Advantest - Public Comps and Valuation Multiples

Advantest Overview

About Advantest

Founded in 1954 and headquartered in Tokyo, Advantest specializes in semiconductor test systems and is a well-known leader in automated test equipment, or ATE. Advantest also has a high market share in test systems for nonmemory semiconductors, including application processors for mobile phones. The company is also involved in peripheral businesses, such as semiconductor device transport equipment. Following its acquisition of Verigy in July 2011, Advantest holds a market share of over 50% in the ATE market.

Founded

1954

HQ

Employees

7.6K+

Website

advantest.com

Sectors

Semiconductors
Electronic Equipment
DeepTech

Financials

LTM Revenue $5.6B

LTM EBITDA $2.1B

EV

$70.4B

Valuation Multiples

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Advantest Financials

As of September 2025, Advantest reported last 12-month revenue of $5.6B and EBITDA of $2.1B.

In the same period, Advantest generated $3.2B in LTM gross profit and $1.4B in net income.

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Advantest P&L

In the most recent fiscal year, Advantest reported revenue of $5.2B and EBITDA of $1.7B.

Advantest expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$5.6B	XXX	$5.2B	XXX	XXX	XXX
Gross Profit	$3.2B	XXX	$3.0B	XXX	XXX	XXX
Gross Margin	58%	XXX	57%	XXX	XXX	XXX
EBITDA	$2.1B	XXX	$1.7B	XXX	XXX	XXX
EBITDA Margin	37%	XXX	33%	XXX	XXX	XXX
EBIT	$1.9B	XXX	$1.5B	XXX	XXX	XXX
EBIT Margin	33%	XXX	29%	XXX	XXX	XXX
Net Profit	$1.4B	XXX	$1.1B	XXX	XXX	XXX
Net Margin	25%	XXX	21%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Advantest including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $5.6B. EBITDA for the last twelve months was $2.1B. In the most recent fiscal year, Advantest achieved $5.2B in revenue and $1.7B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$5.6B	Analyst estimates available to subscribers	$5.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$3.2B	Analyst estimates available to subscribers	$3.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	58.4% gross margin	Analyst estimates available to subscribers	57.1% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$2.1B	Analyst estimates available to subscribers	$1.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	37.0% EBITDA margin	Analyst estimates available to subscribers	33.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$1.9B	Analyst estimates available to subscribers	$1.5B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	33.4% EBIT margin	Analyst estimates available to subscribers	29.3% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$1.4B	Analyst estimates available to subscribers	$1.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	24.6% net profit margin	Analyst estimates available to subscribers	20.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Advantest

This financial data table provides comprehensive performance metrics for Advantest, a company based in Japan. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Advantest generated $5.6B in revenue over the last twelve months.
The company achieved $2.1B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $3.2B.
Net income over the last twelve months reached $1.4B.

Fiscal Year Performance

In the most recent fiscal year, Advantest reported $5.2B in total revenue.
Fiscal year EBITDA was $1.7B.
The company maintained a gross profit margin of 57.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 33.0%.
Net profit margin reached 20.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Advantest. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Advantest Stock Performance

Advantest has current market cap of JPY 10.74T (or $71.7B), and EV of JPY 10.56T (or $70.4B).

Market Cap Evolution

Advantest Stock Data

As of October 2, 2025, Advantest's stock price is JPY 14675 (or $98).

See Advantest trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$70.4B	$71.7B	XXX	XXX	XXX	XXX	$1.87

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Advantest Valuation Multiples

Advantest's trades at 14.9x EV/Revenue multiple, and 48.0x EV/EBITDA.

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Advantest Financial Valuation Multiples

As of October 2, 2025, Advantest has market cap of $71.7B and EV of $70.4B.

Equity research analysts estimate Advantest's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Advantest has a P/E ratio of 52.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$71.7B	XXX	$71.7B	XXX	XXX	XXX
EV (current)	$70.4B	XXX	$70.4B	XXX	XXX	XXX
EV/Revenue	12.7x	XXX	14.9x	XXX	XXX	XXX
EV/EBITDA	34.2x	XXX	48.0x	XXX	XXX	XXX
EV/EBIT	38.0x	XXX	55.1x	XXX	XXX	XXX
EV/Gross Profit	21.7x	XXX	n/a	XXX	XXX	XXX
P/E	52.4x	XXX	78.7x	XXX	XXX	XXX
EV/FCF	45.8x	XXX	52.0x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Advantest Margins & Growth Rates

Advantest's last 12 month revenue growth is 13%

Advantest's revenue per employee in the last FY averaged $0.7M, while opex per employee averaged $0.2M for the same period.

Advantest's rule of 40 is 44% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Advantest's rule of X is 69% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Advantest Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	13%	XXX	17%	XXX	XXX	XXX
EBITDA Margin	37%	XXX	31%	XXX	XXX	XXX
EBITDA Growth	28%	XXX	37%	XXX	XXX	XXX
Rule of 40	44%	XXX	44%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	69%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.7M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	28%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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