# JAPAN ELECTRONIC MATERIALS 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67期(2025/04/01－2026/03/31) (S100YHWG)
> Page: https://vizora.meequs.com/en/company/japan-electronic-materials
> Retrieved: 2026-09-30T22:15:50.539Z

## Company

Japan Electronic Materials, founded in 1960, is a company in Semiconductor Equipment listed on TSE Standard. It has 1,234 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JAPAN ELECTRONIC MATERIALS CORPORATION |
| Ticker | 6855 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6855.T) |
| Listing | TSE Standard |
| Head office | 兵庫県尼崎市西長洲町二丁目5番13号 |
| Representative (per filing) | 代表取締役社長 坂田 輝久 |
| Founded | Apr 1960 |
| Share capital | ¥9.21B |
| Employees (consolidated) | 1,234 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.jem-net.co.jp (https://www.jem-net.co.jp/) |
| Corporate number | 1140001050335 |
| EDINET | E02043 |
| Industries (Vizora) | Semiconductor Equipment, Electronic Components |

> Profile source: annual securities report (S100YHWG, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.5 | 36 |
| Profitability | 86.6 | 41 |
| Cash conversion | 37.2 | 39 |
| Efficiency | 28 | 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 99% of Japan Electronic Materials's sales come from Semiconductor testing device related, with Electron tube parts related making up much of the rest.
- Out of every ¥100 of sales, about ¥25 is left as operating profit.
- Revenue changed +23.2% from the prior year, operating profit +58.1%.

## Company structure

- Segment revenue mix: Semiconductor testing device related 99.2%、Electron tube parts related 0.8%
- Revenue → net income: ¥29366000000 → ¥5451000000
- Net income → operating cash flow: ¥5451000000 → ¥5758000000（difference ¥307000000）
- Main uses of operating cash flow: CapEx ¥3521000000 / dividends ¥884000000 / buybacks ¥0
- Change in cash: ¥14808000000
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 | ¥29.4B |  |
| Operating income | ¥7.25B | Margin 24.7% |
| Net income | ¥5.45B | Margin 18.6% |
| Free cash flow | ¥2.24B |  |
| Largest business | Semiconductor testing device related | of segment revenue 99.2% |
| Employees (consolidated) | 1,234 |  |
| EPS | ¥349.26 |  |
| Book value per share | ¥2658.64 |  |
| Equity ratio | 76.7% |  |
| Shares outstanding | 14,663,510 |  |
| Treasury shares | 16,000 |  |
| Shareholders | 9,558 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 45.1% | Cash ÷ revenue 89.7% |
| Vs. industry median margin | +10.2 pp | Semiconductor Equipment |
| ROE | 15.5% | Derived from disclosed figures |
| ROA | 11.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, parent-company salary changed +45% over five years
- FY2026, cash is 45% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18521000000 | ¥29366000000 | +58.6% |
| Operating income | ¥2663000000 | ¥7249000000 | +172.2% |
| Operating margin | 14.4% | 24.7% | +10.3 pp |
| Employees | 984 people | 1,234 people | +25.4% |
| Cash and equivalents | ¥6189000000 | ¥26346000000 | +325.7% |

### 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 |
| --- | ---: |
| 半導体検査用部品関連事業 → 半導体検査用部品関連事業 | 99.0% |
| 電子管部品関連事業 → 事業再編・廃止 | 1.0% |
| 新設・再編 → 半導体検査用部品関連事業 | 0.3% |
| 新設・再編 → 電子管部品関連事業 | 0.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,366 | 100.0% | S100YHWG |
| Cost of revenue | 16,482 | 56.1% | S100YHWG |
| Gross profit | 12,883 | 43.9% | S100YHWG |
| SG&A | 5,634 | 19.2% | S100YHWG |
| Operating income | 7,249 | 24.7% | S100YHWG |
| Ordinary income | 7,177 | 24.4% | S100YHWG |
| Pretax income | 7,281 | 24.8% | S100YHWG |
| Income tax | 1,830 | 6.2% | S100YHWG |
| Net income | 5,451 | 18.6% | S100YHWG |
| Net income attributable to owners | 5,451 | 18.6% | S100YHWG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 19 |
| Operating income | 25 |
| (Ref.) Net income | 19 |

### Margin funnel

Gross margin 43.9% → Operating margin 24.7% → Net margin 18.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.2%; Core profit growth: +58.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.50×
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 | 23,829 | 29,366 | 5,537 | +23.2% |
| Gross profit | 9,458 | 12,883 | 3,425 | +36.2% |
| Operating income | 4,585 | 7,249 | 2,664 | +58.1% |
| Net income attributable to owners | 3,454 | 5,451 | 1,997 | +57.8% |
| Operating cash flow | 1,801 | 5,758 | 3,957 | +219.7% |
| Free cash flow | -1,663 | 2,237 | 3,900 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 15,669 | 1,012 | 6.5% | 1,076 | 1,528 | -1,289 | S100LPVS |
| FY ending Mar 2021 | 18,521 | 2,663 | 14.4% | 2,037 | 1,415 | 19 | S100OES6 |
| FY ending Mar 2022 | 23,599 | 4,953 | 21.0% | 3,802 | 4,813 | 3,886 | S100R273 |
| FY ending Mar 2023 | 20,781 | 3,205 | 15.4% | 2,612 | 3,348 | 2,427 | S100TQTH |
| FY ending Mar 2024 | 17,461 | 870 | 5.0% | 622 | 2,315 | 397 | S100W3ST |
| FY ending Mar 2025 | 23,829 | 4,585 | 19.2% | 3,454 | 1,801 | -1,663 | S100YHWG |
| FY ending Mar 2026 | 29,366 | 7,249 | 24.7% | 5,451 | 5,758 | 2,237 | S100YHWG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.8M |
| Operating income per employee (consolidated) | ¥5.9M |
| Net income per employee (consolidated) | ¥4.4M |

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) | 1,044 | 1,066 | 1,084 | 1,154 | 1,234 |
| Average salary (parent company) | ¥4.4M | ¥5.7M | ¥5.5M | ¥6M | ¥6.4M |
| Average age (parent company) | 39.8 years | 40.2 years | 40.1 years | 40.2 years | 39.7 years |
| Average tenure (parent company) | 11.6 years | 11.9 years | 12.2 years | 11.8 years | 12.6 years |

Year over year: Employees (consolidated) +6.9% · Revenue (consolidated) +23.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Semiconductor testing device related | 29,142 | 99.2% | 9,139 | 31.4% |
| Electron tube parts related | 223 | 0.8% | 8 | 3.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Semiconductor testing device related | 99.2% | 99.9% | 0.7 | 31.4% |
| Electron tube parts related | 0.8% | 0.1% | -0.7 | 3.6% |

Segment → industry: Semiconductor testing device related → Semiconductor Equipment / Electron tube parts related → 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 | 5,758 | 19.6% | S100YHWG |
| Capital expenditure | 3,521 | 12.0% | S100YHWG |
| Free cash flow | 2,237 | 7.6% | 算出 |
| Investing cash flow | -3,658 | -12.5% | S100YHWG |
| Financing cash flow | 12,711 | 43.3% | S100YHWG |
| Dividends paid | 884 | 3.0% | S100YHWG |
| Share buyback | 0 | 0.0% | S100YHWG |
| Change in cash | 14,808 | 50.4% | S100YHWG |
| Cash and equivalents | 26,346 | 89.7% | S100YHWG |

## 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 | 11,473 | 12,497 | 13,626 | 11,538 | 26,346 | S100TQTH, S100W3ST, S100YHWG |
| Total assets | 32,992 | 32,691 | 34,769 | 39,859 | 58,476 | S100R273, S100TQTH, S100W3ST, S100YHWG |
| Net assets | 21,788 | 24,242 | 24,670 | 27,914 | 44,878 | S100TQTH, S100W3ST, S100YHWG |
| Share capital | 3,036 | 3,053 | 3,069 | 3,074 | 9,205 | S100R273, S100TQTH, S100W3ST, S100YHWG |
| Property, plant and equipment | 6,492 | 6,767 | 7,896 | 10,638 | 12,917 | S100R273, S100TQTH, S100W3ST, S100YHWG |
| Intangible assets excluding goodwill | 185 | 202 | 186 | 259 | 281 | S100R273, S100TQTH, S100W3ST, S100YHWG |
| Investment securities | 66 | 66 | 71 | 74 | 78 | S100R273, S100TQTH, S100W3ST, S100YHWG |
| Current assets | 25,495 | 24,994 | 26,143 | 28,463 | 43,566 | S100R273, S100TQTH, S100W3ST, S100YHWG |
| Current liabilities | 7,380 | 5,493 | 5,519 | 6,789 | 6,932 | S100R273, S100TQTH, S100W3ST, S100YHWG |
| Short-term borrowings | — | 500 | — | — | — | S100TQTH |
| Long-term borrowings | 3,682 | 2,775 | 3,480 | 3,749 | 3,494 | S100R273, S100TQTH, S100W3ST, S100YHWG |
| Bonds | — | — | 900 | 800 | 2,700 | S100W3ST, S100YHWG |
| Total liabilities | 11,203 | 8,449 | 10,099 | 11,944 | 13,597 | S100R273, S100TQTH, S100W3ST, S100YHWG |
| Equity attributable to owners of parent | 21,677 | 23,819 | 23,969 | 26,801 | 43,630 | S100R273, S100TQTH, S100W3ST, S100YHWG |
| Retained earnings | 15,401 | 17,509 | 17,626 | 20,450 | 25,017 | S100R273, S100TQTH, S100W3ST, S100YHWG |
| Treasury stock | -15 | -15 | -16 | -16 | -16 | S100R273, S100TQTH, S100W3ST, S100YHWG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100YHWG |
| Property, plant and equipment | 22% | S100YHWG |
| Intangibles and goodwill | 1% | S100YHWG |
| Investment securities | 0% | S100YHWG |
| Other assets | 32% | S100YHWG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100YHWG |
| Equity | 77% | S100YHWG |
| Other liabilities | 0% | S100YHWG |

### 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 | 32,992 | 32,691 | 34,769 | 39,859 | 58,476 |
| Equity | 21,788 | 24,242 | 24,670 | 27,914 | 44,878 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,473 | 12,497 | 13,626 | 11,538 | 26,346 |

## 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) | 44.0% | S100YHWG |
| Fixed assets ÷ total assets | 22.1% | S100YHWG |
| Goodwill ÷ parent equity | — | —, S100YHWG |

### 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) | 45.1% |
| Cash ÷ revenue | 89.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 79.4% |
| Cash vs. profit gap | 307 JPY mn (of net income 5.6%) |
| Shareholder returns / net income | 16.2% |
| Shareholder returns / FCF | 39.5% |
| Shareholder payments — dividends / net income | 16.2% |
| Shareholder payments — dividends / FCF | 39.5% |
| CapEx intensity (capex ÷ revenue) | 12.0% |
| Investing CF relative to operating CF | 63.5% |

## 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 | 16.1% | 0.72× | 11.5% | 1.52× | 17.5% | S100R273 |
| 2023 | 12.6% | 0.63× | 8.0% | 1.44× | 11.5% | S100TQTH |
| 2024 | 3.6% | 0.52× | 1.8% | 1.41× | 2.6% | S100W3ST |
| 2025 | 14.5% | 0.64× | 9.3% | 1.47× | 13.6% | S100YHWG |
| 2026 | 18.6% | 0.60× | 11.1% | 1.40× | 15.5% | S100YHWG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱ | Major shareholder | 11.6% | 2026-03-31 |
| ㈱日本カストディ銀行 | Major shareholder | 5.6% | 2026-03-31 |
| 大久保 和 正 | Major shareholder | 3.5% | 2026-03-31 |
| ㈲大久保興産 | Major shareholder | 2.9% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５２２３（常任代理人：㈱みずほ銀行） | Major shareholder | 2.5% | 2026-03-31 |
| ㈱ＳＢＩ証券 | Major shareholder | 2.5% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人：モルガン・スタンレーＭＵＦＧ証券㈱） | Major shareholder | 2.1% | 2026-03-31 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 2.1% | 2026-03-31 |
| ＢＲＯＷＮ ＢＲＯＴＨＥＲＳ ＨＡＲＲＩＭＡＮ＋ＣＯ ＢＯＳＴＯＮ ＣＵＳＴＯＤＩＡＮ ＦＯＲ ＡＣＡＤＩＡＮ ＡＣＷＩＥＸ ＵＳ ＥＱＵＩＴＹ ＣＩＴ （常任代理人：㈱三菱ＵＦＪ銀行） | Major shareholder | 2.0% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ （常任代理人：インタラクティブ・ブローカーズ証券㈱） | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第67期(2025/04/01－2026/03/31) | S100YHWG | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHWG,, |
| 有価証券報告書－第66期(2024/04/01－2025/03/31) | S100W3ST | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3ST,, |
| 有価証券報告書－第65期(2023/04/01－2024/03/31) | S100TQTH | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQTH,, |
| 有価証券報告書－第64期(2022/04/01－2023/03/31) | S100R273 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R273,, |
| 有価証券報告書－第63期(令和3年4月1日－令和4年3月31日) | S100OES6 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OES6,, |
| 有価証券報告書－第62期(令和2年4月1日－令和3年3月31日) | S100LPVS | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPVS,, |

## 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).