# Chino 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90期(2025/04/01－2026/03/31) (S100YJHF)
> Page: https://vizora.meequs.com/en/company/chino
> Retrieved: 2026-09-30T21:34:54.257Z

## Company

Chino is a company in Robots & Factory Automation listed on TSE Prime. It has 1,125 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Chino Corporation |
| Ticker | 6850 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6850.T) |
| Listing | TSE Prime |
| Head office | 東京都板橋区熊野町32番8号 |
| Representative (per filing) | 代表取締役社長執行役員 豊田 三喜男 |
| Share capital | ¥4.29B |
| Employees (consolidated) | 1,125 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.chino.co.jp (https://www.chino.co.jp/) |
| Corporate number | 9011401004118 |
| EDINET | E02286 |
| Industries (Vizora) | Robots & Factory Automation |

> Profile source: annual securities report (S100YJHF, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.1 | 33 |
| Profitability | 36.8 | 34 |
| Cash conversion | 39.1 | 32 |
| Efficiency | 70 | 35 |

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 37% of Chino's sales come from Instrumentation Systems, with Instruments and Sensors making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +7.9% from the prior year, operating profit +12.0%.

## Company structure

- Segment revenue mix: Instrumentation Systems 37.0%、Instruments 30.4%、Sensors 29.0%、Other 3.6%
- Revenue → net income: ¥31648000000 → ¥2321000000
- Net income → operating cash flow: ¥2321000000 → ¥2904000000（difference ¥583000000）
- Main uses of operating cash flow: CapEx ¥1613000000 / dividends ¥681000000 / buybacks ¥456000000
- Change in cash: ¥1705000000
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 | ¥31.6B |  |
| Operating income | ¥3.23B | Margin 10.2% |
| Net income | ¥2.04B | Margin 6.5% |
| Free cash flow | ¥1.29B |  |
| Largest business | Instrumentation Systems | of segment revenue 37.0% |
| Employees (consolidated) | 1,125 |  |
| EPS | ¥94.45 |  |
| Book value per share | ¥1087.89 |  |
| Equity ratio | 56.9% |  |
| Shares outstanding | 18,520,232 |  |
| Treasury shares | 1,795,900 |  |
| Shareholders | 7,136 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 22.6% | Cash ÷ revenue 29.3% |
| Vs. industry median margin | -1.6 pp | Robots & Factory Automation |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21080000000 | ¥31648000000 | +50.1% |
| Operating income | ¥1136000000 | ¥3225000000 | +183.9% |
| Operating margin | 5.4% | 10.2% | +4.8 pp |
| Employees | 1,110 people | 1,125 people | +1.4% |
| Cash and equivalents | ¥5430000000 | ¥9281000000 | +70.9% |

### 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 |
| --- | ---: |
| 計測制御機器 → 計測制御機器 | 30.4% |
| 計測制御機器 → 事業再編・廃止 | 2.5% |
| 計装システム → 計装システム | 32.0% |
| センサ → センサ | 29.0% |
| センサ → 事業再編・廃止 | 2.1% |
| その他 → その他 | 3.6% |
| その他 → 事業再編・廃止 | 0.4% |
| 新設・再編 → 計装システム | 4.9% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Instrumentation Systems | 5 years | +11.6% | ¥11695000000 | 14.2% | 2 |
| Instruments | 5 years | +6.8% | ¥9608000000 | 15.4% | 2 |
| Sensors | 5 years | +7.0% | ¥9188000000 | 22.8% | 2 |
| Other | 5 years | +6.5% | ¥1155000000 | 27.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 31,648 | 100.0% | S100YJHF |
| Cost of revenue | 21,692 | 68.5% | S100YJHF |
| Gross profit | 9,955 | 31.5% | S100YJHF |
| SG&A | 6,730 | 21.3% | S100YJHF |
| Operating income | 3,225 | 10.2% | S100YJHF |
| Ordinary income | 3,326 | 10.5% | S100YJHF |
| Pretax income | 3,322 | 10.5% | S100YJHF |
| Income tax | 1,001 | 3.2% | S100YJHF |
| Net income | 2,321 | 7.3% | S100YJHF |
| Net income attributable to owners | 2,042 | 6.5% | S100YJHF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 21 |
| Operating income | 10 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 31.5% → Operating margin 10.2% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.9%; Core profit growth: +12.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.52×
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 | 29,329 | 31,648 | 2,319 | +7.9% |
| Gross profit | 9,366 | 9,955 | 589 | +6.3% |
| Operating income | 2,879 | 3,225 | 346 | +12.0% |
| Net income attributable to owners | 1,991 | 2,042 | 51 | +2.6% |
| Operating cash flow | 2,543 | 2,904 | 361 | +14.2% |
| Free cash flow | 1,710 | 1,291 | -419 | -24.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 20,582 | 1,026 | 5.0% | 1,218 | 1,150 | -55 | S100LV47 |
| FY ending Mar 2021 | 21,080 | 1,136 | 5.4% | 1,289 | 2,341 | 1,389 | S100OJYW |
| FY ending Mar 2022 | 21,908 | 1,499 | 6.8% | 1,050 | 1,880 | 970 | S100R9H7 |
| FY ending Mar 2023 | 23,793 | 2,018 | 8.5% | 1,536 | 1,619 | 1,048 | S100TWEQ |
| FY ending Mar 2024 | 27,425 | 2,173 | 7.9% | 1,756 | 101 | -1,345 | S100W6AK |
| FY ending Mar 2025 | 29,329 | 2,879 | 9.8% | 1,991 | 2,543 | 1,710 | S100YJHF |
| FY ending Mar 2026 | 31,648 | 3,225 | 10.2% | 2,042 | 2,904 | 1,291 | S100YJHF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.1M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 1,106 | 1,101 | 1,095 | 1,093 | 1,125 |
| Average salary (parent company) | ¥5.7M | ¥5.8M | ¥6.1M | ¥6.3M | ¥6.6M |
| Average age (parent company) | 41.3 years | 41.6 years | 42.2 years | 42.5 years | 43.0 years |
| Average tenure (parent company) | 15.7 years | 15.9 years | 15.9 years | 16.4 years | 18.3 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +7.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Instruments | 9,608 | 30.4% | 1,479 | 15.4% |
| Instrumentation Systems | 11,695 | 37.0% | 1,663 | 14.2% |
| Sensors | 9,188 | 29.0% | 2,098 | 22.8% |
| Other | 1,155 | 3.6% | 317 | 27.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Instruments | 30.4% | 26.6% | -3.7 | 15.4% |
| Instrumentation Systems | 37.0% | 29.9% | -7.0 | 14.2% |
| Sensors | 29.0% | 37.8% | 8.7 | 22.8% |
| Other | 3.6% | 5.7% | 2.1 | 27.4% |

Segment → industry: Sensors → Robots & Factory Automation / Instrumentation Systems → Robots & Factory Automation / Instruments → Robots & Factory Automation

## 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 | 2,904 | 9.2% | S100YJHF |
| Capital expenditure | 1,613 | 5.1% | S100YJHF |
| Free cash flow | 1,291 | 4.1% | 算出 |
| Investing cash flow | -1,526 | -4.8% | S100YJHF |
| Financing cash flow | 293 | 0.9% | S100YJHF |
| Dividends paid | 681 | 2.2% | S100YJHF |
| Share buyback | 456 | 1.4% | S100YJHF |
| Change in cash | 1,705 | 5.4% | S100YJHF |
| Cash and equivalents | 9,281 | 29.3% | S100YJHF |

## 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 | 5,821 | 7,603 | 6,742 | 7,575 | 9,281 | S100TWEQ, S100W6AK, S100YJHF |
| Total assets | 31,545 | 36,289 | 36,530 | 37,765 | 41,109 | S100R9H7, S100TWEQ, S100W6AK, S100YJHF |
| Net assets | 20,150 | 21,574 | 23,191 | 25,033 | 26,585 | S100TWEQ, S100W6AK, S100YJHF |
| Share capital | 4,292 | 4,292 | 4,292 | 4,292 | 4,292 | S100R9H7, S100TWEQ, S100W6AK, S100YJHF |
| Property, plant and equipment | 5,566 | 5,578 | 6,159 | 6,169 | 6,487 | S100R9H7, S100TWEQ, S100W6AK, S100YJHF |
| Intangible assets excluding goodwill | 408 | 436 | 297 | 290 | 445 | S100R9H7, S100TWEQ, S100W6AK, S100YJHF |
| Investment securities | 1,761 | 1,817 | 1,716 | 1,390 | 1,829 | S100R9H7, S100TWEQ, S100W6AK, S100YJHF |
| Current assets | 21,681 | 26,322 | 26,050 | 27,268 | 29,579 | S100R9H7, S100TWEQ, S100W6AK, S100YJHF |
| Current liabilities | 8,216 | 10,489 | 9,317 | 9,390 | 9,723 | S100R9H7, S100TWEQ, S100W6AK, S100YJHF |
| Trade payables | 2,397 | 2,697 | 2,322 | 2,069 | 2,629 | S100R9H7, S100TWEQ, S100W6AK, S100YJHF |
| Short-term borrowings | 1,265 | 1,265 | 1,165 | 1,165 | 1,140 | S100R9H7, S100TWEQ, S100W6AK, S100YJHF |
| Long-term borrowings | 620 | 1,660 | 1,443 | 969 | 2,518 | S100R9H7, S100TWEQ, S100W6AK, S100YJHF |
| Total liabilities | 11,394 | 14,715 | 13,338 | 12,731 | 14,524 | S100R9H7, S100TWEQ, S100W6AK, S100YJHF |
| Non-controlling interests | 2,586 | 2,790 | 2,931 | 3,055 | 3,205 | S100R9H7, S100TWEQ, S100W6AK, S100YJHF |
| Equity attributable to owners of parent | 17,308 | 18,471 | 19,654 | 21,120 | 22,055 | S100R9H7, S100TWEQ, S100W6AK, S100YJHF |
| Retained earnings | 9,911 | 11,050 | 12,209 | 13,649 | 15,010 | S100R9H7, S100TWEQ, S100W6AK, S100YJHF |
| Treasury stock | -1,159 | -1,138 | -1,126 | -1,111 | -1,548 | S100R9H7, S100TWEQ, S100W6AK, S100YJHF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YJHF |
| Property, plant and equipment | 16% | S100YJHF |
| Intangibles and goodwill | 1% | S100YJHF |
| Investment securities | 4% | S100YJHF |
| Other assets | 56% | S100YJHF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YJHF |
| Other liabilities | 29% | S100YJHF |
| Equity | 65% | S100YJHF |

### 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 | 31,545 | 36,289 | 36,530 | 37,765 | 41,109 |
| Equity | 20,150 | 21,574 | 23,191 | 25,033 | 26,585 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,821 | 7,603 | 6,742 | 7,575 | 9,281 |

## 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) | 20.5% | S100YJHF |
| Fixed assets ÷ total assets | 15.8% | S100YJHF |
| Goodwill ÷ parent equity | — | —, S100YJHF |

### 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) | 22.6% |
| Cash ÷ revenue | 29.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 90.0% |
| Cash vs. profit gap | 862 JPY mn (of net income 42.2%) |
| Shareholder returns / net income | 55.7% |
| Shareholder returns / FCF | 88.1% |
| Shareholder payments — dividends / net income | 33.3% |
| Shareholder payments — dividends / FCF | 52.7% |
| CapEx intensity (capex ÷ revenue) | 5.1% |
| Investing CF relative to operating CF | 52.5% |

## 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 | 4.8% | 0.69× | 3.3% | 1.82× | 6.1% | S100R9H7 |
| 2023 | 6.5% | 0.70× | 4.5% | 1.90× | 8.6% | S100TWEQ |
| 2024 | 6.4% | 0.75× | 4.8% | 1.91× | 9.2% | S100W6AK |
| 2025 | 6.8% | 0.79× | 5.4% | 1.82× | 9.8% | S100YJHF |
| 2026 | 6.5% | 0.80× | 5.2% | 1.83× | 9.5% | S100YJHF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| チノー取引先持株会 | Major shareholder | 9.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.9% | 2026-03-31 |
| チノー従業員持株会 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社ニッカトー | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社共和電業 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社北浜製作所 | Major shareholder | 2.4% | 2026-03-31 |
| 日本生命保険相互会社 (常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.6% | 2026-03-31 |
| 東亜ディーケーケー株式会社 | Major shareholder | 1.2% | 2026-03-31 |
| ＣＦＳＩＬ－ＣＯＬＯＮＩＡＬ ＦＩＲＳＴ ＳＴＡＴＥ ＧＬＯＢＡＬ ＳＨＡＲＥ ＦＵＮＤ １７ (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第90期(2025/04/01－2026/03/31) | S100YJHF | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJHF,, |
| 有価証券報告書－第89期(2024/04/01－2025/03/31) | S100W6AK | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6AK,, |
| 有価証券報告書－第88期(2023/04/01－2024/03/31) | S100TWEQ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWEQ,, |
| 有価証券報告書－第87期(2022/04/01－2023/03/31) | S100R9H7 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9H7,, |
| 有価証券報告書－第86期(令和3年4月1日－令和4年3月31日) | S100OJYW | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJYW,, |
| 有価証券報告書－第85期(令和2年4月1日－令和3年3月31日) | S100LV47 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV47,, |

## 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).