# OLYMPUS CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第158期(2025/04/01－2026/03/31) (S100YDN3)
> Page: https://vizora.meequs.com/en/company/olympus
> Retrieved: 2026-09-30T19:09:20.919Z

## Company

Olympus, founded in 1919, is a company in Medical Devices listed on TSE Prime. It has 28,138 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OLYMPUS CORPORATION |
| Ticker | 7733 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7733.T) |
| Listing | TSE Prime |
| Head office | 東京都八王子市石川町2951番地 |
| Representative (per filing) | 取締役 代表執行役 社長兼CEO ボブ・ホワイト |
| Founded | Oct 1919 |
| Share capital | ¥124.6B |
| Employees (consolidated) | 28,138 |
| Average salary (parent only) | ¥10.1M |
| Fiscal year end | March |
| Website | www.olympus.co.jp (https://www.olympus.co.jp/) |
| Corporate number | 5011001005222 |
| EDINET | E02272 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100YDN3, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.9 | 38 |
| Profitability | 39.7 | 39 |
| Cash conversion | 51.3 | 38 |
| Efficiency | 55.1 | 39 |

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 69% of Olympus's sales come from Gastrointestinal Solutions, with Surgical and Interventional Solutions and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +1.3% from the prior year, operating profit -40.2%.

## Company structure

- Segment revenue mix: Gastrointestinal Solutions 69.0%、Surgical and Interventional Solutions 31.0%、Other 0.0%
- Revenue → net income: ¥1010676000000 → ¥68172000000
- Net income → operating cash flow: ¥68172000000 → ¥100585000000（difference ¥32413000000）
- Main uses of operating cash flow: CapEx ¥82423000000 / dividends ¥22556000000 / buybacks ¥50002000000
- Change in cash: ¥-64494000000
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 | ¥1.01T |  |
| Operating income | ¥97.1B | Margin 9.6% |
| Net income | ¥68.2B | Margin 6.7% |
| Free cash flow | ¥18.2B |  |
| Largest business | Gastrointestinal Solutions | of segment revenue 69.0% |
| Employees (consolidated) | 28,138 |  |
| EPS | ¥61.32 |  |
| Diluted EPS | ¥61.2 |  |
| Book value per share | ¥429.41 |  |
| Equity ratio | 52.8% | Derived from disclosed figures |
| Shares outstanding | 1,114,486,000 |  |
| Treasury shares | 13,383,100 |  |
| Shareholders | 62,340 |  |
| Average salary (parent only) | ¥10.1M | Filing company only |
| Cash ratio | 12.2% | Cash ÷ revenue 18.6% |
| Vs. industry median margin | -1.5 pp | Medical Devices |
| ROE | 8.7% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.2× dividends
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 31 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥730544000000 | ¥1010676000000 | +38.3% |
| Operating income | ¥81985000000 | ¥97120000000 | +18.5% |
| Operating margin | 11.2% | 9.6% | -1.6 pp |
| Employees | 31,653 people | 28,138 people | -11.1% |
| Cash and equivalents | ¥217478000000 | ¥188038000000 | -13.5% |

### 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 |
| --- | ---: |
| 内視鏡 → 事業再編・廃止 | 54.6% |
| 治療機器 → 事業再編・廃止 | 32.1% |
| 科学 → 事業再編・廃止 | 13.3% |
| 新設・再編 → 消化器内視鏡ソリューション | 69.0% |
| 新設・再編 → サージカルインターベンション | 31.0% |
| 新設・再編 → その他 | 0.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Gastrointestinal Solutions | — | — | ¥697359000000 | 19.6% | 2 |
| Surgical and Interventional Solutions | — | — | ¥313109000000 | -4.8% | 2 |
| Other | — | — | ¥208000000 | -239.9% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,010,676 | 100.0% | S100YDN3 |
| Cost of revenue | 356,586 | 35.3% | S100YDN3 |
| Gross profit | 654,090 | 64.7% | S100YDN3 |
| SG&A | 507,080 | 50.2% | S100YDN3 |
| Operating income | 97,120 | 9.6% | S100YDN3 |
| Pretax income | 93,994 | 9.3% | S100YDN3 |
| Income tax | 25,822 | 2.6% | S100YDN3 |
| Net income | 68,172 | 6.7% | S100YDN3 |
| Net income attributable to owners | 68,172 | 6.7% | S100YDN3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 35 |
| SG&A | 50 |
| Other operating | 5 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 64.7% → Operating margin 9.6% → Net margin 6.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.3%; Core profit growth: -40.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -30.06×
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 | 997,332 | 1,010,676 | 13,344 | +1.3% |
| Gross profit | 683,697 | 654,090 | -29,607 | -4.3% |
| Operating income | 162,462 | 97,120 | -65,342 | -40.2% |
| Net income attributable to owners | 117,855 | 68,172 | -49,683 | -42.2% |
| Operating cash flow | 190,463 | 100,585 | -89,878 | -47.2% |
| Free cash flow | 125,254 | 18,162 | -107,092 | -85.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 740,557 | — | — | 42,783 | 102,052 | — | S100LL9I |
| FY ending Mar 2018 | 786,497 | — | — | 57,064 | 95,146 | — | S100OBAY |
| FY ending Mar 2019 | 793,862 | — | — | 8,147 | 66,943 | — | S100RV9X |
| FY ending Mar 2020 | 755,231 | 92,200 | 12.2% | 51,670 | 133,544 | 67,615 | S100LL9I |
| FY ending Mar 2021 | 730,544 | 81,985 | 11.2% | 12,918 | 124,122 | 64,895 | S100OBAY |
| FY ending Mar 2022 | 750,123 | 146,188 | 19.5% | 115,742 | 169,729 | 107,958 | S100RV9X |
| FY ending Mar 2023 | 881,923 | 186,609 | 21.2% | 143,432 | 98,490 | 27,867 | S100TNZ4 |
| FY ending Mar 2024 | 925,752 | — | — | 242,566 | 42,365 | — | S100YDN3 |
| FY ending Mar 2025 | 997,332 | 162,462 | 16.3% | 117,855 | 190,463 | 125,254 | S100YDN3 |
| FY ending Mar 2026 | 1,010,676 | 97,120 | 9.6% | 68,172 | 100,585 | 18,162 | S100YDN3 |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.9M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 31,557 | 32,805 | 28,838 | 29,297 | 28,138 |
| Average salary (parent company) | ¥9.2M | ¥9.7M | — | ¥10.5M | ¥10.1M |
| Average age (parent company) | 42.6 years | 42.9 years | — | 43.3 years | 44.1 years |
| Average tenure (parent company) | 14.3 years | 13.8 years | — | 13.5 years | 15.7 years |

Year over year: Employees (consolidated) -4.0% · Revenue (consolidated) +1.3%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Gastrointestinal Solutions | 697,359 | 69.0% | 136,359 | 19.6% |
| Surgical and Interventional Solutions | 313,109 | 31.0% | -14,986 | -4.8% |
| Other | 208 | 0.0% | -499 | -239.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Gastrointestinal Solutions | 69.0% | 100.0% | 31.0 | 19.6% |
| Surgical and Interventional Solutions | 31.0% | — | — | -4.8% |
| Other | 0.0% | — | — | -239.9% |

Loss-making segment (excluded from profit shares): Surgical and Interventional Solutions -14,986 JPY mn

Loss-making segment (excluded from profit shares): Other -499 JPY mn

Segment → industry: Surgical and Interventional Solutions → Medical Devices / Gastrointestinal Solutions → Medical Devices

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 100,585 | 10.0% | S100YDN3 |
| Capital expenditure | 82,423 | 8.2% | S100YDN3 |
| Free cash flow | 18,162 | 1.8% | 算出 |
| Investing cash flow | -87,408 | -8.6% | S100YDN3 |
| Financing cash flow | -87,627 | -8.7% | S100YDN3 |
| Dividends paid | 22,556 | 2.2% | S100YDN3 |
| Share buyback | 50,002 | 4.9% | S100YDN3 |
| Change in cash | -64,494 | -6.4% | S100YDN3 |
| Cash and equivalents | 188,038 | 18.6% | S100YDN3 |

## 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 | 302,572 | 169,329 | 340,933 | 252,532 | 188,038 | S100RV9X, S100TNZ4, S100YDN3 |
| Total assets | 1,357,999 | 1,508,701 | 1,534,216 | 1,433,273 | 1,537,162 | S100RV9X, S100TNZ4, S100YDN3 |
| Net assets | 511,362 | 641,234 | 757,186 | 751,733 | 812,040 | S100TNZ4, S100W009, S100YDN3 |
| Share capital | 124,643 | 124,643 | — | 124,643 | 124,643 | S100RV9X, S100TNZ4, S100YDN3 |
| Property, plant and equipment | 247,112 | 238,731 | — | 263,340 | 287,209 | S100RV9X, S100TNZ4, S100YDN3 |
| Goodwill | 164,498 | 181,324 | — | 180,593 | 194,238 | S100RV9X, S100TNZ4, S100YDN3 |
| Current assets | 694,605 | 726,357 | — | 679,558 | 706,308 | S100RV9X, S100TNZ4, S100YDN3 |
| Total liabilities | 846,637 | 867,467 | — | 681,540 | 725,122 | S100RV9X, S100TNZ4, S100YDN3 |
| Equity attributable to owners of parent | 510,168 | 640,085 | — | 751,733 | 812,040 | S100RV9X, S100TNZ4, S100YDN3 |
| Retained earnings | 305,057 | 371,064 | — | 420,967 | 422,331 | S100RV9X, S100TNZ4, S100YDN3 |
| Treasury stock | -45,589 | -28,086 | — | -27,923 | -26,631 | S100RV9X, S100TNZ4, S100YDN3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YDN3 |
| Property, plant and equipment | 19% | S100YDN3 |
| Intangibles and goodwill | 13% | — |
| Other assets | 56% | S100YDN3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100YDN3 |
| Equity | 53% | S100YDN3 |

### 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 | 1,357,999 | 1,508,701 | 1,534,216 | 1,433,273 | 1,537,162 |
| Equity | 511,362 | 641,234 | 757,186 | 751,733 | 812,040 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 302,572 | 169,329 | 340,933 | 252,532 | 188,038 |

## 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) | 28.4% | S100YDN3 |
| Fixed assets ÷ total assets | 18.7% | S100YDN3 |
| Goodwill ÷ parent equity | 23.9% | S100YDN3 |

Goodwill over 4 years: 164,498 → 194,238 JPY; total investing cash flow: 77,685 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) | 12.2% |
| Cash ÷ revenue | 18.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 103.6% |
| Cash vs. profit gap | 32,413 JPY mn (of net income 47.5%) |
| Shareholder returns / net income | 106.4% |
| Shareholder returns / FCF | 399.5% |
| Shareholder payments — dividends / net income | 33.1% |
| Shareholder payments — dividends / FCF | 124.2% |
| CapEx intensity (capex ÷ revenue) | 8.2% |
| Investing CF relative to operating CF | 86.9% |

## 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 | 15.4% | 0.55× | 8.5% | 2.66× | 22.7% | S100RV9X |
| 2023 | 16.3% | 0.62× | 10.0% | 2.49× | 24.9% | S100TNZ4 |
| 2024 | 26.2% | 0.61× | 15.9% | 2.18× | 34.7% | S100YDN3 |
| 2025 | 11.8% | 0.67× | 7.9% | 1.97× | 15.7% | S100YDN3 |
| 2026 | 6.7% | 0.68× | 4.6% | 1.90× | 8.7% | S100YDN3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 19.1% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 6.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 ㈱みずほ銀行） | Major shareholder | 5.2% | 2026-03-31 |
| JP MORGAN CHASE BANK 385839（常任代理人 ㈱みずほ銀行） | Major shareholder | 3.7% | 2026-03-31 |
| ㈱SMBC信託銀行（㈱三井住友銀行退職給付信託口） | Major shareholder | 3.6% | 2026-03-31 |
| モルガン・スタンレーMUFG証券㈱ | Major shareholder | 2.5% | 2026-03-31 |
| 日本生命保険(相) | Major shareholder | 1.9% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDONSECS LENDING OMNIBUS ACCOUNT（常任代理人 ㈱みずほ銀行） | Major shareholder | 1.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 ㈱みずほ銀行） | Major shareholder | 1.7% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642（常任代理人 ㈱みずほ銀行） | Major shareholder | 1.6% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 came in at ¥1.01T, up +1.3% from ¥997.3B the year before, so sales barely moved.
- Profit dropped sharply. Operating income went from ¥162.5B to ¥97.1B (-40.2%), and net income attributable to owners from ¥117.9B to ¥68.2B (-42.2%).
- Operating cash flow fell -47.2% to ¥100.6B, and free cash flow shrank to ¥18.2B, down -85.5%.

### Drivers

- US tariffs and a shift toward lower-margin products pushed the cost of sales up relative to revenue
- The company booked costs for a global reorganization of roles, plus impairment losses on development and other intangible assets
- Its investment in Swan EndoSurgical, a joint venture developing robotic endoscopy products, added expenses
- Surgical and Interventional Solutions swung to an operating loss, hit by shipment holds and a voluntary recall on some products and by lower sales in China and Japan. Gastrointestinal Solutions still grew, led by Europe and Asia-Pacific

### Risks

- If fixes for the FDA warning letters fall behind, further regulatory action could disrupt supply. An import alert already blocks some devices made at Aizu Olympus from entering the US
- Shifting tariffs and policies favoring local suppliers, such as in China, could squeeze profitability
- Shortages of key parts, including semiconductors, could delay production and product supply

Cited: Annual securities report, 158th fiscal period (Apr 2025 - Mar 2026) (Management's analysis of financial position, operating results and cash flows); Annual securities report, 158th fiscal period (Apr 2025 - Mar 2026) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第158期(2025/04/01－2026/03/31) | S100YDN3 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDN3,, |
| 有価証券報告書－第157期(2024/04/01－2025/03/31) | S100W009 | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W009,, |
| 有価証券報告書－第156期(2023/04/01－2024/03/31) | S100TNZ4 | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNZ4,, |
| 訂正有価証券報告書－第155期(2022/04/01－2023/03/31) | S100RV9X | 2023-09-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RV9X,, |
| 有価証券報告書－第154期(令和3年4月1日－令和4年3月31日) | S100OBAY | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBAY,, |
| 有価証券報告書－第153期(令和2年4月1日－令和3年3月31日) | S100LL9I | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL9I,, |

## 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).