# HAMAMATSU PHOTONICS K.K.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第78期(2024/10/01－2025/09/30) (S100XDC2)
> Page: https://vizora.meequs.com/en/company/hamamatsu-photonics
> Retrieved: 2026-09-30T21:43:34.401Z

## Company

Hamamatsu Photonics, founded in 1948, is a company in Robots & Factory Automation listed on TSE Prime. It has 6,601 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HAMAMATSU PHOTONICS K.K. |
| Ticker | 6965 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6965.T) |
| Listing | TSE Prime |
| Head office | 静岡県浜松市中央区市野町1126番地の1 (注)上記は登記上の本店所在地であり、実際の本社業務は「最寄りの連絡 場所」において行っております。 |
| Representative (per filing) | 代表取締役社長 社長執行役員 丸野 正 |
| Founded | Sep 1948 |
| Share capital | ¥35.2B |
| Employees (consolidated) | 6,601 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | September |
| Website | www.hamamatsu.com (https://www.hamamatsu.com/) |
| Corporate number | 2080401004193 |
| EDINET | E01955 |
| Industries (Vizora) | Robots & Factory Automation, Semiconductor Equipment, Semiconductors, Electronic Components, Hotels & Inns |

> Profile source: annual securities report (S100XDC2, filed 2025-12-26). As of filing

## Five-axis industry profile

Primary industry: Semiconductors (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 13 |
| Profitability | 75 | 14 |
| Cash conversion | 61.1 | 9 |
| Efficiency | 53.6 | 14 |

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 37% of Hamamatsu Photonics's sales come from Opto-semiconductor, with Electron tube and Imaging and measurement instruments making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +4.0% from the prior year, operating profit -49.7%.

## Company structure

- Segment revenue mix: Opto-semiconductor 37.5%、Electron tube 33.9%、Imaging and measurement instruments 15.4%、Laser 10.5%、Other 2.7%
- Revenue → net income: ¥212051000000 → ¥14562000000
- Net income → operating cash flow: ¥14562000000 → ¥37784000000（difference ¥23222000000）
- Main uses of operating cash flow: CapEx ¥37222000000 / dividends ¥11566000000 / buybacks ¥20001000000
- Change in cash: ¥-6542000000
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 | ¥212.1B |  |
| Operating income | ¥16.2B | Margin 7.6% |
| Net income | ¥14.2B | Margin 6.7% |
| Free cash flow | ¥562M |  |
| Largest business | Opto-semiconductor | of segment revenue 37.5% |
| Employees (consolidated) | 6,601 |  |
| EPS | ¥47.42 |  |
| Book value per share | ¥761.45 |  |
| Equity ratio | 70.7% |  |
| Shares outstanding | 319,191,114 |  |
| Treasury shares | 19,892,700 |  |
| Shareholders | 68,732 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 18.9% | Cash ÷ revenue 40.6% |
| Vs. industry median margin | +4.3 pp | Semiconductors |
| ROE | 4.7% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.7× net income
- FY2025, buybacks were 1.7× dividends

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥140251000000 | ¥212051000000 | +51.2% |
| Operating income | ¥21752000000 | ¥16163000000 | -25.7% |
| Operating margin | 15.5% | 7.6% | -7.9 pp |
| Employees | 5,195 people | 6,601 people | +27.1% |
| Cash and equivalents | ¥68773000000 | ¥86037000000 | +25.1% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 電子管 → 電子管 | 33.9% |
| 電子管 → 事業再編・廃止 | 4.1% |
| 光半導体 → 光半導体 | 37.5% |
| 光半導体 → 事業再編・廃止 | 9.4% |
| 画像計測機器 → 画像計測機器 | 11.9% |
| その他 → その他 | 2.7% |
| その他 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 画像計測機器 | 3.5% |
| 新設・再編 → レーザ | 10.5% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Opto-semiconductor | 5 years | +3.9% | ¥79505000000 | 15.8% | 2 |
| Electron tube | 5 years | +6.2% | ¥71906000000 | 26.4% | 2 |
| Imaging and measurement instruments | 5 years | +14.3% | ¥32703000000 | 29.7% | 2 |
| Laser | 2 years | +109.8% | ¥22255000000 | -19.6% | 2 |
| Other | 5 years | +5.0% | ¥5679000000 | 15.2% | 2 |

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 212,051 | 100.0% | S100XDC2 |
| Cost of revenue | 110,669 | 52.2% | S100XDC2 |
| Gross profit | 101,381 | 47.8% | S100XDC2 |
| SG&A | 85,218 | 40.2% | S100XDC2 |
| Operating income | 16,163 | 7.6% | S100XDC2 |
| Ordinary income | 18,802 | 8.9% | S100XDC2 |
| Pretax income | 20,716 | 9.8% | S100XDC2 |
| Income tax | 6,153 | 2.9% | S100XDC2 |
| Net income | 14,562 | 6.9% | S100XDC2 |
| Net income attributable to owners | 14,203 | 6.7% | S100XDC2 |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 40 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 47.8% → Operating margin 7.6% → Net margin 6.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.0%; Core profit growth: -49.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -12.52×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 203,961 | 212,051 | 8,090 | +4.0% |
| Gross profit | 103,884 | 101,381 | -2,503 | -2.4% |
| Operating income | 32,118 | 16,163 | -15,955 | -49.7% |
| Net income attributable to owners | 25,145 | 14,203 | -10,942 | -43.5% |
| Operating cash flow | 38,051 | 37,784 | -267 | -0.7% |
| Free cash flow | 8,541 | 562 | -7,979 | -93.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 145,912 | 25,403 | 17.4% | 19,918 | 30,875 | 16,408 | S100KDZM |
| FY ending Sep 2020 | 140,251 | 21,752 | 15.5% | 16,523 | 23,321 | 5,397 | S100N2I8 |
| FY ending Sep 2021 | 169,026 | 34,318 | 20.3% | 25,053 | 39,913 | 21,217 | S100PTBM |
| FY ending Sep 2022 | 208,803 | 56,983 | 27.3% | 41,295 | 45,126 | 27,124 | S100SIVV |
| FY ending Sep 2023 | 221,445 | 56,676 | 25.6% | 42,825 | 34,253 | 3,832 | S100UZ7A |
| FY ending Sep 2024 | 203,961 | 32,118 | 15.7% | 25,145 | 38,051 | 8,541 | S100XDC2 |
| FY ending Sep 2025 | 212,051 | 16,163 | 7.6% | 14,203 | 37,784 | 562 | S100XDC2 |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.1M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥2.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,279 | 5,491 | 5,795 | 6,395 | 6,601 |
| Average salary (parent company) | ¥6.8M | ¥7.2M | ¥7.7M | ¥7.4M | ¥7.3M |
| Average age (parent company) | 40.3 years | 40.2 years | 39.9 years | 39.6 years | 39.8 years |
| Average tenure (parent company) | 16.1 years | 16.0 years | 15.7 years | 15.4 years | 15.9 years |

Year over year: Employees (consolidated) +3.2% · Revenue (consolidated) +4.0%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electron tube | 71,906 | 33.9% | 18,953 | 26.4% |
| Opto-semiconductor | 79,505 | 37.5% | 12,583 | 15.8% |
| Imaging and measurement instruments | 32,703 | 15.4% | 9,698 | 29.7% |
| Laser | 22,255 | 10.5% | -4,365 | -19.6% |
| Other | 5,679 | 2.7% | 863 | 15.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electron tube | 33.9% | 45.0% | 11.1 | 26.4% |
| Opto-semiconductor | 37.5% | 29.9% | -7.6 | 15.8% |
| Imaging and measurement instruments | 15.4% | 23.0% | 7.6 | 29.7% |
| Laser | 10.5% | — | — | -19.6% |
| Other | 2.7% | 2.1% | -0.6 | 15.2% |

Loss-making segment (excluded from profit shares): Laser -4,365 JPY mn

Segment → industry: Imaging and measurement instruments → Robots & Factory Automation / Laser → Semiconductor Equipment / Opto-semiconductor → Semiconductors / Electron tube → Electronic Components / Other → Hotels & Inns

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 37,784 | 17.8% | S100XDC2 |
| Capital expenditure | 37,222 | 17.6% | S100XDC2 |
| Free cash flow | 562 | 0.3% | 算出 |
| Investing cash flow | -42,166 | -19.9% | S100XDC2 |
| Financing cash flow | -2,843 | -1.3% | S100XDC2 |
| Dividends paid | 11,566 | 5.5% | S100XDC2 |
| Share buyback | 20,001 | 9.4% | S100XDC2 |
| Change in cash | -6,542 | -3.1% | S100XDC2 |
| Cash and equivalents | 86,037 | 40.6% | S100XDC2 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 90,008 | 123,065 | 114,419 | 92,579 | 86,037 | S100SIVV, S100UZ7A, S100XDC2 |
| Total assets | 301,676 | 366,177 | 402,921 | 434,634 | 455,008 | S100PTBM, S100SIVV, S100UZ7A, S100XDC2 |
| Net assets | 237,570 | 281,904 | 320,059 | 333,011 | 323,455 | S100SIVV, S100UZ7A, S100XDC2 |
| Share capital | 35,008 | 35,048 | 35,095 | 35,146 | 35,200 | S100PTBM, S100SIVV, S100UZ7A, S100XDC2 |
| Trade receivables | 42,528 | 49,751 | 50,471 | 45,717 | 46,606 | S100PTBM, S100SIVV, S100UZ7A, S100XDC2 |
| Property, plant and equipment | 86,479 | 95,200 | 113,648 | 132,895 | 150,652 | S100PTBM, S100SIVV, S100UZ7A, S100XDC2 |
| Intangible assets excluding goodwill | 4,853 | 5,359 | 5,136 | 35,731 | 34,589 | S100PTBM, S100SIVV, S100UZ7A, S100XDC2 |
| Goodwill | 1,219 | 1,248 | 1,029 | 30,827 | 30,064 | S100PTBM, S100SIVV, S100UZ7A, S100XDC2 |
| Investment securities | 3,907 | 3,711 | 4,233 | 4,386 | 4,726 | S100PTBM, S100SIVV, S100UZ7A, S100XDC2 |
| Current assets | 192,120 | 246,038 | 260,850 | 239,009 | 236,446 | S100PTBM, S100SIVV, S100UZ7A, S100XDC2 |
| Current liabilities | 52,293 | 69,522 | 68,500 | 80,734 | 108,532 | S100PTBM, S100SIVV, S100UZ7A, S100XDC2 |
| Trade payables | 7,371 | 8,129 | 7,931 | 6,558 | 6,848 | S100PTBM, S100SIVV, S100UZ7A, S100XDC2 |
| Short-term borrowings | 3,507 | 4,799 | 5,854 | 25,281 | 53,498 | S100PTBM, S100SIVV, S100UZ7A, S100XDC2 |
| Long-term borrowings | 3,240 | 4,630 | 5,535 | 8,522 | 10,567 | S100PTBM, S100SIVV, S100UZ7A, S100XDC2 |
| Total liabilities | 64,105 | 84,273 | 82,862 | 101,623 | 131,553 | S100PTBM, S100SIVV, S100UZ7A, S100XDC2 |
| Non-controlling interests | 1,048 | 1,340 | 1,413 | 1,704 | 1,933 | S100PTBM, S100SIVV, S100UZ7A, S100XDC2 |
| Equity attributable to owners of parent | 234,170 | 266,239 | 296,594 | 310,052 | 292,780 | S100PTBM, S100SIVV, S100UZ7A, S100XDC2 |
| Retained earnings | 185,206 | 217,195 | 247,922 | 261,277 | 249,340 | S100PTBM, S100SIVV, S100UZ7A, S100XDC2 |
| Treasury stock | -20,797 | -20,798 | -20,798 | -20,798 | -26,241 | S100PTBM, S100SIVV, S100UZ7A, S100XDC2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100XDC2 |
| Receivables | 10% | S100XDC2 |
| Property, plant and equipment | 33% | S100XDC2 |
| Intangibles and goodwill | 14% | S100XDC2 |
| Investment securities | 1% | S100XDC2 |
| Other assets | 23% | S100XDC2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100XDC2 |
| Other liabilities | 27% | S100XDC2 |
| Equity | 71% | S100XDC2 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 301,676 | 366,177 | 402,921 | 434,634 | 455,008 |
| Equity | 237,570 | 281,904 | 320,059 | 333,011 | 323,455 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 90,008 | 123,065 | 114,419 | 92,579 | 86,037 |

## 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) | 71.0% | S100XDC2 |
| Fixed assets ÷ total assets | 33.1% | S100XDC2 |
| Goodwill ÷ parent equity | 10.3% | S100XDC2 |

Goodwill over 4 years: 1,219 → 30,064 JPY; total investing cash flow: -178,871 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) | 18.9% |
| Cash ÷ revenue | 40.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 233.8% |
| Cash vs. profit gap | 23,581 JPY mn (of net income 166.0%) |
| Shareholder returns / net income | 222.3% |
| Shareholder returns / FCF | 5616.9% |
| Shareholder payments — dividends / net income | 81.4% |
| Shareholder payments — dividends / FCF | 2058.0% |
| CapEx intensity (capex ÷ revenue) | 17.6% |
| Investing CF relative to operating CF | 111.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 14.8% | 0.56× | 8.3% | 1.29× | 10.7% | S100PTBM |
| 2022 | 19.8% | 0.63× | 12.4% | 1.33× | 16.5% | S100SIVV |
| 2023 | 19.3% | 0.58× | 11.1% | 1.37× | 15.2% | S100UZ7A |
| 2024 | 12.3% | 0.49× | 6.0% | 1.38× | 8.3% | S100XDC2 |
| 2025 | 6.7% | 0.48× | 3.2% | 1.48× | 4.7% | S100XDC2 |

## 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 | 16.6% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.7% | 2025-09-30 |
| 浜松ホトニクス従業員持株会 | Major shareholder | 2.9% | 2025-09-30 |
| ジェーピー モルガン チェース バンク 385864 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2025-09-30 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.0% | 2025-09-30 |
| ステート ストリート バンク アンド トラスト カンパニー 505025 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口４） | Major shareholder | 1.7% | 2025-09-30 |
| ステート ストリート バンク アンド トラスト クライアント オムニバス アカウント オーエムゼロツー 505002 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2025-09-30 |
| ジェーピー モルガン チェース バンク 385632 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2025-09-30 |
| 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 | 1.4% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第78期(2024/10/01－2025/09/30) | S100XDC2 | 2025-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XDC2,, |
| 有価証券報告書－第77期(2023/10/01－2024/09/30) | S100UZ7A | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZ7A,, |
| 有価証券報告書－第76期(2022/10/01－2023/09/30) | S100SIVV | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIVV,, |
| 有価証券報告書－第75期(令和3年10月1日－令和4年9月30日) | S100PTBM | 2022-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTBM,, |
| 有価証券報告書－第74期(令和2年10月1日－令和3年9月30日) | S100N2I8 | 2021-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2I8,, |
| 有価証券報告書－第73期(令和1年10月1日－令和2年9月30日) | S100KDZM | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KDZM,, |

## 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).