# MICRONICS JAPAN CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第55期(2025/01/01－2025/12/31) (S100XTD8)
> Page: https://vizora.meequs.com/en/company/micronics-japan
> Retrieved: 2026-09-30T21:00:46.308Z

## Company

Micronics Japan, founded in 1970, is a company in Semiconductor Equipment listed on TSE Prime. It has 1,785 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MICRONICS JAPAN CO.,LTD. |
| Ticker | 6871 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6871.T) |
| Listing | TSE Prime |
| Head office | 東京都武蔵野市吉祥寺本町二丁目6番8号 |
| Representative (per filing) | 代表取締役社長 長谷川 正義 |
| Founded | Nov 1970 |
| Share capital | ¥5.02B |
| Employees (consolidated) | 1,785 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | December |
| Website | www.mjc.co.jp (https://www.mjc.co.jp/) |
| Corporate number | 5012401011628 |
| EDINET | E02030 |
| Industries (Vizora) | Semiconductor Equipment |

> Profile source: annual securities report (S100XTD8, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Equipment (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 81.7 | 41 |
| Cash conversion | 34.6 | 39 |
| Efficiency | 67.1 | 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 98% of Micronics Japan's sales come from Probe Card Business, with Test Equipment Business making up much of the rest.
- Out of every ¥100 of sales, about ¥23 is left as operating profit.
- Revenue changed +26.1% from the prior year, operating profit +31.6%.

## Company structure

- Segment revenue mix: Probe Card Business 97.7%、Test Equipment Business 2.3%
- Revenue → net income: ¥70173000000 → ¥12063000000
- Net income → operating cash flow: ¥12063000000 → ¥12903000000（difference ¥840000000）
- Main uses of operating cash flow: CapEx ¥19372000000 / dividends ¥2701000000 / buybacks ¥0
- Change in cash: ¥-5326000000
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 | ¥70.2B |  |
| Operating income | ¥16.5B | Margin 23.6% |
| Net income | ¥12.1B | Margin 17.2% |
| Free cash flow | -¥6.47B |  |
| Largest business | Probe Card Business | of segment revenue 97.7% |
| Employees (consolidated) | 1,785 |  |
| EPS | ¥268.08 |  |
| Book value per share | ¥1460.12 |  |
| Equity ratio | 66.7% |  |
| Shares outstanding | 40,025,316 |  |
| Treasury shares | 1,261,000 |  |
| Shareholders | 15,567 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 17.3% | Cash ÷ revenue 24.4% |
| Vs. industry median margin | +9.1 pp | Semiconductor Equipment |
| ROE | 23.4% | Derived from disclosed figures |
| ROA | 13.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, parent-company salary changed +34% over five years

## What changed in 6 years

| Metric | FY ending Sep 2019 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27954000000 | ¥70173000000 | +151.0% |
| Operating income | ¥1466000000 | ¥16542000000 | +1028.4% |
| Operating margin | 5.2% | 23.6% | +18.3 pp |
| Employees | 1,456 people | 1,785 people | +22.6% |
| Cash and equivalents | ¥11273000000 | ¥17129000000 | +51.9% |

### Change in segment revenue mix

Span: FY ending Sep 2019 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| プローブカード事業 → プローブカード事業 | 91.4% |
| ＴＥ事業 → ＴＥ事業 | 2.3% |
| ＴＥ事業 → 事業再編・廃止 | 6.3% |
| 新設・再編 → プローブカード事業 | 6.3% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 70,173 | 100.0% | S100XTD8 |
| Cost of revenue | 36,368 | 51.8% | S100XTD8 |
| Gross profit | 33,804 | 48.2% | S100XTD8 |
| SG&A | 17,262 | 24.6% | S100XTD8 |
| Operating income | 16,542 | 23.6% | S100XTD8 |
| Ordinary income | 17,100 | 24.4% | S100XTD8 |
| Pretax income | 16,706 | 23.8% | S100XTD8 |
| Income tax | 4,642 | 6.6% | S100XTD8 |
| Net income | 12,063 | 17.2% | S100XTD8 |
| Net income attributable to owners | 12,063 | 17.2% | S100XTD8 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 25 |
| Operating income | 23 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 48.2% → Operating margin 23.6% → Net margin 17.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +26.1%; Core profit growth: +31.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.21×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 55,643 | 70,173 | 14,530 | +26.1% |
| Gross profit | 27,143 | 33,804 | 6,661 | +24.5% |
| Operating income | 12,572 | 16,542 | 3,970 | +31.6% |
| Net income attributable to owners | 8,811 | 12,063 | 3,252 | +36.9% |
| Operating cash flow | 15,095 | 12,903 | -2,192 | -14.5% |
| Free cash flow | 8,057 | -6,469 | -14,526 | -180.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 27,954 | 1,466 | 5.2% | 879 | 4,015 | 1,870 | S100L1ST |
| FY ending Dec 2021 | 39,998 | 8,243 | 20.6% | 8,237 | 7,382 | 4,226 | S100QI89 |
| FY ending Dec 2022 | 44,321 | 9,225 | 20.8% | 7,530 | 8,395 | 4,555 | S100T65A |
| FY ending Dec 2023 | 38,292 | 5,312 | 13.9% | 4,127 | 4,837 | -1,529 | S100VI01 |
| FY ending Dec 2024 | 55,643 | 12,572 | 22.6% | 8,811 | 15,095 | 8,057 | S100XTD8 |
| FY ending Dec 2025 | 70,173 | 16,542 | 23.6% | 12,063 | 12,903 | -6,469 | S100XTD8 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.3M |
| Operating income per employee (consolidated) | ¥9.3M |
| Net income per employee (consolidated) | ¥6.8M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,413 | 1,527 | 1,556 | 1,620 | 1,785 |
| Average salary (parent company) | ¥5.9M | ¥6.9M | ¥5.9M | ¥6.6M | ¥7.9M |
| Average age (parent company) | 38.0 years | 38.0 years | 38.0 years | 38.0 years | 37.0 years |
| Average tenure (parent company) | 14.0 years | 14.0 years | 14.0 years | 14.0 years | 14.0 years |

Year over year: Employees (consolidated) +10.2% · Revenue (consolidated) +26.1%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Probe Card Business | 68,525 | 97.7% | 20,844 | 30.4% |
| Test Equipment Business | 1,648 | 2.3% | -892 | -54.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Probe Card Business | 97.7% | 100.0% | 2.3 | 30.4% |
| Test Equipment Business | 2.3% | — | — | -54.1% |

Loss-making segment (excluded from profit shares): Test Equipment Business -892 JPY mn

Segment → industry: Test Equipment Business → Semiconductor Equipment / Probe Card Business → Semiconductor Equipment

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 12,903 | 18.4% | S100XTD8 |
| Capital expenditure | 19,372 | 27.6% | S100XTD8 |
| Free cash flow | -6,469 | -9.2% | 算出 |
| Investing cash flow | -21,692 | -30.9% | S100XTD8 |
| Financing cash flow | 3,276 | 4.7% | S100XTD8 |
| Dividends paid | 2,701 | 3.8% | S100XTD8 |
| Share buyback | 0 | 0.0% | S100XTD8 |
| Change in cash | -5,326 | -7.6% | S100XTD8 |
| Cash and equivalents | 17,129 | 24.4% | S100XTD8 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 16,914 | 21,004 | 16,423 | 22,455 | 17,129 | S100T65A, S100VI01, S100XTD8 |
| Total assets | 49,737 | 54,385 | 55,849 | 79,990 | 99,026 | S100QI89, S100T65A, S100VI01, S100XTD8 |
| Net assets | 33,058 | 38,631 | 41,200 | 49,646 | 66,052 | S100T65A, S100VI01, S100XTD8 |
| Share capital | 5,018 | 5,018 | 5,018 | 5,018 | 5,018 | S100QI89, S100T65A, S100VI01, S100XTD8 |
| Trade receivables | 10,288 | — | — | — | — | S100QI89 |
| Property, plant and equipment | 11,015 | 13,179 | 17,781 | 29,558 | 38,744 | S100QI89, S100T65A, S100VI01, S100XTD8 |
| Intangible assets excluding goodwill | 980 | 990 | 1,004 | 1,070 | 1,012 | S100QI89, S100T65A, S100VI01, S100XTD8 |
| Investment securities | 933 | 721 | 773 | 1,886 | 10,658 | S100QI89, S100T65A, S100VI01, S100XTD8 |
| Current assets | 35,719 | 38,347 | 34,571 | 44,537 | 45,500 | S100QI89, S100T65A, S100VI01, S100XTD8 |
| Current liabilities | 14,219 | 13,139 | 12,085 | 27,612 | 23,235 | S100QI89, S100T65A, S100VI01, S100XTD8 |
| Trade payables | 6,187 | 5,352 | 5,010 | 7,700 | 7,497 | S100QI89, S100T65A, S100VI01, S100XTD8 |
| Short-term borrowings | 959 | 834 | 966 | 736 | 669 | S100QI89, S100T65A, S100VI01, S100XTD8 |
| Long-term borrowings | 371 | 439 | 372 | 439 | 5,861 | S100QI89, S100T65A, S100VI01, S100XTD8 |
| Total liabilities | 16,679 | 15,754 | 14,649 | 30,344 | 32,974 | S100QI89, S100T65A, S100VI01, S100XTD8 |
| Equity attributable to owners of parent | 31,773 | 36,905 | 38,819 | 46,429 | 56,486 | S100QI89, S100T65A, S100VI01, S100XTD8 |
| Retained earnings | 22,188 | 27,194 | 29,047 | 36,585 | 45,947 | S100QI89, S100T65A, S100VI01, S100XTD8 |
| Treasury stock | -1,383 | -1,312 | -1,275 | -1,266 | -1,113 | S100QI89, S100T65A, S100VI01, S100XTD8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100XTD8 |
| Property, plant and equipment | 39% | S100XTD8 |
| Intangibles and goodwill | 1% | S100XTD8 |
| Investment securities | 11% | S100XTD8 |
| Other assets | 32% | S100XTD8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100XTD8 |
| Other liabilities | 26% | S100XTD8 |
| Equity | 67% | S100XTD8 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 49,737 | 54,385 | 55,849 | 79,990 | 99,026 |
| Equity | 33,058 | 38,631 | 41,200 | 49,646 | 66,052 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,914 | 21,004 | 16,423 | 22,455 | 17,129 |

## 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) | 55.2% | S100XTD8 |
| Fixed assets ÷ total assets | 39.1% | S100XTD8 |
| Goodwill ÷ parent equity | — | —, S100XTD8 |

### 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) | 17.3% |
| Cash ÷ revenue | 24.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 78.0% |
| Cash vs. profit gap | 840 JPY mn (of net income 7.0%) |
| Shareholder returns / net income | 22.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 27.6% |
| Investing CF relative to operating CF | 168.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 20.6% | 0.80× | 16.6% | 1.57× | 25.9% | S100QI89 |
| 2022 | 17.0% | 0.85× | 14.5% | 1.52× | 21.9% | S100T65A |
| 2023 | 10.8% | 0.69× | 7.5% | 1.46× | 10.9% | S100VI01 |
| 2024 | 15.8% | 0.82× | 13.0% | 1.59× | 20.7% | S100XTD8 |
| 2025 | 17.2% | 0.78× | 13.5% | 1.74× | 23.4% | S100XTD8 |

## 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 | 13.0% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 12.4% | 2025-12-31 |
| 長谷川 正義 | Major shareholder | 6.6% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 4.3% | 2025-12-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.4% | 2025-12-31 |
| 長谷川 勝美 | Major shareholder | 3.1% | 2025-12-31 |
| 長谷川 丈広 | Major shareholder | 3.0% | 2025-12-31 |
| ＭＴＫインベストメント株式会社 | Major shareholder | 2.9% | 2025-12-31 |
| 長谷川 義榮 | Major shareholder | 2.4% | 2025-12-31 |
| 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 | 1.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第55期(2025/01/01－2025/12/31) | S100XTD8 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTD8,, |
| 有価証券報告書－第54期(2024/01/01－2024/12/31) | S100VI01 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI01,, |
| 有価証券報告書－第53期(2023/01/01－2023/12/31) | S100T65A | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T65A,, |
| 有価証券報告書－第52期(2022/01/01－2022/12/31) | S100QI89 | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI89,, |
| 有価証券報告書－第51期(令和3年1月1日－令和3年12月31日) | S100NQOO | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQOO,, |
| 有価証券報告書－第50期(令和1年10月1日－令和2年12月31日) | S100L1ST | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1ST,, |

## 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).