# PILLAR 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78期(2025/04/01－2026/03/31) (S100YD79)
> Page: https://vizora.meequs.com/en/company/pillar
> Retrieved: 2026-09-30T18:07:27.464Z

## Company

Pillar, founded in 1948, is a company in Semiconductor Equipment listed on TSE Prime. It has 1,308 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PILLAR Corporation |
| Ticker | 6490 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6490.T) |
| Listing | TSE Prime |
| Head office | 大阪市西区新町一丁目7番1号 |
| Representative (per filing) | 代表取締役社長 岩波 嘉信 |
| Founded | May 1948 |
| Share capital | ¥4.97B |
| Employees (consolidated) | 1,308 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.pillar.co.jp (https://www.pillar.co.jp/) |
| Corporate number | 3120001059450 |
| EDINET | E01645 |
| Industries (Vizora) | Semiconductor Equipment, Real Estate Development & Leasing, Industrial Machinery |

> Profile source: annual securities report (S100YD79, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.9 | 36 |
| Profitability | 76.8 | 41 |
| Cash conversion | 62.8 | 39 |
| Efficiency | 25.6 | 41 |
| Financial strength | 62.5 | 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)

- About 66% of Pillar's sales come from Electronics Components, with Industrial Machinery and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +2.6% from the prior year, operating profit +6.8%.

## Company structure

- Segment revenue mix: Electronics Components 66.2%、Industrial Machinery 33.8%、Other 0.1%
- Revenue → net income: ¥59479000000 → ¥8941000000
- Net income → operating cash flow: ¥8941000000 → ¥15126000000（difference ¥6185000000）
- Main uses of operating cash flow: CapEx ¥6960000000 / dividends ¥2804000000 / buybacks ¥2038000000
- Change in cash: ¥3648000000
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 | ¥59.5B |  |
| Operating income | ¥12.1B | Margin 20.4% |
| Net income | ¥8.94B | Margin 15.0% |
| Free cash flow | ¥8.17B |  |
| Largest business | Electronics Components | of segment revenue 66.2% |
| Employees (consolidated) | 1,308 |  |
| EPS | ¥347.9 |  |
| Book value per share | ¥2987.75 |  |
| Equity ratio | 75.2% |  |
| Shares outstanding | 25,042,000 |  |
| Treasury shares | 2,181,000 |  |
| Shareholders | 8,307 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 24.2% | Net cash ¥14.3B · Cash ÷ revenue 42.9% |
| Vs. industry median margin | +5.9 pp | Semiconductor Equipment |
| ROE | 12.7% | Derived from disclosed figures |
| ROA | 8.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 75% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30200000000 | ¥59479000000 | +97.0% |
| Operating income | ¥4847000000 | ¥12107000000 | +149.8% |
| Operating margin | 16.0% | 20.4% | +4.3 pp |
| Employees | 759 people | 1,308 people | +72.3% |
| Cash and equivalents | ¥10517000000 | ¥25531000000 | +142.8% |

### 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 |
| --- | ---: |
| 電子機器関連 → 電子機器関連 | 66.2% |
| 電子機器関連 → 事業再編・廃止 | 2.2% |
| 産業機器関連 → 産業機器関連 | 31.4% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 産業機器関連 | 2.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electronics Components | 5 years | +13.8% | ¥39358000000 | 23.0% | 2 |
| Industrial Machinery | 5 years | +16.2% | ¥20085000000 | 15.0% | 2 |
| Other | 5 years | -15.9% | ¥35000000 | 62.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 59,479 | 100.0% | S100YD79 |
| Cost of revenue | 35,090 | 59.0% | S100YD79 |
| Gross profit | 24,388 | 41.0% | S100YD79 |
| SG&A | 12,280 | 20.6% | S100YD79 |
| Operating income | 12,107 | 20.4% | S100YD79 |
| Ordinary income | 12,946 | 21.8% | S100YD79 |
| Pretax income | 12,661 | 21.3% | S100YD79 |
| Income tax | 3,720 | 6.3% | S100YD79 |
| Net income | 8,941 | 15.0% | S100YD79 |
| Net income attributable to owners | 8,941 | 15.0% | S100YD79 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 21 |
| Operating income | 20 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 41.0% → Operating margin 20.4% → Net margin 15.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.6%; Core profit growth: +6.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.65×
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 | 57,988 | 59,479 | 1,491 | +2.6% |
| Gross profit | 22,424 | 24,388 | 1,964 | +8.8% |
| Operating income | 11,335 | 12,107 | 772 | +6.8% |
| Net income attributable to owners | 8,299 | 8,941 | 642 | +7.7% |
| Operating cash flow | 14,184 | 15,126 | 942 | +6.6% |
| Free cash flow | 7,146 | 8,166 | 1,020 | +14.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 29,213 | 3,683 | 12.6% | 2,635 | 4,064 | 1,304 | S100LNOH |
| FY ending Mar 2021 | 30,200 | 4,847 | 16.0% | 3,445 | 5,676 | 2,513 | S100OC04 |
| FY ending Mar 2022 | 40,670 | 11,392 | 28.0% | 8,285 | 11,950 | 10,585 | S100R0HJ |
| FY ending Mar 2023 | 48,702 | 13,842 | 28.4% | 10,428 | 6,058 | 3,576 | S100TQYT |
| FY ending Mar 2024 | 58,605 | 14,206 | 24.2% | 10,780 | 5,640 | -5,825 | S100VZQK |
| FY ending Mar 2025 | 57,988 | 11,335 | 19.5% | 8,299 | 14,184 | 7,146 | S100YD79 |
| FY ending Mar 2026 | 59,479 | 12,107 | 20.4% | 8,941 | 15,126 | 8,166 | S100YD79 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.5M |
| 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 832 | 867 | 1,132 | 1,212 | 1,308 |
| Average salary (parent company) | ¥6.8M | ¥7M | ¥7.7M | ¥7.9M | ¥8M |
| Average age (parent company) | 40.2 years | 40.6 years | 40.6 years | 40.3 years | 40.0 years |
| Average tenure (parent company) | 15.6 years | 15.2 years | 14.5 years | 14.0 years | 13.3 years |

Year over year: Employees (consolidated) +7.9% · Revenue (consolidated) +2.6%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronics Components | 39,358 | 66.2% | 9,064 | 23.0% |
| Industrial Machinery | 20,085 | 33.8% | 3,021 | 15.0% |
| Other | 35 | 0.1% | 22 | 62.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronics Components | 66.2% | 74.9% | 8.7 | 23.0% |
| Industrial Machinery | 33.8% | 25.0% | -8.8 | 15.0% |
| Other | 0.1% | 0.2% | 0.1 | 62.9% |

Segment → industry: Electronics Components → Semiconductor Equipment / Other → Real Estate Development & Leasing / Industrial Machinery → Industrial Machinery

## 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 | 15,126 | 25.4% | S100YD79 |
| Capital expenditure | 6,960 | 11.7% | S100YD79 |
| Free cash flow | 8,166 | 13.7% | 算出 |
| Investing cash flow | -5,882 | -9.9% | S100YD79 |
| Financing cash flow | -5,316 | -8.9% | S100YD79 |
| Dividends paid | 2,804 | 4.7% | S100YD79 |
| Share buyback | 2,038 | 3.4% | S100YD79 |
| Change in cash | 3,648 | 6.1% | S100YD79 |
| Cash and equivalents | 25,531 | 42.9% | S100YD79 |

## 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 | 19,809 | 22,284 | 17,878 | 21,883 | 25,531 | S100TQYT, S100VZQK, S100YD79 |
| Total assets | 64,991 | 72,492 | 98,835 | 98,055 | 105,629 | S100R0HJ, S100TQYT, S100VZQK, S100YD79 |
| Net assets | 52,658 | 59,368 | 69,949 | 73,858 | 79,418 | S100TQYT, S100VZQK, S100YD79 |
| Share capital | 4,966 | 4,966 | 4,966 | 4,966 | 4,966 | S100R0HJ, S100TQYT, S100VZQK, S100YD79 |
| Property, plant and equipment | 20,272 | 21,124 | 34,384 | 34,147 | 37,217 | S100R0HJ, S100TQYT, S100VZQK, S100YD79 |
| Intangible assets excluding goodwill | 222 | 242 | 4,782 | 5,075 | 5,540 | S100R0HJ, S100TQYT, S100VZQK, S100YD79 |
| Goodwill | — | — | 4,199 | 3,732 | 3,266 | S100VZQK, S100YD79 |
| Investment securities | 5,490 | 5,693 | 9,015 | 6,262 | 7,643 | S100R0HJ, S100TQYT, S100VZQK, S100YD79 |
| Current assets | 38,050 | 44,605 | 49,274 | 51,008 | 54,355 | S100R0HJ, S100TQYT, S100VZQK, S100YD79 |
| Current liabilities | 10,113 | 10,492 | 14,078 | 10,600 | 12,708 | S100R0HJ, S100TQYT, S100VZQK, S100YD79 |
| Trade payables | 3,434 | 3,189 | 1,378 | 1,868 | 2,449 | S100R0HJ, S100TQYT, S100VZQK, S100YD79 |
| Short-term borrowings | 250 | 1,250 | 750 | 750 | 750 | S100R0HJ, S100TQYT, S100VZQK, S100YD79 |
| Long-term borrowings | 100 | 100 | 975 | 775 | 475 | S100R0HJ, S100TQYT, S100VZQK, S100YD79 |
| Bonds | — | — | 10,000 | 10,000 | 10,000 | S100VZQK, S100YD79 |
| Interest-bearing debt | — | — | 11,725 | 11,525 | 11,225 | 算出 |
| Total liabilities | 12,333 | 13,124 | 28,886 | 24,196 | 26,210 | S100R0HJ, S100TQYT, S100VZQK, S100YD79 |
| Equity attributable to owners of parent | 49,739 | 55,927 | 63,516 | 68,370 | 72,586 | S100R0HJ, S100TQYT, S100VZQK, S100YD79 |
| Retained earnings | 41,137 | 48,300 | 55,841 | 60,551 | 66,687 | S100R0HJ, S100TQYT, S100VZQK, S100YD79 |
| Treasury stock | -1,572 | -2,562 | -2,548 | -2,513 | -4,475 | S100R0HJ, S100TQYT, S100VZQK, S100YD79 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YD79 |
| Property, plant and equipment | 35% | S100YD79 |
| Intangibles and goodwill | 9% | S100YD79 |
| Investment securities | 7% | S100YD79 |
| Other assets | 25% | S100YD79 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YD79 |
| Interest-bearing debt | 11% | 算出 |
| Other liabilities | 12% | S100YD79 |
| Equity | 75% | S100YD79 |
| Other liabilities | 0% | S100YD79 |

### 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 | 64,991 | 72,492 | 98,835 | 98,055 | 105,629 |
| Equity | 52,658 | 59,368 | 69,949 | 73,858 | 79,418 |
| Interest-bearing debt | — | — | 11,725 | 11,525 | 11,225 |
| Cash | 19,809 | 22,284 | 17,878 | 21,883 | 25,531 |

## 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) | 62.6% | S100YD79 |
| Fixed assets ÷ total assets | 35.2% | S100YD79 |
| Goodwill ÷ parent equity | 4.5% | S100YD79 |

### 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) | 24.2% |
| Cash ÷ revenue | 42.9% |
| Net cash (cash − interest-bearing debt) | ¥14.3B |
| Net debt ÷ operating cash flow | -0.95× |
| Cash conversion (operating CF ÷ operating income) | 124.9% |
| Cash vs. profit gap | 6,185 JPY mn (of net income 69.2%) |
| Shareholder returns / net income | 54.2% |
| Shareholder returns / FCF | 59.3% |
| Shareholder payments — dividends / net income | 31.4% |
| Shareholder payments — dividends / FCF | 34.3% |
| CapEx intensity (capex ÷ revenue) | 11.7% |
| Investing CF relative to operating CF | 38.9% |

## 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 | 20.4% | 0.63× | 12.7% | 1.31× | 16.7% | S100R0HJ |
| 2023 | 21.4% | 0.71× | 15.2% | 1.30× | 19.7% | S100TQYT |
| 2024 | 18.4% | 0.68× | 12.6% | 1.43× | 18.1% | S100VZQK |
| 2025 | 14.3% | 0.59× | 8.4% | 1.49× | 12.6% | S100YD79 |
| 2026 | 15.0% | 0.58× | 8.8% | 1.45× | 12.7% | S100YD79 |

## 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 | 12.9% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 7.1% | 2026-03-31 |
| PILLAR取引先持株会 | Major shareholder | 5.5% | 2026-03-31 |
| 有限会社ロックウェーブ | Major shareholder | 4.5% | 2026-03-31 |
| 岩波 清久 | Major shareholder | 3.3% | 2026-03-31 |
| 明治安田生命保険相互会社 (常任代理人 株式会社日本カストディ銀行) | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.0% | 2026-03-31 |
| CEPLUX-THE INDEPENDENT UCITS PLATFORM 2 （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社みずほ銀行 (常任代理人 株式会社日本カストディ銀行) | Major shareholder | 2.6% | 2026-03-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YD79 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD79,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100VZQK | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZQK,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TQYT | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQYT,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R0HJ | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0HJ,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OC04 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC04,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LNOH | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNOH,, |

## 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).