Loading…
Makes inspection tools for semiconductor photomasks, with a near-monopoly in EUV mask-blank inspection.
Makes inspection tools for semiconductor photomasks, with a near-monopoly in EUV mask-blank inspection.
Sells a small number of very expensive inspection machines to a handful of chipmakers and photomask makers, so earnings swing with when large orders ship and with spending on EUV capacity. Service, parts and upgrades on installed tools add steady income. Most sales go outside Japan, mainly to Taiwan, Korea and the US.
In one line: A small, single-purpose KLA.
Moat: wide (IP / patents, process know-how, customer qualification). Effectively the sole qualified supplier of EUV mask-blank inspection tools needed for leading-edge chipmaking.
Headquarters: Yokohama, Japan · Founded: 1960 · Employees: 1,335
Size Lasertec (6920.T) is a Japan Information Technology company (Electronic Equipment/Instruments) with a market value of $18.2B, the 88th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥32,040 on 6 Nov 2026.
Performance Over six months the shares fell 24.6%, against -22.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 9th lowest of 19 in its peer set.
Growth Revenue fell 19.4% over the last twelve months (peer median +16.7%); the operating margin is 43.5% (peer median 20.7%).
Valuation It trades at 28.7× forward earnings against a peer median of 24.8× (8th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 29% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is +2 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 37.9 points above its cost of capital (12.9% WACC).
Next results Next results expected around 1 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | ¥217B | ¥230B | ¥251B | ¥214B | ¥153B |
| Revenue growth | — | -8% | +18% | +40% | — |
| Gross profit | ¥128B | ¥136B | ¥148B | ¥107B | ¥84.0B |
| EBITDA | ¥98.6B | ¥110B | ¥128B | ¥86.1B | ¥65.8B |
| Net income | ¥69.2B | ¥77.5B | ¥84.7B | ¥59.1B | ¥46.2B |
| Free cash flow | ¥80.0B | ¥47.0B | ¥75.8B | ¥30.3B | ¥21.8B |
| Capital expenditure | ¥2.20B | ¥1.79B | ¥2.32B | ¥3.53B | ¥20.5B |
| Total debt | ¥109M | ¥147M | ¥177M | ¥76.0M | ¥5.04B |
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 |
|---|---|---|---|---|---|---|
| Lasertec 6920.T | $18.2B | -25% | -19% | 44% | 28.7× | 28.9% |
| KLA KLAC | $180B | -26% | +16% | 43% | 22.3× | 23.5% |
| Applied Materials AMAT | $264B | -24% | +8% | 31% | 18.8× | 25.5% |
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 | 6920.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -31.2% | -9.9% | 4th lowest of 20 |
| 6-month return | -24.6% | -22.5% | 9th lowest of 19 |
| Distance from 52-week high | -45.1% | -34.4% | 9th lowest of 20 |
| Revenue growth (TTM) | -19.4% | +16.7% | 2nd lowest of 19 |
| Operating margin | 43.5% | 20.7% | 2nd highest of 19 |
| Forward P/E | 28.7× | 24.8× | 8th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 28.9% | 21.7% | 5th most demanding of 16 |
| Growth delivered (Del g) | +26.8% | +10.7% | 3rd highest of 16 |
| Hurdle (Req g minus delivered) | +2.0 pp | +6.4 pp | 7th least demanding of 16 |
| ROIC minus cost of capital | +37.9 pp | +2.5 pp | highest of 19 |
| EV / EBITDA | 28.0× | 24.5× | 2nd most expensive of 9 |
| Net debt / EBITDA | -1.1× | -0.3× | 4th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Hon Precision 7769.TW | Taiwan | $20.0B | -34% | +257% | 48% | 21.3× | 28.2% | +31.0% |
| 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 |
| Qnity Electronics Q | United States | $24.5B | -21% | +18% | 23% | 20.2× | 22.1% | 0.0% |
| Sieyuan Electric 002028.SZ | China | $13.4B | -42% | +35% | 16% | 23.1× | 11.1% | +23.9% |
| BOE Technology 000725.SZ | China | $25.3B | +9% | -4% | 2% | 21.4× | -3.9% | +8.6% |
| AVIC Chengdu Aircraft 302132.SZ | China | $28.0B | +4% | +3% | 5% | 49.6× | n/a | n/a |
| Hexagon HEXA-B.ST | Sweden | $29.4B | +14% | -20% | -14% | 30.0× | 9.1% | +8.7% |
| NVMI NVMI | United States | $9.96B | -40% | +16% | 29% | 25.0× | 32.8% | +26.7% |
| Legrand LR.PA | France | $38.0B | -16% | +10% | 21% | 22.0× | 15.6% | +9.2% |
| 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% |
| Keysight Technologies KEYS | United States | $46.3B | -24% | +26% | 24% | 20.3× | 20.9% | +5.0% |
| Wuhan Guide Infrared 002414.SZ | China | $6.46B | -32% | +89% | 29% | 37.4× | n/a | n/a |
| Novanta NOVT | United States | $5.11B | -2% | +8% | 12% | 33.9× | 33.5% | +10.7% |