# PULSTEC INDUSTRIAL CO.,LTD.: 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57期(2025/04/01－2026/03/31) (S100YDWK)
> Page: https://vizora.meequs.com/en/company/pulstec-industrial
> Retrieved: 2026-09-30T22:15:57.295Z

## Company

Pulstec Industrial, founded in 1969, is a company in Robots & Factory Automation listed on TSE Standard. It has 123 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PULSTEC INDUSTRIAL CO.,LTD. |
| Ticker | 6894 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6894.T) |
| Listing | TSE Standard |
| Head office | 静岡県浜松市浜名区細江町中川7000番地の35 |
| Representative (per filing) | 代表取締役社長 青野 嘉幸 |
| Founded | Nov 1969 |
| Share capital | ¥1.49B |
| Employees (consolidated) | 123 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.pulstec.co.jp (https://www.pulstec.co.jp/) |
| Corporate number | 5080401004455 |
| EDINET | E02021 |
| Industries (Vizora) | Robots & Factory Automation, Medical Devices |

> Profile source: annual securities report (S100YDWK, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25.8 | 33 |
| Profitability | 72.1 | 34 |
| Cash conversion | 82.8 | 32 |
| Efficiency | 10 | 35 |

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 40% of Pulstec Industrial's sales come from Optical applications and special customized products, with X-ray residual stress analyzer and Healthcare related products making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +2.7% from the prior year, operating profit +6.2%.

## Company structure

- Segment revenue mix: Optical applications and special customized products 40.5%、X-ray residual stress analyzer 35.0%、Healthcare related products 24.6%
- Revenue → net income: ¥2553150000 → ¥285793000
- Net income → operating cash flow: ¥285793000 → ¥582546000（difference ¥296753000）
- Main uses of operating cash flow: CapEx ¥244423000 / dividends ¥149937000 / buybacks ¥193000
- Change in cash: ¥-149045000
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 | ¥2.55B |  |
| Operating income | ¥356.9M | Margin 14.0% |
| Net income | ¥285.8M | Margin 11.2% |
| Free cash flow | ¥338.1M |  |
| Largest business | Optical applications and special customized products | of segment revenue 40.5% |
| Employees (consolidated) | 123 |  |
| EPS | ¥201.87 |  |
| Book value per share | ¥2895.44 |  |
| Equity ratio | 79.9% |  |
| Shares outstanding | 1,393,459 |  |
| Treasury shares | 25,300 |  |
| Shareholders | 1,753 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 34.6% | Cash ÷ revenue 68.0% |
| Vs. industry median margin | +2.2 pp | Robots & Factory Automation |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.0× net income
- FY2026, parent-company salary changed +23% over five years
- FY2026, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2090042000 | ¥2553150000 | +22.2% |
| Operating income | ¥159892000 | ¥356881000 | +123.2% |
| Operating margin | 7.7% | 14.0% | +6.3 pp |
| Employees | 136 people | 123 people | -9.6% |
| Cash and equivalents | ¥1675979000 | ¥1734981000 | +3.5% |

### 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 |
| --- | ---: |
| Ｘ線残留応力測定装置関連 → Ｘ線残留応力測定装置関連 | 24.4% |
| ヘルスケア装置関連 → ヘルスケア装置関連 | 24.6% |
| ヘルスケア装置関連 → 事業再編・廃止 | 9.3% |
| 光応用・特殊機器装置関連 → 光応用・特殊機器装置関連 | 40.5% |
| 光応用・特殊機器装置関連 → 事業再編・廃止 | 1.3% |
| 新設・再編 → Ｘ線残留応力測定装置関連 | 10.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Optical applications and special customized products | 5 years | +3.4% | ¥1032855000 | 31.8% | 2 |
| X-ray residual stress analyzer | 5 years | +11.8% | ¥893358000 | 38.9% | 2 |
| Healthcare related products | 5 years | -2.4% | ¥626936000 | -2.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,553 | 100.0% | S100YDWK |
| Cost of revenue | 1,494 | 58.5% | S100YDWK |
| Gross profit | 1,060 | 41.5% | S100YDWK |
| SG&A | 703 | 27.5% | S100YDWK |
| Operating income | 357 | 14.0% | S100YDWK |
| Ordinary income | 396 | 15.5% | S100YDWK |
| Pretax income | 396 | 15.5% | S100YDWK |
| Income tax | 110 | 4.3% | S100YDWK |
| Net income | 286 | 11.2% | S100YDWK |
| Net income attributable to owners | 286 | 11.2% | S100YDWK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 28 |
| Operating income | 14 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 41.5% → Operating margin 14.0% → Net margin 11.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.7%; Core profit growth: +6.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.30×
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 | 2,487 | 2,553 | 67 | +2.7% |
| Gross profit | 944 | 1,060 | 116 | +12.3% |
| Operating income | 336 | 357 | 21 | +6.2% |
| Net income attributable to owners | 356 | 286 | -70 | -19.7% |
| Operating cash flow | 153 | 583 | 429 | +280.4% |
| Free cash flow | -152 | 338 | 490 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,319 | 352 | 15.2% | 220 | -47 | -150 | S100LLDO |
| FY ending Mar 2021 | 2,090 | 160 | 7.7% | 157 | 646 | 618 | S100OHVD |
| FY ending Mar 2022 | 2,445 | 312 | 12.7% | 340 | 659 | 604 | S100R4KE |
| FY ending Mar 2023 | 2,449 | 302 | 12.3% | 243 | -105 | -132 | S100TR65 |
| FY ending Mar 2024 | 2,612 | 358 | 13.7% | 327 | 399 | 268 | S100W2ND |
| FY ending Mar 2025 | 2,487 | 336 | 13.5% | 356 | 153 | -152 | S100YDWK |
| FY ending Mar 2026 | 2,553 | 357 | 14.0% | 286 | 583 | 338 | S100YDWK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.8M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥2.3M |

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) | 134 | 134 | 128 | 124 | 123 |
| Average salary (parent company) | ¥5.1M | ¥5.8M | ¥5.8M | ¥6M | ¥6.2M |
| Average age (parent company) | 45.5 years | 46.0 years | 45.9 years | 45.3 years | 45.8 years |
| Average tenure (parent company) | 21.8 years | 22.2 years | 22.2 years | 21.8 years | 22.3 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) +2.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| X-ray residual stress analyzer | 893 | 35.0% | 347 | 38.9% |
| Healthcare related products | 627 | 24.6% | -18 | -2.9% |
| Optical applications and special customized products | 1,033 | 40.5% | 329 | 31.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| X-ray residual stress analyzer | 35.0% | 51.4% | 16.4 | 38.9% |
| Healthcare related products | 24.6% | — | — | -2.9% |
| Optical applications and special customized products | 40.5% | 48.6% | 8.2 | 31.8% |

Loss-making segment (excluded from profit shares): Healthcare related products -18 JPY mn

Segment → industry: Optical applications and special customized products → Robots & Factory Automation / X-ray residual stress analyzer → Robots & Factory Automation / Healthcare related products → Medical Devices

## 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 | 583 | 22.8% | S100YDWK |
| Capital expenditure | 244 | 9.6% | S100YDWK |
| Free cash flow | 338 | 13.2% | 算出 |
| Investing cash flow | -598 | -23.4% | S100YDWK |
| Financing cash flow | -154 | -6.0% | S100YDWK |
| Dividends paid | 150 | 5.9% | S100YDWK |
| Share buyback | 0 | 0.0% | S100YDWK |
| Change in cash | -149 | -5.8% | S100YDWK |
| Cash and equivalents | 1,735 | 68.0% | S100YDWK |

## 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 | 2,213 | 1,911 | 2,267 | 1,884 | 1,735 | S100TR65, S100W2ND, S100YDWK |
| Total assets | 4,648 | 4,520 | 5,183 | 5,030 | 5,020 | S100R4KE, S100TR65, S100W2ND, S100YDWK |
| Net assets | 3,274 | 3,418 | 3,675 | 3,863 | 4,009 | S100TR65, S100W2ND, S100YDWK |
| Share capital | 1,491 | 1,491 | 1,491 | 1,491 | 1,491 | S100R4KE, S100TR65, S100W2ND, S100YDWK |
| Property, plant and equipment | 537 | 520 | 616 | 951 | 984 | S100R4KE, S100TR65, S100W2ND, S100YDWK |
| Intangible assets excluding goodwill | 23 | 14 | 6 | 2 | 1 | S100R4KE, S100TR65, S100W2ND, S100YDWK |
| Investment securities | 110 | 62 | 84 | 62 | 67 | S100R4KE, S100TR65, S100W2ND, S100YDWK |
| Current assets | 3,498 | 3,547 | 4,181 | 3,609 | 3,551 | S100R4KE, S100TR65, S100W2ND, S100YDWK |
| Current liabilities | 774 | 583 | 1,045 | 736 | 570 | S100R4KE, S100TR65, S100W2ND, S100YDWK |
| Trade payables | 64 | 51 | 80 | 38 | 31 | S100R4KE, S100TR65, S100W2ND, S100YDWK |
| Long-term borrowings | 137 | 41 | 4 | — | — | S100R4KE, S100TR65, S100W2ND |
| Total liabilities | 1,374 | 1,102 | 1,508 | 1,166 | 1,011 | S100R4KE, S100TR65, S100W2ND, S100YDWK |
| Equity attributable to owners of parent | 3,265 | 3,391 | 3,622 | 3,828 | 3,963 | S100R4KE, S100TR65, S100W2ND, S100YDWK |
| Retained earnings | 1,010 | 1,136 | 1,368 | 1,573 | 1,708 | S100R4KE, S100TR65, S100W2ND, S100YDWK |
| Treasury stock | -166 | -166 | -166 | -167 | -167 | S100R4KE, S100TR65, S100W2ND, S100YDWK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100YDWK |
| Property, plant and equipment | 20% | S100YDWK |
| Intangibles and goodwill | 0% | S100YDWK |
| Investment securities | 1% | S100YDWK |
| Other assets | 44% | S100YDWK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YDWK |
| Other liabilities | 19% | S100YDWK |
| Equity | 80% | S100YDWK |

### 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 | 4,648 | 4,520 | 5,183 | 5,030 | 5,020 |
| Equity | 3,274 | 3,418 | 3,675 | 3,863 | 4,009 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,213 | 1,911 | 2,267 | 1,884 | 1,735 |

## 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) | 38.6% | S100YDWK |
| Fixed assets ÷ total assets | 19.6% | S100YDWK |
| Goodwill ÷ parent equity | — | —, S100YDWK |

### 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) | 34.6% |
| Cash ÷ revenue | 68.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 163.2% |
| Cash vs. profit gap | 297 JPY mn (of net income 103.8%) |
| Shareholder returns / net income | 52.5% |
| Shareholder returns / FCF | 44.4% |
| Shareholder payments — dividends / net income | 52.5% |
| Shareholder payments — dividends / FCF | 44.3% |
| CapEx intensity (capex ÷ revenue) | 9.6% |
| Investing CF relative to operating CF | 102.6% |

## 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 | 13.9% | 0.53× | 7.3% | 1.42× | 10.4% | S100R4KE |
| 2023 | 9.9% | 0.53× | 5.3% | 1.38× | 7.3% | S100TR65 |
| 2024 | 12.5% | 0.54× | 6.7% | 1.38× | 9.3% | S100W2ND |
| 2025 | 14.3% | 0.49× | 7.0% | 1.37× | 9.6% | S100YDWK |
| 2026 | 11.2% | 0.51× | 5.7% | 1.29× | 7.3% | S100YDWK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 坪井 邦夫 | Major shareholder | 9.3% | 2026-03-31 |
| 伊藤 克己 | Major shareholder | 8.4% | 2026-03-31 |
| 鈴木 幸博 | Major shareholder | 2.7% | 2026-03-31 |
| 坪井 啓明 | Major shareholder | 2.7% | 2026-03-31 |
| 新東工業株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 竹内 正規 | Major shareholder | 2.5% | 2026-03-31 |
| 安田 哲雄 | Major shareholder | 2.2% | 2026-03-31 |
| 坪井 進明 | Major shareholder | 1.8% | 2026-03-31 |
| 坂倉 茂 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/04/01－2026/03/31) | S100YDWK | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDWK,, |
| 有価証券報告書－第56期(2024/04/01－2025/03/31) | S100W2ND | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2ND,, |
| 有価証券報告書－第55期(2023/04/01－2024/03/31) | S100TR65 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR65,, |
| 有価証券報告書－第54期(2022/04/01－2023/03/31) | S100R4KE | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4KE,, |
| 有価証券報告書－第53期(令和3年4月1日－令和4年3月31日) | S100OHVD | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHVD,, |
| 有価証券報告書－第52期(令和2年4月1日－令和3年3月31日) | S100LLDO | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLDO,, |

## 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).