# KEYENCE 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57期(2025/03/21－2026/03/20) (S100YAHE)
> Page: https://vizora.meequs.com/en/company/keyence
> Retrieved: 2026-09-30T19:05:55.413Z

## Company

Keyence, founded in 1972, is a company in Robots & Factory Automation listed on TSE Prime. It has 12,784 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KEYENCE CORPORATION |
| Ticker | 6861 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6861.T) |
| Listing | TSE Prime |
| Head office | 大阪市東淀川区東中島1丁目3番14号 |
| Representative (per filing) | 代表取締役社長 中野 鉄也 |
| Founded | Mar 1972 |
| Share capital | ¥30.6B |
| Employees (consolidated) | 12,784 |
| Average salary (parent only) | ¥21.8M |
| Fiscal year end | March |
| Website | www.keyence.co.jp (https://www.keyence.co.jp/) |
| Corporate number | 4120001051530 |
| EDINET | E01967 |
| Industries (Vizora) | Robots & Factory Automation |

> Profile source: annual securities report (S100YAHE, filed 2026-06-15). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2026-03-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98.5 | 33 |
| Profitability | 98.5 | 34 |
| Cash conversion | 23.4 | 32 |
| Efficiency | 4.3 | 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)

- Keyence brought in ¥1.17T in revenue.
- Out of every ¥100 of sales, about ¥51 is left as operating profit.
- Revenue changed +10.4% from the prior year, operating profit +8.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1169289000000 → ¥445185000000
- Net income → operating cash flow: ¥445185000000 → ¥430680000000（difference ¥-14505000000）
- Main uses of operating cash flow: CapEx ¥28371000000 / dividends ¥109136000000 / buybacks —
- Change in cash: ¥-445000000
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 | ¥1.17T |  |
| Operating income | ¥595.8B | Margin 51.0% |
| Net income | ¥445.2B | Margin 38.1% |
| Free cash flow | ¥402.3B |  |
| Employees (consolidated) | 12,784 |  |
| EPS | ¥1656.84 |  |
| Book value per share | ¥12580.09 |  |
| Equity ratio | 94.6% |  |
| Shares outstanding | 243,207,000 |  |
| Treasury shares | 682,500 |  |
| Shareholders | 27,117 |  |
| Average salary (parent only) | ¥21.8M | Filing company only |
| Cash ratio | 12.3% | Cash ÷ revenue 38.6% |
| Vs. industry median margin | +39.2 pp | Robots & Factory Automation |
| ROE | 13.7% | Derived from disclosed figures |
| ROA | 12.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 51 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥538134000000 | ¥1169289000000 | +117.3% |
| Operating income | ¥276758000000 | ¥595759000000 | +115.3% |
| Operating margin | 51.4% | 51.0% | -0.5 pp |
| Employees | 8,380 people | 12,784 people | +52.6% |
| Cash and equivalents | ¥189875000000 | ¥451269000000 | +137.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,169,289 | 100.0% | S100YAHE |
| Cost of revenue | 198,552 | 17.0% | S100YAHE |
| Gross profit | 970,737 | 83.0% | S100YAHE |
| SG&A | 374,978 | 32.1% | S100YAHE |
| Operating income | 595,759 | 51.0% | S100YAHE |
| Ordinary income | 635,756 | 54.4% | S100YAHE |
| Pretax income | 635,756 | 54.4% | S100YAHE |
| Income tax | 190,570 | 16.3% | S100YAHE |
| Net income | 445,185 | 38.1% | S100YAHE |
| Net income attributable to owners | 445,185 | 38.1% | S100YAHE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 17 |
| SG&A | 32 |
| Operating income | 51 |
| (Ref.) Net income | 38 |

### Margin funnel

Gross margin 83.0% → Operating margin 51.0% → Net margin 38.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.4%; Core profit growth: +8.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.80×
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 | 1,059,145 | 1,169,289 | 110,144 | +10.4% |
| Gross profit | 887,700 | 970,737 | 83,037 | +9.4% |
| Operating income | 549,775 | 595,759 | 45,984 | +8.4% |
| Net income attributable to owners | 398,656 | 445,185 | 46,529 | +11.7% |
| Operating cash flow | 409,522 | 430,680 | 21,158 | +5.2% |
| Free cash flow | 395,180 | 402,309 | 7,129 | +1.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 551,843 | 277,631 | 50.3% | 198,124 | 203,434 | 195,191 | S100LIN5 |
| FY ending Mar 2021 | 538,134 | 276,758 | 51.4% | 197,289 | 192,652 | 188,294 | S100O80N |
| FY ending Mar 2022 | 755,174 | 418,045 | 55.4% | 303,360 | 271,476 | 265,314 | S100QY7Y |
| FY ending Mar 2023 | 922,422 | 498,914 | 54.1% | 362,963 | 302,628 | 263,283 | S100TZD7 |
| FY ending Mar 2024 | 967,288 | 495,014 | 51.2% | 369,642 | 387,916 | 375,424 | S100VWNU |
| FY ending Mar 2025 | 1,059,145 | 549,775 | 51.9% | 398,656 | 409,522 | 395,180 | S100YAHE |
| FY ending Mar 2026 | 1,169,289 | 595,759 | 51.0% | 445,185 | 430,680 | 402,309 | S100YAHE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥91.5M |
| Operating income per employee (consolidated) | ¥46.6M |
| Net income per employee (consolidated) | ¥34.8M |

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) | 8,961 | 10,580 | 12,286 | 12,261 | 12,784 |
| Average salary (parent company) | ¥21.8M | ¥22.8M | ¥20.7M | ¥20.4M | ¥21.8M |
| Average age (parent company) | 36.1 years | 35.8 years | 35.2 years | 34.8 years | 35.0 years |
| Average tenure (parent company) | 12.5 years | 12.1 years | 11.5 years | 11.1 years | 11.3 years |

Year over year: Employees (consolidated) +4.3% · Revenue (consolidated) +10.4%

## 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 | 430,680 | 36.8% | S100YAHE |
| Capital expenditure | 28,371 | 2.4% | S100YAHE |
| Free cash flow | 402,309 | 34.4% | 算出 |
| Investing cash flow | -312,387 | -26.7% | S100YAHE |
| Financing cash flow | -113,722 | -9.7% | S100YAHE |
| Dividends paid | 109,136 | 9.3% | S100YAHE |
| Change in cash | -445 | -0.0% | S100YAHE |
| Cash and equivalents | 451,269 | 38.6% | S100YAHE |

## 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 | 396,165 | 344,002 | 406,065 | 451,715 | 451,269 | S100TZD7, S100VWNU, S100YAHE |
| Total assets | 2,324,037 | 2,650,429 | 2,964,792 | 3,289,224 | 3,670,655 | S100QY7Y, S100TZD7, S100VWNU, S100YAHE |
| Net assets | 2,173,583 | 2,491,634 | 2,806,193 | 3,108,552 | 3,471,472 | S100TZD7, S100VWNU, S100YAHE |
| Share capital | 30,637 | 30,637 | 30,637 | 30,637 | 30,637 | S100QY7Y, S100TZD7, S100VWNU, S100YAHE |
| Trade receivables | 247,901 | 297,785 | 307,526 | 320,312 | 379,590 | S100QY7Y, S100TZD7, S100VWNU, S100YAHE |
| Inventories | 62,072 | 87,389 | 77,613 | 77,892 | 85,273 | S100QY7Y, S100TZD7, S100VWNU, S100YAHE |
| Property, plant and equipment | 26,382 | 67,305 | 75,870 | 76,924 | 94,718 | S100QY7Y, S100TZD7, S100VWNU, S100YAHE |
| Intangible assets excluding goodwill | 3,516 | 3,692 | 4,792 | 6,338 | 29,181 | S100QY7Y, S100TZD7, S100VWNU, S100YAHE |
| Investment securities | 939,748 | 1,206,730 | 1,314,220 | 1,527,669 | 1,514,304 | S100QY7Y, S100TZD7, S100VWNU, S100YAHE |
| Current assets | 1,322,569 | 1,336,098 | 1,531,827 | 1,632,589 | 1,979,505 | S100QY7Y, S100TZD7, S100VWNU, S100YAHE |
| Current liabilities | 146,552 | 149,261 | 145,362 | 168,040 | 187,831 | S100QY7Y, S100TZD7, S100VWNU, S100YAHE |
| Trade payables | 15,911 | 18,381 | 13,725 | 14,890 | 10,890 | S100QY7Y, S100TZD7, S100VWNU, S100YAHE |
| Total liabilities | 150,453 | 158,795 | 158,599 | 180,672 | 199,183 | S100QY7Y, S100TZD7, S100VWNU, S100YAHE |
| Equity attributable to owners of parent | 2,159,171 | 2,461,196 | 2,758,058 | 3,077,874 | 3,413,911 | S100QY7Y, S100TZD7, S100VWNU, S100YAHE |
| Retained earnings | 2,101,779 | 2,403,814 | 2,700,699 | 3,020,535 | 3,356,584 | S100QY7Y, S100TZD7, S100VWNU, S100YAHE |
| Treasury stock | -3,785 | -3,796 | -3,819 | -3,838 | -3,854 | S100QY7Y, S100TZD7, S100VWNU, S100YAHE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YAHE |
| Receivables | 10% | S100YAHE |
| Inventories | 2% | S100YAHE |
| Property, plant and equipment | 3% | S100YAHE |
| Intangibles and goodwill | 1% | S100YAHE |
| Investment securities | 41% | S100YAHE |
| Other assets | 31% | S100YAHE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100YAHE |
| Other liabilities | 5% | S100YAHE |
| Equity | 95% | S100YAHE |

### 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 | 2,324,037 | 2,650,429 | 2,964,792 | 3,289,224 | 3,670,655 |
| Equity | 2,173,583 | 2,491,634 | 2,806,193 | 3,108,552 | 3,471,472 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 396,165 | 344,002 | 406,065 | 451,715 | 451,269 |

## 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) | 8.1% | S100YAHE |
| Fixed assets ÷ total assets | 2.6% | S100YAHE |
| Goodwill ÷ parent equity | — | —, S100YAHE |

### 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) | 12.3% |
| Cash ÷ revenue | 38.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 72.3% |
| Cash vs. profit gap | -14,505 JPY mn (of net income -3.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.5% |
| Shareholder payments — dividends / FCF | 27.1% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 72.5% |

## 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 | 40.2% | 0.32× | 13.1% | 1.08× | 14.0% | S100QY7Y |
| 2023 | 39.3% | 0.37× | 14.6% | 1.08× | 15.7% | S100TZD7 |
| 2024 | 38.2% | 0.34× | 13.2% | 1.08× | 14.2% | S100VWNU |
| 2025 | 37.6% | 0.34× | 12.7% | 1.07× | 13.7% | S100YAHE |
| 2026 | 38.1% | 0.34× | 12.8% | 1.07× | 13.7% | S100YAHE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ティ・ティ | Major shareholder | 15.1% | 2026-03-20 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.8% | 2026-03-20 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.3% | 2026-03-20 |
| 公益財団法人キーエンス財団 | Major shareholder | 4.6% | 2026-03-20 |
| 滝 崎 武 光 | Major shareholder | 3.1% | 2026-03-20 |
| 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 | 2.6% | 2026-03-20 |
| THE BANK OF NEW YORK MELLON 140042 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.9% | 2026-03-20 |
| BNYM AS AGT/CLTS NON TREATY JASDEC （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.7% | 2026-03-20 |
| GOVERNMENT OF NORWAY (常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.5% | 2026-03-20 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.4% | 2026-03-20 |

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

- Revenue rose +10.4% to ¥1.17T. Keyence credits the yen's moves and steady R&D and plant spending by manufacturers.
- Operating income grew +8.4% to ¥595.8B, trailing sales.
- Net income did better, up +11.7% to ¥445.2B, as interest income rose.
- Cash flow grew more slowly than profit: operating cash flow was up +5.2%, free cash flow up +1.8%.

### Drivers

- The Americas and Asia were solid, and Keyence kept training people to strengthen overseas sales
- New factory-floor products included a line-type cylinder sensor and smart valve
- Japan had some cautious customers but still grew on new products and a fuller sales team

### Risks

- Exchange rates move both the yen value of overseas results and customers' appetite for equipment
- A sharp turn in the Japanese or global economy could swing results
- Politics, trade rules and geopolitics abroad could disrupt the business

Cited: Keyence Annual Securities Report (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); Keyence Annual Securities Report (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/03/21－2026/03/20) | S100YAHE | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YAHE,, |
| 有価証券報告書－第56期(2024/03/21－2025/03/20) | S100VWNU | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VWNU,, |
| 訂正有価証券報告書－第55期(2023/03/21－2024/03/20) | S100TZD7 | 2024-07-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TZD7,, |
| 有価証券報告書－第54期(2022/03/21－2023/03/20) | S100QY7Y | 2023-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QY7Y,, |
| 有価証券報告書－第53期(令和3年3月21日－令和4年3月20日) | S100O80N | 2022-06-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O80N,, |
| 有価証券報告書－第52期(令和2年3月21日－令和3年3月20日) | S100LIN5 | 2021-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LIN5,, |

## 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).