| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| Revenue | ¥11318.8B | ¥10361.7B | +9.2% |
| Operating Income | ¥1763.2B | ¥1576.7B | +11.8% |
| Profit Before Tax | ¥1782.5B | ¥1545.7B | +15.3% |
| Net Income | ¥1359.1B | ¥1169.8B | +16.2% |
| ROE | 8.6% | 8.5% | - |
For the fiscal year ended March 2026, Terumo Corporation reported Revenue ¥11318.8B (YoY +¥957.1B +9.2%), Operating Income ¥1763.2B (YoY +¥186.5B +11.8%), Ordinary Income ¥1789.3B (YoY +¥237.7B +15.8%), and Net Income ¥1359.1B (YoY +¥189.4B +16.2%), achieving revenue and profit growth. Operating margin improved to 15.6% (up 0.4pt from 15.2% prior year) and gross margin remained high at 52.5%. EPS of 92.14円 increased +16.6% from 79.01円 in the prior year. Growth was driven by the Cardiovascular Company (Revenue ¥6764.2B +8.3%) and Blood & Cell Technologies Company (Revenue ¥2310.4B +15.4%). The newly established Organ Technologies business recorded full-year Revenue ¥79.8B following the acquisition of OrganOx. SG&A increased to ¥4099.4B (SG&A ratio 36.2%), up +7.4% YoY, which partially offset Operating Income growth. Comprehensive income was ¥2569.3B, 1.9x Net Income, with foreign currency translation gains of +¥1139.6B from overseas operating entities contributing significantly.
【Revenue】Revenue was ¥11318.8B (YoY +9.2%), marking the third consecutive year of top-line growth. By segment, the Cardiovascular Company accounted for ¥6764.2B (+8.3%), representing 59.8% of total Revenue, supported by new product launches and regional expansion in the Interventional Systems area. The Blood & Cell Technologies Company continued double-digit growth at ¥2310.4B (+15.4%), driven by increased demand for blood bags and apheresis systems. The Medical Care Solutions Company grew modestly to ¥2161.4B (+2.3%), impacted by intensified competition in hospital care solutions. The newly established Organ Technologies business recorded ¥79.8B (no YoY disclosure), reflecting the October 2025 acquisition of OrganOx. Regional Revenue breakdown was not disclosed, but given the foreign exchange translation benefit of +¥1139.6B that boosted comprehensive income, it is inferred that overseas revenue benefited significantly from yen depreciation.
【Profitability】Gross profit was ¥5946.8B (gross margin 52.5%), up +6.1% in absolute terms from ¥5606.7B (gross margin 54.1%) in the prior year, though gross margin declined slightly. This was due to Cost of Sales of ¥5372.0B (prior year ¥4755.0B +13.0%) increasing faster than Revenue, likely reflecting cost structure changes associated with the acquisition. SG&A was ¥4099.4B (SG&A ratio 36.2%), up +7.4% from ¥3816.5B (SG&A ratio 36.8%), with SG&A ratio improving 0.6pt. Consequently, Operating Income was ¥1763.2B (Operating margin 15.6%) versus ¥1576.7B (15.2%) prior year, up +11.8% with a 0.4pt margin improvement. Non-operating income included financial income ¥62.5B (prior ¥36.2B +72.4%) and financial expenses ¥32.9B (prior ¥62.5B -47.4%); despite interest paid rising to ¥27.6B (prior ¥17.1B), foreign exchange gains and other financial income offset this. Equity-method loss widened to -¥10.3B (prior -¥4.7B) but remained immaterial. Profit Before Tax was ¥1782.5B (prior ¥1545.7B +15.3%); after deducting income taxes ¥423.4B (effective tax rate 23.8%), Net Income landed at ¥1359.1B (prior ¥1169.8B +16.2%). One-off expenses included impairment losses ¥113.6B, litigation-related costs ¥55.1B, acquisition-related costs ¥39.1B, and integration costs ¥36.3B, totaling ¥188.3B. Adjusted Operating Income excluding these items was ¥2193.7B (prior ¥2041.6B +7.4%), indicating an improvement in underlying earning power. In conclusion, the company achieved revenue and profit growth and maintained a trend of margin improvement even after absorbing one-off costs.
The Cardiovascular Company reported Operating Income ¥1639.9B (margin 24.2%), up +6.0% from ¥1546.8B (margin 24.8%) prior year, though margin declined 0.6pt. Strong performance in Interventional Systems continued, but amortization of acquisition-related intangible assets ¥107.2B (prior ¥101.5B) and increased one-off costs weighed on margins. The Medical Care Solutions Company recorded Operating Income ¥215.7B (margin 10.0%), down -6.2% from ¥229.9B (margin 10.9%) prior year, with margin deteriorating 0.9pt mainly due to higher costs and pricing competition in Hospital Care Solutions. The Blood & Cell Technologies Company reported Operating Income ¥336.4B (margin 14.6%), up +27.0% from ¥264.8B (margin 13.2%), with margin improving 1.4pt driven by demand expansion for blood bags and apheresis systems and production efficiency gains. The Organ Technologies business posted Operating Income ¥16.6B (margin 20.9%) and achieved high margins in its first year, though acquisition-related intangible amortization ¥25.1B is separately recorded as an adjusting item. Adjustments aggregate to Corporate items -¥14.9B, acquisition-related intangible amortization -¥242.2B, and one-off losses -¥188.3B, totaling -¥445.4B, which reconciles to reported Operating Income ¥1763.2B.
【Profitability】ROE of 9.2% improved +0.5pt from 8.7% prior year and remains above the company’s 3-year average of 8.5%. DuPont decomposition shows Net Profit Margin 12.0% (prior 11.3% +0.7pt), Total Asset Turnover 0.49x (prior 0.57x -0.08x), and Financial Leverage 1.46x (prior 1.34x +0.12x), indicating that margin improvement and higher financial leverage contributed to ROE, while large M&A-driven asset increases diluted turnover. Operating margin of 15.6% exceeds the manufacturing industry average 7.8% by +7.8pt, and adjusted operating margin (segment profit ÷ Revenue) remains high at 19.4%.
【Cash Quality】Operating Cash Flow was ¥2308.5B, 1.70x Net Income ¥1359.1B, indicating good cash conversion. OCF/EBITDA (EBITDA = Operating Income + Depreciation ¥953.8B = ¥2717.0B) is 0.85x, somewhat restrained, but acceptable given working capital increases (Accounts receivable increase -¥234.2B, Inventories increase -¥70.2B, Accounts payable decrease -¥67.4B). DSO 69 days (Accounts receivable ¥2149.3B ÷ Revenue ¥31.0B/day), DIO 228 days (Inventories ¥3356.3B ÷ Cost of Sales ¥14.8B/day), and CCC 236 days show heavy working capital intensity, with inventory buildup notably weighing on operating cash generation.
【Investment Efficiency】Estimated ROIC (NOPAT ÷ Invested Capital, NOPAT = Operating Income × (1 - tax rate 23.8%) = ¥1343.5B; Invested Capital = Net Assets + Interest-bearing Debt - Cash = ¥15845.1B + ¥3798.0B - ¥2804.9B = ¥16838.2B) is 8.0%, exceeding estimated WACC (5–6%). CapEx was ¥852.1B versus Depreciation ¥953.8B, giving CapEx/Dep 0.89x, indicating restrained organic investment.
【Financial Soundness】Equity Ratio is 68.5%, down -6.3pt from 74.8% prior year but still high. D/E 0.46x (Interest-bearing debt ¥3798.0B ÷ Net Assets ¥15845.1B), Debt/EBITDA 1.40x, and Interest Coverage approximately 54x (EBIT ¥1763.2B ÷ Interest paid ¥27.6B) reflect a solid financial position. Increased short-term borrowings largely financed large M&A activity, so refinancing progress warrants monitoring. Current ratio is 159% (Current assets ¥8610.4B ÷ Current liabilities ¥5407.3B), indicating ample short-term liquidity.
Operating Cash Flow was ¥2308.5B (prior ¥2108.0B +9.5%), solid. Starting from Profit Before Tax ¥1782.5B, addbacks included Depreciation ¥953.8B, Impairment losses ¥113.6B, Increase in retirement benefit liabilities ¥97.5B and other non-cash items; subtract working capital increases Accounts receivable +¥234.2B, Inventories +¥70.2B, Accounts payable +¥67.4B = ¥371.8B, and reflect income tax payments -¥416.0B. The subtotal before working capital changes was ¥2712.7B (prior ¥2602.4B +4.2%), stable, showing that inventory and receivable increases constrained cash generation. Investing Cash Flow was -¥3441.0B (prior -¥824.8B), a large outflow primarily due to acquisitions of affiliates/other businesses -¥2482.8B (including OrganOx acquisition). Capital expenditures were -¥852.1B (prior -¥686.2B +24.2%), reflecting production capacity expansion. Intangible asset acquisitions -¥167.5B and marketable securities purchases -¥89.0B were also recorded. Financing Cash Flow was +¥1555.0B (prior -¥1087.7B), driven by long-term borrowings ¥2398.1B, long-term borrowings repayments -¥350.0B, bond issuance ¥698.3B (same as prior year), dividend payments -¥412.9B, and lease repayments -¥80.1B. Current portion of bonds and borrowings rose to ¥2798.9B from ¥150.0B prior year (+¥2648.9B), indicating short-term recording of M&A funding. Free Cash Flow (Operating CF + Investing CF) was -¥1132.5B, negative, but organic FCF excluding M&A (Operating CF - CapEx) was ¥1456.4B, ample to cover dividends ¥412.9B. After foreign exchange translation effects +¥163.7B, Cash and cash equivalents increased to ¥2804.9B (from ¥2218.7B at beginning +¥586.2B), strengthening liquidity.
Overall revenue quality is solid. Operating Cash Flow of ¥2308.5B is 1.31x Operating Income ¥1763.2B, showing robust cash realization of earnings. One-off items totaled ¥188.3B (impairment losses ¥113.6B, litigation-related costs ¥55.1B, acquisition-related costs ¥39.1B, integration costs ¥36.3B); excluding these, adjusted Operating Income was ¥2193.7B, indicating strong underlying earnings power. The gap between Ordinary Income ¥1789.3B and Net Income ¥1359.1B is primarily due to income taxes ¥423.4B (effective tax rate 23.8%), consistent with a normalized tax rate. Non-operating income composition included financial income ¥62.5B (interest and dividends, etc.) and other income ¥91.8B; non-operating expenses included financial expenses ¥32.9B (including interest paid ¥27.6B), equity-method loss -¥10.3B, and other expenses ¥176.0B. Comprehensive income ¥2569.3B is 1.89x Net Income ¥1359.1B; of other comprehensive income ¥1210.2B, translation differences on foreign operations +¥1139.6B accounted for most, with yen depreciation lifting valuation gains on the financial statements. From an accrual perspective, the accruals amounted to +¥1353.6B (Operating CF subtotal ¥2712.7B minus Net Income ¥1359.1B), driven by non-cash items such as Depreciation ¥953.8B and impairments ¥113.6B, and there are no signs of earnings management in accounting adjustments.
Full-year guidance is Revenue ¥12390.0B, Operating Income ¥2245.0B (YoY +27.3%), EPS 112.06円, and dividend 18.00円. Compared with current fiscal results (Revenue ¥11318.8B, Operating Income ¥1763.2B, EPS 92.14円, dividend 30.00円), the company expects Revenue +9.5% and Operating Income +27.3% on a full-year basis, assuming full-year contribution from OrganOx and continued growth in core segments. Forecast EPS 112.06円 is +21.6% above the current EPS 92.14円, reflecting expected Operating Income growth. Forecast dividend 18.00円 is below the current fiscal dividend 30.00円 (interim 15円 + year-end 15円), which may indicate the company forecasts 18円 on a full-year basis for disclosure consistency; this requires attention to disclosure alignment. Progress to date is 91.4% of Revenue and 78.5% of Operating Income, suggesting Operating Income lags somewhat, but the company appears to expect lower one-off costs in H2 and fuller realization of acquisition benefits. Key factors for achieving guidance include working capital improvement to generate cash, margin recovery in Medical Care Solutions, and convergence of one-off costs (litigation/integration).
Dividends for the period were interim 15円 and year-end 15円 totaling 30円, with a payout ratio of 32.9% (Total dividends ¥413.0B ÷ Net Income ¥1359.1B), maintaining a conservative level. Prior year dividend disclosed was 13円 (interim only), implying a full-year increase YoY. Organic FCF ¥1456.4B covers dividend payments ¥412.9B by 3.5x, indicating ample coverage. Share buybacks recorded -¥0.0B (financing CF) and were effectively not executed; total return ratio remains around c.33%, roughly in line with the payout ratio. The dividend policy emphasizes "balancing sustainable growth and shareholder returns," targeting a payout ratio around 30% for stable dividends. The full-year forecast dividend 18.00円 diverges from the current fiscal payout 30.00円, potentially reflecting different disclosure methods (e.g., forecasting only year-end payout), and actual dividend levels are expected to be clarified in future disclosures. Treasury stock purchases -¥0.1B (minor rounding adjustment in share count) and cancellation -¥268.7B (executed prior year) were recorded to tidy prior buyback positions. With cash and equivalents ¥2804.9B and ample liquidity, options for shareholder returns (dividend increases, buybacks) depend on future capital policy, but the company currently prioritizes dividends.
Deterioration in working capital efficiency: DSO 69 days, DIO 228 days, CCC 236 days indicate notable expansion in receivables and inventory. Inventories ¥3356.3B rose +14.0% from ¥2943.9B prior year. Inventory growth outpacing Revenue growth +9.2% suggests inventory buildup for demand uncertainty or supply stabilization, posing risks of future discounting, obsolescence, or additional working capital needs that could constrain cash generation. Accounts receivable ¥2149.3B (prior ¥1768.5B +21.5%) increased significantly beyond Revenue growth, suggesting potential chronic lengthening of collection periods.
Dependence on intangible assets and M&A integration risk: Goodwill and intangible assets ¥8034.1B (prior ¥5452.4B +47.3%) increased substantially and represent 34.7% of total assets. Acquisition consideration ¥2482.8B (centered on OrganOx acquisition) was recorded, and amortization of acquisition-related intangible assets of ¥242.2B (prior ¥215.3B) shows an increasing trend. If synergies are not realized or business environments deteriorate, there is a risk of large impairment losses. There are also concerns that integration-related one-off costs (¥36.3B) and extended processes to stabilize quality and supply could persist.
Increase in short-term liabilities and refinancing risk: Current portion of bonds and borrowings is ¥2798.9B, up +¥2648.9B from ¥150.0B prior year, comprising 51.7% of current liabilities. This raises maturity management and rollover risk for short-term borrowings, with potential refinancing cost increases in a rising-rate environment or liquidity strain. Cash and equivalents ¥2804.9B broadly cover this, but concurrent working capital expansion could temporarily pressure liquidity. Long-term borrowings decreased to ¥999.1B (prior ¥1598.4B -37.5%), so progress on extending maturities and refinancing is an important monitoring point.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 自己資本利益率 | 9.2% | 6.3% (3.2%–9.9%) | +2.9pt |
| 営業利益率 | 15.6% | 7.8% (4.6%–12.3%) | +7.8pt |
| 純利益率 | 12.0% | 5.2% (2.3%–8.2%) | +6.8pt |
Profitability metrics all materially exceed manufacturing medians, placing the company in the upper quartile by ROE, Operating margin, and Net margin. This reflects the high value-added nature of medical devices and a strong earnings base in core segments.
成長性・資本効率
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| Revenue Growth Rate (YoY) | 9.2% | 3.7% (-0.4%–9.3%) | +5.5pt |
Revenue growth outperformed the median 3.7% by +5.5pt and remains near the upper-quartile level (+9.3%). M&A and growth in core areas have driven performance, securing a competitive position within the industry.
※Source: Company compilation
Monitor M&A-driven growth strategy and integration progress: The OrganOx acquisition accelerated growth (Revenue +9.2%, adjusted Operating Income +7.4%), but accumulation of acquisition-related intangible assets (¥8034.1B) and recorded integration costs dilute short-term profitability. With a bullish full-year Operating Income forecast of +27.3%, realization of synergies and convergence of one-off costs will be key levers for next-year evaluation. Inventory buildup (DIO 228 days) and receivable increases (DSO 69 days) may be part of post-M&A supply stabilization, but delayed improvement in working capital efficiency could impair cash generation and constrain ROE expansion.
Buffer in financial soundness and dividend sustainability: Equity Ratio 68.5%, D/E 0.46x, Debt/EBITDA 1.40x, and Interest Coverage ~54x indicate robust financials, and the rise in short-term liabilities (¥2798.9B) is broadly covered by cash and equivalents ¥2804.9B. Payout ratio 32.9% and organic FCF ¥1456.4B cover dividends ¥412.9B by 3.5x, suggesting room for dividend increases. The forecast dividend 18.00円 requires confirmation for disclosure consistency, but assuming sustained profit growth and cash generation, enhanced shareholder returns (dividend increase or buybacks) are viable options.
This report was automatically generated by AI analyzing XBRL financial statement data. It is not a recommendation to invest in any particular security. Industry benchmarks are compiled by the firm from publicly disclosed financial statements and provided for reference. Investment decisions are made at your own responsibility; consult a professional advisor as needed.