AVAL DATA CORPORATION
6918・Standard Market・Electric Appliances
Business
Avalue Data Corporation (Abaru Data) is an industrial electronics manufacturer founded in 1959, listed on the Standard Market of the Tokyo Stock Exchange. Its business consists of two segments: "Contract-Manufactured Products" and "Proprietary Products." In the Contract-Manufactured Products segment, the company undertakes contract development, manufacturing, and sales of control units for semiconductor manufacturing equipment, Industrial Control Equipment, and Measuring Instruments for major customers such as the Tokyo Electron group and Nikon Corporation. In the Proprietary Products segment, the company independently develops Embedded Modules, Image Processing Modules, and Measurement & Communication Equipment (GiGA CHANNEL Series, etc.), deploying them across diverse industries including semiconductor manufacturing equipment, medical devices, FA, and power/telecommunications. In addition to its head office plant in Atsugi City, Kanagawa Prefecture, the company opened the Yamanashi R&D Center in June 2024 to strengthen its research and development capabilities.
Business Model
The Contract-Manufactured Products segment secures sales scale through development, manufacturing, and sales based on customer specifications (FY2026 (ending March 2026) net sales of ¥5,714 million, operating margin of 10.5%), while the Proprietary Products segment achieves a high profit margin through the sale of independently developed modules (same-period net sales of ¥3,115 million, operating margin of 23.4%). The company adopts a strategy of maximizing competitiveness and added value by conducting proposal-based contract development leveraging its proprietary product technology as a base. Fund procurement is centered on equity capital with no debt, maintaining a strong financial base with an equity ratio of 90.0%.
Company Strengths
In 2011, the company became the world's first to develop and sell Image Processing Modules adopting the high-speed image interface CoaXPress standard. In FY2026 (ending March 2026), it developed a CoaXPress over Fiber-compatible frame grabber board achieving transmission speeds of up to 100Gbps, continuing to differentiate technologically by staying ahead of industry standard specifications.
As of the end of FY2026 (ending March 2026), the equity ratio stood at 90.0%, with net assets of ¥20,313 million. The company maintains debt-free management, funding both short-term working capital and capital expenditures with its own funds. The current ratio reached 1,180.7%, giving it strong financial resilience against the sharp demand fluctuations characteristic of the semiconductor industry.
Major customers include Tokyo Electron Miyagi Ltd. (sales of ¥1,938 million, 22.0% of composition), Tokyo Electron Technology Solutions Ltd. (¥1,841 million, 20.9%), and Nikon Corporation (¥939 million, 10.6%). The company has been manufacturing Semiconductor Manufacturing Equipment Related equipment for Nikon Corporation since 1976, representing nearly 50 years of business history.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), net sales came to ¥8,830 million (down 19.6% year on year), operating profit to ¥690 million (down 51.4%), and net income to ¥554 million (down 51.3%), marking three consecutive years of declining revenue and profit since the peak in FY2023 (ended March 2023). External factors compounded one another: a delayed recovery in semiconductor demand for PCs and smartphones, slowing growth in equipment demand from China, and restrained capital investment in the FA sector. Within Contract-Manufactured Products, Semiconductor Manufacturing Equipment Related fell 28.1% year on year to ¥4,145 million, the largest drag on results. On the other hand, operating cash flow turned sharply positive at ¥2,408 million (versus ¥-523 million in the prior period), aided by a decrease in inventories and a corporate tax refund. For FY2027 (ending March 2027), the company forecasts a substantial recovery with net sales of ¥10,200 million and operating profit of ¥1,200 million.
Growth Strategy
Multi-pronged growth through capturing AI/HBM demand, leveraging the new R&D-focused facility, and enhancing the value-added of Proprietary Products
Demand for HBM-related equipment continues to remain at a high level, and as backlog is worked through, this is expected to drive the recovery of the Contract-Manufactured Products segment in FY2027 (ending March 2027). Leveraging its deep relationship with the Tokyo Electron group, the company will continue to provide control units that enhance the added value of equipment.
A new facility dedicated to research and development has been established, accelerating development of next-generation products. The company aims for early commercialization through strengthened collaboration with strategic partners. In FY2026 (ending March 2026), upfront investment continues, and the emergence of tangible results remains a medium-term challenge.
Sales of high-value Proprietary Product-Related Goods (software and peripheral equipment) expanded significantly in FY2026 (ending March 2026), up 129.9% year on year (¥259 million). The company will continue to grow demand from existing customers through the rollout of high-value-added products and to allocate management resources to new products, aiming to maintain and improve the high profitability of the Proprietary Products segment (operating margin of 23.4%).
While the FA-related market continues to undergo an adjustment phase, the company is capturing demand recovery in inspection equipment, social infrastructure, medical devices, and power-related fields. The customer base is diversifying, with Nikon Corporation emerging as a new major customer (¥939 million), and the company aims to reduce the risk of concentration on specific customers while securing stable earnings.
Last updated: July 19, 2026