# DISCO 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87期(2025/04/01－2026/03/31) (S100YC6I)
> Page: https://vizora.meequs.com/en/company/disco
> Retrieved: 2026-09-30T19:09:16.903Z

## Company

Disco, founded in 1940, is a company in Semiconductor Equipment listed on TSE Prime. It has 5,547 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DISCO CORPORATION |
| Ticker | 6146 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6146.T) |
| Listing | TSE Prime |
| Head office | 東京都大田区大森北二丁目13番11号 |
| Representative (per filing) | 代表執行役社長 関家 一馬 |
| Founded | Mar 1940 |
| Share capital | ¥22.4B |
| Employees (consolidated) | 5,547 |
| Average salary (parent only) | ¥18.8M |
| Fiscal year end | March |
| Website | www.disco.co.jp (https://www.disco.co.jp/) |
| Corporate number | 6010801007501 |
| EDINET | E01506 |
| Industries (Vizora) | Semiconductor Equipment |

> Profile source: annual securities report (S100YC6I, filed 2026-06-16). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 87.5 | 36 |
| Profitability | 93.9 | 41 |
| Cash conversion | 26.9 | 39 |
| Efficiency | 35.4 | 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)

- Disco brought in ¥436.9B in revenue.
- Out of every ¥100 of sales, about ¥42 is left as operating profit.
- Revenue changed +11.1% from the prior year, operating profit +10.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥436889000000 → ¥135603000000
- Net income → operating cash flow: ¥135603000000 → ¥133543000000（difference ¥-2060000000）
- Main uses of operating cash flow: CapEx ¥35227000000 / dividends ¥45309000000 / buybacks —
- Change in cash: ¥-44591000000
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 | ¥436.9B |  |
| Operating income | ¥185B | Margin 42.3% |
| Net income | ¥135.5B | Margin 31.0% |
| Free cash flow | ¥98.3B |  |
| Employees (consolidated) | 5,547 |  |
| EPS | ¥1214.88 |  |
| Diluted EPS | ¥1211.05 |  |
| Book value per share | ¥4823.16 |  |
| Equity ratio | 78.9% |  |
| Shares outstanding | 108,478,000 |  |
| Treasury shares | 16,000 |  |
| Shareholders | 12,447 |  |
| Average salary (parent only) | ¥18.8M | Filing company only |
| Cash ratio | 24.8% | Cash ÷ revenue 42.2% |
| Vs. industry median margin | +27.9 pp | Semiconductor Equipment |
| ROE | 25.9% | Derived from disclosed figures |
| ROA | 19.4% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +65% over five years
- FY2026, operating income keeps 42 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥182857000000 | ¥436889000000 | +138.9% |
| Operating income | ¥53106000000 | ¥184989000000 | +248.3% |
| Operating margin | 29.0% | 42.3% | +13.3 pp |
| Employees | 4,091 people | 5,547 people | +35.6% |
| Cash and equivalents | ¥109809000000 | ¥184575000000 | +68.1% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 436,889 | 100.0% | S100YC6I |
| Cost of revenue | 130,412 | 29.9% | S100YC6I |
| Gross profit | 306,477 | 70.1% | S100YC6I |
| SG&A | 121,487 | 27.8% | S100YC6I |
| Operating income | 184,989 | 42.3% | S100YC6I |
| Ordinary income | 184,936 | 42.3% | S100YC6I |
| Pretax income | 183,811 | 42.1% | S100YC6I |
| Income tax | 48,207 | 11.0% | S100YC6I |
| Net income | 135,603 | 31.0% | S100YC6I |
| Net income attributable to owners | 135,521 | 31.0% | S100YC6I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 30 |
| SG&A | 28 |
| Operating income | 42 |
| (Ref.) Net income | 31 |

### Margin funnel

Gross margin 70.1% → Operating margin 42.3% → Net margin 31.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.1%; Core profit growth: +10.9%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.98×
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 | 393,313 | 436,889 | 43,576 | +11.1% |
| Gross profit | 277,570 | 306,477 | 28,907 | +10.4% |
| Operating income | 166,834 | 184,989 | 18,155 | +10.9% |
| Net income attributable to owners | 123,891 | 135,521 | 11,630 | +9.4% |
| Operating cash flow | 120,364 | 133,543 | 13,179 | +10.9% |
| Free cash flow | 53,434 | 98,316 | 44,882 | +84.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 141,083 | 36,451 | 25.8% | 27,653 | 31,299 | 6,337 | S100LQKR |
| FY ending Mar 2021 | 182,857 | 53,106 | 29.0% | 39,091 | 56,709 | 35,596 | S100OJ7R |
| FY ending Mar 2022 | 253,781 | 91,513 | 36.1% | 66,206 | 83,654 | 40,022 | S100R389 |
| FY ending Mar 2023 | 284,135 | 110,413 | 38.9% | 82,891 | 81,783 | 67,532 | S100TNLG |
| FY ending Mar 2024 | 307,554 | 121,490 | 39.5% | 84,205 | 97,524 | 81,273 | S100W0JY |
| FY ending Mar 2025 | 393,313 | 166,834 | 42.4% | 123,891 | 120,364 | 53,434 | S100YC6I |
| FY ending Mar 2026 | 436,889 | 184,989 | 42.3% | 135,521 | 133,543 | 98,316 | S100YC6I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥78.8M |
| Operating income per employee (consolidated) | ¥33.3M |
| Net income per employee (consolidated) | ¥24.4M |

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) | 4,258 | 4,553 | 4,886 | 5,256 | 5,547 |
| Average salary (parent company) | ¥11.4M | ¥13.3M | ¥15.1M | ¥16.7M | ¥18.8M |
| Average age (parent company) | 37.7 years | 37.6 years | 37.0 years | 37.3 years | 37.2 years |
| Average tenure (parent company) | 11.3 years | 11.1 years | 10.6 years | 10.7 years | 10.6 years |

Year over year: Employees (consolidated) +5.5% · Revenue (consolidated) +11.1%

## 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 | 133,543 | 30.6% | S100YC6I |
| Capital expenditure | 35,227 | 8.1% | S100YC6I |
| Free cash flow | 98,316 | 22.5% | 算出 |
| Investing cash flow | -135,769 | -31.1% | S100YC6I |
| Financing cash flow | -45,035 | -10.3% | S100YC6I |
| Dividends paid | 45,309 | 10.4% | S100YC6I |
| Change in cash | -44,591 | -10.2% | S100YC6I |
| Cash and equivalents | 184,575 | 42.2% | S100YC6I |

## 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 | 125,771 | 163,053 | 215,486 | 229,167 | 184,575 | S100TNLG, S100W0JY, S100YC6I |
| Total assets | 404,540 | 468,797 | 556,058 | 654,087 | 743,410 | S100R389, S100TNLG, S100W0JY, S100YC6I |
| Net assets | 293,812 | 348,041 | 406,560 | 492,703 | 588,125 | S100TNLG, S100W0JY, S100YC6I |
| Share capital | 21,608 | 21,681 | 21,838 | 22,089 | 22,359 | S100R389, S100TNLG, S100W0JY, S100YC6I |
| Property, plant and equipment | 144,427 | 147,541 | 147,451 | 204,014 | 223,241 | S100R389, S100TNLG, S100W0JY, S100YC6I |
| Intangible assets excluding goodwill | 256 | 231 | 261 | 246 | 250 | S100R389, S100TNLG, S100W0JY, S100YC6I |
| Investment securities | 2,608 | 2,808 | 3,346 | 3,510 | 3,944 | S100R389, S100TNLG, S100W0JY, S100YC6I |
| Current assets | 244,933 | 305,118 | 386,945 | 424,502 | 494,572 | S100R389, S100TNLG, S100W0JY, S100YC6I |
| Current liabilities | 109,851 | 119,974 | 148,715 | 160,392 | 154,458 | S100R389, S100TNLG, S100W0JY, S100YC6I |
| Trade payables | 8,048 | 6,942 | 7,748 | 7,950 | 9,053 | S100R389, S100TNLG, S100W0JY, S100YC6I |
| Total liabilities | 110,728 | 120,755 | 149,497 | 161,383 | 155,285 | S100R389, S100TNLG, S100W0JY, S100YC6I |
| Non-controlling interests | 269 | 245 | 195 | 348 | 366 | S100R389, S100TNLG, S100W0JY, S100YC6I |
| Equity attributable to owners of parent | 287,648 | 338,528 | 391,917 | 477,838 | 568,583 | S100R389, S100TNLG, S100W0JY, S100YC6I |
| Retained earnings | 242,475 | 293,209 | 346,293 | 431,718 | 521,924 | S100R389, S100TNLG, S100W0JY, S100YC6I |
| Treasury stock | -32 | -32 | -41 | -47 | -48 | S100R389, S100TNLG, S100W0JY, S100YC6I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YC6I |
| Property, plant and equipment | 30% | S100YC6I |
| Intangibles and goodwill | 0% | S100YC6I |
| Investment securities | 0% | S100YC6I |
| Other assets | 45% | S100YC6I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YC6I |
| Other liabilities | 20% | S100YC6I |
| Equity | 79% | S100YC6I |

### 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 | 404,540 | 468,797 | 556,058 | 654,087 | 743,410 |
| Equity | 293,812 | 348,041 | 406,560 | 492,703 | 588,125 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 125,771 | 163,053 | 215,486 | 229,167 | 184,575 |

## 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) | 51.1% | S100YC6I |
| Fixed assets ÷ total assets | 30.0% | S100YC6I |
| Goodwill ÷ parent equity | — | —, S100YC6I |

### 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) | 24.8% |
| Cash ÷ revenue | 42.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 72.2% |
| Cash vs. profit gap | -1,978 JPY mn (of net income -1.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.4% |
| Shareholder payments — dividends / FCF | 46.1% |
| CapEx intensity (capex ÷ revenue) | 8.1% |
| Investing CF relative to operating CF | 101.7% |

## 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 | 26.1% | 0.63× | 16.4% | 1.41× | 23.0% | S100R389 |
| 2023 | 29.2% | 0.65× | 19.0% | 1.39× | 26.5% | S100TNLG |
| 2024 | 27.4% | 0.60× | 16.4% | 1.40× | 23.1% | S100W0JY |
| 2025 | 31.5% | 0.65× | 20.5% | 1.39× | 28.5% | S100YC6I |
| 2026 | 31.0% | 0.63× | 19.4% | 1.34× | 25.9% | S100YC6I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 15.8% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 8.3% | 2026-03-31 |
| 株式会社ダイイチホールディングス | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社ダイイチ企業 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社ＯｃｔａｇｏｎＬａｂ | Major shareholder | 4.6% | 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 | 3.6% | 2026-03-31 |
| 関家 一馬 | Major shareholder | 1.9% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140042(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社ブルーオーシャン | Major shareholder | 1.6% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.2% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- In the FY ending Mar 2026, revenue grew +11.1% to ¥436.9B and operating income grew +10.9% to ¥185B.
- Net income attributable to owners came to ¥135.5B, up +9.4%, and operating cash flow reached ¥133.5B, up +10.9%.
- Gross profit rose +10.4%, a little slower than revenue.

### Drivers

- Data center spending for generative AI kept going, so shipments of machines for advanced logic chips and HBM (high-bandwidth memory) were strong.
- Sales of consumable blades and wheels stayed high because customers kept their factories running at high rates.
- A shift in product and application mix trimmed the gross margin slightly, and staff and R&D costs went up, but higher sales and high-value products more than covered this.

### Risks

- Chipmakers' capital spending swings with the silicon cycle, and frozen investment or production cuts would hurt results.
- A new processing method that replaces diamond blades and wheels could affect the business; DISCO is developing laser and plasma processing in response.
- DISCO makes its products in Japan and exports them, so currency moves affect its results.

Cited: Annual Securities Report, 87th term (Apr 2025 – Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 87th term (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第87期(2025/04/01－2026/03/31) | S100YC6I | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC6I,, |
| 有価証券報告書－第86期(2024/04/01－2025/03/31) | S100W0JY | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0JY,, |
| 有価証券報告書－第85期(2023/04/01－2024/03/31) | S100TNLG | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNLG,, |
| 有価証券報告書－第84期(2022/04/01－2023/03/31) | S100R389 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R389,, |
| 有価証券報告書－第83期(令和3年4月1日－令和4年3月31日) | S100OJ7R | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ7R,, |
| 有価証券報告書－第82期(令和2年4月1日－令和3年3月31日) | S100LQKR | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQKR,, |

## 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).