# ESPEC CORP.: 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73期(2025/04/01－2026/03/31) (S100YG4Z)
> Page: https://vizora.meequs.com/en/company/espec
> Retrieved: 2026-09-30T19:48:17.157Z

## Company

Espec, founded in 1954, is a company in Robots & Factory Automation listed on TSE Prime. It has 1,898 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ESPEC CORP. |
| Ticker | 6859 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6859.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区天神橋3丁目5番6号 |
| Representative (per filing) | 代表取締役社長 荒田 知 |
| Founded | Jan 1954 |
| Share capital | ¥6.89B |
| Employees (consolidated) | 1,898 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.espec.co.jp (https://www.espec.co.jp/) |
| Corporate number | 7120001059661 |
| EDINET | E02307 |
| Industries (Vizora) | Robots & Factory Automation |

> Profile source: annual securities report (S100YG4Z, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 89.4 | 33 |
| Profitability | 33.8 | 34 |
| Cash conversion | 20.3 | 32 |
| Efficiency | 81.4 | 35 |

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 85% of Espec's sales come from Environmental Test Business Equipment Business, with Electronic Device Business Service Business and Other Business making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +4.1% from the prior year, operating profit -5.9%.

## Company structure

- Segment revenue mix: Environmental Test Business Equipment Business 84.7%、Electronic Device Business Service Business 11.4%、Other Business 3.9%
- Revenue → net income: ¥70034000000 → ¥5879000000
- Net income → operating cash flow: ¥5879000000 → ¥5052000000（difference ¥-827000000）
- Main uses of operating cash flow: CapEx ¥1406000000 / dividends ¥2316000000 / buybacks ¥2751000000
- Change in cash: ¥1929000000
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 | ¥70B |  |
| Operating income | ¥7.08B | Margin 10.1% |
| Net income | ¥5.88B | Margin 8.4% |
| Free cash flow | ¥3.65B |  |
| Largest business | Environmental Test Business Equipment Business | of segment revenue 84.7% |
| Employees (consolidated) | 1,898 |  |
| EPS | ¥242.94 |  |
| Book value per share | ¥2107.31 |  |
| Equity ratio | 74.0% |  |
| Shares outstanding | 23,781,394 |  |
| Treasury shares | 2,023,600 |  |
| Shareholders | 7,386 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 17.7% | Cash ÷ revenue 21.0% |
| Vs. industry median margin | -1.6 pp | Robots & Factory Automation |
| ROE | 11.1% | Derived from disclosed figures |
| ROA | 7.4% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.2× dividends
- FY2026, one segment accounts for 93% of positive segment profit
- FY2026, parent-company salary changed +35% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥38668000000 | ¥70034000000 | +81.1% |
| Operating income | ¥2572000000 | ¥7084000000 | +175.4% |
| Operating margin | 6.7% | 10.1% | +3.5 pp |
| Employees | 1,526 people | 1,898 people | +24.4% |
| Cash and equivalents | ¥17301000000 | ¥14695000000 | -15.1% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 装置事業 → 装置事業 | 79.3% |
| サービス事業 → サービス事業 | 11.4% |
| サービス事業 → 事業再編・廃止 | 3.6% |
| その他事業 → その他事業 | 3.9% |
| その他事業 → 事業再編・廃止 | 1.9% |
| 新設・再編 → 装置事業 | 5.5% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Environmental Test Business Equipment Business | 5 years | +14.1% | ¥59350000000 | 11.1% | 2 |
| Electronic Device Business Service Business | 5 years | +6.6% | ¥7959000000 | 2.9% | 2 |
| Other Business | 5 years | +4.0% | ¥2724000000 | 8.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 70,034 | 100.0% | S100YG4Z |
| Cost of revenue | 45,739 | 65.3% | S100YG4Z |
| Gross profit | 24,295 | 34.7% | S100YG4Z |
| SG&A | 17,210 | 24.6% | S100YG4Z |
| Operating income | 7,084 | 10.1% | S100YG4Z |
| Ordinary income | 7,473 | 10.7% | S100YG4Z |
| Pretax income | 8,077 | 11.5% | S100YG4Z |
| Income tax | 2,198 | 3.1% | S100YG4Z |
| Net income | 5,879 | 8.4% | S100YG4Z |
| Net income attributable to owners | 5,879 | 8.4% | S100YG4Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 25 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 34.7% → Operating margin 10.1% → Net margin 8.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.1%; Core profit growth: -5.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.44×
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 | 67,288 | 70,034 | 2,746 | +4.1% |
| Gross profit | 23,987 | 24,295 | 308 | +1.3% |
| Operating income | 7,526 | 7,084 | -442 | -5.9% |
| Net income attributable to owners | 6,003 | 5,879 | -124 | -2.1% |
| Operating cash flow | 4,445 | 5,052 | 607 | +13.7% |
| Free cash flow | 2,263 | 3,646 | 1,383 | +61.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 42,443 | 3,742 | 8.8% | 2,818 | 4,870 | 3,105 | S100LODE |
| FY ending Mar 2021 | 38,668 | 2,572 | 6.7% | 1,961 | 3,041 | 1,330 | S100OF5F |
| FY ending Mar 2022 | 41,852 | 1,968 | 4.7% | 1,905 | 2,018 | 1,338 | S100R3FO |
| FY ending Mar 2023 | 52,892 | 4,366 | 8.3% | 3,330 | 1,916 | 947 | S100TQ0F |
| FY ending Mar 2024 | 62,126 | 6,585 | 10.6% | 4,969 | 2,738 | 498 | S100VYJK |
| FY ending Mar 2025 | 67,288 | 7,526 | 11.2% | 6,003 | 4,445 | 2,263 | S100YG4Z |
| FY ending Mar 2026 | 70,034 | 7,084 | 10.1% | 5,879 | 5,052 | 3,646 | S100YG4Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.9M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 1,628 | 1,691 | 1,775 | 1,860 | 1,898 |
| Average salary (parent company) | ¥5.9M | ¥6.1M | ¥6.8M | ¥7.6M | ¥7.9M |
| Average age (parent company) | 43.0 years | 41.2 years | 41.4 years | 40.3 years | 39.7 years |
| Average tenure (parent company) | 19.1 years | 17.2 years | 17.0 years | 15.3 years | 14.4 years |

Year over year: Employees (consolidated) +2.0% · Revenue (consolidated) +4.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Environmental Test Business Equipment Business | 59,350 | 84.7% | 6,606 | 11.1% |
| Electronic Device Business Service Business | 7,959 | 11.4% | 228 | 2.9% |
| Other Business | 2,724 | 3.9% | 239 | 8.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Environmental Test Business Equipment Business | 84.7% | 93.4% | 8.7 | 11.1% |
| Electronic Device Business Service Business | 11.4% | 3.2% | -8.1 | 2.9% |
| Other Business | 3.9% | 3.4% | -0.5 | 8.8% |

Segment → industry: Electronic Device Business Service Business → Robots & Factory Automation / Environmental Test Business Equipment Business → Robots & Factory Automation

## 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 | 5,052 | 7.2% | S100YG4Z |
| Capital expenditure | 1,406 | 2.0% | S100YG4Z |
| Free cash flow | 3,646 | 5.2% | 算出 |
| Investing cash flow | -273 | -0.4% | S100YG4Z |
| Financing cash flow | -3,880 | -5.5% | S100YG4Z |
| Dividends paid | 2,316 | 3.3% | S100YG4Z |
| Share buyback | 2,751 | 3.9% | S100YG4Z |
| Change in cash | 1,929 | 2.8% | S100YG4Z |
| Cash and equivalents | 14,695 | 21.0% | S100YG4Z |

## 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 | 16,157 | 14,298 | 16,793 | 12,765 | 14,695 | S100TQ0F, S100VYJK, S100YG4Z |
| Total assets | 61,922 | 67,176 | 78,235 | 75,847 | 82,922 | S100R3FO, S100TQ0F, S100VYJK, S100YG4Z |
| Net assets | 45,592 | 47,172 | 52,715 | 56,693 | 61,401 | S100TQ0F, S100VYJK, S100YG4Z |
| Share capital | 6,895 | 6,895 | 6,895 | 6,895 | 6,895 | S100R3FO, S100TQ0F, S100VYJK, S100YG4Z |
| Property, plant and equipment | 12,388 | 12,501 | 14,126 | 15,925 | 16,117 | S100R3FO, S100TQ0F, S100VYJK, S100YG4Z |
| Intangible assets excluding goodwill | 1,284 | 1,227 | 2,259 | 2,100 | 1,779 | S100R3FO, S100TQ0F, S100VYJK, S100YG4Z |
| Goodwill | 698 | 601 | 1,621 | 1,368 | 1,117 | S100R3FO, S100TQ0F, S100VYJK, S100YG4Z |
| Investment securities | 2,912 | 3,136 | 4,119 | 4,006 | 4,930 | S100R3FO, S100TQ0F, S100VYJK, S100YG4Z |
| Current assets | 43,076 | 48,000 | 54,674 | 50,589 | 56,438 | S100R3FO, S100TQ0F, S100VYJK, S100YG4Z |
| Current liabilities | 13,537 | 17,277 | 22,447 | 15,421 | 17,044 | S100R3FO, S100TQ0F, S100VYJK, S100YG4Z |
| Trade payables | 3,478 | 4,469 | 4,523 | 3,928 | 4,189 | S100R3FO, S100TQ0F, S100VYJK, S100YG4Z |
| Short-term borrowings | — | — | 5,000 | — | 280 | S100VYJK, S100YG4Z |
| Long-term borrowings | 269 | 203 | 128 | 25 | 331 | S100R3FO, S100TQ0F, S100VYJK, S100YG4Z |
| Total liabilities | 16,330 | 20,003 | 25,519 | 19,153 | 21,521 | S100R3FO, S100TQ0F, S100VYJK, S100YG4Z |
| Non-controlling interests | 213 | 218 | — | — | — | S100R3FO, S100TQ0F |
| Equity attributable to owners of parent | 43,616 | 44,408 | 47,722 | 51,843 | 53,711 | S100R3FO, S100TQ0F, S100VYJK, S100YG4Z |
| Retained earnings | 31,836 | 33,673 | 37,091 | 41,212 | 44,764 | S100R3FO, S100TQ0F, S100VYJK, S100YG4Z |
| Treasury stock | -2,236 | -3,318 | -3,318 | -3,318 | -5,417 | S100R3FO, S100TQ0F, S100VYJK, S100YG4Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YG4Z |
| Property, plant and equipment | 19% | S100YG4Z |
| Intangibles and goodwill | 4% | S100YG4Z |
| Investment securities | 6% | S100YG4Z |
| Other assets | 53% | S100YG4Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YG4Z |
| Other liabilities | 21% | S100YG4Z |
| Equity | 74% | S100YG4Z |

### 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 | 61,922 | 67,176 | 78,235 | 75,847 | 82,922 |
| Equity | 45,592 | 47,172 | 52,715 | 56,693 | 61,401 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,157 | 14,298 | 16,793 | 12,765 | 14,695 |

## 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) | 23.0% | S100YG4Z |
| Fixed assets ÷ total assets | 19.4% | S100YG4Z |
| Goodwill ÷ parent equity | 2.1% | S100YG4Z |

Goodwill over 4 years: 698 → 1,117 JPY; total investing cash flow: -7,198 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) | 17.7% |
| Cash ÷ revenue | 21.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 71.3% |
| Cash vs. profit gap | -827 JPY mn (of net income -14.1%) |
| Shareholder returns / net income | 86.2% |
| Shareholder returns / FCF | 139.0% |
| Shareholder payments — dividends / net income | 39.4% |
| Shareholder payments — dividends / FCF | 63.5% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 5.4% |

## 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 | 4.6% | 0.68× | 3.1% | 1.42× | 4.4% | S100R3FO |
| 2023 | 6.3% | 0.82× | 5.2% | 1.47× | 7.6% | S100TQ0F |
| 2024 | 8.0% | 0.85× | 6.8% | 1.58× | 10.8% | S100VYJK |
| 2025 | 8.9% | 0.87× | 7.8% | 1.55× | 12.1% | S100YG4Z |
| 2026 | 8.4% | 0.88× | 7.4% | 1.50× | 11.1% | S100YG4Z |

## 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 | 14.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 8.0% | 2026-03-31 |
| エスペック取引先持株会 | Major shareholder | 7.5% | 2026-03-31 |
| エスペック従業員持株会 | Major shareholder | 3.4% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.5% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＬＵＸＥＭＢＯＵＲＧ／２Ｓ／ＪＡＳＤＥＣ／ＦＩＭ／ＬＵＸＥＭＢＯＵＲＧＦＵＮＤＳ／ＵＣＩＴＳ ＡＳＳＥＴＳ （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.0% | 2026-03-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 1.3% | 2026-03-31 |
| 第一生命保険株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.3% | 2026-03-31 |
| 住友生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第73期(2025/04/01－2026/03/31) | S100YG4Z | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG4Z,, |
| 有価証券報告書－第72期(2024/04/01－2025/03/31) | S100VYJK | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYJK,, |
| 有価証券報告書－第71期(2023/04/01－2024/03/31) | S100TQ0F | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ0F,, |
| 有価証券報告書－第70期(2022/04/01－2023/03/31) | S100R3FO | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3FO,, |
| 有価証券報告書－第69期(令和3年4月1日－令和4年3月31日) | S100OF5F | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF5F,, |
| 有価証券報告書－第68期(令和2年4月1日－令和3年3月31日) | S100LODE | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LODE,, |

## 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).