# ESTIC CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第33期(2025/03/21－2026/03/20) (S100YSNM)
> Page: https://vizora.meequs.com/en/company/estic
> Retrieved: 2026-09-30T20:25:28.386Z

## Company

Estic, founded in 1993, is a company in Industrial Machinery listed on TSE Standard. It has 228 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ESTIC CORPORATION |
| Ticker | 6161 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6161.T) |
| Listing | TSE Standard |
| Head office | 大阪府守口市東郷通一丁目2番16号 |
| Representative (per filing) | 代表取締役 社長執行役員 鈴木 弘英 |
| Founded | Aug 1993 |
| Share capital | ¥557M |
| Employees (consolidated) | 228 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.estic.co.jp (https://www.estic.co.jp/) |
| Corporate number | 3120001155365 |
| EDINET | E01730 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YSNM, filed 2026-07-28). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 66.8 | 110 |
| Profitability | 94.7 | 122 |
| Cash conversion | 13.4 | 116 |
| Efficiency | 29.1 | 122 |

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)

- Estic brought in ¥8.03B in revenue.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +1.9% from the prior year, operating profit -3.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8033668000 → ¥1183498000
- Net income → operating cash flow: ¥1183498000 → ¥592269000（difference ¥-591229000）
- Main uses of operating cash flow: CapEx ¥963664000 / dividends ¥278759000 / buybacks —
- Change in cash: ¥-628611000
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 | ¥8.03B |  |
| Operating income | ¥1.57B | Margin 19.6% |
| Net income | ¥1.16B | Margin 14.5% |
| Free cash flow | -¥371.4M |  |
| Employees (consolidated) | 228 |  |
| EPS | ¥89.32 |  |
| Book value per share | ¥945.66 |  |
| Equity ratio | 88.4% |  |
| Shares outstanding | 11,768,000 |  |
| Treasury shares | 1,800,100 |  |
| Shareholders | 1,392 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 21.4% | Cash ÷ revenue 34.0% |
| Vs. industry median margin | +12 pp | Industrial Machinery |
| ROE | 11.2% | Derived from disclosed figures |
| ROA | 9.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5294631000 | ¥8033668000 | +51.7% |
| Operating income | ¥1055709000 | ¥1574728000 | +49.2% |
| Operating margin | 19.9% | 19.6% | -0.3 pp |
| Employees | 191 people | 228 people | +19.4% |
| Cash and equivalents | ¥1210747000 | ¥2730447000 | +125.5% |

### 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 | 8,034 | 100.0% | S100YSNM |
| Cost of revenue | 4,446 | 55.3% | S100YSNM |
| Gross profit | 3,588 | 44.7% | S100YSNM |
| SG&A | 2,013 | 25.1% | S100YSNM |
| Operating income | 1,575 | 19.6% | S100YSNM |
| Ordinary income | 1,659 | 20.7% | S100YSNM |
| Pretax income | 1,659 | 20.7% | S100YSNM |
| Income tax | 476 | 5.9% | S100YSNM |
| Net income | 1,183 | 14.7% | S100YSNM |
| Net income attributable to owners | 1,163 | 14.5% | S100YSNM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 25 |
| Operating income | 20 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 44.7% → Operating margin 19.6% → Net margin 14.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.9%; Core profit growth: -3.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.98×
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 | 7,881 | 8,034 | 152 | +1.9% |
| Gross profit | 3,663 | 3,588 | -75 | -2.1% |
| Operating income | 1,637 | 1,575 | -63 | -3.8% |
| Net income attributable to owners | 1,182 | 1,163 | -19 | -1.6% |
| Operating cash flow | 2,059 | 592 | -1,467 | -71.2% |
| Free cash flow | 1,977 | -371 | -2,349 | -118.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,774 | 1,772 | 26.2% | 1,193 | 1,156 | 567 | S100LJLK |
| FY ending Mar 2021 | 5,295 | 1,056 | 19.9% | 730 | 981 | 935 | S100OA2E |
| FY ending Mar 2022 | 5,754 | 1,120 | 19.5% | 820 | 1,257 | 945 | S100QYWV |
| FY ending Mar 2023 | 6,719 | 1,485 | 22.1% | 1,080 | 620 | 360 | S100TNIH |
| FY ending Mar 2024 | 7,128 | 1,490 | 20.9% | 1,133 | 377 | -326 | S100VZKX |
| FY ending Mar 2025 | 7,881 | 1,637 | 20.8% | 1,182 | 2,059 | 1,977 | S100YSNM |
| FY ending Mar 2026 | 8,034 | 1,575 | 19.6% | 1,163 | 592 | -371 | S100YSNM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.2M |
| Operating income per employee (consolidated) | ¥6.9M |
| Net income per employee (consolidated) | ¥5.1M |

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) | 203 | 207 | 215 | 230 | 228 |
| Average salary (parent company) | ¥5.5M | ¥6.3M | ¥5.9M | ¥6.1M | ¥5.9M |
| Average age (parent company) | 38.0 years | 39.4 years | 40.1 years | 40.7 years | 41.0 years |
| Average tenure (parent company) | 7.5 years | 7.8 years | 8.1 years | 8.5 years | 9.0 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) +1.9%

## 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 | 592 | 7.4% | S100YSNM |
| Capital expenditure | 964 | 12.0% | S100YSNM |
| Free cash flow | -371 | -4.6% | 算出 |
| Investing cash flow | -939 | -11.7% | S100YSNM |
| Financing cash flow | -307 | -3.8% | S100YSNM |
| Dividends paid | 279 | 3.5% | S100YSNM |
| Change in cash | -629 | -7.8% | S100YSNM |
| Cash and equivalents | 2,730 | 34.0% | S100YSNM |

## 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 | 2,029 | 2,246 | 1,572 | 3,359 | 2,730 | S100TNIH, S100VZKX, S100YSNM |
| Total assets | 8,375 | 9,866 | 10,731 | 12,057 | 12,762 | S100QYWV, S100TNIH, S100VZKX, S100YSNM |
| Net assets | 7,280 | 8,326 | 9,384 | 10,571 | 11,504 | S100TNIH, S100VZKX, S100YSNM |
| Share capital | 557 | 557 | 557 | 557 | 557 | S100QYWV, S100TNIH, S100VZKX, S100YSNM |
| Trade receivables | 1,329 | — | — | — | — | S100QYWV |
| Property, plant and equipment | 1,978 | 2,196 | 2,686 | 2,598 | 3,436 | S100QYWV, S100TNIH, S100VZKX, S100YSNM |
| Intangible assets excluding goodwill | 46 | 41 | 33 | 27 | 25 | S100QYWV, S100TNIH, S100VZKX, S100YSNM |
| Investment securities | 123 | 114 | 168 | 189 | 168 | S100QYWV, S100TNIH, S100VZKX, S100YSNM |
| Current assets | 5,677 | 6,842 | 7,055 | 8,421 | 8,307 | S100QYWV, S100TNIH, S100VZKX, S100YSNM |
| Current liabilities | 795 | 1,166 | 1,011 | 1,161 | 943 | S100QYWV, S100TNIH, S100VZKX, S100YSNM |
| Total liabilities | 1,095 | 1,539 | 1,347 | 1,486 | 1,258 | S100QYWV, S100TNIH, S100VZKX, S100YSNM |
| Non-controlling interests | 70 | 103 | 132 | 192 | 227 | S100QYWV, S100TNIH, S100VZKX, S100YSNM |
| Equity attributable to owners of parent | 7,130 | 8,052 | 8,970 | 9,914 | 10,807 | S100QYWV, S100TNIH, S100VZKX, S100YSNM |
| Retained earnings | 7,385 | 8,296 | 9,200 | 10,134 | 11,018 | S100QYWV, S100TNIH, S100VZKX, S100YSNM |
| Treasury stock | -1,454 | -1,445 | -1,436 | -1,428 | -1,420 | S100QYWV, S100TNIH, S100VZKX, S100YSNM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YSNM |
| Property, plant and equipment | 27% | S100YSNM |
| Intangibles and goodwill | 0% | S100YSNM |
| Investment securities | 1% | S100YSNM |
| Other assets | 50% | S100YSNM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 10% | S100YSNM |
| Equity | 90% | S100YSNM |

### 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 | 8,375 | 9,866 | 10,731 | 12,057 | 12,762 |
| Equity | 7,280 | 8,326 | 9,384 | 10,571 | 11,504 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,029 | 2,246 | 1,572 | 3,359 | 2,730 |

## 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) | 42.8% | S100YSNM |
| Fixed assets ÷ total assets | 26.9% | S100YSNM |
| Goodwill ÷ parent equity | — | —, S100YSNM |

### 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) | 21.4% |
| Cash ÷ revenue | 34.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 37.6% |
| Cash vs. profit gap | -571 JPY mn (of net income -49.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 12.0% |
| Investing CF relative to operating CF | 158.5% |

## 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 | 14.3% | 0.69× | 9.8% | 1.17× | 11.5% | S100QYWV |
| 2023 | 16.1% | 0.74× | 11.8% | 1.20× | 14.2% | S100TNIH |
| 2024 | 15.9% | 0.69× | 11.0% | 1.21× | 13.3% | S100VZKX |
| 2025 | 15.0% | 0.69× | 10.4% | 1.21× | 12.5% | S100YSNM |
| 2026 | 14.5% | 0.65× | 9.4% | 1.20× | 11.2% | S100YSNM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 鈴木 弘 | Major shareholder | 13.0% | 2026-03-20 |
| 株式会社日伝 | Major shareholder | 11.2% | 2026-03-20 |
| 弘鈴興産株式会社 | Major shareholder | 8.0% | 2026-03-20 |
| 長沼商事株式会社 | Major shareholder | 5.6% | 2026-03-20 |
| エスティック従業員持株会 | Major shareholder | 5.5% | 2026-03-20 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 4.6% | 2026-03-20 |
| 鈴木 弘英 | Major shareholder | 3.9% | 2026-03-20 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND (常任代理人株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.5% | 2026-03-20 |
| 東海東京証券株式会社 | Major shareholder | 3.1% | 2026-03-20 |
| 池田 康廣 | Major shareholder | 3.0% | 2026-03-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第33期(2025/03/21－2026/03/20) | S100YSNM | 2026-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YSNM,, |
| 有価証券報告書－第32期(2024/03/21－2025/03/20) | S100VZKX | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZKX,, |
| 有価証券報告書－第31期(2023/03/21－2024/03/20) | S100TNIH | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNIH,, |
| 有価証券報告書－第30期(2022/03/21－2023/03/20) | S100QYWV | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYWV,, |
| 有価証券報告書－第29期(令和3年3月21日－令和4年3月20日) | S100OA2E | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA2E,, |
| 有価証券報告書－第28期(令和2年3月21日－令和3年3月20日) | S100LJLK | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJLK,, |

## 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).