# FANUC 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57期(2025/04/01－2026/03/31) (S100YG3Q)
> Page: https://vizora.meequs.com/en/company/fanuc
> Retrieved: 2026-09-30T21:00:22.344Z

## Company

Fanuc, founded in 1972, is a company in Machine Tools listed on TSE Prime. It has 10,040 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FANUC CORPORATION |
| Ticker | 6954 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6954.T) |
| Listing | TSE Prime |
| Head office | 山梨県南都留郡忍野村忍草字古馬場3580番地 |
| Representative (per filing) | 代表取締役社長 山口 賢治 |
| Founded | May 1972 |
| Share capital | ¥69B |
| Employees (consolidated) | 10,040 |
| Average salary (parent only) | ¥11.4M |
| Fiscal year end | March |
| Website | www.fanuc.co.jp (https://www.fanuc.co.jp/) |
| Corporate number | 3090001010053 |
| EDINET | E01946 |
| Industries (Vizora) | Machine Tools |

> Profile source: annual securities report (S100YG3Q, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Machine Tools (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 34 |
| Profitability | 92.6 | 34 |
| Cash conversion | 53.2 | 31 |
| Efficiency | 16.2 | 34 |

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)

- Fanuc brought in ¥857.8B in revenue.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +7.6% from the prior year, operating profit +15.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥857831000000 → ¥169397000000
- Net income → operating cash flow: ¥169397000000 → ¥250896000000（difference ¥81499000000）
- Main uses of operating cash flow: CapEx ¥21181000000 / dividends ¥94459000000 / buybacks ¥553000000
- Change in cash: ¥112984000000
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 | ¥857.8B |  |
| Operating income | ¥183.8B | Margin 21.4% |
| Net income | ¥166.5B | Margin 19.4% |
| Free cash flow | ¥229.7B |  |
| Employees (consolidated) | 10,040 |  |
| EPS | ¥171.97 |  |
| Book value per share | ¥1367.45 |  |
| Equity ratio | 89.2% |  |
| Shares outstanding | 982,383,493 |  |
| Treasury shares | 49,224,700 |  |
| Shareholders | 103,538 |  |
| Average salary (parent only) | ¥11.4M | Filing company only |
| Cash ratio | 29.4% | Cash ÷ revenue 71.7% |
| Vs. industry median margin | +14.3 pp | Machine Tools |
| ROE | 10.3% | Derived from disclosed figures |
| ROA | 8.3% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 16%
- FY2026, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥551287000000 | ¥857831000000 | +55.6% |
| Operating income | ¥112514000000 | ¥183763000000 | +63.3% |
| Operating margin | 20.4% | 21.4% | +1 pp |
| Employees | 8,256 people | 10,040 people | +21.6% |
| Cash and equivalents | ¥577919000000 | ¥615075000000 | +6.4% |

### 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 | 857,831 | 100.0% | S100YG3Q |
| Cost of revenue | 529,365 | 61.7% | S100YG3Q |
| Gross profit | 328,466 | 38.3% | S100YG3Q |
| SG&A | 144,703 | 16.9% | S100YG3Q |
| Operating income | 183,763 | 21.4% | S100YG3Q |
| Ordinary income | 227,485 | 26.5% | S100YG3Q |
| Pretax income | 227,485 | 26.5% | S100YG3Q |
| Income tax | 58,088 | 6.8% | S100YG3Q |
| Net income | 169,397 | 19.7% | S100YG3Q |
| Net income attributable to owners | 166,543 | 19.4% | S100YG3Q |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 17 |
| Operating income | 21 |
| (Ref.) Net income | 19 |

### Margin funnel

Gross margin 38.3% → Operating margin 21.4% → Net margin 19.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.6%; Core profit growth: +15.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.06×
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 | 797,129 | 857,831 | 60,702 | +7.6% |
| Gross profit | 294,925 | 328,466 | 33,541 | +11.4% |
| Operating income | 158,846 | 183,763 | 24,917 | +15.7% |
| Net income attributable to owners | 147,557 | 166,543 | 18,986 | +12.9% |
| Operating cash flow | 255,273 | 250,896 | -4,377 | -1.7% |
| Free cash flow | 214,468 | 229,715 | 15,247 | +7.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 508,252 | 88,350 | 17.4% | 73,371 | 144,872 | 69,443 | S100M0XN |
| FY ending Mar 2021 | 551,287 | 112,514 | 20.4% | 94,012 | 117,996 | 96,228 | S100O9SD |
| FY ending Mar 2022 | 733,008 | 183,240 | 25.0% | 155,273 | 125,581 | 91,218 | S100R8VC |
| FY ending Mar 2023 | 851,956 | 191,359 | 22.5% | 170,587 | 99,505 | 52,439 | S100TX9J |
| FY ending Mar 2024 | 795,274 | 141,919 | 17.8% | 133,159 | 171,764 | 117,880 | S100W6NX |
| FY ending Mar 2025 | 797,129 | 158,846 | 19.9% | 147,557 | 255,273 | 214,468 | S100YG3Q |
| FY ending Mar 2026 | 857,831 | 183,763 | 21.4% | 166,543 | 250,896 | 229,715 | S100YG3Q |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥85.4M |
| Operating income per employee (consolidated) | ¥18.3M |
| Net income per employee (consolidated) | ¥16.6M |

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) | 8,675 | 9,432 | 9,970 | 10,113 | 10,040 |
| Average salary (parent company) | ¥12.5M | ¥12.8M | ¥12.4M | ¥11.6M | ¥11.4M |
| Average age (parent company) | 40.3 years | 40.2 years | 40.0 years | 39.9 years | 40.0 years |
| Average tenure (parent company) | 14.4 years | 14.2 years | 14.1 years | 15.0 years | 15.3 years |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) +7.6%

## 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 | 250,896 | 29.2% | S100YG3Q |
| Capital expenditure | 21,181 | 2.5% | S100YG3Q |
| Free cash flow | 229,715 | 26.8% | 算出 |
| Investing cash flow | -56,437 | -6.6% | S100YG3Q |
| Financing cash flow | -98,598 | -11.5% | S100YG3Q |
| Dividends paid | 94,459 | 11.0% | S100YG3Q |
| Share buyback | 553 | 0.1% | S100YG3Q |
| Change in cash | 112,984 | 13.2% | S100YG3Q |
| Cash and equivalents | 615,075 | 71.7% | S100YG3Q |

## 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 | 574,655 | 476,953 | 526,881 | 502,091 | 615,075 | S100TX9J, S100W6NX, S100YG3Q |
| Total assets | 1,783,964 | 1,873,536 | 1,926,037 | 1,937,031 | 2,090,700 | S100R8VC, S100TX9J, S100W6NX, S100YG3Q |
| Net assets | 1,549,879 | 1,627,555 | 1,719,200 | 1,739,890 | 1,882,947 | S100TX9J, S100W6NX, S100YG3Q |
| Share capital | 69,014 | 69,014 | 69,014 | 69,014 | 69,014 | S100R8VC, S100TX9J, S100W6NX, S100YG3Q |
| Property, plant and equipment | 578,133 | 588,696 | 607,755 | 604,266 | 591,416 | S100R8VC, S100TX9J, S100W6NX, S100YG3Q |
| Intangible assets excluding goodwill | 8,933 | 10,855 | 9,823 | 8,800 | 8,542 | S100R8VC, S100TX9J, S100W6NX, S100YG3Q |
| Investment securities | 135,709 | 159,500 | 184,434 | 192,214 | 223,287 | S100R8VC, S100TX9J, S100W6NX, S100YG3Q |
| Current assets | 1,014,946 | 1,061,740 | 1,076,265 | 1,085,787 | 1,237,026 | S100R8VC, S100TX9J, S100W6NX, S100YG3Q |
| Current liabilities | 177,602 | 183,955 | 156,890 | 157,586 | 179,457 | S100R8VC, S100TX9J, S100W6NX, S100YG3Q |
| Trade payables | 49,473 | 56,935 | 42,938 | 37,454 | 46,262 | S100R8VC, S100TX9J, S100W6NX, S100YG3Q |
| Total liabilities | 234,085 | 245,981 | 206,837 | 197,141 | 207,753 | S100R8VC, S100TX9J, S100W6NX, S100YG3Q |
| Non-controlling interests | 14,070 | 12,179 | 13,644 | 15,345 | 18,076 | S100R8VC, S100TX9J, S100W6NX, S100YG3Q |
| Equity attributable to owners of parent | 1,500,705 | 1,550,735 | 1,561,834 | 1,576,929 | 1,648,657 | S100R8VC, S100TX9J, S100W6NX, S100YG3Q |
| Retained earnings | 1,441,559 | 1,515,662 | 1,540,398 | 1,585,779 | 1,621,450 | S100R8VC, S100TX9J, S100W6NX, S100YG3Q |
| Treasury stock | -105,950 | -130,206 | -143,573 | -173,859 | -137,802 | S100R8VC, S100TX9J, S100W6NX, S100YG3Q |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YG3Q |
| Property, plant and equipment | 28% | S100YG3Q |
| Intangibles and goodwill | 0% | S100YG3Q |
| Investment securities | 11% | S100YG3Q |
| Other assets | 31% | S100YG3Q |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YG3Q |
| Other liabilities | 8% | S100YG3Q |
| Equity | 90% | S100YG3Q |

### 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 | 1,783,964 | 1,873,536 | 1,926,037 | 1,937,031 | 2,090,700 |
| Equity | 1,549,879 | 1,627,555 | 1,719,200 | 1,739,890 | 1,882,947 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 574,655 | 476,953 | 526,881 | 502,091 | 615,075 |

## 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) | 68.9% | S100YG3Q |
| Fixed assets ÷ total assets | 28.3% | S100YG3Q |
| Goodwill ÷ parent equity | — | —, S100YG3Q |

### 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) | 29.4% |
| Cash ÷ revenue | 71.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 136.5% |
| Cash vs. profit gap | 84,353 JPY mn (of net income 50.6%) |
| Shareholder returns / net income | 57.0% |
| Shareholder returns / FCF | 41.4% |
| Shareholder payments — dividends / net income | 56.7% |
| Shareholder payments — dividends / FCF | 41.1% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 22.5% |

## 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 | 21.2% | 0.41× | 8.7% | 1.19× | 10.3% | S100R8VC |
| 2023 | 20.0% | 0.47× | 9.3% | 1.20× | 11.2% | S100TX9J |
| 2024 | 16.7% | 0.42× | 7.0% | 1.22× | 8.6% | S100W6NX |
| 2025 | 18.5% | 0.41× | 7.6% | 1.23× | 9.4% | S100YG3Q |
| 2026 | 19.4% | 0.43× | 8.3% | 1.25× | 10.3% | S100YG3Q |

## 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 | 23.4% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 10.3% | 2026-03-31 |
| シティバンク エヌエイ エヌワイ アズ ディポジタリー バンク フォー ディポジタリー シェアホルダーズ（常任代理人シティバンク エヌ・エイ東京支店) | Major shareholder | 3.0% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー ５０５００１(常任代理人株式会社みずほ銀行決済営業部) | Major shareholder | 2.3% | 2026-03-31 |
| ジェーピー モルガン チェース バンク ３８００５５(常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-03-31 |
| ジェーピー モルガン チェース バンク ３８５７８１(常任代理人株式会社みずほ銀行決済営業部) | Major shareholder | 1.7% | 2026-03-31 |
| ビーエヌワイエム アズ エージーテイ クライアンツ ノン トリーティー ジャスデック(常任代理人株式会社三菱UFJ銀行) | Major shareholder | 1.5% | 2026-03-31 |
| ビーエヌワイエム アズ エージーテイ クライアンツ １０ パーセント (常任代理人株式会社三菱UFJ銀行) | Major shareholder | 1.4% | 2026-03-31 |
| ザ バンク オブ ニューヨーク メロン １４００４０(常任代理人株式会社みずほ銀行決済営業部) | Major shareholder | 1.3% | 2026-03-31 |
| エイチエスビーシー ホンコン トレジャリー サービシィズ アカウント アジアン エキュイティーズ デリバティブス (常任代理人香港上海銀行東京支店カストディ業務部) | Major shareholder | 1.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥857.8B, up +7.6% from ¥797.1B.
- Operating income rose +15.7% to ¥183.8B and net income attributable to owners rose +12.9% to ¥166.5B, so profits grew faster than sales.
- Operating cash flow slipped -1.7% to ¥250.9B.

### Drivers

- Robot sales jumped in China on demand from EV-related and general industry customers, and the Americas also beat the prior year. In Japan, auto industry demand stayed weak
- CNC system sales grew, helped by strong exports from Japanese machine tool makers and demand in India and China, while Europe was soft
- Compact machines sold less: ROBODRILL was weak in Japan and in Asia outside China, and ROBOSHOT fell in China and Taiwan
- The dip in operating cash flow came mainly from changes in inventories

### Risks

- Tariffs, export controls and other policy changes could hurt sales and parts supply
- A large share of sales comes from overseas, so a war in a major market could disrupt sales and logistics
- Faster-improving rivals from emerging economies and new technologies could erode its competitive edge

Cited: Annual Securities Report, 57th term (Apr 2025 - Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 57th term (Apr 2025 - Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/04/01－2026/03/31) | S100YG3Q | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG3Q,, |
| 有価証券報告書－第56期(2024/04/01－2025/03/31) | S100W6NX | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6NX,, |
| 有価証券報告書－第55期(2023/04/01－2024/03/31) | S100TX9J | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX9J,, |
| 有価証券報告書－第54期(2022/04/01－2023/03/31) | S100R8VC | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8VC,, |
| 有価証券報告書－第53期(令和3年4月1日－令和4年3月31日) | S100O9SD | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9SD,, |
| 訂正有価証券報告書－第52期(令和2年4月1日－令和3年3月31日) | S100M0XN | 2021-07-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M0XN,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| シーメンス社 | Co-development | CNC・ロボットの特許実施権の相互供与 | S100YG3Q |

## 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).