| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥285.0B | ¥278.8B | +2.2% |
| 営業利益 | ¥43.6B | ¥40.3B | +8.1% |
| 経常利益 | ¥44.4B | ¥41.1B | +8.2% |
| 純利益 | ¥32.4B | ¥33.1B | -2.2% |
| ROE | 9.3% | 10.5% | - |
For FY2026, Revenue was ¥285.0B (YoY +¥6.2B +2.2%), Operating Income was ¥43.6B (YoY +¥3.3B +8.1%), Ordinary Income was ¥44.4B (YoY +¥3.4B +8.2%), and Net Income was ¥32.4B (YoY -¥0.7B -2.2%). Operating-stage margin improved to 15.3% due to SG&A efficiency, delivering higher operating profits, while Net Income slightly declined due to increased corporate tax burden. By segment, the Environmental Equipment Business showed a large improvement with Operating Income of ¥7.3B (YoY +¥5.7B +348.2%), the Medical Devices Business posted ¥12.4B (YoY +¥1.2B +13.4%) with steady profit growth, whereas the Particle Measurement Instruments Business declined to ¥23.9B (YoY -¥3.9B -14.0%), slowing contribution from the core segment.
【売上高】 Revenue of ¥285.0B (YoY +2.2%) achieved moderate growth. By segment, Particle Measurement Instruments Business ¥97.1B (+1.7%), Medical Devices Business ¥127.6B (+1.8%), Environmental Equipment Business ¥60.3B (+4.0%) — all recorded revenue increases. Gross margin was 49.3%, down 1.1pt from 50.4% a year earlier, with Cost of Goods Sold of ¥144.4B (YoY +¥6.3B) compressing gross profit.
【損益】 Operating Income was ¥43.6B (YoY +8.1%), significantly outpacing revenue growth. SG&A was ¥97.0B (YoY -¥3.3B -3.3%), improving the SG&A ratio to 34.0% (2.0pt improvement from 36.0%), which was the main driver. Operating margin improved 0.8pt to 15.3% from 14.5% last year. Ordinary Income ¥44.4B (+8.2%) reflected non-operating income of ¥1.4B (including dividend income ¥0.4B and interest income ¥0.2B) and non-operating expenses of ¥0.6B (mainly fees ¥0.5B), sustaining profit growth at the ordinary income level. Net Income was ¥32.4B (-2.2%), reflecting an increase in income taxes of ¥10.3B (effective tax rate 23.5%), which rose ¥2.7B YoY against Pre-tax Income of ¥43.7B, and the recording of extraordinary losses of ¥0.7B (mainly loss on retirement of fixed assets ¥0.5B). In conclusion, the company achieved higher revenue and operating profit, but Net Income slightly declined due to higher tax burden.
The Particle Measurement Instruments Business posted Revenue ¥97.1B (YoY +1.7%) and Operating Income ¥23.9B (YoY -14.0%), with the highest profitability at 24.6% but declining profits as cyclical slowdown in semiconductor and cleanroom-related investment pressured margins. The Medical Devices Business recorded Revenue ¥127.6B (+1.8%) and Operating Income ¥12.4B (+13.4%) with a margin of 9.7%, showing steady growth. The Environmental Equipment Business delivered Revenue ¥60.3B (+4.0%) and Operating Income ¥7.3B (+348.2%) with margin improving to 12.2%, significantly contributing to corporate margin uplift. By segment composition, Particle Measurement Instruments accounted for 54.8% of Operating Income and remained the largest profit source, but its decline constrained overall profit growth.
【収益性】Operating margin improved to 15.3% from 14.5% (up 0.8pt), reflecting SG&A efficiency. Net margin was 11.4%, down 0.5pt from 11.9%, but core profitability is maintained when considering higher tax burden. ROE was 9.3%, indicating efficient use of equity. 【キャッシュ品質】Operating Cash Flow (OCF) was ¥41.6B, 1.28x Net Income ¥32.4B, indicating solid cash backing for profits. Free Cash Flow was ¥34.1B, a high level providing ample capacity for dividends and investment. However, in working capital, increases in Trade Receivables (reducing CF by ¥3.2B) and decreases in Trade Payables (reducing CF by ¥6.3B) pressured OCF, while Inventories decreased by ¥2.2B; persistent high DSO and DIO remain an issue. 【投資効率】Capital expenditures were ¥6.0B versus depreciation of ¥13.3B, yielding a CapEx/Depreciation ratio of 0.45x, remaining low and indicating continued restraint on maintenance and capacity investment. R&D expense was ¥8.4B (3.0% of sales), up from ¥7.8B, but still modest compared with manufacturing sector norms. 【財務健全性】Equity Ratio was 83.3%, Current Ratio 543%, Quick Ratio 374%, indicating extremely sound finances, with Cash and Deposits ¥85.6B well exceeding short-term debt of ¥46.3B and solid liquidity.
OCF was ¥41.6B (YoY +21.2%), derived from Pre-tax Income ¥43.7B plus non-cash items including depreciation ¥13.3B, adjusted for working capital changes and corporate tax payments of ¥12.9B. In working capital, inventory reduction of ¥2.2B improved CF, while increases in trade receivables of ¥3.2B and decreases in trade payables of ¥6.3B together reduced CF by ¥9.5B, indicating room to improve inventory and receivables efficiency. Investing Cash Flow was -¥7.5B, mainly for capital expenditures ¥6.0B and intangible asset acquisitions ¥1.5B, with associated company equity acquisitions of ¥1.5B recorded. Financing Cash Flow was -¥9.5B, mainly dividend payments of ¥9.5B. Free Cash Flow of ¥34.1B well exceeded dividend payments, contributing to retained earnings accumulation and strengthening cash position. Cash and Cash Equivalents at period-end were ¥83.97B, up ¥25.49B from ¥58.49B at the beginning of the period, with improved liquidity supported by positive OCF and restrained investment.
Against Ordinary Income of ¥44.4B, Net Income of ¥32.4B represents a -27.0% divergence, mainly due to corporate taxes ¥10.3B and extraordinary losses ¥0.7B. Non-operating income was limited at ¥1.4B (0.5% of Revenue), primarily dividend income ¥0.4B and interest income ¥0.2B, with no material one-off uplift. Extraordinary items were Extraordinary Gains ¥0.0B and Extraordinary Losses ¥0.7B (mainly loss on retirement of fixed assets ¥0.5B), having a modest ~2% impact on Net Income. Comprehensive Income was ¥42.9B, ¥10.5B higher than Net Income ¥32.4B, reflecting Other Comprehensive Income including Foreign Currency Translation Adjustments ¥2.1B, Net Changes in Available-for-sale Securities ¥2.4B, and Remeasurements related to Retirement Benefits ¥5.0B, which boosted equity via asset revaluation gains and pension remeasurement gains. OCF of ¥41.6B is 1.28x Net Income, indicating strong cash backing and good accrual quality. However, from OCF subtotal ¥54.0B to cash realization, ¥12.4B was outflowed due to working capital changes and tax payments, implying that improving DSO and DIO could further enhance cash-based earnings quality.
Full Year plan is Revenue ¥297.0B (YoY +4.2%), Operating Income ¥47.0B (+7.7%), Ordinary Income ¥47.5B (+6.9%), Net Income ¥34.5B, EPS ¥279.80, and annual dividend ¥45. Actuals are Revenue ¥285.0B (progress vs plan 96.0%), Operating Income ¥43.6B (92.8%), Ordinary Income ¥44.4B (93.5%), Net Income ¥32.4B (93.9%), generally progressing in line with the plan. The plan assumes back-end loading in the second half, with Environmental Equipment Business profitability improvement and the Medical Devices Business’ strength supporting targets, while the declining trend in the Particle Measurement Instruments Business is a modest downside risk. The dividend plan of ¥45 is conservative compared with this period’s ¥85, and may be revised depending on performance progress.
Annual dividend was ¥85 (interim ¥35, year-end ¥50), with total dividends ¥9.5B against Net Income ¥32.4B, yielding a Payout Ratio of 30.1%, a healthy level. Against Free Cash Flow ¥34.1B, dividend payments ¥9.5B give an FCF coverage of 3.59x, indicating ample capacity and high sustainability of dividends. No share buybacks were confirmed; the company adopts a dividend-centric shareholder return policy. Next fiscal year dividend plan is ¥45, conservative relative to this period, but with Cash and Deposits ¥85.6B and Equity Ratio 83.3% the risk of dividend cut is very low.
Core business profit decline risk: The Particle Measurement Instruments Business accounts for ¥23.9B of Operating Income, 54.8% of total operating profit, but was down 14.0% YoY; in a downturn of semiconductor and cleanroom investment cycles, profit volatility in this segment could materially affect corporate performance. Although the segment margin of 24.6% is high, continued cyclical decline in capital expenditure demand would depress corporate operating margin.
Deterioration in working capital efficiency: Trade Receivables ¥54.5B and Inventories ¥78.4B account for 31.8% of Total Assets ¥417.8B; increases in Trade Receivables ¥3.2B and decreases in Trade Payables ¥6.3B pressured OCF. If elevated DSO and DIO persist, the risk of inventory write-downs or receivables impairments may materialize, and improving the Cash Conversion Cycle is a key challenge.
Medium-term competitiveness risk from constrained investment: CapEx ¥6.0B (2.1% of sales) vs Depreciation ¥13.3B yields CapEx/Depreciation ratio 0.45x, indicating restrained renewal investment; R&D ¥8.4B (3.0% of sales) is also modest relative to manufacturing norms. While this supports short-term FCF, it carries the risk of declining product competitiveness and productivity over the medium term.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 営業利益率 | 15.3% | 7.8% (4.6%–12.3%) | +7.6pt |
| 純利益率 | 11.4% | 5.2% (2.3%–8.2%) | Delta |
The company’s operating and net margins materially exceed manufacturing medians, placing it among the higher profitability peers.
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） | 2.2% | 3.7% (-0.4%–9.3%) | -1.5pt |
Revenue growth trails the industry median, indicating somewhat muted top-line momentum.
※Source: Company aggregation
SG&A efficiency-driven margin improvement continues, with Operating Margin 15.3% substantially exceeding the industry median of 7.8%. Conversely, the profit decline trend in the Particle Measurement Instruments Business, which accounts for 54.8% of total operating profit, indicates deceleration in the core segment, making semiconductor and cleanroom investment cycle trends a focal point for future performance. The significant improvement of the Environmental Equipment Business margin to 12.2% contributes to revenue diversification and may enhance profit stability through changes in segment mix.
With Equity Ratio 83.3% and Cash and Deposits ¥85.6B, financial soundness is very high, and Free Cash Flow ¥34.1B far exceeds dividend payments ¥9.5B, making shareholder returns sustainably solid. However, CapEx/Depreciation ratio 0.45x and modest R&D at 3.0% of sales highlight restrained investment, so the pace and allocation of growth investments are important points to watch. In working capital, there is significant room to improve Trade Receivables and Inventories efficiency, and improvements in DSO and DIO are key to further enhancing cash generation.
This report is an earnings analysis document automatically generated by AI analyzing XBRL financial statement data. It is not a recommendation to invest in any particular security. Industry benchmarks are reference information compiled by the firm based on public financial statements. Investment decisions should be made at your own responsibility and, if necessary, after consulting a professional.