V Technology Co., Ltd.
7717・Prime Market・Precision Instruments
Business
V Technology Co., Ltd. is an electronic device manufacturing equipment maker established in 1997 and listed on the Tokyo Stock Exchange Prime Market. Its core operations are the FPD Equipment Business (manufacturing and inspection equipment for LCD and OLED, materials such as OLED Deposition Masks, etc.) and the Semiconductor & Photomask Equipment Business (DI exposure equipment for advanced packaging, O/S inspection equipment, photomask inspection/measurement equipment, Wafer Inspection Equipment, etc.), serving domestic and overseas electronic device manufacturers as its main customers. Under a group structure comprising the Company, 22 subsidiaries, and 4 affiliated companies, it conducts business globally, primarily centered on Asia including China, South Korea, and Taiwan.
Business Model
The company's basic policy for product manufacturing is outsourcing (fabless) to domestic and overseas partner companies, while utilizing its own YRP Innovation Center as a research & development and production base. While maintaining a stable earnings base in the FPD Equipment Business, the company aims to improve overall corporate profitability by improving the product mix through expanding the sales composition ratio of the high-growth Semiconductor & Photomask Equipment Business. By integrating the technology and customer bases of group companies acquired through M&A, the company aims to enhance added value by providing total solutions.
Company Strengths
The FPD Equipment Business recorded net sales of ¥31,964 million and operating profit of ¥3,220 million in FY2026 (ending March 2026), achieving a significant year-on-year profit increase driven by an increase in high-profitability projects. The company has built an order-taking and production system leveraging its local base in China, and maintains a high market share in areas such as color filter exposure equipment for large panels.
The DI exposure system "LAMBDI" from subsidiary LE-TECHNOLOGY received the Excellence Award in the Manufacturing Equipment category at the Semiconductor of the Year 2025, and has a track record of bringing to market the world's first equipment capable of manufacturing interposers with a contact wiring width of 1μm and a wiring pitch of 2.5μm. The company has established a group-wide integrated solution offering system combining this with O/S inspection, wafer inspection, and other equipment.
The YRP Innovation Center (Yokosuka City, Kanagawa Prefecture), opened in August 2022, is the company's own facility integrating production capabilities for semiconductor-related equipment with R&D functions. In FY2026 (ending March 2026), the company invested ¥2,258 million in R&D expenses, continuing development of core elemental technologies such as optics, charged particle beams, and ultra-high vacuum.
ENVALITH's Perspective
Performance Trend
Revenue bottomed out at ¥37,335 million in FY2024, then expanded for two consecutive periods to ¥46,182 million in FY2025 and ¥52,992 million in FY2026, surpassing the FY2022 peak of ¥51,418 million. Operating profit recovered sharply from ¥846 million in FY2024 to ¥3,768 million in FY2026, with the operating margin improving from 3.9% to 7.1%. The primary external factor was the recovery in FPD equipment capital investment for large panels, with operating profit in the FPD Equipment Business expanding to approximately 3.5 times the previous period's level. Profit attributable to owners of parent was ¥2,301 million (up 187.5% year on year). For FY2027 (ending March 2027), the company forecasts revenue of ¥60,000 million and operating profit of ¥5,500 million, anticipating the continuation of the recovery trend. On the other hand, the expansion of equity method investment losses (¥737 million) remains a factor depressing recurring profit.
Growth Strategy
Deepening the package strategy in both the Semiconductor and FPD businesses while strengthening the business foundation through M&A and local production
As market conditions remain firm, centered on large-panel applications, the company will deepen its package strategy of providing FPD Equipment, Inspection Equipment, and OLED Deposition Mask components in an integrated manner. In response to the risk of export restrictions to China, the company will promote the establishment of a local production system in China to mitigate geopolitical risk.
Against the backdrop of growing demand for AI-related semiconductors, the company will promote order expansion for new products in the advanced packaging field, such as Direct Imaging and O/S inspection equipment. It will continue to expand its customer base through synergies with its subsidiary Japan Create, and strengthen its R&D and production system utilizing the YRP Innovation Center.
In FY2026 (ending March 2026), the company newly consolidated Koho Electronics Industry Co., Ltd. (expenditure of ¥571 million for acquisition of subsidiary shares), while deconsolidating Lumiotec Inc. and Flask Inc., thereby streamlining unprofitable businesses and concentrating resources on growth areas. The basic policy is to build up internal reserves for M&A, capital expenditure, and R&D investment.
The policy is to maintain an annual dividend of ¥80.00 per share for both FY2026 (ending March 2026) and FY2027 (ending March 2027). The dividend payout ratio is 32.9% for FY2026 (ending March 2026), normalizing from 95.2% in the previous fiscal year. The company has stated its policy of actively strengthening share buyback initiatives and increasing dividends, aiming to enhance shareholder returns.
Last updated: July 19, 2026