Reading the tape
JPX: 6857.T
Advantest Corporation
Technology · Semiconductors
Market Cap
¥22.85T
52w High
¥32,400.00
52w Low
¥5,641.00
P/E
79.29
Volume
18.59M
Outstanding Shares
725.52M
Price vs Fundamentals
Why The Stock Is Moving
Optimism is getting priced inModerate confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: 451.66%Revenue (TTM): 51.19%FCF (TTM): 61.76%P/FCF: 92nd pct
What changed
The stock rose 451.66% over the last year. Revenue grew 51.19% over the trailing twelve months. Operating margin moved from 28.19% to 41.48%. Free cash flow grew 61.76% over the trailing twelve months.
What the market seems to be pricing
The stock is trading toward the richer end of its historical P/FCF range (92nd percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.
What would invalidate this read
Operating margin is at 41.48% — continued expansion would be needed to justify the premium. Revenue growth of 51.19% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.
Company profile
Advantest Corporation manufactures and sells semiconductor and component test system products and mechatronics-related products.
CEODouglas Lefever
SectorTechnology
IndustrySemiconductors
Employees6,766
IPO dateJan 4, 2000
Valuation
Forward P/E—
EV/EBITDA17.89
Enterprise value$4.6T
Stock splits
Sep 28, 2023↑ Forward
Every 1 shares became 4
Sep 26, 2006↑ Forward
Every 1 shares became 2
Mar 26, 1998↑ Forward
Every 10 shares became 11
Mar 26, 1997↑ Forward
Every 10 shares became 11
Mar 26, 1996↑ Forward
Every 10 shares became 11
Mar 26, 1991↑ Forward
Every 10 shares became 11
Mar 27, 1990↑ Forward
Every 20 shares became 21
Mar 28, 1989↑ Forward
Every 20 shares became 21
Profitability & growth
Revenue growth25.48%
Gross margin62.37%▲12.88%vs FY2024
Operating margin41.48%▲62.40%vs FY2024
ROE31.82%▲120.26%vs FY2024
Analyst consensus
Rating—
Target price—
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Apr 27, 2026
Q2 FY26 · EPS est $141.46 · Revenue est $288.26B
View
Dividends
$58.00/shareSemi-annual6yr growth streakSafe6857.T pays a dividend with a 0.18% dividend yield, 6 consecutive years of growth, growing at 16.52% annually, covered 9.8× by free cash flow.
Dividend Yield
0.18%
Annual Div / Share
$58.00
5yr CAGR
+16.52%
Doubles every ~4.5yr
Payout Ratio
12.38%
Safe
Dividend Growth Rate
3yr CAGR
+19.78%
5yr CAGR
+16.52%
10yr CAGR
+27.77%
Dividend Safety
10/10Safe
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$58.00+48.7%
2025$39.00+13.9%
2024$34.25+1.5%
2023$33.75+12.5%
2022$30.00+11.1%
2021$27.00+31.7%
2020$20.50-10.9%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$2/yr
$0/mo
In 5 yrs
$3/yr+76%
$0/mo
In 10 yrs
$6/yr+211%
$0/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$2/yr $0/mo | $3/yr+76% $0/mo | $6/yr+211% $0/mo |
Long-range projections use a capped 12% annual growth assumption.
Yield-on-cost grows from 0.18% → 0.57% over 10yr
Analysis
Dividend Strengths
Well-covered by free cash flow
The dividend is covered 9.8× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Strong dividend growth rate
The 5-year CAGR of 16.52% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
No strong risk signal stands out from the latest period pair.