# LINTEC 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132期(2025/04/01－2026/03/31) (S100YBFC)
> Page: https://vizora.meequs.com/en/company/lintec
> Retrieved: 2026-09-30T19:09:24.712Z

## Company

Lintec, founded in 1934, is a company in Paper & Pulp listed on TSE Prime. It has 5,237 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LINTEC Corporation |
| Ticker | 7966 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7966.T) |
| Listing | TSE Prime |
| Head office | 東京都板橋区本町23番23号 |
| Representative (per filing) | 代表取締役社長 服部 真 |
| Founded | Oct 1934 |
| Share capital | ¥23.4B |
| Employees (consolidated) | 5,237 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.lintec.co.jp (https://www.lintec.co.jp/) |
| Corporate number | 7011401006867 |
| EDINET | E02394 |
| Industries (Vizora) | Paper & Pulp, Chemicals, Semiconductor Materials, Electronic Components, Paints & Inks |

> Profile source: annual securities report (S100YBFC, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Paints & Inks (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 23 |
| Profitability | 67.4 | 23 |
| Cash conversion | 70.5 | 22 |
| Efficiency | 80.4 | 23 |

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 57% of Lintec's sales come from Publishing material and industrial material, with Electronic and optics related and Paper and work timber making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +1.1% from the prior year, operating profit +2.4%.

## Company structure

- Segment revenue mix: Publishing material and industrial material 57.2%、Electronic and optics related 31.5%、Paper and work timber 11.3%
- Revenue → net income: ¥319385000000 → ¥17379000000
- Net income → operating cash flow: ¥17379000000 → ¥33450000000（difference ¥16071000000）
- Main uses of operating cash flow: CapEx ¥15231000000 / dividends ¥6969000000 / buybacks ¥5240000000
- Change in cash: ¥4548000000
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 | ¥319.4B |  |
| Operating income | ¥25.2B | Margin 7.9% |
| Net income | ¥17.4B | Margin 5.4% |
| Free cash flow | ¥18.2B |  |
| Largest business | Publishing material and industrial material | of segment revenue 57.2% |
| Employees (consolidated) | 5,237 |  |
| EPS | ¥302.73 |  |
| Diluted EPS | ¥302.61 |  |
| Book value per share | ¥3049.49 |  |
| Equity ratio | 75.1% |  |
| Shares outstanding | 72,488,000 |  |
| Treasury shares | 7,094,300 |  |
| Shareholders | 8,143 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 16.1% | Cash ÷ revenue 17.3% |
| Vs. industry median margin | +0.3 pp | Chemicals |
| ROE | 8.2% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 88% of positive segment profit
- FY2026, segment profit share differs by 57 points
- FY2026, employees -1% while operating income rose 2%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥235902000000 | ¥319385000000 | +35.4% |
| Operating income | ¥17030000000 | ¥25156000000 | +47.7% |
| Operating margin | 7.2% | 7.9% | +0.7 pp |
| Employees | 4,913 people | 5,237 people | +6.6% |
| Cash and equivalents | ¥57636000000 | ¥55252000000 | -4.1% |

### 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 |
| --- | ---: |
| 印刷材・産業工材関連 → 印刷材・産業工材関連 | 49.1% |
| 電子・光学関連 → 電子・光学関連 | 31.5% |
| 電子・光学関連 → 事業再編・廃止 | 6.2% |
| 洋紙・加工材関連 → 洋紙・加工材関連 | 11.3% |
| 洋紙・加工材関連 → 事業再編・廃止 | 1.9% |
| 新設・再編 → 印刷材・産業工材関連 | 8.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Publishing material and industrial material | 5 years | +9.6% | ¥182644000000 | 1.1% | 2 |
| Electronic and optics related | 5 years | +2.5% | ¥100726000000 | 22.0% | 2 |
| Paper and work timber | 5 years | +2.9% | ¥36014000000 | 2.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 319,385 | 100.0% | S100YBFC |
| Cost of revenue | 237,922 | 74.5% | S100YBFC |
| Gross profit | 81,463 | 25.5% | S100YBFC |
| SG&A | 56,306 | 17.6% | S100YBFC |
| Operating income | 25,156 | 7.9% | S100YBFC |
| Ordinary income | 25,666 | 8.0% | S100YBFC |
| Pretax income | 24,472 | 7.7% | S100YBFC |
| Income tax | 7,093 | 2.2% | S100YBFC |
| Net income | 17,379 | 5.4% | S100YBFC |
| Net income attributable to owners | 17,374 | 5.4% | S100YBFC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 18 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 25.5% → Operating margin 7.9% → Net margin 5.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.1%; Core profit growth: +2.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.24×
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 | 315,978 | 319,385 | 3,407 | +1.1% |
| Gross profit | 79,844 | 81,463 | 1,619 | +2.0% |
| Operating income | 24,562 | 25,156 | 594 | +2.4% |
| Net income attributable to owners | 14,476 | 17,374 | 2,898 | +20.0% |
| Operating cash flow | 33,715 | 33,450 | -265 | -0.8% |
| Free cash flow | 9,569 | 18,219 | 8,650 | +90.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 240,727 | 15,440 | 6.4% | 9,620 | 18,501 | 5,900 | S100LJIS |
| FY ending Mar 2021 | 235,902 | 17,030 | 7.2% | 11,407 | 28,824 | 19,376 | S100O9QS |
| FY ending Mar 2022 | 256,836 | 21,584 | 8.4% | 16,641 | 24,642 | 15,910 | S100QYYL |
| FY ending Mar 2023 | 284,603 | 13,796 | 4.8% | 11,512 | 5,936 | -7,792 | S100TMMJ |
| FY ending Mar 2024 | 276,321 | 10,628 | 3.8% | 5,243 | 39,205 | 24,277 | S100VZ46 |
| FY ending Mar 2025 | 315,978 | 24,562 | 7.8% | 14,476 | 33,715 | 9,569 | S100YBFC |
| FY ending Mar 2026 | 319,385 | 25,156 | 7.9% | 17,374 | 33,450 | 18,219 | S100YBFC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 5,158 | 5,418 | 5,476 | 5,311 | 5,237 |
| Average salary (parent company) | ¥6.6M | ¥6.6M | ¥6.6M | ¥6.9M | ¥7.2M |
| Average age (parent company) | 41.4 years | 41.7 years | 42.1 years | 42.6 years | 42.8 years |
| Average tenure (parent company) | 19.0 years | 19.2 years | 19.7 years | 19.9 years | 20.0 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) +1.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Publishing material and industrial material | 182,644 | 57.2% | 1,979 | 1.1% |
| Electronic and optics related | 100,726 | 31.5% | 22,120 | 22.0% |
| Paper and work timber | 36,014 | 11.3% | 977 | 2.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Publishing material and industrial material | 57.2% | 7.9% | -49.3 | 1.1% |
| Electronic and optics related | 31.5% | 88.2% | 56.7 | 22.0% |
| Paper and work timber | 11.3% | 3.9% | -7.4 | 2.7% |

Segment → industry: Paper and work timber → Paper & Pulp / Publishing material and industrial material → Chemicals / Electronic and optics related → Semiconductor Materials / Electronic and optics related → Electronic Components / Publishing material and industrial material → Paints & Inks

## 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 | 33,450 | 10.5% | S100YBFC |
| Capital expenditure | 15,231 | 4.8% | S100YBFC |
| Free cash flow | 18,219 | 5.7% | 算出 |
| Investing cash flow | -14,589 | -4.6% | S100YBFC |
| Financing cash flow | -15,595 | -4.9% | S100YBFC |
| Dividends paid | 6,969 | 2.2% | S100YBFC |
| Share buyback | 5,240 | 1.6% | S100YBFC |
| Change in cash | 4,548 | 1.4% | S100YBFC |
| Cash and equivalents | 55,252 | 17.3% | S100YBFC |

## 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 | 50,603 | 33,857 | 52,396 | 50,703 | 55,252 | S100TMMJ, S100VZ46, S100YBFC |
| Total assets | 302,865 | 304,881 | 333,590 | 340,471 | 342,725 | S100QYYL, S100TMMJ, S100VZ46, S100YBFC |
| Net assets | 209,758 | 227,150 | 232,920 | 246,126 | 258,240 | S100TMMJ, S100VZ46, S100YBFC |
| Share capital | 23,320 | 23,355 | 23,355 | 23,355 | 23,355 | S100QYYL, S100TMMJ, S100VZ46, S100YBFC |
| Inventories | 52,709 | 67,250 | 59,548 | 64,054 | 58,675 | S100QYYL, S100TMMJ, S100VZ46, S100YBFC |
| Property, plant and equipment | 90,521 | 101,593 | 114,154 | 116,931 | 117,500 | S100QYYL, S100TMMJ, S100VZ46, S100YBFC |
| Intangible assets excluding goodwill | 18,622 | 17,708 | 18,226 | 14,936 | 10,033 | S100QYYL, S100TMMJ, S100VZ46, S100YBFC |
| Goodwill | 16,647 | 15,013 | 14,991 | 11,771 | 7,093 | S100QYYL, S100TMMJ, S100VZ46, S100YBFC |
| Investment securities | 2,116 | 2,342 | 2,473 | 2,109 | 1,735 | S100QYYL, S100TMMJ, S100VZ46, S100YBFC |
| Current assets | 182,224 | 171,936 | 187,977 | 192,767 | 196,082 | S100QYYL, S100TMMJ, S100VZ46, S100YBFC |
| Current liabilities | 72,382 | 59,823 | 75,918 | 69,989 | 65,968 | S100QYYL, S100TMMJ, S100VZ46, S100YBFC |
| Trade payables | 44,309 | 36,980 | 45,705 | 40,350 | 37,266 | S100QYYL, S100TMMJ, S100VZ46, S100YBFC |
| Short-term borrowings | 1,292 | 960 | 1,400 | 1,300 | 700 | S100QYYL, S100TMMJ, S100VZ46, S100YBFC |
| Long-term borrowings | 1,468 | — | 5,888 | 3,794 | 1,902 | S100QYYL, S100VZ46, S100YBFC |
| Total liabilities | 93,107 | 77,730 | 100,669 | 94,345 | 84,485 | S100QYYL, S100TMMJ, S100VZ46, S100YBFC |
| Non-controlling interests | 451 | 715 | 703 | 758 | 759 | S100QYYL, S100TMMJ, S100VZ46, S100YBFC |
| Equity attributable to owners of parent | 202,388 | 203,728 | 203,219 | 208,250 | 213,558 | S100QYYL, S100TMMJ, S100VZ46, S100YBFC |
| Retained earnings | 166,242 | 171,325 | 170,796 | 169,969 | 180,375 | S100QYYL, S100TMMJ, S100VZ46, S100YBFC |
| Treasury stock | -14,118 | -17,663 | -17,568 | -11,703 | -16,817 | S100QYYL, S100TMMJ, S100VZ46, S100YBFC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YBFC |
| Inventories | 17% | S100YBFC |
| Property, plant and equipment | 34% | S100YBFC |
| Intangibles and goodwill | 5% | S100YBFC |
| Investment securities | 1% | S100YBFC |
| Other assets | 27% | S100YBFC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YBFC |
| Other liabilities | 14% | S100YBFC |
| Equity | 75% | S100YBFC |

### 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 | 302,865 | 304,881 | 333,590 | 340,471 | 342,725 |
| Equity | 209,758 | 227,150 | 232,920 | 246,126 | 258,240 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 50,603 | 33,857 | 52,396 | 50,703 | 55,252 |

## 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) | 36.8% | S100YBFC |
| Fixed assets ÷ total assets | 34.3% | S100YBFC |
| Goodwill ÷ parent equity | 3.3% | S100YBFC |

Goodwill over 4 years: 16,647 → 7,093 JPY; total investing cash flow: -92,549 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) | 16.1% |
| Cash ÷ revenue | 17.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 133.0% |
| Cash vs. profit gap | 16,076 JPY mn (of net income 92.5%) |
| Shareholder returns / net income | 70.3% |
| Shareholder returns / FCF | 67.0% |
| Shareholder payments — dividends / net income | 40.1% |
| Shareholder payments — dividends / FCF | 38.3% |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 43.6% |

## 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 | 6.5% | 0.85× | 5.5% | 1.50× | 8.2% | S100QYYL |
| 2023 | 4.0% | 0.94× | 3.8% | 1.50× | 5.7% | S100TMMJ |
| 2024 | 1.9% | 0.87× | 1.6% | 1.57× | 2.6% | S100VZ46 |
| 2025 | 4.6% | 0.94× | 4.3% | 1.64× | 7.0% | S100YBFC |
| 2026 | 5.4% | 0.93× | 5.1% | 1.62× | 8.2% | S100YBFC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本製紙株式会社 | Major shareholder | 30.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.8% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 2.6% | 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 | 2.0% | 2026-03-31 |
| 庄司 たみ江 | Major shareholder | 1.9% | 2026-03-31 |
| リンテック従業員持株会 | Major shareholder | 1.8% | 2026-03-31 |
| 塩飽 恵以子 | Major shareholder | 1.5% | 2026-03-31 |
| 庄司 光江 | Major shareholder | 1.2% | 2026-03-31 |
| 明治安田生命保険相互会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.1% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥319.4B, up +1.1% from the year before.
- Operating income rose +2.4% to ¥25.2B and net income rose +20.0% to ¥17.4B; the company says revenue, operating income and net income all hit record highs.
- Operating cash flow was roughly flat at ¥33.5B (-0.8%), while free cash flow climbed +90.4% to ¥18.2B.

### Drivers

- AI-related demand kept semiconductor tapes and tapes for multilayer ceramic capacitors selling well
- Electronics and optics profit rose on higher volumes, despite more depreciation from new equipment
- Label and industrial materials profit fell sharply, hit by higher raw material and shipping costs in Japan and by higher fixed costs and weaker production yields in the US

### Risks

- Higher raw material and shipping costs, and possible supply disruptions, linked to tensions in the Middle East
- A slowdown driven by high US tariffs
- Rising fixed costs from wage increases and depreciation on new production equipment

Cited: Annual securities report, FY ending Mar 2026 (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)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第132期(2025/04/01－2026/03/31) | S100YBFC | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBFC,, |
| 有価証券報告書－第131期(2024/04/01－2025/03/31) | S100VZ46 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ46,, |
| 有価証券報告書－第130期(2023/04/01－2024/03/31) | S100TMMJ | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMMJ,, |
| 有価証券報告書－第129期(2022/04/01－2023/03/31) | S100QYYL | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYYL,, |
| 有価証券報告書－第128期(令和3年4月1日－令和4年3月31日) | S100O9QS | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9QS,, |
| 有価証券報告書－第127期(令和2年4月1日－令和3年3月31日) | S100LJIS | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJIS,, |

## 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).