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Japanese maker of photomasks -- master templates used to print circuit patterns onto semiconductor wafers -- spun off from Toppan in 2025.
Japanese maker of photomasks -- master templates used to print circuit patterns onto semiconductor wafers -- spun off from Toppan in 2025.
In one line: A Japanese Photronics.
Moat: narrow (process know-how, customer qualification). Photomask precision manufacturing requires deep process know-how and long customer qualification cycles.
Headquarters: Minato, Tokyo, Japan · Founded: 1961 · Employees: 1,944
Size Tekscend Photomask (429A.T) is a Japan Information Technology company (Semiconductors) with a market value of $1.64B, the 543rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,597 on 6 Nov 2026.
Performance Over six months the shares fell 36.2%, against -16.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue grew 9.8% over the last twelve months (peer median +19.0%); the operating margin is 21.6% (peer median 7.1%).
Valuation It trades at 9.9× forward earnings against a peer median of 18.3× (2nd cheapest of 12).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.8 points above its cost of capital (12.6% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥134B | ¥130B | ¥118B | ¥107B | ¥101B |
| Revenue growth | — | +10% | +10% | +6% | — |
| Gross profit | ¥44.9B | ¥43.1B | ¥40.8B | ¥31.3B | ¥39.6B |
| EBITDA | ¥47.9B | ¥45.9B | ¥42.5B | ¥34.9B | ¥37.2B |
| Net income | ¥24.8B | ¥24.9B | ¥9.95B | ¥16.1B | ¥22.2B |
| Free cash flow | ¥11.6B | ¥2.85B | -¥4.46B | ¥11.8B | ¥35.9B |
| Capital expenditure | ¥27.1B | ¥33.2B | ¥30.8B | ¥16.9B | ¥7.47B |
| Total debt | ¥12.7B | ¥15.6B | ¥9.54B | ¥8.12B | ¥8.47B |
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 |
|---|---|---|---|---|---|---|
| Tekscend Photomask 429A.T | $1.64B | -36% | +10% | 22% | 9.9× | 6.4% |
| Photronics PLAB | $1.61B | -49% | +1% | 22% | 13.3× | 1.9% |
| Dai Nippon Printing 7912.T | $6.96B | -14% | +4% | 7% | 11.8× | n/a |
| Toppan 7911.T | $6.77B | -3% | +9% | 4% | 15.0× | n/a |
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 | 429A.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -36.1% | -18.0% | 3rd lowest of 20 |
| 6-month return | -36.2% | -16.6% | 4th lowest of 20 |
| Distance from 52-week high | -50.9% | -44.7% | 8th lowest of 21 |
| Revenue growth (TTM) | +9.8% | +19.0% | 7th lowest of 21 |
| Operating margin | 21.6% | 7.1% | 4th highest of 21 |
| Forward P/E | 9.9× | 18.3× | 2nd cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 6.4% | 35.8% | 2nd least demanding of 8 |
| Growth delivered (Del g) | +8.7% | +3.8% | 3rd highest of 8 |
| Hurdle (Req g minus delivered) | -2.3 pp | +25.0 pp | least demanding of 8 |
| ROIC minus cost of capital | +1.8 pp | -7.2 pp | 6th highest of 20 |
| EV / EBITDA | 4.6× | 8.0× | 3rd cheapest of 10 |
| Net debt / EBITDA | -0.8× | 0.4× | 5th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tekscend Photomask 429A.T | Japan | $1.64B | -36% | +10% | 22% | 9.9× | 6.4% | +8.7% |
| Aerospace Nanhu Electronic Information Technology 688552.SS | China | $1.64B | -19% | +19% | -6% | 231.3× | 35.8% | +1.0% |
| Shenzhen Injoinic Technology 688209.SS | China | $1.64B | +5% | +13% | 11% | n/a | n/a | n/a |
| Thinkon Semiconductor Jinzhou 688233.SS | China | $1.62B | -11% | +12% | 18% | 59.7× | 44.7% | +18.0% |
| NSING Technologies 300077.SZ | China | $1.61B | -32% | +47% | 1% | n/a | n/a | n/a |
| Shanghai Anlogic Infotech 688107.SS | China | $1.67B | -26% | +70% | -25% | n/a | n/a | n/a |
| Greatek Electronics 2441.TW | Taiwan | $1.68B | +4% | +24% | 21% | 13.2× | 1.6% | +2.7% |
| Taiwan Surface Mounting Technology 6278.TW | Taiwan | $1.60B | -2% | +5% | 7% | 16.1× | 6.5% | +3.8% |
| Wonik 030530.KS | South Korea | $1.59B | -14% | -14% | 1% | n/a | n/a | n/a |
| Shoals Technologies SHLS | United States | $1.70B | +14% | +49% | 11% | 18.3× | n/a | n/a |
| Jiangsu HHCK Advanced Materials 688535.SS | China | $1.58B | -19% | +154% | 7% | 134.5× | n/a | n/a |
| Risen Energy 300118.SZ | China | $1.71B | -42% | -52% | -39% | n/a | 38.4% | -4.7% |
| Cosmo Electronics 2466.TW | Taiwan | $1.57B | +449% | -19% | -20% | n/a | n/a | n/a |
| Changzhou Fusion New Material 688503.SS | China | $1.71B | -53% | +41% | 2% | 37.6× | n/a | n/a |
| Silex Microsystems SILEX.ST | Sweden | $1.55B | -32% | +13% | 26% | n/a | 38.0% | +13.0% |
| Shanghai New Vision Microelectronics 688593.SS | China | $1.76B | -22% | +7% | -4% | 643.2× | n/a | n/a |
| ams-OSRAM AMS.SW | Switzerland | $1.78B | -16% | -3% | 8% | n/a | n/a | n/a |
| Beijing ESWIN Computing Technology 1256.HK | Hong Kong | $1.50B | n/a | +20% | -57% | n/a | n/a | n/a |
| Elite Semiconductor Microelectronics Technology 3006.TW | Taiwan | $1.79B | +14% | +273% | 49% | 1.6× | n/a | n/a |
| ChipMOS Technologies 8150.TW | Taiwan | $1.49B | -17% | +19% | 8% | 12.2× | n/a | n/a |
| C Sun Mfg 2467.TW | Taiwan | $1.48B | -47% | +72% | 22% | 13.2× | 12.7% | +8.4% |