Advantest Corp (ATEYY) fair value: what the stock is really worth
As of Sep 29, 2026: fair value of Advantest Corp $172, price $222, upside -22.3%, quality 88 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 30, 2026.
How to read this chart
60‑month range $11.21 – $237.44 · fair‑value band $89.38 – $280.82 · the $221.95 price screens above the $172.48 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 30, 2026.
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Advantest Corporation, together with its subsidiaries, manufactures and sells semiconductors, component test systems, and mechatronics-related products in Japan, rest of Asia, the Americas, and Europe.
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Advantest Corporation, together with its subsidiaries, manufactures and sells semiconductors, component test systems, and mechatronics-related products in Japan, rest of Asia, the Americas, and Europe. The company offers automated test equipment, including system on chip, power device, and memory test systems, as well as burn-in and SSD test systems; and metrology and SEM tools. It also provides component test systems, such as die level, SoC, and memory test handlers, as well as change kits, and pressure sensor stimulus; device interface for memory; test cell and automation solutions; system level test systems; device certification test systems; semiconductor failure analysis systems; and interconnect solutions, including test interface boards, substrates, test sockets, and thermal control units. In addition, the company offers cloud solutions comprising digital twin software, real-time data infrastructure, dynamic parametric test, and test engineering; and SiConic offerings, such as tackling modern silicon validation challenges, applications from bring-up to sign-off, explorer, link, empower test engineers within unified environment, and scalable ecosystem. Further, it provides system level testing for products, maintenance and support, consumables and used products sales, equipment leasing, and research and development services; consulting and solution services, including engineering, production ramp, production solution, and remote support; customer service agreement and uptime support services; and online customer training. The company was formerly known as Takeda Riken Kogyo Co., Ltd. and changed its name to Advantest Corporation in October 1985. Advantest Corporation was incorporated in 1946 and is headquartered in Chiyoda, Japan.
Stock analysis
Advantest Corp DRC (ATEYY) currently trades at $221.95, while our model-based Fair Value estimate is $172.48, 22.3% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $177.01 per share, and 0 of the 26 models we run sit above the $221.95 price.
Bear case: the Economic Profit group reads lowest at $43.55, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: $89.38 (bear) to $280.82 (bull), the price of $221.95 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 88/100 (high quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Advantest Corp DRC reported revenue of ¥1.2T in FY2026 versus ¥417B in FY2022, a compound +30.2%/yr. Reported net income was ¥398B in FY2026, compounding +46.1%/yr from FY2022.
Key figures
Market cap $162B · P/E ratio 69.4 · P/S ratio 23.1 · EPS (TTM) $3.20 · Dividend yield 0.2% · Net margin 33.3% · Return on equity 56.9% · Return on assets (EBIT) 26.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 68 out of 100 (medium confidence).
What moves the price
The share trades about 7% below its 52-week high and 121% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −24% fair-value upside, at −22%, ATEYY screens cheaper than that median.
Fair Value models
Bear $89.38Fair Value $172.48Bull $280.82
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+53.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+28.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+30.8%
Start year 2021 (pandemic). Over 10 years: +22.1% a year
Revenue growth 26 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+29.3%
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What shareholders gained per year (last 5 years), in JPY (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+40.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+40.5%
Dividend (yield on the price)0.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.44.1% vs 41.1%, picking up
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.23% → 44%
2026 sits 215% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+35.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+27.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in JPY, Japan: IMF forecast 2.1% a year to 2030, 1.3% from 2016 to 2025) that is about +32.9% a year for the price and +24.6% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Semiconductor Equipment & Materials · 221 stocks
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Is Advantest Corp (ATEYY) overvalued or undervalued?
As of Sep 30, 2026, our model estimates a fair value of $172.48 versus a price of $221.95, about −22% upside (overvalued).
What is the fair value of ATEYY?
Our model-based fair value for Advantest Corp DRC is $172.48 (as of Sep 30, 2026), built from audited fundamentals. The current price: $221.95.
What is the quality score of ATEYY?
Advantest Corp DRC has a Quality Score of 88/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Advantest Corp (ATEYY)?
Our model-based price target is the fair value of $172.48 (as of Sep 30, 2026) from 26 valuation models. Cautious scenario $89.38, optimistic scenario $280.82. It is a calculation from audited fundamentals, not an analyst target.
What is the Advantest Corp DRC stock forecast for 2026?
Our models put fair value at $172.48, about −22% upside versus a price of $221.95 (overvalued). Cautious scenario $89.38, optimistic scenario $280.82. The calculation is refreshed regularly with new filings.
What is the revenue of Advantest Corp (ATEYY)?
Advantest Corp DRC reported trailing-twelve-month revenue of about ¥1.2T (latest available figure, as of Sep 30, 2026).
Does Advantest Corp DRC pay a dividend?
Advantest Corp DRC currently shows a dividend yield of about 0.17% relative to its recent price (as of Sep 30, 2026).
What growth is priced into Advantest Corp (ATEYY)?
For today's price to be fair in a discounted-cash-flow model, Advantest Corp DRC would have to grow free cash flow by +35.7 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +30.8 % per year. As of Sep 30, 2026.
What discount rate (WACC) does the fair value of ATEYY use?
Our models discount Advantest Corp DRC at 9.7 %: a base by market capitalisation (large), damped by beta 1.18, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Advantest Corp DRC that is +35.7 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Advantest Corp (ATEYY) delivered so far?
Over the past 5 years revenue at Advantest Corp DRC grew +30.8 % a year. The price currently implies +35.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Advantest Corp (ATEYY) growing?
The median revenue growth in the sector is +8.8 % a year. That is the yardstick for the growth priced into Advantest Corp DRC (+35.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Advantest Corp (ATEYY)?
The free-cash-flow yield on the price is 1.26 %: that much free cash flow Advantest Corp DRC produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Advantest Corp (ATEYY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Advantest Corp DRC it is $172.48 per share (as of Sep 30, 2026), against a price of $221.95. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Advantest Corp DRC stock overvalued or undervalued in 2026?
As of Sep 30, 2026, ATEYY trades above its calculated fair value: price $221.95, fair value $172.48, a gap of about −22% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ATEYY?
No. The price is what the market pays today ($221.95); the fair value is what the company's own numbers justify ($172.48). For Advantest Corp DRC the two are $49.47 per share apart. That gap is exactly why we show both numbers side by side.
How much is Advantest Corp DRC worth?
The market values Advantest Corp DRC at about $162B (market capitalisation, as of Sep 30, 2026). Per share that is $221.95; our models calculate a fair value of $172.48 per share.
What do the bullish and bearish scenarios say about ATEYY?
Our models span a range for Advantest Corp DRC: cautious scenario $89.38, base $172.48, optimistic $280.82 per share (as of Sep 30, 2026, price $221.95). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ATEYY?
Advantest Corp DRC trades at a price-to-earnings ratio of 69.4 (as of Sep 30, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $172.48 is built from several models across several years. Other multiples: PEG 1.5, P/B 31.7, P/S 20.5, EV/EBITDA 42.8.
What is the PEG ratio of ATEYY?
The PEG ratio of Advantest Corp DRC is 1.54 (P/E divided by earnings growth, as of Sep 30, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Advantest Corp (ATEYY)?
Balance-sheet figures for Advantest Corp DRC (as of Sep 30, 2026): return on equity 56.9%. They feed the Quality Score of 88/100, which measures business quality independently of the share price.
How far is ATEYY from its 52-week high?
Advantest Corp DRC trades at $221.95, about 7% below its 52-week high of $237.44 and 121% above the low of $100.36 (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of $172.48 is for.
Which stocks are comparable to Advantest Corp DRC?
From the same area (Technology) we also value ASML Holding, Lam Research Corporation, Applied Materials, Inc, KLA Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Advantest Corp DRC stock attractive at the current price?
The data as of Sep 30, 2026: price $221.95, calculated fair value $172.48 (−22%), Quality Score 88/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ATEYY calculated?
We run Advantest Corp DRC through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $172.48, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. Advantest Corp DRC itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Advantest Corp (ATEYY)?
The closing price on Sep 29, 2026 was $221.95. Our model-based fair value is $172.48, about −22% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Advantest Corp DRC right now?
A high-quality business (quality 88/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The model range is unusually wide ($89.38 to $280.82). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Where does the earnings growth of Advantest Corp (ATEYY) come from?
Earnings per share at Advantest Corp DRC grew +38.3 % a year from 2015 to 2026. Broken into its drivers: revenue per share +20.0 %, EBIT margin +16.6 %, tax rate −0.2 %, residual (interest, one-offs) −1.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Advantest Corp DRC
How large is the market capitalisation of Advantest Corp (ATEYY)?
The market capitalisation of Advantest Corp DRC is $162B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Advantest Corp (ATEYY)?
The price-to-sales ratio of Advantest Corp DRC is 23.1 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Advantest Corp (ATEYY)?
Earnings per share at Advantest Corp DRC are $3.20 (price ÷ EPS = P/E 69.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Advantest Corp (ATEYY)?
The dividend yield of Advantest Corp DRC is 0.2% (payout 11.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Advantest Corp (ATEYY)?
The net margin of Advantest Corp DRC is 33.3% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Advantest Corp (ATEYY)?
The return on equity (ROE) of Advantest Corp DRC is 56.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Advantest Corp (ATEYY)?
On an EBIT basis the return on assets of Advantest Corp DRC is 26.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Advantest Corp (ATEYY)?
The operating margin of Advantest Corp DRC is 51.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Advantest Corp (ATEYY)?
Revenue at Advantest Corp DRC is growing +39.3% versus a year earlier (3y avg +28.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Advantest Corp (ATEYY)?
Earnings per share at Advantest Corp DRC are growing +95.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Advantest Corp (ATEYY) hold?
Advantest Corp DRC holds more cash than debt, ¥321B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Broad data
Sep 30, 2026