# IBIDEN CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第173期(2025/04/01－2026/03/31) (S100YFCS)
> Page: https://vizora.meequs.com/en/company/ibiden
> Retrieved: 2026-09-30T17:49:18.855Z

## Company

Ibiden, founded in 1912, is a company in Auto Parts listed on TSE Prime. It has 11,105 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IBIDEN CO.,LTD. |
| Ticker | 4062 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4062.T) |
| Listing | TSE Prime |
| Head office | 岐阜県大垣市神田町2丁目1番地 |
| Representative (per filing) | 代表取締役社長 河島 浩二 |
| Founded | Nov 1912 |
| Share capital | ¥64.2B |
| Employees (consolidated) | 11,105 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.ibiden.co.jp (https://www.ibiden.co.jp/) |
| Corporate number | 6200001013231 |
| EDINET | E00775 |
| Industries (Vizora) | Auto Parts, Glass & Ceramics, Electronic Components |

> Profile source: annual securities report (S100YFCS, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 44.3 | 53 |
| Profitability | 90.2 | 56 |
| Cash conversion | 65.6 | 48 |
| Efficiency | 6.3 | 56 |

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 58% of Ibiden's sales come from Electronics, with Other and Ceramics making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +12.7% from the prior year, operating profit +30.3%.

## Company structure

- Segment revenue mix: Electronics 58.5%、Other 21.7%、Ceramics 19.8%
- Revenue → net income: ¥416201000000 → ¥64162000000
- Net income → operating cash flow: ¥64162000000 → ¥106407000000（difference ¥42245000000）
- Main uses of operating cash flow: CapEx ¥107244000000 / dividends ¥6994000000 / buybacks ¥10000000
- Change in cash: ¥-97747000000
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 | ¥416.2B |  |
| Operating income | ¥62B | Margin 14.9% |
| Net income | ¥63.7B | Margin 15.3% |
| Free cash flow | -¥837M |  |
| Largest business | Electronics | of segment revenue 58.5% |
| Employees (consolidated) | 11,105 |  |
| EPS | ¥258.89 |  |
| Diluted EPS | ¥244.02 |  |
| Book value per share | ¥1543.73 |  |
| Equity ratio | 57.3% |  |
| Shares outstanding | 281,721,114 |  |
| Treasury shares | 1,934,000 |  |
| Shareholders | 48,419 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 30.5% | Cash ÷ revenue 70.4% |
| Vs. industry median margin | +9 pp | Electronic Components |
| ROE | 14.6% | Derived from disclosed figures |
| ROA | 6.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 73% of positive segment profit
- FY2026, employees -1% while operating income rose 30%
- FY2026, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥323461000000 | ¥416201000000 | +28.7% |
| Operating income | ¥38634000000 | ¥62027000000 | +60.6% |
| Operating margin | 11.9% | 14.9% | +3 pp |
| Employees | 13,161 people | 11,105 people | -15.6% |
| Cash and equivalents | ¥126884000000 | ¥292908000000 | +130.8% |

### 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 |
| --- | ---: |
| 電子 → 電子 | 51.3% |
| セラミック → セラミック | 19.8% |
| セラミック → 事業再編・廃止 | 7.2% |
| その他 → その他 | 21.7% |
| 新設・再編 → 電子 | 7.1% |
| 新設・再編 → その他 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electronics | 5 years | +7.9% | ¥243316000000 | 18.6% | 2 |
| Other | 5 years | +5.2% | ¥90330000000 | 9.9% | 2 |
| Ceramics | 5 years | -1.1% | ¥82554000000 | 9.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 416,201 | 100.0% | S100YFCS |
| Cost of revenue | 284,532 | 68.4% | S100YFCS |
| Gross profit | 131,668 | 31.6% | S100YFCS |
| SG&A | 69,640 | 16.7% | S100YFCS |
| Operating income | 62,027 | 14.9% | S100YFCS |
| Ordinary income | 60,822 | 14.6% | S100YFCS |
| Pretax income | 91,092 | 21.9% | S100YFCS |
| Income tax | 26,929 | 6.5% | S100YFCS |
| Net income | 64,162 | 15.4% | S100YFCS |
| Net income attributable to owners | 63,713 | 15.3% | S100YFCS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 17 |
| Operating income | 15 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 31.6% → Operating margin 14.9% → Net margin 15.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.7%; Core profit growth: +30.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.39×
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 | 369,436 | 416,201 | 46,765 | +12.7% |
| Gross profit | 113,328 | 131,668 | 18,340 | +16.2% |
| Operating income | 47,621 | 62,027 | 14,406 | +30.3% |
| Net income attributable to owners | 33,704 | 63,713 | 30,009 | +89.0% |
| Operating cash flow | 118,895 | 106,407 | -12,488 | -10.5% |
| Free cash flow | -79,629 | -837 | 78,792 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 295,999 | 19,685 | 6.7% | 11,329 | 26,096 | -12,398 | S100MCNJ |
| FY ending Mar 2021 | 323,461 | 38,634 | 11.9% | 25,698 | 38,954 | -37,569 | S100Q3GD |
| FY ending Mar 2022 | 401,138 | 70,821 | 17.7% | 41,232 | 108,372 | 41,158 | S100QXXT |
| FY ending Mar 2023 | 417,549 | 72,362 | 17.3% | 52,187 | 125,748 | 21,716 | S100TLL3 |
| FY ending Mar 2024 | 370,511 | 47,568 | 12.8% | 31,490 | 145,231 | 58,809 | S100VXHK |
| FY ending Mar 2025 | 369,436 | 47,621 | 12.9% | 33,704 | 118,895 | -79,629 | S100YFCS |
| FY ending Mar 2026 | 416,201 | 62,027 | 14.9% | 63,713 | 106,407 | -837 | S100YFCS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.5M |
| Operating income per employee (consolidated) | ¥5.6M |
| Net income per employee (consolidated) | ¥5.7M |

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) | 12,958 | 12,744 | 11,375 | 11,168 | 11,105 |
| Average salary (parent company) | ¥7.4M | ¥7.3M | ¥6.9M | ¥7.4M | ¥7.7M |
| Average age (parent company) | 40.9 years | 40.4 years | 40.3 years | 40.3 years | 40.2 years |
| Average tenure (parent company) | 18.2 years | 17.4 years | 17.1 years | 17.0 years | 16.9 years |

Year over year: Employees (consolidated) -0.6% · Revenue (consolidated) +12.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronics | 243,316 | 58.5% | 45,248 | 18.6% |
| Ceramics | 82,554 | 19.8% | 7,646 | 9.3% |
| Other | 90,330 | 21.7% | 8,964 | 9.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronics | 58.5% | 73.1% | 14.7 | 18.6% |
| Ceramics | 19.8% | 12.4% | -7.5 | 9.3% |
| Other | 21.7% | 14.5% | -7.2 | 9.9% |

Segment → industry: Ceramics → Auto Parts / Ceramics → Glass & Ceramics / Electronics → Electronic Components

## 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 | 106,407 | 25.6% | S100YFCS |
| Capital expenditure | 107,244 | 25.8% | S100YFCS |
| Free cash flow | -837 | -0.2% | 算出 |
| Investing cash flow | -52,416 | -12.6% | S100YFCS |
| Financing cash flow | -157,511 | -37.8% | S100YFCS |
| Dividends paid | 6,994 | 1.7% | S100YFCS |
| Share buyback | 10 | 0.0% | S100YFCS |
| Change in cash | -97,747 | -23.5% | S100YFCS |
| Cash and equivalents | 292,908 | 70.4% | S100YFCS |

## 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 | 185,592 | 302,419 | 443,583 | 390,656 | 292,908 | S100TLL3, S100VXHK, S100YFCS |
| Total assets | 664,332 | 857,508 | 1,129,991 | 1,081,684 | 960,425 | S100QXXT, S100TLL3, S100VXHK, S100YFCS |
| Net assets | 370,728 | 425,606 | 501,796 | 497,298 | 557,412 | S100TLL3, S100VXHK, S100YFCS |
| Share capital | 64,152 | 64,152 | 64,152 | 64,152 | 64,152 | S100QXXT, S100TLL3, S100VXHK, S100YFCS |
| Property, plant and equipment | 225,920 | 306,967 | 408,777 | 460,054 | 437,704 | S100QXXT, S100TLL3, S100VXHK, S100YFCS |
| Intangible assets excluding goodwill | 5,448 | 5,179 | 4,590 | 4,349 | 4,418 | S100QXXT, S100TLL3, S100VXHK, S100YFCS |
| Investment securities | 64,638 | 61,342 | 110,166 | 58,797 | 32,285 | S100QXXT, S100TLL3, S100VXHK, S100YFCS |
| Current assets | 363,270 | 476,825 | 600,810 | 549,580 | 465,541 | S100QXXT, S100TLL3, S100VXHK, S100YFCS |
| Current liabilities | 156,160 | 223,321 | 358,362 | 327,717 | 221,645 | S100QXXT, S100TLL3, S100VXHK, S100YFCS |
| Trade payables | 40,588 | 28,262 | 31,369 | 28,483 | 33,694 | S100QXXT, S100TLL3, S100VXHK, S100YFCS |
| Short-term borrowings | 20,030 | 65,030 | 55,000 | 50,000 | — | S100QXXT, S100TLL3, S100VXHK, S100YFCS |
| Long-term borrowings | 80,000 | 105,000 | 115,000 | 120,000 | 60,000 | S100QXXT, S100TLL3, S100VXHK, S100YFCS |
| Bonds | 50,000 | 100,000 | 65,000 | 60,000 | 45,000 | S100QXXT, S100TLL3, S100VXHK, S100YFCS |
| Interest-bearing debt | 150,030 | 270,030 | 235,000 | 230,000 | — | 算出 |
| Total liabilities | 293,603 | 431,902 | 628,194 | 584,385 | 403,012 | S100QXXT, S100TLL3, S100VXHK, S100YFCS |
| Non-controlling interests | 6,152 | 6,367 | 6,852 | 6,803 | 7,339 | S100QXXT, S100TLL3, S100VXHK, S100YFCS |
| Equity attributable to owners of parent | 309,994 | 355,324 | 381,362 | 409,027 | 465,791 | S100QXXT, S100TLL3, S100VXHK, S100YFCS |
| Retained earnings | 184,612 | 229,804 | 255,698 | 283,807 | 340,525 | S100QXXT, S100TLL3, S100VXHK, S100YFCS |
| Treasury stock | -3,264 | -3,126 | -2,983 | -3,497 | -3,452 | S100QXXT, S100TLL3, S100VXHK, S100YFCS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YFCS |
| Property, plant and equipment | 46% | S100YFCS |
| Intangibles and goodwill | 0% | S100YFCS |
| Investment securities | 3% | S100YFCS |
| Other assets | 20% | S100YFCS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YFCS |
| Other liabilities | 38% | S100YFCS |
| Equity | 58% | S100YFCS |
| Other liabilities | 0% | S100YFCS |

### 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 | 664,332 | 857,508 | 1,129,991 | 1,081,684 | 960,425 |
| Equity | 370,728 | 425,606 | 501,796 | 497,298 | 557,412 |
| Interest-bearing debt | 150,030 | 270,030 | 235,000 | 230,000 | — |
| Cash | 185,592 | 302,419 | 443,583 | 390,656 | 292,908 |

## 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) | 105.2% | S100YFCS |
| Fixed assets ÷ total assets | 45.6% | S100YFCS |
| Goodwill ÷ parent equity | — | —, S100YFCS |

### 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) | 30.5% |
| Cash ÷ revenue | 70.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 171.5% |
| Cash vs. profit gap | 42,694 JPY mn (of net income 67.0%) |
| Shareholder returns / net income | 11.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 25.8% |
| Investing CF relative to operating CF | 49.3% |

## 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 | 10.3% | 0.60× | 6.2% | 2.14× | 13.3% | S100QXXT |
| 2023 | 12.5% | 0.55× | 6.9% | 2.29× | 15.7% | S100TLL3 |
| 2024 | 8.5% | 0.37× | 3.2% | 2.70× | 8.5% | S100VXHK |
| 2025 | 9.1% | 0.33× | 3.0% | 2.80× | 8.5% | S100YFCS |
| 2026 | 15.3% | 0.41× | 6.2% | 2.33× | 14.6% | S100YFCS |

## 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 | 22.2% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 10.7% | 2026-03-31 |
| 株式会社豊田自動織機 | Major shareholder | 4.5% | 2026-03-31 |
| GIC PRIVATE LIMITED-C （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 3.2% | 2026-03-31 |
| イビデン協力会社持株会 | Major shareholder | 2.6% | 2026-03-31 |
| 大樹生命保険株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社十六銀行 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社大垣共立銀行 | Major shareholder | 1.5% | 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 | 1.5% | 2026-03-31 |
| HSBC HONG KONG－TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES （常任代理人 香港上海銀行東京支店) | Major shareholder | 1.4% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥416.2B, up +12.7% from ¥369.4B.
- Operating income grew faster, rising +30.3% to ¥62B.
- Net income rose +89.0% to ¥63.7B, helped on top of the core business by gains from selling shareholdings.
- Operating cash flow, however, fell -10.5% to ¥106.4B.

### Drivers

- In electronics, orders for generative-AI servers stayed firm and demand for high-end substrates for general servers slowly recovered. Cost cuts at the Philippine plant also lifted profit.
- Ceramics saw lower sales and profit: fewer orders for exhaust filters and weak demand for specialty graphite used in power chips. The EV battery safety parts business stayed in the red because of heavy fixed costs.
- A large one-off gain from selling investment securities boosted net income.

### Risks

- Big shifts in technology or product needs in the server and PC markets could cut demand for its substrates.
- If the large investments in electronics do not bring the expected orders, they could weigh on results.
- Most sales are overseas, so a sharp and lasting rise in the yen would hit earnings hard.

Cited: Annual securities report, 173rd term (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report, 173rd term (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第173期(2025/04/01－2026/03/31) | S100YFCS | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFCS,, |
| 有価証券報告書－第172期(2024/04/01－2025/03/31) | S100VXHK | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXHK,, |
| 有価証券報告書－第171期(2023/04/01－2024/03/31) | S100TLL3 | 2024-06-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TLL3,, |
| 有価証券報告書－第170期(2022/04/01－2023/03/31) | S100QXXT | 2023-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QXXT,, |
| 訂正有価証券報告書－第169期(2021/04/01－2022/03/31) | S100Q3GD | 2023-02-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q3GD,, |
| 訂正有価証券報告書－第168期(令和2年4月1日－令和3年3月31日) | S100MCNJ | 2021-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCNJ,, |

## 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).