# FUJI 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80期(2025/04/01－2026/03/31) (S100YKAW)
> Page: https://vizora.meequs.com/en/company/fuji
> Retrieved: 2026-09-30T20:24:32.144Z

## Company

Fuji, founded in 1959, is a company in Robots & Factory Automation listed on TSE Prime. It has 3,132 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJI CORPORATION |
| Ticker | 6134 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6134.T) |
| Listing | TSE Prime |
| Head office | 愛知県知立市山町茶碓山19番地 |
| Representative (per filing) | 代表取締役社長 五十棲 丈二 |
| Founded | Apr 1959 |
| Share capital | ¥5.88B |
| Employees (consolidated) | 3,132 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Website | www.fuji.co.jp (https://www.fuji.co.jp/) |
| Corporate number | 2180301014885 |
| EDINET | E01495 |
| Industries (Vizora) | Robots & Factory Automation, Machine Tools |

> Profile source: annual securities report (S100YKAW, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.9 | 33 |
| Profitability | 86.8 | 34 |
| Cash conversion | 1.6 | 32 |
| Efficiency | 47.1 | 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 93% of Fuji's sales come from Robotic Solutions, with Machine Tools and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +41.8% from the prior year, operating profit +112.5%.

## Company structure

- Segment revenue mix: Robotic Solutions 93.4%、Machine Tools 5.4%、Other 1.2%
- Revenue → net income: ¥180642000000 → ¥15756000000
- Net income → operating cash flow: ¥15756000000 → ¥9181000000（difference ¥-6575000000）
- Main uses of operating cash flow: CapEx ¥11612000000 / dividends ¥7085000000 / buybacks ¥2374000000
- Change in cash: ¥-4846000000
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 | ¥180.6B |  |
| Operating income | ¥29.3B | Margin 16.2% |
| Net income | ¥15.7B | Margin 8.7% |
| Free cash flow | -¥2.43B |  |
| Largest business | Robotic Solutions | of segment revenue 93.4% |
| Employees (consolidated) | 3,132 |  |
| EPS | ¥328.46 |  |
| Book value per share | ¥2195.44 |  |
| Equity ratio | 83.5% |  |
| Shares outstanding | 97,823,748 |  |
| Treasury shares | 9,724,200 |  |
| Shareholders | 8,921 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 19.1% | Cash ÷ revenue 29.4% |
| Vs. industry median margin | +4.5 pp | Robots & Factory Automation |
| ROE | 7.8% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥136161000000 | ¥180642000000 | +32.7% |
| Operating income | ¥21904000000 | ¥29282000000 | +33.7% |
| Operating margin | 16.1% | 16.2% | +0.1 pp |
| Employees | 2,522 people | 3,132 people | +24.2% |
| Cash and equivalents | ¥60388000000 | ¥53159000000 | -12.0% |

### 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 |
| --- | ---: |
| ロボットソリューション → ロボットソリューション | 92.2% |
| マシンツール → マシンツール | 5.4% |
| マシンツール → 事業再編・廃止 | 0.4% |
| その他 → その他 | 1.2% |
| その他 → 事業再編・廃止 | 0.8% |
| 新設・再編 → ロボットソリューション | 1.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Robotic Solutions | 5 years | +6.1% | ¥168737000000 | 19.9% | 2 |
| Machine Tools | 5 years | +4.3% | ¥9705000000 | -1.1% | 2 |
| Other | 5 years | -4.2% | ¥2199000000 | 3.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 180,642 | 100.0% | S100YKAW |
| Cost of revenue | 114,367 | 63.3% | S100YKAW |
| Gross profit | 66,275 | 36.7% | S100YKAW |
| SG&A | 36,993 | 20.5% | S100YKAW |
| Operating income | 29,282 | 16.2% | S100YKAW |
| Ordinary income | 31,291 | 17.3% | S100YKAW |
| Pretax income | 24,641 | 13.6% | S100YKAW |
| Income tax | 8,885 | 4.9% | S100YKAW |
| Net income | 15,756 | 8.7% | S100YKAW |
| Net income attributable to owners | 15,733 | 8.7% | S100YKAW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 21 |
| Operating income | 16 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 36.7% → Operating margin 16.2% → Net margin 8.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +41.8%; Core profit growth: +112.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.69×
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 | 127,387 | 180,642 | 53,255 | +41.8% |
| Gross profit | 46,636 | 66,275 | 19,639 | +42.1% |
| Operating income | 13,781 | 29,282 | 15,501 | +112.5% |
| Net income attributable to owners | 10,906 | 15,733 | 4,827 | +44.3% |
| Operating cash flow | 23,413 | 9,181 | -14,232 | -60.8% |
| Free cash flow | 8,888 | -2,431 | -11,319 | -127.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 140,967 | 19,571 | 13.9% | 14,963 | 22,560 | 10,649 | S100LCUK |
| FY ending Mar 2021 | 136,161 | 21,904 | 16.1% | 17,167 | 30,870 | 22,941 | S100OIKV |
| FY ending Mar 2022 | 148,128 | 28,472 | 19.2% | 21,188 | 15,720 | 5,529 | S100R5T4 |
| FY ending Mar 2023 | 153,326 | 27,108 | 17.7% | 20,454 | 12,994 | 2,202 | S100TXFJ |
| FY ending Mar 2024 | 127,059 | 13,421 | 10.6% | 10,438 | 30,187 | 15,545 | S100W95P |
| FY ending Mar 2025 | 127,387 | 13,781 | 10.8% | 10,906 | 23,413 | 8,888 | S100YKAW |
| FY ending Mar 2026 | 180,642 | 29,282 | 16.2% | 15,733 | 9,181 | -2,431 | S100YKAW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.7M |
| Operating income per employee (consolidated) | ¥9.3M |
| Net income per employee (consolidated) | ¥5M |

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) | 2,791 | 2,848 | 2,911 | 2,976 | 3,132 |
| Average salary (parent company) | ¥7.2M | ¥7.3M | ¥7.4M | ¥7.4M | ¥8.3M |
| Average age (parent company) | 43.3 years | 43.7 years | 43.8 years | 43.9 years | 44.2 years |
| Average tenure (parent company) | 18.3 years | 18.5 years | 18.9 years | 19.2 years | 19.8 years |

Year over year: Employees (consolidated) +5.2% · Revenue (consolidated) +41.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Robotic Solutions | 168,737 | 93.4% | 33,623 | 19.9% |
| Machine Tools | 9,705 | 5.4% | -107 | -1.1% |
| Other | 2,199 | 1.2% | 85 | 3.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Robotic Solutions | 93.4% | 99.7% | 6.3 | 19.9% |
| Machine Tools | 5.4% | — | — | -1.1% |
| Other | 1.2% | 0.3% | -1.0 | 3.9% |

Loss-making segment (excluded from profit shares): Machine Tools -107 JPY mn

Segment → industry: Other → Robots & Factory Automation / Robotic Solutions → Robots & Factory Automation / Machine Tools → Machine Tools

## 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 | 9,181 | 5.1% | S100YKAW |
| Capital expenditure | 11,612 | 6.4% | S100YKAW |
| Free cash flow | -2,431 | -1.3% | 算出 |
| Investing cash flow | -6,971 | -3.9% | S100YKAW |
| Financing cash flow | -9,038 | -5.0% | S100YKAW |
| Dividends paid | 7,085 | 3.9% | S100YKAW |
| Share buyback | 2,374 | 1.3% | S100YKAW |
| Change in cash | -4,846 | -2.7% | S100YKAW |
| Cash and equivalents | 53,159 | 29.4% | S100YKAW |

## 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 | 59,538 | 59,982 | 62,466 | 58,005 | 53,159 | S100TXFJ, S100W95P, S100YKAW |
| Total assets | 243,310 | 254,167 | 250,937 | 244,289 | 278,356 | S100R5T4, S100TXFJ, S100W95P, S100YKAW |
| Net assets | 208,782 | 225,104 | 228,278 | 218,682 | 232,454 | S100TXFJ, S100W95P, S100YKAW |
| Share capital | 5,878 | 5,878 | 5,878 | 5,878 | 5,878 | S100R5T4, S100TXFJ, S100W95P, S100YKAW |
| Trade receivables | 38,972 | 42,089 | 32,207 | 34,798 | 65,341 | S100R5T4, S100TXFJ, S100W95P, S100YKAW |
| Property, plant and equipment | 26,337 | 28,271 | 33,697 | 38,086 | 37,711 | S100R5T4, S100TXFJ, S100W95P, S100YKAW |
| Intangible assets excluding goodwill | 25,809 | 24,269 | 23,584 | 22,749 | 13,830 | S100R5T4, S100TXFJ, S100W95P, S100YKAW |
| Goodwill | 11,642 | 10,570 | 9,417 | 8,087 | — | S100R5T4, S100TXFJ, S100W95P, S100YKAW |
| Investment securities | 20,433 | 19,848 | 25,923 | 20,962 | 21,871 | S100R5T4, S100TXFJ, S100W95P, S100YKAW |
| Current assets | 165,978 | 176,750 | 161,436 | 155,427 | 195,507 | S100R5T4, S100TXFJ, S100W95P, S100YKAW |
| Current liabilities | 33,037 | 27,569 | 18,406 | 22,256 | 43,382 | S100R5T4, S100TXFJ, S100W95P, S100YKAW |
| Trade payables | 12,463 | 9,084 | 6,110 | 7,842 | 14,820 | S100R5T4, S100TXFJ, S100W95P, S100YKAW |
| Total liabilities | 34,527 | 29,062 | 22,659 | 25,606 | 45,902 | S100R5T4, S100TXFJ, S100W95P, S100YKAW |
| Non-controlling interests | 117 | 116 | 114 | 120 | 136 | S100R5T4, S100TXFJ, S100W95P, S100YKAW |
| Equity attributable to owners of parent | 196,600 | 209,873 | 203,291 | 198,125 | 205,005 | S100R5T4, S100TXFJ, S100W95P, S100YKAW |
| Retained earnings | 185,301 | 198,521 | 201,332 | 204,870 | 213,527 | S100R5T4, S100TXFJ, S100W95P, S100YKAW |
| Treasury stock | -1,657 | -1,625 | -11,029 | -19,738 | -21,653 | S100R5T4, S100TXFJ, S100W95P, S100YKAW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YKAW |
| Receivables | 23% | S100YKAW |
| Property, plant and equipment | 14% | S100YKAW |
| Intangibles and goodwill | 5% | S100YKAW |
| Investment securities | 8% | S100YKAW |
| Other assets | 31% | S100YKAW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YKAW |
| Other liabilities | 11% | S100YKAW |
| Equity | 84% | S100YKAW |

### 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 | 243,310 | 254,167 | 250,937 | 244,289 | 278,356 |
| Equity | 208,782 | 225,104 | 228,278 | 218,682 | 232,454 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 59,538 | 59,982 | 62,466 | 58,005 | 53,159 |

## 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) | 20.9% | S100YKAW |
| Fixed assets ÷ total assets | 13.5% | S100YKAW |
| Goodwill ÷ parent equity | — | —, S100YKAW |

### 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) | 19.1% |
| Cash ÷ revenue | 29.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 31.4% |
| Cash vs. profit gap | -6,552 JPY mn (of net income -41.6%) |
| Shareholder returns / net income | 60.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 45.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.4% |
| Investing CF relative to operating CF | 75.9% |

## 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% | 0.61× | 8.7% | 1.24× | 10.8% | S100R5T4 |
| 2023 | 13.3% | 0.62× | 8.2% | 1.22× | 10.1% | S100TXFJ |
| 2024 | 8.2% | 0.50× | 4.1% | 1.22× | 5.1% | S100W95P |
| 2025 | 8.6% | 0.51× | 4.4% | 1.23× | 5.4% | S100YKAW |
| 2026 | 8.7% | 0.69× | 6.0% | 1.30× | 7.8% | S100YKAW |

## 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 | 15.0% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 6.3% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１ 常任代理人 株式会社みずほ銀行 | Major shareholder | 6.1% | 2026-03-31 |
| ＦＵＪＩ取引先持株会 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 大同生命保険株式会社 常任代理人 株式会社日本カストディ銀行 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社名古屋銀行 | Major shareholder | 1.8% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３ 常任代理人 株式会社みずほ銀行 | Major shareholder | 1.7% | 2026-03-31 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＮ １４００４４ 常任代理人 株式会社みずほ銀行 | Major shareholder | 1.5% | 2026-03-31 |
| 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 | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YKAW | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKAW,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W95P | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W95P,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TXFJ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXFJ,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R5T4 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5T4,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OIKV | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIKV,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LCUK | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LCUK,, |

## 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).