# ANRITSU CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第100期(2025/04/01－2026/03/31) (S100YH5E)
> Page: https://vizora.meequs.com/en/company/anritsu
> Retrieved: 2026-09-30T20:30:40.654Z

## Company

Anritsu, founded in 1931, is a company in Robots & Factory Automation listed on TSE Prime. It has 4,114 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ANRITSU CORPORATION |
| Ticker | 6754 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6754.T) |
| Listing | TSE Prime |
| Head office | 神奈川県厚木市恩名五丁目1番1号 |
| Representative (per filing) | 代表取締役社長 濱田 宏一 |
| Founded | Mar 1931 |
| Share capital | ¥19.2B |
| Employees (consolidated) | 4,114 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.anritsu.com (https://www.anritsu.com/) |
| Corporate number | 2021001021865 |
| EDINET | E01774 |
| Industries (Vizora) | Robots & Factory Automation, Smartphones & Communications Equipment |

> Profile source: annual securities report (S100YH5E, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Smartphones & Communications Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 79.2 | 12 |
| Cash conversion | 59.1 | 11 |
| Efficiency | 37.5 | 12 |

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 59% of Anritsu's sales come from Test and Measurement, with Products Quality Assurance and Environmental Measurement making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +4.0% from the prior year, operating profit +22.3%.

## Company structure

- Segment revenue mix: Test and Measurement 58.6%、Products Quality Assurance 26.4%、Environmental Measurement 9.2%、Other 5.8%
- Revenue → net income: ¥117462000000 → ¥11677000000
- Net income → operating cash flow: ¥11677000000 → ¥17881000000（difference ¥6204000000）
- Main uses of operating cash flow: CapEx ¥5274000000 / dividends ¥5139000000 / buybacks ¥1342000000
- Change in cash: ¥-780000000
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 | ¥117.5B |  |
| Operating income | ¥14.8B | Margin 12.6% |
| Net income | ¥11.7B | Margin 9.9% |
| Free cash flow | ¥12.6B |  |
| Largest business | Test and Measurement | of segment revenue 58.6% |
| Employees (consolidated) | 4,114 |  |
| EPS | ¥91.2 |  |
| Book value per share | ¥864.99 |  |
| Equity ratio | 76.6% | Derived from disclosed figures |
| Shares outstanding | 135,870,000 |  |
| Treasury shares | 7,586,300 |  |
| Shareholders | 31,789 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 28.5% | Cash ÷ revenue 42.0% |
| Vs. industry median margin | +7.3 pp | Smartphones & Communications Equipment |
| ROE | 9.1% | Derived from disclosed figures |
| ROA | 7.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 64% of positive segment profit
- FY2026, cash is 28% of total assets

## What changed in 7 years

| Metric | FY ending Mar 2019 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥99659000000 | ¥117462000000 | +17.9% |
| Employees | 3,778 people | 4,114 people | +8.9% |
| Cash and equivalents | ¥45097000000 | ¥49314000000 | +9.4% |

### Change in segment revenue mix

Span: FY ending Mar 2019 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 通信計測 | 58.6% |
| 新設・再編 → PQA | 26.4% |
| 新設・再編 → 環境計測 | 9.2% |
| 新設・再編 → その他 | 5.8% |

Segment revenue source references: 4 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Test and Measurement | 3 years | -1.9% | ¥68774000000 | 15.7% | 2 |
| Products Quality Assurance | 3 years | +7.7% | ¥31033000000 | 10.7% | 2 |
| Environmental Measurement | 3 years | +19.2% | ¥10787000000 | 7.9% | 2 |
| Other | 3 years | -0.3% | ¥6867000000 | 28.7% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 117,462 | 100.0% | S100YH5E |
| Cost of revenue | 57,387 | 48.9% | S100YH5E |
| Gross profit | 60,075 | 51.1% | S100YH5E |
| SG&A | 36,391 | 31.0% | S100YH5E |
| Operating income | 14,828 | 12.6% | S100YH5E |
| Pretax income | 16,147 | 13.7% | S100YH5E |
| Income tax | 4,469 | 3.8% | S100YH5E |
| Net income | 11,677 | 9.9% | S100YH5E |
| Net income attributable to owners | 11,677 | 9.9% | S100YH5E |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 49 |
| SG&A | 31 |
| Other operating | 7 |
| Operating income | 13 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 51.1% → Operating margin 12.6% → Net margin 9.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.0%; Core profit growth: +22.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.62×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 112,979 | 117,462 | 4,483 | +4.0% |
| Gross profit | 54,975 | 60,075 | 5,100 | +9.3% |
| Operating income | 12,124 | 14,828 | 2,704 | +22.3% |
| Net income attributable to owners | 9,257 | 11,677 | 2,420 | +26.1% |
| Operating cash flow | 21,071 | 17,881 | -3,190 | -15.1% |
| Free cash flow | 17,339 | 12,607 | -4,732 | -27.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 87,638 | — | — | 2,698 | 9,246 | — | S100LJOA |
| FY ending Mar 2018 | 85,967 | — | — | 2,880 | 7,946 | — | S100OFC5 |
| FY ending Mar 2019 | 99,659 | — | — | 8,956 | 12,247 | — | S100RS2D |
| FY ending Mar 2022 | 105,387 | — | — | 12,796 | 16,031 | — | S100YH5E |
| FY ending Mar 2023 | 110,919 | 11,746 | 10.6% | 9,272 | 6,114 | 931 | S100TR4W |
| FY ending Mar 2024 | 109,952 | 8,983 | 8.2% | 7,675 | 16,573 | 12,787 | S100W3T4 |
| FY ending Mar 2025 | 112,979 | 12,124 | 10.7% | 9,257 | 21,071 | 17,339 | S100YH5E |
| FY ending Mar 2026 | 117,462 | 14,828 | 12.6% | 11,677 | 17,881 | 12,607 | S100YH5E |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.6M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥2.8M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 4,168 | 4,144 | 4,083 | 3,966 | 4,114 |
| Average salary (parent company) | — | ¥7.6M | ¥7.4M | ¥7.3M | ¥7.8M |
| Average age (parent company) | — | 44.5 years | 45.1 years | 45.8 years | 46.1 years |
| Average tenure (parent company) | — | 19.8 years | 20.3 years | 21.0 years | 21.3 years |

Year over year: Employees (consolidated) +3.7% · Revenue (consolidated) +4.0%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Test and Measurement | 68,774 | 58.6% | 10,782 | 15.7% |
| Products Quality Assurance | 31,033 | 26.4% | 3,318 | 10.7% |
| Environmental Measurement | 10,787 | 9.2% | 850 | 7.9% |
| Other | 6,867 | 5.8% | 1,972 | 28.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Test and Measurement | 58.6% | 63.7% | 5.2 | 15.7% |
| Products Quality Assurance | 26.4% | 19.6% | -6.8 | 10.7% |
| Environmental Measurement | 9.2% | 5.0% | -4.2 | 7.9% |
| Other | 5.8% | 11.7% | 5.8 | 28.7% |

Segment → industry: Environmental Measurement → Robots & Factory Automation / Products Quality Assurance → Robots & Factory Automation / Test and Measurement → Smartphones & Communications Equipment

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 17,881 | 15.2% | S100YH5E |
| Capital expenditure | 5,274 | 4.5% | S100YH5E |
| Free cash flow | 12,607 | 10.7% | 算出 |
| Investing cash flow | -14,681 | -12.5% | S100YH5E |
| Financing cash flow | -6,405 | -5.5% | S100YH5E |
| Dividends paid | 5,139 | 4.4% | S100YH5E |
| Share buyback | 1,342 | 1.1% | S100YH5E |
| Change in cash | -780 | -0.7% | S100YH5E |
| Cash and equivalents | 49,314 | 42.0% | S100YH5E |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 45,689 | 36,833 | 45,657 | 50,094 | 49,314 | S100YH5E, S100W3T4 |
| Total assets | 153,261 | 152,238 | 161,085 | 159,826 | 173,258 | S100YH5E, S100TR4W, S100W3T4 |
| Net assets | — | 117,516 | 125,525 | 124,268 | 132,717 | S100W3T4, S100YH5E |
| Share capital | — | 19,218 | 19,219 | 19,219 | 19,219 | S100TR4W, S100W3T4, S100YH5E |
| Property, plant and equipment | — | 29,004 | 28,935 | 27,251 | 29,213 | S100TR4W, S100W3T4, S100YH5E |
| Goodwill | — | 3,108 | 2,871 | 2,871 | 8,063 | S100TR4W, S100W3T4, S100YH5E |
| Current assets | — | 98,081 | 105,843 | 106,119 | 109,404 | S100TR4W, S100W3T4, S100YH5E |
| Total liabilities | — | 34,722 | 35,559 | 35,558 | 40,541 | S100TR4W, S100W3T4, S100YH5E |
| Equity attributable to owners of parent | — | 117,286 | 125,520 | 124,268 | 132,717 | S100TR4W, S100W3T4, S100YH5E |
| Retained earnings | — | 63,074 | 65,696 | 68,906 | 74,015 | S100TR4W, S100W3T4, S100YH5E |
| Treasury stock | — | -6,177 | -6,050 | -9,869 | -11,132 | S100TR4W, S100W3T4, S100YH5E |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YH5E |
| Property, plant and equipment | 17% | S100YH5E |
| Intangibles and goodwill | 5% | — |
| Other assets | 50% | S100YH5E |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100YH5E |
| Equity | 77% | S100YH5E |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 153,261 | 152,238 | 161,085 | 159,826 | 173,258 |
| Equity | — | 117,516 | 125,525 | 124,268 | 132,717 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 45,689 | 36,833 | 45,657 | 50,094 | 49,314 |

## 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) | 24.9% | S100YH5E |
| Fixed assets ÷ total assets | 16.9% | S100YH5E |
| Goodwill ÷ parent equity | 6.1% | S100YH5E |

### 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) | 28.5% |
| Cash ÷ revenue | 42.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 120.6% |
| Cash vs. profit gap | 6,204 JPY mn (of net income 53.1%) |
| Shareholder returns / net income | 55.5% |
| Shareholder returns / FCF | 51.4% |
| Shareholder payments — dividends / net income | 44.0% |
| Shareholder payments — dividends / FCF | 40.8% |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 82.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | 8.3% | —× | — | S100YH5E |
| 2023 | 8.4% | 0.73× | 6.1% | 1.30× | 7.9% | S100TR4W |
| 2024 | 7.0% | 0.70× | 4.9% | 1.29× | 6.3% | S100W3T4 |
| 2025 | 8.2% | 0.70× | 5.8% | 1.28× | 7.4% | S100YH5E |
| 2026 | 9.9% | 0.71× | 7.0% | 1.30× | 9.1% | S100YH5E |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 16.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 9.3% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE NON TREATY CLIENTS ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 2.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505025 （常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 2.1% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 1.8% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 1.8% | 2026-03-31 |
| JUNIPER （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社日本カストディ銀行・三井住友信託退給口 | Major shareholder | 1.6% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第100期(2025/04/01－2026/03/31) | S100YH5E | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH5E,, |
| 有価証券報告書－第99期(2024/04/01－2025/03/31) | S100W3T4 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3T4,, |
| 有価証券報告書－第98期(2023/04/01－2024/03/31) | S100TR4W | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR4W,, |
| 訂正有価証券報告書－第97期(2022/04/01－2023/03/31) | S100RS2D | 2023-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RS2D,, |
| 有価証券報告書－第96期(令和3年4月1日－令和4年3月31日) | S100OFC5 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFC5,, |
| 有価証券報告書－第95期(令和2年4月1日－令和3年3月31日) | S100LJOA | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJOA,, |

## 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).