# inspec Inc.: business model and financials

> Latest period: FY ending Apr 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第38期(2025/05/01－2026/04/30) (S100YR8L)
> Page: https://vizora.meequs.com/en/company/inspec
> Retrieved: 2026-09-30T20:30:39.666Z

## Company

inspec, founded in 1988, is a company in Semiconductor Equipment listed on TSE Standard. It has 85 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | inspec Inc. |
| Ticker | 6656 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6656.T) |
| Listing | TSE Standard |
| Head office | 秋田県仙北市角館町雲然荒屋敷79番地の1 |
| Representative (per filing) | 代表取締役社長兼代表執行役員 菅原 雅史 |
| Founded | May 1988 |
| Share capital | ¥813.9M |
| Employees (consolidated) | 85 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | April |
| Website | www.inspec21.com (https://www.inspec21.com/) |
| Corporate number | 7410001008548 |
| EDINET | E02356 |
| Industries (Vizora) | Semiconductor Equipment |

> Profile source: annual securities report (S100YR8L, filed 2026-07-17). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Equipment (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 76.4 | 36 |
| Profitability | 11 | 41 |
| Cash conversion | 3.8 | 39 |
| Efficiency | 59.8 | 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)

- inspec brought in ¥2.48B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +10.8% from the prior year, operating profit -0.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.48B |  |
| Operating income | ¥108.3M | Margin 4.4% |
| Net income | ¥76.9M | Margin 3.1% |
| Free cash flow | -¥591.5M |  |
| Employees (consolidated) | 85 |  |
| EPS | ¥19.15 |  |
| Diluted EPS | ¥18.87 |  |
| Book value per share | ¥205.61 |  |
| Equity ratio | 22.1% |  |
| Shares outstanding | 4,012,800 |  |
| Treasury shares | 100 |  |
| Shareholders | 4,555 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 12.2% | Cash ÷ revenue 18.3% |
| Vs. industry median margin | -10.1 pp | Semiconductor Equipment |
| ROE | 9.8% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1273820000 | ¥2478950000 | +94.6% |
| Operating income | ¥-277780000 | ¥108348000 | — |
| Operating margin | -21.8% | 4.4% | +26.2 pp |
| Employees | 72 people | 85 people | +18.1% |
| Cash and equivalents | ¥673179000 | ¥454532000 | -32.5% |

### Change in segment revenue mix

Span: FY ending Apr 2021 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,479 | 100.0% | S100YR8L |
| Cost of revenue | 1,622 | 65.4% | 算出 |
| Gross profit | 857 | 34.6% | S100YR8L |
| SG&A | 749 | 30.2% | S100YR8L |
| Operating income | 108 | 4.4% | S100YR8L |
| Ordinary income | 79 | 3.2% | S100YR8L |
| Pretax income | 81 | 3.3% | S100YR8L |
| Income tax | 4 | 0.2% | S100YR8L |
| Net income | 77 | 3.1% | S100YR8L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 30 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 34.6% → Operating margin 4.4% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +10.8%; Core profit growth: -0.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.03×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Apr 2025 → FY ending Apr 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,238 | 2,479 | 241 | +10.8% |
| Gross profit | 905 | 857 | -47 | -5.2% |
| Operating income | 109 | 108 | -0 | -0.3% |
| Operating cash flow | 544 | -519 | -1,063 | -195.5% |
| Free cash flow | 477 | -591 | -1,069 | -223.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 1,881 | 150 | 8.0% | 71 | 98 | — | S100M29Z |
| FY ending Apr 2021 | 1,274 | -278 | -21.8% | -1,196 | -154 | -300 | S100OS30 |
| FY ending Apr 2022 | 1,762 | 19 | 1.1% | 155 | -176 | -476 | S100RHDI |
| FY ending Apr 2023 | 2,290 | 106 | 4.6% | 79 | -589 | -723 | S100U4L8 |
| FY ending Apr 2024 | 1,668 | -233 | -14.0% | -354 | 105 | 4 | S100WEBL |
| FY ending Apr 2025 | 2,238 | 109 | 4.9% | -142 | 544 | 477 | S100YR8L |
| FY ending Apr 2026 | 2,479 | 108 | 4.4% | 77 | -519 | -591 | S100YR8L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.2M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥904.2K |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 72 | 84 | 85 | 85 | 85 |
| Average salary (parent company) | ¥5.3M | ¥5.7M | ¥5.7M | ¥5.9M | ¥6.2M |
| Average age (parent company) | 41.8 years | 40.8 years | 41.9 years | 41.6 years | 43.5 years |
| Average tenure (parent company) | 10.3 years | 9.5 years | 10.3 years | 10.9 years | 11.7 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +10.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Apr 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -519 | -21.0% | S100YR8L |
| Capital expenditure | 72 | 2.9% | S100YR8L |
| Free cash flow | -591 | -23.9% | 算出 |
| Investing cash flow | 28 | 1.1% | S100YR8L |
| Financing cash flow | 549 | 22.1% | S100YR8L |
| Dividends paid | 0 | 0.0% | S100YR8L |
| Change in cash | 58 | 2.3% | S100YR8L |
| Cash and equivalents | 455 | 18.3% | S100YR8L |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 559 | 437 | 595 | 396 | 455 | S100U4L8, S100WEBL, S100YR8L |
| Total assets | 3,277 | 3,978 | 3,740 | 3,001 | 3,738 | S100RHDI, S100U4L8, S100WEBL, S100YR8L |
| Net assets | 1,088 | 1,407 | 1,079 | 959 | 1,037 | S100U4L8, S100WEBL, S100YR8L |
| Share capital | 678 | 803 | 810 | 814 | 814 | S100RHDI, S100U4L8, S100WEBL, S100YR8L |
| Property, plant and equipment | 1,054 | 1,064 | 902 | 736 | 868 | S100RHDI, S100U4L8, S100WEBL, S100YR8L |
| Intangible assets excluding goodwill | 33 | 40 | 41 | 26 | 28 | S100RHDI, S100U4L8, S100WEBL, S100YR8L |
| Current assets | 2,153 | 2,846 | 2,786 | 2,230 | 2,833 | S100RHDI, S100U4L8, S100WEBL, S100YR8L |
| Current liabilities | 1,083 | 1,626 | 1,887 | 1,433 | 2,234 | S100RHDI, S100U4L8, S100WEBL, S100YR8L |
| Short-term borrowings | 600 | 1,200 | 1,500 | 1,000 | 1,721 | S100RHDI, S100U4L8, S100WEBL, S100YR8L |
| Long-term borrowings | 970 | 816 | 661 | 507 | 377 | S100RHDI, S100U4L8, S100WEBL, S100YR8L |
| Total liabilities | 2,190 | 2,570 | 2,660 | 2,042 | 2,701 | S100RHDI, S100U4L8, S100WEBL, S100YR8L |
| Equity attributable to owners of parent | 917 | 1,234 | 884 | 748 | 825 | S100RHDI, S100U4L8, S100WEBL, S100YR8L |
| Retained earnings | 160 | 228 | -138 | -280 | -203 | S100RHDI, S100U4L8, S100WEBL, S100YR8L |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100RHDI, S100U4L8, S100WEBL, S100YR8L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YR8L |
| Property, plant and equipment | 23% | S100YR8L |
| Intangibles and goodwill | 1% | S100YR8L |
| Other assets | 64% | S100YR8L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 72% | S100YR8L |
| Equity | 28% | S100YR8L |
| Other liabilities | 0% | S100YR8L |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,277 | 3,978 | 3,740 | 3,001 | 3,738 |
| Equity | 1,088 | 1,407 | 1,079 | 959 | 1,037 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 559 | 437 | 595 | 396 | 455 |

## 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) | 35.0% | S100YR8L |
| Fixed assets ÷ total assets | 23.2% | S100YR8L |
| Goodwill ÷ parent equity | — | —, S100YR8L |

### 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) | 12.2% |
| Cash ÷ revenue | 18.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -479.4% |
| Cash vs. profit gap | -596 JPY mn (of net income -775.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 0.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | — |

## 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 | 8.8% | 0.54× | 4.7% | 3.57× | 16.9% | S100RHDI |
| 2023 | 3.4% | 0.63× | 2.2% | 3.37× | 7.3% | S100U4L8 |
| 2024 | — | —× | -9.2% | —× | — | S100WEBL |
| 2025 | — | —× | -4.2% | —× | — | S100YR8L |
| 2026 | 3.1% | 0.74× | 2.3% | 4.28× | 9.8% | S100YR8L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 緒方 顯吉 | Major shareholder | 5.6% | 2026-04-30 |
| 菅原 雅史 | Major shareholder | 3.8% | 2026-04-30 |
| 塩谷 亮子 | Major shareholder | 2.4% | 2026-04-30 |
| 楽天証券株式会社共有口 | Major shareholder | 2.3% | 2026-04-30 |
| 高橋 喜一 | Major shareholder | 2.2% | 2026-04-30 |
| 小林 晃 | Major shareholder | 2.1% | 2026-04-30 |
| 後藤 秀彰 | Major shareholder | 1.7% | 2026-04-30 |
| 株式会社滋慶 | Major shareholder | 1.3% | 2026-04-30 |
| 高橋 秋男 | Major shareholder | 1.3% | 2026-04-30 |
| 大谷 誠司 | Major shareholder | 1.2% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第38期(2025/05/01－2026/04/30) | S100YR8L | 2026-07-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YR8L,, |
| 有価証券報告書－第37期(2024/05/01－2025/04/30) | S100WEBL | 2025-07-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WEBL,, |
| 有価証券報告書－第36期(2023/05/01－2024/04/30) | S100U4L8 | 2024-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4L8,, |
| 有価証券報告書－第35期(2022/05/01－2023/04/30) | S100RHDI | 2023-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RHDI,, |
| 有価証券報告書－第34期(令和3年5月1日－令和4年4月30日) | S100OS30 | 2022-07-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OS30,, |
| 有価証券報告書－第33期(令和2年5月1日－令和3年4月30日) | S100M29Z | 2021-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M29Z,, |

## 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).