TickerADTTF
SectorSemiconductors
Mkt cap$143.6B
EV / EBITDA40.1×
PostureQuiet Issuer
Composite30/100
LensTarget-side

SE-Cluster Research·Issuer Brief·Q2 2026CIK 1158838

Advantest Corp.

ADTTFQUIET ISSUERQUIET

Advantest Corp. reads as Quiet Issuer (composite 30/100); pressure / disclosure signals dominate the posture this cycle · primary market Semis & Hardware.

Lens

Disclosed M&A capital (2023–2025)

N/A

flat

vs N/A in 2020–2022

Disclosed transactions

N/A

flat

0/3 active fiscal years in window

Buyer archetype

Selective Buyer

Acquisition use is visible but targeted.

Composite score

/100

Quiet Issuer dominates · Quiet

Financial snapshotRevenue$7.6B
EBITDA$3.5B
Enterprise value$141.4B
EV / Revenue18.7×
EV / EBITDA40.1×
P/EN/A
CashN/A
Total debtN/A
as of 2026-05-11

§ I·SE-Cluster Issuer Brief

Behavioral posture, nine reads.

Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.

Active Acquirer

1/100

Companies actively deploying disclosed capital into M&A

$500K disclosed buyer spend

Buyer Cadence

1/100

Buyer-side companies with recent filing activity

Target Probability

0/100

Issuers showing target-side patterns from filings

Spin/Carve

0/100

Issuers showing spin-off, carve-out, or sum-of-parts posture

Pressure Watch

0/100

Issuers facing activism, governance, or control pressure

Distress Watch

30/100

Issuers showing financial-distress filing patterns

Missing recent 10-Q
10-K 4002d stale

Restatement Risk

0/100

Issuers with accounting-integrity flags from filings

Capital Velocity

22/100

Issuers with the highest filing-activity intensity

Quiet Power

0/100

Large issuers with low signal volume and clean disclosure cadence

Enterprise value $141.4B
2 active signals

§ II·SE-Cluster Issuer Brief

Capital cadence.

No disclosed M&A capital in the 10-year window.

This issuer has not disclosed material acquisition spend or count in the last ten fiscal years.

§ III·SE-Cluster Issuer Brief

Strategy posture.

The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.

Archetype mix

Horizontal Consolidation
100%

Strategy keywords

Terms recurring across recent 10-K acquisition disclosures.

horizontal_consolidation

§ IV·SE-Cluster Issuer Brief

Filing language.

Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.

“The market for test systems for memory semiconductors in the Semiconductor and Component Test System Segment is highly concentrated, with a small number of large semiconductor manufacturers, foundries and test houses accounting for a large portion of total sales in the semiconductor and component test system industry.”

10-KFY2015

“Advantest believes that this market concentration could become even more severe in the future as larger semiconductor device manufacturers, foundries and test houses acquire smaller semiconductor market participants, and as corporate restructuring, such as elimination and consolidation of businesses, progresses.”

10-KFY2015

“Advantest’s ability to increase sales will depend in large part upon its ability to obtain or increase orders from large-volume customers.”

10-KFY2014

“consolidation of the two companies’ differing research and development, manufacturing, sales, maintenance processes and their systems;”

10-KFY2013

§ V·SE-Cluster Issuer Brief

Market context.

Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.

Primary market

Semis & Hardware

Market spend (2023–2025): $118.8B
Market spend (2020–2022): $89.3B
Recent vs prior: +33%
Issuer rank in market: N/A
Share of market capital: 0.0%

Valuation positioning

40.1×EV / EBITDA

ADTTF trades at a +20.6-turn premium to the Semis & Hardware peer median of 19.5×.

EV / Revenue: 18.7×
Net debt / EBITDA: N/A
Peer median EV / EBITDA: 19.5×

Trading comparables

FMP market data · 2026-05-11

Company	EV / EBITDA	EV / Rev	Net debt / EBITDA	Revenue	M&A 2023–2025
Advantest Corp.ADTTF	40.1×	18.7×	N/A	$7.6B	N/A
Entegris, Inc.ENTG	30.8×	8.0×	3.8×	$3.2B	$6B
Amphenol Corp.APH	21.7×	6.6×	-0.1×	$25.9B	$6.9B
Fortive CorporationFTV	19.5×	4.5×	2.8×	$4.7B	$1.8B
Qualcomm Inc.QCOM	18.1×	5.4×	-0.4×	$44.5B	$997M
TE Connectivity PLCTEL	14.5×	3.5×	-0.2×	$18.5B	$3.1B

Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Semis & Hardware. Bars scaled to the highest EV/EBITDA in the set.

§ VI·SE-Cluster Issuer Brief

Buyer landscape.

Public buyers whose stated archetypes, target categories, and recent cadence align with this issuer as a plausible acquisition target. Scores cross EDGAR signal and disclosure overlap.

Likely buyers

No public buyers surface as a strong target-side fit on current signal.

Likely sellers / divestiture partners

No reciprocal divestiture / strategic-alternatives matches identified.

§ VII·SE-Cluster Issuer Brief

Filing activity & signal stream.

Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.

Filing cadence

10-K (annual)162015-06-25
10-Q (quarterly)0N/A
8-K (event)0N/A
Proxy / DEF 14A102011-06-10
Activism (13D / DFAN / PREC)0N/A

Signals on file

info
Signal
Serial acquisition history
info
Signal
10-K strategy themes

§ VIII·SE-Cluster Issuer Brief

Audited corpus.

No audited record on file for this CIK in the current v6 corpus.

This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.

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