Lasertec (6920) AI Stock Analysis

• Market Cap: ¥3.04T
• Dividend Yield: 1.11%
• Average Volume (3M): 9.74M
• Price to Earnings (P/E): 34.8
• Beta (1Y): 1.65
• Revenue Growth: 32.51%
• EPS Growth: 57.19%
• Country: JP
• Employees: 1,017
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): 297.15
• Shares Outstanding: 94,286,400
• 10 Day Avg. Volume: 8,887,570
• 30 Day Avg. Volume: 9,738,330
• PEG Ratio: 0.48
• Price to Book (P/B): 8.35
• Price to Sales (P/S): 6.97
• P/FCF Ratio: 23.13
• 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: ¥31,349.88
• Price Target Upside: -6.86% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 10
• EPS Forecast (FY): 840.35
• Revenue Forecast (FY): ¥225.21B

• Rating: 81 Outperform
• Price Target: ¥36,868.00 ▲(9.53% Upside)
• Action: Reiterated Date: 02/01/26
• Date: Action: Reiterated 02/01/26

The score is driven primarily by exceptional financial strength (very high margins, strong cash generation, and effectively no debt). Technicals also support the rating with a strong uptrend and constructive momentum. Offsetting these positives, the valuation is relatively expensive (P/E ~37.6) and recent revenue contraction highlights semiconductor-cycle risk.

Positive Factors

High profitability

Sustained, top-tier margins provide durable competitive advantage: they enable higher cash conversion, fund R&D and product roadmap investment, support superior returns on capital, and create a margin buffer versus cyclical revenue swings that helps preserve long-term profitability.

Very strong balance sheet

Minimal debt and exceptionally strong balance-sheet flexibility reduce financing risk and allow the company to invest through cycles. Low leverage supports capital spending for advanced products, opportunistic M&A or shareholder returns without stressing liquidity during downturns.

Recurring service revenue

A recurring service and parts stream tied to an installed base smooths revenue and boosts lifetime customer value. High-margin service revenues support steady cash flow, deepen customer relationships and make core equipment sales more profitable over multiple cycles.

Negative Factors

Cyclicality of semiconductor capex

Heavy dependence on semiconductor capital spending and node transitions makes demand timing volatile. Revenue contractions can persist several quarters; durable growth hinges on cyclical recovery and EUV adoption timing, exposing results to multi-quarter swings in customer capex.

Historical cash-flow volatility

Although recent free cash flow is strong, prior negative cash flow shows working-capital and cycle-driven swings. Persistent volatility can constrain reinvestment, dividends or buybacks during downturns and complicate planning for long-term R&D and capacity expansion.

Concentration in photomask/EUV tools

A large share of sales tied to photomask and EUV-related inspection concentrates business risk. Slower-than-expected EUV adoption, mask demand shifts, or customer consolidation could disproportionately affect revenue, limiting diversification and amplifying downside in adverse industry scenarios.

Lasertec Business Overview & Revenue Model

Company Description

Lasertec Corporation develops, manufactures, sells, and services semiconductor-related equipment, laser microscopes, and flat panel display-related equipment worldwide. The company provides systems used to inspect and measure defects on semiconductor photomasks and wafers; wafer related systems, such as SiC, GaN, multi-wavelength, and wafer edge inspection and review systems; wafer bump inspection and measurement systems; and TSV back grinding process measurement systems. It also offers flat panel display photomask inspection systems; laser microscopes, which are used for the observation and measurement of various materials and components comprising semiconductor materials, transparent films, coating materials, inorganic and organic materials, biological samples, metal parts, and plastic components; and lithium-Ion batteries. The company was formerly known as NJS Corporation and changed its name to Lasertec Corporation in 1986. Lasertec Corporation was founded in 1960 and is headquartered in Yokohama, Japan.

How the Company Makes Money

Lasertec makes money primarily through the sale of its high-tech inspection and measurement equipment to semiconductor manufacturers. The company generates revenue from direct sales of its proprietary systems, which are essential for maintaining quality and efficiency in semiconductor production. Additionally, Lasertec offers maintenance services and support contracts, providing a continuous revenue stream from existing customers. Strategic partnerships with leading semiconductor companies and ongoing innovation in product development also contribute significantly to its earnings, ensuring a competitive edge in the rapidly evolving semiconductor industry.

Lasertec Financial Statement Overview

Summary

Top-tier profitability (TTM gross margin ~60%, net margin ~35%, EBIT margin near 50%) and an exceptionally strong balance sheet with effectively no debt and very high ROE (~49%). Cash generation is strong recently, but the key risk is cyclicality: TTM revenue is down (~-6.7%) and historical cash flow has been volatile (including negative in 2022).

Income Statement

Profitability is exceptional, with TTM (Trailing-Twelve-Months) gross margin around 60% and net margin about 35%, supported by very strong operating profitability (EBIT margin near 50%). Over the last several years, the company scaled meaningfully from 2021 to 2025, but the latest TTM (Trailing-Twelve-Months) shows a revenue decline (about -6.7%), signaling a near-term slowdown after a strong growth cycle.

Balance Sheet

Balance sheet strength is a key standout: debt is effectively minimal (TTM shows zero debt; annual periods show very low debt relative to equity), indicating low financial risk and high flexibility. Shareholder returns are also very strong (TTM return on equity ~49%), though such elevated returns can be sensitive if industry demand cools or margins normalize.

Cash Flow

Cash generation is strong and improving: TTM (Trailing-Twelve-Months) operating cash flow and free cash flow are both robust, with free cash flow roughly in line with net income (close to 1x) and solid free cash flow growth (~15.5%). The main blemish is historical volatility—cash flow was negative in 2022 and conversion was weaker in some earlier periods—suggesting working-capital or cycle-driven swings even though recent performance is strong.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	250.77B	251.48B	213.51B	152.83B	90.38B	70.25B
Gross Profit	150.36B	148.26B	107.48B	84.02B	47.79B	36.95B
EBITDA	126.58B	124.13B	86.76B	67.18B	37.06B	27.72B
Net Income	87.08B	84.65B	59.08B	46.16B	24.85B	19.25B
Balance Sheet
Total Assets	309.67B	329.60B	271.29B	271.57B	178.63B	118.73B
Cash, Cash Equivalents and Short-Term Investments	80.50B	86.09B	38.15B	29.77B	23.49B	27.92B
Total Debt	133.00M	177.00M	76.00M	5.00B	10.02B	24.90M
Total Liabilities	84.11B	119.70B	119.97B	162.43B	105.88B	63.54B
Stockholders Equity	225.56B	209.90B	151.31B	109.14B	72.75B	55.19B
Cash Flow
Free Cash Flow	95.72B	75.76B	29.79B	20.00B	-8.83B	6.85B
Operating Cash Flow	96.71B	77.87B	33.32B	40.55B	-3.46B	10.49B
Investing Cash Flow	-1.11B	-2.42B	-3.57B	-20.57B	-5.39B	-3.70B
Financing Cash Flow	-41.72B	-24.57B	-23.14B	-15.56B	2.15B	-4.24B

Lasertec Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 33660.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6920, the sentiment is Positive. The current price of 33660 is above the 20-day moving average (MA) of 31191.25, above the 50-day MA of 32361.65, and above the 200-day MA of 22954.26, indicating a bullish trend. The MACD of -64.90 indicates Negative momentum. The RSI at 57.65 is Neutral, neither overbought nor oversold. The STOCH value of 91.55 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:6920.

Lasertec Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6920	81 Outperform	¥3.04T	34.81	53.12%	1.11%	32.51%	57.19%
6857	77 Outperform	¥18.73T	67.97	47.37%	0.25%	63.36%	149.43%
7735	77 Outperform	¥2.09T	25.76	21.73%	2.29%	11.29%	11.38%
7729	77 Outperform	¥710.21B	32.37	12.66%	2.28%	9.53%	-11.17%
6146	75 Outperform	¥8.19T	62.35	25.78%	0.79%	13.45%	20.37%
8035	73 Outperform	$20.16T	40.09	27.73%	1.79%	16.74%	16.03%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%