# EBARA CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第161期(2025/01/01－2025/12/31) (S100XS6E)
> Page: https://vizora.meequs.com/en/company/ebara
> Retrieved: 2026-09-30T19:05:57.677Z

## Company

Ebara, founded in 1912, is a company in Industrial Machinery listed on TSE Prime. It has 21,148 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | EBARA CORPORATION |
| Ticker | 6361 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6361.T) |
| Listing | TSE Prime |
| Head office | 東京都大田区羽田旭町11番1号 |
| Representative (per filing) | 代表執行役社長 CEO兼COO 細田 修吾 |
| Founded | Nov 1912 |
| Share capital | ¥80.8B |
| Employees (consolidated) | 21,148 |
| Average salary (parent only) | ¥9.8M |
| Fiscal year end | December |
| Website | ebara.com (https://ebara.com/) |
| Corporate number | 1010801001748 |
| EDINET | E01542 |
| Industries (Vizora) | Industrial Machinery, Air Conditioning, Waste Management & Recycling, Plant Engineering & Building Services, Semiconductor Equipment |

> Profile source: annual securities report (S100XS6E, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Equipment (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.3 | 36 |
| Profitability | 32.9 | 41 |
| Cash conversion | 11.5 | 39 |
| Efficiency | 79.3 | 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)

- About 36% of Ebara's sales come from Precision Machinery, with Building service and industrial and Energy making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +10.6% from the prior year, operating profit +16.2%.

## Company structure

- Segment revenue mix: Precision Machinery 35.7%、Building service and industrial 25.2%、Energy 22.7%、Environmental 10.2%、Water and infrastracture 6.0%
- Revenue → net income: ¥958285000000 → ¥79592000000
- Net income → operating cash flow: ¥79592000000 → ¥40755000000（difference ¥-38837000000）
- Main uses of operating cash flow: CapEx ¥92214000000 / dividends ¥27718000000 / buybacks ¥20077000000
- Change in cash: ¥-27546000000
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 | ¥958.3B |  |
| Operating income | ¥113.8B | Margin 11.9% |
| Net income | ¥76.6B | Margin 8.0% |
| Free cash flow | -¥51.5B |  |
| Largest business | Precision Machinery | of segment revenue 35.7% |
| Employees (consolidated) | 21,148 |  |
| EPS | ¥166.31 |  |
| Diluted EPS | ¥166.15 |  |
| Book value per share | ¥759.56 |  |
| Equity ratio | 47.0% | Derived from disclosed figures |
| Shares outstanding | 462,199,000 |  |
| Treasury shares | 5,612,800 |  |
| Shareholders | 36,556 |  |
| Average salary (parent only) | ¥9.8M | Filing company only |
| Cash ratio | 13.3% | Cash ÷ revenue 15.0% |
| Vs. industry median margin | -2.6 pp | Semiconductor Equipment |
| ROE | 15.6% | Derived from disclosed figures |
| ROA | 7.3% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +29% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥522478000000 | ¥958285000000 | +83.4% |
| Operating income | ¥37566000000 | ¥113802000000 | +202.9% |
| Operating margin | 7.2% | 11.9% | +4.7 pp |
| Employees | 17,480 people | 21,148 people | +21.0% |
| Cash and equivalents | ¥120544000000 | ¥143485000000 | +19.0% |

### 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 |
| --- | ---: |
| 風水力事業 → 事業再編・廃止 | 30.0% |
| 風水力事業 → 事業再編・廃止 | 30.0% |
| 環境プラント事業 → 事業再編・廃止 | 6.5% |
| 環境プラント事業 → 事業再編・廃止 | 6.5% |
| 精密・電子事業 → 事業再編・廃止 | 13.5% |
| 精密・電子事業 → 精密・電子事業 | 13.4% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 建築・産業 | 25.2% |
| 新設・再編 → エネルギー | 22.7% |
| 新設・再編 → インフラ | 6.0% |
| 新設・再編 → 環境 | 10.2% |
| 新設・再編 → 精密・電子事業 | 22.3% |

Segment revenue source references: 13 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Precision Machinery | 5 years | +19.5% | ¥342267000000 | 16.9% | 2 |
| Building service and industrial | 3 years | +7.7% | ¥241938000000 | 6.3% | 2 |
| Energy | 3 years | +14.9% | ¥217845000000 | 11.9% | 2 |
| Environmental | 3 years | +9.9% | ¥97864000000 | 13.3% | 2 |
| Water and infrastracture | 3 years | +7.3% | ¥57143000000 | 8.2% | 2 |
| Other | 5 years | -3.8% | ¥1225000000 | -187.3% | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 958,285 | 100.0% | S100XS6E |
| Cost of revenue | 646,341 | 67.4% | S100XS6E |
| Gross profit | 311,944 | 32.6% | S100XS6E |
| SG&A | 197,892 | 20.7% | S100XS6E |
| Operating income | 113,802 | 11.9% | S100XS6E |
| Pretax income | 110,977 | 11.6% | S100XS6E |
| Income tax | 31,384 | 3.3% | S100XS6E |
| Net income | 79,592 | 8.3% | S100XS6E |
| Net income attributable to owners | 76,633 | 8.0% | S100XS6E |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 21 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 32.6% → Operating margin 11.9% → Net margin 8.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.6%; Core profit growth: +16.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.53×
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 | 866,668 | 958,285 | 91,617 | +10.6% |
| Gross profit | 286,969 | 311,944 | 24,975 | +8.7% |
| Operating income | 97,953 | 113,802 | 15,849 | +16.2% |
| Net income attributable to owners | 71,401 | 76,633 | 5,232 | +7.3% |
| Operating cash flow | 100,940 | 40,755 | -60,185 | -59.6% |
| Free cash flow | 50,048 | -51,459 | -101,507 | -202.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 522,424 | 35,298 | 6.8% | 23,349 | 26,720 | -1,320 | S100L1ZE |
| FY ending Dec 2020 | 522,478 | 37,566 | 7.2% | 24,236 | 68,848 | 37,598 | S100NRWW |
| FY ending Dec 2021 | 603,213 | 61,372 | 10.2% | 43,616 | 72,858 | 47,103 | S100QHPL |
| FY ending Dec 2022 | 680,870 | 70,572 | 10.4% | 50,488 | 37,070 | 12,723 | S100TRMW |
| FY ending Dec 2023 | 759,328 | 86,025 | 11.3% | 60,283 | 70,012 | 35,545 | S100VJZM |
| FY ending Dec 2024 | 866,668 | 97,953 | 11.3% | 71,401 | 100,940 | 50,048 | S100XS6E |
| FY ending Dec 2025 | 958,285 | 113,802 | 11.9% | 76,633 | 40,755 | -51,459 | S100XS6E |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.3M |
| Operating income per employee (consolidated) | ¥5.4M |
| Net income per employee (consolidated) | ¥3.6M |

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) | 18,372 | 19,095 | 19,629 | 20,510 | 21,148 |
| Average salary (parent company) | ¥7.6M | ¥8.4M | ¥8.6M | — | ¥9.8M |
| Average age (parent company) | 43.9 years | 43.8 years | 43.6 years | 43.4 years | 43.1 years |
| Average tenure (parent company) | 17.0 years | 16.5 years | 15.8 years | 15.0 years | 14.4 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +10.6%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Building service and industrial | 241,938 | 25.2% | 15,251 | 6.3% |
| Energy | 217,845 | 22.7% | 25,943 | 11.9% |
| Water and infrastracture | 57,143 | 6.0% | 4,680 | 8.2% |
| Environmental | 97,864 | 10.2% | 13,003 | 13.3% |
| Precision Machinery | 342,267 | 35.7% | 57,773 | 16.9% |
| Other | 1,225 | 0.1% | -2,294 | -187.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Building service and industrial | 25.2% | 13.1% | -12.2 | 6.3% |
| Energy | 22.7% | 22.2% | -0.5 | 11.9% |
| Water and infrastracture | 6.0% | 4.0% | -2.0 | 8.2% |
| Environmental | 10.2% | 11.1% | 0.9 | 13.3% |
| Precision Machinery | 35.7% | 49.5% | 13.8 | 16.9% |
| Other | 0.1% | — | — | -187.3% |

Loss-making segment (excluded from profit shares): Other -2,294 JPY mn

Segment → industry: Building service and industrial → Industrial Machinery / Building service and industrial → Air Conditioning / Energy → Industrial Machinery / Water and infrastracture → Industrial Machinery / Environmental → Waste Management & Recycling / Environmental → Plant Engineering & Building Services / Precision Machinery → Semiconductor Equipment

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 40,755 | 4.3% | S100XS6E |
| Capital expenditure | 92,214 | 9.6% | S100XS6E |
| Free cash flow | -51,459 | -5.4% | 算出 |
| Investing cash flow | -91,232 | -9.5% | S100XS6E |
| Financing cash flow | 16,836 | 1.8% | S100XS6E |
| Dividends paid | 27,718 | 2.9% | S100XS6E |
| Share buyback | 20,077 | 2.1% | S100XS6E |
| Change in cash | -27,546 | -2.9% | S100XS6E |
| Cash and equivalents | 143,485 | 15.0% | S100XS6E |

## 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 | 136,488 | 116,137 | 148,059 | 171,031 | 143,485 | S100TRMW, S100VJZM, S100XS6E |
| Total assets | 719,736 | 828,049 | 913,900 | 1,005,085 | 1,082,201 | S100QHPL, S100TRMW, S100VJZM, S100XS6E |
| Net assets | 321,655 | 369,725 | 421,572 | 485,336 | 521,666 | S100TRMW, S100VJZM, S100XS6E |
| Share capital | 79,643 | 79,804 | 80,489 | 80,639 | 80,751 | S100QHPL, S100TRMW, S100VJZM, S100XS6E |
| Property, plant and equipment | 161,392 | 165,715 | 175,882 | 201,991 | 258,032 | S100QHPL, S100TRMW, S100VJZM, S100XS6E |
| Goodwill | 5,545 | 15,295 | 15,472 | 10,146 | 10,261 | S100QHPL, S100TRMW, S100VJZM, S100XS6E |
| Current assets | 499,934 | 580,694 | 648,323 | 705,309 | 717,392 | S100QHPL, S100TRMW, S100VJZM, S100XS6E |
| Total liabilities | 398,080 | 458,323 | 492,327 | 519,748 | 560,534 | S100QHPL, S100TRMW, S100VJZM, S100XS6E |
| Equity attributable to owners of parent | 312,310 | 359,966 | 409,875 | 473,277 | 508,875 | S100QHPL, S100TRMW, S100VJZM, S100XS6E |
| Retained earnings | 171,720 | 184,995 | 224,267 | 272,382 | 319,262 | S100QHPL, S100TRMW, S100VJZM, S100XS6E |
| Treasury stock | -20,189 | -294 | -306 | -323 | -20,326 | S100QHPL, S100TRMW, S100VJZM, S100XS6E |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100XS6E |
| Property, plant and equipment | 24% | S100XS6E |
| Intangibles and goodwill | 1% | — |
| Other assets | 62% | S100XS6E |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100XS6E |
| Equity | 48% | S100XS6E |
| Other liabilities | 0% | S100XS6E |

### 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 | 719,736 | 828,049 | 913,900 | 1,005,085 | 1,082,201 |
| Equity | 321,655 | 369,725 | 421,572 | 485,336 | 521,666 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 136,488 | 116,137 | 148,059 | 171,031 | 143,485 |

## 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) | 26.9% | S100XS6E |
| Fixed assets ÷ total assets | 23.8% | S100XS6E |
| Goodwill ÷ parent equity | 2.0% | S100XS6E |

Goodwill over 4 years: 5,545 → 10,261 JPY; total investing cash flow: -245,096 JPY. This does not imply causation.

### 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) | 13.3% |
| Cash ÷ revenue | 15.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 35.8% |
| Cash vs. profit gap | -35,878 JPY mn (of net income -46.8%) |
| Shareholder returns / net income | 62.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 36.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.6% |
| Investing CF relative to operating CF | 223.9% |

## 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 | 7.2% | 0.84× | 6.1% | 2.30× | 14.0% | S100QHPL |
| 2022 | 7.4% | 0.88× | 6.5% | 2.30× | 15.0% | S100TRMW |
| 2023 | 7.9% | 0.87× | 6.9% | 2.26× | 15.7% | S100VJZM |
| 2024 | 8.2% | 0.90× | 7.4% | 2.17× | 16.2% | S100XS6E |
| 2025 | 8.0% | 0.92× | 7.3% | 2.13× | 15.6% | S100XS6E |

## 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 | 17.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.6% | 2025-12-31 |
| いちごトラスト・ピーティーイー・リミテッド（常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 5.2% | 2025-12-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.4% | 2025-12-31 |
| 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 | 2.4% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505301（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2025-12-31 |
| 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 | 1.5% | 2025-12-31 |
| BNYM AS AGT/CLTS 10 PERCENT（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.4% | 2025-12-31 |
| 日本証券金融株式会社 | Major shareholder | 1.1% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 1.1% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 was ¥958.3B, up +10.6% from ¥866.7B a year earlier.
- Operating income grew faster, rising +16.2% to ¥113.8B, and net income rose +7.3% to ¥76.6B.
- Cash told a different story: operating cash flow dropped -59.6% to ¥40.8B, and with ¥92.2B of capital expenditure, free cash flow turned negative at -¥51.5B.

### Drivers

- In Precision Machinery, chip demand recovered, led by generative AI, and orders for CMP tools and components rose, lifting both sales and profit.
- The Environmental business won several large contracts to extend and upgrade waste plants, and its plant operation and maintenance work grew. In Building service and industrial, profit rose partly because last year's goodwill impairment on a Turkish subsidiary did not recur.
- Operating cash flow fell because receivables grew while contract liabilities (advance payments from customers) and payables shrank.

### Risks

- Chip factories are running busier, but a full restart of capacity investment by chipmakers is coming later than the company first expected.
- Tighter chip export controls tied to US–China tensions, along with protectionism and regional conflicts, could disrupt markets and supply chains.
- Currency swings and rising interest rates could affect results.

Cited: Annual Securities Report, 161st fiscal period (Jan–Dec 2025) (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, 161st fiscal period (Jan–Dec 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第161期(2025/01/01－2025/12/31) | S100XS6E | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS6E,, |
| 訂正有価証券報告書－第160期(2024/01/01－2024/12/31) | S100VJZM | 2025-04-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJZM,, |
| 訂正有価証券報告書－第159期(2023/01/01－2023/12/31) | S100TRMW | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRMW,, |
| 有価証券報告書－第158期(2022/01/01－2022/12/31) | S100QHPL | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHPL,, |
| 有価証券報告書－第157期(令和3年1月1日－令和3年12月31日) | S100NRWW | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRWW,, |
| 有価証券報告書－第156期(令和2年1月1日－令和2年12月31日) | S100L1ZE | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1ZE,, |

## 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).