# OXIDE Corporation: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2025/03/01－2026/02/28) (S100Y5QW)
> Page: https://vizora.meequs.com/en/company/oxide
> Retrieved: 2026-09-30T20:58:25.707Z

## Company

Oxide, founded in 2000, is a company in Semiconductor Equipment listed on TSE Growth. It has 312 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OXIDE Corporation |
| Ticker | 6521 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6521.T) |
| Listing | TSE Growth |
| Head office | 山梨県北杜市武川町牧原1747番地1 |
| Representative (per filing) | 代表取締役COO 山本 正幸 |
| Founded | Oct 2000 |
| Share capital | ¥3.41B |
| Employees (consolidated) | 312 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | February |
| Website | www.opt-oxide.com (https://www.opt-oxide.com/) |
| Corporate number | 9090001011376 |
| EDINET | E36433 |
| Industries (Vizora) | Semiconductor Equipment |

> Profile source: annual securities report (S100Y5QW, filed 2026-05-22). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Equipment (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 13.4 | 41 |
| Cash conversion | 98.7 | 39 |
| Efficiency | 30.5 | 41 |
| Financial strength | 12.5 | 4 |

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)

- Oxide brought in ¥10B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +19.6% from the prior year, operating profit +329.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥10B |  |
| Operating income | ¥542.7M | Margin 5.4% |
| Net income | -¥538.1M | Margin -5.4% |
| Free cash flow | ¥2.17B |  |
| Employees (consolidated) | 312 |  |
| EPS | ¥0.96 |  |
| Diluted EPS | ¥0.93 |  |
| Book value per share | ¥444.26 |  |
| Equity ratio | 31.8% |  |
| Shares outstanding | 11,567,113 |  |
| Treasury shares | 1,700 |  |
| Shareholders | 8,675 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 15.5% | Net cash -¥4.27B · Cash ÷ revenue 22.8% |
| Vs. industry median margin | -9.1 pp | Semiconductor Equipment |
| ROA | -3.3% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -22% while operating income rose 330%

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3579619000 | ¥10040393000 | — |
| Operating income | ¥365755000 | ¥542745000 | — |
| Operating margin | 10.2% | 5.4% | -4.8 pp |
| Employees | 160 people | 312 people | — |
| Cash and equivalents | ¥1171360000 | ¥2287394000 | — |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,040 | 100.0% | S100Y5QW |
| Cost of revenue | 6,671 | 66.4% | S100Y5QW |
| Gross profit | 3,369 | 33.6% | S100Y5QW |
| SG&A | 2,827 | 28.2% | S100Y5QW |
| Operating income | 543 | 5.4% | S100Y5QW |
| Ordinary income | 674 | 6.7% | S100Y5QW |
| Pretax income | -1,049 | -10.4% | S100Y5QW |
| Income tax | -511 | -5.1% | S100Y5QW |
| Net income | -538 | -5.4% | S100Y5QW |
| Net income attributable to owners | -538 | -5.4% | S100Y5QW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 28 |
| Operating income | 5 |
| (Ref.) Net income | -5 |

### Margin funnel

Gross margin 33.6% → Operating margin 5.4% → Net margin -5.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.6%; Core profit growth: +329.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 16.82×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,395 | 10,040 | 1,646 | +19.6% |
| Gross profit | 3,261 | 3,369 | 109 | +3.3% |
| Operating income | 126 | 543 | 416 | +329.7% |
| Net income attributable to owners | -2,704 | -538 | 2,166 | — |
| Operating cash flow | 885 | 2,847 | 1,962 | +221.6% |
| Free cash flow | -824 | 2,171 | 2,995 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 3,065 | 123 | 4.0% | 77 | -126 | -671 | S100LEK1 |
| FY ending Feb 2021 | 3,580 | 366 | 10.2% | 310 | 568 | 281 | S100O51O |
| FY ending Feb 2022 | 4,757 | 597 | 12.5% | 496 | 443 | -383 | S100QUA4 |
| FY ending Feb 2023 | 5,753 | 537 | 9.3% | 557 | -119 | -1,615 | S100QUA4 |
| FY ending Feb 2024 | 6,607 | -983 | -14.9% | -422 | -954 | -2,721 | S100VU8P |
| FY ending Feb 2025 | 8,395 | 126 | 1.5% | -2,704 | 885 | -824 | S100Y5QW |
| FY ending Feb 2026 | 10,040 | 543 | 5.4% | -538 | 2,847 | 2,171 | S100Y5QW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.2M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | -¥1.7M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 209 | 264 | 395 | 402 | 312 |
| Average salary (parent company) | ¥5.4M | ¥5.5M | ¥5.7M | ¥5.4M | ¥5M |
| Average age (parent company) | 41.9 years | 42.0 years | 40.4 years | 40.6 years | 40.8 years |
| Average tenure (parent company) | 4.0 years | 3.9 years | 4.1 years | 4.7 years | 5.5 years |

Year over year: Employees (consolidated) -22.4% · Revenue (consolidated) +19.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,847 | 28.4% | S100Y5QW |
| Capital expenditure | 676 | 6.7% | S100Y5QW |
| Free cash flow | 2,171 | 21.6% | 算出 |
| Investing cash flow | -684 | -6.8% | S100Y5QW |
| Financing cash flow | -2,252 | -22.4% | S100Y5QW |
| Change in cash | 47 | 0.5% | S100Y5QW |
| Cash and equivalents | 2,287 | 22.8% | S100Y5QW |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,146 | 1,438 | 1,627 | 2,240 | 2,287 | S100QUA4, S100Y5QW |
| Total assets | 8,711 | 10,792 | 19,252 | 18,206 | 14,773 | S100QUA4, S100VU8P, S100Y5QW |
| Net assets | 4,587 | 5,228 | 7,610 | 5,413 | 4,695 | S100QUA4, S100Y5QW |
| Share capital | 1,696 | 1,738 | 3,177 | 3,307 | 3,414 | S100QUA4, S100VU8P, S100Y5QW |
| Property, plant and equipment | 3,575 | 4,566 | 8,132 | 8,906 | 5,894 | S100QUA4, S100VU8P, S100Y5QW |
| Intangible assets excluding goodwill | 78 | 68 | 3,044 | 287 | 135 | S100QUA4, S100VU8P, S100Y5QW |
| Goodwill | — | — | 1,641 | — | — | S100VU8P |
| Investment securities | 8 | 67 | — | — | — | S100QUA4 |
| Current assets | 4,761 | 5,473 | 7,559 | 8,524 | 7,767 | S100QUA4, S100VU8P, S100Y5QW |
| Current liabilities | 1,786 | 3,041 | 4,602 | 6,347 | 6,593 | S100QUA4, S100VU8P, S100Y5QW |
| Trade payables | — | — | 262 | 366 | 828 | S100VU8P, S100Y5QW |
| Short-term borrowings | — | 600 | 1,500 | 2,900 | 3,100 | S100QUA4, S100VU8P, S100Y5QW |
| Long-term borrowings | 2,158 | 2,507 | 6,639 | 6,211 | 3,308 | S100QUA4, S100VU8P, S100Y5QW |
| Bonds | 169 | 12 | 155 | 150 | 150 | S100QUA4, S100VU8P, S100Y5QW |
| Interest-bearing debt | — | 3,118 | 8,293 | 9,261 | 6,558 | 算出 |
| Total liabilities | 4,124 | 5,563 | 11,641 | 12,793 | 10,078 | S100QUA4, S100VU8P, S100Y5QW |
| Equity attributable to owners of parent | 4,587 | 5,228 | 7,462 | 5,018 | 4,694 | S100QUA4, S100VU8P, S100Y5QW |
| Retained earnings | 740 | 1,297 | 652 | -2,051 | -2,589 | S100QUA4, S100VU8P, S100Y5QW |
| Treasury stock | -0 | -1 | -2 | -2 | -2 | S100QUA4, S100VU8P, S100Y5QW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100Y5QW |
| Property, plant and equipment | 40% | S100Y5QW |
| Intangibles and goodwill | 1% | S100Y5QW |
| Other assets | 44% | S100Y5QW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100Y5QW |
| Interest-bearing debt | 44% | 算出 |
| Other liabilities | 18% | S100Y5QW |
| Equity | 32% | S100Y5QW |
| Other liabilities | 0% | S100Y5QW |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,711 | 10,792 | 19,252 | 18,206 | 14,773 |
| Equity | 4,587 | 5,228 | 7,610 | 5,413 | 4,695 |
| Interest-bearing debt | — | 3,118 | 8,293 | 9,261 | 6,558 |
| Cash | 2,146 | 1,438 | 1,627 | 2,240 | 2,287 |

## 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) | 58.7% | S100Y5QW |
| Fixed assets ÷ total assets | 39.9% | S100Y5QW |
| Goodwill ÷ parent equity | — | —, S100Y5QW |

### 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) | 15.5% |
| Cash ÷ revenue | 22.8% |
| Net cash (cash − interest-bearing debt) | -¥4.27B |
| Net debt ÷ operating cash flow | 1.50× |
| Cash conversion (operating CF ÷ operating income) | 524.5% |
| Cash vs. profit gap | 3,385 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.7% |
| Investing CF relative to operating CF | 24.0% |

## 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 | 10.4% | 0.55× | 5.7% | 1.90× | 10.8% | S100QUA4 |
| 2023 | 9.7% | 0.59× | 5.7% | 1.99× | 11.4% | S100QUA4 |
| 2024 | — | —× | -2.2% | —× | — | S100VU8P |
| 2025 | — | —× | -14.4% | —× | — | S100Y5QW |
| 2026 | — | —× | -3.3% | —× | — | S100Y5QW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 古川 保典 | Major shareholder | 9.5% | 2026-02-28 |
| ケーエルエー・テンコール株式会社 | Major shareholder | 8.2% | 2026-02-28 |
| ＮＴＴアドバンステクノロジ株式会社 | Major shareholder | 5.8% | 2026-02-28 |
| ＮＴＴファイナンス株式会社 | Major shareholder | 4.3% | 2026-02-28 |
| KLA-TENCOR(SINGAPORE)PTE,LTD | Major shareholder | 3.5% | 2026-02-28 |
| 株式会社ＳＢＩ証券 | Major shareholder | 3.0% | 2026-02-28 |
| レーザーテック株式会社 | Major shareholder | 2.2% | 2026-02-28 |
| 株式会社ニコン | Major shareholder | 2.2% | 2026-02-28 |
| KT VENTURE GROUP Ⅱ,L.L.C. | Major shareholder | 2.2% | 2026-02-28 |
| 楽天証券株式会社共有口 | Major shareholder | 2.1% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/03/01－2026/02/28) | S100Y5QW | 2026-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5QW,, |
| 有価証券報告書－第25期(2024/03/01－2025/02/28) | S100VU8P | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VU8P,, |
| 有価証券報告書－第24期(2023/03/01－2024/02/29) | S100TJ4N | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJ4N,, |
| 有価証券報告書－第23期(2022/03/01－2023/02/28) | S100QUA4 | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUA4,, |
| 有価証券報告書－第22期(令和3年3月1日－令和4年2月28日) | S100O51O | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O51O,, |
| 有価証券報告書－第21期(令和2年3月1日－令和3年2月28日) | S100LEK1 | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEK1,, |

## 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).