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Japanese maker of probe cards used to electrically test semiconductor wafers before dicing, mainly for memory chips.
Japanese maker of probe cards used to electrically test semiconductor wafers before dicing, mainly for memory chips.
Probe cards are built for each chip design and wear out in use, so sales come from new memory chip generations and from replacement at a handful of memory makers.
In one line: A Japanese FormFactor, focused on memory test.
Moat: narrow (process know-how, customer qualification). Leading global share in memory probe cards; qualification with memory makers is a high switching-cost relationship.
Headquarters: Fussa, Tokyo, Japan · Founded: 1954 · Employees: 1,785
Size Micronics Japan (6871.T) is a Japan Information Technology company (Semiconductors) with a market value of $2.11B, the 463rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥8,672 on 6 Nov 2026.
Performance Over six months the shares fell 33.1%, against -34.2% for the median peer and +1.8% for the Japan market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 37.8% over the last twelve months (peer median +12.1%); the operating margin is 28.4% (peer median 3.9%).
Valuation It trades at 14.1× forward earnings against a peer median of 46.2× (2nd cheapest of 16).
Capital Return on invested capital runs 2.5 points above its cost of capital (19.4% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥86.3B | ¥70.2B | ¥55.6B | ¥38.3B | ¥44.3B |
| Revenue growth | — | +26% | +45% | -14% | — |
| Gross profit | ¥42.5B | ¥33.8B | ¥27.1B | ¥17.1B | ¥20.2B |
| EBITDA | ¥31.4B | ¥22.0B | ¥15.4B | ¥7.52B | ¥11.4B |
| Net income | ¥18.8B | ¥12.1B | ¥8.81B | ¥4.13B | ¥7.53B |
| Free cash flow | n/a | -¥6.47B | ¥8.06B | -¥1.53B | ¥4.55B |
| Capital expenditure | n/a | ¥19.4B | ¥7.04B | ¥6.37B | ¥3.84B |
| Total debt | ¥6.44B | ¥6.54B | ¥1.20B | ¥1.34B | ¥1.27B |
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 |
|---|---|---|---|---|---|---|
| Micronics Japan 6871.T | $2.11B | -33% | +38% | 28% | 14.1× | n/a |
| FormFactor FORM | $6.36B | -45% | +29% | 21% | 19.7× | 22.4% |
| MPI 6223.TWO | $10.2B | -31% | +38% | 30% | 37.2× | n/a |
| Technoprobe TPRO.MI | $14.9B | +5% | +22% | 30% | 38.4× | 36.4% |
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 | 6871.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -43.7% | -20.3% | 5th lowest of 21 |
| 6-month return | -33.1% | -34.2% | 11th highest of 21 |
| Distance from 52-week high | -52.3% | -58.7% | 9th highest of 21 |
| Revenue growth (TTM) | +37.8% | +12.1% | 5th highest of 21 |
| Operating margin | 28.4% | 3.9% | 3rd highest of 21 |
| Forward P/E | 14.1× | 46.2× | 2nd cheapest of 16 |
| ROIC minus cost of capital | +2.5 pp | -6.6 pp | 6th highest of 21 |
| EV / EBITDA | 10.2× | 18.9× | 2nd cheapest of 5 |
| Net debt / EBITDA | -0.4× | -2.3× | 3rd most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Micronics Japan 6871.T | Japan | $2.11B | -33% | +38% | 28% | 14.1× | n/a | n/a |
| Beijing BDStar Navigation 002151.SZ | China | $2.10B | -36% | +35% | -14% | n/a | n/a | n/a |
| China Wafer Level CSP 603005.SS | China | $2.10B | -31% | +7% | 23% | 28.7× | 28.3% | +6.2% |
| Elmos Semiconductor ELG.DE | Germany | $2.13B | -36% | +9% | 20% | 16.2× | 12.9% | +20.2% |
| Shanghai Belling Corp.,Ltd 600171.SS | China | $2.14B | -30% | +11% | 4% | n/a | 39.4% | +19.1% |
| Ferrotec 6890.T | Japan | $2.08B | -19% | +43% | 12% | 8.3× | n/a | n/a |
| Union Semiconductor (Hefei) 688403.SS | China | $2.15B | -14% | +13% | 3% | 56.1× | n/a | n/a |
| Guangdong Tianyu Semiconductor 2658.HK | Hong Kong | $2.17B | -3% | +52% | -30% | 59.4× | n/a | n/a |
| nLIGHT LASR | United States | $2.19B | +72% | +43% | -5% | 61.8× | 39.2% | +3.2% |
| Wuxi Taclink Optoelectronics Technology 688205.SS | China | $2.20B | -62% | +20% | 3% | 180.7× | n/a | n/a |
| Xiamen UX IC 688807.SS | China | $2.22B | -48% | +26% | 13% | 144.5× | n/a | n/a |
| Ennostar 3714.TW | Taiwan | $2.23B | -23% | -5% | -13% | n/a | n/a | n/a |
| POWI POWI | United States | $2.25B | -45% | +2% | 8% | 22.9× | 35.9% | -1.9% |
| GCL System Integration Technology 002506.SZ | China | $2.26B | -39% | -32% | -10% | n/a | 31.8% | +20.8% |
| Xiamen Changelight 300102.SZ | China | $2.26B | -50% | -38% | -2% | 71.3× | 34.6% | +21.1% |
| Giantec Semiconductor 688123.SS | China | $2.27B | -23% | +13% | 22% | 23.3× | 39.2% | +19.8% |
| Southchip Semiconductor Technology (Shanghai) 688484.SS | China | $1.95B | -21% | +9% | -2% | 882.8× | n/a | n/a |
| Hermes Testing Solutions 7856.TWO | Taiwan | $2.29B | -32% | +52% | 12% | 46.2× | 52.1% | +51.8% |
| HPSP 403870.KS | South Korea | $1.95B | -37% | -20% | 53% | 22.1× | 15.6% | +23.1% |
| Chunghwa Precision Test Tech 6510.TWO | Taiwan | $2.30B | -37% | +24% | 32% | 28.3× | 24.4% | +2.7% |
| NVTS NVTS | United States | $2.32B | -53% | -29% | -273% | n/a | n/a | n/a |