# EIZO 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59期(2025/04/01－2026/03/31) (S100YEV1)
> Page: https://vizora.meequs.com/en/company/eizo
> Retrieved: 2026-09-30T19:05:56.974Z

## Company

Eizo, founded in 1968, is a company in Medical Devices listed on TSE Prime. It has 2,289 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | EIZO Corporation |
| Ticker | 6737 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6737.T) |
| Listing | TSE Prime |
| Head office | 石川県白山市下柏野町153番地 |
| Representative (per filing) | 代表取締役社長 COO 恵比寿 正樹 |
| Founded | Mar 1968 |
| Share capital | ¥4.42B |
| Employees (consolidated) | 2,289 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.eizo.co.jp (https://www.eizo.co.jp/) |
| Corporate number | 8220001009300 |
| EDINET | E02069 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100YEV1, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 9.2 | 38 |
| Profitability | 11.5 | 39 |
| Cash conversion | 96.1 | 38 |
| Efficiency | 9 | 39 |

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)

- Eizo brought in ¥81.3B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +1.0% from the prior year, operating profit -36.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥81308000000 → ¥7323000000
- Net income → operating cash flow: ¥7323000000 → ¥5566000000（difference ¥-1757000000）
- Main uses of operating cash flow: CapEx ¥4627000000 / dividends ¥4425000000 / buybacks ¥3582000000
- Change in cash: ¥-705000000
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 | ¥81.3B |  |
| Operating income | ¥2.37B | Margin 2.9% |
| Net income | ¥7.32B | Margin 9.0% |
| Free cash flow | ¥939M |  |
| Employees (consolidated) | 2,289 |  |
| EPS | ¥145.91 |  |
| Book value per share | ¥2819.31 |  |
| Equity ratio | 77.2% |  |
| Shares outstanding | 42,330,000 |  |
| Treasury shares | 2,796,900 |  |
| Shareholders | 14,039 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 11.5% | Cash ÷ revenue 25.0% |
| Vs. industry median margin | -8.2 pp | Medical Devices |
| ROE | 8.1% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥76565000000 | ¥81308000000 | +6.2% |
| Operating income | ¥7935000000 | ¥2365000000 | -70.2% |
| Operating margin | 10.4% | 2.9% | -7.5 pp |
| Employees | 2,253 people | 2,289 people | +1.6% |
| Cash and equivalents | ¥18882000000 | ¥20352000000 | +7.8% |

### 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 | 81,308 | 100.0% | S100YEV1 |
| Cost of revenue | 55,407 | 68.1% | S100YEV1 |
| Gross profit | 25,901 | 31.9% | S100YEV1 |
| SG&A | 23,535 | 28.9% | S100YEV1 |
| Operating income | 2,365 | 2.9% | S100YEV1 |
| Ordinary income | 3,772 | 4.6% | S100YEV1 |
| Pretax income | 10,565 | 13.0% | S100YEV1 |
| Income tax | 3,242 | 4.0% | S100YEV1 |
| Net income | 7,323 | 9.0% | S100YEV1 |
| Net income attributable to owners | 7,323 | 9.0% | S100YEV1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 29 |
| Operating income | 3 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 31.9% → Operating margin 2.9% → Net margin 9.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.0%; Core profit growth: -36.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -35.74×
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 | 80,493 | 81,308 | 815 | +1.0% |
| Gross profit | 26,199 | 25,901 | -298 | -1.1% |
| Operating income | 3,706 | 2,365 | -1,341 | -36.2% |
| Net income attributable to owners | 4,148 | 7,323 | 3,175 | +76.5% |
| Operating cash flow | 11,543 | 5,566 | -5,977 | -51.8% |
| Free cash flow | 7,994 | 939 | -7,055 | -88.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 76,480 | 6,441 | 8.4% | 4,671 | 8,157 | 4,116 | S100LPSG |
| FY ending Mar 2021 | 76,565 | 7,935 | 10.4% | 6,155 | 6,600 | 3,497 | S100O9K8 |
| FY ending Mar 2022 | 86,789 | 11,299 | 13.0% | 7,794 | 8,429 | 5,661 | S100QYVU |
| FY ending Mar 2023 | 80,849 | 5,002 | 6.2% | 5,862 | -7,592 | -9,554 | S100TP46 |
| FY ending Mar 2024 | 80,471 | 3,908 | 4.9% | 5,454 | 7,914 | 4,983 | S100VZDT |
| FY ending Mar 2025 | 80,493 | 3,706 | 4.6% | 4,148 | 11,543 | 7,994 | S100YEV1 |
| FY ending Mar 2026 | 81,308 | 2,365 | 2.9% | 7,323 | 5,566 | 939 | S100YEV1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.5M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 2,269 | 2,313 | 2,325 | 2,310 | 2,289 |
| Average salary (parent company) | ¥5.5M | ¥5.5M | ¥5.4M | ¥5.5M | ¥5.7M |
| Average age (parent company) | 40.6 years | 40.4 years | 40.7 years | 41.2 years | 41.7 years |
| Average tenure (parent company) | 16.6 years | 16.5 years | 16.9 years | 17.2 years | 17.7 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) +1.0%

## 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 | 5,566 | 6.8% | S100YEV1 |
| Capital expenditure | 4,627 | 5.7% | S100YEV1 |
| Free cash flow | 939 | 1.2% | 算出 |
| Investing cash flow | 1,687 | 2.1% | S100YEV1 |
| Financing cash flow | -8,584 | -10.6% | S100YEV1 |
| Dividends paid | 4,425 | 5.4% | S100YEV1 |
| Share buyback | 3,582 | 4.4% | S100YEV1 |
| Change in cash | -705 | -0.9% | S100YEV1 |
| Cash and equivalents | 20,352 | 25.0% | S100YEV1 |

## 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 | 22,387 | 9,557 | 16,418 | 21,058 | 20,352 | S100TP46, S100VZDT, S100YEV1 |
| Total assets | 155,459 | 155,935 | 164,819 | 157,759 | 177,482 | S100QYVU, S100TP46, S100VZDT, S100YEV1 |
| Net assets | 118,582 | 120,580 | 129,424 | 124,355 | 136,930 | S100TP46, S100VZDT, S100YEV1 |
| Share capital | 4,425 | 4,425 | 4,425 | 4,425 | 4,425 | S100QYVU, S100TP46, S100VZDT, S100YEV1 |
| Property, plant and equipment | 20,173 | 21,988 | 22,685 | 24,382 | 26,321 | S100QYVU, S100TP46, S100VZDT, S100YEV1 |
| Intangible assets excluding goodwill | 841 | 748 | 895 | 1,024 | 836 | S100QYVU, S100TP46, S100VZDT, S100YEV1 |
| Investment securities | 52,824 | 52,190 | 57,937 | 50,716 | 64,442 | S100QYVU, S100TP46, S100VZDT, S100YEV1 |
| Current assets | 80,510 | 79,904 | 82,425 | 80,709 | 84,776 | S100QYVU, S100TP46, S100VZDT, S100YEV1 |
| Current liabilities | 20,726 | 19,717 | 19,006 | 18,743 | 21,349 | S100QYVU, S100TP46, S100VZDT, S100YEV1 |
| Short-term borrowings | 2,050 | 1,575 | 4,897 | 4,862 | 5,502 | S100QYVU, S100TP46, S100VZDT, S100YEV1 |
| Long-term borrowings | 1,025 | 947 | 897 | 729 | 641 | S100QYVU, S100TP46, S100VZDT, S100YEV1 |
| Total liabilities | 36,876 | 35,355 | 35,395 | 33,403 | 40,551 | S100QYVU, S100TP46, S100VZDT, S100YEV1 |
| Equity attributable to owners of parent | 88,114 | 88,638 | 90,714 | 90,660 | 89,991 | S100QYVU, S100TP46, S100VZDT, S100YEV1 |
| Retained earnings | 82,039 | 83,896 | 85,956 | 85,887 | 86,021 | S100QYVU, S100TP46, S100VZDT, S100YEV1 |
| Treasury stock | -2,664 | -3,998 | -3,988 | -3,979 | -4,770 | S100QYVU, S100TP46, S100VZDT, S100YEV1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YEV1 |
| Property, plant and equipment | 15% | S100YEV1 |
| Intangibles and goodwill | 1% | S100YEV1 |
| Investment securities | 36% | S100YEV1 |
| Other assets | 37% | S100YEV1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100YEV1 |
| Equity | 77% | S100YEV1 |
| Other liabilities | 0% | S100YEV1 |

### 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 | 155,459 | 155,935 | 164,819 | 157,759 | 177,482 |
| Equity | 118,582 | 120,580 | 129,424 | 124,355 | 136,930 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 22,387 | 9,557 | 16,418 | 21,058 | 20,352 |

## 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) | 32.4% | S100YEV1 |
| Fixed assets ÷ total assets | 14.8% | S100YEV1 |
| Goodwill ÷ parent equity | — | —, S100YEV1 |

### 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) | 11.5% |
| Cash ÷ revenue | 25.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 235.3% |
| Cash vs. profit gap | -1,757 JPY mn (of net income -24.0%) |
| Shareholder returns / net income | 109.3% |
| Shareholder returns / FCF | 852.7% |
| Shareholder payments — dividends / net income | 60.4% |
| Shareholder payments — dividends / FCF | 471.2% |
| CapEx intensity (capex ÷ revenue) | 5.7% |
| Investing CF relative to operating CF | 30.3% |

## 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 | 9.0% | 0.56× | 5.0% | 1.76× | 8.8% | S100QYVU |
| 2023 | 7.3% | 0.52× | 3.8% | 1.76× | 6.6% | S100TP46 |
| 2024 | 6.8% | 0.50× | 3.4% | 1.79× | 6.1% | S100VZDT |
| 2025 | 5.2% | 0.50× | 2.6% | 1.78× | 4.6% | S100YEV1 |
| 2026 | 9.0% | 0.49× | 4.4% | 1.86× | 8.1% | S100YEV1 |

## 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 | 14.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 10.8% | 2026-03-31 |
| 株式会社北陸銀行 | Major shareholder | 4.2% | 2026-03-31 |
| 佐々木 嘉樹 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社ヒロアキコーポレーション | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社ハヅキコーポレーション | Major shareholder | 2.9% | 2026-03-31 |
| EIZO社員持株会 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社FUJI | Major shareholder | 1.9% | 2026-03-31 |
| 三井住友信託銀行株式会社（信託口甲25号） | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社三洋物産 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社ジェイ・ティ | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2025/04/01－2026/03/31) | S100YEV1 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEV1,, |
| 有価証券報告書－第58期(2024/04/01－2025/03/31) | S100VZDT | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZDT,, |
| 有価証券報告書－第57期(2023/04/01－2024/03/31) | S100TP46 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP46,, |
| 有価証券報告書－第56期(2022/04/01－2023/03/31) | S100QYVU | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYVU,, |
| 有価証券報告書－第55期(令和3年4月1日－令和4年3月31日) | S100O9K8 | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9K8,, |
| 有価証券報告書－第54期(令和2年4月1日－令和3年3月31日) | S100LPSG | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPSG,, |

## 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).