| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥880.4B | ¥809.1B | +8.8% |
| 営業利益 | ¥152.6B | ¥141.3B | +8.0% |
| 経常利益 | ¥149.0B | ¥139.8B | +6.6% |
| 純利益 | ¥110.0B | ¥88.8B | +23.8% |
| ROE | 19.8% | 18.8% | - |
The FY2026 results closed with Revenue of ¥880.4B (YoY +¥71.2B +8.8%), Operating Income of ¥152.6B (YoY +¥11.3B +8.0%), Ordinary Income of ¥149.0B (YoY +¥9.2B +6.6%), and Net Income attributable to owners of parent of ¥110.0B (YoY +¥21.2B +23.8%), achieving year-on-year increases in both top- and bottom-line. Revenue growth was driven by the core Mechatronics System segment, which expanded by +36.7% YoY, led by exports to Taiwan doubling to ¥359.3B (¥185.3B in the prior year). The Operating Income margin was largely flat at 17.3% (down -0.2pt from 17.5% a year ago); Gross Margin improved to 39.5% (up +0.6pt from 38.9%) while SG&A ratio rose to 22.2% (up +0.8pt from 21.4%). Net Income outpaced Operating Income mainly because corporate taxes increased only slightly from ¥36.5B to ¥37.3B, lowering the effective tax rate. Sales to the major customer Taiwan Semiconductor Manufacturing Company rose 87.5% to ¥344.8B (¥183.9B), capturing the semiconductor equipment market recovery.
[Revenue] Revenue of ¥880.4B (+8.8%) by segment: Fine Mechatronics ¥522.5B (+3.7%), Mechatronics System ¥322.7B (+36.7%), Distribution Equipment System ¥25.9B (-56.5%), Real Estate Leasing ¥19.5B (+1.1%). Mechatronics System led consolidated growth as demand for back-end semiconductor equipment recovered, resulting in sharp increases in flip-chip bonding and die-bonding equipment sales. By region, Taiwan doubled to ¥359.3B (¥185.3B prior year), rising to 40.8% of sales; domestic Japan declined to ¥213.1B (¥271.0B prior year, -21.4%). China decreased slightly to ¥259.3B (¥274.1B prior year), and the U.S. contracted to ¥26.9B (¥49.0B prior year). Concentration of sales to TSMC rose to 39.2%, increasing customer concentration risk. Distribution Equipment System experienced a large revenue decline due to weak demand in ticket vending machines and vending machines markets.
[Profitability] Cost of sales was ¥532.6B (¥494.5B prior year +7.7%), improving Gross Margin to 39.5%. SG&A was ¥195.1B (¥173.3B prior year +12.6%), growing faster than revenue due to higher R&D and personnel costs. Operating Income was ¥152.6B (+8.0%), keeping the Operating Income margin at 17.3% roughly in line with the prior year. Non-operating income totaled ¥1.7B (consisting of interest received ¥0.7B, subsidies and others ¥0.2B), and non-operating expenses totaled ¥5.3B (consisting of interest paid ¥1.2B, fees paid ¥0.3B, foreign exchange loss ¥0.6B, others ¥1.0B), resulting in Ordinary Income of ¥149.0B (+6.6%). No extraordinary gains/losses were reported, so Income Before Income Taxes equaled Ordinary Income at ¥149.0B. After deducting corporate taxes of ¥37.3B (effective tax rate 25.0%), Net Income was ¥110.0B (+23.8%). Net Income margin improved to 12.5% (up +1.5pt from 11.0%), delivering both revenue and profit growth.
Segment profits: Fine Mechatronics ¥80.9B (¥88.9B prior year -9.0%), Mechatronics System ¥78.1B (¥46.5B prior year +68.0%), Distribution Equipment System ¥0.6B (¥14.9B prior year -95.7%), Real Estate Leasing ¥3.6B (¥3.9B prior year -8.4%). Fine Mechatronics saw profit decline despite higher sales, with margin down to 15.5% (from 17.6%, -2.1pt), likely due to product mix shifts (e.g., semiconductor cleaning equipment) and intensified competition. Mechatronics System markedly improved margin to 24.2% (from 19.7%, +4.5pt) as high-margin orders were received and delivered. Distribution Equipment System’s margin collapsed to 2.5% (from 25.0%, -22.5pt) due to the sharp sales drop and fixed-cost burden. Real Estate Leasing maintained stable revenue with a slight profit decrease. Total segment profit of ¥163.3B less corporate R&D and other expenses ¥11.4B and adjustments ¥2.9B resulted in consolidated Ordinary Income of ¥149.0B.
[Profitability] Operating Income margin 17.3%, Net Income margin 12.5%, ROE 19.8% (Net Income ¥110.0B ÷ Equity ¥555.9B), ROA 15.2% (Ordinary Income ¥149.0B ÷ Total Assets ¥1,008.8B × 1.47x), maintaining high levels. Gross Margin 39.5% improved +0.6pt from 38.9%, aided by product mix improvement and cost reduction. [Cash Quality] Operating Cash Flow (OCF) was ¥46.3B, only 42.1% of Net Income ¥110.0B, pressured by working capital increases (inventory up ¥71.3B, advances received down ¥9.5B). OCF/EBITDA ratio was 24.9% (EBITDA ¥185.9B = Operating Income ¥152.6B + Depreciation ¥33.3B), indicating weak cash conversion. [Investment Efficiency] Total Asset Turnover 0.87x (Revenue ¥880.4B ÷ Total Assets ¥1,008.8B) slightly improved from 0.85x. Capital expenditures ¥72.4B were 2.18x depreciation ¥33.3B, reflecting continued proactive investment; tangible fixed assets surged to ¥252.0B (¥177.0B prior year +42.4%). [Financial Soundness] Equity Ratio 55.1% (up +5.4pt from 49.7%), Interest-bearing debt ¥86.0B (short-term borrowings ¥77.0B, long-term borrowings ¥9.0B), Debt/EBITDA 0.46x, Net Interest-bearing Debt -¥127.5B (Cash and deposits ¥213.4B - Interest-bearing debt ¥86.0B), effectively near net cash. Liquidity is strong with Current Ratio 187.9% and Quick Ratio 180.4%; however, short-term debt ratio is high at 89.5% (short-term borrowings ¥77.0B ÷ interest-bearing debt ¥86.0B), indicating dependency on short-term funding and requiring attention to refinancing and maturity management.
Operating Cash Flow was ¥46.3B (YoY -33.7%). From operating cash flow subtotal ¥88.4B, increases in working capital caused ¥42.1B outflow, consisting of inventory increase ¥71.3B (Work-in-process expanded to ¥97.4B), trade receivables decrease ¥0.3B, accounts payable increase ¥16.0B, and advances received decrease ¥9.5B. Corporate tax payments of ¥41.7B also drove outflows. Investing Cash Flow was -¥81.4B, primarily driven by capital expenditures of ¥72.4B used for capacity expansion and domestic plant upgrades. Acquisition of investment securities ¥6.1B also occurred. Free Cash Flow was -¥35.0B (OCF ¥46.3B - Investing CF ¥81.4B), negative, and dividend payments of ¥36.6B could not be covered by OCF, resulting in depletion of cash on hand. Financing Cash Flow was -¥37.3B, including net increase in short-term borrowings ¥6.5B, repayment of long-term borrowings ¥7.0B, dividend payments ¥36.6B, and treasury share purchases ¥0.03B. Cash and deposits declined to ¥213.4B (¥284.8B prior year -¥71.3B), but remain 2.77x short-term debt ¥77.0B, preserving near-term liquidity.
Non-operating income ¥1.7B (0.2% of Revenue) and non-operating expenses ¥5.3B (0.6% of Revenue) are minor, indicating most profit is from core operations. Non-operating income consisted of interest received ¥0.7B and subsidy income ¥0.2B; non-operating expenses mainly comprised interest paid ¥1.2B, fees paid ¥0.3B, and foreign exchange loss ¥0.6B, appearing routine rather than one-off. No extraordinary items were reported, so Ordinary Income ¥149.0B equaled Income Before Income Taxes. Comprehensive income was ¥118.5B, ¥8.5B higher than Net Income ¥110.0B, with Other Comprehensive Income ¥6.8B (foreign currency translation adjustments ¥0.7B, retirement benefit adjustments ¥6.1B). The fact that OCF ¥46.3B is only 42.1% of Net Income ¥110.0B highlights sizable accruals (working capital changes) driven by build-up of WIP and inventory, making cash backing of earnings fragile. Receivables aging is minimal (trade receivables decreased ¥0.3B), suggesting good collection quality; the decline in advances received may be a pull-forward effect, which could improve depending on future inspection and acceptance progress.
The FY2027 full-year forecast is Revenue ¥990.0B (YoY +12.4%), Operating Income ¥160.0B (YoY +4.8%), Ordinary Income ¥157.0B (YoY +5.4%), and Net Income attributable to owners of parent ¥119.0B (YoY +8.2%). Progress ratios (current results / full-year forecast) are Revenue 88.9%, Operating Income 95.4%, Ordinary Income 94.9%, Net Income 92.4%, all around the 90% level, indicating visibility toward achieving full-year targets. The Revenue forecast assumes an increase of ¥109.6B from current results ¥880.4B, premised on continued demand for Mechatronics System and Fine Mechatronics. Operating Income forecast of ¥160.0B (¥7.4B increase from ¥152.6B, +4.8%) appears conservative, likely incorporating higher SG&A and increased depreciation as capital expenditures come into full operation. Net Income forecast ¥119.0B (+8.2% from ¥110.0B) assumes continued reduction in the effective tax rate may be possible. Dividend forecast is a year-end dividend of ¥60 per share (annual dividend ¥60, Payout Ratio 33.1%); because a stock split (1 share → 5 shares) was executed on March 1, 2026, on a post-split basis this equates to ¥60 ÷ 5 = ¥12 equivalent.
This term’s dividend was a single year-end payment of ¥60, totaling ¥36.6B, with a Dividend Payout Ratio of 35.3% (Dividend ¥60 ÷ EPS ¥170.28). The payout ratio is at an appropriate level and appears sustainable, but Free Cash Flow -¥35.0B versus dividend payments ¥36.6B indicates dividends were funded by drawing down cash, so on an FCF basis dividends are not covered. Share buybacks were nominal at ¥0.03B, making dividends the primary shareholder return. Total Return Ratio consists solely of dividends at 35.3%. Disposal of treasury shares generated ¥0.8B, likely due to exercise of stock options or sales to employee share plans. Shares outstanding: 69,860 thousand; treasury shares: 4,220 thousand; weighted average shares during the period: 65,617 thousand. FY2027 dividend forecast is year-end ¥60 (post-split equivalent ¥12), which corresponds to a pre-split annual equivalent of ¥300 and implies a payout ratio of 33.1% against forecast EPS ¥181.29. Cash balance is sizable at ¥213.4B, and if OCF improves going forward, dividend sustainability and FCF coverage should improve.
Risk of declining OCF generation: OCF ¥46.3B is 42.1% of Net Income ¥110.0B, and OCF/EBITDA ratio is 24.9%, indicating low cash conversion. Build-up of WIP ¥97.4B (inventory ratio 73.7%) and contract assets ¥233.8B tie up capital; if delays in inspection/acceptance or extended project schedules persist, working capital could expand further and cash generation would deteriorate. Short-term measures to compress WIP and accelerate acceptance are urgent; if capital expenditures remain high in coming years, there is a risk of cash depletion.
Customer and regional concentration risk: Sales to TSMC ¥344.8B (39.2% of total) indicate high single-customer dependence, meaning changes in TSMC’s investment plan will directly affect performance. Taiwan sales ¥359.3B (40.8% of total) also show increased regional concentration, exposing the company to geopolitical risks (Taiwan Strait tensions, export controls to China) and downside risk if the semiconductor cycle reverses. Domestic sales have contracted to ¥213.1B, weakening the domestic demand base.
Short-term debt bias and refinancing risk: Of interest-bearing debt ¥86.0B, short-term borrowings are ¥77.0B (short-term debt ratio 89.5%), indicating heavy short-term reliance and a maturity mismatch. Although cash ¥213.4B covers short-term debt 2.77x, persistent FCF deficits would deplete cash, increasing refinancing risk via higher rates or reduced negotiating power with lenders. Transitioning to longer-term funding (replacement with long-term borrowings) or issuing bonds would be desirable to improve the financing structure.
Profitability & Returns
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 営業利益率 | 17.3% | 7.8% (4.6%–12.3%) | +9.6pt |
| 純利益率 | 12.5% | 5.2% (2.3%–8.2%) | +7.3pt |
Operating and Net Income margins both substantially exceed industry medians, showing a high-profitability profile within manufacturing.
Growth & Capital Efficiency
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 売上高成長率（前年比） | 8.8% | 3.7% (-0.4%–9.3%) | +5.1pt |
Revenue growth exceeds the median by 5.1pt, outperforming peers during the semiconductor equipment market recovery.
※Source: Company aggregation
While the company captured the semiconductor equipment demand recovery to deliver revenue and profit growth and achieved high ROE of 19.8%, its OCF of ¥46.3B (42.1% of Net Income) and weak cash conversion pose concerns due to expanding WIP and contract assets. Normalizing OCF through WIP compression and accelerated acceptance (target: OCF/EBITDA >50%) is the top priority going forward; improvement in working capital management will determine shareholder return capacity and sustainability of growth investments. Capital expenditures ¥72.4B (2.18x depreciation) provide a base for future revenue and profit expansion, but monitoring ramp-up and investment returns is necessary.
Customer/regional concentration is rising with TSMC exposure at 39.2% and Taiwan sales at 40.8%, increasing vulnerability to semiconductor cycle downturns and geopolitical risks. Conversely, the Mechatronics System segment’s margin improvement to 24.2% from 19.7% and its emergence as a profit pillar alongside Fine Mechatronics is positive for portfolio diversification. The Distribution Equipment System’s revenue fell -56.5% and margin dropped to 2.5%, but its 2.9% share of consolidated revenue limits overall impact. The FY2027 revenue target ¥990B (+12.4%) appears achievable and Operating Income ¥160B (+4.8%) is conservatively modeled to account for higher SG&A and depreciation; upside is possible. Dividend payout ratio 35.3% reflects a solid return policy, but continued FCF deficits make OCF improvement a prerequisite for sustainable dividends.
This report was automatically generated by AI analyzing XBRL financial statements and is a financial analysis document. It does not constitute a recommendation to invest in any particular security. Industry benchmarks are reference information compiled by the Company based on public financial statements. Investment decisions are your responsibility; please consult a professional advisor as appropriate before making any investment decision.