# atect corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第57期(2025/04/01－2026/03/31) (S100YDEW)
> Page: https://vizora.meequs.com/en/company/atect
> Retrieved: 2026-09-30T19:05:55.756Z

## Company

atect, founded in 1969, is a company in Medical Devices listed on TSE Standard. It has 125 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | atect corporation |
| Ticker | 4241 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4241.T) |
| Listing | TSE Standard |
| Head office | 滋賀県東近江市上羽田町3275番地1 |
| Representative (per filing) | 代表取締役社長執行役員 大西 誠 |
| Founded | Apr 1969 |
| Share capital | ¥822.3M |
| Employees (consolidated) | 125 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | www.atect.co.jp (https://www.atect.co.jp/) |
| Corporate number | 5122001004491 |
| EDINET | E01066 |
| Industries (Vizora) | Medical Devices, Semiconductor Materials |

> Profile source: annual securities report (S100YDEW, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.4 | 38 |
| Profitability | 24.4 | 39 |
| Cash conversion | 80.3 | 38 |
| Efficiency | 65.4 | 39 |

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 57% of atect's sales come from Sanitary survey equipment, with Semiconductor materials and PIM making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +4.9% from the prior year, operating profit +154.0%.

## Company structure

- Segment revenue mix: Sanitary survey equipment 57.4%、Semiconductor materials 34.7%、PIM 7.8%
- Revenue → net income: ¥3357152000 → ¥141600000
- Net income → operating cash flow: ¥141600000 → ¥273703000（difference ¥132103000）
- Main uses of operating cash flow: CapEx ¥59177000 / dividends ¥44209000 / buybacks ¥41000
- Change in cash: ¥20090000
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 | ¥3.36B |  |
| Operating income | ¥204.8M | Margin 6.1% |
| Net income | ¥141.6M | Margin 4.2% |
| Free cash flow | ¥214.5M |  |
| Largest business | Sanitary survey equipment | of segment revenue 57.4% |
| Employees (consolidated) | 125 |  |
| EPS | ¥28.85 |  |
| Book value per share | ¥423.17 |  |
| Equity ratio | 38.9% |  |
| Shares outstanding | 4,436,800 |  |
| Treasury shares | 15,900 |  |
| Shareholders | 3,703 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 6.7% | Cash ÷ revenue 9.4% |
| Vs. industry median margin | -5 pp | Medical Devices |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 69% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2855563000 | ¥3357152000 | +17.6% |
| Operating income | ¥162148000 | ¥204788000 | +26.3% |
| Operating margin | 5.7% | 6.1% | +0.4 pp |
| Employees | 105 people | 125 people | +19.0% |
| Cash and equivalents | ¥771508000 | ¥315170000 | -59.1% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → 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 |
| --- | ---: |
| 半導体資材事業 → 半導体資材事業 | 34.7% |
| 半導体資材事業 → 事業再編・廃止 | 8.5% |
| 衛生検査器材事業 → 衛生検査器材事業 | 53.8% |
| PIM事業 → PIM事業 | 2.9% |
| 新設・再編 → 衛生検査器材事業 | 3.6% |
| 新設・再編 → PIM事業 | 4.9% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Sanitary survey equipment | 5 years | +4.6% | ¥1928675000 | 12.0% | 2 |
| Semiconductor materials | 5 years | -1.2% | ¥1165416000 | 8.8% | 2 |
| PIM | 5 years | +25.8% | ¥263059000 | -49.4% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,357 | 100.0% | S100YDEW |
| Cost of revenue | 2,025 | 60.3% | S100YDEW |
| Gross profit | 1,332 | 39.7% | S100YDEW |
| SG&A | 1,128 | 33.6% | S100YDEW |
| Operating income | 205 | 6.1% | S100YDEW |
| Ordinary income | 209 | 6.2% | S100YDEW |
| Pretax income | 229 | 6.8% | S100YDEW |
| Income tax | 88 | 2.6% | S100YDEW |
| Net income | 142 | 4.2% | S100YDEW |
| Net income attributable to owners | 142 | 4.2% | S100YDEW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 34 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 39.7% → Operating margin 6.1% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.9%; Core profit growth: +154.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 31.69×
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 | 3,202 | 3,357 | 156 | +4.9% |
| Gross profit | 1,288 | 1,332 | 44 | +3.4% |
| Operating income | 81 | 205 | 124 | +154.0% |
| Net income attributable to owners | 40 | 142 | 101 | +252.4% |
| Operating cash flow | 133 | 274 | 141 | +105.8% |
| Free cash flow | 65 | 215 | 150 | +232.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,978 | 157 | 5.3% | 38 | 396 | 35 | S100LLBS |
| FY ending Mar 2021 | 2,856 | 162 | 5.7% | 75 | 457 | 38 | S100OGBK |
| FY ending Mar 2022 | 3,086 | 324 | 10.5% | 170 | 800 | 342 | S100R1DP |
| FY ending Mar 2023 | 2,962 | 176 | 5.9% | 159 | 361 | 70 | S100TUHJ |
| FY ending Mar 2024 | 3,176 | 65 | 2.0% | -244 | 463 | 298 | S100W5CD |
| FY ending Mar 2025 | 3,202 | 81 | 2.5% | 40 | 133 | 65 | S100YDEW |
| FY ending Mar 2026 | 3,357 | 205 | 6.1% | 142 | 274 | 215 | S100YDEW |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.9M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 103 | 96 | 109 | 122 | 125 |
| Average salary (parent company) | ¥5.3M | ¥5.4M | ¥5.4M | ¥5M | ¥4.9M |
| Average age (parent company) | 38.8 years | 39.2 years | 41.1 years | 40.3 years | 40.3 years |
| Average tenure (parent company) | 6.1 years | 6.5 years | 6.3 years | 5.2 years | 6.0 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) +4.9%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Semiconductor materials | 1,165 | 34.7% | 102 | 8.8% |
| Sanitary survey equipment | 1,929 | 57.4% | 232 | 12.0% |
| PIM | 263 | 7.8% | -130 | -49.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Semiconductor materials | 34.7% | 30.6% | -4.1 | 8.8% |
| Sanitary survey equipment | 57.4% | 69.4% | 11.9 | 12.0% |
| PIM | 7.8% | — | — | -49.4% |

Loss-making segment (excluded from profit shares): PIM -130 JPY mn

Segment → industry: Sanitary survey equipment → Medical Devices / Semiconductor materials → Semiconductor Materials

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 274 | 8.2% | S100YDEW |
| Capital expenditure | 59 | 1.8% | S100YDEW |
| Free cash flow | 215 | 6.4% | 算出 |
| Investing cash flow | -135 | -4.0% | S100YDEW |
| Financing cash flow | -122 | -3.6% | S100YDEW |
| Dividends paid | 44 | 1.3% | S100YDEW |
| Share buyback | 0 | 0.0% | S100YDEW |
| Change in cash | 20 | 0.6% | S100YDEW |
| Cash and equivalents | 315 | 9.4% | S100YDEW |

## 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 | 973 | 647 | 522 | 295 | 315 | S100TUHJ, S100W5CD, S100YDEW |
| Total assets | 5,791 | 5,646 | 5,130 | 4,686 | 4,696 | S100R1DP, S100TUHJ, S100W5CD, S100YDEW |
| Net assets | 1,902 | 2,014 | 1,763 | 1,714 | 1,826 | S100TUHJ, S100W5CD, S100YDEW |
| Share capital | 822 | 822 | 822 | 822 | 822 | S100R1DP, S100TUHJ, S100W5CD, S100YDEW |
| Property, plant and equipment | 3,722 | 3,685 | 3,078 | 2,879 | 2,767 | S100R1DP, S100TUHJ, S100W5CD, S100YDEW |
| Intangible assets excluding goodwill | 107 | 143 | 117 | 85 | 52 | S100R1DP, S100TUHJ, S100W5CD, S100YDEW |
| Investment securities | — | — | — | — | 100 | S100YDEW |
| Current assets | 1,920 | 1,765 | 1,737 | 1,521 | 1,618 | S100R1DP, S100TUHJ, S100W5CD, S100YDEW |
| Current liabilities | 1,498 | 1,515 | 1,639 | 1,612 | 1,742 | S100R1DP, S100TUHJ, S100W5CD, S100YDEW |
| Trade payables | 148 | 107 | 133 | 111 | 123 | S100R1DP, S100TUHJ, S100W5CD, S100YDEW |
| Short-term borrowings | — | 150 | 250 | 350 | 500 | S100TUHJ, S100W5CD, S100YDEW |
| Long-term borrowings | 2,271 | 2,020 | 1,639 | 1,292 | 1,067 | S100R1DP, S100TUHJ, S100W5CD, S100YDEW |
| Total liabilities | 3,889 | 3,632 | 3,366 | 2,972 | 2,870 | S100R1DP, S100TUHJ, S100W5CD, S100YDEW |
| Equity attributable to owners of parent | 1,923 | 2,038 | 1,749 | 1,745 | 1,842 | S100R1DP, S100TUHJ, S100W5CD, S100YDEW |
| Retained earnings | 366 | 481 | 193 | 189 | 286 | S100R1DP, S100TUHJ, S100W5CD, S100YDEW |
| Treasury stock | -8 | -8 | -8 | -8 | -8 | S100R1DP, S100TUHJ, S100W5CD, S100YDEW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YDEW |
| Property, plant and equipment | 59% | S100YDEW |
| Intangibles and goodwill | 1% | S100YDEW |
| Investment securities | 2% | S100YDEW |
| Other assets | 31% | S100YDEW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YDEW |
| Other liabilities | 58% | S100YDEW |
| Equity | 39% | S100YDEW |

### 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 | 5,791 | 5,646 | 5,130 | 4,686 | 4,696 |
| Equity | 1,902 | 2,014 | 1,763 | 1,714 | 1,826 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 973 | 647 | 522 | 295 | 315 |

## 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) | 82.4% | S100YDEW |
| Fixed assets ÷ total assets | 58.9% | S100YDEW |
| Goodwill ÷ parent equity | — | —, S100YDEW |

### 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) | 6.7% |
| Cash ÷ revenue | 9.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 133.7% |
| Cash vs. profit gap | 132 JPY mn (of net income 93.3%) |
| Shareholder returns / net income | 31.3% |
| Shareholder returns / FCF | 20.6% |
| Shareholder payments — dividends / net income | 31.2% |
| Shareholder payments — dividends / FCF | 20.6% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 49.3% |

## 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 | 5.5% | 0.53× | 2.9% | 3.01× | 8.8% | S100R1DP |
| 2023 | 5.4% | 0.52× | 2.8% | 2.89× | 8.0% | S100TUHJ |
| 2024 | — | —× | -4.5% | —× | — | S100W5CD |
| 2025 | 1.3% | 0.65× | 0.8% | 2.81× | 2.3% | S100YDEW |
| 2026 | 4.2% | 0.72× | 3.0% | 2.62× | 7.9% | S100YDEW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三甲株式会社 | Major shareholder | 33.2% | 2026-03-31 |
| 佐藤 弘之 | Major shareholder | 3.1% | 2026-03-31 |
| 村岡 克彦 | Major shareholder | 2.5% | 2026-03-31 |
| 東ヶ崎 尚美 | Major shareholder | 2.1% | 2026-03-31 |
| 小髙 得央 | Major shareholder | 1.8% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 岡崎 興也 | Major shareholder | 1.3% | 2026-03-31 |
| 早川 満 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.3% | 2026-03-31 |
| 原田 正剛 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/04/01－2026/03/31) | S100YDEW | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDEW,, |
| 有価証券報告書－第56期(2024/04/01－2025/03/31) | S100W5CD | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5CD,, |
| 有価証券報告書－第55期(2023/04/01－2024/03/31) | S100TUHJ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUHJ,, |
| 有価証券報告書－第54期(2022/04/01－2023/03/31) | S100R1DP | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1DP,, |
| 有価証券報告書－第53期(令和3年4月1日－令和4年3月31日) | S100OGBK | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGBK,, |
| 有価証券報告書－第52期(令和2年4月1日－令和3年3月31日) | S100LLBS | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLBS,, |

## 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).