# OPTORUN 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27期(2025/01/01－2025/12/31) (S100XTSL)
> Page: https://vizora.meequs.com/en/company/optorun
> Retrieved: 2026-09-30T19:42:01.021Z

## Company

Optorun, founded in 1999, is a company in Semiconductor Equipment listed on TSE Prime. It has 620 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OPTORUN CO.,LTD. |
| Ticker | 6235 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6235.T) |
| Listing | TSE Prime |
| Head office | 埼玉県鶴ヶ島市富士見六丁目1番1 |
| Representative (per filing) | 代表取締役社長執行役員 範賓 |
| Founded | Aug 1999 |
| Share capital | ¥400M |
| Employees (consolidated) | 620 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | December |
| Website | www.optorun.co.jp (https://www.optorun.co.jp/) |
| Corporate number | 1030001056764 |
| EDINET | E33594 |
| Industries (Vizora) | Semiconductor Equipment |

> Profile source: annual securities report (S100XTSL, filed 2026-03-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 9.7 | 36 |
| Profitability | 25.6 | 41 |
| Cash conversion | 85.9 | 39 |
| Efficiency | 11 | 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)

- Optorun brought in ¥33.9B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +4.5% from the prior year, operating profit -49.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥33861286000 → ¥2845510000
- Net income → operating cash flow: ¥2845510000 → ¥8528972000（difference ¥5683462000）
- Main uses of operating cash flow: CapEx ¥993442000 / dividends ¥2163042000 / buybacks ¥4188383000
- Change in cash: ¥3401215000
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 | ¥33.9B |  |
| Operating income | ¥3.33B | Margin 9.8% |
| Net income | ¥2.96B | Margin 8.7% |
| Free cash flow | ¥7.54B |  |
| Employees (consolidated) | 620 |  |
| EPS | ¥35.84 |  |
| Diluted EPS | ¥35.74 |  |
| Book value per share | ¥598.67 |  |
| Equity ratio | 66.6% |  |
| Shares outstanding | 44,358,000 |  |
| Treasury shares | 4,495,500 |  |
| Shareholders | 6,210 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 36.5% | Cash ÷ revenue 92.8% |
| Vs. industry median margin | -4.6 pp | Semiconductor Equipment |
| ROE | 6.1% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.9× net income
- FY2025, buybacks were 1.9× dividends
- FY2025, cash is 36% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥37491308000 | ¥33861286000 | -9.7% |
| Operating income | ¥8628345000 | ¥3334561000 | -61.4% |
| Operating margin | 23.0% | 9.8% | -13.2 pp |
| Employees | 529 people | 620 people | +17.2% |
| Cash and equivalents | ¥22722838000 | ¥31436922000 | +38.3% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 33,861 | 100.0% | S100XTSL |
| Cost of revenue | 22,421 | 66.2% | S100XTSL |
| Gross profit | 11,440 | 33.8% | S100XTSL |
| SG&A | 8,106 | 23.9% | S100XTSL |
| Operating income | 3,335 | 9.8% | S100XTSL |
| Ordinary income | 3,203 | 9.5% | S100XTSL |
| Pretax income | 4,221 | 12.5% | S100XTSL |
| Income tax | 1,375 | 4.1% | S100XTSL |
| Net income | 2,846 | 8.4% | S100XTSL |
| Net income attributable to owners | 2,960 | 8.7% | S100XTSL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 24 |
| Operating income | 10 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 33.8% → Operating margin 9.8% → Net margin 8.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.5%; Core profit growth: -49.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -10.97×
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 | 32,406 | 33,861 | 1,455 | +4.5% |
| Gross profit | 14,499 | 11,440 | -3,058 | -21.1% |
| Operating income | 6,570 | 3,335 | -3,236 | -49.2% |
| Net income attributable to owners | 6,351 | 2,960 | -3,392 | -53.4% |
| Operating cash flow | 5,050 | 8,529 | 3,479 | +68.9% |
| Free cash flow | 1,931 | 7,536 | 5,604 | +290.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 42,822 | 10,879 | 25.4% | 9,102 | 16,233 | 16,059 | S100L8SI |
| FY ending Dec 2020 | 37,491 | 8,628 | 23.0% | 6,797 | -535 | -1,329 | S100NR01 |
| FY ending Dec 2021 | 30,892 | 7,025 | 22.7% | 6,330 | 10,686 | 9,722 | S100QGD5 |
| FY ending Dec 2022 | 34,304 | 7,449 | 21.7% | 6,890 | 8,561 | 4,159 | S100T3F6 |
| FY ending Dec 2023 | 36,807 | 9,752 | 26.5% | 4,632 | 3,180 | 13 | S100VGJJ |
| FY ending Dec 2024 | 32,406 | 6,570 | 20.3% | 6,351 | 5,050 | 1,931 | S100XTSL |
| FY ending Dec 2025 | 33,861 | 3,335 | 9.8% | 2,960 | 8,529 | 7,536 | S100XTSL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.6M |
| Operating income per employee (consolidated) | ¥5.4M |
| Net income per employee (consolidated) | ¥4.8M |

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) | 566 | 607 | 638 | 596 | 620 |
| Average salary (parent company) | ¥8.5M | ¥9.4M | ¥9.1M | ¥8.5M | ¥7.9M |
| Average age (parent company) | 39.3 years | 39.1 years | 39.8 years | 41.0 years | 41.8 years |
| Average tenure (parent company) | 8.6 years | 8.7 years | 9.1 years | 9.0 years | 9.0 years |

Year over year: Employees (consolidated) +4.0% · Revenue (consolidated) +4.5%

## 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 | 8,529 | 25.2% | S100XTSL |
| Capital expenditure | 993 | 2.9% | S100XTSL |
| Free cash flow | 7,536 | 22.3% | 算出 |
| Investing cash flow | 257 | 0.8% | S100XTSL |
| Financing cash flow | -6,258 | -18.5% | S100XTSL |
| Dividends paid | 2,163 | 6.4% | S100XTSL |
| Share buyback | 4,188 | 12.4% | S100XTSL |
| Change in cash | 3,401 | 10.0% | S100XTSL |
| Cash and equivalents | 31,437 | 92.8% | S100XTSL |

## 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 | 32,274 | 34,923 | 32,976 | 28,036 | 31,437 | S100T3F6, S100VGJJ, S100XTSL |
| Total assets | 64,675 | 82,916 | 78,491 | 81,440 | 86,146 | S100QGD5, S100T3F6, S100VGJJ, S100XTSL |
| Net assets | 46,084 | 52,159 | 56,916 | 59,002 | 57,607 | S100T3F6, S100VGJJ, S100XTSL |
| Share capital | 400 | 400 | 400 | 400 | 400 | S100QGD5, S100T3F6, S100VGJJ, S100XTSL |
| Trade receivables | 6,013 | 7,973 | 5,486 | 4,950 | 5,503 | S100QGD5, S100T3F6, S100VGJJ, S100XTSL |
| Property, plant and equipment | 4,527 | 8,835 | 11,407 | 14,152 | 13,512 | S100QGD5, S100T3F6, S100VGJJ, S100XTSL |
| Intangible assets excluding goodwill | 677 | 541 | 424 | 210 | 34 | S100QGD5, S100T3F6, S100VGJJ, S100XTSL |
| Goodwill | 611 | 485 | 343 | 154 | — | S100QGD5, S100T3F6, S100VGJJ, S100XTSL |
| Investment securities | 350 | 350 | 350 | 431 | 4,183 | S100QGD5, S100T3F6, S100VGJJ, S100XTSL |
| Current assets | 53,145 | 65,401 | 57,632 | 54,572 | 56,776 | S100QGD5, S100T3F6, S100VGJJ, S100XTSL |
| Current liabilities | 17,057 | 28,400 | 19,097 | 14,766 | 19,882 | S100QGD5, S100T3F6, S100VGJJ, S100XTSL |
| Trade payables | 3,246 | 4,785 | 1,284 | 1,083 | 4,239 | S100QGD5, S100T3F6, S100VGJJ, S100XTSL |
| Short-term borrowings | 400 | 400 | 400 | 400 | 400 | S100QGD5, S100T3F6, S100VGJJ, S100XTSL |
| Total liabilities | 18,591 | 30,758 | 21,575 | 22,438 | 28,540 | S100QGD5, S100T3F6, S100VGJJ, S100XTSL |
| Non-controlling interests | 13 | 18 | 600 | 313 | 225 | S100QGD5, S100T3F6, S100VGJJ, S100XTSL |
| Equity attributable to owners of parent | 44,014 | 48,953 | 51,134 | 49,980 | 46,277 | S100QGD5, S100T3F6, S100VGJJ, S100XTSL |
| Retained earnings | 34,235 | 38,964 | 41,422 | 44,438 | 44,450 | S100QGD5, S100T3F6, S100VGJJ, S100XTSL |
| Treasury stock | -75 | -58 | -36 | -4,335 | -7,568 | S100QGD5, S100T3F6, S100VGJJ, S100XTSL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100XTSL |
| Receivables | 6% | S100XTSL |
| Property, plant and equipment | 16% | S100XTSL |
| Intangibles and goodwill | 0% | S100XTSL |
| Investment securities | 5% | S100XTSL |
| Other assets | 37% | S100XTSL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XTSL |
| Other liabilities | 28% | S100XTSL |
| Equity | 67% | S100XTSL |
| Other liabilities | 0% | S100XTSL |

### 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 | 64,675 | 82,916 | 78,491 | 81,440 | 86,146 |
| Equity | 46,084 | 52,159 | 56,916 | 59,002 | 57,607 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 32,274 | 34,923 | 32,976 | 28,036 | 31,437 |

## 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) | 39.9% | S100XTSL |
| Fixed assets ÷ total assets | 15.7% | S100XTSL |
| Goodwill ÷ parent equity | — | —, S100XTSL |

### 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) | 36.5% |
| Cash ÷ revenue | 92.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 255.8% |
| Cash vs. profit gap | 5,569 JPY mn (of net income 188.2%) |
| Shareholder returns / net income | 214.6% |
| Shareholder returns / FCF | 84.3% |
| Shareholder payments — dividends / net income | 73.1% |
| Shareholder payments — dividends / FCF | 28.7% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 3.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 20.5% | 0.48× | 9.8% | 1.47× | 14.4% | S100QGD5 |
| 2022 | 20.1% | 0.46× | 9.3% | 1.59× | 14.8% | S100T3F6 |
| 2023 | 12.6% | 0.46× | 5.7% | 1.61× | 9.3% | S100VGJJ |
| 2024 | 19.6% | 0.41× | 7.9% | 1.58× | 12.6% | S100XTSL |
| 2025 | 8.7% | 0.40× | 3.5% | 1.74× | 6.1% | S100XTSL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 浙江水晶光電科技股份有限公司(常任代理人 大和証券株式会社) | Major shareholder | 16.3% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 13.7% | 2025-12-31 |
| 孫 大雄 | Major shareholder | 6.2% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.9% | 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 | 4.2% | 2025-12-31 |
| 林 為平 | Major shareholder | 2.5% | 2025-12-31 |
| 井村 俊哉 | Major shareholder | 2.1% | 2025-12-31 |
| 野村信託銀行株式会社(投信口) | Major shareholder | 2.0% | 2025-12-31 |
| GOVERNMENT OF NORWAY(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.9% | 2025-12-31 |
| 範 賓 | Major shareholder | 1.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/01/01－2025/12/31) | S100XTSL | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTSL,, |
| 有価証券報告書－第26期(2024/01/01－2024/12/31) | S100VGJJ | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGJJ,, |
| 有価証券報告書－第25期(2023/01/01－2023/12/31) | S100T3F6 | 2024-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3F6,, |
| 有価証券報告書－第24期(2022/01/01－2022/12/31) | S100QGD5 | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGD5,, |
| 有価証券報告書－第23期(令和3年1月1日－令和3年12月31日) | S100NR01 | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR01,, |
| 訂正有価証券報告書－第22期(令和2年1月1日－令和2年12月31日) | S100L8SI | 2021-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L8SI,, |

## 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).