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World-leading maker of automated test equipment (ATE) for memory chips, including HBM, and SoCs.
World-leading maker of automated test equipment (ATE) for memory chips, including HBM, and SoCs.
Sells test systems that check chips before they ship, so demand follows the volume and complexity of chips being made, since more complex chips need longer testing. Orders arrive in waves with customers' capital spending, and service and software add a steadier line.
In one line: Japan's Teradyne, and its biggest rival.
Moat: wide (scale, IP / patents, customer qualification). Deep incumbency and IP in test algorithms; a de facto duopoly with Teradyne in most segments.
Headquarters: Tokyo, Japan · Founded: 1954 · Employees: 7,241
Size Advantest (6857.T) is a Japan Information Technology company (Electronic Equipment/Instruments) with a market value of $124B, the 9th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥28,015 on 6 Nov 2026.
Performance Over six months the shares fell 0.9%, against -24.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 48.1% over the last twelve months (peer median +17.1%); the operating margin is 50.0% (peer median 21.9%).
Valuation It trades at 27.5× forward earnings against a peer median of 24.9× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 36% a year for seven years (Req g). Recent delivered growth is +29%, so the hurdle is +7 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 41.2 points above its cost of capital (17.7% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.45T | ¥1.13T | ¥780B | ¥487B | ¥560B |
| Revenue growth | — | +45% | +60% | -13% | — |
| Gross profit | ¥986B | ¥708B | ¥427B | ¥228B | ¥305B |
| EBITDA | ¥751B | ¥523B | ¥277B | ¥114B | ¥188B |
| Net income | ¥574B | ¥375B | ¥161B | ¥62.3B | ¥130B |
| Free cash flow | ¥466B | ¥302B | ¥269B | ¥13.1B | ¥47.7B |
| Capital expenditure | ¥39.1B | ¥36.0B | ¥19.4B | ¥20.5B | ¥23.6B |
| Total debt | ¥107B | ¥20.2B | ¥93.5B | ¥94.4B | ¥50.8B |
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 |
|---|---|---|---|---|---|---|
| Advantest 6857.T | $124B | -1% | +48% | 50% | 27.5× | 36.4% |
| Teradyne TER | $34.1B | -39% | +75% | 33% | 20.2× | 20.9% |
| Cohu COHU | $1.82B | -22% | +34% | -2% | 19.3× | 21.5% |
| Chroma Ate 2360.TW | $15.4B | -46% | +101% | 39% | 18.5× | 19.3% |
| Techwing 089030.KS | $737M | -51% | +4% | 18% | 15.8× | n/a |
| FormFactor FORM | $6.36B | -45% | +29% | 21% | 19.7× | 22.4% |
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 | 6857.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -33.1% | -13.0% | 4th lowest of 21 |
| 6-month return | -0.9% | -24.5% | 7th highest of 20 |
| Distance from 52-week high | -33.3% | -38.7% | 9th highest of 21 |
| Revenue growth (TTM) | +48.1% | +17.1% | 5th highest of 20 |
| Operating margin | 50.0% | 21.9% | 2nd highest of 20 |
| Forward P/E | 27.5× | 24.9× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 36.4% | 21.4% | 2nd most demanding of 17 |
| Growth delivered (Del g) | +29.3% | +12.7% | 3rd highest of 17 |
| Hurdle (Req g minus delivered) | +7.2 pp | +5.2 pp | 6th most demanding of 17 |
| ROIC minus cost of capital | +41.2 pp | +2.8 pp | highest of 20 |
| EV / EBITDA | 25.6× | 23.3× | 5th most expensive of 10 |
| Net debt / EBITDA | -0.4× | -0.7× | 5th most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Advantest 6857.T | Japan | $124B | -1% | +48% | 50% | 27.5× | 36.4% | +29.3% |
| Keyence 6861.T | Japan | $107B | -2% | +25% | 54% | 28.7× | 21.1% | +16.8% |
| Keysight Technologies KEYS | United States | $46.3B | -24% | +26% | 24% | 20.3× | 20.9% | +5.0% |
| Legrand LR.PA | France | $38.0B | -16% | +10% | 21% | 22.0× | 15.6% | +9.2% |
| Hexagon HEXA-B.ST | Sweden | $29.4B | +14% | -20% | -14% | 30.0× | 9.1% | +8.7% |
| AVIC Chengdu Aircraft 302132.SZ | China | $28.0B | +4% | +3% | 5% | 49.6× | n/a | n/a |
| BOE Technology 000725.SZ | China | $25.3B | +9% | -4% | 2% | 21.4× | -3.9% | +8.6% |
| Qnity Electronics Q | United States | $24.5B | -21% | +18% | 23% | 20.2× | 22.1% | 0.0% |
| Hon Precision 7769.TW | Taiwan | $20.0B | -34% | +257% | 48% | 21.3× | 28.2% | +31.0% |
| Lasertec 6920.T | Japan | $18.2B | -25% | -19% | 44% | 28.7× | 28.9% | +26.8% |
| Hangzhou Changchuan Technology 300604.SZ | China | $17.3B | +4% | +53% | 27% | 46.1× | 43.8% | +45.8% |
| Semight Instruments 688808.SS | China | $17.0B | n/a | n/a | n/a | 51.5× | n/a | n/a |
| Halma HLMA.L | United Kingdom | $17.0B | -25% | +15% | 20% | 25.0× | 21.7% | +14.4% |
| Chroma Ate 2360.TW | Taiwan | $15.4B | -46% | +101% | 39% | 18.5× | 19.3% | +12.8% |
| Skyverse Technology 688361.SS | China | $13.8B | +33% | +39% | -12% | 563.2× | n/a | n/a |
| Sieyuan Electric 002028.SZ | China | $13.4B | -42% | +35% | 16% | 23.1× | 11.1% | +23.9% |
| NVMI NVMI | United States | $9.96B | -40% | +16% | 29% | 25.0× | 32.8% | +26.7% |
| ONTO ONTO | United States | $8.50B | -39% | +8% | 20% | 16.9× | 29.4% | +12.6% |
| Cognex CGNX | United States | $8.04B | -27% | +17% | 22% | 24.8× | 25.6% | +4.2% |
| China Railway Signal & Communication 688009.SS | China | $7.39B | 0% | +1% | 12% | 14.9× | -6.3% | -2.9% |
| Wuhan Guide Infrared 002414.SZ | China | $6.46B | -32% | +89% | 29% | 37.4× | n/a | n/a |