# ADTEC PLASMA TECHNOLOGY CO.,LTD.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第41期(2024/09/01－2025/08/31) (S100X6VA)
> Page: https://vizora.meequs.com/en/company/adtec-plasma-technology
> Retrieved: 2026-09-30T19:05:00.013Z

## Company

Adtec Plasma Technology, founded in 1985, is a company in Electrical Equipment listed on TSE Standard. It has 523 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ADTEC PLASMA TECHNOLOGY CO.,LTD. |
| Ticker | 6668 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6668.T) |
| Listing | TSE Standard |
| Head office | 広島県福山市引野町五丁目6番10号 |
| Representative (per filing) | 代表取締役社長 森下 秀法 |
| Founded | Jan 1985 |
| Share capital | ¥835M |
| Employees (consolidated) | 523 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | August |
| Website | www.adtec-rf.co.jp (https://www.adtec-rf.co.jp/) |
| Corporate number | 2240001029764 |
| EDINET | E02092 |
| Industries (Vizora) | Electrical Equipment, Semiconductor Equipment |

> Profile source: annual securities report (S100X6VA, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Equipment (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54.2 | 36 |
| Profitability | 47.6 | 41 |
| Cash conversion | 75.6 | 39 |
| Efficiency | 18.3 | 41 |
| Financial strength | 37.5 | 4 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 89% of Adtec Plasma Technology's sales come from Related business of semiconductor and LCD, with Related business of research institutes and universities making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +12.2% from the prior year, operating profit +21.8%.

## Company structure

- Segment revenue mix: Related business of semiconductor and LCD 89.3%、Related business of research institutes and universities 10.7%
- Revenue → net income: ¥12680000000 → ¥2007000000
- Net income → operating cash flow: ¥2007000000 → ¥3364000000（difference ¥1357000000）
- Main uses of operating cash flow: CapEx ¥287000000 / dividends ¥179000000 / buybacks —
- Change in cash: ¥1873000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥12.7B |  |
| Operating income | ¥1.81B | Margin 14.3% |
| Net income | ¥2.01B | Margin 15.8% |
| Free cash flow | ¥3.08B |  |
| Largest business | Related business of semiconductor and LCD | of segment revenue 89.3% |
| Employees (consolidated) | 523 |  |
| EPS | ¥104.5 |  |
| Book value per share | ¥979.3 |  |
| Equity ratio | 48.4% |  |
| Shares outstanding | 8,586,000 |  |
| Treasury shares | 18,700 |  |
| Shareholders | 5,853 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 29.5% | Net cash -¥2.72B · Cash ÷ revenue 63.2% |
| Vs. industry median margin | -0.2 pp | Semiconductor Equipment |
| ROE | 16.5% | Derived from disclosed figures |
| ROA | 7.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 98% of positive segment profit
- FY2025, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7136822000 | ¥12680000000 | +77.7% |
| Operating income | ¥874463000 | ¥1808000000 | +106.8% |
| Operating margin | 12.3% | 14.3% | +2 pp |
| Employees | 421 people | 523 people | +24.2% |
| Cash and equivalents | ¥2830535000 | ¥8016000000 | +183.2% |

### Change in segment revenue mix

Span: FY ending Aug 2020 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 半導体・液晶関連事業 → 半導体・液晶関連事業 | 89.3% |
| 半導体・液晶関連事業 → 事業再編・廃止 | 0.8% |
| 研究機関・大学関連事業 → 研究機関・大学関連事業 | 9.8% |
| 新設・再編 → 研究機関・大学関連事業 | 0.8% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,680 | 100.0% | S100X6VA |
| Cost of revenue | 7,858 | 62.0% | S100X6VA |
| Gross profit | 4,822 | 38.0% | S100X6VA |
| SG&A | 3,013 | 23.8% | S100X6VA |
| Operating income | 1,808 | 14.3% | S100X6VA |
| Ordinary income | 1,897 | 15.0% | S100X6VA |
| Pretax income | 2,591 | 20.4% | S100X6VA |
| Income tax | 583 | 4.6% | S100X6VA |
| Net income | 2,007 | 15.8% | S100X6VA |
| Net income attributable to owners | 2,007 | 15.8% | S100X6VA |

## Per ¥100 of revenue（FY ending Aug 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 24 |
| Operating income | 14 |
| (Ref.) Net income | 16 |

### Margin funnel

Gross margin 38.0% → Operating margin 14.3% → Net margin 15.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.2%; Core profit growth: +21.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.78×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,298 | 12,680 | 1,382 | +12.2% |
| Gross profit | 4,203 | 4,822 | 619 | +14.7% |
| Operating income | 1,485 | 1,808 | 323 | +21.8% |
| Net income attributable to owners | 1,213 | 2,007 | 794 | +65.5% |
| Operating cash flow | 3,032 | 3,364 | 332 | +10.9% |
| Free cash flow | 2,085 | 3,077 | 992 | +47.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 6,056 | 569 | 9.4% | 352 | 630 | 338 | S100K9P6 |
| FY ending Aug 2020 | 7,137 | 874 | 12.3% | 649 | -67 | -454 | S100MYNF |
| FY ending Aug 2021 | 8,003 | 1,103 | 13.8% | 875 | -185 | -382 | S100PPFO |
| FY ending Aug 2022 | 12,337 | 2,735 | 22.2% | 2,174 | -1,583 | -3,282 | S100SDLG |
| FY ending Aug 2023 | 12,498 | 2,247 | 18.0% | 1,678 | -1,501 | -3,426 | S100UV8B |
| FY ending Aug 2024 | 11,298 | 1,485 | 13.1% | 1,213 | 3,032 | 2,085 | S100X6VA |
| FY ending Aug 2025 | 12,680 | 1,808 | 14.3% | 2,007 | 3,364 | 3,077 | S100X6VA |

## People and productivity（FY ending Aug 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.2M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥3.8M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 421 | 515 | 483 | 506 | 523 |
| Average salary (parent company) | ¥5.3M | ¥6.3M | ¥6.5M | ¥6.4M | ¥6.3M |
| Average age (parent company) | 40.9 years | 41.3 years | 41.9 years | 41.7 years | 41.6 years |
| Average tenure (parent company) | 9.5 years | 9.1 years | 9.1 years | 9.9 years | 9.7 years |

Year over year: Employees (consolidated) +3.4% · Revenue (consolidated) +12.2%

## Segments（FY ending Aug 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Related business of semiconductor and LCD | 11,328 | 89.3% | 1,702 | 15.0% |
| Related business of research institutes and universities | 1,352 | 10.7% | 37 | 2.7% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Related business of semiconductor and LCD | 89.3% | 97.9% | 8.5 | 15.0% |
| Related business of research institutes and universities | 10.7% | 2.1% | -8.5 | 2.7% |

Segment → industry: Related business of research institutes and universities → Electrical Equipment / Related business of semiconductor and LCD → Semiconductor Equipment

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,364 | 26.5% | S100X6VA |
| Capital expenditure | 287 | 2.3% | S100X6VA |
| Free cash flow | 3,077 | 24.3% | 算出 |
| Investing cash flow | -259 | -2.0% | S100X6VA |
| Financing cash flow | -1,101 | -8.7% | S100X6VA |
| Dividends paid | 179 | 1.4% | S100X6VA |
| Change in cash | 1,873 | 14.8% | S100X6VA |
| Cash and equivalents | 8,016 | 63.2% | S100X6VA |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,679 | 4,038 | 5,678 | 6,148 | 8,016 | S100SDLG, S100UV8B, S100X6VA |
| Total assets | 12,914 | 20,833 | 27,250 | 26,646 | 27,219 | S100PPFO, S100SDLG, S100UV8B, S100X6VA |
| Net assets | 6,844 | 9,155 | 10,871 | 12,096 | 13,183 | S100SDLG, S100UV8B, S100X6VA |
| Share capital | 836 | 835 | 835 | 835 | 835 | S100PPFO, S100SDLG, S100UV8B, S100X6VA |
| Trade receivables | 1,958 | — | — | — | — | S100PPFO |
| Property, plant and equipment | 1,594 | 3,376 | 4,949 | 5,703 | 4,973 | S100PPFO, S100SDLG, S100UV8B, S100X6VA |
| Intangible assets excluding goodwill | 181 | 211 | 190 | 266 | 202 | S100PPFO, S100SDLG, S100UV8B, S100X6VA |
| Investment securities | 1 | 1 | 1 | 1 | 450 | S100PPFO, S100SDLG, S100UV8B, S100X6VA |
| Current assets | 11,004 | 17,023 | 21,912 | 20,496 | 21,204 | S100PPFO, S100SDLG, S100UV8B, S100X6VA |
| Current liabilities | 4,242 | 7,737 | 9,967 | 8,813 | 9,308 | S100PPFO, S100SDLG, S100UV8B, S100X6VA |
| Short-term borrowings | 2,800 | 5,200 | 7,700 | 6,650 | 6,330 | S100PPFO, S100SDLG, S100UV8B, S100X6VA |
| Long-term borrowings | 1,196 | 3,281 | 5,705 | 4,905 | 4,366 | S100PPFO, S100SDLG, S100UV8B, S100X6VA |
| Bonds | 500 | 500 | 580 | 560 | 40 | S100PPFO, S100SDLG, S100UV8B, S100X6VA |
| Interest-bearing debt | 4,496 | 8,981 | 13,985 | 12,115 | 10,736 | 算出 |
| Total liabilities | 6,070 | 11,678 | 16,378 | 14,549 | 14,035 | S100PPFO, S100SDLG, S100UV8B, S100X6VA |
| Non-controlling interests | 15 | 8 | 1 | 1 | 2 | S100PPFO, S100SDLG, S100UV8B, S100X6VA |
| Equity attributable to owners of parent | 6,866 | 8,719 | 10,236 | 11,212 | 13,059 | S100PPFO, S100SDLG, S100UV8B, S100X6VA |
| Retained earnings | 5,123 | 7,186 | 8,727 | 9,753 | 11,576 | S100PPFO, S100SDLG, S100UV8B, S100X6VA |
| Treasury stock | -1 | -19 | -5 | -54 | -30 | S100PPFO, S100SDLG, S100UV8B, S100X6VA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100X6VA |
| Property, plant and equipment | 18% | S100X6VA |
| Intangibles and goodwill | 1% | S100X6VA |
| Investment securities | 2% | S100X6VA |
| Other assets | 50% | S100X6VA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 40% | 算出 |
| Other liabilities | 12% | S100X6VA |
| Equity | 48% | S100X6VA |
| Other liabilities | 0% | S100X6VA |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,914 | 20,833 | 27,250 | 26,646 | 27,219 |
| Equity | 6,844 | 9,155 | 10,871 | 12,096 | 13,183 |
| Interest-bearing debt | 4,496 | 8,981 | 13,985 | 12,115 | 10,736 |
| Cash | 2,679 | 4,038 | 5,678 | 6,148 | 8,016 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 39.2% | S100X6VA |
| Fixed assets ÷ total assets | 18.3% | S100X6VA |
| Goodwill ÷ parent equity | — | —, S100X6VA |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 29.5% |
| Cash ÷ revenue | 63.2% |
| Net cash (cash − interest-bearing debt) | -¥2.72B |
| Net debt ÷ operating cash flow | 0.81× |
| Cash conversion (operating CF ÷ operating income) | 186.1% |
| Cash vs. profit gap | 1,357 JPY mn (of net income 67.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 8.9% |
| Shareholder payments — dividends / FCF | 5.8% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 7.7% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 10.9% | 0.62× | 6.8% | 1.88× | 12.7% | S100PPFO |
| 2022 | 17.6% | 0.73× | 12.9% | 2.17× | 27.9% | S100SDLG |
| 2023 | 13.4% | 0.52× | 7.0% | 2.54× | 17.7% | S100UV8B |
| 2024 | 10.7% | 0.42× | 4.5% | 2.51× | 11.3% | S100X6VA |
| 2025 | 15.8% | 0.47× | 7.5% | 2.22× | 16.5% | S100X6VA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 藤井 修逸 | Major shareholder | 22.8% | 2025-08-31 |
| 佐々木 嘉樹 | Major shareholder | 2.5% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2025-08-31 |
| WILL FIELD CAPITAL PTE. LTD. （常任代理人 三田証券株式会社） | Major shareholder | 2.4% | 2025-08-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.4% | 2025-08-31 |
| JP MORGAN CHASE BANK 380802 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.3% | 2025-08-31 |
| 島根 良明 | Major shareholder | 1.3% | 2025-08-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB) （常任代理人 野村證券株式会社） | Major shareholder | 1.2% | 2025-08-31 |
| アドテックプラズマテクノロジー従業員持株会 | Major shareholder | 1.2% | 2025-08-31 |
| 越智 年宣 | Major shareholder | 1.1% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2024/09/01－2025/08/31) | S100X6VA | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6VA,, |
| 有価証券報告書－第40期(2023/09/01－2024/08/31) | S100UV8B | 2024-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UV8B,, |
| 有価証券報告書－第39期(2022/09/01－2023/08/31) | S100SDLG | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDLG,, |
| 有価証券報告書－第38期(令和3年9月1日－令和4年8月31日) | S100PPFO | 2022-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPFO,, |
| 有価証券報告書－第37期(令和2年9月1日－令和3年8月31日) | S100MYNF | 2021-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MYNF,, |
| 有価証券報告書－第36期(令和1年9月1日－令和2年8月31日) | S100K9P6 | 2020-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K9P6,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).