# INNOTECH CORPORATION: 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40期(2025/04/01－2026/03/31) (S100YJ5D)
> Page: https://vizora.meequs.com/en/company/innotech
> Retrieved: 2026-09-30T18:37:49.660Z

## Company

Innotech, founded in 1987, is a company in IT Services & System Integration listed on TSE Prime. It has 1,620 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | INNOTECH CORPORATION |
| Ticker | 9880 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9880.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横浜市港北区新横浜三丁目17番6号 |
| Representative (per filing) | 代表取締役 社長執行役員 大塚 信行 |
| Founded | Jan 1987 |
| Share capital | ¥10.5B |
| Employees (consolidated) | 1,620 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | www.innotech.co.jp (https://www.innotech.co.jp/) |
| Corporate number | 8020001019484 |
| EDINET | E02724 |
| Industries (Vizora) | IT Services & System Integration, Semiconductor Equipment, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YJ5D, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.8 | 36 |
| Profitability | 18.3 | 41 |
| Cash conversion | 65.4 | 39 |
| Efficiency | 84.1 | 41 |

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 39% of Innotech's sales come from Test Solution Business, with System and Service Business and Semiconductor Design-related Business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +11.3% from the prior year, operating profit +64.7%.

## Company structure

- Segment revenue mix: Test Solution Business 39.5%、System and Service Business 31.1%、Semiconductor Design-related Business 29.4%
- Revenue → net income: ¥46737733000 → ¥4196755000
- Net income → operating cash flow: ¥4196755000 → ¥4058940000（difference ¥-137815000）
- Main uses of operating cash flow: CapEx ¥1439558000 / dividends ¥921726000 / buybacks ¥2117318000
- Change in cash: ¥1942405000
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 | ¥46.7B |  |
| Operating income | ¥3.11B | Margin 6.7% |
| Net income | ¥4.11B | Margin 8.8% |
| Free cash flow | ¥2.62B |  |
| Largest business | Test Solution Business | of segment revenue 39.5% |
| Employees (consolidated) | 1,620 |  |
| EPS | ¥298.59 |  |
| Diluted EPS | ¥297.17 |  |
| Book value per share | ¥1588.85 |  |
| Equity ratio | 54.8% |  |
| Shares outstanding | 13,700,000 |  |
| Treasury shares | 1,445,600 |  |
| Shareholders | 11,376 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 17.2% | Cash ÷ revenue 17.7% |
| Vs. industry median margin | -7.8 pp | Semiconductor Equipment |
| ROE | 17.1% | Derived from disclosed figures |
| ROA | 8.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.3× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥32536419000 | ¥46737733000 | +43.6% |
| Operating income | ¥1954356000 | ¥3108504000 | +59.1% |
| Operating margin | 6.0% | 6.7% | +0.6 pp |
| Employees | 1,539 people | 1,620 people | +5.3% |
| Cash and equivalents | ¥5432804000 | ¥8282464000 | +52.5% |

### 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 |
| --- | ---: |
| テストソリューション事業 → テストソリューション事業 | 16.4% |
| 設計開発ソリューション事業 → 事業再編・廃止 | 32.1% |
| 半導体設計関連事業 → 半導体設計関連事業 | 17.5% |
| プロダクトソリューション事業 → 事業再編・廃止 | 17.9% |
| システム・サービス事業 → システム・サービス事業 | 16.1% |
| 新設・再編 → テストソリューション事業 | 23.1% |
| 新設・再編 → 半導体設計関連事業 | 11.8% |
| 新設・再編 → システム・サービス事業 | 15.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Test Solution Business | 5 years | +11.6% | ¥18456906000 | 6.5% | 2 |
| System and Service Business | 5 years | +6.8% | ¥14551403000 | 12.0% | 2 |
| Semiconductor Design-related Business | 5 years | +3.8% | ¥13729422000 | 4.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 46,738 | 100.0% | S100YJ5D |
| Cost of revenue | 32,491 | 69.5% | S100YJ5D |
| Gross profit | 14,246 | 30.5% | S100YJ5D |
| SG&A | 11,138 | 23.8% | S100YJ5D |
| Operating income | 3,109 | 6.7% | S100YJ5D |
| Ordinary income | 2,912 | 6.2% | S100YJ5D |
| Pretax income | 6,152 | 13.2% | S100YJ5D |
| Income tax | 1,955 | 4.2% | S100YJ5D |
| Net income | 4,197 | 9.0% | S100YJ5D |
| Net income attributable to owners | 4,112 | 8.8% | S100YJ5D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 24 |
| Operating income | 7 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 30.5% → Operating margin 6.7% → Net margin 8.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.3%; Core profit growth: +64.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.70×
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 | 41,977 | 46,738 | 4,761 | +11.3% |
| Gross profit | 12,650 | 14,246 | 1,597 | +12.6% |
| Operating income | 1,887 | 3,109 | 1,221 | +64.7% |
| Net income attributable to owners | 1,200 | 4,112 | 2,912 | +242.6% |
| Operating cash flow | 1,712 | 4,059 | 2,347 | +137.1% |
| Free cash flow | 515 | 2,619 | 2,104 | +408.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 31,162 | 1,670 | 5.4% | 1,169 | 3,117 | 1,965 | S100LNY6 |
| FY ending Mar 2021 | 32,536 | 1,954 | 6.0% | 1,535 | 837 | -202 | S100OGIT |
| FY ending Mar 2022 | 37,238 | 2,585 | 6.9% | 2,195 | 2,742 | 1,463 | S100R2V1 |
| FY ending Mar 2023 | 38,630 | 2,320 | 6.0% | 1,667 | 1,680 | 110 | S100U4TF |
| FY ending Mar 2024 | 41,358 | 2,474 | 6.0% | 1,478 | 2,621 | 1,417 | S100W4Q1 |
| FY ending Mar 2025 | 41,977 | 1,887 | 4.5% | 1,200 | 1,712 | 515 | S100YJ5D |
| FY ending Mar 2026 | 46,738 | 3,109 | 6.7% | 4,112 | 4,059 | 2,619 | S100YJ5D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.9M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 1,642 | 1,728 | 1,775 | 1,560 | 1,620 |
| Average salary (parent company) | ¥8.1M | ¥8.1M | ¥7.8M | ¥7.6M | ¥8.4M |
| Average age (parent company) | 43.8 years | 43.5 years | 43.6 years | 43.4 years | 43.6 years |
| Average tenure (parent company) | 13.6 years | 13.8 years | 14.2 years | 14.3 years | 14.9 years |

Year over year: Employees (consolidated) +3.8% · Revenue (consolidated) +11.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Test Solution Business | 18,457 | 39.5% | 1,191 | 6.5% |
| Semiconductor Design-related Business | 13,729 | 29.4% | 656 | 4.8% |
| System and Service Business | 14,551 | 31.1% | 1,749 | 12.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Test Solution Business | 39.5% | 33.1% | -6.4 | 6.5% |
| Semiconductor Design-related Business | 29.4% | 18.3% | -11.1 | 4.8% |
| System and Service Business | 31.1% | 48.6% | 17.5 | 12.0% |

Segment → industry: System and Service Business → IT Services & System Integration / Test Solution Business → Semiconductor Equipment / Semiconductor Design-related Business → Specialty Trading & Wholesale

## 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 | 4,059 | 8.7% | S100YJ5D |
| Capital expenditure | 1,440 | 3.1% | S100YJ5D |
| Free cash flow | 2,619 | 5.6% | 算出 |
| Investing cash flow | 5,792 | 12.4% | S100YJ5D |
| Financing cash flow | -7,952 | -17.0% | S100YJ5D |
| Dividends paid | 922 | 2.0% | S100YJ5D |
| Share buyback | 2,117 | 4.5% | S100YJ5D |
| Change in cash | 1,942 | 4.2% | S100YJ5D |
| Cash and equivalents | 8,282 | 17.7% | S100YJ5D |

## 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 | 6,481 | 6,135 | 8,243 | 6,340 | 8,282 | S100U4TF, S100W4Q1, S100YJ5D |
| Total assets | 40,541 | 43,629 | 47,834 | 47,008 | 48,048 | S100R2V1, S100U4TF, S100W4Q1, S100YJ5D |
| Net assets | 23,167 | 24,590 | 25,322 | 26,133 | 27,114 | S100U4TF, S100W4Q1, S100YJ5D |
| Share capital | 10,517 | 10,517 | 10,517 | 10,517 | 10,517 | S100R2V1, S100U4TF, S100W4Q1, S100YJ5D |
| Property, plant and equipment | 10,842 | 11,463 | 11,630 | 10,593 | 6,646 | S100R2V1, S100U4TF, S100W4Q1, S100YJ5D |
| Intangible assets excluding goodwill | 2,424 | 2,237 | 2,066 | 1,873 | 1,958 | S100R2V1, S100U4TF, S100W4Q1, S100YJ5D |
| Goodwill | 1,212 | 1,006 | 818 | 638 | 657 | S100R2V1, S100U4TF, S100W4Q1, S100YJ5D |
| Investment securities | 1,771 | 1,734 | 1,480 | 2,648 | 1,979 | S100R2V1, S100U4TF, S100W4Q1, S100YJ5D |
| Current assets | 23,190 | 25,958 | 30,305 | 29,712 | 34,835 | S100R2V1, S100U4TF, S100W4Q1, S100YJ5D |
| Current liabilities | 13,612 | 17,068 | 20,261 | 19,167 | 19,064 | S100R2V1, S100U4TF, S100W4Q1, S100YJ5D |
| Trade payables | 2,334 | 3,053 | 2,778 | 3,198 | 3,552 | S100R2V1, S100U4TF, S100W4Q1, S100YJ5D |
| Short-term borrowings | 5,169 | 5,241 | 9,480 | 8,366 | 3,123 | S100R2V1, S100U4TF, S100W4Q1, S100YJ5D |
| Long-term borrowings | 753 | 1,073 | 1,280 | 850 | 1,150 | S100R2V1, S100U4TF, S100W4Q1, S100YJ5D |
| Bonds | 2,200 | — | — | — | — | S100R2V1 |
| Interest-bearing debt | 8,123 | — | — | — | — | 算出 |
| Total liabilities | 17,374 | 19,039 | 22,511 | 20,876 | 20,935 | S100R2V1, S100U4TF, S100W4Q1, S100YJ5D |
| Non-controlling interests | 825 | 856 | 596 | 688 | 744 | S100R2V1, S100U4TF, S100W4Q1, S100YJ5D |
| Equity attributable to owners of parent | 22,015 | 22,806 | 23,528 | 23,407 | 24,567 | S100R2V1, S100U4TF, S100W4Q1, S100YJ5D |
| Retained earnings | 7,951 | 8,697 | 9,242 | 9,497 | 12,685 | S100R2V1, S100U4TF, S100W4Q1, S100YJ5D |
| Treasury stock | -682 | -651 | -276 | -676 | -2,714 | S100R2V1, S100U4TF, S100W4Q1, S100YJ5D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YJ5D |
| Property, plant and equipment | 14% | S100YJ5D |
| Intangibles and goodwill | 6% | S100YJ5D |
| Investment securities | 4% | S100YJ5D |
| Other assets | 59% | S100YJ5D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YJ5D |
| Other liabilities | 36% | S100YJ5D |
| Equity | 57% | S100YJ5D |

### 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 | 40,541 | 43,629 | 47,834 | 47,008 | 48,048 |
| Equity | 23,167 | 24,590 | 25,322 | 26,133 | 27,114 |
| Interest-bearing debt | 8,123 | — | — | — | — |
| Cash | 6,481 | 6,135 | 8,243 | 6,340 | 8,282 |

## 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) | 14.2% | S100YJ5D |
| Fixed assets ÷ total assets | 13.8% | S100YJ5D |
| Goodwill ÷ parent equity | 2.7% | S100YJ5D |

Goodwill over 4 years: 1,212 → 657 JPY; total investing cash flow: 1,095 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) | 17.2% |
| Cash ÷ revenue | 17.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 130.6% |
| Cash vs. profit gap | -53 JPY mn (of net income -1.3%) |
| Shareholder returns / net income | 73.9% |
| Shareholder returns / FCF | 116.0% |
| Shareholder payments — dividends / net income | 22.4% |
| Shareholder payments — dividends / FCF | 35.2% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 142.7% |

## 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 | 5.9% | 0.92× | 5.4% | 1.84× | 10.0% | S100R2V1 |
| 2023 | 4.3% | 0.92× | 4.0% | 1.88× | 7.4% | S100U4TF |
| 2024 | 3.6% | 0.90× | 3.2% | 1.97× | 6.4% | S100W4Q1 |
| 2025 | 2.9% | 0.89× | 2.5% | 2.02× | 5.1% | S100YJ5D |
| 2026 | 8.8% | 0.98× | 8.7% | 1.98× | 17.1% | S100YJ5D |

## 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 | 13.7% | 2026-03-31 |
| Castlewilder Unlimited Company (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.3% | 2026-03-31 |
| イノテック社員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 2.3% | 2026-03-31 |
| 澄田 誠 | Major shareholder | 1.6% | 2026-03-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB) (常任代理人 野村證券株式会社) | Major shareholder | 1.4% | 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 | 1.4% | 2026-03-31 |
| 竹内 賀子 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2025/04/01－2026/03/31) | S100YJ5D | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ5D,, |
| 有価証券報告書－第39期(2024/04/01－2025/03/31) | S100W4Q1 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4Q1,, |
| 訂正有価証券報告書－第38期(2023/04/01－2024/03/31) | S100U4TF | 2024-08-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4TF,, |
| 有価証券報告書－第37期(2022/04/01－2023/03/31) | S100R2V1 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2V1,, |
| 有価証券報告書－第36期(令和3年4月1日－令和4年3月31日) | S100OGIT | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGIT,, |
| 有価証券報告書－第35期(令和2年4月1日－令和3年3月31日) | S100LNY6 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNY6,, |

## 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).