Wintest Corp. (6721) AI Stock Analysis

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Wintest Corp.

(TSE/TYO:6721)

Select Model

Rating:52Neutral

Price Target:JPY 147.00▲(24.58% Upside)

Action:reiterated

Date:11/05/26

The score is held down primarily by weak financial performance—severe margin deterioration, persistent cash burn, and rapid equity erosion—despite manageable leverage. Technicals provide meaningful support with a strong uptrend (price above major moving averages and positive MACD). Valuation remains a risk signal because earnings are negative (P/E is not supportive) and no dividend yield is available.

Positive Factors

Revenue reboundThe strong 2025 revenue rebound indicates that customer demand and testing activity can recover meaningfully after a weaker period. If sustained, higher volumes could improve equipment utilization, support operating leverage, and provide a foundation for restoring profitability over the next several quarters.

Negative Factors

Severe margin deteriorationThe shift from positive gross profit in 2022–2023 to deeply negative gross profit in 2024–2025 shows that the revenue rebound has not translated into a sustainable cost structure. Persistent operating losses could limit reinvestment, weaken competitiveness, and make recovery dependent on major operational improvement.

Wintest Corp. (6721) vs. iShares MSCI Japan ETF (EWJ)

Market Cap: JPY 8.19B
Dividend Yield: ―
Average Volume (3M): 7.80M
Price to Earnings (P/E): -6.1
Beta (1Y): 0.38
Revenue Growth: 38.96%
EPS Growth: 18.34%
Country: Japan
Employees: 68
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Wintest Corp. Business Overview & Revenue Model

Company Description

Wintest Corp., established in Yokohama, Japan, in 1993, is primarily engaged in the design, development, and distribution of automated test equipment (ATE) for semiconductor integrated circuits and flat panel displays. The company's key markets, pred...

How the Company Makes Money

The company primarily makes money by charging customers for semiconductor testing services. Key revenue streams typically include: (1) wafer sort (probing) services, where dies on a wafer are electrically tested and binned before packaging; (2) final...

Wintest Corp. Financial Statement Overview

Summary

Despite a strong 2025 revenue rebound (+30.7% YoY), profitability is extremely weak with deeply negative gross profit in 2024–2025, widening losses, and persistently negative operating performance. Cash flow is consistently negative with meaningful free cash flow burn (about -¥0.75B in 2025), and equity has eroded sharply (¥1.66B in 2023 to ¥0.34B in 2025), increasing financial risk even though leverage is not excessive (debt-to-equity ~0.61).

Income Statement

12Very Negative

Balance Sheet

38Negative

Cash Flow

10Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	455.79M	429.05M	417.09M	407.00M	210.31M	307.58M
Gross Profit	-528.94M	-491.01M	-338.84M	151.00M	62.16M	18.06M
EBITDA	-1.22B	-1.23B	-1.09B	11.34M	13.96M	-629.72M
Net Income	-1.24B	-1.24B	-1.11B	-554.00M	-686.24M	-629.18M
Balance Sheet
Total Assets	691.16M	919.36M	1.20B	1.97B	1.90B	1.90B
Cash, Cash Equivalents and Short-Term Investments	111.44M	82.96M	90.70M	361.67M	278.48M	219.11M
Total Debt	99.73M	211.12M	245.33M	169.37M	358.64M	110.50M
Total Liabilities	320.80M	575.86M	495.37M	308.48M	549.52M	305.78M
Stockholders Equity	370.35M	343.50M	699.93M	1.67B	1.35B	1.59B
Cash Flow
Free Cash Flow	0	-752.65M	-664.21M	-558.30M	-613.48M	-858.30M
Operating Cash Flow	0	-751.17M	-662.30M	-558.27M	-613.48M	-856.09M
Investing Cash Flow	0	-30.71M	-1.91M	-300.00K	3.88M	21.85M
Financing Cash Flow	0	667.14M	171.22M	641.00M	667.98M	68.62M

Wintest Corp. Technical Analysis

Technical Analysis SentimentNeutral

Last Price118.00

Price Trends

50DMA99.02Positive

100DMA89.65Positive

200DMA98.31Positive

Market Momentum

MACD10.13Positive

RSI48.02Neutral

STOCH16.74Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6721, the sentiment is Neutral. The current price of 118.00 is below the 20-day moving average (MA) of 139.20, above the 50-day MA of 99.02, and above the 200-day MA of 98.31, indicating a neutral trend. The MACD of 10.13 indicates Positive momentum. The RSI at 48.02 is Neutral, neither overbought nor oversold. The STOCH value of 16.74 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:6721.

Wintest Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

JP:6721 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JP:6863	82Outperform	JPY 19.30B	15.53	―	7.42%	9.71%	-3.36%
JP:6859	76Outperform	JPY 79.42B	13.71	―	3.24%	8.67%	11.23%
JP:6858	66Neutral	JPY 7.64B	9.46	―	3.96%	15.62%	50.30%
JP:6866	63Neutral	JPY 110.81B	15.00	―	2.71%	16.76%	35.84%
JP:6853	60Neutral	JPY 17.33B	18.33	―	3.17%	2.51%	0.17%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
JP:6721	52Neutral	JPY 7.16B	-6.09	―	―	38.96%	18.34%

* General Sector Average

Performance Comparison

JP:6721 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
JP:6721	Wintest Corp.	118.00	8.00	7.27%
JP:6853	Kyowa Electronic Instruments Co., Ltd.	679.00	26.48	4.06%
JP:6858	Ono Sokki Co., Ltd.	681.00	104.86	18.20%
JP:6859	Espec Corp.	3550.00	210.42	6.30%
JP:6863	Nireco Corporation	916.00	327.41	55.63%
JP:6866	Hioki E.E.Corporation	8120.00	2457.66	43.40%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 05, 2026

Wintest Corp. AI Stock Analysis