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Advantest Corp
F:VAN

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Advantest Corp
F:VAN
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Price: 182 EUR -5.41% Market Closed
Market Cap: €134.4B
Financial profile · Q1 FY2027

A rapidly scaling semiconductor tester with widening margins and durable cash generation

Advantest’s multi-year record shows a cyclical semiconductor-equipment model that can scale revenue rapidly while expanding operating leverage. Free cash flow has remained positive as capital spending stayed modest relative to operating cash generation, although working-capital swings can materially affect conversion.

What is developing

The June 30, 2026 quarter extended the established growth-and-margin pattern, but bottom-line growth was additionally amplified by valuation gains on financial instruments tied to strategic investments. That makes the latest earnings mix more non-operational than the operating result alone suggests.

What matters next

Whether operating cash flow continues to cover capital spending while inventory-related working-capital absorption moderates.

JPY
Metric FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026
155.9B 207.2B 282.5B 275.9B 312.8B 416.9B 560.2B 486.5B 779.7B 1.1T
(66.2B) (100.6B) (128.4B) (119.4B) (144.5B) (181B) (241.1B) (240.5B) (334.6B) (402.5B)
89.7B 106.6B 154B 156.5B 168.3B 235.9B 319.1B 246B 445.1B 726.1B
(75.8B) (82.1B) (92.9B) (97.8B) (105.6B) (121.2B) (151.4B) (158.6B) (195.5B) (229.5B)
(72.3B) (78.5B) (89.2B) (90.1B) (96.1B) (109.9B) (138B) (141.2B) (176.9B) (133.1B)
R&D
— — — — — — — — — (78.1B)
(3.9B) (4.1B) (3.9B) (7.7B) (9.8B) (11.3B) (14B) (17.8B) (18.5B) (18.4B)
339m 544m 248m (38m) 285m (41m) 668m 380m (139m) 137m
13.9B 24.5B 61.2B 58.7B 62.7B 114.7B 167.7B 87.4B 249.6B 496.6B
873m (712m) 1.5B 844m (48m) 1.6B 3.7B (3.5B) (3.2B) 795m
221m 144m 77m 155m 182m 279m 701m 2.3B 2.5B 2.2B
— — 3.5B — 8B — — (5.8B) (21.4B) 19.8B
250m 519m — — — — — — — —
(6m) (12m) 16m (978m) (1.1B) 2m (161m) (5m) (215m) (507m)
15B 24.3B 66.2B 58.6B 69.6B 116.3B 171.3B 78.2B 224.8B 516.7B
(821m) (6.2B) (9.2B) (5B) 169m (29B) (40.9B) (15.9B) (63.6B) (141.4B)
14.2B 18.1B 57B 53.5B 69.8B 87.3B 130.4B 62.3B 161.2B 375.4B
14.2B 18.1B 57B 53.5B 69.8B 87.3B 130.4B 62.3B 161.2B 375.4B
73.29 92.03 286.99 268.97 87.96 111.82 173.67 84.16 218.01 513.30