# ENPLAS 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65期(2025/04/01－2026/03/31) (S100YLHU)
> Page: https://vizora.meequs.com/en/company/enplas
> Retrieved: 2026-09-30T20:24:40.076Z

## Company

Enplas, founded in 1981, is a company in Auto Parts listed on TSE Prime. It has 1,371 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ENPLAS CORPORATION |
| Ticker | 6961 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6961.T) |
| Listing | TSE Prime |
| Head office | 埼玉県川口市並木2丁目30番1号 |
| Representative (per filing) | 代表取締役社長 横田 大輔 |
| Founded | Jan 1981 |
| Share capital | ¥8.08B |
| Employees (consolidated) | 1,371 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.enplas.co.jp (https://www.enplas.co.jp/) |
| Corporate number | 5030001074060 |
| EDINET | E02390 |
| Industries (Vizora) | Auto Parts, Medical Devices, Semiconductor Equipment, Electronic Components |

> Profile source: annual securities report (S100YLHU, filed 2026-06-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23.6 | 36 |
| Profitability | 50 | 41 |
| Cash conversion | 57.7 | 39 |
| Efficiency | 37.8 | 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 55% of Enplas's sales come from Semiconductor Peripherals Business, with Energy Saving Solution Business and Life Science Business making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +11.7% from the prior year, operating profit +16.6%.

## Company structure

- Segment revenue mix: Semiconductor Peripherals Business 55.5%、Energy Saving Solution Business 33.4%、Life Science Business 7.2%、Digital Communication Business 3.9%
- Revenue → net income: ¥42540000000 → ¥5285000000
- Net income → operating cash flow: ¥5285000000 → ¥6992000000（difference ¥1707000000）
- Main uses of operating cash flow: CapEx ¥7091000000 / dividends ¥720000000 / buybacks ¥1000000
- Change in cash: ¥-236000000
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 | ¥42.5B |  |
| Operating income | ¥6.16B | Margin 14.5% |
| Net income | ¥5.23B | Margin 12.3% |
| Free cash flow | -¥99M |  |
| Largest business | Semiconductor Peripherals Business | of segment revenue 55.5% |
| Employees (consolidated) | 1,371 |  |
| EPS | ¥372.31 |  |
| Diluted EPS | ¥368.3 |  |
| Book value per share | ¥4833.96 |  |
| Equity ratio | 87.8% |  |
| Shares outstanding | 9,732,897 |  |
| Treasury shares | 701,100 |  |
| Shareholders | 2,147 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 33.5% | Cash ÷ revenue 55.9% |
| Vs. industry median margin | 0 pp | Semiconductor Equipment |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 7.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 77% of positive segment profit
- FY2026, employees -7% while operating income rose 17%
- FY2026, segment profit share differs by 22 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29437000000 | ¥42540000000 | +44.5% |
| Operating income | ¥2120000000 | ¥6164000000 | +190.8% |
| Operating margin | 7.2% | 14.5% | +7.3 pp |
| Employees | 1,563 people | 1,371 people | -12.3% |
| Cash and equivalents | ¥13678000000 | ¥23799000000 | +74.0% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| Semiconductor事業 → Semiconductor事業 | 28.1% |
| エンプラ事業 → 事業再編・廃止 | 27.2% |
| Life Science事業 → Life Science事業 | 4.4% |
| Digital Communication事業 → Digital Communication事業 | 3.9% |
| Digital Communication事業 → 事業再編・廃止 | 4.9% |
| オプト事業 → 事業再編・廃止 | 8.8% |
| Energy Saving Solution事業 → Energy Saving Solution事業 | 22.8% |
| 新設・再編 → Semiconductor事業 | 27.4% |
| 新設・再編 → Life Science事業 | 2.9% |
| 新設・再編 → Energy Saving Solution事業 | 10.6% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Semiconductor Peripherals Business | 5 years | +12.8% | ¥23603000000 | 21.1% | 2 |
| Energy Saving Solution Business | 5 years | +6.3% | ¥14201000000 | 7.3% | 2 |
| Life Science Business | 5 years | +8.9% | ¥3083000000 | 14.0% | 2 |
| Digital Communication Business | 5 years | -16.4% | ¥1652000000 | -17.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 42,540 | 100.0% | S100YLHU |
| Cost of revenue | 23,185 | 54.5% | S100YLHU |
| Gross profit | 19,355 | 45.5% | S100YLHU |
| SG&A | 13,190 | 31.0% | S100YLHU |
| Operating income | 6,164 | 14.5% | S100YLHU |
| Ordinary income | 6,482 | 15.2% | S100YLHU |
| Pretax income | 6,323 | 14.9% | S100YLHU |
| Income tax | 1,038 | 2.4% | S100YLHU |
| Net income | 5,285 | 12.4% | S100YLHU |
| Net income attributable to owners | 5,233 | 12.3% | S100YLHU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 31 |
| Operating income | 14 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 45.5% → Operating margin 14.5% → Net margin 12.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.7%; Core profit growth: +16.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.41×
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 | 38,069 | 42,540 | 4,471 | +11.7% |
| Gross profit | 17,470 | 19,355 | 1,885 | +10.8% |
| Operating income | 5,287 | 6,164 | 877 | +16.6% |
| Net income attributable to owners | 3,943 | 5,233 | 1,290 | +32.7% |
| Operating cash flow | 7,129 | 6,992 | -137 | -1.9% |
| Free cash flow | 186 | -99 | -285 | -153.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 31,456 | 2,163 | 6.9% | 489 | 3,354 | 1,164 | S100LMQX |
| FY ending Mar 2021 | 29,437 | 2,120 | 7.2% | 893 | 3,921 | 1,626 | S100OGYO |
| FY ending Mar 2022 | 32,894 | 3,600 | 10.9% | 2,528 | 4,046 | 2,252 | S100R22Y |
| FY ending Mar 2023 | 42,240 | 8,820 | 20.9% | 4,621 | 8,761 | 6,338 | S100TOV2 |
| FY ending Mar 2024 | 37,805 | 4,645 | 12.3% | 3,443 | 8,231 | 4,217 | S100W6W5 |
| FY ending Mar 2025 | 38,069 | 5,287 | 13.9% | 3,943 | 7,129 | 186 | S100YLHU |
| FY ending Mar 2026 | 42,540 | 6,164 | 14.5% | 5,233 | 6,992 | -99 | S100YLHU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥3.8M |

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) | 1,420 | 1,527 | 1,521 | 1,478 | 1,371 |
| Average salary (parent company) | ¥6.1M | ¥6.6M | ¥6.7M | ¥6.6M | ¥6.8M |
| Average age (parent company) | 40.7 years | 40.4 years | 40.3 years | 40.5 years | 40.8 years |
| Average tenure (parent company) | 15.0 years | 14.6 years | 14.4 years | 15.0 years | 14.6 years |

Year over year: Employees (consolidated) -7.2% · Revenue (consolidated) +11.7%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Semiconductor Peripherals Business | 23,603 | 55.5% | 4,974 | 21.1% |
| Life Science Business | 3,083 | 7.2% | 432 | 14.0% |
| Digital Communication Business | 1,652 | 3.9% | -284 | -17.2% |
| Energy Saving Solution Business | 14,201 | 33.4% | 1,041 | 7.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Semiconductor Peripherals Business | 55.5% | 77.2% | 21.7 | 21.1% |
| Life Science Business | 7.2% | 6.7% | -0.5 | 14.0% |
| Digital Communication Business | 3.9% | — | — | -17.2% |
| Energy Saving Solution Business | 33.4% | 16.1% | -17.2 | 7.3% |

Loss-making segment (excluded from profit shares): Digital Communication Business -284 JPY mn

Segment → industry: Energy Saving Solution Business → Auto Parts / Life Science Business → Medical Devices / Semiconductor Peripherals Business → Semiconductor Equipment / Energy Saving Solution Business → Electronic Components / Digital Communication Business → Electronic Components

## 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 | 6,992 | 16.4% | S100YLHU |
| Capital expenditure | 7,091 | 16.7% | S100YLHU |
| Free cash flow | -99 | -0.2% | 算出 |
| Investing cash flow | -6,891 | -16.2% | S100YLHU |
| Financing cash flow | -1,125 | -2.6% | S100YLHU |
| Dividends paid | 720 | 1.7% | S100YLHU |
| Share buyback | 1 | 0.0% | S100YLHU |
| Change in cash | -236 | -0.6% | S100YLHU |
| Cash and equivalents | 23,799 | 55.9% | S100YLHU |

## 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 | 14,825 | 20,753 | 24,696 | 24,035 | 23,799 | S100TOV2, S100W6W5, S100YLHU |
| Total assets | 47,061 | 54,599 | 60,028 | 62,775 | 71,047 | S100R22Y, S100TOV2, S100W6W5, S100YLHU |
| Net assets | 41,493 | 47,307 | 52,667 | 56,216 | 62,571 | S100TOV2, S100W6W5, S100YLHU |
| Share capital | 8,080 | 8,080 | 8,080 | 8,080 | 8,080 | S100R22Y, S100TOV2, S100W6W5, S100YLHU |
| Trade receivables | 9,291 | 9,874 | 9,712 | 8,807 | 8,967 | S100R22Y, S100TOV2, S100W6W5, S100YLHU |
| Property, plant and equipment | 14,199 | 15,268 | 17,573 | 21,453 | 25,084 | S100R22Y, S100TOV2, S100W6W5, S100YLHU |
| Intangible assets excluding goodwill | 287 | 220 | 214 | 698 | 2,394 | S100R22Y, S100TOV2, S100W6W5, S100YLHU |
| Investment securities | 2,000 | 433 | 555 | 746 | 1,092 | S100R22Y, S100TOV2, S100W6W5, S100YLHU |
| Current assets | 29,558 | 37,438 | 40,427 | 38,695 | 40,578 | S100R22Y, S100TOV2, S100W6W5, S100YLHU |
| Current liabilities | 4,653 | 5,918 | 5,679 | 5,168 | 6,689 | S100R22Y, S100TOV2, S100W6W5, S100YLHU |
| Total liabilities | 5,568 | 7,292 | 7,361 | 6,559 | 8,475 | S100R22Y, S100TOV2, S100W6W5, S100YLHU |
| Non-controlling interests | 525 | 705 | 727 | 766 | 150 | S100R22Y, S100TOV2, S100W6W5, S100YLHU |
| Equity attributable to owners of parent | 38,828 | 42,984 | 45,933 | 49,399 | 54,568 | S100R22Y, S100TOV2, S100W6W5, S100YLHU |
| Retained earnings | 44,636 | 36,182 | 39,096 | 42,510 | 46,991 | S100R22Y, S100TOV2, S100W6W5, S100YLHU |
| Treasury stock | -15,897 | -3,276 | -3,257 | -3,233 | -2,526 | S100R22Y, S100TOV2, S100W6W5, S100YLHU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100YLHU |
| Receivables | 13% | S100YLHU |
| Property, plant and equipment | 35% | S100YLHU |
| Intangibles and goodwill | 3% | S100YLHU |
| Investment securities | 2% | S100YLHU |
| Other assets | 14% | S100YLHU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 12% | S100YLHU |
| Equity | 88% | S100YLHU |
| Other liabilities | 0% | S100YLHU |

### 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 | 47,061 | 54,599 | 60,028 | 62,775 | 71,047 |
| Equity | 41,493 | 47,307 | 52,667 | 56,216 | 62,571 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,825 | 20,753 | 24,696 | 24,035 | 23,799 |

## 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) | 59.0% | S100YLHU |
| Fixed assets ÷ total assets | 35.3% | S100YLHU |
| Goodwill ÷ parent equity | — | —, S100YLHU |

### 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) | 33.5% |
| Cash ÷ revenue | 55.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 113.4% |
| Cash vs. profit gap | 1,759 JPY mn (of net income 33.6%) |
| Shareholder returns / net income | 13.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 13.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 16.7% |
| Investing CF relative to operating CF | 98.6% |

## 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 | 7.7% | 0.70× | 5.4% | 1.21× | 6.5% | S100R22Y |
| 2023 | 10.9% | 0.83× | 9.1% | 1.24× | 11.3% | S100TOV2 |
| 2024 | 9.1% | 0.66× | 6.0% | 1.29× | 7.7% | S100W6W5 |
| 2025 | 10.4% | 0.62× | 6.4% | 1.29× | 8.3% | S100YLHU |
| 2026 | 12.3% | 0.64× | 7.8% | 1.29× | 10.1% | S100YLHU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 横田 大輔 | Major shareholder | 15.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.2% | 2026-03-31 |
| 株式会社みずほ銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社埼玉りそな銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 横田 誠 | Major shareholder | 4.6% | 2026-03-31 |
| 公益財団法人エンプラス横田教育振興財団 | Major shareholder | 3.3% | 2026-03-31 |
| MORGAN STANLEY & CO. LLC（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 3.2% | 2026-03-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 3.1% | 2026-03-31 |
| JP JPMSE LUX RE UBS AG LONDON BRANCH EQ CO （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第65期(2025/04/01－2026/03/31) | S100YLHU | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLHU,, |
| 有価証券報告書－第64期(2024/04/01－2025/03/31) | S100W6W5 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6W5,, |
| 有価証券報告書－第63期(2023/04/01－2024/03/31) | S100TOV2 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOV2,, |
| 有価証券報告書－第62期(2022/04/01－2023/03/31) | S100R22Y | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R22Y,, |
| 有価証券報告書－第61期(令和3年4月1日－令和4年3月31日) | S100OGYO | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGYO,, |
| 有価証券報告書－第60期(令和2年4月1日－令和3年3月31日) | S100LMQX | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMQX,, |

## 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).