| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥191.5B | ¥176.2B | +8.7% |
| 営業利益 | ¥36.3B | ¥30.0B | +21.0% |
| 経常利益 | ¥42.5B | ¥32.5B | +30.6% |
| 純利益 | ¥27.8B | ¥24.9B | +11.4% |
| ROE | 1.7% | 1.6% | - |
For Q1 of the fiscal year ending March 2026, Revenue was ¥191.5B (YoY +¥15.4B +8.7%), Operating Income was ¥36.3B (YoY +¥6.3B +21.0%), Ordinary Income was ¥42.5B (YoY +¥10.0B +30.6%), and Quarterly Net Income attributable to owners of parent was ¥19.3B (YoY +¥2.1B +12.2%), representing year-over-year increases in both top and bottom lines. Gross margin improved to 32.2% (prior 30.2%, +2.0pt) and Operating Margin improved to 19.0% (prior 17.0%, +1.9pt), with margin expansion driving operating profit growth. At the ordinary income level, non-operating income of ¥10.0B (interest income ¥3.9B, subsidy income ¥3.1B, foreign exchange gains ¥2.6B, etc.) contributed to growth well above operating profit. At the net income level, Net Income attributable to non-controlling interests was ¥8.5B (prior ¥7.7B) and tax expense limited the pace of net income growth. By segment, Prime Silicon Wafers surged with Revenue +31.9%, and Wafer Recycling maintained high profitability with a 38.5% margin, contributing to company-wide margin improvement.
【売上高】Revenue of ¥191.5B (YoY +8.7%) was driven by rapid expansion of Prime Silicon Wafers (+31.9%). By segment, the business is composed of Prime Silicon Wafers ¥63.5B (33.2% of total), Wafer Recycling ¥70.4B (36.8%), and Semiconductor-related Equipment & Materials, etc. ¥63.8B (33.3%). Prime Silicon Wafers increased significantly from ¥48.1B last year (+¥15.4B) due to market conditions and higher utilization; Wafer Recycling rose from ¥66.1B to ¥70.4B (+¥4.3B, +6.4%) and remained solid. Semiconductor-related Equipment & Materials decreased slightly from ¥64.6B to ¥63.8B (-¥0.8B, -1.2%) but profitability improved materially. In terms of revenue mix, goods sales were ¥144.0B (prior ¥134.0B) and processing of customer-supplied items was ¥47.5B (prior ¥42.1B), maintaining a structure with high gross-profit contribution from processing operations.
【損益】Cost of goods sold was ¥129.8B (67.8% of Revenue), yielding a gross margin of 32.2% (prior 30.2%, +2.0pt) and Gross Profit of ¥61.8B (prior ¥53.2B, +¥8.6B). SG&A was ¥25.5B (13.3% of Revenue), up from ¥23.2B last year (+¥2.3B); while SG&A rose +9.9% versus Revenue growth +8.7%, operating leverage broadly worked. As a result, Operating Income was ¥36.3B (Operating Margin 19.0%), up ¥6.3B (+21.0%) from ¥30.0B a year earlier, achieving double-digit operating profit growth. Non-operating income of ¥10.0B was mainly interest income ¥3.9B, foreign exchange gains ¥2.6B, and subsidy income ¥3.1B; offset by non-operating expenses of ¥3.8B (interest expense ¥1.0B, foreign exchange losses ¥1.9B, etc.), net non-operating contribution was +¥6.2B, lifting Ordinary Income to ¥42.5B (+30.6%). After corporate taxes of ¥14.7B (effective tax rate 34.6%) and Net Income attributable to non-controlling interests of ¥8.5B (prior ¥7.7B), Quarterly Net Income attributable to owners of parent was ¥19.3B (Net Income margin 10.1%), up +12.2% YoY, delivering both revenue and profit growth.
Wafer Recycling business posted Revenue ¥70.4B (YoY +6.4%), Operating Income ¥27.1B (YoY +14.0%), and maintained a high Operating Margin of 38.5%, contributing stably as a core business that accounts for about 75% of consolidated Operating Income. Prime Silicon Wafer manufacturing and sales reported Revenue ¥63.5B (YoY +31.9%), Operating Income ¥13.3B (YoY +21.9%), and Operating Margin 20.9%, achieving substantial top- and bottom-line growth driven by demand expansion and higher utilization. Semiconductor-related Equipment & Materials posted Revenue ¥63.8B (YoY -1.2%) with Operating Income ¥2.4B (from ¥0.1B prior, +2900%), turning profitable and achieving an Operating Margin of 3.8% as low-margin areas improved profitability. Consolidated Operating Income after corporate-level expenses and unrealized profit adjustments of -¥6.4B was ¥36.3B, indicating that expansion of high-margin businesses directly improved consolidated profitability.
【収益性】Operating Margin 19.0% (prior 17.0%, +1.9pt) and Net Income Margin 10.1% (prior 9.7%, +0.4pt) reflect margin improvement; ROE 1.7% (reported) suggests challenges in capital efficiency. Improvement in Operating Margin was mainly driven by a +2.0pt expansion in gross margin, achieved by rapid growth in Prime Silicon Wafers and maintenance of high margins in Wafer Recycling. 【キャッシュ品質】Days Sales Outstanding (DSO) signals approximately 456 days, indicating lengthening collection terms. Days Inventory Outstanding (DIO) is about 62.6 days derived from inventory ¥131.4B (annualized Revenue ¥766B), with inventory composed of raw materials ¥52.0B, work-in-process ¥22.7B, and finished goods ¥56.6B, reflecting long manufacturing cycles. 【投資効率】Total Asset Turnover was 0.093x (annualized 0.37x), indicating low asset efficiency; with total assets of ¥2,061B versus quarterly Revenue ¥191.5B, the business is capital-intensive. 【財務健全性】Equity Ratio 78.7% (prior 74.7%, +4.0pt), interest-bearing debt ¥104.1B (short-term borrowings ¥16.0B + long-term borrowings ¥88.1B) and cash & deposits ¥936.7B indicate a net cash position; D/E Ratio 0.27x; Interest Coverage 36.7x (Operating Income ¥36.3B ÷ interest expense ¥1.0B), all pointing to very strong financial resilience.
Operating profit improvement stems from gross margin expansion and growth of high-margin segments, so the quality of earnings is high, being driven by recurring operating income. Of non-operating income ¥10.0B (5.2% of Revenue), interest income ¥3.9B, subsidy income ¥3.1B, and foreign exchange gains ¥2.6B boosted Ordinary Income by about ¥6.2B; however, subsidies and FX include temporary components, so monitoring dependence on non-operating items is necessary. Cash & deposits were ¥936.7B (prior ¥967.7B, -¥31.0B), slightly decreased, while current assets were ¥1,337.9B (prior ¥1,353.5B) and current liabilities ¥286.7B (prior ¥312.9B), yielding a current ratio of 466.7% and cash/short-term liabilities ratio of 3.3x, indicating very ample liquidity. Interest-bearing debt was significantly reduced: short-term borrowings down from ¥37.0B to ¥16.0B (-¥21.0B, -56.8%), and long-term borrowings down from ¥141.4B to ¥88.1B (-¥53.2B, -37.7%), reflecting deleveraging and lower interest burden. Accounts receivable ¥239.3B (prior ¥223.2B, +¥16.1B) and inventory ¥131.4B (prior ¥137.3B, -¥5.9B) show working capital buildup in receivables while inventory has been compressed; overall the cash-generation base remains stable.
Operating Income of ¥36.3B is the primary driver of profit improvement, indicating core earnings improvement. Non-operating income ¥10.0B (5.2% of Revenue) provides a material contribution, consisting of interest income ¥3.9B (recurring income reflecting financial strength), subsidy income ¥3.1B (possibly temporary), and foreign exchange gains ¥2.6B (volatile). Net non-operating contribution after non-operating expenses ¥3.8B (foreign exchange losses ¥1.9B, interest expense ¥1.0B, etc.) was +¥6.2B, equivalent to roughly 17% of Operating Income. Equity-method investment losses of ¥2.7B were a minor negative. Pre-tax profit ¥42.5B was subject to corporate taxes ¥14.7B (effective tax rate 34.6%), a high tax burden, and an increase in Net Income attributable to non-controlling interests to ¥8.5B (prior ¥7.7B) constrained growth in Net Income attributable to owners of parent. Overall, improvements at the operating level drove quality earnings, but portions of non-operating income (subsidies, FX) require scrutiny for sustainability, and tax burden plus sizable non-controlling interests add volatility to the bottom line.
Full Year forecast: Revenue ¥840.0B (YoY +9.5%), Operating Income ¥154.0B (YoY +7.8%), Ordinary Income ¥172.0B (YoY +3.4%), EPS forecast ¥376.54. Q1 progress rates are Revenue 22.8%, Operating Income 23.6%, Ordinary Income 24.7%—generally in line with the standard 25% pace—while progress on Quarterly Net Income attributable to owners of parent is 19.3% (¥19.3B vs. Full Year forecast ¥100.0B), slightly behind. This is attributable to high tax burden and increased non-controlling interests, and it is presumed the full-year plan assumes tax-rate normalization and variability in non-controlling interests. By segment, high-margin Prime Silicon Wafers and Wafer Recycling are expected to drive results, and the forecast likely incorporates higher utilization and price maintenance in the second half. For non-operating items, how subsidies and FX contributions normalize over the full year will be key to achieving Ordinary Income. No revisions to guidance have been made; current confidence in the plan is maintained.
Dividend forecast for the period is ¥0, with a Payout Ratio of 0%. The prior period also had a ¥0 dividend, and no dividend plan has been announced at this time. With Cash & Deposits ¥936.7B and a net cash position, there is no constraint on payment capacity; however, given low capital efficiency (ROE 1.7%) and working capital turnover issues, it is inferred the company will prioritize retained earnings for growth investment and strengthening the financial base. If sustained profit growth and improvements in working capital efficiency are confirmed, shareholder return measures could be introduced, but currently capital efficiency improvement is the priority over distributions.
Semiconductor cycle volatility risk: Wafer Recycling and Prime Silicon account for about 88% of consolidated Operating Income and are high-margin businesses (38.5% and 20.9% respectively). In a downturn in semiconductor market conditions, demand, pricing, and utilization can deteriorate sharply and severely compress profits. Given Prime Silicon’s YoY +31.9% rapid growth, a cyclical adjustment could lead to symmetric downside risk.
Working capital efficiency deterioration risk: Accounts receivable increased to ¥239.3B (YoY +¥16.1B), outpacing Revenue growth (+8.7%), signaling lengthening DSO. Expansion of the time lag between revenue recognition and cash collection could tighten working capital funding and delay free cash flow generation. Inventory has been compressed to ¥131.4B (YoY -¥5.9B), but with raw materials ¥52.0B, WIP ¥22.7B, and finished goods ¥56.6B, long manufacturing cycles remain, and there are embedded risks of inventory write-downs or obsolescence.
FX and tax burden volatility risk: While non-operating income included foreign exchange gains ¥2.6B, there were also foreign exchange losses ¥1.9B in non-operating expenses, indicating FX movements directly affect profit and loss. A future appreciation of the yen could compress yen-denominated revenue and widen FX losses, pressuring Ordinary Income. Additionally, a sustained high effective tax rate of 34.6% and increased Net Income attributable to non-controlling interests (¥8.5B vs. prior ¥7.7B) have constrained Net Income attributable to owners of parent, so changes in tax policy or non-controlling interest ratios could increase net income volatility.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 営業利益率 | 19.0% | 6.8% (2.9%–9.0%) | +12.1pt |
| 純利益率 | 14.5% | 5.9% (3.3%–7.7%) | +8.6pt |
Profitability significantly exceeds the industry median, highlighting the advantage of high-margin segments.
成長性・資本効率
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 売上高成長率（前年比） | 8.7% | 13.2% (2.5%–28.5%) | -4.5pt |
Revenue growth lags the industry median, although high profitability compensates.
※Source: company compilation
Continued improvement in profitability driven by expansion of high-margin segments: rapid growth of Prime Silicon Wafers +31.9% and maintenance of Wafer Recycling margin at 38.5% pushed consolidated Operating Margin to 19.0% (prior 17.0%, +1.9pt). Gross margin also improved to 32.2% (+2.0pt), indicating qualitative improvement in the revenue structure. Sustained growth in high value-added segments will be key to future profit growth. While favorable semiconductor conditions would accelerate profit growth due to the company’s high-margin profile, cyclical downturns could cause similarly sized declines; therefore, ongoing monitoring of segment margins and mix is recommended.
Financial health is extremely strong: with interest-bearing debt ¥104.1B versus cash & deposits ¥936.7B, the company is effectively net cash; Equity Ratio 78.7%, D/E Ratio 0.27x, and Interest Coverage 36.7x indicate no concern over debt repayment capacity. Short-term borrowings down -56.8% and long-term borrowings down -37.7% show accelerated deleveraging, reducing interest burden and expanding financial flexibility. Conversely, Total Asset Turnover 0.093x and ROE 1.7% show low capital efficiency; ample cash and low leverage suppress capital productivity. Going forward, improving working capital efficiency (shortening DSO, increasing inventory turnover) and investing for growth to increase capital utilization will be essential to improve ROIC and ROE.
Q1 progress vs. Full Year forecast: Revenue 22.8% and Operating Income 23.6% are generally on track, but Quarterly Net Income attributable to owners of parent at 19.3% is slightly behind, due to high tax burden (effective tax rate 34.6%) and increased non-controlling interests (¥8.5B). It is presumed the full-year plan assumes tax-rate normalization and variability in non-controlling interests. How non-operating income (subsidies ¥3.1B, FX gains ¥2.6B) normalizes over the full year will be key to achieving Ordinary Income. The pace of accounts receivable growth (+¥16.1B, exceeding Revenue growth +8.7%) signals deteriorating working capital efficiency and warrants attention to cash-generation delays.
This report is an earnings analysis document automatically generated by AI analyzing XBRL earnings release data. It does not constitute a recommendation to invest in any specific security. Industry benchmarks are reference information compiled by the firm based on public financial statements. Investment decisions are your responsibility; consult a professional as needed.