# FUJIMI  INCORPORATED: 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74期(2025/04/01－2026/03/31) (S100YE62)
> Page: https://vizora.meequs.com/en/company/fujimi
> Retrieved: 2026-09-30T19:42:03.062Z

## Company

Fujimi, founded in 1953, is a company in Semiconductor Materials listed on TSE Prime. It has 1,305 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJIMI INCORPORATED |
| Ticker | 5384 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5384.T) |
| Listing | TSE Prime |
| Head office | 愛知県清須市西枇杷島町地領二丁目1番地1 |
| Representative (per filing) | 代表取締役社長 関 敬史 |
| Founded | Mar 1953 |
| Share capital | ¥4.75B |
| Employees (consolidated) | 1,305 |
| Average salary (parent only) | ¥8.9M |
| Fiscal year end | March |
| Website | www.fujimiinc.co.jp (https://www.fujimiinc.co.jp/) |
| Corporate number | 7180001045697 |
| EDINET | E01207 |
| Industries (Vizora) | Semiconductor Materials |

> Profile source: annual securities report (S100YE62, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.7 | 23 |
| Profitability | 68.8 | 24 |
| Cash conversion | 27.1 | 24 |
| Efficiency | 56.3 | 24 |

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 57% of Fujimi's sales come from Japan, with Asia and North America making up much of the rest.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +11.0% from the prior year, operating profit +17.4%.

## Company structure

- Segment revenue mix: Japan 56.8%、Asia 28.2%、North America 11.5%、Europe 3.4%
- Revenue → net income: ¥69404000000 → ¥9127000000
- Net income → operating cash flow: ¥9127000000 → ¥12599000000（difference ¥3472000000）
- Main uses of operating cash flow: CapEx ¥22235000000 / dividends ¥5533000000 / buybacks —
- Change in cash: ¥5737000000
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 | ¥69.4B |  |
| Operating income | ¥13.8B | Margin 19.9% |
| Net income | ¥9.06B | Margin 13.1% |
| Free cash flow | -¥9.64B |  |
| Largest business | Japan | of segment revenue 56.8% |
| Employees (consolidated) | 1,305 |  |
| EPS | ¥108.52 |  |
| Book value per share | ¥876.07 |  |
| Equity ratio | 69.1% |  |
| Shares outstanding | 80,098,500 |  |
| Treasury shares | 4,646,200 |  |
| Shareholders | 12,483 |  |
| Average salary (parent only) | ¥8.9M | Filing company only |
| Cash ratio | 24.3% | Cash ÷ revenue 42.5% |
| Vs. industry median margin | +5.1 pp | Semiconductor Materials |
| ROE | 12.5% | Derived from disclosed figures |
| ROA | 8.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 66% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥41956000000 | ¥69404000000 | +65.4% |
| Operating income | ¥7639000000 | ¥13826000000 | +81.0% |
| Operating margin | 18.2% | 19.9% | +1.7 pp |
| Employees | 958 people | 1,305 people | +36.2% |
| Cash and equivalents | ¥29418000000 | ¥29524000000 | +0.4% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 56.8% |
| 日本 → 事業再編・廃止 | 2.2% |
| 北米 → 北米 | 11.5% |
| 北米 → 事業再編・廃止 | 1.9% |
| アジア → アジア | 23.9% |
| 欧州 → 欧州 | 3.4% |
| 欧州 → 事業再編・廃止 | 0.1% |
| 新設・再編 → アジア | 4.3% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +9.7% | ¥39450000000 | 28.9% | 2 |
| Asia | 5 years | +14.3% | ¥19599000000 | 26.8% | 2 |
| North America | 5 years | +7.2% | ¥7967000000 | 4.2% | 2 |
| Europe | 5 years | +9.7% | ¥2387000000 | 6.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 69,404 | 100.0% | S100YE62 |
| Cost of revenue | 38,192 | 55.0% | S100YE62 |
| Gross profit | 31,211 | 45.0% | S100YE62 |
| SG&A | 17,384 | 25.0% | S100YE62 |
| Operating income | 13,826 | 19.9% | S100YE62 |
| Ordinary income | 14,169 | 20.4% | S100YE62 |
| Pretax income | 13,747 | 19.8% | S100YE62 |
| Income tax | 4,620 | 6.7% | S100YE62 |
| Net income | 9,127 | 13.2% | S100YE62 |
| Net income attributable to owners | 9,059 | 13.1% | S100YE62 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 25 |
| Operating income | 20 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 45.0% → Operating margin 19.9% → Net margin 13.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.0%; Core profit growth: +17.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.57×
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 | 62,503 | 69,404 | 6,901 | +11.0% |
| Gross profit | 27,451 | 31,211 | 3,760 | +13.7% |
| Operating income | 11,780 | 13,826 | 2,046 | +17.4% |
| Net income attributable to owners | 9,428 | 9,059 | -369 | -3.9% |
| Operating cash flow | 12,987 | 12,599 | -388 | -3.0% |
| Free cash flow | 143 | -9,636 | -9,779 | -6838.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 38,408 | 6,007 | 15.6% | 4,270 | 6,232 | 3,963 | S100LLGV |
| FY ending Mar 2021 | 41,956 | 7,639 | 18.2% | 5,607 | 8,743 | 7,456 | S100OIHE |
| FY ending Mar 2022 | 51,731 | 12,059 | 23.3% | 9,156 | 9,301 | 7,685 | S100QZD8 |
| FY ending Mar 2023 | 58,394 | 13,243 | 22.7% | 10,594 | 7,377 | 5,615 | S100TO1U |
| FY ending Mar 2024 | 51,423 | 8,251 | 16.0% | 6,499 | 7,452 | 3,714 | S100WXSY |
| FY ending Mar 2025 | 62,503 | 11,780 | 18.8% | 9,428 | 12,987 | 143 | S100YE62 |
| FY ending Mar 2026 | 69,404 | 13,826 | 19.9% | 9,059 | 12,599 | -9,636 | S100YE62 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.2M |
| Operating income per employee (consolidated) | ¥10.6M |
| Net income per employee (consolidated) | ¥6.9M |

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) | 980 | 1,031 | 1,110 | 1,235 | 1,305 |
| Average salary (parent company) | ¥9M | ¥10.9M | ¥8.2M | ¥8.6M | ¥8.9M |
| Average age (parent company) | 42.5 years | 42.6 years | 42.4 years | 42.2 years | 41.9 years |
| Average tenure (parent company) | 14.1 years | 14.0 years | 13.7 years | 13.3 years | 12.7 years |

Year over year: Employees (consolidated) +5.7% · Revenue (consolidated) +11.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 39,450 | 56.8% | 11,401 | 28.9% |
| North America | 7,967 | 11.5% | 335 | 4.2% |
| Asia | 19,599 | 28.2% | 5,252 | 26.8% |
| Europe | 2,387 | 3.4% | 162 | 6.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 56.8% | 66.5% | 9.6 | 28.9% |
| North America | 11.5% | 2.0% | -9.5 | 4.2% |
| Asia | 28.2% | 30.6% | 2.4 | 26.8% |
| Europe | 3.4% | 0.9% | -2.5 | 6.8% |

Segment → industry: Europe → Semiconductor Materials / Asia → Semiconductor Materials / North America → Semiconductor Materials / Japan → Semiconductor Materials

## 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 | 12,599 | 18.2% | S100YE62 |
| Capital expenditure | 22,235 | 32.0% | S100YE62 |
| Free cash flow | -9,636 | -13.9% | 算出 |
| Investing cash flow | -20,146 | -29.0% | S100YE62 |
| Financing cash flow | 12,178 | 17.5% | S100YE62 |
| Dividends paid | 5,533 | 8.0% | S100YE62 |
| Change in cash | 5,737 | 8.3% | S100YE62 |
| Cash and equivalents | 29,524 | 42.5% | S100YE62 |

## 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 | 34,402 | 35,332 | 32,645 | 23,787 | 29,524 | S100TO1U, S100WXSY, S100YE62 |
| Total assets | 75,684 | 80,101 | 82,999 | 90,908 | 121,302 | S100QZD8, S100TO1U, S100WXSY, S100YE62 |
| Net assets | 62,967 | 69,011 | 72,576 | 76,895 | 84,715 | S100TO1U, S100WXSY, S100YE62 |
| Share capital | 4,753 | 4,753 | 4,753 | 4,753 | 4,753 | S100QZD8, S100TO1U, S100WXSY, S100YE62 |
| Trade receivables | 11,581 | 11,246 | 12,214 | 12,798 | 13,681 | S100QZD8, S100TO1U, S100WXSY, S100YE62 |
| Property, plant and equipment | 14,225 | 14,827 | 16,837 | 29,180 | 51,189 | S100QZD8, S100TO1U, S100WXSY, S100YE62 |
| Intangible assets excluding goodwill | 349 | 241 | 204 | 893 | 1,644 | S100QZD8, S100TO1U, S100WXSY, S100YE62 |
| Investment securities | 1,844 | 2,282 | 3,232 | 3,511 | 6,079 | S100QZD8, S100TO1U, S100WXSY, S100YE62 |
| Current assets | 58,049 | 61,623 | 61,855 | 56,128 | 61,186 | S100QZD8, S100TO1U, S100WXSY, S100YE62 |
| Current liabilities | 11,484 | 9,648 | 9,264 | 12,471 | 18,142 | S100QZD8, S100TO1U, S100WXSY, S100YE62 |
| Trade payables | — | — | 3,315 | 4,230 | 4,375 | S100WXSY, S100YE62 |
| Long-term borrowings | — | — | — | — | 16,160 | S100YE62 |
| Total liabilities | 12,717 | 11,089 | 10,423 | 14,012 | 36,587 | S100QZD8, S100TO1U, S100WXSY, S100YE62 |
| Non-controlling interests | — | — | — | 776 | 844 | S100YE62 |
| Equity attributable to owners of parent | 60,584 | 65,688 | 66,652 | 70,548 | 74,073 | S100QZD8, S100TO1U, S100WXSY, S100YE62 |
| Retained earnings | 55,705 | 60,310 | 61,277 | 65,172 | 68,698 | S100QZD8, S100TO1U, S100WXSY, S100YE62 |
| Treasury stock | -6,753 | -4,414 | -4,416 | -4,416 | -4,416 | S100QZD8, S100TO1U, S100WXSY, S100YE62 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YE62 |
| Receivables | 11% | S100YE62 |
| Property, plant and equipment | 42% | S100YE62 |
| Intangibles and goodwill | 2% | S100YE62 |
| Investment securities | 5% | S100YE62 |
| Other assets | 16% | S100YE62 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YE62 |
| Other liabilities | 26% | S100YE62 |
| Equity | 70% | S100YE62 |

### 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 | 75,684 | 80,101 | 82,999 | 90,908 | 121,302 |
| Equity | 62,967 | 69,011 | 72,576 | 76,895 | 84,715 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 34,402 | 35,332 | 32,645 | 23,787 | 29,524 |

## 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) | 73.8% | S100YE62 |
| Fixed assets ÷ total assets | 42.2% | S100YE62 |
| Goodwill ÷ parent equity | — | —, S100YE62 |

### 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) | 24.3% |
| Cash ÷ revenue | 42.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 91.1% |
| Cash vs. profit gap | 3,540 JPY mn (of net income 39.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 61.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 32.0% |
| Investing CF relative to operating CF | 159.9% |

## 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 | 17.7% | 0.68× | 12.1% | 1.25× | 15.1% | S100QZD8 |
| 2023 | 18.1% | 0.75× | 13.6% | 1.23× | 16.8% | S100TO1U |
| 2024 | 12.6% | 0.63× | 8.0% | 1.23× | 9.8% | S100WXSY |
| 2025 | 15.1% | 0.72× | 10.8% | 1.27× | 13.7% | S100YE62 |
| 2026 | 13.1% | 0.65× | 8.5% | 1.47× | 12.5% | S100YE62 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社コマ | Major shareholder | 17.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.9% | 2026-03-31 |
| フジミ取引先持株会 | Major shareholder | 2.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.6% | 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 |
| 一般財団法人越山化学技術振興財団 | Major shareholder | 2.4% | 2026-03-31 |
| HSBC - FUND SERVICES CLIENTS A/C 500(常任代理人 香港上海銀行東京支店) | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.0% | 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 | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2025/04/01－2026/03/31) | S100YE62 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE62,, |
| 訂正有価証券報告書－第73期(2024/04/01－2025/03/31) | S100WXSY | 2025-11-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WXSY,, |
| 有価証券報告書－第72期(2023/04/01－2024/03/31) | S100TO1U | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO1U,, |
| 有価証券報告書－第71期(2022/04/01－2023/03/31) | S100QZD8 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZD8,, |
| 有価証券報告書－第70期(令和3年4月1日－令和4年3月31日) | S100OIHE | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIHE,, |
| 有価証券報告書－第69期(令和2年4月1日－令和3年3月31日) | S100LLGV | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLGV,, |

## 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).