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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.

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