Qualtec Co.,Ltd.
9165・Growth Market・Services
Business
QualTec Co., Ltd. was founded in 1993 and listed on the TSE Growth Market in 2023. It is an independent testing and evaluation company organized into three segments: the Reliability Evaluation Business (approximately 88% of net sales), the Micro-Fabrication Business (approximately 10%), and Other Businesses (approximately 1%). In its core Reliability Evaluation Business, the company provides reliability evaluation testing for power semiconductors used in automotive electrification (EV, HV, PHV) and the energy industry, centered on power cycle testing, failure analysis, and cross-section polishing. Having obtained ISO/IEC17025 accreditation, the company leverages internationally recognized technical capabilities and counts automotive and semiconductor manufacturers, including DENSO, among its key customers. The head office is located in Sakai City, Osaka Prefecture.
Business Model
The company earns revenue as consideration for providing testing, inspection, analysis, failure analysis, processing, and equipment sales services to customers. The Reliability Evaluation Business has a cost structure with a high proportion of fixed costs, making it a leverage-type model in which increases in revenue translate directly into increases in operating income. By continuously making capital investments to expand testing capacity, the company strengthens its ability to respond to orders and deepens its relationships with customers from the prototype stage through to mass production. The Micro-Fabrication Business boasts a high operating margin of 44.7%, complementing overall company profitability.
Company Strengths
Provides reliability evaluation testing from a neutral standpoint independent of manufacturers. Has obtained ISO/IEC 17025 accreditation and ILAC-MRA (International Laboratory Accreditation Cooperation Mutual Recognition Arrangement) recognition, giving its technical capabilities internationally certified status. Against a backdrop of recent inspection data fraud cases at corporations, demand for independent third-party institutions has been rising.
The company has engaged in reliability evaluation testing and failure analysis for power semiconductors since before the widespread adoption of electric vehicles, building an in-house structure capable of developing electrical circuits, software, and water-cooling mechanisms. In 2015, it began developing and selling power cycle testing equipment, and has also received orders for testing equipment modifications to address customers' in-house production needs. Its strength lies in providing total support before and after testing.
In the Micro-Fabrication Business for FY2025 (ending June 2025), the company achieved net sales of ¥414 million against operating profit of ¥185 million, an operating margin of 44.7%. Processing technology for hard-to-process materials (glass substrates, low-dielectric materials, etc.) accumulated over more than 20 years of business continuity, together with specialized processing methods such as femtosecond green laser processing, form barriers to entry, maintaining a high-profitability structure.
ENVALITH's Perspective
Performance Trend
Revenue over the past three fiscal years trended upward: ¥3,274 million in FY2023 → ¥3,624 million in FY2024 → ¥4,025 million in FY2025. In the cumulative nine months of Q3 FY2026 (ending June 2026), revenue was ¥3,305 million (up 8.2% year on year), operating profit was ¥431 million (up 24.6%), ordinary profit was ¥448 million (up 29.9%), and quarterly net profit was ¥297 million (up 36.0%), with the profit growth rate accelerating. As an external factor, growing demand for automotive electrification and power semiconductors drove the Reliability Evaluation Business. Ordinary profit was boosted by subsidy income of ¥19 million (MAP project). The disappearance of the ¥10 million valuation loss on investment securities recorded in the same period of the previous year also pushed up the net profit growth rate.
Growth Strategy
Pursuing sustainable growth through expanded investment in power semiconductors and next-generation technologies, together with diversification of the customer base
The Power Electronics Techno Center, opened in November 2024, has expanded equipment capacity and improved the company's ability to respond to orders for power cycle testing and analysis. In the cumulative nine months of FY2026 (ending March 2026)... wait, ending June 2026, segment assets in the Reliability Evaluation Business increased by ¥142,918 thousand compared to the end of the previous fiscal year, indicating continued progress in capital investment.
The MAP Project, aimed at innovating surface treatment technology, is underway. In the cumulative nine months of FY2026 (ending June 2026), subsidy income of ¥19 million was recorded in ordinary income, reflecting progress in research and development utilizing external funding. Efforts toward commercialization and mass production are ongoing.
The company is promoting sales expansion into the semiconductor industry, moving beyond its traditional customer base centered on the automotive industry. An increase in orders for high-unit-price analysis projects and steady order trends for power cycle testing and cross-section polishing indicate progress in customer diversification. The company is simultaneously pursuing reduction of risk from dependence on specific customers and securing new sources of revenue.
Orders for mass-production processing of telecommunications-related products in laser processing have trended favorably, and net sales of the Micro-Fabrication Business increased 32.6% year on year in the cumulative nine months of FY2026 (ending June 2026). Together with steady order intake for prototype processing, the company aims to further expand the scale of this highly profitable segment.
Last updated: July 17, 2026