Advantest said on Aug. 20 it completed its ¥150 billion buyback launched under an Oct. 28, 2025 board resolution, after purchasing 405,700 shares for ¥13,976,938,000 from Aug. 1 to Aug. 19. The cumulative repurchase reached 5,759,000 shares at a total cost of ¥149,996,716,000 before fees, executing 99.99% of the planned amount and 32.0% of the 18 million share cap.
Advantest announced on Aug. 20, 2026 that, under a share buyback authorized by its board on Oct. 28, 2025, it purchased 405,700 common shares for ¥13,976,938,000 on the Tokyo Stock Exchange between Aug. 1 and Aug. 19, 2026. Trading commissions are excluded.
With that, the buyback under the resolution ended. Cumulative results since Nov. 4, 2025 total 5,759,000 shares at a cost of ¥149,996,716,000. The board had authorized up to 18,000,000 shares and ¥150 billion, so the company used 99.99% of the amount cap but only 32.0% of the share cap. The roughly full execution brought the program to a close about two months ahead of the scheduled end of Oct. 28, 2026. The average purchase price was approximately ¥26,044.
The gap between the authorized limits and the results shows up clearly in execution rates by share count and value.
| Item | Authorized limit | Result | Execution rate |
|---|---|---|---|
| Shares | 18,000,000 | 5,759,000 | 32.0% |
| Purchase amount | ¥150,000,000,000 | ¥149,996,716,000 | 99.99% |
| Period | Nov. 4, 2025 to Oct. 28, 2026 | Nov. 4, 2025 to Aug. 19, 2026 | About 2 months early |
Because the amount reached nearly the full cap, the buying ended roughly two months ahead of schedule. The share count fell short mainly because the share price remained higher than expected during the purchase period. All purchases were made on the market, and no additional repurchase framework was indicated in this disclosure. Investors will need to watch future capital policy and how the treasury shares are used.
Advantest, a global leader in semiconductor test equipment, has been strengthening shareholder returns amid expanding earnings. This buyback, with a framework of ¥150 billion, ranks among the company's largest shareholder returns.
The number of shares bought, however, represented only 32.0% of the 18 million share cap, a result of the amount cap binding in a rising share price environment. The repurchase program had authorized up to 2.5% of outstanding shares excluding treasury stock, but the actual acquired stake came to about 0.8%. Even so, if the repurchased shares are retired, earnings per share could improve. Going forward, focus will be on whether the company cancels the shares, sets a new buyback framework, or expands dividends, and on the sustainability of capital-efficiency-focused returns. With semiconductor market conditions volatile, investors are watching whether Advantest can maintain a flexible capital policy.
Analyst take
The early completion about two months ahead of schedule shows Advantest quickly executed ¥150 billion in shareholder returns. However, the share count reached only 32.0% of the cap, suggesting high share prices lifted the average purchase price. With cumulative spending at 99.99% of the limit, the company returned nearly the full amount to the market. The next focus will be on any new buyback authorization and the treatment of repurchased shares.
