# Ferrotec 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46期(2025/04/01－2026/03/31) (S100YJVG)
> Page: https://vizora.meequs.com/en/company/ferrotec
> Retrieved: 2026-09-30T20:59:18.183Z

## Company

Ferrotec, founded in 1980, is a company in Auto Parts listed on TSE Standard. It has 16,858 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ferrotec Corporation (旧英訳名 Ferrotec Holdings Corporation) |
| Ticker | 6890 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6890.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋二丁目3番4号 |
| Representative (per filing) | 代表取締役社長 賀 賢漢 |
| Founded | Sep 1980 |
| Share capital | ¥29.5B |
| Employees (consolidated) | 16,858 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.ferrotec.co.jp (https://www.ferrotec.co.jp/) |
| Corporate number | 1010001075980 |
| EDINET | E02024 |
| Industries (Vizora) | Auto Parts, Semiconductor Equipment, Semiconductor Materials, Electronic Components |

> Profile source: annual securities report (S100YJVG, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.8 | 23 |
| Profitability | 31.3 | 24 |
| Cash conversion | 39.6 | 24 |
| Efficiency | 10.4 | 24 |
| Financial strength | 50 | 5 |

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 64% of Ferrotec's sales come from Equipment related, with Electronic device and Automotive-related making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +5.3% from the prior year, operating profit +14.4%.

## Company structure

- Segment revenue mix: Equipment related 64.1%、Electronic device 19.9%、Automotive-related 10.1%、Other 5.9%
- Revenue → net income: ¥288933000000 → ¥18427000000
- Net income → operating cash flow: ¥18427000000 → ¥29255000000（difference ¥10828000000）
- Main uses of operating cash flow: CapEx ¥54598000000 / dividends ¥7494000000 / buybacks ¥0
- Change in cash: ¥5061000000
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 | ¥288.9B |  |
| Operating income | ¥27.6B | Margin 9.5% |
| Net income | ¥14.9B | Margin 5.2% |
| Free cash flow | -¥25.3B |  |
| Largest business | Equipment related | of segment revenue 64.1% |
| Employees (consolidated) | 16,858 |  |
| EPS | ¥301.84 |  |
| Diluted EPS | ¥262.8 |  |
| Book value per share | ¥2155.91 |  |
| Equity ratio | 37.6% |  |
| Shares outstanding | 47,117,949 |  |
| Treasury shares | 279,600 |  |
| Shareholders | 26,844 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 16.5% | Net cash -¥21.6B · Cash ÷ revenue 39.4% |
| Vs. industry median margin | -5 pp | Semiconductor Equipment |
| ROE | 7.7% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.2× its level five years ago
- FY2026, parent-company salary changed -24% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥91312000000 | ¥288933000000 | +216.4% |
| Operating income | ¥9640000000 | ¥27561000000 | +185.9% |
| Operating margin | 10.6% | 9.5% | -1 pp |
| Employees | 7,380 people | 16,858 people | +128.4% |
| Cash and equivalents | ¥30202000000 | ¥113960000000 | +277.3% |

### 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 |
| --- | ---: |
| 半導体等装置関連事業 → 半導体等装置関連事業 | 64.1% |
| 半導体等装置関連事業 → 事業再編・廃止 | 2.4% |
| 電子デバイス事業 → 電子デバイス事業 | 18.9% |
| その他 → その他 | 5.9% |
| その他 → 事業再編・廃止 | 8.8% |
| 新設・再編 → 電子デバイス事業 | 1.0% |
| 新設・再編 → 車載関連事業 | 10.1% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Equipment related | 5 years | +25.0% | ¥185139000000 | 8.7% | 2 |
| Electronic device | 5 years | +27.2% | ¥57584000000 | 18.2% | 2 |
| Automotive-related | 2 years | +6.3% | ¥29245000000 | 9.2% | 2 |
| Other | 5 years | +4.9% | ¥16964000000 | -1.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 288,933 | 100.0% | S100YJVG |
| Cost of revenue | 207,616 | 71.9% | S100YJVG |
| Gross profit | 81,317 | 28.1% | S100YJVG |
| SG&A | 53,755 | 18.6% | S100YJVG |
| Operating income | 27,561 | 9.5% | S100YJVG |
| Ordinary income | 26,063 | 9.0% | S100YJVG |
| Pretax income | 26,157 | 9.1% | S100YJVG |
| Income tax | 7,729 | 2.7% | S100YJVG |
| Net income | 18,427 | 6.4% | S100YJVG |
| Net income attributable to owners | 14,886 | 5.2% | S100YJVG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 19 |
| Operating income | 9 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 28.1% → Operating margin 9.5% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.3%; Core profit growth: +14.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.72×
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 | 274,390 | 288,933 | 14,543 | +5.3% |
| Gross profit | 73,361 | 81,317 | 7,956 | +10.8% |
| Operating income | 24,089 | 27,561 | 3,472 | +14.4% |
| Net income attributable to owners | 15,692 | 14,886 | -806 | -5.1% |
| Operating cash flow | 26,066 | 29,255 | 3,189 | +12.2% |
| Free cash flow | -25,710 | -25,343 | 367 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 81,614 | 6,013 | 7.4% | 1,785 | 8,903 | -25,017 | S100LV85 |
| FY ending Mar 2021 | 91,312 | 9,640 | 10.6% | 8,280 | 13,217 | -1,079 | S100QNKA |
| FY ending Mar 2022 | 133,821 | 22,600 | 16.9% | 26,659 | 17,833 | -15,993 | S100RA9A |
| FY ending Mar 2023 | 210,810 | 35,042 | 16.6% | 29,702 | 43,024 | -13,953 | S100TXBN |
| FY ending Mar 2024 | 222,430 | 24,872 | 11.2% | 15,154 | 28,720 | -46,506 | S100X8SO |
| FY ending Mar 2025 | 274,390 | 24,089 | 8.8% | 15,692 | 26,066 | -25,710 | S100YJVG |
| FY ending Mar 2026 | 288,933 | 27,561 | 9.5% | 14,886 | 29,255 | -25,343 | S100YJVG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.1M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥883K |

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) | 9,348 | 13,116 | 14,192 | 15,983 | 16,858 |
| Average salary (parent company) | ¥8.8M | ¥10M | ¥8.8M | ¥8.5M | ¥6.7M |
| Average age (parent company) | 48.4 years | 49.3 years | 48.9 years | 48.4 years | 42.4 years |
| Average tenure (parent company) | 12.5 years | 11.7 years | 10.4 years | 11.8 years | 10.4 years |

Year over year: Employees (consolidated) +5.5% · Revenue (consolidated) +5.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Equipment related | 185,139 | 64.1% | 16,048 | 8.7% |
| Electronic device | 57,584 | 19.9% | 10,465 | 18.2% |
| Automotive-related | 29,245 | 10.1% | 2,694 | 9.2% |
| Other | 16,964 | 5.9% | -297 | -1.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Equipment related | 64.1% | 54.9% | -9.1 | 8.7% |
| Electronic device | 19.9% | 35.8% | 15.9 | 18.2% |
| Automotive-related | 10.1% | 9.2% | -0.9 | 9.2% |
| Other | 5.9% | — | — | -1.8% |

Loss-making segment (excluded from profit shares): Other -297 JPY mn

Segment → industry: Automotive-related → Auto Parts / Equipment related → Semiconductor Equipment / Equipment related → Semiconductor Materials / Automotive-related → Electronic Components / Electronic device → 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 | 29,255 | 10.1% | S100YJVG |
| Capital expenditure | 54,598 | 18.9% | S100YJVG |
| Free cash flow | -25,343 | -8.8% | 算出 |
| Investing cash flow | -66,856 | -23.1% | S100YJVG |
| Financing cash flow | 38,798 | 13.4% | S100YJVG |
| Dividends paid | 7,494 | 2.6% | S100YJVG |
| Share buyback | 0 | 0.0% | S100YJVG |
| Change in cash | 5,061 | 1.8% | S100YJVG |
| Cash and equivalents | 113,960 | 39.4% | S100YJVG |

## 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 | 52,579 | 95,905 | 96,806 | 108,899 | 113,960 | S100TXBN, S100X8SO, S100YJVG |
| Total assets | 264,772 | 410,648 | 510,026 | 600,593 | 689,238 | S100RA9A, S100TXBN, S100X8SO, S100YJVG |
| Net assets | 160,957 | 249,656 | 278,166 | 323,549 | 362,075 | S100TXBN, S100X8SO, S100YJVG |
| Share capital | 28,210 | 29,425 | 29,539 | 29,549 | 29,549 | S100RA9A, S100TXBN, S100X8SO, S100YJVG |
| Property, plant and equipment | 84,083 | 139,610 | 201,339 | 245,064 | 281,107 | S100RA9A, S100TXBN, S100X8SO, S100YJVG |
| Intangible assets excluding goodwill | 1,996 | 6,949 | 6,611 | 6,166 | 5,795 | S100RA9A, S100TXBN, S100X8SO, S100YJVG |
| Goodwill | 283 | 2,304 | 2,010 | 1,861 | 1,677 | S100RA9A, S100TXBN, S100X8SO, S100YJVG |
| Investment securities | 992 | 5,508 | 8,420 | 11,654 | 19,252 | S100RA9A, S100TXBN, S100X8SO, S100YJVG |
| Current assets | 133,414 | 215,341 | 248,408 | 295,367 | 338,977 | S100RA9A, S100TXBN, S100X8SO, S100YJVG |
| Current liabilities | 68,800 | 111,294 | 122,148 | 151,750 | 163,052 | S100RA9A, S100TXBN, S100X8SO, S100YJVG |
| Trade payables | 26,702 | 40,524 | 38,334 | 55,394 | 54,947 | S100RA9A, S100TXBN, S100X8SO, S100YJVG |
| Short-term borrowings | 6,324 | 20,378 | 26,454 | 34,482 | 25,450 | S100RA9A, S100TXBN, S100X8SO, S100YJVG |
| Long-term borrowings | 11,796 | 26,432 | 62,364 | 78,222 | 103,039 | S100RA9A, S100TXBN, S100X8SO, S100YJVG |
| Bonds | 8,806 | 4,083 | 320 | — | 7,083 | S100RA9A, S100TXBN, S100X8SO, S100YJVG |
| Interest-bearing debt | 26,926 | 50,893 | 89,138 | — | 135,572 | 算出 |
| Total liabilities | 103,814 | 160,991 | 231,860 | 277,043 | 327,162 | S100RA9A, S100TXBN, S100X8SO, S100YJVG |
| Non-controlling interests | 29,888 | 65,887 | 73,756 | 86,718 | 102,376 | S100RA9A, S100TXBN, S100X8SO, S100YJVG |
| Equity attributable to owners of parent | 117,511 | 166,955 | 177,638 | 188,595 | 196,559 | S100RA9A, S100TXBN, S100X8SO, S100YJVG |
| Retained earnings | 43,317 | 69,656 | 79,881 | 90,435 | 97,829 | S100RA9A, S100TXBN, S100X8SO, S100YJVG |
| Treasury stock | -87 | -88 | -89 | -587 | -552 | S100RA9A, S100TXBN, S100X8SO, S100YJVG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YJVG |
| Property, plant and equipment | 41% | S100YJVG |
| Intangibles and goodwill | 1% | S100YJVG |
| Investment securities | 3% | S100YJVG |
| Other assets | 39% | S100YJVG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YJVG |
| Interest-bearing debt | 20% | 算出 |
| Other liabilities | 20% | S100YJVG |
| Equity | 52% | S100YJVG |
| Other liabilities | 0% | S100YJVG |

### 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 | 264,772 | 410,648 | 510,026 | 600,593 | 689,238 |
| Equity | 160,957 | 249,656 | 278,166 | 323,549 | 362,075 |
| Interest-bearing debt | 26,926 | 50,893 | 89,138 | — | 135,572 |
| Cash | 52,579 | 95,905 | 96,806 | 108,899 | 113,960 |

## 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) | 97.3% | S100YJVG |
| Fixed assets ÷ total assets | 40.8% | S100YJVG |
| Goodwill ÷ parent equity | 0.9% | S100YJVG |

Goodwill over 4 years: 283 → 1,677 JPY; total investing cash flow: -297,042 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) | 16.5% |
| Cash ÷ revenue | 39.4% |
| Net cash (cash − interest-bearing debt) | -¥21.6B |
| Net debt ÷ operating cash flow | 0.74× |
| Cash conversion (operating CF ÷ operating income) | 106.1% |
| Cash vs. profit gap | 14,369 JPY mn (of net income 96.5%) |
| Shareholder returns / net income | 50.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 50.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 18.9% |
| Investing CF relative to operating CF | 228.5% |

## 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 | 19.9% | 0.51× | 10.1% | 2.25× | 22.7% | S100RA9A |
| 2023 | 14.1% | 0.62× | 8.8% | 2.37× | 20.9% | S100TXBN |
| 2024 | 6.8% | 0.48× | 3.3% | 2.67× | 8.8% | S100X8SO |
| 2025 | 5.7% | 0.49× | 2.8% | 3.03× | 8.6% | S100YJVG |
| 2026 | 5.2% | 0.45× | 2.3% | 3.35× | 7.7% | S100YJVG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 6.6% | 2026-03-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 4.4% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 4.4% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社シティインデックスイレブンス | Major shareholder | 3.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.9% | 2026-03-31 |
| SIX SIS LTD. （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.7% | 2026-03-31 |
| HSBC-FUND SERVICES HSBC - 006 MF EFM （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2025/04/01－2026/03/31) | S100YJVG | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJVG,, |
| 訂正有価証券報告書－第45期(2024/04/01－2025/03/31) | S100X8SO | 2025-12-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X8SO,, |
| 有価証券報告書－第44期(2023/04/01－2024/03/31) | S100TXBN | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXBN,, |
| 有価証券報告書－第43期(2022/04/01－2023/03/31) | S100RA9A | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA9A,, |
| 訂正有価証券報告書－第42期(2021/04/01－2022/03/31) | S100QNKA | 2023-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QNKA,, |
| 有価証券報告書－第41期(令和2年4月1日－令和3年3月31日) | S100LV85 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV85,, |

## 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).