VAN Balance Sheet - Advantest Corp

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Price: 208.7 EUR -3.54%

Market Cap: €154B

A	Advantest Corp XMUN:VAN	JP

Financial profile · Q1 FY2027

A cyclical semiconductor tester with widening scale economics and cash generation

Across the reported years, revenue and operating margins have moved with tester cycles, while recent scale has translated into pronounced operating leverage. Operating cash flow and free cash flow have remained positive, although working-capital swings can make cash conversion uneven.

What is developing

The June quarter extended the rapid growth and margin expansion already visible in the prior fiscal year, consistent with stronger AI and HPC tester demand and a more favorable sales mix. Net income also benefited from strategic-investment valuation gains, so its acceleration was less purely operational than the operating-income trend.

What matters next

Whether working-capital absorption moderates enough for operating cash flow to keep pace with the earnings base.

Metric	FY2017 Mar 2017	FY2018 Mar 2018	FY2019 Mar 2019	FY2020 Mar 2020	FY2021 Mar 2021	FY2022 Mar 2022	FY2023 Mar 2023	FY2024 Mar 2024	FY2025 Mar 2025	FY2026 Mar 2026
Cash & Cash Equivalents	95.3B	104B	119.9B	127.7B	149.2B	116.6B	85.5B	106.7B	262.5B	340B
Cash Equivalents	95.3B	104B	119.9B	127.7B	149.2B	116.6B	85.5B	106.7B	262.5B	340B
Total Receivables	32.5B	37.9B	51.8B	46.4B	57B	82.2B	102.2B	88.9B	113B	228.7B
Accounts Receivables	31B	34.2B	49.9B	44.1B	54.1B	72.4B	89.8B	74.2B	100.9B	209.1B
Other Receivables	1.5B	3.7B	1.9B	2.3B	2.9B	9.8B	12.4B	14.7B	12.1B	19.6B
Inventory	39.1B	49.6B	57.1B	58.9B	64.3B	95B	169.1B	204.4B	209.7B	231.7B
Other Current Assets	4.3B	5.6B	4.4B	7.1B	8.6B	11.2B	17.9B	20.3B	14.5B	36B
Total Current Assets	171.1B	197.1B	233.3B	240.1B	279.1B	304.9B	374.7B	420.3B	599.8B	836.4B
PP&E Net	29.9B	29.2B	30.8B	46.3B	53.3B	64B	81.4B	98B	96.9B	121.6B
PP&E Gross	29.9B	29.2B	30.8B	46.3B	53.3B	64B	81.4B	98B	96.9B	121.6B
Accumulated Depreciation	(64.6B)	(58B)	(59.1B)	(67.1B)	(70.3B)	(77.9B)	(89.3B)	(109B)	(116.7B)	(124.2B)
Intangible Assets	1.6B	1.2B	1.3B	4.1B	21.8B	22.1B	32.7B	33.3B	17.2B	18.6B
Goodwill	14.9B	14.1B	24.8B	46.9B	32.8B	63.2B	63.1B	65.3B	61.2B	65.7B
Long-Term Investments	3.8B	2.8B	3.2B	3B	10.2B	14.6B	21.5B	20.1B	30.2B	71.9B
Other Long-Term Assets	10.2B	10.1B	11.2B	15.4B	25.5B	25.8B	26.9B	34.3B	49B	57.6B
Other Assets	14.9B	14.1B	24.8B	46.9B	32.8B	63.2B	63.1B	65.3B	61.2B	65.7B
Total Assets	231.6B	254.6B	304.6B	355.8B	422.6B	494.7B	600.2B	671.2B	854.2B	1.2T
Accounts Payable	19.2B	31.4B	28.6B	31.4B	40.3B	49.6B	66.2B	128.4B	178B	236.4B
Accrued Liabilities	9.3B	11.9B	15.4B	15.2B	18.3B	20.8B	23.1B	25.3B	28.9B	37.8B
Short-Term Debt	0	0	0	0	0	18.4B	0	0	0	0
Current Portion of Long-Term Debt	15B	29.9B	—	2.3B	2.5B	2.9B	17.9B	5.1B	80B	5B
Other Current Liabilities	7.9B	14.1B	18.9B	21.6B	28.8B	59.3B	67.5B	44.3B	129.7B	193.2B
Deferred Revenue	—	—	—	—	—	—	19.8B	18.2B	28.8B	40.1B
Total Current Liabilities	51.4B	87.2B	62.8B	70.5B	89.8B	150.9B	174.7B	126.3B	309.4B	330.3B
Long-Term Debt	29.7B	0	0	9B	9.4B	22.2B	32.9B	89.3B	13.5B	15.2B
Deferred Income Tax	420m	1.1B	1.7B	1.6B	4.5B	3.4B	5.8B	3.9B	4.7B	6.4B
Other Liabilities	40.5B	41.7B	41.3B	43.2B	38.6B	23.6B	18.2B	20.5B	20B	24.1B
Total Liabilities	122.1B	129.9B	105.8B	124.3B	142.3B	200.1B	231.5B	240.1B	347.7B	376.1B
Common Stock	32.4B	32.4B	32.4B	32.4B	32.4B	32.4B	32.4B	32.4B	32.4B	32.4B
Retained Earnings	113.7B	125.2B	125.9B	159.8B	214.9B	279.8B	319.2B	355.3B	489.9B	655.6B
Additional Paid In Capital	44.3B	43.5B	43B	43.6B	44.6B	45B	44.6B	45.4B	46.7B	52.5B
Unrealized Security Profit/Loss	—	—	—	—	—	—	—	—	(2.7B)	30.5B
Treasury Stock	(86B)	(77.7B)	(6.3B)	(4.2B)	(15B)	(81.5B)	(59.1B)	(56.4B)	(104.2B)	(44.4B)
Other Equity	5.2B	1.3B	3.7B	(85m)	3.6B	19B	31.6B	54.4B	44.5B	69.2B
Total Equity	109.5B	124.6B	198.7B	231.5B	280.4B	294.6B	368.7B	431.2B	506.5B	795.7B
Total Liabilities & Equity	231.6B	254.6B	304.6B	355.8B	422.6B	494.7B	600.2B	671.2B	854.2B	1.2T
Common Shares Outstanding	176.8m	179m	197.8m	198.4m	785.7m	759.6m	736.9m	738.4m	733.7m	725.5m