Loading…
World leader in batch ALD/CVD tools that deposit thin films for advanced 3D memory and logic chips.
World leader in batch ALD/CVD tools that deposit thin films for advanced 3D memory and logic chips.
Sells to a handful of memory and logic chipmakers, so a few large fab projects drive orders. Hitachi sold it to KKR in 2017; Applied Materials' planned purchase collapsed in 2021 when China's approval never arrived, and it listed in Tokyo in 2023.
In one line: A batch-deposition specialist, like a batch-tool Lam Research.
Moat: narrow (installed base, process know-how, customer qualification). About 70% share in batch ALD, a qualified tool-of-record hard to swap mid-node.
Headquarters: Tokyo, Japan · Employees: 2,609
Size Kokusai Electric (6525.T) is a Japan Industrials company (Industrial Machinery) with a market value of $7.62B, the 169th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥5,057 on 6 Nov 2026.
Performance Over six months the shares fell 20.7%, against -13.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th lowest of 20 in its peer set.
Growth Revenue grew 14.7% over the last twelve months (peer median +17.3%); the operating margin is 18.6% (peer median 12.5%).
Valuation It trades at 20.0× forward earnings against a peer median of 22.8× (8th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 31% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is +32 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.2 points below its cost of capital (15.5% WACC).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥259B | ¥235B | ¥239B | ¥181B | ¥246B |
| Revenue growth | — | -2% | +32% | -26% | — |
| Gross profit | ¥105B | ¥89.1B | ¥94.9B | ¥68.0B | ¥94.0B |
| EBITDA | ¥62.9B | ¥56.0B | ¥63.9B | ¥41.5B | ¥67.7B |
| Net income | ¥34.9B | ¥30.1B | ¥36.0B | ¥22.4B | ¥40.3B |
| Free cash flow | ¥40.2B | ¥35.1B | ¥13.0B | -¥8.59B | ¥23.2B |
| Capital expenditure | ¥19.6B | ¥17.0B | ¥27.7B | ¥12.0B | ¥7.84B |
| Total debt | ¥50.4B | ¥49.9B | ¥60.2B | ¥93.0B | ¥99.2B |
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 |
|---|---|---|---|---|---|---|
| Kokusai Electric 6525.T | $7.62B | -21% | +15% | 19% | 20.0× | 30.9% |
| Tokyo Electron 8035.T | $122B | +41% | +18% | 28% | 23.1× | 28.8% |
| ASM International ASM.AS | $35.5B | -28% | +13% | 31% | 27.0× | 30.0% |
| Applied Materials AMAT | $264B | -24% | +8% | 31% | 18.8× | 25.5% |
| Eugene Technology 084370.KS | $1.21B | -43% | +2% | 15% | 12.3× | 16.3% |
| Jusung Engineering 036930.KS | $4.39B | +5% | -33% | 0% | 145.3× | 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 | 6525.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -51.0% | -9.0% | 2nd lowest of 21 |
| 6-month return | -20.7% | -13.5% | 8th lowest of 20 |
| Distance from 52-week high | -58.6% | -43.2% | 7th lowest of 21 |
| Revenue growth (TTM) | +14.7% | +17.3% | 11th highest of 21 |
| Operating margin | 18.6% | 12.5% | 7th highest of 21 |
| Forward P/E | 20.0× | 22.8× | 8th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 30.9% | 14.6% | 4th most demanding of 15 |
| Growth delivered (Del g) | -1.5% | +11.8% | 3rd lowest of 15 |
| Hurdle (Req g minus delivered) | +32.4 pp | +9.9 pp | most demanding of 15 |
| ROIC minus cost of capital | -0.2 pp | -2.2 pp | 9th highest of 21 |
| EV / EBITDA | 19.0× | 13.4× | 2nd most expensive of 9 |
| Net debt / EBITDA | -0.1× | 0.9× | 2nd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kokusai Electric 6525.T | Japan | $7.62B | -21% | +15% | 19% | 20.0× | 30.9% | -1.5% |
| Zoomlion Heavy Industry Science & Technology 000157.SZ | China | $7.61B | -22% | +14% | 7% | 11.2× | 2.8% | -4.3% |
| Zhejiang Jingsheng Mechanical & Electrical 300316.SZ | China | $7.69B | -13% | -25% | 0% | 74.3× | 39.6% | +24.6% |
| Leader Harmonious Drive Systems 688017.SS | China | $7.84B | +27% | +46% | 15% | 283.8× | n/a | n/a |
| Sulzer SUN.SW | Switzerland | $7.39B | +23% | -3% | 13% | 17.9× | -1.4% | +3.7% |
| Wuxi Lead Intelligent Equipment 300450.SZ | China | $7.88B | -41% | +28% | 10% | 22.9× | 10.4% | +19.9% |
| Robotechnik Intelligent Technology 300757.SZ | China | $7.37B | -42% | +203% | 9% | 219.2× | n/a | n/a |
| Rational Aktiengesellschaft RAA.DE | Germany | $7.95B | -4% | +6% | 27% | 26.1× | 14.8% | +14.2% |
| Han's Laser Technology Industry 002008.SZ | China | $7.97B | -48% | +59% | 12% | 19.1× | 19.6% | +9.5% |
| Spirax SPX.L | United Kingdom | $7.24B | +2% | +5% | 18% | 22.7× | 20.5% | +7.4% |
| Zurn Elkay Water Solutions ZWS | United States | $7.18B | -15% | +10% | 23% | 21.8× | 10.9% | -2.4% |
| Shenzhen Envicool Technology 002837.SZ | China | $7.13B | -49% | +22% | 9% | 53.5× | 56.2% | +29.0% |
| GlobalWafers 6488.TWO | Taiwan | $8.15B | -23% | -6% | 11% | 21.4× | n/a | n/a |
| Timken TKR | United States | $7.07B | -14% | +6% | 15% | 14.5× | 3.7% | +5.5% |
| Beijing Huafeng Test & Control Technology 688200.SS | China | $6.87B | -4% | +44% | 36% | 50.0× | 47.7% | +27.6% |
| Shenzhen Han's CNC Technology 3200.HK | Hong Kong | $8.58B | -66% | +109% | 21% | 9.9× | n/a | n/a |
| JBT Marel JBTM | United States | $6.66B | -8% | +20% | 10% | 14.2× | 12.7% | +17.0% |
| IMI IMI.L | United Kingdom | $8.81B | +3% | +8% | 21% | 19.9× | 14.3% | +4.8% |
| KINGSEMI 688037.SS | China | $6.56B | -7% | +41% | -5% | 264.1× | n/a | n/a |
| Beijing E-Town Semiconductor Technology 688729.SS | China | $8.94B | -14% | +10% | 12% | 52.3× | n/a | n/a |
| INDO-MIM INDOMIM.NS | India | $6.39B | n/a | +26% | 20% | 60.8× | 30.3% | +15.8% |