Research

IMV: Vibration-test maker with record results and a larger order backlog

IMV CORPORATION (7760) · Initiated coverage 2026-10-22 · Beluuga AI Research Team · Independent research

Not investment advice or a solicitation. See Important disclosures below.

Business overview

  • IMV designs, makes and services vibration simulation systems (vibration test equipment) and combined environmental test equipment. Customers in the automotive, aerospace, defense and electronics industries use these systems to test durability and quality.
  • It also runs contract vibration and EMC testing labs in Japan, Thailand and Vietnam, and sells measuring systems, including vibration meters, machine-condition monitors and earthquake monitors, used for predictive maintenance and disaster prevention.
  • The company reports a single segment, vibration-related business, and breaks out sales, orders and backlog by these three product lines. Vibration simulation systems are by far the largest line (see Performance & Balance).
  • The fiscal year ends September 30. The group has seven consolidated subsidiaries, including a domestic test-equipment maker acquired in 2016 and sales and service companies in the UK, the US, Thailand and Vietnam. Japan accounts for the majority of sales, with Europe, the US and Asia making up the rest.

Investment case

  1. In the annual securities report for the year to September 2025, the company reported record sales and record profits at every level. It attributed the growth to large domestic automotive and defense orders and to demand from European electric-vehicle and US aerospace customers.
  2. The company uses return on invested capital as its main management indicator and has a stated minimum target. It reported exceeding that target in the year to September 2025.
  3. The third-quarter earnings release for the year to September 2026 shows nine-month sales and operating profit above the prior-year period. The order backlog at June 30, 2026 was larger than a year earlier, and contract liabilities (customer advances) rose further during the period.
  4. Cash and deposits exceeded total borrowings at June 30, 2026, and equity remained above half of total assets (see Performance & Balance). The company develops all three core components of its test systems (shaker, power amplifier and controller) in-house, and it added a multipurpose test facility at its Osaka headquarters in December 2024.

Bear case

  1. Nine-month order intake in the year to September 2026 was essentially flat year over year. Orders for test and solution services declined, and that line's backlog roughly halved from a year earlier.
  2. Measuring systems sales fell in the year to September 2025 and fell again in the first nine months of the following year. The company cited slower overseas orders and a pause in demand for vibration monitoring systems.
  3. The company's unchanged full-year forecast for the year to September 2026 projects higher sales and operating profit but lower ordinary profit and net income than in the prior year. Foreign-exchange gains contributed to non-operating income in the nine-month results.
  4. Cash grew largely because customer advances (contract liabilities) increased. That cash is tied to orders still to be delivered and is not free surplus.

Catalysts

  • Full-year results for the year ending September 30, 2026, measured against the unchanged forecast. Sales of vibration simulation systems tend to concentrate in March and September, so the fourth quarter carries weight.
  • The year-end dividend for the year to September 2026, for which the company has kept its forecast unchanged and pays no interim dividend.
  • The annual securities report and annual shareholders' meeting (held in December for the year to September 2025). These will show any changes to board composition, outside director count or capital allocation policy.

Key risks

  • Seasonality and acceptance timing: the company records revenue on installed systems only when the customer completes acceptance. Delays can shift sales between periods, and the company states that large orders cause monthly swings.
  • Outsourcing: most non-core parts and processes are subcontracted to the company's designs, so a disruption at subcontractors could affect delivery and quality. The company states that it generally maintains multiple suppliers.
  • Domestic demand and currency: the company cites a slower-than-expected recovery in domestic automotive demand as a risk. It also cites foreign-exchange movements, both on foreign-currency transactions and on translating overseas subsidiaries' results.
  • Governance: the board chairman attended two of twelve board meetings in the year to September 2025. Individuals with the same names as the chairman, the president and another director appear among the major shareholders, and the business partners' and employee stock ownership associations are also major holders (see Shareholders). The articles reduce the quorum for electing directors and for special resolutions to one-third of voting rights.

Trading liquidity

Median daily trading value US$1.83mn
Average daily volume 132,938 shares

2025-10-02 to 2026-10-21 (250 trading days). Trading value is daily closing price × daily volume on the Tokyo Stock Exchange.

Assumptions

  • Financial figures on this page come from beluuga.ai's daily data set; trading liquidity is measured over the period shown. We do not use consensus estimates.
  • Governance, risk and shareholder-structure statements come from the annual report filed in December 2025. Operating figures for the current year come from the August 2026 third-quarter release, which includes no quarterly cash flow statement and was reviewed by the auditor on a voluntary basis.
  • Because the company reports a single segment, product-line figures are the only breakdown available. Profitability by product line is not reported.
  • Qualitative statements are taken from the annual securities report for the year to September 2025 and the third-quarter earnings release for the year to September 2026.

This is independent research. No company paid for or reviewed it. We do not publish ratings, price targets or buy/sell views. Figures on the other slides of this page come from beluuga.ai's daily data set.

Important disclosures

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Not investment advice. This material is general and impersonal. It does not take into account the investment objectives, financial situation or particular needs of any reader, and it is not tailored to any person. It is published to all readers on the same terms and on a regular basis, and no reader receives advice on the merits of any security for their own account. Readers should make their own independent decisions and consult their own legal, tax, accounting and investment advisers before making any investment.

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Overview
Precision Instruments

IMV CORPORATION

IMV Corporation is a leading manufacturer and provider of vibration-related environmental testing, measurement, and analysis equipment, offering vibration simulation systems (vibration test systems), measuring systems (vibration/seismic monitoring devices), and all-weather composite environmental test systems. The company also operates a contract testing service with 7 domestic and 3 overseas locations, providing reliability evaluation services backed by over 30,000 test cases since founding. IMV's competitive strengths lie in its end-to-end capabilities spanning product development, manufacturing, sales, maintenance, and outsourced testing services, targeting automotive, aerospace, industrial, and electronics sectors both domestically and internationally.

Market Cap
¥28.8B
US$184M
EV
¥24.6B
US$157M
Stock¥1,808▼-2.59%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
7.2
x
LTM EV/EBIT
9.2
x
LTM PER
13.7
x
LTM PBR
2.2
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-27.0%pt
1001
Oct 22, 25 – Oct 22, 26StockTOPIX
1Aug 7, 26Q3 FY2026/09 earnings announced
MC → EV Bridge
28.8BUS$184MMarket Cap3.24BUS$20.6M+ Debt7.23BUS$46.0M− Cash0.21BUS$1.31M− Inv. Sec.24.6BUS$157MEV
AI Briefing
IMV dominates Japan's vibration testing/measurement niche, blending equipment manufacturing with contract testing across automotive, aerospace and electronics end markets. FY25/9 revenue ¥17.9B with OP margin expanding to 12.9%, continuing a four-year climb from ¥11.9B/6.9% in FY22/9. Founder-family and affiliate holders (SEIKO, Kojima family, supplier shareholder circle) control a tight share base, with strategic holder Espec also on the register — a consolidation-friendly cap table if ever tested.
Performance & Balance
Revenue 5Y (¥B)
11.6US$73.7M'21/911.9US$75.7M'22/913.9US$88.3M'23/915.3US$97.7M'24/917.9US$114M'25/9
EBITDA 5Y (¥B)
1.67US$10.6M'21/91.40US$8.91M'22/91.81US$11.5M'23/92.43US$15.5M'24/92.99US$19.0M'25/9
Net Income 5Y (¥B)
0.94US$5.97M'21/91.07US$6.78M'22/91.13US$7.17M'23/91.43US$9.09M'24/91.94US$12.3M'25/9
Capital Structure
80%
20%
EquityD/E 0.25xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
4.18US$26.6M5.21US$33.2M'21/93.70US$23.6M4.27US$27.2M'22/92.34US$14.9M3.26US$20.8M'23/92.97US$18.9M3.41US$21.7M'24/95.08US$32.4M3.49US$22.2M'25/9
Shareholders
Top 10 hold 58.7%
1
SEIKO Ltd.
18.70%
2
IMV Business Partners' Stock Ownership Association
7.20%
3
Shigeo KOJIMA
7.10%
4
Junpei KOJIMA
6.50%
5
ESPEC CORP.
4.80%
6
IMV Employee Stock Ownership Association
3.90%
7
BNPPARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURGFUNDS/UCITS ASSETS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited)
3.70%
8
Custody Bank of Japan, Ltd. (Trust Account)
3.30%
9
Kentaro KOJIMA
1.80%
10
Afro Ltd.
1.70%
Management
12 officers
Shigeo KOJIMA
Director, Chairman
Apr 1958 Joined Sharp Corporation Jan 1969 Opened CPA office Jul 1976 Representative Director, President of the Company Feb 1986 Representative Director, Chairman of the Company Mar 1997 Representative Director, Chairman and President of the Company Dec 2007 Representative Director, Chairman of the Company Oct 2021 Representative Director, Chairman and CEO of the Company Apr 2023 Director, Chairman of the Company (current)
1936-03-13
Jumpei KOJIMA
Representative Director, President and CEO
Jun 2006 Joined the Company Oct 2012 Executive Officer, General Manager of Overseas Business Division of the Company Oct 2014 Managing Executive Officer, General Manager of Overseas Business Division of the Company Dec 2014 Managing Director, General Manager of Overseas Business Division of the Company Oct 2015 Representative Director, President of the Company Jan 2024 Representative Director, President and CEO of the Company (current)
1976-06-24
Hideki AOKI
Director, Chief Technology Officer (CTO), General Manager of Technology Promotion Headquarters, Head of Export Control Office
Mar 1988 Joined the Company Sep 2009 Executive Officer, General Manager of Sales Division of the Company Dec 2012 Executive Officer, Head of R&D Center of the Company Oct 2013 Executive Officer, General Manager of DSS Business Division, Head of R&D Center of the Company Dec 2014 Director, General Manager of DSS Business Division, Head of R&D Center, General Manager of Production Engineering Department and Quality Assurance Department of the Company Apr 2016 Director, General Manager of DSS Business Division, Head of R&D Center, General Manager of Manufacturing Department of the Company Oct 2018 Director, General Manager of DSS Business Division, Head of R&D Center, General Manager of Administration Department of the Company Jun 2020 Director, Acting General Manager of DSS Business Division of the Company Oct 2021 Director, Chief Technology Officer (CTO), General Manager of Technology Promotion Headquarters, General Manager of Test Lab Business Division, Head of Export Control Office of the Company Oct 2023 Director, Chief Technology Officer (CTO), General Manager of Technology Promotion Headquarters, Head of Export Control Office of the Company (current)
1961-05-11
Kinya KUSANO
Director
Nov 1982 Joined Kurashokai Co., Ltd. Mar 1998 Representative Director, President of Kurashokai Co., Ltd. Dec 2002 Audit & Supervisory Board Member of the Company Jul 2004 Director of the Company (current) Aug 2012 Senior Advisor of Kurashokai Co., Ltd. (current)
1952-09-25
Kentaro KOJIMA
Director
Apr 1999 Joined Chisso Corporation Oct 1999 Joined Kanji OGAWA Certified Public Accountant Office Jan 2001 Joined Shigeo KOJIMA Certified Public Accountant Office May 2002 Registered as Certified Tax Accountant (current) Oct 2005 Head of Kentaro Kojima Tax Accountant Office (current) Dec 2005 Director of the Company (current)
1974-02-16
Kiyoshi SAKAI
Director
Apr 1975 Joined Tohmatsu & Aoki Audit Corporation (currently Deloitte Touche Tohmatsu LLC) Mar 1979 Registered as Certified Public Accountant Jul 1998 Representative Partner of the same corporation Jan 2016 Head of Kiyoshi Sakai Certified Public Accountant Office (current) Jun 2016 Outside Audit & Supervisory Board Member of Godo Steel, Ltd. (current) Dec 2016 Director of the Company (current)
1950-08-09
Masaharu KAKIHARA
Director, General Manager of Corporate Planning Headquarters
Apr 1995 Joined the Company Jan 2017 General Manager of Sales & Marketing Department, Sales Division of the Company Jan 2019 Acting General Manager of Sales Division and General Manager of Sales Department of the Company Jan 2021 Executive Officer, General Manager of Sales Division of the Company Dec 2023 Director, General Manager of Sales Division of the Company (current)
1965-01-14
Hideki MIZOMOTO
Director, General Manager of Sales Division
Apr 1995 Joined the Company Jan 2017 General Manager of Sales & Marketing Department, Sales Division of the Company Jan 2019 Acting General Manager of Sales Division and General Manager of Sales Department of the Company Jan 2021 Executive Officer, General Manager of Sales Division of the Company Dec 2023 Director, General Manager of Sales Division of the Company (current)
1971-09-13
Shoko TAKAHASHI
Director
Jun 2013 Representative Director of GeneQuest Inc. Apr 2018 Executive Officer of Euglena Co., Ltd. Jul 2021 Visiting Specially Appointed Professor, Tohoku University Graduate Program for Medical Innovation (current) Jun 2022 Outside Director of Tohoku University Venture Partners Co., Ltd. (current) Apr 2023 Director and Founder of GeneQuest Inc. (current) Jun 2023 Representative Director, President of TAZ Inc. (current) Jun 2023 Outside Director of MUSCAT GROUP Co., Ltd. (current) Dec 2024 Director of the Company (current)
1988-02-09
Masakazu SHIRABOSHI
Full-time Audit & Supervisory Board Member
Apr 1987 Joined the Company Apr 2007 Executive Officer, in charge of Technology, Development and Production of the Company Jan 2018 Executive Officer, General Manager of Vibration Test Department, Test Lab Business Division of the Company Oct 2021 Executive Officer, in charge of Test Lab Business, Test Lab Business Division of the Company Jan 2023 General Manager of Administration Department, Test Lab Business Division of the Company Dec 2023 Full-time Audit & Supervisory Board Member of the Company (current)
1959-07-03
Yasuo TERADA
Audit & Supervisory Board Member
Aug 1970 Joined Asahi Denki Co., Ltd. Sep 2000 Director, General Manager of Finance Department of Asahi Denki Co., Ltd. Dec 2003 Audit & Supervisory Board Member of the Company (current) Jun 2004 Managing Director, General Manager of Finance Group and Finance Department of Asahi Denki Co., Ltd. Jan 2012 Senior Managing Director, General Manager of Administration Division of Asahi Denki Co., Ltd. Oct 2013 Representative Director, Senior Managing Director, General Manager of Administration Division of Asahi Denki Co., Ltd. Jan 2015 Full-time Audit & Supervisory Board Member of Asahi Denki Co., Ltd.
1949-05-17
Yoko HOTTA
Audit & Supervisory Board Member
Apr 2002 Joined Murata Manufacturing Co., Ltd. Mar 2005 Joined Kambara Kisen Co., Ltd. Feb 2006 Joined Kiyoshi Yamashita Certified Public Accountant and Certified Tax Accountant Office Dec 2007 Joined Tohmatsu Audit Corporation (currently Deloitte Touche Tohmatsu LLC) Dec 2011 Registered as Certified Public Accountant May 2021 Registered as Certified Tax Accountant Jul 2021 Head of Yoko Hotta Certified Public Accountant Office (current) Jul 2021 Deputy Head of Kiyoshi Yamashita Certified Tax Accountant Office (current) Dec 2024 Audit & Supervisory Board Member of the Company (current)
1979-04-23
Large Shareholding Reports
Sumitomo Mitsui DS Asset Management Company, Limited
2026-04-07
5.69%→4.69%
Sumitomo Mitsui DS Asset Management Company, Limited
2025-12-05
4.58%→5.69%
Sumitomo Mitsui DS Asset Management Company, Limited
2025-10-07
4.58%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-05
Q3 Earnings Flash
FY ending Sep 2026
EDINET
2026-05-13
Semi-Annual Securities Report
Period: Oct 2025 – Sep 2026
EDINET
2026-04-07
Large Shareholding Report
TDnet
2026-02-10
Q1 Earnings Flash
FY ending Sep 2026
EDINET
2025-12-18
Annual Securities Report
Period: Oct 2024 – Sep 2025
EDINET
2025-12-05
Large Shareholding Report
EDINET
2025-10-07
Large Shareholding Report
TDnet
2025-08-08
Q3 Earnings Flash
FY ending Sep 2025
EDINET
2025-05-09
Semi-Annual Securities Report
Period: Oct 2024 – Mar 2025
TDnet
2025-02-07
Q1 Earnings Flash
FY ending Sep 2025
EDINET
2024-12-20
Annual Securities Report
Period: Oct 2023 – Sep 2024
EDINET
2024-05-10
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-02-09
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-12-22
Annual Securities Report
Period: Oct 2022 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-12
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-02-10
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-12-23
Annual Securities Report
EDINET
2022-08-09
Quarterly Securities Report
EDINET
2022-05-12
Quarterly Securities Report
EDINET
2022-02-10
Quarterly Securities Report
EDINET
2021-12-24
Annual Securities Report
EDINET
2021-08-06
Quarterly Securities Report
EDINET
2021-05-13
Quarterly Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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