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Maker of vacuum-based deposition and thin-film processing equipment for semiconductors, displays and solar cells.
Maker of vacuum-based deposition and thin-film processing equipment for semiconductors, displays and solar cells.
Sells large vacuum machines to panel makers and chip factories that order when they build capacity, so sales are lumpy and follow display and semiconductor capital spending, then earns again from service, parts and the sputtering targets consumed in its machines.
In one line: A smaller Applied Materials, vacuum-equipment focused.
Moat: narrow (process know-how, customer qualification). Vacuum process know-how and long tool-qualification cycles with fabs.
Headquarters: Chigasaki, Japan · Founded: 1952 · Employees: 5,613
Size ULVAC (6728.T) is a Japan Information Technology company (Electronic Equipment/Instruments) with a market value of $2.01B, the 479th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥6,437 on 6 Nov 2026.
Performance Over six months the shares fell 34.1%, against -22.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 7.1% over the last twelve months (peer median +10.5%); the operating margin is 7.3% (peer median 9.0%).
Valuation It trades at 15.5× forward earnings against a peer median of 21.9× (5th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +6 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 5.9 points below its cost of capital (13.1% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | ¥269B | ¥269B | ¥251B | ¥261B | ¥228B |
| Revenue growth | — | +7% | -4% | +15% | — |
| Gross profit | ¥77.7B | ¥77.0B | ¥79.0B | ¥82.0B | ¥68.4B |
| EBITDA | ¥30.4B | ¥30.4B | ¥37.3B | ¥39.0B | ¥28.2B |
| Net income | ¥17.1B | ¥17.1B | ¥16.7B | ¥20.2B | ¥14.2B |
| Free cash flow | ¥17.4B | ¥17.4B | ¥23.5B | -¥2.72B | -¥15.3B |
| Capital expenditure | ¥13.3B | ¥13.3B | ¥11.3B | ¥19.9B | ¥16.3B |
| Total debt | ¥48.7B | ¥48.7B | ¥53.5B | ¥59.1B | ¥45.9B |
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 |
|---|---|---|---|---|---|---|
| ULVAC 6728.T | $2.01B | -34% | +7% | 7% | 15.5× | 14.1% |
| Applied Materials AMAT | $264B | -24% | +8% | 31% | 18.8× | 25.5% |
| Tokyo Electron 8035.T | $122B | +41% | +18% | 28% | 23.1× | 28.8% |
| Kokusai Electric 6525.T | $7.62B | -21% | +15% | 19% | 20.0× | 30.9% |
| Aixtron AIXA.DE | $3.84B | -45% | -9% | 16% | 42.6× | 5.7% |
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 | 6728.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.8% | -6.6% | 5th lowest of 21 |
| 6-month return | -34.1% | -22.0% | 6th lowest of 21 |
| Distance from 52-week high | -43.6% | -48.7% | 9th highest of 21 |
| Revenue growth (TTM) | +7.1% | +10.5% | 10th lowest of 21 |
| Operating margin | 7.3% | 9.0% | 9th lowest of 21 |
| Forward P/E | 15.5× | 21.9× | 5th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 14.1% | 16.7% | 6th least demanding of 15 |
| Growth delivered (Del g) | +8.0% | +11.4% | 6th lowest of 15 |
| Hurdle (Req g minus delivered) | +6.1 pp | +2.3 pp | 7th most demanding of 15 |
| ROIC minus cost of capital | -5.9 pp | +1.4 pp | 5th lowest of 21 |
| EV / EBITDA | 8.4× | 9.1× | 2nd cheapest of 6 |
| Net debt / EBITDA | -2.2× | -0.2× | least indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ULVAC 6728.T | Japan | $2.01B | -34% | +7% | 7% | 15.5× | 14.1% | +8.0% |
| Diebold Nixdorf DBD | United States | $1.96B | -25% | +6% | 9% | 10.5× | -2.0% | -0.5% |
| Goodwe Technologies 688390.SS | China | $1.93B | -51% | +53% | 5% | 17.1× | 17.4% | +41.2% |
| Shenzhen Everbest Machinery Industry 002980.SZ | China | $1.90B | -16% | +64% | 23% | n/a | n/a | n/a |
| Anritsu 6754.T | Japan | $1.87B | -45% | +21% | 15% | 16.3× | 11.3% | +2.1% |
| Shanghai Feilo Acoustics 600651.SS | China | $1.82B | -30% | -11% | -3% | n/a | n/a | n/a |
| Shenzhen Topband 002139.SZ | China | $1.81B | -8% | +9% | 3% | 37.7× | n/a | n/a |
| Beijing Aerospace Shenzhou Intelligent Equipment Technology 300455.SZ | China | $1.81B | -36% | -29% | -4% | n/a | n/a | n/a |
| Hanwei Electronics 300007.SZ | China | $1.79B | -15% | -3% | 2% | 65.2× | 40.9% | +4.6% |
| Oxford Instruments OXIG.L | United Kingdom | $1.79B | -16% | -15% | 15% | 21.9× | 20.1% | +5.8% |
| Suzhou Hengmingda Electronic Technology 002947.SZ | China | $1.78B | -43% | +13% | 18% | 15.6× | 9.4% | +34.8% |
| Keli Sensing Technology (Ningbo) 603662.SS | China | $2.28B | -4% | +24% | 19% | 51.6× | 24.7% | +13.4% |
| Jiangsu Linyang Energy 601222.SS | China | $1.74B | -6% | +35% | 8% | 15.4× | n/a | n/a |
| Sineng Electric 300827.SZ | China | $2.35B | -25% | +29% | 12% | 24.7× | n/a | n/a |
| Suzhou TZTEK Technology 688003.SS | China | $1.67B | -19% | +33% | 5% | 64.3× | 42.0% | +13.2% |
| Zhejiang HangKe Technology 688006.SS | China | $1.64B | -43% | +12% | 3% | 24.0× | 16.0% | +14.9% |
| Shenzhen VMAX New Energy (Group) 688612.SS | China | $1.63B | -21% | -6% | 9% | 17.5× | 18.8% | +57.4% |
| Hexing Electrical 603556.SS | China | $1.61B | -23% | +6% | 9% | 14.2× | 0.1% | +11.3% |
| Vaisala VAIAS.HE | Finland | $2.54B | +22% | +2% | 16% | 26.9× | 9.7% | +9.5% |
| Dexerials 4980.T | Japan | $2.55B | -4% | +5% | 35% | 13.8× | 15.0% | +11.6% |
| Suzhou HYC Technology 688001.SS | China | $2.59B | -31% | +19% | 6% | 61.1× | 37.6% | +5.9% |