Lasertec Corporation
6920・Prime Market・Electric Appliances
Business
Lasertec Corporation's core business is the design, manufacture, sale, and servicing of semiconductor-related inspection & measuring equipment using optical application technology (opto-mechatronics). The company has a track record of developing multiple world-first products, including EUV mask blanks defect inspection equipment and EUV patterned mask defect inspection equipment. Its major customers are Intel Corporation (net sales of ¥83,718 million, 33.3% of the total), Taiwan Semiconductor Manufacturing Company Limited (¥66,050 million, 26.3%), and Samsung Electronics Co., Ltd. (¥49,982 million, 19.9%), with the world's top three semiconductor device manufacturers forming its customer base. Its sales and service network operates globally, with consolidated subsidiaries established in North America, Europe, Korea, Taiwan, China, Singapore, and other regions.
Business Model
The company focuses on niche markets that major players find difficult to enter, securing high market share and profitability by launching high-value-added products that combine optical technology, precision mechanisms, electronics, and software. Manufacturing is outsourced to partner companies under a fab-light strategy, allowing the company to concentrate its management resources on research and development. In addition to equipment sales, Services revenue from maintenance and support of installed equipment (¥42,959 million in FY2025 (ended June 2025), up 48.3% year on year) forms a stable revenue base.
Company Strengths
Developed the world's first EUV mask blanks defect inspection/review system in 2017 and the world's first actinic EUV pattern mask defect inspection system in 2019. The company has established a hard-to-replace position in the inspection process essential for the spread of EUV lithography technology, with R&D expenses reaching ¥11,677 million in FY2025 (ended June 2025).
The operating margin for FY2025 (ended June 2025) stood at 48.8% (operating profit of ¥122,843 million), an outstanding level of profitability within the semiconductor equipment industry. The combination of fixed cost control through a fab-lite strategy and the strong pricing power of niche-top products underpins a robust earnings structure, with the company targeting an operating margin of 20% or higher even during periods of market contraction.
Intel (¥83,718 million, 33.3%), TSMC (¥66,050 million, 26.3%), and Samsung (¥49,982 million, 19.9%) together account for approximately 79.5% of net sales. Deep relationships with these customers, who lead investment in leading-edge processes, enable the company to grasp demand at an early stage and reflect it in product development.
ENVALITH's Perspective
Performance Trend
From FY2021 to FY2025, the company achieved rapid growth, with revenue rising from ¥70,248 million to ¥251,477 million (3.6x) and operating profit rising from ¥26,074 million to ¥122,843 million (4.7x). However, for FY2026 (ending June 2026), the full-year forecast calls for revenue of ¥220,000 million (down 12.5% year on year) and operating profit of ¥100,000 million (down 18.6% year on year), marking a shift to declining revenue and profit. For the cumulative nine months, revenue was ¥169,539 million (up 0.4% year on year), securing a slight increase, but operating profit was ¥78,191 million (down 1.4% year on year), a slight decline. As an external factor, while demand for advanced semiconductors remains robust amid expanding investment in AI, an adjustment phase in customers' capital expenditure cycles is affecting equipment sales. Foreign exchange gains (¥1,758 million cumulative for the period) boosted recurring profit, which came to ¥80,449 million (up 6.7% year on year), while net profit was ¥56,823 million (up 7.8% year on year), exceeding the growth rate of operating profit.
Growth Strategy
Under the Medium-Term Management Plan (FY2025 to FY2030, ending June), the company is advancing lead time reduction, services business expansion, and development of new business domains.
The company is pursuing structural expansion of service revenue in line with the growing installed base of equipment. Cumulative Services revenue for the nine months ended in the third quarter of FY2026 (ending June 2026) rose sharply to ¥42,063 million (up 35.5% year on year), with revenue transferred over time also increasing to ¥35,197 million. This is steadily contributing to revenue stabilization.
The company is advancing efficiency improvements in the manufacturing process and reducing lead times in order to respond swiftly to customers' capital expenditure demand. On a production basis, cumulative product production for the nine months ended in the third quarter fell to ¥152,309 million (down 23.8% year on year), making it a challenge to secure sufficient supply capacity as demand recovers.
The company is pursuing expansion into new domains beyond semiconductors leveraging optical application technologies, as well as development of next-generation products. Selling, general and administrative expenses increased to ¥21,223 million (up 21.2% year on year), suggesting continued investment in R&D and human capital. At present, the earnings contribution from specific new domains remains limited.
Last updated: July 17, 2026