# Harmonic Drive Systems Inc.: 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38期(2025/04/01－2026/03/31) (S100YBHC)
> Page: https://vizora.meequs.com/en/company/harmonic-drive-systems
> Retrieved: 2026-09-30T21:32:12.190Z

## Company

Harmonic Drive Systems, founded in 1989, is a company in Robots & Factory Automation listed on TSE Prime. It has 1,419 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Harmonic Drive Systems Inc. |
| Ticker | 6324 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6324.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区南大井六丁目25番3号 |
| Representative (per filing) | 代表取締役社長 丸山顕 |
| Founded | Feb 1989 |
| Share capital | ¥7.1B |
| Employees (consolidated) | 1,419 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.hds.co.jp (https://www.hds.co.jp/) |
| Corporate number | 3010701008189 |
| EDINET | E01712 |
| Industries (Vizora) | Robots & Factory Automation, Industrial Machinery |

> Profile source: annual securities report (S100YBHC, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.7 | 110 |
| Profitability | 21.7 | 122 |
| Cash conversion | 85.8 | 116 |
| Efficiency | 9.4 | 122 |

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 45% of Harmonic Drive Systems's sales come from Japan, with Europe and North America making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +7.0% from the prior year, operating profit +36617.3%.

## Company structure

- Segment revenue mix: Japan 44.7%、Europe 28.2%、North America 20.3%、China 6.8%
- Revenue → net income: ¥59557877000 → ¥1608895000
- Net income → operating cash flow: ¥1608895000 → ¥6425287000（difference ¥4816392000）
- Main uses of operating cash flow: CapEx ¥5943720000 / dividends ¥1895629000 / buybacks ¥809712000
- Change in cash: ¥-3831211000
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 | ¥59.6B |  |
| Operating income | ¥2.57B | Margin 4.3% |
| Net income | ¥1.61B | Margin 2.7% |
| Free cash flow | ¥481.6M |  |
| Largest business | Japan | of segment revenue 44.7% |
| Employees (consolidated) | 1,419 |  |
| EPS | ¥7.6 |  |
| Book value per share | ¥604.6 |  |
| Equity ratio | 72.2% |  |
| Shares outstanding | 96,315,400 |  |
| Treasury shares | 1,648,600 |  |
| Shareholders | 14,204 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 17.1% | Cash ÷ revenue 32.1% |
| Vs. industry median margin | -7.4 pp | Robots & Factory Automation |
| ROE | 2.6% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.0× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥37034042000 | ¥59557877000 | +60.8% |
| Operating income | ¥865918000 | ¥2567642000 | +196.5% |
| Operating margin | 2.3% | 4.3% | +2 pp |
| Employees | 1,104 people | 1,419 people | +28.5% |
| Cash and equivalents | ¥19996738000 | ¥19091800000 | -4.5% |

### 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 | 44.7% |
| 日本 → 事業再編・廃止 | 15.0% |
| 北米 → 北米 | 13.9% |
| 欧州 → 欧州 | 26.4% |
| 新設・再編 → 中国 | 6.8% |
| 新設・再編 → 北米 | 6.4% |
| 新設・再編 → 欧州 | 1.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +3.8% | ¥26626847000 | 13.9% | 2 |
| Europe | 5 years | +11.4% | ¥16776734000 | 3.8% | 2 |
| North America | 5 years | +18.7% | ¥12107628000 | 4.4% | 2 |
| China | 2 years | -1.4% | ¥4046666000 | 9.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 59,558 | 100.0% | S100YBHC |
| Cost of revenue | 41,424 | 69.6% | S100YBHC |
| Gross profit | 18,133 | 30.4% | S100YBHC |
| SG&A | 15,566 | 26.1% | S100YBHC |
| Operating income | 2,568 | 4.3% | S100YBHC |
| Ordinary income | 2,540 | 4.3% | S100YBHC |
| Pretax income | 2,294 | 3.9% | S100YBHC |
| Income tax | 685 | 1.1% | S100YBHC |
| Net income | 1,609 | 2.7% | S100YBHC |
| Net income attributable to owners | 1,609 | 2.7% | S100YBHC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 26 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 30.4% → Operating margin 4.3% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.0%; Core profit growth: +36617.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5208.69×
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 | 55,646 | 59,558 | 3,912 | +7.0% |
| Gross profit | 14,854 | 18,133 | 3,279 | +22.1% |
| Operating income | 7 | 2,568 | 2,561 | +36617.3% |
| Net income attributable to owners | 3,474 | 1,609 | -1,865 | -53.7% |
| Operating cash flow | 7,516 | 6,425 | -1,091 | -14.5% |
| Free cash flow | 2,182 | 482 | -1,701 | -77.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 37,488 | -195 | -0.5% | -1,095 | 10,950 | -434 | S100LOPK |
| FY ending Mar 2021 | 37,034 | 866 | 2.3% | 662 | 9,555 | 8,169 | S100ODS8 |
| FY ending Mar 2022 | 57,088 | 8,740 | 15.3% | 6,644 | 9,882 | 5,068 | S100QZUN |
| FY ending Mar 2023 | 71,527 | 10,225 | 14.3% | 7,596 | 10,850 | 1,782 | S100TR1D |
| FY ending Mar 2024 | 55,796 | 125 | 0.2% | -24,807 | 12,729 | 7,416 | S100WD6H |
| FY ending Mar 2025 | 55,646 | 7 | 0.0% | 3,474 | 7,516 | 2,182 | S100YBHC |
| FY ending Mar 2026 | 59,558 | 2,568 | 4.3% | 1,609 | 6,425 | 482 | S100YBHC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 1,145 | 1,324 | 1,349 | 1,384 | 1,419 |
| Average salary (parent company) | ¥7.5M | ¥7.7M | ¥7.4M | ¥7M | ¥7.2M |
| Average age (parent company) | 41.8 years | 41.8 years | 42.2 years | 42.7 years | 42.5 years |
| Average tenure (parent company) | 15.1 years | 14.4 years | 13.7 years | 13.5 years | 13.2 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) +7.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 26,627 | 44.7% | 3,694 | 13.9% |
| China | 4,047 | 6.8% | 382 | 9.4% |
| North America | 12,108 | 20.3% | 529 | 4.4% |
| Europe | 16,777 | 28.2% | 645 | 3.8% |

### 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 |
| --- | ---: |
| Japan | 44.7% |
| China | 6.8% |
| North America | 20.3% |
| Europe | 28.2% |

Segment → industry: Japan → Robots & Factory Automation / Japan → Industrial Machinery / China → Robots & Factory Automation / China → Industrial Machinery / North America → Robots & Factory Automation / North America → Industrial Machinery / Europe → Robots & Factory Automation / Europe → Industrial Machinery

## 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 | 6,425 | 10.8% | S100YBHC |
| Capital expenditure | 5,944 | 10.0% | S100YBHC |
| Free cash flow | 482 | 0.8% | 算出 |
| Investing cash flow | -4,941 | -8.3% | S100YBHC |
| Financing cash flow | -5,874 | -9.9% | S100YBHC |
| Dividends paid | 1,896 | 3.2% | S100YBHC |
| Share buyback | 810 | 1.4% | S100YBHC |
| Change in cash | -3,831 | -6.4% | S100YBHC |
| Cash and equivalents | 19,092 | 32.1% | S100YBHC |

## 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 | 18,768 | 19,922 | 18,942 | 22,923 | 19,092 | S100TR1D, S100WD6H, S100YBHC |
| Total assets | 143,290 | 154,336 | 119,142 | 113,622 | 111,400 | S100QZUN, S100TR1D, S100WD6H, S100YBHC |
| Net assets | 98,856 | 103,956 | 79,402 | 78,943 | 80,391 | S100TR1D, S100WD6H, S100YBHC |
| Share capital | 7,100 | 7,100 | 7,100 | 7,100 | 7,100 | S100QZUN, S100TR1D, S100WD6H, S100YBHC |
| Property, plant and equipment | 43,968 | 48,927 | 48,147 | 45,960 | 45,256 | S100QZUN, S100TR1D, S100WD6H, S100YBHC |
| Intangible assets excluding goodwill | 40,436 | 40,333 | 12,897 | 12,159 | 12,606 | S100QZUN, S100TR1D, S100WD6H, S100YBHC |
| Goodwill | 15,336 | 15,258 | — | — | — | S100QZUN, S100TR1D |
| Investment securities | 11,129 | 11,045 | 8,781 | 410 | 390 | S100QZUN, S100TR1D, S100WD6H, S100YBHC |
| Current assets | 45,873 | 52,175 | 47,458 | 53,165 | 51,048 | S100QZUN, S100TR1D, S100WD6H, S100YBHC |
| Current liabilities | 14,127 | 16,468 | 11,720 | 13,897 | 12,274 | S100QZUN, S100TR1D, S100WD6H, S100YBHC |
| Trade payables | 3,857 | 3,596 | 3,037 | 3,185 | 2,394 | S100QZUN, S100TR1D, S100WD6H, S100YBHC |
| Short-term borrowings | 327 | 2,610 | 701 | 2,702 | 2,204 | S100QZUN, S100TR1D, S100WD6H, S100YBHC |
| Long-term borrowings | 14,618 | 17,767 | 15,201 | 11,016 | 9,125 | S100QZUN, S100TR1D, S100WD6H, S100YBHC |
| Total liabilities | 44,434 | 50,381 | 39,741 | 34,679 | 31,009 | S100QZUN, S100TR1D, S100WD6H, S100YBHC |
| Equity attributable to owners of parent | 89,185 | 89,748 | 62,048 | 63,306 | 62,284 | S100QZUN, S100TR1D, S100WD6H, S100YBHC |
| Retained earnings | 59,361 | 64,853 | 37,479 | 39,053 | 38,766 | S100QZUN, S100TR1D, S100WD6H, S100YBHC |
| Treasury stock | -39 | -4,979 | -5,309 | -5,633 | -6,335 | S100QZUN, S100TR1D, S100WD6H, S100YBHC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YBHC |
| Property, plant and equipment | 41% | S100YBHC |
| Intangibles and goodwill | 11% | S100YBHC |
| Investment securities | 0% | S100YBHC |
| Other assets | 31% | S100YBHC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YBHC |
| Other liabilities | 26% | S100YBHC |
| Equity | 72% | S100YBHC |
| Other liabilities | 0% | S100YBHC |

### 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 | 143,290 | 154,336 | 119,142 | 113,622 | 111,400 |
| Equity | 98,856 | 103,956 | 79,402 | 78,943 | 80,391 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,768 | 19,922 | 18,942 | 22,923 | 19,092 |

## 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) | 76.0% | S100YBHC |
| Fixed assets ÷ total assets | 40.6% | S100YBHC |
| Goodwill ÷ parent equity | — | —, S100YBHC |

### 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) | 17.1% |
| Cash ÷ revenue | 32.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 250.2% |
| Cash vs. profit gap | 4,816 JPY mn (of net income 299.4%) |
| Shareholder returns / net income | 168.1% |
| Shareholder returns / FCF | 561.8% |
| Shareholder payments — dividends / net income | 117.8% |
| Shareholder payments — dividends / FCF | 393.6% |
| CapEx intensity (capex ÷ revenue) | 10.0% |
| Investing CF relative to operating CF | 76.9% |

## 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 | 11.6% | 0.40× | 4.6% | 1.61× | 7.4% | S100QZUN |
| 2023 | 10.6% | 0.48× | 5.1% | 1.66× | 8.5% | S100TR1D |
| 2024 | — | —× | -18.1% | —× | — | S100WD6H |
| 2025 | 6.2% | 0.48× | 3.0% | 1.86× | 5.5% | S100YBHC |
| 2026 | 2.7% | 0.53× | 1.4% | 1.79× | 2.6% | S100YBHC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＫＯＤＥＮホールディングス | Major shareholder | 35.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.1% | 2026-03-31 |
| 伊藤 典光 | Major shareholder | 3.2% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 管理信託（A030）受託者 株式会社ＳＭＢＣ信託銀行 | Major shareholder | 2.3% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)（常任代理人：株式会社三菱UFJ銀行） | Major shareholder | 2.2% | 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 | 2.1% | 2026-03-31 |
| HSBC HONG KONG-TREASURYSERVICES A/C ASIAN EQUITIES DERIVATIVES（常任代理人：香港上海銀行東京支店） | Major shareholder | 1.6% | 2026-03-31 |
| GOVERNMENT OF NORWAY（常任代理人：シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.3% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC （常任代理人：株式会社三菱UFJ銀行） | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第38期(2025/04/01－2026/03/31) | S100YBHC | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBHC,, |
| 訂正有価証券報告書－第37期(2024/04/01－2025/03/31) | S100WD6H | 2025-07-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WD6H,, |
| 有価証券報告書－第36期(2023/04/01－2024/03/31) | S100TR1D | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR1D,, |
| 有価証券報告書－第35期(2022/04/01－2023/03/31) | S100QZUN | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZUN,, |
| 有価証券報告書－第34期(令和3年4月1日－令和4年3月31日) | S100ODS8 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODS8,, |
| 有価証券報告書－第33期(令和2年4月1日－令和3年3月31日) | S100LOPK | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOPK,, |

## 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).