| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥3553.4B | ¥3414.4B | +4.1% |
| 営業利益 | ¥200.0B | ¥104.6B | +91.2% |
| 経常利益 | ¥241.3B | ¥105.2B | +129.4% |
| 純利益 | ¥35.6B | ¥-2.2B | +1733.9% |
| ROE | 1.0% | -0.1% | - |
For the fiscal year ended March 2026, Revenue was ¥3553.4B (YoY +¥139.0B +4.1%), Operating Income was ¥200.0B (YoY +¥95.4B +91.2%), Ordinary Income was ¥241.3B (YoY +¥136.1B +129.4%), and Net Income attributable to owners of the parent was ¥148.1B (YoY +¥125.3B +535.9%), representing revenue growth and substantial profit expansion. While Revenue increased modestly by 4.1%, gross margin improved to 23.1% (from 21.0% prior year, +2.1pt) and Operating Margin improved to 5.6% (from 3.1% prior year, +2.5pt), indicating significant profitability enhancement and clear operating leverage. At the ordinary profit level, foreign exchange gains of ¥47.6B (prior year foreign exchange loss ¥8.2B) contributed, producing growth of 129.4% YoY, outpacing the rise in Operating Income. Meanwhile, Special Losses of ¥44.5B (impairment losses ¥21.3B, business restructuring costs ¥14.6B, etc.) were recorded, and after normalization of tax burden the increase in Net Income reached +535.9%. Operating Cash Flow was ¥581.2B (YoY +71.2%)—3.9x Net Income of ¥148.1B—demonstrating very strong cash generation. Free Cash Flow of ¥324.2B was secured, supporting dividend payments of ¥112.2B and capital expenditures from internal funds and maintaining robust liquidity.
【売上高】 Revenue was ¥3553.4B (YoY +4.1%), indicating a modest recovery trend. By region, North America ¥269.7B (+21.1%), Europe ¥276.7B (+5.1%), Taiwan ¥406.9B (+33.0%), and Hong Kong ¥504.5B (+10.8%) expanded, while China ¥1047.7B declined YoY -4.8% but remained at a high level. Taiwan’s large increase reflects recovery in demand for electronic components such as multilayer ceramic capacitors (MLCCs) and inductors and an improved mix toward smartphones and automotive applications. Japan declined to ¥204.7B (-14.4%), but overseas sales ratio increased due to global expansion, enhancing regional diversification. Cost of Sales was ¥2734.1B (prior year ¥2698.7B, +1.3%), rising less than Revenue, resulting in Gross Margin of 23.1% (prior year 21.0%, +2.1pt). Yield improvements and a higher mix of value-added products contributed to the Gross Margin uplift.
【損益】 Selling, General and Administrative Expenses were ¥619.3B (prior year ¥611.1B, +1.3%), contained below the Revenue increase, and SG&A ratio improved to 17.4% (prior year 17.9%, -0.5pt). As a result, Operating Income rose to ¥200.0B (prior year ¥104.6B, +91.2%), with an Operating Margin of 5.6% (prior year 3.1%, +2.5pt), indicating a clear improvement in profitability. Non-operating income included Interest Income ¥11.3B and Foreign Exchange Gains ¥47.6B, lifting total non-operating income to ¥71.8B (prior year ¥22.3B). Non-operating expenses, including Interest Expense ¥18.6B and Foreign Exchange Loss ¥8.2B, rose to ¥30.5B (prior year ¥21.7B), but net non-operating items improved to +¥41.3B (prior year +¥0.6B), resulting in Ordinary Income of ¥241.3B (prior year ¥105.2B, +129.4%). In extraordinary items, Special Income totaled ¥3.8B (including gain on sale of investment securities ¥5.0B), while Special Losses amounted to ¥44.5B, including Impairment Losses ¥21.3B, Business Restructuring Costs ¥14.6B, and Loss on Disposal of Fixed Assets ¥8.6B. Pre-tax Income was ¥200.7B (prior year ¥83.7B, +139.8%), and after deducting Income Taxes of ¥52.6B (prior year ¥60.4B), Net Income attributable to owners of the parent was ¥148.1B (prior year ¥23.3B, +535.9%). Comprehensive Income was ¥364.6B (prior year ¥2.2B), aided by an increase of ¥215.1B in Foreign Currency Translation Adjustment. In conclusion, this was a revenue-increasing, large profit growth result driven by Gross Margin improvement, SG&A control, and foreign exchange contribution.
【収益性】Operating Margin was 5.6% (prior year 3.1%, +2.5pt), and Net Margin was 4.2% (prior year 0.7%, +3.5pt), both showing substantial improvement. Gross Margin was 23.1% (prior year 21.0%, +2.1pt), supported by yield improvements and a favorable product mix. ROE was 4.3%, still low but improved significantly from 0.7% a year ago. ROA improved to 2.4% (prior year 0.4%). 【キャッシュ品質】Operating Cash Flow / Net Income ratio was 3.9x, indicating excellent cash conversion. Operating Cash Flow margin was 16.4% (OCF ¥581.2B / Revenue ¥3553.4B). EBITDA was ¥691.4B (Operating Income ¥200.0B + Depreciation ¥491.5B), yielding an EBITDA margin of 19.5%. Working capital efficiency showed DSO 89 days (Accounts Receivable ¥863.7B ÷ Daily Sales ¥3,956M), DIO 168 days (Inventories ¥351.2B ÷ Daily Sales ¥7.64B), and CCC 221 days, indicating elongation; Work-in-process ¥579.1B representing 46% of total inventory suggests production-process and supply-demand adjustment issues. 【投資効率】Total Asset Turnover was 0.58x (Revenue ¥3553.4B ÷ Total Assets ¥6155.4B), a mid-level result for manufacturing. Capital Expenditure was ¥410.6B (purchase basis), below Depreciation ¥491.5B, with Capex/Depreciation ratio at 83.6%, indicating a focus on renewal investment. Against Tangible Fixed Assets book value ¥2899.7B and cumulative depreciation estimate ¥4929.6B, the asset aging rate is approximately 63%, implying ongoing renewal needs. 【財務健全性】Equity Ratio was 56.0% (prior year 55.6%, +0.4pt), stable. Current Ratio was 339.5% (Current Assets ¥3182.9B / Current Liabilities ¥937.5B), and Quick Ratio was 302.1%, indicating very strong liquidity. D/E ratio was 0.79x (Interest-bearing Debt ¥1730.0B / Net Assets ¥3444.1B), and Debt/EBITDA multiple was 2.5x, an appropriate level. Interest Coverage was 10.8x (EBIT ¥200.0B / Interest Expense ¥18.6B), showing sufficient interest-paying capacity. Cash and deposits ¥1000.7B cover short-term interest-bearing debt ¥361.9B (short-term borrowings ¥111.9B + current portion of long-term borrowings ¥240.0B) by 2.8x, indicating no short-term repayment issues.
Operating Cash Flow was ¥581.2B (prior year ¥339.4B, +71.2%), a substantial increase, and was 3.9x Net Income ¥148.1B, indicating excellent cash conversion. OCF subtotal (pre-working capital changes) was ¥647.3B (prior year ¥393.7B, +64.4%), benefitting from add-back of Depreciation ¥491.5B and improved profitability. In working capital, conversion rate from OCF subtotal to OCF was 89.8%, high, although Inventory increase ¥95.6B (build-up of WIP) was a cash outflow factor, while a decrease in Accounts Receivable ¥7.2B contributed positively. Decrease in Accounts Payable ¥2.1B was minor, and corporate tax payments ¥48.8B were at appropriate levels. Investing Cash Flow was -¥256.9B, reflecting ongoing capital investment centered on acquisition of tangible fixed assets ¥410.6B. Proceeds from disposals ¥6.5B and net decrease in time deposits ¥92.1B partially offset cash outflows. Free Cash Flow was ¥324.2B (OCF ¥581.2B + Investing CF -¥256.9B). Financing Cash Flow was -¥68.3B, where issuance and repayment of long-term borrowings of ¥155.0B essentially offset each other, and dividend payments ¥112.2B were net cash outflows. Including lease debt repayments ¥20.7B, the company maintained strong liquidity able to fund dividends and investments from internal resources without external financing. Cash and Cash Equivalents increased by ¥305.3B from beginning balance ¥675.4B to ending balance ¥980.7B (including FX effect +¥49.4B), expanding the liquidity buffer.
Overall quality of earnings is good but shows some reliance on temporary factors. Of Ordinary Income ¥241.3B, Operating Income was ¥200.0B and the difference of ¥41.3B was due to non-operating items. Foreign Exchange Gains ¥47.6B (prior year Loss ¥8.2B) significantly contributed to the improvement at the ordinary level; because FX effects are cyclical and temporary in nature, there is a risk of a reversal in the next fiscal year. Interest Income ¥11.3B is also a non-operating gain attributable to higher cash balances and not from core business. At the Operating Income level, Gross Margin improvement of +2.1pt and SG&A ratio improvement of -0.5pt indicate structural profitability improvement, implying core earnings strength. In special items, Impairment Losses ¥21.3B and Business Restructuring Costs ¥14.6B (total ¥35.9B) were recorded as one-time expenses depressing Net Income, but these are restructuring-related costs intended to strengthen the future earnings base and are not recurring. The fact that OCF ¥581.2B is 3.9x Net Income ¥148.1B reflects the non-cash add-back of Depreciation ¥491.5B and healthy working capital, indicating limited accrual-driven gap between accounting profit and cash. Comprehensive Income ¥364.6B substantially exceeds Net Income ¥148.1B due to an increase of ¥215.1B in Foreign Currency Translation Adjustment, reflecting valuation gains on overseas assets converted into yen. Overall, core operating improvements appear sustainable, but FX contributions at the ordinary level are temporary and special losses are judged one-off.
Full Year guidance forecasts Revenue ¥3840.0B (YoY +8.1%), Operating Income ¥300.0B (YoY +50.0%), and Ordinary Income ¥270.0B (YoY +11.9%). The Revenue plan assumes continuation of current regional recovery trends and sustained demand for MLCCs and automotive applications. The Operating Income +50.0% plan implies raising Operating Margin to approximately 7.8% (Operating Income ¥300.0B / Revenue ¥3840.0B), requiring an additional +2.2pt improvement from the current 5.6%. This assumes continued Gross Margin improvement (favorable mix, yield improvement) and containment of SG&A ratio. Ordinary Income ¥270.0B is below Operating Income ¥300.0B, implying net non-operating expense of -¥30.0B is assumed, which appears to embed a conservative assumption accounting for reversal of this year’s FX gains ¥47.6B. EPS forecast ¥143.94 (equivalent to Net Income ¥180.0B) exceeds current EPS ¥118.49, suggesting continued earnings growth. Dividend forecast is Year-end ¥45, maintaining full-year dividend at ¥90. Progress rates are 92.5% for Revenue, 66.7% for Operating Income, and 89.4% for Ordinary Income, indicating upside potential in Operating Income and FX risk for Ordinary Income. Continued cost-structure improvement and expansion of high value-added products will be key to achievement.
Annual dividend is ¥90 (Interim ¥45, Year-end ¥45), unchanged from prior year. Against Net Income attributable to owners of the parent ¥148.1B, total dividend payout was ¥112.2B, implying a payout ratio of approximately 75.8% (similarly about 76% given EPS ¥118.49 and DPS ¥90). Free Cash Flow coverage of dividend payments is 2.9x (Free Cash Flow ¥324.2B / Dividends ¥112.2B), indicating ample capacity and, given cash generation, dividend sustainability appears sound. DOE (Dividend on Equity) is 3.8% (prior year also 3.8%), continuing a return policy linked to capital efficiency. Retained earnings are ample at ¥2255.8B, and together with Cash and Deposits ¥1000.7B internal reserves are strong. No share buybacks were implemented this fiscal year; shareholder returns are composed only of dividends. Although a dividend forecast of ¥45 is indicated against EPS forecast ¥143.94 for next fiscal year, full-year dividend policy is not explicitly stated and whether the payout will be maintained or increased depends on future performance. With ROE at 4.3% and capital efficiency remaining low, the high payout ratio signals shareholder-return prioritization, but medium-term upside in dividend capacity depends on improving capital efficiency.
Deterioration in working capital efficiency risk: DSO 89 days, DIO 168 days, CCC 221 days have worsened year-over-year. In particular, Work-in-process ¥579.1B representing 46% of total inventory suggests potential production bottlenecks or supply-demand mismatch. Prolonged working capital tie-up could compress Operating Cash Flow and lower ROIC. Risks of inventory obsolescence and loss recognition during demand swings require monitoring.
Foreign exchange volatility risk: Of Ordinary Income ¥241.3B, Foreign Exchange Gains ¥47.6B comprised 19.7%, meaning improvement in non-operating items materially contributed to ordinary profit growth. The next fiscal year’s forecast Ordinary Income ¥270.0B below Operating Income ¥300.0B appears to factor in a reversal of FX benefits, but appreciation of the yen or unexpected FX moves could materially compress ordinary profits.
Risk of prolonged low capital efficiency and sustainability of profitability improvements: With ROE 4.3% and ROA 2.4%, capital efficiency is low and there is uncertainty around achieving the next fiscal year’s Operating Margin target of 7.8%. If Gross Margin improvements and SG&A control are not sustained, operating leverage may not fully materialize and profitability could remain below cost of capital. Asset aging rate of about 63% and ongoing renewal capex needs could also delay capital efficiency improvements.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 営業利益率 | 5.6% | 7.8% (4.6%–12.3%) | -2.1pt |
| 純利益率 | 1.0% | 5.2% (2.3%–8.2%) | -4.2pt |
Operating Margin is 2.1pt below the industry median, and Net Margin is 4.2pt below. Although profitability is improving, the company remains in the lower tier within the industry, with significant upside from higher value-added mix and fixed-cost efficiency.
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） | 4.1% | 3.7% (-0.4%–9.3%) | +0.4pt |
Revenue growth rate is 0.4pt above the industry median, a mid-level result. Regional diversification and product mix improvement support growth, but there remains a large gap with top industry players and room for market share expansion.
※Source: Internal aggregation of public financial statements
Monitor sustainability of profitability improvement trend: Gross Margin +2.1pt and Operating Margin +2.5pt improvements indicate clear progress; if next fiscal year target Operating Margin 7.8% is achieved, relative standing within the industry will improve. Realization hinges on yield improvement, progress in high value-added product mix, and sustained SG&A control. Quarterly trends in Gross Margin and Operating Margin and mix changes by region and product should be monitored.
Balance between working capital efficiency and cash generation: OCF/Net Income 3.9x reflects very strong cash generation, but DIO 168 days, DSO 89 days, and CCC 221 days indicate worsening working capital efficiency. In particular, WIP ratio 46% suggests production-process issues; inventory compression would likely improve OCF/EBITDA and raise ROIC. Quarterly trends in inventory turnover days and WIP composition will be key indicators of efficiency gains.
FX reversal risk and scope for capital efficiency improvement: Of Ordinary Income ¥241.3B, FX Gains ¥47.6B were a one-off factor, and next year’s guidance assumes net non-operating expense of -¥30.0B as a conservative stance. Given FX volatility, focus should be on improving operating profitability and ROE/ROIC (current ROE 4.3%, estimated ROIC 4.3%) for medium-term re-rating. Capital efficiency improvements could expand dividend capacity and improve relative industry valuation.
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 specific security. Industry benchmarks are aggregated by our firm based on public financial statement data and are for reference only. Investment decisions are your responsibility; consult a professional advisor as needed before investing.
---End of Report---