# CASIO COMPUTER CO.,LTD.: 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70期(2025/04/01－2026/03/31) (S100YJ1H)
> Page: https://vizora.meequs.com/en/company/casio-computer
> Retrieved: 2026-09-30T21:03:26.043Z

## Company

Casio Computer, founded in 1957, is a company in TVs, Audio & Musical Instruments listed on TSE Prime. It has 8,259 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CASIO COMPUTER CO.,LTD. |
| Ticker | 6952 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6952.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区本町1-6-2 |
| Representative (per filing) | 代表取締役 社長 CEO 高野 晋 |
| Founded | Jun 1957 |
| Share capital | ¥48.6B |
| Employees (consolidated) | 8,259 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | www.casio.co.jp (https://www.casio.co.jp/) |
| Corporate number | 4011001030015 |
| EDINET | E01935 |
| Industries (Vizora) | TVs, Audio & Musical Instruments, Watches, Jewelry & Eyewear, Stationery & Office Supplies |

> Profile source: annual securities report (S100YJ1H, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Watches, Jewelry & Eyewear (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 17.5 | 20 |
| Profitability | 57.5 | 20 |
| Cash conversion | 71.1 | 19 |
| Efficiency | 31 | 21 |

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 69% of Casio Computer's sales come from Watch, with Consumer making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +5.5% from the prior year, operating profit +62.1%.

## Company structure

- Segment revenue mix: Watch 69.3%、Consumer 30.7%
- Revenue → net income: ¥276267000000 → ¥18204000000
- Net income → operating cash flow: ¥18204000000 → ¥30153000000（difference ¥11949000000）
- Main uses of operating cash flow: CapEx ¥16601000000 / dividends ¥10263000000 / buybacks ¥5005000000
- Change in cash: ¥10288000000
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 | ¥276.3B |  |
| Operating income | ¥23.1B | Margin 8.4% |
| Net income | ¥18.2B | Margin 6.6% |
| Free cash flow | ¥13.6B |  |
| Largest business | Watch | of segment revenue 69.3% |
| Employees (consolidated) | 8,259 |  |
| EPS | ¥70.66 |  |
| Book value per share | ¥745.34 |  |
| Equity ratio | 66.9% |  |
| Shares outstanding | 237,720,914 |  |
| Treasury shares | 12,879,100 |  |
| Shareholders | 39,618 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 42.9% | Cash ÷ revenue 54.5% |
| Vs. industry median margin | +1.7 pp | Watches, Jewelry & Eyewear |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 5.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 89% of positive segment profit
- FY2026, employees -6% while operating income rose 62%
- FY2026, cash is 43% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥227440000000 | ¥276267000000 | +21.5% |
| Operating income | ¥15372000000 | ¥23071000000 | +50.1% |
| Operating margin | 6.8% | 8.4% | +1.6 pp |
| Employees | 10,404 people | 8,259 people | -20.6% |
| Cash and equivalents | ¥137053000000 | ¥150658000000 | +9.9% |

### 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 |
| --- | ---: |
| 時計 → 時計 | 59.0% |
| コンシューマ → コンシューマ | 30.7% |
| コンシューマ → 事業再編・廃止 | 1.9% |
| システム → 事業再編・廃止 | 8.4% |
| 新設・再編 → 時計 | 10.3% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 276,267 | 100.0% | S100YJ1H |
| Cost of revenue | 154,109 | 55.8% | S100YJ1H |
| Gross profit | 122,158 | 44.2% | S100YJ1H |
| SG&A | 99,087 | 35.9% | S100YJ1H |
| Operating income | 23,071 | 8.4% | S100YJ1H |
| Ordinary income | 25,684 | 9.3% | S100YJ1H |
| Pretax income | 26,212 | 9.5% | S100YJ1H |
| Income tax | 8,008 | 2.9% | S100YJ1H |
| Net income | 18,204 | 6.6% | S100YJ1H |
| Net income attributable to owners | 18,227 | 6.6% | S100YJ1H |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 36 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 44.2% → Operating margin 8.4% → Net margin 6.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.5%; Core profit growth: +62.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.20×
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 | 261,757 | 276,267 | 14,510 | +5.5% |
| Gross profit | 113,396 | 122,158 | 8,762 | +7.7% |
| Operating income | 14,236 | 23,071 | 8,835 | +62.1% |
| Net income attributable to owners | 8,064 | 18,227 | 10,163 | +126.0% |
| Operating cash flow | 16,144 | 30,153 | 14,009 | +86.8% |
| Free cash flow | 7,769 | 13,552 | 5,783 | +74.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 280,750 | 29,064 | 10.4% | 17,588 | 33,047 | 23,165 | S100LRTE |
| FY ending Mar 2021 | 227,440 | 15,372 | 6.8% | 12,014 | 24,587 | 16,261 | S100OI3K |
| FY ending Mar 2022 | 252,322 | 22,011 | 8.7% | 15,889 | 16,419 | 5,445 | S100R725 |
| FY ending Mar 2023 | 263,831 | 18,164 | 6.9% | 13,079 | 11,339 | 293 | S100TUOV |
| FY ending Mar 2024 | 268,828 | 14,208 | 5.3% | 11,909 | 30,516 | 20,600 | S100W670 |
| FY ending Mar 2025 | 261,757 | 14,236 | 5.4% | 8,064 | 16,144 | 7,769 | S100YJ1H |
| FY ending Mar 2026 | 276,267 | 23,071 | 8.4% | 18,227 | 30,153 | 13,552 | S100YJ1H |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.5M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 10,152 | 9,732 | 9,594 | 8,801 | 8,259 |
| Average salary (parent company) | ¥8.2M | ¥8.2M | ¥8.1M | ¥8.1M | ¥8.4M |
| Average age (parent company) | 46.1 years | 46.2 years | 45.7 years | 44.9 years | 44.6 years |
| Average tenure (parent company) | 18.2 years | 17.5 years | 16.7 years | 15.9 years | 15.7 years |

Year over year: Employees (consolidated) -6.2% · Revenue (consolidated) +5.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Watch | 184,966 | 69.3% | 27,125 | 14.7% |
| Consumer | 82,057 | 30.7% | 3,415 | 4.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Watch | 69.3% | 88.8% | 19.5 | 14.7% |
| Consumer | 30.7% | 11.2% | -19.5 | 4.2% |

Segment → industry: Consumer → TVs, Audio & Musical Instruments / Watch → Watches, Jewelry & Eyewear / Consumer → Stationery & Office Supplies

## 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 | 30,153 | 10.9% | S100YJ1H |
| Capital expenditure | 16,601 | 6.0% | S100YJ1H |
| Free cash flow | 13,552 | 4.9% | 算出 |
| Investing cash flow | -8,914 | -3.2% | S100YJ1H |
| Financing cash flow | -17,368 | -6.3% | S100YJ1H |
| Dividends paid | 10,263 | 3.7% | S100YJ1H |
| Share buyback | 5,005 | 1.8% | S100YJ1H |
| Change in cash | 10,288 | 3.7% | S100YJ1H |
| Cash and equivalents | 150,658 | 54.5% | S100YJ1H |

## 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 | 133,904 | 130,232 | 144,641 | 140,370 | 150,658 | S100TUOV, S100W670, S100YJ1H |
| Total assets | 337,275 | 335,224 | 349,895 | 331,644 | 351,475 | S100R725, S100TUOV, S100W670, S100YJ1H |
| Net assets | 218,897 | 221,600 | 231,153 | 218,927 | 235,191 | S100TUOV, S100W670, S100YJ1H |
| Share capital | 48,592 | 48,592 | 48,592 | 48,592 | 48,592 | S100R725, S100TUOV, S100W670, S100YJ1H |
| Property, plant and equipment | 57,385 | 56,422 | 57,404 | 54,282 | 60,482 | S100R725, S100TUOV, S100W670, S100YJ1H |
| Intangible assets excluding goodwill | 9,920 | 10,760 | 8,709 | 10,265 | 7,485 | S100R725, S100TUOV, S100W670, S100YJ1H |
| Investment securities | 16,496 | 10,197 | 16,197 | 4,866 | 5,611 | S100R725, S100TUOV, S100W670, S100YJ1H |
| Current assets | 230,768 | 232,314 | 246,304 | 235,883 | 246,640 | S100R725, S100TUOV, S100W670, S100YJ1H |
| Current liabilities | 71,666 | 83,544 | 75,201 | 61,403 | 79,813 | S100R725, S100TUOV, S100W670, S100YJ1H |
| Trade payables | 19,235 | 16,650 | 16,235 | 16,711 | 17,077 | S100R725, S100TUOV, S100W670, S100YJ1H |
| Short-term borrowings | 235 | 239 | 267 | 301 | 296 | S100R725, S100TUOV, S100W670, S100YJ1H |
| Long-term borrowings | 41,500 | 24,000 | 34,500 | 42,000 | 25,000 | S100R725, S100TUOV, S100W670, S100YJ1H |
| Bonds | — | — | — | 48 | — | S100YJ1H |
| Interest-bearing debt | — | — | — | 42,349 | — | 算出 |
| Total liabilities | 118,378 | 113,624 | 118,742 | 112,717 | 116,284 | S100R725, S100TUOV, S100W670, S100YJ1H |
| Non-controlling interests | — | — | — | 51 | 28 | S100YJ1H |
| Equity attributable to owners of parent | 210,882 | 211,012 | 203,286 | 196,559 | 199,582 | S100R725, S100TUOV, S100W670, S100YJ1H |
| Retained earnings | 124,416 | 126,694 | 128,005 | 125,723 | 133,687 | S100R725, S100TUOV, S100W670, S100YJ1H |
| Treasury stock | -12,263 | -14,397 | -13,228 | -12,684 | -17,612 | S100R725, S100TUOV, S100W670, S100YJ1H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 43% | S100YJ1H |
| Property, plant and equipment | 17% | S100YJ1H |
| Intangibles and goodwill | 2% | S100YJ1H |
| Investment securities | 2% | S100YJ1H |
| Other assets | 36% | S100YJ1H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YJ1H |
| Other liabilities | 28% | S100YJ1H |
| Equity | 67% | S100YJ1H |

### 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 | 337,275 | 335,224 | 349,895 | 331,644 | 351,475 |
| Equity | 218,897 | 221,600 | 231,153 | 218,927 | 235,191 |
| Interest-bearing debt | — | — | — | 42,349 | — |
| Cash | 133,904 | 130,232 | 144,641 | 140,370 | 150,658 |

## 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) | 21.9% | S100YJ1H |
| Fixed assets ÷ total assets | 17.2% | S100YJ1H |
| Goodwill ÷ parent equity | — | —, S100YJ1H |

### 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) | 42.9% |
| Cash ÷ revenue | 54.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 130.7% |
| Cash vs. profit gap | 11,926 JPY mn (of net income 65.4%) |
| Shareholder returns / net income | 83.8% |
| Shareholder returns / FCF | 112.7% |
| Shareholder payments — dividends / net income | 56.3% |
| Shareholder payments — dividends / FCF | 75.7% |
| CapEx intensity (capex ÷ revenue) | 6.0% |
| Investing CF relative to operating CF | 29.6% |

## 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 | 6.3% | 0.75× | 4.7% | 1.60× | 7.5% | S100R725 |
| 2023 | 5.0% | 0.78× | 3.9% | 1.59× | 6.2% | S100TUOV |
| 2024 | 4.4% | 0.78× | 3.5% | 1.65× | 5.7% | S100W670 |
| 2025 | 3.1% | 0.77× | 2.4% | 1.70× | 4.0% | S100YJ1H |
| 2026 | 6.6% | 0.81× | 5.3% | 1.72× | 9.2% | S100YJ1H |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 15.8% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 13.1% | 2026-03-31 |
| 株式会社ＳＭＢＣ信託銀行 | Major shareholder | 6.5% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 5.8% | 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 | 1.8% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.7% | 2026-03-31 |
| 樫尾隆司 | Major shareholder | 1.6% | 2026-03-31 |
| 野村信託銀行株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.6% | 2026-03-31 |
| 公益財団法人カシオ科学振興財団 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第70期(2025/04/01－2026/03/31) | S100YJ1H | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ1H,, |
| 有価証券報告書－第69期(2024/04/01－2025/03/31) | S100W670 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W670,, |
| 有価証券報告書－第68期(2023/04/01－2024/03/31) | S100TUOV | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUOV,, |
| 有価証券報告書－第67期(2022/04/01－2023/03/31) | S100R725 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R725,, |
| 有価証券報告書－第66期(令和3年4月1日－令和4年3月31日) | S100OI3K | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI3K,, |
| 有価証券報告書－第65期(令和2年4月1日－令和3年3月31日) | S100LRTE | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRTE,, |

## 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).