Advantest Corp (ADTTF) stock analysis
ADTTFOTCSemiconductors & Related DevicesFiscal year ends December 31Also trades as ATEYY
Financials through fiscal 2014, year ended Mar 31, 2015Last filing: 20-F on Jun 25, 2015
$226.77+8.32 (+3.81%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2007 to 2014
Gross margin
55.4%+6.7 pts over 5 years
Operating margin
9.0%+30.8 pts over 5 years
Net margin
7.9%+29.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2014
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +46.0% | +5.0% | +25.1% | – | |
| Gross profit | +83.3% | +9.6% | +28.4% | – | |
| Operating income | – | +159.5% | – | – | |
| Free cash flow | – | +49.4% | – | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2007 | FY2009 | FY2014 | Trend |
|---|---|---|---|---|
| Return on equity | – | -7.3% | 10.1% | |
| Return on assets | – | – | 5.1% | |
| Current ratio | – | 6.56 | 3.32 | |
| Debt to equity | – | – | 0.18 | |
| Net debt to EBITDA | – | – | -3.69× | |
| Interest coverage | – | -2909.8× | 106.7× | |
| Inventory turnover | – | – | 2.2× | |
| Capex to revenue | – | 5.3% | 2.0% | |
| Diluted shares | – | 179M | 193M |
Where the cash went
Fiscal 2010 to 2014, five years combined
Advantest generated ¥43.47B from operations and spent ¥51.63B on capital expenditure, dividends and share buybacks. 57% of that went back into the business.
Generated
¥43.47B
Used
¥51.63B
Capital expenditure¥29.20B57%Dividends¥12.17B24%Share buybacks¥10.27B20%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin7.9%
×Asset turnover0.65×
×Equity multiplier1.96×
=Return on equity, FY201410.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2014 | 7.9% | 0.65× | 1.96× | 10.1% |
| FY2013 | -31.8% | 0.49× | 1.77× | -27.6% |
| FY2012 | -2.9% | 0.60× | 1.63× | -2.8% |
| FY2011 | -1.6% | 0.71× | 1.48× | -1.6% |
| FY2010 | 3.2% | 0.54× | 1.28× | 2.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2014 against fiscal 2013
7of 9 tests passed in fiscal 2014. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero¥12.95B
- Cash generatingOperating cash flow above zero¥24.48B
- Return on assets improvedROA up on the prior year-15.8% → 5.6%
- Earnings backed by cashOperating cash flow above net income¥24.48B vs ¥12.95B
- Less leverageLong-term debt to assets fell10.9% → 5.5%
- Better liquidityCurrent ratio rose4.69 → 3.32
- No dilutionShare count did not rise174M → 193M
- Gross margin improvedGross margin up on the prior year44.10% → 55.36%
- More efficientAsset turnover rose0.50 → 0.71
See a number that looks wrong?