# CLUSTER TECHNOLOGY CO.,LTD.: 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35期(2025/04/01－2026/03/31) (S100YNDU)
> Page: https://vizora.meequs.com/en/company/cluster-technology
> Retrieved: 2026-09-30T17:48:59.916Z

## Company

Cluster Technology, founded in 2021, is a company in Chemicals listed on TSE Standard. It has 76 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CLUSTER TECHNOLOGY CO.,LTD. |
| Ticker | 4240 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4240.T) |
| Listing | TSE Standard |
| Head office | 大阪府東大阪市渋川町四丁目5番28号 |
| Representative (per filing) | 代表取締役社長 安達 良紀 |
| Founded | Apr 2021 |
| Share capital | ¥1.24B |
| Employees (consolidated) | 76 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | March |
| Website | www.cluster-tech.co.jp (https://www.cluster-tech.co.jp/) |
| Corporate number | 4122001002199 |
| EDINET | E02483 |
| Industries (Vizora) | Chemicals, Electronic Components |

> Profile source: annual securities report (S100YNDU, filed 2026-06-30). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 99.5 | 96 |
| Profitability | 89.5 | 100 |
| Cash conversion | 39.1 | 96 |
| Efficiency | 38.5 | 100 |

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 82% of Cluster Technology's sales come from Nano and micro technology related, with Macro technology related and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +27.0% from the prior year, operating profit +51.0%.

## Company structure

- Segment revenue mix: Nano and micro technology related 81.8%、Macro technology related 17.3%、Other 0.8%
- Revenue → net income: ¥1299249000 → ¥125470000
- Net income → operating cash flow: ¥125470000 → ¥216999000（difference ¥91529000）
- Main uses of operating cash flow: CapEx ¥89149000 / dividends ¥22327000 / buybacks ¥14000
- Change in cash: ¥292765000
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 | ¥1.3B |  |
| Operating income | ¥164.1M | Margin 12.6% |
| Net income | ¥125.5M | Margin 9.7% |
| Free cash flow | ¥127.8M |  |
| Largest business | Nano and micro technology related | of segment revenue 81.8% |
| Employees (consolidated) | 76 |  |
| EPS | ¥22.04 |  |
| Book value per share | ¥308.19 |  |
| Equity ratio | 86.7% |  |
| Shares outstanding | 5,692,800 |  |
| Treasury shares | 200 |  |
| Shareholders | 3,424 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 32.2% | Cash ÷ revenue 50.2% |
| Vs. industry median margin | +5.1 pp | Chemicals |
| ROE | 7.4% | Derived from disclosed figures |
| ROA | 6.5% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥736734000 | ¥1299249000 | +76.4% |
| Operating income | ¥34544000 | ¥164141000 | +375.2% |
| Operating margin | 4.7% | 12.6% | +7.9 pp |
| Employees | 65 people | 76 people | +16.9% |
| Cash and equivalents | ¥241054000 | ¥651700000 | +170.4% |

### 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 |
| --- | ---: |
| ナノ／マイクロ・テクノロジー関連事業 → ナノ／マイクロ・テクノロジー関連事業 | 74.4% |
| マクロ・テクノロジー関連事業 → マクロ・テクノロジー関連事業 | 17.3% |
| マクロ・テクノロジー関連事業 → 事業再編・廃止 | 7.7% |
| その他 → その他 | 0.6% |
| 新設・再編 → ナノ／マイクロ・テクノロジー関連事業 | 7.5% |
| 新設・再編 → その他 | 0.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Nano and micro technology related | 5 years | +14.2% | ¥1063324000 | — | 2 |
| Macro technology related | 5 years | +4.1% | ¥225226000 | — | 2 |
| Other | 5 years | +18.9% | ¥10698000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,299 | 100.0% | S100YNDU |
| Cost of revenue | 752 | 57.9% | 算出 |
| Gross profit | 548 | 42.1% | S100YNDU |
| SG&A | 383 | 29.5% | S100YNDU |
| Operating income | 164 | 12.6% | S100YNDU |
| Ordinary income | 166 | 12.8% | S100YNDU |
| Pretax income | 166 | 12.8% | S100YNDU |
| Income tax | 40 | 3.1% | S100YNDU |
| Net income | 125 | 9.7% | S100YNDU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 29 |
| Operating income | 13 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 42.1% → Operating margin 12.6% → Net margin 9.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +27.0%; Core profit growth: +51.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.89×
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 | 1,023 | 1,299 | 277 | +27.0% |
| Gross profit | 433 | 548 | 114 | +26.4% |
| Operating income | 109 | 164 | 55 | +51.0% |
| Operating cash flow | 149 | 217 | 68 | +46.1% |
| Free cash flow | 99 | 128 | 29 | +29.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 836 | 26 | 3.2% | 20 | -2 | -37 | S100LW39 |
| FY ending Mar 2021 | 737 | 35 | 4.7% | 32 | 106 | 92 | S100OK6S |
| FY ending Mar 2022 | 906 | 101 | 11.1% | 115 | 121 | 77 | S100R79F |
| FY ending Mar 2023 | 925 | 73 | 7.9% | 59 | 27 | -68 | S100TSEL |
| FY ending Mar 2024 | 919 | 69 | 7.5% | 57 | 118 | 20 | S100W4AV |
| FY ending Mar 2025 | 1,023 | 109 | 10.6% | 101 | 149 | 99 | S100YNDU |
| FY ending Mar 2026 | 1,299 | 164 | 12.6% | 125 | 217 | 128 | S100YNDU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.1M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 61 | 68 | 72 | 69 | 76 |
| Average salary (parent company) | ¥4M | ¥4.1M | ¥4.1M | ¥4.2M | ¥4.4M |
| Average age (parent company) | 43.6 years | 43.9 years | 44.2 years | 44.5 years | 45.1 years |
| Average tenure (parent company) | 12.3 years | 12.0 years | 11.9 years | 11.8 years | 11.3 years |

Year over year: Employees (consolidated) +10.1% · Revenue (consolidated) +27.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Nano and micro technology related | 1,063 | 81.8% | — | — |
| Macro technology related | 225 | 17.3% | — | — |
| Other | 11 | 0.8% | — | — |

### 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 |
| --- | ---: |
| Nano and micro technology related | 81.8% |
| Macro technology related | 17.3% |
| Other | 0.8% |

Segment → industry: Macro technology related → Chemicals / Nano and micro technology related → Chemicals / Nano and micro technology related → 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 | 217 | 16.7% | S100YNDU |
| Capital expenditure | 89 | 6.9% | S100YNDU |
| Free cash flow | 128 | 9.8% | 算出 |
| Investing cash flow | 101 | 7.8% | S100YNDU |
| Financing cash flow | -25 | -1.9% | S100YNDU |
| Dividends paid | 22 | 1.7% | S100YNDU |
| Share buyback | 0 | 0.0% | S100YNDU |
| Change in cash | 293 | 22.5% | S100YNDU |
| Cash and equivalents | 652 | 50.2% | S100YNDU |

## 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 | 316 | 246 | 263 | 359 | 652 | S100TSEL, S100W4AV, S100YNDU |
| Total assets | 1,636 | 1,705 | 1,743 | 1,836 | 2,025 | S100R79F, S100TSEL, S100W4AV, S100YNDU |
| Net assets | 1,434 | 1,494 | 1,551 | 1,652 | 1,754 | S100TSEL, S100W4AV, S100YNDU |
| Share capital | 1,241 | 1,241 | 1,241 | 1,241 | 1,241 | S100R79F, S100TSEL, S100W4AV, S100YNDU |
| Property, plant and equipment | 405 | 521 | 478 | 465 | 521 | S100R79F, S100TSEL, S100W4AV, S100YNDU |
| Intangible assets excluding goodwill | 1 | 6 | 7 | 19 | 15 | S100R79F, S100TSEL, S100W4AV, S100YNDU |
| Current assets | 1,199 | 1,155 | 1,234 | 1,320 | 1,464 | S100R79F, S100TSEL, S100W4AV, S100YNDU |
| Current liabilities | 186 | 198 | 178 | 173 | 261 | S100R79F, S100TSEL, S100W4AV, S100YNDU |
| Total liabilities | 201 | 212 | 192 | 184 | 270 | S100R79F, S100TSEL, S100W4AV, S100YNDU |
| Equity attributable to owners of parent | 1,434 | 1,494 | 1,551 | 1,652 | 1,754 | S100R79F, S100TSEL, S100W4AV, S100YNDU |
| Retained earnings | 188 | 247 | 305 | 405 | 508 | S100R79F, S100TSEL, S100W4AV, S100YNDU |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R79F, S100TSEL, S100W4AV, S100YNDU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100YNDU |
| Property, plant and equipment | 26% | S100YNDU |
| Intangibles and goodwill | 1% | S100YNDU |
| Other assets | 41% | S100YNDU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100YNDU |
| Equity | 87% | S100YNDU |

### 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 | 1,636 | 1,705 | 1,743 | 1,836 | 2,025 |
| Equity | 1,434 | 1,494 | 1,551 | 1,652 | 1,754 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 316 | 246 | 263 | 359 | 652 |

## 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) | 40.1% | S100YNDU |
| Fixed assets ÷ total assets | 25.7% | S100YNDU |
| Goodwill ÷ parent equity | — | —, S100YNDU |

### 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) | 32.2% |
| Cash ÷ revenue | 50.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 132.2% |
| Cash vs. profit gap | 92 JPY mn (of net income 72.9%) |
| Shareholder returns / net income | 17.8% |
| Shareholder returns / FCF | 17.5% |
| Shareholder payments — dividends / net income | 17.8% |
| Shareholder payments — dividends / FCF | 17.5% |
| CapEx intensity (capex ÷ revenue) | 6.9% |
| Investing CF relative to operating CF | 46.4% |

## 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 | 12.7% | 0.55× | 7.0% | 1.14× | 8.0% | S100R79F |
| 2023 | 6.4% | 0.55× | 3.5% | 1.14× | 4.0% | S100TSEL |
| 2024 | 6.2% | 0.53× | 3.3% | 1.13× | 3.8% | S100W4AV |
| 2025 | 9.8% | 0.57× | 5.6% | 1.12× | 6.3% | S100YNDU |
| 2026 | 9.7% | 0.67× | 6.5% | 1.13× | 7.4% | S100YNDU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 河野 信夫 | Major shareholder | 4.8% | 2026-03-31 |
| 大熊 崇 | Major shareholder | 4.7% | 2026-03-31 |
| 安達 良紀 | Major shareholder | 4.1% | 2026-03-31 |
| 関 誠 | Major shareholder | 4.0% | 2026-03-31 |
| 小西 恭彦 | Major shareholder | 3.5% | 2026-03-31 |
| 安達 俊彦 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.7% | 2026-03-31 |
| 長瀬産業株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 土屋 定正 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/04/01－2026/03/31) | S100YNDU | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNDU,, |
| 有価証券報告書－第34期(2024/04/01－2025/03/31) | S100W4AV | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4AV,, |
| 有価証券報告書－第33期(2023/04/01－2024/03/31) | S100TSEL | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSEL,, |
| 有価証券報告書－第32期(2022/04/01－2023/03/31) | S100R79F | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R79F,, |
| 有価証券報告書－第31期(令和3年4月1日－令和4年3月31日) | S100OK6S | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK6S,, |
| 訂正有価証券報告書－第30期(令和2年4月1日－令和3年3月31日) | S100LW39 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LW39,, |

## 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).