# MegaChips 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36期(2025/04/01－2026/03/31) (S100YDEK)
> Page: https://vizora.meequs.com/en/company/megachips
> Retrieved: 2026-09-30T20:48:12.041Z

## Company

MegaChips, founded in 1990, is a company in Semiconductors listed on TSE Prime. It has 328 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MegaChips Corporation |
| Ticker | 6875 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6875.T) |
| Listing | TSE Prime |
| Head office | 大阪市淀川区宮原一丁目1番1号 |
| Representative (per filing) | 代表取締役社長 肥川 哲士 |
| Founded | Apr 1990 |
| Share capital | ¥4.84B |
| Employees (consolidated) | 328 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.pronexus.co.jp (https://www.pronexus.co.jp/) |
| Corporate number | 9120001058777 |
| EDINET | E02042 |
| Industries (Vizora) | Semiconductors |

> Profile source: annual securities report (S100YDEK, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Semiconductors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.8 | 13 |
| Profitability | 32.1 | 14 |
| Efficiency | 3.6 | 14 |

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)

- MegaChips brought in ¥36.2B in revenue.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed -14.5% from the prior year, operating profit -108.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥36.2B |  |
| Operating income | -¥174.8M | Margin -0.5% |
| Net income | ¥9.28B | Margin 25.7% |
| Free cash flow | ¥3.22B |  |
| Employees (consolidated) | 328 |  |
| EPS | ¥565.68 |  |
| Book value per share | ¥11928 |  |
| Equity ratio | 72.4% |  |
| Shares outstanding | 19,046,900 |  |
| Treasury shares | 4,085,900 |  |
| Shareholders | 9,308 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 6.0% | Cash ÷ revenue 42.4% |
| Vs. industry median margin | -3.8 pp | Semiconductors |
| ROE | 16.6% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 6.2× dividends
- FY2026, revenue is 0.5× its level five years ago

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥83814786000 | ¥36169313000 | -56.8% |
| Operating income | ¥5025140000 | ¥-174817000 | -103.5% |
| Operating margin | 6.0% | -0.5% | -6.5 pp |
| Employees | 379 people | 328 people | -13.5% |
| Cash and equivalents | ¥21407837000 | ¥15321631000 | -28.4% |

### 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 | 36,169 | 100.0% | S100YDEK |
| Cost of revenue | 30,657 | 84.8% | S100YDEK |
| Gross profit | 5,512 | 15.2% | S100YDEK |
| SG&A | 5,687 | 15.7% | S100YDEK |
| Operating income | -175 | -0.5% | S100YDEK |
| Ordinary income | 1 | 0.0% | S100YDEK |
| Pretax income | 13,575 | 37.5% | S100YDEK |
| Income tax | 4,262 | 11.8% | S100YDEK |
| Net income | 9,313 | 25.7% | S100YDEK |
| Net income attributable to owners | 9,284 | 25.7% | S100YDEK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 16 |
| Operating income | -1 |
| (Ref.) Net income | 26 |

### Margin funnel

Gross margin 15.2% → Operating margin -0.5% → Net margin 25.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 42,326 | 36,169 | -6,157 | -14.5% |
| Gross profit | 7,826 | 5,512 | -2,314 | -29.6% |
| Operating income | 2,190 | -175 | -2,365 | -108.0% |
| Net income attributable to owners | 5,372 | 9,284 | 3,912 | +72.8% |
| Operating cash flow | -3,727 | 5,297 | 9,024 | — |
| Free cash flow | -6,210 | 3,223 | 9,433 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 65,765 | 972 | 1.5% | -1,792 | 28,256 | 26,622 | S100LKLI |
| FY ending Mar 2021 | 83,815 | 5,025 | 6.0% | 20,920 | 5,514 | 4,485 | S100O9OH |
| FY ending Mar 2022 | 75,256 | 7,030 | 9.3% | 27,544 | -195 | -1,475 | S100QYIF |
| FY ending Mar 2023 | 70,723 | 6,030 | 8.5% | 7,086 | 1,241 | 295 | S100TMJN |
| FY ending Mar 2024 | 57,943 | 5,483 | 9.5% | 4,487 | 8,161 | 7,049 | S100VY08 |
| FY ending Mar 2025 | 42,326 | 2,190 | 5.2% | 5,372 | -3,727 | -6,210 | S100YDEK |
| FY ending Mar 2026 | 36,169 | -175 | -0.5% | 9,284 | 5,297 | 3,223 | S100YDEK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥110.3M |
| Operating income per employee (consolidated) | -¥533K |
| Net income per employee (consolidated) | ¥28.3M |

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) | 343 | 327 | 339 | 337 | 328 |
| Average salary (parent company) | ¥9M | ¥9.1M | ¥8.7M | ¥8.8M | ¥8.2M |
| Average age (parent company) | 45.0 years | 43.8 years | 43.3 years | 42.9 years | 42.9 years |
| Average tenure (parent company) | 9.0 years | 10.1 years | 10.1 years | 10.4 years | 10.9 years |

Year over year: Employees (consolidated) -2.7% · Revenue (consolidated) -14.5%

## 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 | 5,297 | 14.6% | S100YDEK |
| Capital expenditure | 2,075 | 5.7% | S100YDEK |
| Free cash flow | 3,223 | 8.9% | 算出 |
| Investing cash flow | 10,067 | 27.8% | S100YDEK |
| Financing cash flow | -18,015 | -49.8% | S100YDEK |
| Dividends paid | 2,386 | 6.6% | S100YDEK |
| Share buyback | 14,701 | 40.6% | S100YDEK |
| Change in cash | -2,226 | -6.2% | S100YDEK |
| Cash and equivalents | 15,322 | 42.4% | S100YDEK |

## 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 | 25,769 | 20,717 | 25,160 | 17,548 | 15,322 | S100TMJN, S100VY08, S100YDEK |
| Total assets | 89,842 | 89,021 | 126,611 | 149,941 | 255,159 | S100QYIF, S100TMJN, S100VY08, S100YDEK |
| Net assets | 67,429 | 74,535 | 102,674 | 118,241 | 185,667 | S100TMJN, S100VY08, S100YDEK |
| Share capital | 4,840 | 4,840 | 4,840 | 4,840 | 4,840 | S100QYIF, S100TMJN, S100VY08, S100YDEK |
| Property, plant and equipment | 1,758 | 1,837 | 1,799 | 2,249 | 2,872 | S100QYIF, S100TMJN, S100VY08, S100YDEK |
| Intangible assets excluding goodwill | 423 | 457 | 566 | 659 | 660 | S100QYIF, S100TMJN, S100VY08, S100YDEK |
| Investment securities | 5,668 | 14,214 | 75,623 | 101,636 | 214,354 | S100QYIF, S100TMJN, S100VY08, S100YDEK |
| Current assets | 57,481 | 48,752 | 46,130 | 43,602 | 36,002 | S100QYIF, S100TMJN, S100VY08, S100YDEK |
| Current liabilities | 21,368 | 13,902 | 8,613 | 7,963 | 12,882 | S100QYIF, S100TMJN, S100VY08, S100YDEK |
| Trade payables | 8,101 | 7,344 | 2,508 | 3,083 | 5,164 | S100QYIF, S100TMJN, S100VY08, S100YDEK |
| Total liabilities | 22,414 | 14,486 | 23,937 | 31,699 | 69,492 | S100QYIF, S100TMJN, S100VY08, S100YDEK |
| Non-controlling interests | — | — | 265 | 436 | 900 | S100VY08, S100YDEK |
| Equity attributable to owners of parent | 61,849 | 67,266 | 61,866 | 59,785 | 52,164 | S100QYIF, S100TMJN, S100VY08, S100YDEK |
| Retained earnings | 56,014 | 61,364 | 57,210 | 59,052 | 58,709 | S100QYIF, S100TMJN, S100VY08, S100YDEK |
| Treasury stock | -8,365 | -8,299 | -9,544 | -13,467 | -20,745 | S100QYIF, S100TMJN, S100VY08, S100YDEK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YDEK |
| Property, plant and equipment | 1% | S100YDEK |
| Intangibles and goodwill | 0% | S100YDEK |
| Investment securities | 84% | S100YDEK |
| Other assets | 9% | S100YDEK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YDEK |
| Other liabilities | 25% | S100YDEK |
| Equity | 73% | S100YDEK |

### 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 | 89,842 | 89,021 | 126,611 | 149,941 | 255,159 |
| Equity | 67,429 | 74,535 | 102,674 | 118,241 | 185,667 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 25,769 | 20,717 | 25,160 | 17,548 | 15,322 |

## 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) | 7.9% | S100YDEK |
| Fixed assets ÷ total assets | 1.1% | S100YDEK |
| Goodwill ÷ parent equity | — | —, S100YDEK |

### 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) | 6.0% |
| Cash ÷ revenue | 42.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -3,987 JPY mn (of net income -42.9%) |
| Shareholder returns / net income | 184.0% |
| Shareholder returns / FCF | 530.3% |
| Shareholder payments — dividends / net income | 25.7% |
| Shareholder payments — dividends / FCF | 74.1% |
| CapEx intensity (capex ÷ revenue) | 5.7% |
| Investing CF relative to operating CF | 190.0% |

## 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 | 36.6% | 0.84× | 30.7% | 1.45× | 44.5% | S100QYIF |
| 2023 | 10.0% | 0.79× | 7.9% | 1.39× | 11.0% | S100TMJN |
| 2024 | 7.7% | 0.54× | 4.2% | 1.67× | 6.9% | S100VY08 |
| 2025 | 12.7% | 0.31× | 3.9% | 2.27× | 8.8% | S100YDEK |
| 2026 | 25.7% | 0.18× | 4.6% | 3.62× | 16.6% | S100YDEK |

## 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 | 11.8% | 2026-03-31 |
| 株式会社シンドウ・アンド・アソシエイツ | Major shareholder | 8.4% | 2026-03-31 |
| 有限会社シンドウ | Major shareholder | 8.3% | 2026-03-31 |
| 進藤晶弘 | Major shareholder | 3.8% | 2026-03-31 |
| 進藤律子 | Major shareholder | 3.6% | 2026-03-31 |
| 松井典子 | Major shareholder | 3.4% | 2026-03-31 |
| 青木未佳 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.0% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 2.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/04/01－2026/03/31) | S100YDEK | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDEK,, |
| 有価証券報告書－第35期(2024/04/01－2025/03/31) | S100VY08 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY08,, |
| 有価証券報告書－第34期(2023/04/01－2024/03/31) | S100TMJN | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMJN,, |
| 有価証券報告書－第33期(2022/04/01－2023/03/31) | S100QYIF | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYIF,, |
| 有価証券報告書－第32期(令和3年4月1日－令和4年3月31日) | S100O9OH | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9OH,, |
| 有価証券報告書－第31期(令和2年4月1日－令和3年3月31日) | S100LKLI | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKLI,, |

## 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).