MICRONICS JAPAN CO.,LTD.
6871・Prime Market・Electric Appliances
Business
Nihon Micronics Co., Ltd. (MJC), founded in 1970, is a manufacturer of semiconductor measurement instruments and inspection equipment listed on the Prime Market of the Tokyo Stock Exchange. Its core Probe Card Business accounts for 97.7% of consolidated net sales, developing, manufacturing, and selling probe cards used in semiconductor wafer inspection processes. In 2005, the company commercialized the world's first probe card for full-batch measurement of 8-inch wafers, establishing an overwhelming market advantage in Probe Cards for Memory for HBM (High Bandwidth Memory). With Samsung Electronics and Micron Memory Taiwan as major customers, the company is a global enterprise with an overseas sales ratio of 92.6%. It operates three domestic plants and production bases in three overseas countries, supported by a worldwide sales and maintenance network.
Business Model
The company custom-designs and manufactures probe cards based on semiconductor manufacturers' specifications, securing continuous demand as consumables essential to the wafer inspection process. It differentiates itself through an integrated production system spanning design, assembly, and inspection, along with in-house developed production equipment, achieving a high-profitability structure with a gross profit margin of 48.2% and an operating profit margin of 23.6% (FY2025). R&D expenses amount to 9.4% of sales (¥6,619 million), maintaining its technological edge.
Company Strengths
Since commercializing the world's first 8-inch wafer batch-testing probe card in 2005, the company has established market superiority in Probe Cards for Memory. In FY2025, Probe Card Business sales reached ¥68,525 million (up 28.0% year on year), achieving a segment profit margin of 30.4%. The company is reliably capturing expanding HBM demand driven by the spread of generative AI.'
Samsung Electronics Co., Ltd. accounted for 49.9% of sales (¥35,007 million), while Micron Memory Taiwan Co., Ltd. accounted for 21.4% (¥14,990 million), together reaching 71.3%. Long-term, continuous business relationships with world-leading memory manufacturers form the foundation of stable earnings.
In FY2025, the company made capital expenditures totaling ¥15,252 million, promoting production capacity expansion including investment in the new Aomori Plant building (expanded in December 2024). R&D expenses amounted to ¥6,619 million (9.4% of sales), continuing development of element and manufacturing technologies for next-generation probe cards. Tangible fixed assets expanded to ¥38,744 million, an increase of ¥9,186 million from the previous fiscal year-end.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years progressed as follows: FY2021 ¥39,998 million → FY2022 ¥44,321 million → FY2023 ¥38,292 million (a temporary decline) → FY2024 ¥55,643 million → FY2025 ¥70,173 million, showing a sharp recovery and acceleration. In Q1 of FY2026 (ending December 2026), revenue was ¥20,945 million (up 48.3% year on year), operating profit was ¥5,647 million (up 97.6% year on year), and net income was ¥4,392 million (up 162.5% year on year), continuing the accelerating growth trend. As an external factor, robust demand for GPUs and HBM for data centers amid the expansion of generative AI drove performance. The cost of sales ratio rose from 46.1% in the same period of the previous year to 52.7%, but SG&A expenses decreased from ¥4,756 million to ¥4,250 million, improving the operating margin to 27.0% (versus 20.2% in the same period of the previous year). The recording of ¥1,000 million in subsidy income as extraordinary profit also boosted net income.
Growth Strategy
Aiming to sustain high growth through three pillars: maintaining the No.1 share in HBM, expanding into non-memory applications, and rebuilding the TE Business
Against a backdrop of continued demand in the HBM market, the company continues to expand production capacity for Probe Cards for Memory. Machinery, equipment and vehicles (net) stood at ¥14,161 million at the end of Q1 FY2026 (ending December 2026), an increase of ¥1,802 million from the previous fiscal year-end. Depreciation expenses also expanded to ¥1,624 million, up 77.7% year-on-year, confirming an accumulation of capital expenditure.
While inventory adjustment is progressing in the non-memory field for automotive and industrial applications, the recovery in market conditions remains limited. The company is pursuing new customer acquisition through Probe Cards for Non-Memory (MEMS Type) as part of a medium- to long-term strategy to diversify earnings away from reliance on HBM. Currently, polarization continues with only the AI field performing well, and the outlook for a full-fledged recovery in the non-memory field remains uncertain.
In the TE Business, revenue in Q1 FY2026 (ending December 2026) was ¥316 million (down 31.4% year-on-year), and the segment loss widened to ¥310 million. The company is advancing the development and sales expansion of the new tester "Testalio" and the manual prober "Excelyze," but profitability has not yet been achieved, and the business remains in the process of rebuilding. While sales of semiconductor test sockets remain solid, returning the business as a whole to profitability remains a challenge.
Last updated: July 17, 2026