Wintest Corp. (6721) AI Stock Analysis

• Market Cap: ¥6.26B
• 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: ¥113.00 ▲(6.60% 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

Revenue rebound

A 30.7% revenue rebound in 2025 indicates renewed end-market demand and improves the company's ability to leverage fixed costs. Sustainable top-line recovery over several quarters can support margin recovery initiatives, operational scaling, and extend runway for restructuring or product investment.

Moderate leverage

Debt-to-equity near 0.61 suggests debt levels remain manageable despite losses. Reasonable absolute leverage preserves room to raise bridging financing or restructure liabilities without immediate solvency stress, giving management a window to execute operational fixes without forced deleveraging.

Niche semiconductor test positioning

Operating in the semiconductor test and measurement ecosystem provides exposure to a structurally growing and high-barrier segment. Test equipment demand is tied to chip production cycles and long-term industry investment, offering durable addressable market opportunity for specialized providers.

Negative Factors

Deep negative gross profit

A move to deeply negative gross profit means core product/service costs exceed revenues, signaling fundamental unit-economics failure. This is not a financing issue but an operational one: without structural cost reduction or pricing changes, margins cannot recover and profitability remains unattainable long-term.

Persistent cash burn

Consistently negative operating and free cash flow drains reserves and heightens funding risk. Persistent cash burn forces reliance on external financing or equity dilution, reduces strategic flexibility, and shortens the horizon for corrective measures if cash generation does not improve.

Equity erosion

Sharp equity erosion erodes the balance-sheet buffer against losses and shocks, increasing insolvency risk and weakening credit standing. Reduced equity limits the firm’s ability to absorb further losses or secure favorable supplier/customer terms, constraining operational stability.

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

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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	361.67M	278.48M	219.11M
Total Debt	127.25M	211.12M	245.33M	169.37M	358.64M	110.50M
Total Liabilities	309.61M	575.86M	495.37M	308.48M	549.52M	305.78M
Stockholders Equity	907.32M	343.50M	699.93M	1.67B	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: Positive
• 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 Positive. The current price of 106 is below the 20-day moving average (MA) of 116.65, below the 50-day MA of 118.02, and below the 200-day MA of 113.00, indicating a neutral trend. The MACD of -1.74 indicates Positive momentum. The RSI at 49.59 is Neutral, neither overbought nor oversold. The STOCH value of 58.82 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
6866	79 Outperform	¥104.26B	10.89	―	3.23%	7.28%	4.16%
6859	75 Outperform	¥75.84B	12.98	―	3.12%	2.78%	-5.32%
6863	75 Outperform	¥14.55B	11.72	―	5.39%	6.45%	26.58%
6853	73 Outperform	¥19.70B	13.63	―	2.93%	-1.58%	12.24%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
6858	59 Neutral	¥9.67B	2.58	―	2.45%	15.66%	-69.17%
6721	48 Neutral	¥6.26B	-4.65	―	―	-35.81%	-99.72%