ENVALITH
IMV株式会社 logo

IMV CORPORATION

7760・Standard Market・Precision Instruments

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IMV株式会社 logo
IMV CORPORATION7760

Business

IMV Corporation, founded in 1957, is a specialized vibration equipment manufacturer operating as a single-segment company across three product lines: Vibration Simulation Systems (vibration testing equipment), Test & Solution Services (contracted testing), and Measuring Systems (vibration measurement and monitoring devices). Its customer base spans a wide range of industries, including automotive, aerospace, defense, semiconductor, and electronics. The company operates multiple test labs domestically and has overseas subsidiaries in Europe, the United States, and ASEAN. Its comprehensive strength in developing vibration generators, power amplifiers, and vibration controllers entirely in-house serves as a key differentiating factor from competitors.

Business Model

Of net sales of ¥17,941 million, Vibration Simulation Systems accounted for ¥13,021 million (72.6%), Test & Solution Services for ¥3,687 million (20.6%), and Measuring Systems for ¥1,232 million (6.9%). In addition to one-time revenue from equipment sales, the structure accumulates recurring revenue from after-sales services—amplifier renewals, maintenance inspections, and repairs—as well as contracted testing. Order backlog of ¥15,463 million (up 32.8% year on year) is enhancing visibility into future sales.

Company Strengths

The company develops vibration generators, power amplifiers, and vibration controllers entirely in-house, possessing a comprehensive development capability that is rare within the industry. This integrated development system enables rapid response to changing testing needs and achieves differentiation from competitors. R&D expenses of ¥792 million were invested in the current consolidated fiscal year, continuing development of the cloud service "iMV cloud" and next-generation Vibration Simulation Systems.

Revenue increased 54.9% over five fiscal years, from ¥11,576 million in FY2021 to ¥17,941 million in FY2025. Operating income more than doubled over the same period, from ¥1,067 million to ¥2,315 million. ROIC in FY2025 reached 11.1%, significantly exceeding the 8% target, while operating cash flow expanded to ¥3,848 million, approximately 1.9 times the previous year's level. Both revenue and profit reached record highs.

The order backlog at the end of the fiscal year ending September 2025 stood at ¥15,463 million (up 32.8% year on year), of which Vibration Simulation Systems accounted for ¥14,420 million (up 35.0% year on year). The order backlog equates to approximately 86% of annual revenue, serving as a leading indicator that underpins high confidence in achieving the next fiscal year's revenue plan of ¥20,000 million.

ENVALITH's Perspective

Against the full-year forecast for FY2026 (ending September 2026) of ¥20,000 million in revenue and ¥2,400 million in operating profit, the cumulative progress rate for the interim period is extremely high at 57.6% for revenue and 78.0% for operating profit. The decision to leave the full-year forecast unchanged can be interpreted as conservative, and there is room for upside depending on order fulfillment in the second half. On the other hand, the full-year ordinary profit forecast (¥2,400 million) is set at a 6.6% decrease year on year, which should be noted as it factors in a scenario in which non-operating income such as foreign exchange gains recedes in the second half.

Of the ¥2,088 million in ordinary profit for the current interim period, foreign exchange gains of ¥217 million (versus ¥96 million in the same period of the previous year) contributed significantly. As an external factor, the progression of yen depreciation has served to boost earnings, and the impact on ordinary profit should the foreign exchange environment change cannot be ignored. While the operating profit margin (16.3%) is steadily improving, the divergence from the ordinary profit margin (18.1%) is attributable to foreign exchange factors, and operating profit should be emphasized when evaluating underlying earnings power.

Selling, general and administrative expenses for the current interim period increased to ¥2,599 million (versus ¥1,989 million in the same period of the previous year, up 30.7% year on year), a pace exceeding revenue growth (up 20.8%). The company has explicitly cited cost increases associated with R&D investment and human capital investment; while the gross profit margin improved (from 36.4% in the same period of the previous year to 38.9% in the current interim period), the degree of improvement in the operating profit margin (from 15.5% in the same period of the previous year to 16.3% in the current interim period) was limited. This can be regarded as forward-looking investment to strengthen medium- to long-term competitiveness, but it is a constraining factor on short-term margin improvement.

Growth Strategy

Capturing demand from aerospace, EV, and defense sectors, pursuing sustained growth through capacity expansion, service enhancement, and overseas expansion

Capturing capital investment demand for aerospace and automotive industries in overseas and domestic markets, sales of Vibration Simulation Systems increased significantly to ¥8,727 million (up 24.6% year on year). Order backlog of ¥14,688 million underpins future sales.

Aerospace-related vibration testing and EMC testing progressed steadily, and as a result of responding to growth in testing demand accompanying digitalization and diversifying customer needs, sales of ¥2,200 million (up 17.9% year on year) were achieved. Expansion of testing services is ongoing.

Working to expand domestic service locations and improve services such as testing support, amplifier renewal, maintenance inspection, and repair services progressed steadily. Strengthening the continuing revenue base after equipment sales, aiming to build customer lock-in and accumulate stable revenue.

Continuing investment in production equipment and testing equipment, generating an increase in sales. Also working to improve profitability through brush-ups of existing products and other measures, with gross profit margin improving from 36.4% in the same period of the previous year to 38.9%. Expenditure on acquisition of tangible fixed assets was ¥279 million in the current interim period.

Actively implementing R&D investment and investment in human capital. While this is a cost-increasing factor in the short term, it is positioned as a forward-looking investment aimed at maintaining and strengthening technological superiority and building a future revenue base.

Last updated: July 17, 2026