Lasertec plans unchanged dividend for FY 2026
Despite forecasting a 20% revenue drop, Lasertec (TSE: 6920) plans a flat dividend at ¥329 per share.
Lasertec (TSE: 6920), a leading Japanese manufacturer of semiconductor inspection systems, saw its shares gain after-hours following its latest earnings release. Despite forecasting lower revenue and an unchanged dividend, the market reacted positively as profits came in stronger than expected.
Key Points
Lasertec (TSE: 6920) shares gained 4% after-hours, nearing ¥30,000.
Company forecasts a 20% revenue decline for FY2026 (ending June 2026).
Dividend maintained at ¥329 per share, unchanged from last year.
Stock has doubled in two months and is up 75% year-to-date.
FY2026 estimated P/E ratio: 36; market cap supported by ¥136 billion net cash ($900 million).
Earnings and Market Reaction
Lasertec Corporation (TSE: 6920), one of Japan’s most prominent semiconductor equipment makers, released earnings after the market close on Thursday. The results were initially received positively despite a cautious outlook.
The company — specialized in inspection and measurement systems used in extreme ultraviolet (EUV) photomask production and wafer process control — reported profit figures above expectations, even as revenue guidance fell below consensus. Lasertec now projects a 20% decline in sales for the fiscal year ending June 2026, compared with an average analyst estimate of a 16.5% decrease to around ¥210 billion.
Dividend and Valuation
Lasertec announced a planned dividend of ¥329 per share, the same as last year — marking the first time in years the payout has not been raised. Over the past decade, the company increased its dividend by an average of 40% per year, but that growth now pauses. The payout ratio remains steady around 30–35%, consistent with the sector.
At a share price of ¥28,410, Lasertec’s dividend yield is 1.2%, with two dividend payments per year (ex-dates in June and December).
Stock Performance
The company’s share price has seen an extraordinary recovery in 2025. After dropping 59% in 2024, Lasertec rebounded sharply and is now up 75% year-to-date, having doubled from ¥15,000 to nearly ¥30,000 in just two months.
Despite the weaker revenue forecast and flat dividend, investors remain enthusiastic — possibly due to the stronger-than-expected profit performance and the company’s leadership in EUV inspection technology.
Competitive Landscape
Lasertec operates in a highly specialized niche, holding a dominant market position in EUV mask inspection systems. Its main competitor, KLA Corporation KLAC 0.00%↑ of the United States, is also developing advanced EUV photomask inspection tools, but Lasertec remains the only supplier currently in full production of these systems.
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The company maintains a solid financial position, with no debt and an estimated ¥136 billion in net cash projected for FY2026. Analysts expect growth to resume beyond 2026, forecasting a return to double-digit annual revenue increases.
Analyst Overview
Analyst sentiment is mixed, with 5 buy, 8 hold, and 3 sell recommendations. Given the strong rally and a forward P/E of 36, the stock trades at a premium to peers, though expectations for continued leadership in EUV inspection keep it firmly on investors’ radar.
Last month we already wrote an article about Lasertec when the stock traded below ¥20,000.
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