Wintest Corp. (6721) AI Stock Analysis

• Market Cap: ¥6.22B
• Dividend Yield: N/A
• Average Volume (3M): 319.65K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.70
• Revenue Growth: -35.81%
• EPS Growth: -99.72%
• Country: JP
• Employees: 72
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): -4.41
• Shares Outstanding: 53,641,000
• 10 Day Avg. Volume: 265,900
• 30 Day Avg. Volume: 319,653
• PEG Ratio: -0.05
• Price to Book (P/B): 6.88
• Price to Sales (P/S): 11.54
• P/FCF Ratio: -7.25
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: ¥115.00 ▲(8.49% Upside)

The score is held down primarily by weak financial performance (persistent losses and negative operating/free cash flow). Technicals provide some support due to a moderately positive trend and neutral momentum, but valuation remains constrained by negative earnings (negative P/E) and no dividend yield data.

Positive Factors

Manageable leverage

Relatively low debt-to-equity gives financial flexibility to fund R&D, absorb cyclical downturns, and pursue strategic partnerships without immediate refinancing pressure. Over months this balance sheet resilience preserves optionality despite near-term profitability headwinds.

Market position and customer base

Being a leading provider to major semiconductor and electronics manufacturers with a global customer base implies strong customer relationships and product qualification barriers. These durable advantages foster long sales cycles, high switching costs, and sustained demand for test equipment and analytics.

Recurring revenue and services mix

Subscription software and service contracts create recurring revenue and customer stickiness, helping stabilize cash flows and margins versus cyclical ATE hardware sales. Over 2–6 months this durable revenue mix supports predictability, customer lifetime value, and cross-sell.

Negative Factors

Revenue and EPS deterioration

A ~36% revenue decline and ~100% EPS collapse indicate meaningful demand loss or execution issues. Such steep, erratic top-line deterioration undermines scale economics in ATE, reduces pricing power, and makes margin recovery and reliable planning difficult over the medium term.

Negative cash generation

Consistent negative operating and free cash flow demonstrates inability to convert operations into cash. This constrains capex, R&D, and service fulfilment, increases reliance on financing, and heightens solvency risk if cash burn continues beyond several quarters.

Persistent unprofitability

Negative gross and net margins and worsening EBIT/EBITDA reflect structural unprofitability. Persistent losses erode equity, limit the company’s ability to self-fund growth or investment, and force difficult trade-offs or external capital needs over the medium term.

Wintest Corp. Business Overview & Revenue Model

Company Description

Wintest Corp. designs, develops, and sells automatic test equipment for semiconductor integrated circuits and flat panel displays for image sensor tester, LCD driver tester, and logic tester markets primarily in Japan. It offers LCD/OLED high speed driver test equipment, LCD/PDP/OLED driver IC test systems, standard logic IC test systems, digital output CIS test systems, high-end CCD/CIS test systems, LCD/OLED/LCOS array/CCD/CIS test systems, compact analog mixed signal IC test systems, and analog and mixed signal IC test systems, as well as automatic machines and handlers. In addition, the company is involved in the design and construction, inspection, maintenance, and assurance to solar power generation systems; solar panel monitoring agency business; sales and maintenance of environmental equipment; and design and manufacture of AOI test systems. Further, it offers cleaning and coating, insurance handling, and consulting services. Wintest Corp. was incorporated in 1993 and is headquartered in Yokohama, Japan. Wintest Corp. opeartes as a subsidiary of Wuhan Jingce Electronic Group Co.,Ltd.

How the Company Makes Money

Wintest Corp. generates revenue through several key streams. The primary source of income comes from the sale of automated test equipment (ATE), which is essential for semiconductor testing and quality assurance in electronics manufacturing. In addition to hardware sales, the company also earns significant revenue from software solutions that assist clients in managing test data and analytics. These software products are typically offered on a subscription basis, providing recurring revenue. Furthermore, Wintest Corp. engages in service contracts and maintenance agreements for its products, ensuring ongoing revenue from existing customers. Strategic partnerships with major semiconductor manufacturers and electronics companies enhance its market presence and contribute to steady earnings through collaborative projects and joint ventures.

Wintest Corp. Financial Statement Overview

Summary

Financial performance is weak: persistent losses with negative margins, worsening EBIT and no EBITDA recently. Cash flow is also concerning with negative operating and free cash flow, despite relatively low leverage on the balance sheet.

Income Statement

Wintest Corp. has experienced a persistent decline in profitability, with a negative gross profit margin and net profit margin over the past few years. Revenue growth is erratic, and EBIT has worsened significantly, indicating operational inefficiencies. The company has not generated EBITDA in the latest period, further reflecting financial distress.

Balance Sheet

The debt-to-equity ratio is relatively low, suggesting manageable leverage, but the declining equity ratio indicates increasing liabilities or shrinking equity. Return on equity is negative due to consistent net losses, which is a significant concern for investors.

Cash Flow

Wintest Corp.'s cash flow situation is concerning, with negative operating cash flow and free cash flow reflecting poor cash generation from operations. The operating cash flow to net income ratio is unfavorable, suggesting inefficiencies in converting income to cash. There has been no positive free cash flow growth, indicating a need for improved cash management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	328.32M	417.09M	407.00M	210.31M	307.58M	1.93B
Gross Profit	-474.06M	-338.84M	151.00M	62.16M	18.06M	949.51M
EBITDA	-1.24B	-1.09B	-546.66M	-679.04M	-629.72M	96.23M
Net Income	-1.29B	-1.11B	-554.00M	-686.24M	-629.18M	76.09M
Balance Sheet
Total Assets	1.22B	1.20B	1.97B	1.90B	1.90B	2.40B
Cash, Cash Equivalents and Short-Term Investments	323.55M	90.70M	361.00M	278.48M	219.11M	925.00M
Total Debt	127.25M	244.19M	169.20M	358.47M	110.50M	52.00M
Total Liabilities	309.61M	495.37M	309.00M	549.53M	305.78M	280.00M
Stockholders Equity	907.32M	699.93M	1.66B	1.35B	1.59B	2.07B
Cash Flow
Free Cash Flow	0.00	-664.21M	-558.30M	-613.48M	-858.30M	-1.23B
Operating Cash Flow	0.00	-662.30M	-558.27M	-613.48M	-856.09M	-1.16B
Investing Cash Flow	0.00	-1.91M	-300.00K	3.88M	21.85M	-139.89M
Financing Cash Flow	0.00	171.22M	641.00M	667.98M	68.62M	2.56B

Wintest Corp. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 106.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6721, the sentiment is Positive. The current price of 106 is below the 20-day moving average (MA) of 115.05, below the 50-day MA of 106.38, and below the 200-day MA of 110.97, indicating a bullish trend. The MACD of 3.12 indicates Positive momentum. The RSI at 53.18 is Neutral, neither overbought nor oversold. The STOCH value of 21.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:6721.

Wintest Corp. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6859	75 Outperform	¥76.84B	13.73	―	3.12%	2.78%	-5.32%
6853	72 Outperform	¥18.89B	18.33	―	2.93%	-1.58%	12.24%
6874	72 Outperform	¥23.80B	10.50	―	2.84%	8.78%	16.25%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
6858	59 Neutral	¥9.72B	22.82	―	2.45%	15.66%	-69.17%
6844	58 Neutral	¥37.67B	34.83	―	1.95%	6.10%	―
6721	48 Neutral	¥6.22B	-4.14	―	―	-35.81%	-99.72%