# AVALDATA CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第67期(2025/04/01－2026/03/31) (S100Y38P)
> Page: https://vizora.meequs.com/en/company/avaldata
> Retrieved: 2026-09-30T21:00:37.297Z

## Company

Avaldata, founded in 1959, is a company in Robots & Factory Automation listed on TSE Standard. It has 199 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AVAL DATA CORPORATION |
| Ticker | 6918 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6918.T) |
| Listing | TSE Standard |
| Head office | 東京都町田市旭町一丁目25番10号 |
| Representative (per filing) | 代表取締役社長 菊地豊 |
| Founded | Aug 1959 |
| Share capital | ¥2.35B |
| Employees (consolidated) | 199 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.avaldata.co.jp (https://www.avaldata.co.jp/) |
| Corporate number | 6012301000127 |
| EDINET | E01993 |
| Industries (Vizora) | Robots & Factory Automation, Semiconductor Equipment, Electronic Components |

> Profile source: annual securities report (S100Y38P, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.3 | 36 |
| Profitability | 23.2 | 41 |
| Cash conversion | 91 | 39 |
| Efficiency | 6.1 | 41 |

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 65% of Avaldata's sales come from Consignment products, with In-house products making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -19.6% from the prior year, operating profit -51.4%.

## Company structure

- Segment revenue mix: Consignment products 64.7%、In-house products 35.3%
- Revenue → net income: ¥8830110000 → ¥554105000
- Net income → operating cash flow: ¥554105000 → ¥2408298000（difference ¥1854193000）
- Main uses of operating cash flow: CapEx ¥49127000 / dividends ¥467521000 / buybacks ¥1023549000
- Change in cash: ¥876510000
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 | ¥8.83B |  |
| Operating income | ¥690M | Margin 7.8% |
| Net income | ¥554.1M | Margin 6.3% |
| Free cash flow | ¥2.36B |  |
| Largest business | Consignment products | of segment revenue 64.7% |
| Employees (consolidated) | 199 |  |
| EPS | ¥91.36 |  |
| Book value per share | ¥3493.17 |  |
| Equity ratio | 90.0% |  |
| Shares outstanding | 6,367,842 |  |
| Treasury shares | 552,500 |  |
| Shareholders | 5,831 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 20.8% | Cash ÷ revenue 53.2% |
| Vs. industry median margin | -6.7 pp | Semiconductor Equipment |
| ROE | 3.0% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.3× net income
- FY2026, buybacks were 2.2× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8537004000 | ¥8830110000 | +3.4% |
| Operating income | ¥1759294000 | ¥690034000 | -60.8% |
| Operating margin | 20.6% | 7.8% | -12.8 pp |
| Employees | 186 people | 199 people | +7.0% |
| Cash and equivalents | ¥4344487000 | ¥4701418000 | +8.2% |

### 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 |
| --- | ---: |
| 受託製品 → 受託製品 | 56.1% |
| 自社製品 → 自社製品 | 35.3% |
| 自社製品 → 事業再編・廃止 | 8.6% |
| 新設・再編 → 受託製品 | 8.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,830 | 100.0% | S100Y38P |
| Cost of revenue | 6,312 | 71.5% | S100Y38P |
| Gross profit | 2,519 | 28.5% | S100Y38P |
| SG&A | 1,829 | 20.7% | S100Y38P |
| Operating income | 690 | 7.8% | S100Y38P |
| Ordinary income | 773 | 8.7% | S100Y38P |
| Pretax income | 727 | 8.2% | S100Y38P |
| Income tax | 173 | 2.0% | S100Y38P |
| Net income | 554 | 6.3% | S100Y38P |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 21 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 28.5% → Operating margin 7.8% → Net margin 6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -19.6%; Core profit growth: -51.4%
Operating leverage (core profit growth ÷ revenue growth): 2.63×
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 | 10,980 | 8,830 | -2,150 | -19.6% |
| Gross profit | 3,329 | 2,519 | -811 | -24.4% |
| Operating income | 1,421 | 690 | -731 | -51.4% |
| Operating cash flow | -523 | 2,408 | 2,931 | — |
| Free cash flow | -1,128 | 2,359 | 3,488 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,822 | 1,467 | 18.8% | 1,108 | 1,194 | 993 | S100LM4M |
| FY ending Mar 2021 | 8,537 | 1,759 | 20.6% | 1,358 | 1,990 | 1,942 | S100OBD6 |
| FY ending Mar 2022 | 9,796 | 1,927 | 19.7% | 1,493 | -323 | -366 | S100R0M7 |
| FY ending Mar 2023 | 14,391 | 2,397 | 16.7% | 4,271 | 454 | 177 | S100TOCB |
| FY ending Mar 2024 | 12,580 | 2,095 | 16.7% | 5,256 | -2,355 | -3,385 | S100VX5Q |
| FY ending Mar 2025 | 10,980 | 1,421 | 12.9% | 1,138 | -523 | -1,128 | S100Y38P |
| FY ending Mar 2026 | 8,830 | 690 | 7.8% | 554 | 2,408 | 2,359 | S100Y38P |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.4M |
| Operating income per employee (consolidated) | ¥3.5M |
| 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) | 185 | 188 | 204 | 210 | 199 |
| Average salary (parent company) | ¥7.5M | — | ¥7.5M | ¥7.4M | ¥6.3M |
| Average age (parent company) | 43.3 years | 42.8 years | 42.3 years | 42.7 years | 43.2 years |
| Average tenure (parent company) | 18.2 years | 17.5 years | 16.2 years | 16.2 years | 16.2 years |

Year over year: Employees (consolidated) -5.2% · Revenue (consolidated) -19.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Consignment products | 5,715 | 64.7% | 598 | 10.5% |
| In-house products | 3,116 | 35.3% | 729 | 23.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Consignment products | 64.7% | 45.1% | -19.7 | 10.5% |
| In-house products | 35.3% | 54.9% | 19.7 | 23.4% |

Segment → industry: In-house products → Robots & Factory Automation / Consignment products → Semiconductor Equipment / In-house products → Electronic Components / Consignment products → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,408 | 27.3% | S100Y38P |
| Capital expenditure | 49 | 0.6% | S100Y38P |
| Free cash flow | 2,359 | 26.7% | 算出 |
| Investing cash flow | -41 | -0.5% | S100Y38P |
| Financing cash flow | -1,491 | -16.9% | S100Y38P |
| Dividends paid | 468 | 5.3% | S100Y38P |
| Share buyback | 1,024 | 11.6% | S100Y38P |
| Change in cash | 877 | 9.9% | S100Y38P |
| Cash and equivalents | 4,701 | 53.2% | S100Y38P |

## 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 | 3,498 | 6,693 | 6,738 | 3,825 | 4,701 | S100TOCB, S100VX5Q, S100Y38P |
| Total assets | 24,402 | 27,951 | 27,504 | 22,236 | 22,570 | S100R0M7, S100TOCB, S100VX5Q, S100Y38P |
| Net assets | 18,407 | 20,875 | 22,780 | 20,059 | 20,314 | S100TOCB, S100VX5Q, S100Y38P |
| Share capital | 2,354 | 2,354 | 2,354 | 2,354 | 2,354 | S100R0M7, S100TOCB, S100VX5Q, S100Y38P |
| Property, plant and equipment | 1,790 | 1,926 | 2,852 | 3,227 | 3,084 | S100R0M7, S100TOCB, S100VX5Q, S100Y38P |
| Intangible assets excluding goodwill | 37 | 41 | 41 | 56 | 45 | S100R0M7, S100TOCB, S100VX5Q, S100Y38P |
| Investment securities | 9,956 | 8,144 | 5,645 | 2,677 | 4,416 | S100R0M7, S100TOCB, S100VX5Q, S100Y38P |
| Current assets | 12,564 | 17,783 | 18,844 | 16,173 | 14,935 | S100R0M7, S100TOCB, S100VX5Q, S100Y38P |
| Current liabilities | 3,298 | 5,019 | 3,474 | 1,655 | 1,265 | S100R0M7, S100TOCB, S100VX5Q, S100Y38P |
| Total liabilities | 5,995 | 7,076 | 4,724 | 2,177 | 2,257 | S100R0M7, S100TOCB, S100VX5Q, S100Y38P |
| Equity attributable to owners of parent | 11,953 | 15,671 | 19,402 | 18,679 | 17,780 | S100R0M7, S100TOCB, S100VX5Q, S100Y38P |
| Retained earnings | 7,974 | 11,679 | 15,396 | 14,568 | 14,014 | S100R0M7, S100TOCB, S100VX5Q, S100Y38P |
| Treasury stock | -911 | -908 | -906 | -688 | -1,033 | S100R0M7, S100TOCB, S100VX5Q, S100Y38P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100Y38P |
| Property, plant and equipment | 14% | S100Y38P |
| Intangibles and goodwill | 0% | S100Y38P |
| Investment securities | 19% | S100Y38P |
| Other assets | 46% | S100Y38P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 10% | S100Y38P |
| Equity | 90% | S100Y38P |
| Other liabilities | 0% | S100Y38P |

### 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 | 24,402 | 27,951 | 27,504 | 22,236 | 22,570 |
| Equity | 18,407 | 20,875 | 22,780 | 20,059 | 20,314 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,498 | 6,693 | 6,738 | 3,825 | 4,701 |

## 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) | 34.9% | S100Y38P |
| Fixed assets ÷ total assets | 13.7% | S100Y38P |
| Goodwill ÷ parent equity | — | —, S100Y38P |

### 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) | 20.8% |
| Cash ÷ revenue | 53.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 349.0% |
| Cash vs. profit gap | 1,854 JPY mn (of net income 334.6%) |
| Shareholder returns / net income | 269.1% |
| Shareholder returns / FCF | 63.2% |
| Shareholder payments — dividends / net income | 84.4% |
| Shareholder payments — dividends / FCF | 19.8% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 1.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 15.2% | 0.40× | 6.1% | 2.04× | 12.5% | S100R0M7 |
| 2023 | 29.7% | 0.55× | 16.3% | 1.90× | 30.9% | S100TOCB |
| 2024 | 41.8% | 0.45× | 19.0% | 1.58× | 30.0% | S100VX5Q |
| 2025 | 10.4% | 0.44× | 4.6% | 1.31× | 6.0% | S100Y38P |
| 2026 | 6.3% | 0.39× | 2.5% | 1.23× | 3.0% | S100Y38P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ニコン | Major shareholder | 11.1% | 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 | 10.1% | 2026-03-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 3.7% | 2026-03-31 |
| 嶋村 清 | Major shareholder | 2.4% | 2026-03-31 |
| レーザーテック株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| イーソル株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| アバールグループ社員持株会 | Major shareholder | 1.8% | 2026-03-31 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＮ １４００４０ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.7% | 2026-03-31 |
| 佐々木 嘉樹 | Major shareholder | 1.7% | 2026-03-31 |
| 中村 豊徳 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第67期(2025/04/01－2026/03/31) | S100Y38P | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y38P,, |
| 有価証券報告書－第66期(2024/04/01－2025/03/31) | S100VX5Q | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VX5Q,, |
| 有価証券報告書－第65期(2023/04/01－2024/03/31) | S100TOCB | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOCB,, |
| 有価証券報告書－第64期(2022/04/01－2023/03/31) | S100R0M7 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0M7,, |
| 有価証券報告書－第63期(令和3年4月1日－令和4年3月31日) | S100OBD6 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBD6,, |
| 有価証券報告書－第62期(令和2年4月1日－令和3年3月31日) | S100LM4M | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM4M,, |

## 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).