# EBRAINS,INC.: 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53期(2025/04/01－2026/03/31) (S100YI0V)
> Page: https://vizora.meequs.com/en/company/ebrains
> Retrieved: 2026-09-30T21:31:21.155Z

## Company

Ebrains, founded in 1973, is a company in Electronic Components listed on TSE Standard. It has 106 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | EBRAINS,INC. |
| Ticker | 6599 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6599.T) |
| Listing | TSE Standard |
| Head office | 東京都八王子市石川町2970番地6 |
| Representative (per filing) | 代表取締役社長 上村 正人 |
| Founded | Oct 1973 |
| Share capital | ¥143M |
| Employees (consolidated) | 106 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | ebrain.co.jp (https://ebrain.co.jp/) |
| Corporate number | 4010101000605 |
| EDINET | E35555 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YI0V, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.7 | 53 |
| Profitability | 84.8 | 56 |
| Cash conversion | 36.5 | 48 |
| Efficiency | 34.8 | 56 |

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)

- Ebrains brought in ¥3.99B in revenue.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed -0.8% from the prior year, operating profit +14.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3993635000 → ¥364434000
- Net income → operating cash flow: ¥364434000 → ¥570945000（difference ¥206511000）
- Main uses of operating cash flow: CapEx ¥5134000 / dividends ¥60357000 / buybacks —
- Change in cash: ¥-520263000
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 | ¥3.99B |  |
| Operating income | ¥530.5M | Margin 13.3% |
| Net income | ¥364.4M | Margin 9.1% |
| Free cash flow | ¥565.8M |  |
| Employees (consolidated) | 106 |  |
| EPS | ¥245.25 |  |
| Book value per share | ¥3219.94 |  |
| Equity ratio | 80.1% |  |
| Shares outstanding | 1,536,000 |  |
| Treasury shares | 27,000 |  |
| Shareholders | 1,196 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 32.4% | Cash ÷ revenue 51.7% |
| Vs. industry median margin | +7.4 pp | Electronic Components |
| ROE | 7.5% | Derived from disclosed figures |
| ROA | 5.9% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -5% while operating income rose 14%
- FY2026, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3202326000 | ¥3993635000 | +24.7% |
| Operating income | ¥298552000 | ¥530487000 | +77.7% |
| Operating margin | 9.3% | 13.3% | +4 pp |
| Employees | 111 people | 106 people | -4.5% |
| Cash and equivalents | ¥1426178000 | ¥2065804000 | +44.8% |

### 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 | 3,994 | 100.0% | S100YI0V |
| Cost of revenue | 3,072 | 76.9% | S100YI0V |
| Gross profit | 922 | 23.1% | S100YI0V |
| SG&A | 391 | 9.8% | S100YI0V |
| Operating income | 530 | 13.3% | S100YI0V |
| Ordinary income | 551 | 13.8% | S100YI0V |
| Pretax income | 551 | 13.8% | S100YI0V |
| Income tax | 186 | 4.7% | S100YI0V |
| Net income | 364 | 9.1% | S100YI0V |
| Net income attributable to owners | 364 | 9.1% | S100YI0V |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 10 |
| Operating income | 13 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 23.1% → Operating margin 13.3% → Net margin 9.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.8%; Core profit growth: +14.2%
Operating leverage (core profit growth ÷ revenue growth): -17.65×
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 | 4,026 | 3,994 | -32 | -0.8% |
| Gross profit | 864 | 922 | 57 | +6.6% |
| Operating income | 465 | 530 | 66 | +14.2% |
| Net income attributable to owners | 313 | 364 | 51 | +16.3% |
| Operating cash flow | 382 | 571 | 189 | +49.4% |
| Free cash flow | 380 | 566 | 186 | +49.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,183 | 284 | 8.9% | 200 | 277 | 270 | S100LMXV |
| FY ending Mar 2021 | 3,202 | 299 | 9.3% | 200 | 153 | 126 | S100OB73 |
| FY ending Mar 2022 | 3,922 | 538 | 13.7% | 345 | 268 | 262 | S100R25E |
| FY ending Mar 2023 | 4,258 | 656 | 15.4% | 426 | 247 | 226 | S100VPBJ |
| FY ending Mar 2024 | 3,988 | 486 | 12.2% | 332 | 505 | 497 | S100W76K |
| FY ending Mar 2025 | 4,026 | 465 | 11.5% | 313 | 382 | 380 | S100YI0V |
| FY ending Mar 2026 | 3,994 | 530 | 13.3% | 364 | 571 | 566 | S100YI0V |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.7M |
| Operating income per employee (consolidated) | ¥5M |
| Net income per employee (consolidated) | ¥3.4M |

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) | 116 | 111 | 116 | 111 | 106 |
| Average salary (parent company) | ¥4.7M | ¥4.8M | ¥4.8M | ¥4.7M | ¥4.9M |
| Average age (parent company) | 44.0 years | 45.0 years | 44.6 years | 44.8 years | 44.8 years |
| Average tenure (parent company) | 11.9 years | 13.2 years | 13.1 years | 13.4 years | 13.1 years |

Year over year: Employees (consolidated) -4.5% · Revenue (consolidated) -0.8%

## 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 | 571 | 14.3% | S100YI0V |
| Capital expenditure | 5 | 0.1% | S100YI0V |
| Free cash flow | 566 | 14.2% | 算出 |
| Investing cash flow | -1,037 | -26.0% | S100YI0V |
| Financing cash flow | -60 | -1.5% | S100YI0V |
| Dividends paid | 60 | 1.5% | S100YI0V |
| Change in cash | -520 | -13.0% | S100YI0V |
| Cash and equivalents | 2,066 | 51.7% | S100YI0V |

## 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 | 1,649 | 1,809 | 2,247 | 2,586 | 2,066 | S100VPBJ, S100W76K, S100YI0V |
| Total assets | 5,185 | 5,604 | 5,675 | 5,904 | 6,369 | S100R25E, S100VPBJ, S100W76K, S100YI0V |
| Net assets | 3,792 | 4,197 | 4,502 | 4,786 | 5,104 | S100VPBJ, S100W76K, S100YI0V |
| Share capital | 143 | 143 | 143 | 143 | 143 | S100R25E, S100VPBJ, S100W76K, S100YI0V |
| Trade receivables | 818 | 650 | 475 | 527 | 638 | S100R25E, S100VPBJ, S100W76K, S100YI0V |
| Property, plant and equipment | 889 | 885 | 872 | 861 | 854 | S100R25E, S100VPBJ, S100W76K, S100YI0V |
| Intangible assets excluding goodwill | 5 | 14 | 14 | 10 | 9 | S100R25E, S100VPBJ, S100W76K, S100YI0V |
| Investment securities | 10 | 10 | 14 | 14 | 19 | S100R25E, S100VPBJ, S100W76K, S100YI0V |
| Current assets | 3,907 | 4,326 | 4,408 | 4,646 | 4,117 | S100R25E, S100VPBJ, S100W76K, S100YI0V |
| Current liabilities | 1,019 | 1,014 | 771 | 707 | 845 | S100R25E, S100VPBJ, S100W76K, S100YI0V |
| Trade payables | 705 | 742 | 521 | 158 | 217 | S100R25E, S100VPBJ, S100W76K, S100YI0V |
| Short-term borrowings | 18 | — | — | — | — | S100R25E |
| Total liabilities | 1,393 | 1,407 | 1,173 | 1,118 | 1,265 | S100R25E, S100VPBJ, S100W76K, S100YI0V |
| Equity attributable to owners of parent | 3,743 | 4,136 | 4,427 | 4,683 | 4,987 | S100R25E, S100VPBJ, S100W76K, S100YI0V |
| Retained earnings | 3,489 | 3,882 | 4,173 | 4,429 | 4,734 | S100R25E, S100VPBJ, S100W76K, S100YI0V |
| Treasury stock | -26 | -26 | -26 | -26 | -26 | S100R25E, S100VPBJ, S100W76K, S100YI0V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100YI0V |
| Receivables | 10% | S100YI0V |
| Property, plant and equipment | 13% | S100YI0V |
| Intangibles and goodwill | 0% | S100YI0V |
| Investment securities | 0% | S100YI0V |
| Other assets | 44% | S100YI0V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YI0V |
| Other liabilities | 17% | S100YI0V |
| Equity | 80% | S100YI0V |
| Other liabilities | 0% | S100YI0V |

### 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 | 5,185 | 5,604 | 5,675 | 5,904 | 6,369 |
| Equity | 3,792 | 4,197 | 4,502 | 4,786 | 5,104 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,649 | 1,809 | 2,247 | 2,586 | 2,066 |

## 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) | 21.4% | S100YI0V |
| Fixed assets ÷ total assets | 13.4% | S100YI0V |
| Goodwill ÷ parent equity | — | —, S100YI0V |

### 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) | 32.4% |
| Cash ÷ revenue | 51.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 107.6% |
| Cash vs. profit gap | 207 JPY mn (of net income 56.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.6% |
| Shareholder payments — dividends / FCF | 10.7% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 181.6% |

## 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 | 8.8% | 0.76× | 6.7% | 1.39× | 9.2% | S100R25E |
| 2023 | 10.0% | 0.79× | 7.9% | 1.37× | 10.8% | S100VPBJ |
| 2024 | 8.3% | 0.71× | 5.9% | 1.32× | 7.8% | S100W76K |
| 2025 | 7.8% | 0.70× | 5.4% | 1.27× | 6.9% | S100YI0V |
| 2026 | 9.1% | 0.65× | 5.9% | 1.27× | 7.5% | S100YI0V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 上村 正人 | Major shareholder | 33.2% | 2026-03-31 |
| カーム有限会社 | Major shareholder | 16.6% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 4.7% | 2026-03-31 |
| 小林 寛子 | Major shareholder | 4.0% | 2026-03-31 |
| 熊谷 尚登 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社エフティグループ | Major shareholder | 2.3% | 2026-03-31 |
| エブレン社員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| 菊水ホールディングス株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 上村 愛 | Major shareholder | 1.6% | 2026-03-31 |
| 上村 和人 | Major shareholder | 1.6% | 2026-03-31 |
| 上村 宏子 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/04/01－2026/03/31) | S100YI0V | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI0V,, |
| 有価証券報告書－第52期(2024/04/01－2025/03/31) | S100W76K | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W76K,, |
| 訂正有価証券報告書－第51期(2023/04/01－2024/03/31) | S100VPBJ | 2025-05-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VPBJ,, |
| 有価証券報告書－第50期(2022/04/01－2023/03/31) | S100R25E | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R25E,, |
| 有価証券報告書－第49期(令和3年4月1日－令和4年3月31日) | S100OB73 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OB73,, |
| 有価証券報告書－第48期(令和2年4月1日－令和3年3月31日) | S100LMXV | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMXV,, |

## 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).