Wintest Corp. (6721) AI Stock Analysis

• Market Cap: ¥6.09B
• Dividend Yield: N/A
• Average Volume (3M): 319.65K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.78
• Revenue Growth: -35.81%
• EPS Growth: -99.72%
• Country: JP
• Employees: 72
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): -11.24
• Shares Outstanding: 53,927,100
• 10 Day Avg. Volume: 265,900
• 30 Day Avg. Volume: 319,653
• PEG Ratio: 0.65
• Price to Book (P/B): 16.81
• Price to Sales (P/S): 13.46
• P/FCF Ratio: -7.67
• 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: ¥112.00 ▲(5.66% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held down primarily by very weak financial performance (deep losses, persistent cash burn, and rapid equity erosion). Technicals provide some support with the stock trading above key moving averages, but valuation remains constrained by ongoing losses and no stated dividend yield.

Positive Factors

Leading ATE and test-software provider

Wintest's combined hardware and software offering creates integrated solutions for semiconductor customers. This vertical integration is a durable competitive advantage: long sales cycles, high switching costs and tight OEM partnerships support sustained revenue opportunities and product stickiness over months.

Recurring software and service revenue

Subscription software and maintenance contracts provide recurring, higher-margin revenue that smooths cyclicality from ATE hardware sales. The installed base enables upsells and predictable cash inflows, improving long-term revenue visibility and customer lifetime value versus one-off hardware sales.

Material top-line rebound in 2025

A 30.7% revenue recovery signals improving end-market demand and product-market fit, which can translate into operating leverage if cost structure normalizes. Sustained revenue growth over several quarters would strengthen scale economics and support investment in product development.

Negative Factors

Deep and widening losses

The company is generating significant operating losses and negative gross profit, indicating the core business is not covering direct costs. Persistent unprofitable operations erode strategic optionality, strain reinvestment capacity, and heighten dependence on external financing to sustain operations.

Persistent negative operating and free cash flow

Consistent cash burn reduces financial flexibility and increases funding risk. Negative FCF limits the firm's ability to fund R&D, service expansion, or absorb cycle volatility without dilutive equity raises or added debt, threatening long-term investment and competitiveness.

Eroding equity and weakened balance sheet

Sharp equity erosion and contracting assets reduce the balance-sheet cushion against shocks. Even with moderate debt levels, a thin equity base increases insolvency risk, limits borrowing capacity, and constrains strategic responses to industry opportunities or downturns.

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

Despite a strong 2025 revenue rebound (+30.7% YoY), profitability is severely weak with deeply negative gross profit and widening net losses. Cash flow is consistently negative with persistent free-cash-flow burn, and equity has eroded sharply, increasing financial risk even though leverage is not excessive.

Income Statement

Revenue rebounded strongly in 2025 (+30.7% year over year after a flat 2024), but profitability is extremely weak. The company shifted from positive gross profit in 2022–2023 to deeply negative gross profit in 2024–2025, and losses widened materially (net loss of ~¥1.24B in 2025 vs ~¥0.55B in 2023). Operating profitability remains heavily negative, indicating the core business is not covering its cost structure despite the top-line recovery.

Balance Sheet

Leverage is not excessive (debt-to-equity ~0.61 in 2025), but the balance sheet has weakened sharply as equity declined (¥1.66B in 2023 to ¥0.34B in 2025). Total assets also contracted over the period, signaling reduced financial flexibility. While debt levels are manageable in absolute terms, continued losses are eroding the equity cushion and increase downside risk.

Cash Flow

Cash generation is consistently negative: operating cash flow and free cash flow were both meaningfully negative across 2023–2025 (about -¥0.75B free cash flow in 2025). Importantly, cash burn is persistent and does not show a clear improving trend, which heightens funding risk if the company needs to support operations through external financing.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	328.32M	429.05M	417.09M	407.00M	210.31M	307.58M
Gross Profit	-474.06M	-491.01M	-338.84M	151.00M	62.16M	18.06M
EBITDA	-1.24B	-1.21B	-1.09B	-546.66M	-679.04M	-629.72M
Net Income	-1.29B	-1.24B	-1.11B	-554.00M	-686.24M	-629.18M
Balance Sheet
Total Assets	1.22B	919.36M	1.20B	1.97B	1.90B	1.90B
Cash, Cash Equivalents and Short-Term Investments	323.55M	82.96M	90.70M	361.00M	278.48M	219.11M
Total Debt	127.25M	211.12M	244.19M	169.20M	358.47M	110.50M
Total Liabilities	309.61M	575.86M	495.37M	309.00M	549.53M	305.78M
Stockholders Equity	907.32M	343.50M	699.93M	1.66B	1.35B	1.59B
Cash Flow
Free Cash Flow	0.00	-752.65M	-664.21M	-558.30M	-613.48M	-858.30M
Operating Cash Flow	0.00	-751.17M	-662.30M	-558.27M	-613.48M	-856.09M
Investing Cash Flow	0.00	-30.71M	-1.91M	-300.00K	3.88M	21.85M
Financing Cash Flow	0.00	667.14M	171.22M	641.00M	667.98M	68.62M

Wintest Corp. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 106.00
• 50DMA: Negative
• 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 Negative. The current price of 106 is below the 20-day moving average (MA) of 121.85, below the 50-day MA of 117.54, and below the 200-day MA of 112.75, indicating a neutral trend. The MACD of -0.86 indicates Positive momentum. The RSI at 44.92 is Neutral, neither overbought nor oversold. The STOCH value of 28.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:6721.

Wintest Corp. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6866	79 Outperform	¥104.94B	15.13	―	3.23%	7.28%	4.16%
6859	75 Outperform	¥80.54B	12.98	―	3.12%	2.78%	-5.32%
6863	75 Outperform	¥15.68B	11.72	―	5.39%	6.45%	26.58%
6853	73 Outperform	¥20.06B	18.81	―	2.93%	-1.58%	12.24%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
6858	59 Neutral	¥10.09B	16.72	―	2.45%	15.66%	-69.17%
6721	48 Neutral	¥6.09B	-4.65	―	―	-35.81%	-99.72%