -¥599M | ¥9.57M | ¥227M | ¥831M | ¥360M |
| EBITDA | -¥3.18B | -¥2.53B | -¥1.97B | -¥1.68B | -¥4.20B |
| Net income | ¥695M | -¥371M | -¥3.59B | -¥1.52B | -¥6.27B |
| Free cash flow | n/a | -¥9.96B | -¥9.16B | -¥5.96B | -¥6.68B |
| Capital expenditure | n/a | ¥11.6B | ¥7.36B | ¥3.63B | ¥2.50B |
| Total debt | ¥10.7B | ¥9.38B | ¥7.29B | ¥3.03B | ¥501M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Synspective 290A.T | $950M | -16% | +5% | -196% | 52.9× | n/a |
| Airbus AIR.PA | $174B | +14% | +6% | 8% | 26.8× | 22.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 290A.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -24.9% | -9.8% | 2nd lowest of 20 |
| 6-month return | -15.8% | -27.3% | 6th highest of 20 |
| Distance from 52-week high | -48.0% | -52.1% | 9th highest of 20 |
| Revenue growth (TTM) | +5.1% | +3.5% | 11th highest of 21 |
| Operating margin | -196.3% | -3.3% | 2nd lowest of 21 |
| Forward P/E | 52.9× | 35.9× | 3rd most expensive of 11 |
| ROIC minus cost of capital | -23.8 pp | -7.9 pp | 3rd lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Synspective 290A.T | Japan | $950M | -16% | +5% | -196% | 52.9× | n/a | n/a |
| santec 6777.T | Japan | $984M | -53% | +45% | 33% | 15.5× | 23.5% | +33.2% |
| Wuhan Fingu Electronic Technology 002194.SZ | China | $914M | -19% | -9% | -2% | n/a | n/a | n/a |
| Huizhou Speed Wireless Technology 300322.SZ | China | $991M | -52% | +25% | 3% | 62.4× | n/a | n/a |
| Nanjing Panda Electronics 600775.SS | China | $992M | -27% | +30% | -7% | n/a | n/a | n/a |
| Chengdu Spaceon Electronics 002935.SZ | China | $909M | -37% | +1% | 5% | 43.5× | 49.9% | +1.3% |
| Arcadyan Technology 3596.TW | Taiwan | $900M | -17% | +6% | 6% | 9.8× | n/a | n/a |
| Invisio IVSO.ST | Sweden | $1.00B | -15% | +24% | 18% | 39.8× | 13.2% | +26.7% |
| Sumavision Technologies 300079.SZ | China | $1.01B | -14% | -6% | -8% | n/a | n/a | n/a |
| HTC 2498.TW | Taiwan | $885M | -15% | -8% | -78% | n/a | n/a | n/a |
| Harmonic HLIT | United States | $1.04B | -26% | -21% | 15% | 11.6× | 10.0% | -1.0% |
| Flaircomm Microelectronics 301600.SZ | China | $1.04B | -35% | +19% | 9% | 32.0× | 27.2% | +29.1% |
| Astroscale 186A.T | Japan | $865M | -25% | +70% | -275% | n/a | n/a | n/a |
| Tozed Kangwei Tech 301718.SZ | China | $1.05B | n/a | +43% | 5% | n/a | n/a | n/a |
| Shenzhen Phoenix Telecom Technology 301191.SZ | China | $854M | -42% | +30% | 0% | 47.2× | n/a | n/a |
| Anhui Tatfook Technology 300134.SZ | China | $852M | -32% | +14% | -14% | n/a | n/a | n/a |
| Shenzhen Infinova 002528.SZ | China | $1.06B | +23% | -29% | -77% | n/a | n/a | n/a |
| Chengdu CORPRO Technology 300101.SZ | China | $1.07B | -35% | -25% | -18% | 14.7× | n/a | n/a |
| Hubei Jiuzhiyang Infrared System 300516.SZ | China | $1.18B | -15% | -7% | -8% | n/a | 20.4% | -1.0% |
| Shenzhen Coship Electronics 002052.SZ | China | $757M | -34% | -75% | -5% | n/a | n/a | n/a |
| Zhiyang Innovation Technology 688191.SS | China | $753M | -53% | -2% | -8% | 57.9× | n/a | n/a |