# JEOL Ltd.: 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79期(2025/04/01－2026/03/31) (S100YIDD)
> Page: https://vizora.meequs.com/en/company/jeol
> Retrieved: 2026-09-30T23:06:35.995Z

## Company

Jeol, founded in 1949, is a company in Robots & Factory Automation listed on TSE Prime. It has 3,731 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JEOL Ltd. |
| Ticker | 6951 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6951.T) |
| Listing | TSE Prime |
| Head office | 東京都昭島市武蔵野三丁目1番2号 |
| Representative (per filing) | 代表取締役社長兼CEO 大井 泉 |
| Founded | May 1949 |
| Share capital | ¥21.4B |
| Employees (consolidated) | 3,731 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | March |
| Website | www.jeol.co.jp (https://www.jeol.co.jp/) |
| Corporate number | 9012801002438 |
| EDINET | E01905 |
| Industries (Vizora) | Robots & Factory Automation, Medical Devices, Semiconductor Equipment |

> Profile source: annual securities report (S100YIDD, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.3 | 33 |
| Profitability | 75 | 34 |
| Cash conversion | 14.1 | 32 |
| Efficiency | 61.4 | 35 |

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 65% of Jeol's sales come from Scientific and Measurement Instruments, with Industrial Equipment and Medical Equipment making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed -8.8% from the prior year, operating profit -26.7%.

## Company structure

- Segment revenue mix: Scientific and Measurement Instruments 64.8%、Industrial Equipment 26.8%、Medical Equipment 8.3%
- Revenue → net income: ¥179353000000 → ¥22097000000
- Net income → operating cash flow: ¥22097000000 → ¥16000000000（difference ¥-6097000000）
- Main uses of operating cash flow: CapEx ¥15095000000 / dividends ¥5908000000 / buybacks ¥12770000000
- Change in cash: ¥2721000000
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 | ¥179.4B |  |
| Operating income | ¥26B | Margin 14.5% |
| Net income | ¥22.1B | Margin 12.3% |
| Free cash flow | ¥905M |  |
| Largest business | Scientific and Measurement Instruments | of segment revenue 64.8% |
| Employees (consolidated) | 3,731 |  |
| EPS | ¥410.24 |  |
| Book value per share | ¥2616.78 |  |
| Equity ratio | 59.9% |  |
| Shares outstanding | 51,532,000 |  |
| Treasury shares | 2,300,200 |  |
| Shareholders | 9,729 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 15.4% | Cash ÷ revenue 20.8% |
| Vs. industry median margin | +2.8 pp | Robots & Factory Automation |
| ROE | 17.0% | Derived from disclosed figures |
| ROA | 9.5% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.2× dividends
- FY2026, segment profit share differs by 33 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥110439000000 | ¥179353000000 | +62.4% |
| Operating income | ¥5224000000 | ¥26017000000 | +398.0% |
| Operating margin | 4.7% | 14.5% | +9.8 pp |
| Employees | 3,198 people | 3,731 people | +16.7% |
| Cash and equivalents | ¥14481000000 | ¥37326000000 | +157.8% |

### 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 |
| --- | ---: |
| 理科学・計測機器事業 → 理科学・計測機器事業 | 63.9% |
| 産業機器事業 → 産業機器事業 | 21.7% |
| 医用機器事業 → 医用機器事業 | 8.3% |
| 医用機器事業 → 事業再編・廃止 | 6.0% |
| 新設・再編 → 理科学・計測機器事業 | 0.9% |
| 新設・再編 → 産業機器事業 | 5.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Scientific and Measurement Instruments | 5 years | +10.5% | ¥116295000000 | 11.2% | 2 |
| Industrial Equipment | 5 years | +14.9% | ¥48131000000 | 40.2% | 2 |
| Medical Equipment | 5 years | -1.2% | ¥14926000000 | 0.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 179,353 | 100.0% | S100YIDD |
| Cost of revenue | 96,323 | 53.7% | S100YIDD |
| Gross profit | 83,030 | 46.3% | S100YIDD |
| SG&A | 57,013 | 31.8% | S100YIDD |
| Operating income | 26,017 | 14.5% | S100YIDD |
| Ordinary income | 28,610 | 16.0% | S100YIDD |
| Pretax income | 29,488 | 16.4% | S100YIDD |
| Income tax | 7,390 | 4.1% | S100YIDD |
| Net income | 22,097 | 12.3% | S100YIDD |
| Net income attributable to owners | 22,097 | 12.3% | S100YIDD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 32 |
| Operating income | 14 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 46.3% → Operating margin 14.5% → Net margin 12.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -8.8%; Core profit growth: -26.7%
Operating leverage (core profit growth ÷ revenue growth): 3.03×
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 | 196,695 | 179,353 | -17,342 | -8.8% |
| Gross profit | 92,397 | 83,030 | -9,367 | -10.1% |
| Operating income | 35,501 | 26,017 | -9,484 | -26.7% |
| Net income attributable to owners | 18,688 | 22,097 | 3,409 | +18.2% |
| Operating cash flow | 23,104 | 16,000 | -7,104 | -30.7% |
| Free cash flow | 18,841 | 905 | -17,936 | -95.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 117,243 | 7,030 | 6.0% | 5,359 | 3,742 | 836 | S100M0WH |
| FY ending Mar 2021 | 110,439 | 5,224 | 4.7% | 3,745 | 3,358 | -3,671 | S100OISG |
| FY ending Mar 2022 | 138,408 | 14,144 | 10.2% | 12,278 | 22,603 | 21,088 | S100RS6V |
| FY ending Mar 2023 | 162,689 | 24,155 | 14.8% | 17,830 | 3,351 | -3,038 | S100TSO8 |
| FY ending Mar 2024 | 174,336 | 27,531 | 15.8% | 21,704 | 15,301 | 11,826 | S100W5KW |
| FY ending Mar 2025 | 196,695 | 35,501 | 18.0% | 18,688 | 23,104 | 18,841 | S100YIDD |
| FY ending Mar 2026 | 179,353 | 26,017 | 14.5% | 22,097 | 16,000 | 905 | S100YIDD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.1M |
| Operating income per employee (consolidated) | ¥7M |
| Net income per employee (consolidated) | ¥5.9M |

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) | 3,291 | 3,351 | 3,435 | 3,604 | 3,731 |
| Average salary (parent company) | ¥7.7M | ¥7.9M | ¥8M | ¥8.3M | ¥8.6M |
| Average age (parent company) | 44.5 years | 44.6 years | 44.6 years | 44.5 years | 44.6 years |
| Average tenure (parent company) | 17.3 years | 16.9 years | 16.8 years | 16.6 years | 15.9 years |

Year over year: Employees (consolidated) +3.5% · Revenue (consolidated) -8.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Scientific and Measurement Instruments | 116,295 | 64.8% | 13,069 | 11.2% |
| Industrial Equipment | 48,131 | 26.8% | 19,363 | 40.2% |
| Medical Equipment | 14,926 | 8.3% | 64 | 0.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Scientific and Measurement Instruments | 64.8% | 40.2% | -24.6 | 11.2% |
| Industrial Equipment | 26.8% | 59.6% | 32.7 | 40.2% |
| Medical Equipment | 8.3% | 0.2% | -8.1 | 0.4% |

Segment → industry: Scientific and Measurement Instruments → Robots & Factory Automation / Medical Equipment → Medical Devices / Industrial Equipment → Semiconductor Equipment

## 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 | 16,000 | 8.9% | S100YIDD |
| Capital expenditure | 15,095 | 8.4% | S100YIDD |
| Free cash flow | 905 | 0.5% | 算出 |
| Investing cash flow | -13,762 | -7.7% | S100YIDD |
| Financing cash flow | -1,552 | -0.9% | S100YIDD |
| Dividends paid | 5,908 | 3.3% | S100YIDD |
| Share buyback | 12,770 | 7.1% | S100YIDD |
| Change in cash | 2,721 | 1.5% | S100YIDD |
| Cash and equivalents | 37,326 | 20.8% | S100YIDD |

## 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 | 42,350 | 32,004 | 29,807 | 34,605 | 37,326 | S100TSO8, S100W5KW, S100YIDD |
| Total assets | 189,562 | 199,280 | 230,213 | 222,486 | 242,026 | S100RS6V, S100TSO8, S100W5KW, S100YIDD |
| Net assets | 85,904 | 101,895 | 125,513 | 136,653 | 144,898 | S100TSO8, S100W5KW, S100YIDD |
| Share capital | 21,394 | 21,394 | 21,394 | 21,394 | 21,394 | S100RS6V, S100TSO8, S100W5KW, S100YIDD |
| Property, plant and equipment | 21,650 | 21,161 | 22,515 | 24,108 | 37,927 | S100RS6V, S100TSO8, S100W5KW, S100YIDD |
| Intangible assets excluding goodwill | 3,404 | 2,792 | 2,270 | 3,776 | 4,895 | S100RS6V, S100TSO8, S100W5KW, S100YIDD |
| Goodwill | 1,136 | 640 | 599 | 911 | 785 | S100RS6V, S100TSO8, S100W5KW, S100YIDD |
| Investment securities | 8,895 | 9,694 | 29,601 | 14,769 | 16,753 | S100RS6V, S100TSO8, S100W5KW, S100YIDD |
| Current assets | 149,461 | 159,061 | 169,854 | 169,492 | 170,545 | S100RS6V, S100TSO8, S100W5KW, S100YIDD |
| Current liabilities | 81,769 | 80,907 | 88,100 | 72,995 | 79,462 | S100RS6V, S100TSO8, S100W5KW, S100YIDD |
| Trade payables | 13,650 | 15,410 | 14,315 | 11,197 | 9,412 | S100RS6V, S100TSO8, S100W5KW, S100YIDD |
| Short-term borrowings | 4,904 | 4,739 | — | — | 14,000 | S100RS6V, S100YIDD |
| Long-term borrowings | 11,266 | 6,527 | 7,584 | 3,170 | 7,903 | S100RS6V, S100TSO8, S100W5KW, S100YIDD |
| Bonds | 204 | — | — | — | — | S100RS6V |
| Interest-bearing debt | 16,374 | — | — | — | — | 算出 |
| Total liabilities | 103,657 | 97,384 | 104,699 | 85,833 | 97,127 | S100RS6V, S100TSO8, S100W5KW, S100YIDD |
| Equity attributable to owners of parent | 82,322 | 96,878 | 115,102 | 128,140 | 131,686 | S100RS6V, S100TSO8, S100W5KW, S100YIDD |
| Retained earnings | 40,679 | 55,117 | 73,284 | 86,163 | 102,348 | S100RS6V, S100TSO8, S100W5KW, S100YIDD |
| Treasury stock | -1,022 | -904 | -847 | -688 | -13,327 | S100RS6V, S100TSO8, S100W5KW, S100YIDD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YIDD |
| Property, plant and equipment | 16% | S100YIDD |
| Intangibles and goodwill | 2% | S100YIDD |
| Investment securities | 7% | S100YIDD |
| Other assets | 60% | S100YIDD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YIDD |
| Other liabilities | 36% | S100YIDD |
| Equity | 60% | S100YIDD |
| Other liabilities | 0% | S100YIDD |

### 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 | 189,562 | 199,280 | 230,213 | 222,486 | 242,026 |
| Equity | 85,904 | 101,895 | 125,513 | 136,653 | 144,898 |
| Interest-bearing debt | 16,374 | — | — | — | — |
| Cash | 42,350 | 32,004 | 29,807 | 34,605 | 37,326 |

## 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) | 21.1% | S100YIDD |
| Fixed assets ÷ total assets | 15.7% | S100YIDD |
| Goodwill ÷ parent equity | 0.6% | S100YIDD |

Goodwill over 4 years: 1,136 → 785 JPY; total investing cash flow: -39,027 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) | 15.4% |
| Cash ÷ revenue | 20.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 61.5% |
| Cash vs. profit gap | -6,097 JPY mn (of net income -27.6%) |
| Shareholder returns / net income | 84.5% |
| Shareholder returns / FCF | 2063.9% |
| Shareholder payments — dividends / net income | 26.7% |
| Shareholder payments — dividends / FCF | 652.8% |
| CapEx intensity (capex ÷ revenue) | 8.4% |
| Investing CF relative to operating CF | 86.0% |

## 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 | 8.9% | 0.73× | 6.5% | 2.30× | 14.9% | S100RS6V |
| 2023 | 11.0% | 0.84× | 9.2% | 2.17× | 19.9% | S100TSO8 |
| 2024 | 12.4% | 0.81× | 10.1% | 2.03× | 20.5% | S100W5KW |
| 2025 | 9.5% | 0.87× | 8.3% | 1.86× | 15.4% | S100YIDD |
| 2026 | 12.3% | 0.77× | 9.5% | 1.79× | 17.0% | S100YIDD |

## 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 | 14.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.2% | 2026-03-31 |
| ＭＬＩ ＦＯＲ ＣＬＩＥＮＴ ＧＥＮＥＲＡＬ ＯＭＮＩ ＮＯＮ ＣＯＬＬＡＴＥＲＡＬ ＮＯＮ ＴＲＥＡＴＹ－ＰＢ （常任代理人 ＢＯＦＡ証券株式会社） | Major shareholder | 3.5% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１ （常任代理人 株式会社みずほ銀行） | Major shareholder | 3.3% | 2026-03-31 |
| 日本電子共栄会 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.1% | 2026-03-31 |
| ＭＩＳＡＫＩ ＥＮＧＡＧＥＭＥＮＴ ＭＡＳＴＥＲ ＦＵＮＤ （常任代理人 香港上海銀行） | Major shareholder | 1.8% | 2026-03-31 |
| 日本電子グループ従業員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５３０１ （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YIDD | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIDD,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W5KW | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5KW,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TSO8 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSO8,, |
| 訂正有価証券報告書－第76期(2022/04/01－2023/03/31) | S100RS6V | 2023-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RS6V,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100OISG | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OISG,, |
| 訂正有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100M0WH | 2021-07-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M0WH,, |

## 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).