# QD Laser, Inc.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2025/04/01－2026/03/31) (S100YF90)
> Page: https://vizora.meequs.com/en/company/qd-laser
> Retrieved: 2026-09-30T21:33:55.463Z

## Company

QD Laser, founded in 2006, is a company in Medical Devices listed on TSE Growth. It has 50 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | QD Laser, Inc. |
| Ticker | 6613 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6613.T) |
| Listing | TSE Growth |
| Head office | 神奈川県横浜市戸塚区上倉田町206番地1(2026年4月15日より本社移転に伴い、神奈川県川崎市川崎区南渡田町1番1号から上記に移転しております。) |
| Representative (per filing) | 代表取締役社長 大久保 潔 |
| Founded | Apr 2006 |
| Share capital | ¥69.7M |
| Employees (consolidated) | 50 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Website | www.qdlaser.com (https://www.qdlaser.com/) |
| Corporate number | 8020001085428 |
| EDINET | E35542 |
| Industries (Vizora) | Medical Devices, Semiconductors |

> Profile source: annual securities report (S100YF90, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Semiconductors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.6 | 13 |
| Profitability | 3.6 | 14 |
| Efficiency | 10.7 | 14 |

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 85% of QD Laser's sales come from Laser device business, with Laser Optical Solutions Division making up much of the rest.
- It lost about ¥24 for every ¥100 of sales at the operating level.
- Revenue changed +4.9% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.37B |  |
| Operating income | -¥326.2M | Margin -23.8% |
| Net income | -¥357.1M | Margin -26.0% |
| Free cash flow | -¥1.21B |  |
| Largest business | Laser device business | of segment revenue 85.5% |
| Employees (consolidated) | 50 |  |
| EPS | ¥-8.55 |  |
| Book value per share | ¥116.88 |  |
| Equity ratio | 87.9% |  |
| Shares outstanding | 41,840,875 |  |
| Treasury shares | 800 |  |
| Shareholders | 49,185 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 49.3% | Cash ÷ revenue 199.7% |
| Vs. industry median margin | -27.1 pp | Semiconductors |
| ROA | -6.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 49% of total assets
- FY2026, operating loss is 24 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥895620000 | ¥1372801000 | +53.3% |
| Operating income | ¥-654825000 | ¥-326213000 | — |
| Operating margin | -73.1% | -23.8% | +49.4 pp |
| Employees | 48 people | 50 people | +4.2% |
| Cash and equivalents | ¥3224311000 | ¥2741356000 | -15.0% |

### 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 |
| --- | ---: |
| レーザデバイス事業 → レーザデバイス事業 | 85.5% |
| レーザデバイス事業 → 事業再編・廃止 | 8.5% |
| レーザアイウェア事業 → 事業再編・廃止 | 6.1% |
| 新設・再編 → レーザ・オプティカルソリューション事業 | 14.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,373 | 100.0% | S100YF90 |
| Cost of revenue | 794 | 57.9% | S100YF90 |
| Gross profit | 578 | 42.1% | S100YF90 |
| SG&A | 905 | 65.9% | S100YF90 |
| Operating income | -326 | -23.8% | S100YF90 |
| Ordinary income | -306 | -22.3% | S100YF90 |
| Pretax income | -357 | -26.0% | S100YF90 |
| Income tax | 0 | 0.0% | S100YF90 |
| Net income | -357 | -26.0% | S100YF90 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 66 |
| Operating income | -24 |
| (Ref.) Net income | -26 |

### Margin funnel

Gross margin 42.1% → Operating margin -23.8% → Net margin -26.0%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,309 | 1,373 | 64 | +4.9% |
| Gross profit | 444 | 578 | 134 | +30.3% |
| Operating income | -446 | -326 | 119 | — |
| Operating cash flow | -507 | -481 | 26 | — |
| Free cash flow | -675 | -1,213 | -538 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 757 | -1,207 | -159.6% | -1,240 | -1,208 | -1,412 | S100LR6E |
| FY ending Mar 2021 | 896 | -655 | -73.1% | -880 | -823 | -867 | S100OH9I |
| FY ending Mar 2022 | 1,101 | -932 | -84.6% | -881 | -701 | -764 | S100R6C6 |
| FY ending Mar 2023 | 1,159 | -557 | -48.0% | -550 | -515 | -532 | S100TY69 |
| FY ending Mar 2024 | 1,247 | -604 | -48.4% | -643 | -443 | -578 | S100W0Q4 |
| FY ending Mar 2025 | 1,309 | -446 | -34.1% | -446 | -507 | -675 | S100YF90 |
| FY ending Mar 2026 | 1,373 | -326 | -23.8% | -357 | -481 | -1,213 | S100YF90 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.5M |
| Operating income per employee (consolidated) | -¥6.5M |
| Net income per employee (consolidated) | -¥7.1M |

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) | 45 | 45 | 43 | 48 | 50 |
| Average salary (parent company) | ¥7.6M | ¥7.8M | ¥8M | ¥8.7M | ¥8.3M |
| Average age (parent company) | 49.9 years | 49.2 years | 51.3 years | 50.6 years | 51.1 years |
| Average tenure (parent company) | 6.2 years | 6.6 years | 7.1 years | 7.2 years | 7.7 years |

Year over year: Employees (consolidated) +4.2% · Revenue (consolidated) +4.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Laser device business | 1,173 | 85.5% | 128 | 10.9% |
| Laser Optical Solutions Division | 200 | 14.5% | -136 | -68.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Laser device business | 85.5% | 100.0% | 14.5 | 10.9% |
| Laser Optical Solutions Division | 14.5% | — | — | -68.0% |

Loss-making segment (excluded from profit shares): Laser Optical Solutions Division -136 JPY mn

Segment → industry: Laser Optical Solutions Division → Medical Devices / Laser device business → Semiconductors

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -481 | -35.0% | S100YF90 |
| Capital expenditure | 731 | 53.3% | S100YF90 |
| Free cash flow | -1,213 | -88.3% | 算出 |
| Investing cash flow | -887 | -64.6% | S100YF90 |
| Financing cash flow | 356 | 25.9% | S100YF90 |
| Change in cash | -1,013 | -73.8% | S100YF90 |
| Cash and equivalents | 2,741 | 199.7% | S100YF90 |

## 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 | 2,821 | 3,581 | 4,837 | 3,754 | 2,741 | S100TY69, S100W0Q4, S100YF90 |
| Total assets | 4,018 | 4,918 | 6,146 | 5,506 | 5,566 | S100R6C6, S100TY69, S100W0Q4, S100YF90 |
| Net assets | 3,583 | 4,440 | 5,668 | 5,219 | 4,900 | S100TY69, S100W0Q4, S100YF90 |
| Share capital | 2,564 | 3,270 | 54 | 55 | 70 | S100R6C6, S100TY69, S100W0Q4, S100YF90 |
| Property, plant and equipment | 254 | 267 | 352 | 283 | 948 | S100R6C6, S100TY69, S100W0Q4, S100YF90 |
| Intangible assets excluding goodwill | 9 | 7 | 5 | 5 | 4 | S100R6C6, S100TY69, S100W0Q4, S100YF90 |
| Current assets | 3,729 | 4,618 | 5,762 | 4,555 | 3,699 | S100R6C6, S100TY69, S100W0Q4, S100YF90 |
| Current liabilities | 383 | 436 | 445 | 256 | 348 | S100R6C6, S100TY69, S100W0Q4, S100YF90 |
| Long-term borrowings | 16 | 8 | 1 | — | 289 | S100R6C6, S100TY69, S100W0Q4, S100YF90 |
| Total liabilities | 435 | 479 | 479 | 287 | 666 | S100R6C6, S100TY69, S100W0Q4, S100YF90 |
| Equity attributable to owners of parent | 3,571 | 4,432 | 5,661 | 5,219 | 4,890 | S100R6C6, S100TY69, S100W0Q4, S100YF90 |
| Retained earnings | -4,041 | -4,592 | -643 | -1,088 | -1,446 | S100R6C6, S100TY69, S100W0Q4, S100YF90 |
| Treasury stock | -0 | -0 | -0 | -0 | -1 | S100R6C6, S100TY69, S100W0Q4, S100YF90 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 49% | S100YF90 |
| Property, plant and equipment | 17% | S100YF90 |
| Intangibles and goodwill | 0% | S100YF90 |
| Other assets | 34% | S100YF90 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 12% | S100YF90 |
| Equity | 88% | S100YF90 |

### 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 | 4,018 | 4,918 | 6,146 | 5,506 | 5,566 |
| Equity | 3,583 | 4,440 | 5,668 | 5,219 | 4,900 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,821 | 3,581 | 4,837 | 3,754 | 2,741 |

## 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) | 69.1% | S100YF90 |
| Fixed assets ÷ total assets | 17.0% | S100YF90 |
| Goodwill ÷ parent equity | — | —, S100YF90 |

### 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) | 49.3% |
| Cash ÷ revenue | 199.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -124 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 53.3% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -21.9% | —× | — | S100R6C6 |
| 2023 | — | —× | -12.3% | —× | — | S100TY69 |
| 2024 | — | —× | -11.6% | —× | — | S100W0Q4 |
| 2025 | — | —× | -7.7% | —× | — | S100YF90 |
| 2026 | — | —× | -6.5% | —× | — | S100YF90 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| JP JPMSE LUX RE UBS AG LONDON BRANCH EQ CO（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.3% | 2026-03-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 石井 良明 | Major shareholder | 0.9% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.7% | 2026-03-31 |
| JP JPMSE LUX RE SOCIETE GENERALE EQ CO（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.6% | 2026-03-31 |
| 川本 敏江 | Major shareholder | 0.6% | 2026-03-31 |
| 野村證券株式会社（常任代理人 株式会社三井住友銀行） | Major shareholder | 0.6% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 0.5% | 2026-03-31 |
| 高橋 功 | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/04/01－2026/03/31) | S100YF90 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF90,, |
| 有価証券報告書－第19期(2024/04/01－2025/03/31) | S100W0Q4 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0Q4,, |
| 有価証券報告書－第18期(2023/04/01－2024/03/31) | S100TY69 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TY69,, |
| 有価証券報告書－第17期(2022/04/01－2023/03/31) | S100R6C6 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6C6,, |
| 有価証券報告書－第16期(令和3年4月1日－令和4年3月31日) | S100OH9I | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH9I,, |
| 有価証券報告書－第15期(令和2年4月1日－令和3年3月31日) | S100LR6E | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR6E,, |

## 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).