# FUKUDA DENSHI CO.,LTD.: 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79期(2025/04/01－2026/03/31) (S100YLF7)
> Page: https://vizora.meequs.com/en/company/fukuda-denshi
> Retrieved: 2026-09-30T21:03:12.362Z

## Company

Fukuda Denshi, founded in 1948, is a company in Medical Devices listed on TSE Standard. It has 3,497 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUKUDA DENSHI CO., LTD. |
| Ticker | 6960 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6960.T) |
| Listing | TSE Standard |
| Head office | 東京都文京区本郷三丁目39番4号 |
| Representative (per filing) | 代表取締役社長 白井 大治郎 |
| Founded | Jul 1948 |
| Share capital | ¥4.62B |
| Employees (consolidated) | 3,497 |
| Average salary (parent only) | ¥9.3M |
| Fiscal year end | March |
| Website | www.fukuda.co.jp (https://www.fukuda.co.jp/) |
| Corporate number | 7010001006880 |
| EDINET | E02304 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100YLF7, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.6 | 38 |
| Profitability | 78.2 | 39 |
| Cash conversion | 56.6 | 38 |
| Efficiency | 39.7 | 39 |

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 46% of Fukuda Denshi's sales come from medical treatment equipment, with consumables and other products and physiological diagnostic equipment making up much of the rest.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +0.5% from the prior year, operating profit +2.8%.

## Company structure

- Segment revenue mix: medical treatment equipment 45.6%、consumables and other products 28.5%、physiological diagnostic equipment 19.3%、patient monitoring equipment 6.7%
- Revenue → net income: ¥139697000000 → ¥18790000000
- Net income → operating cash flow: ¥18790000000 → ¥29328000000（difference ¥10538000000）
- Main uses of operating cash flow: CapEx ¥19947000000 / dividends ¥5679000000 / buybacks ¥12434000000
- Change in cash: ¥-6650000000
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 | ¥139.7B |  |
| Operating income | ¥26.6B | Margin 19.0% |
| Net income | ¥18.8B | Margin 13.5% |
| Free cash flow | ¥9.38B |  |
| Largest business | medical treatment equipment | of segment revenue 45.6% |
| Employees (consolidated) | 3,497 |  |
| EPS | ¥980.21 |  |
| Book value per share | ¥5822.2 |  |
| Equity ratio | 83.8% |  |
| Shares outstanding | 37,747,000 |  |
| Treasury shares | 10,371,500 |  |
| Shareholders | 2,515 |  |
| Average salary (parent only) | ¥9.3M | Filing company only |
| Cash ratio | 26.9% | Cash ÷ revenue 43.4% |
| Vs. industry median margin | +8 pp | Medical Devices |
| ROE | 10.7% | Derived from disclosed figures |
| ROA | 8.4% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.2× dividends
- FY2026, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥146756000000 | ¥139697000000 | -4.8% |
| Operating income | ¥19811000000 | ¥26608000000 | +34.3% |
| Operating margin | 13.5% | 19.0% | +5.5 pp |
| Employees | 3,291 people | 3,497 people | +6.3% |
| Cash and equivalents | ¥53564000000 | ¥60698000000 | +13.3% |

### 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 |
| --- | ---: |
| 生体検査装置 → 生体検査装置 | 19.3% |
| 生体検査装置 → 事業再編・廃止 | 8.3% |
| 生体情報モニター → 生体情報モニター | 6.7% |
| 生体情報モニター → 事業再編・廃止 | 2.9% |
| 治療装置 → 治療装置 | 37.6% |
| 消耗品等 → 消耗品等 | 25.2% |
| 新設・再編 → 治療装置 | 8.0% |
| 新設・再編 → 消耗品等 | 3.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| medical treatment equipment | 5 years | +2.9% | ¥63664000000 | 21.9% | 2 |
| consumables and other products | 5 years | +1.4% | ¥39778000000 | 16.6% | 2 |
| physiological diagnostic equipment | 5 years | -7.8% | ¥26943000000 | 16.2% | 2 |
| patient monitoring equipment | 5 years | -7.9% | ¥9310000000 | 18.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 139,697 | 100.0% | S100YLF7 |
| Cost of revenue | 63,174 | 45.2% | S100YLF7 |
| Gross profit | 76,522 | 54.8% | S100YLF7 |
| SG&A | 49,914 | 35.7% | S100YLF7 |
| Operating income | 26,608 | 19.0% | S100YLF7 |
| Ordinary income | 27,341 | 19.6% | S100YLF7 |
| Pretax income | 27,027 | 19.3% | S100YLF7 |
| Income tax | 8,237 | 5.9% | S100YLF7 |
| Net income | 18,790 | 13.5% | S100YLF7 |
| Net income attributable to owners | 18,790 | 13.5% | S100YLF7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 36 |
| Operating income | 19 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 54.8% → Operating margin 19.0% → Net margin 13.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.5%; Core profit growth: +2.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.72×
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 | 139,007 | 139,697 | 690 | +0.5% |
| Gross profit | 73,816 | 76,522 | 2,706 | +3.7% |
| Operating income | 25,874 | 26,608 | 734 | +2.8% |
| Net income attributable to owners | 18,605 | 18,790 | 185 | +1.0% |
| Operating cash flow | 33,019 | 29,328 | -3,691 | -11.2% |
| Free cash flow | 20,128 | 9,381 | -10,747 | -53.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 133,393 | 13,283 | 10.0% | 9,609 | 20,233 | 7,181 | S100LSU0 |
| FY ending Mar 2021 | 146,756 | 19,811 | 13.5% | 14,716 | 21,743 | 9,891 | S100OJ3B |
| FY ending Mar 2022 | 132,098 | 22,708 | 17.2% | 16,216 | 23,111 | 8,753 | S100R73A |
| FY ending Mar 2023 | 134,648 | 24,093 | 17.9% | 17,278 | 23,137 | 10,598 | S100TU7S |
| FY ending Mar 2024 | 140,323 | 26,506 | 18.9% | 18,693 | 23,914 | 9,791 | S100W6NZ |
| FY ending Mar 2025 | 139,007 | 25,874 | 18.6% | 18,605 | 33,019 | 20,128 | S100YLF7 |
| FY ending Mar 2026 | 139,697 | 26,608 | 19.0% | 18,790 | 29,328 | 9,381 | S100YLF7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.9M |
| Operating income per employee (consolidated) | ¥7.6M |
| Net income per employee (consolidated) | ¥5.4M |

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) | 3,348 | 3,382 | 3,443 | 3,465 | 3,497 |
| Average salary (parent company) | ¥8.2M | ¥8.5M | ¥8.8M | ¥9.2M | ¥9.3M |
| Average age (parent company) | 42.5 years | 42.7 years | 42.7 years | 42.8 years | 44.4 years |
| Average tenure (parent company) | 14.5 years | 14.4 years | 14.1 years | 14.0 years | 15.1 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +0.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| physiological diagnostic equipment | 26,943 | 19.3% | 4,376 | 16.2% |
| patient monitoring equipment | 9,310 | 6.7% | 1,702 | 18.3% |
| medical treatment equipment | 63,664 | 45.6% | 13,927 | 21.9% |
| consumables and other products | 39,778 | 28.5% | 6,600 | 16.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| physiological diagnostic equipment | 19.3% | 16.4% | -2.8 | 16.2% |
| patient monitoring equipment | 6.7% | 6.4% | -0.3 | 18.3% |
| medical treatment equipment | 45.6% | 52.3% | 6.8 | 21.9% |
| consumables and other products | 28.5% | 24.8% | -3.7 | 16.6% |

Segment → industry: consumables and other products → Medical Devices / medical treatment equipment → Medical Devices / patient monitoring equipment → Medical Devices / physiological diagnostic equipment → Medical Devices

## 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 | 29,328 | 21.0% | S100YLF7 |
| Capital expenditure | 19,947 | 14.3% | S100YLF7 |
| Free cash flow | 9,381 | 6.7% | 算出 |
| Investing cash flow | -18,661 | -13.4% | S100YLF7 |
| Financing cash flow | -17,366 | -12.4% | S100YLF7 |
| Dividends paid | 5,679 | 4.1% | S100YLF7 |
| Share buyback | 12,434 | 8.9% | S100YLF7 |
| Change in cash | -6,650 | -4.8% | S100YLF7 |
| Cash and equivalents | 60,698 | 43.4% | S100YLF7 |

## 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 | 61,030 | 64,939 | 57,198 | 67,348 | 60,698 | S100TU7S, S100W6NZ, S100YLF7 |
| Total assets | 195,495 | 206,922 | 209,064 | 221,321 | 225,373 | S100R73A, S100TU7S, S100W6NZ, S100YLF7 |
| Net assets | 149,857 | 163,047 | 169,008 | 181,652 | 188,796 | S100TU7S, S100W6NZ, S100YLF7 |
| Share capital | 4,621 | 4,621 | 4,621 | 4,621 | 4,621 | S100R73A, S100TU7S, S100W6NZ, S100YLF7 |
| Property, plant and equipment | 45,264 | 46,826 | 51,575 | 56,405 | 61,660 | S100R73A, S100TU7S, S100W6NZ, S100YLF7 |
| Intangible assets excluding goodwill | 1,538 | 1,617 | 1,862 | 1,777 | 1,941 | S100R73A, S100TU7S, S100W6NZ, S100YLF7 |
| Investment securities | 9,671 | 10,815 | 15,496 | 14,740 | 21,998 | S100R73A, S100TU7S, S100W6NZ, S100YLF7 |
| Current assets | 119,736 | 126,725 | 119,136 | 127,139 | 120,107 | S100R73A, S100TU7S, S100W6NZ, S100YLF7 |
| Current liabilities | 38,829 | 37,514 | 34,431 | 35,219 | 30,967 | S100R73A, S100TU7S, S100W6NZ, S100YLF7 |
| Trade payables | 15,501 | 13,743 | 11,611 | 11,737 | 10,581 | S100R73A, S100TU7S, S100W6NZ, S100YLF7 |
| Short-term borrowings | 1,750 | 1,750 | 1,750 | 1,750 | 1,800 | S100R73A, S100TU7S, S100W6NZ, S100YLF7 |
| Total liabilities | 45,638 | 43,875 | 40,056 | 39,669 | 36,577 | S100R73A, S100TU7S, S100W6NZ, S100YLF7 |
| Equity attributable to owners of parent | 148,236 | 160,266 | 162,220 | 175,309 | 177,006 | S100R73A, S100TU7S, S100W6NZ, S100YLF7 |
| Retained earnings | 142,135 | 154,156 | 167,359 | 180,440 | 193,546 | S100R73A, S100TU7S, S100W6NZ, S100YLF7 |
| Treasury stock | -20,362 | -20,398 | -27,266 | -27,258 | -39,127 | S100R73A, S100TU7S, S100W6NZ, S100YLF7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100YLF7 |
| Property, plant and equipment | 27% | S100YLF7 |
| Intangibles and goodwill | 1% | S100YLF7 |
| Investment securities | 10% | S100YLF7 |
| Other assets | 35% | S100YLF7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YLF7 |
| Other liabilities | 11% | S100YLF7 |
| Equity | 84% | S100YLF7 |

### 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 | 195,495 | 206,922 | 209,064 | 221,321 | 225,373 |
| Equity | 149,857 | 163,047 | 169,008 | 181,652 | 188,796 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 61,030 | 64,939 | 57,198 | 67,348 | 60,698 |

## 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) | 44.1% | S100YLF7 |
| Fixed assets ÷ total assets | 27.4% | S100YLF7 |
| Goodwill ÷ parent equity | — | —, S100YLF7 |

### 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) | 26.9% |
| Cash ÷ revenue | 43.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 110.2% |
| Cash vs. profit gap | 10,538 JPY mn (of net income 56.1%) |
| Shareholder returns / net income | 96.4% |
| Shareholder returns / FCF | 193.1% |
| Shareholder payments — dividends / net income | 30.2% |
| Shareholder payments — dividends / FCF | 60.5% |
| CapEx intensity (capex ÷ revenue) | 14.3% |
| Investing CF relative to operating CF | 63.6% |

## 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 | 12.3% | 0.68× | 8.3% | 1.32× | 10.9% | S100R73A |
| 2023 | 12.8% | 0.67× | 8.6% | 1.30× | 11.2% | S100TU7S |
| 2024 | 13.3% | 0.67× | 9.0% | 1.29× | 11.6% | S100W6NZ |
| 2025 | 13.4% | 0.65× | 8.6% | 1.28× | 11.0% | S100YLF7 |
| 2026 | 13.5% | 0.63× | 8.4% | 1.27× | 10.7% | S100YLF7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 福田 孝太郎 | Major shareholder | 20.6% | 2026-03-31 |
| 日本生命保険（相） | Major shareholder | 5.5% | 2026-03-31 |
| みずほ信託銀行㈱ 退職給付信託 きらぼし銀行口 再信託受託者 ㈱日本カストディ銀行 | Major shareholder | 5.0% | 2026-03-31 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 5.0% | 2026-03-31 |
| ㈱みずほ銀行 | Major shareholder | 3.8% | 2026-03-31 |
| ㈱北陸銀行 | Major shareholder | 3.6% | 2026-03-31 |
| 福田 百合子 | Major shareholder | 2.7% | 2026-03-31 |
| フクダ電子従業員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| 公益財団法人福田記念医療技術振興財団 | Major shareholder | 2.2% | 2026-03-31 |
| ザ チェース マンハッタン バンク エヌエイ ロンドン エス エル オムニバス アカウント （常任代理人：㈱みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YLF7 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLF7,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W6NZ | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6NZ,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TU7S | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU7S,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100R73A | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R73A,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100OJ3B | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ3B,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LSU0 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSU0,, |

## 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).