# CONVUM Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第75期(2025/01/01－2025/12/31) (S100XUYZ)
> Page: https://vizora.meequs.com/en/company/convum
> Retrieved: 2026-09-30T21:03:33.560Z

## Company

Convum, founded in 1951, is a company in Robots & Factory Automation listed on TSE Standard. It has 91 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CONVUM Ltd. |
| Ticker | 6265 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6265.T) |
| Listing | TSE Standard |
| Head office | 東京都大田区下丸子二丁目6番18号 |
| Representative (per filing) | 代表取締役社長 佐藤 穣 |
| Founded | Apr 1951 |
| Share capital | ¥748.1M |
| Employees (consolidated) | 91 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | December |
| Website | www.convum.co.jp (https://www.convum.co.jp/) |
| Corporate number | 4010801011620 |
| EDINET | E01728 |
| Industries (Vizora) | Robots & Factory Automation |

> Profile source: annual securities report (S100XUYZ, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.5 | 33 |
| Profitability | 80.9 | 34 |
| Cash conversion | 76.6 | 32 |
| Efficiency | 1.4 | 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 79% of Convum's sales come from Japan, with Korea and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +7.1% from the prior year, operating profit -2.9%.

## Company structure

- Segment revenue mix: Japan 78.9%、Korea 18.5%、Other 2.7%
- Revenue → net income: ¥1982229000 → ¥248082000
- Net income → operating cash flow: ¥248082000 → ¥430031000（difference ¥181949000）
- Main uses of operating cash flow: CapEx ¥75113000 / dividends ¥78514000 / buybacks ¥72548000
- Change in cash: ¥-405770000
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 | ¥1.98B |  |
| Operating income | ¥294.7M | Margin 14.9% |
| Net income | ¥248.7M | Margin 12.5% |
| Free cash flow | ¥354.9M |  |
| Largest business | Japan | of segment revenue 78.9% |
| Employees (consolidated) | 91 |  |
| EPS | ¥155.09 |  |
| Book value per share | ¥3662.62 |  |
| Equity ratio | 93.6% |  |
| Shares outstanding | 1,657,000 |  |
| Treasury shares | 136,300 |  |
| Shareholders | 887 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 35.2% | Cash ÷ revenue 113.7% |
| Vs. industry median margin | +3.1 pp | Robots & Factory Automation |
| ROE | 4.4% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 95% of positive segment profit
- FY2025, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2183479000 | ¥1982229000 | -9.2% |
| Operating income | ¥340226000 | ¥294700000 | -13.4% |
| Operating margin | 15.6% | 14.9% | -0.7 pp |
| Employees | 122 people | 91 people | -25.4% |
| Cash and equivalents | ¥1889555000 | ¥2253936000 | +19.3% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 72.6% |
| 韓国 → 韓国 | 15.3% |
| その他 → その他 | 2.7% |
| その他 → 事業再編・廃止 | 2.8% |
| 中国 → 事業再編・廃止 | 6.6% |
| 新設・再編 → 日本 | 6.2% |
| 新設・再編 → 韓国 | 3.2% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | -0.3% | ¥1563126000 | 17.9% | 2 |
| Korea | 5 years | +1.9% | ¥366265000 | 4.2% | 2 |
| Other | 5 years | -15.1% | ¥52836000 | -1.6% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,982 | 100.0% | S100XUYZ |
| Cost of revenue | 970 | 48.9% | S100XUYZ |
| Gross profit | 1,013 | 51.1% | S100XUYZ |
| SG&A | 718 | 36.2% | S100XUYZ |
| Operating income | 295 | 14.9% | S100XUYZ |
| Ordinary income | 328 | 16.5% | S100XUYZ |
| Pretax income | 332 | 16.8% | S100XUYZ |
| Income tax | 84 | 4.2% | S100XUYZ |
| Net income | 248 | 12.5% | S100XUYZ |
| Net income attributable to owners | 249 | 12.5% | S100XUYZ |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 49 |
| SG&A | 36 |
| Operating income | 15 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 51.1% → Operating margin 14.9% → Net margin 12.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +7.1%; Core profit growth: -2.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.41×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,851 | 1,982 | 132 | +7.1% |
| Gross profit | 940 | 1,013 | 73 | +7.7% |
| Operating income | 304 | 295 | -9 | -2.9% |
| Net income attributable to owners | 248 | 249 | 1 | +0.3% |
| Operating cash flow | 482 | 430 | -51 | -10.7% |
| Free cash flow | 318 | 355 | 37 | +11.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 2,295 | 214 | 9.3% | 148 | 627 | 484 | S100L0BH |
| FY ending Dec 2020 | 2,183 | 340 | 15.6% | 245 | 509 | 309 | S100NNLS |
| FY ending Dec 2021 | 2,470 | 547 | 22.1% | 403 | 543 | 30 | S100QFZL |
| FY ending Dec 2022 | 2,381 | 614 | 25.8% | 459 | 677 | 461 | S100T3ND |
| FY ending Dec 2023 | 1,924 | 320 | 16.6% | 237 | 461 | 302 | S100VFQM |
| FY ending Dec 2024 | 1,851 | 304 | 16.4% | 248 | 482 | 318 | S100XUYZ |
| FY ending Dec 2025 | 1,982 | 295 | 14.9% | 249 | 430 | 355 | S100XUYZ |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.8M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.7M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 117 | 102 | 86 | 88 | 91 |
| Average salary (parent company) | ¥4.5M | ¥4.6M | ¥4.4M | ¥4.6M | ¥4.7M |
| Average age (parent company) | 41.3 years | 37.7 years | 42.8 years | 42.9 years | 42.5 years |
| Average tenure (parent company) | 13.6 years | 8.8 years | 13.2 years | 13.7 years | 12.9 years |

Year over year: Employees (consolidated) +3.4% · Revenue (consolidated) +7.1%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 1,563 | 78.9% | 280 | 17.9% |
| Korea | 366 | 18.5% | 16 | 4.2% |
| Other | 53 | 2.7% | -1 | -1.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 78.9% | 94.7% | 15.9 | 17.9% |
| Korea | 18.5% | 5.3% | -13.2 | 4.2% |
| Other | 2.7% | — | — | -1.6% |

Loss-making segment (excluded from profit shares): Other -1 JPY mn

Segment → industry: Other → Robots & Factory Automation / Korea → Robots & Factory Automation / Japan → Robots & Factory Automation

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 430 | 21.7% | S100XUYZ |
| Capital expenditure | 75 | 3.8% | S100XUYZ |
| Free cash flow | 355 | 17.9% | 算出 |
| Investing cash flow | -692 | -34.9% | S100XUYZ |
| Financing cash flow | -151 | -7.6% | S100XUYZ |
| Dividends paid | 79 | 4.0% | S100XUYZ |
| Share buyback | 73 | 3.7% | S100XUYZ |
| Change in cash | -406 | -20.5% | S100XUYZ |
| Cash and equivalents | 2,254 | 113.7% | S100XUYZ |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,841 | 2,233 | 2,433 | 2,660 | 2,254 | S100T3ND, S100VFQM, S100XUYZ |
| Total assets | 5,693 | 5,960 | 6,100 | 6,361 | 6,405 | S100QFZL, S100T3ND, S100VFQM, S100XUYZ |
| Net assets | 5,141 | 5,527 | 5,787 | 5,970 | 6,041 | S100T3ND, S100VFQM, S100XUYZ |
| Share capital | 748 | 748 | 748 | 748 | 748 | S100QFZL, S100T3ND, S100VFQM, S100XUYZ |
| Trade receivables | 273 | — | — | — | — | S100QFZL |
| Property, plant and equipment | 2,081 | 2,015 | 1,933 | 1,923 | 1,823 | S100QFZL, S100T3ND, S100VFQM, S100XUYZ |
| Intangible assets excluding goodwill | 135 | 124 | 98 | 79 | 55 | S100QFZL, S100T3ND, S100VFQM, S100XUYZ |
| Investment securities | 394 | 351 | 529 | 580 | 538 | S100QFZL, S100T3ND, S100VFQM, S100XUYZ |
| Current assets | 2,993 | 3,368 | 3,453 | 3,657 | 3,868 | S100QFZL, S100T3ND, S100VFQM, S100XUYZ |
| Current liabilities | 400 | 305 | 160 | 234 | 220 | S100QFZL, S100T3ND, S100VFQM, S100XUYZ |
| Trade payables | 45 | 33 | 22 | 46 | 34 | S100QFZL, S100T3ND, S100VFQM, S100XUYZ |
| Total liabilities | 553 | 433 | 313 | 391 | 364 | S100QFZL, S100T3ND, S100VFQM, S100XUYZ |
| Non-controlling interests | 32 | 40 | 46 | 42 | 44 | S100QFZL, S100T3ND, S100VFQM, S100XUYZ |
| Equity attributable to owners of parent | 4,947 | 5,328 | 5,472 | 5,642 | 5,741 | S100QFZL, S100T3ND, S100VFQM, S100XUYZ |
| Retained earnings | 3,305 | 3,686 | 3,831 | 4,001 | 4,172 | S100QFZL, S100T3ND, S100VFQM, S100XUYZ |
| Treasury stock | -120 | -120 | -120 | -120 | -192 | S100QFZL, S100T3ND, S100VFQM, S100XUYZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100XUYZ |
| Property, plant and equipment | 29% | S100XUYZ |
| Intangibles and goodwill | 1% | S100XUYZ |
| Investment securities | 8% | S100XUYZ |
| Other assets | 27% | S100XUYZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100XUYZ |
| Other liabilities | 5% | S100XUYZ |
| Equity | 94% | S100XUYZ |
| Other liabilities | 0% | S100XUYZ |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,693 | 5,960 | 6,100 | 6,361 | 6,405 |
| Equity | 5,141 | 5,527 | 5,787 | 5,970 | 6,041 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,841 | 2,233 | 2,433 | 2,660 | 2,254 |

## 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) | 92.0% | S100XUYZ |
| Fixed assets ÷ total assets | 28.5% | S100XUYZ |
| Goodwill ÷ parent equity | — | —, S100XUYZ |

### 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) | 35.2% |
| Cash ÷ revenue | 113.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 145.9% |
| Cash vs. profit gap | 181 JPY mn (of net income 72.9%) |
| Shareholder returns / net income | 60.8% |
| Shareholder returns / FCF | 42.6% |
| Shareholder payments — dividends / net income | 31.6% |
| Shareholder payments — dividends / FCF | 22.1% |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 160.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 16.3% | 0.43× | 7.1% | 1.15× | 8.1% | S100QFZL |
| 2022 | 19.3% | 0.41× | 7.9% | 1.13× | 8.9% | S100T3ND |
| 2023 | 12.3% | 0.32× | 3.9% | 1.12× | 4.4% | S100VFQM |
| 2024 | 13.4% | 0.30× | 4.0% | 1.12× | 4.5% | S100XUYZ |
| 2025 | 12.5% | 0.31× | 3.9% | 1.12× | 4.4% | S100XUYZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊勢興産株式会社 | Major shareholder | 16.2% | 2025-12-31 |
| 伊 勢 す が 子 | Major shareholder | 8.3% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.7% | 2025-12-31 |
| 伊 勢 千 雪 | Major shareholder | 5.4% | 2025-12-31 |
| いずも産業株式会社 | Major shareholder | 3.5% | 2025-12-31 |
| 新 海 秀 治 | Major shareholder | 3.3% | 2025-12-31 |
| MTAsia株式会社 | Major shareholder | 2.4% | 2025-12-31 |
| 神 谷 信 一 | Major shareholder | 2.3% | 2025-12-31 |
| 中 西 京 子 | Major shareholder | 2.1% | 2025-12-31 |
| 株式会社日伝 | Major shareholder | 1.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/01/01－2025/12/31) | S100XUYZ | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUYZ,, |
| 有価証券報告書－第74期(2024/01/01－2024/12/31) | S100VFQM | 2025-03-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFQM,, |
| 有価証券報告書－第73期(2023/01/01－2023/12/31) | S100T3ND | 2024-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3ND,, |
| 有価証券報告書－第72期(2022/01/01－2022/12/31) | S100QFZL | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFZL,, |
| 有価証券報告書－第71期(令和3年1月1日－令和3年12月31日) | S100NNLS | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NNLS,, |
| 有価証券報告書－第70期(令和2年1月1日－令和2年12月31日) | S100L0BH | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0BH,, |

## 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).