# Qualtec Co.,Ltd.: business model and financials

> Latest period: FY ending Jun 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第34期(2025/07/01－2026/06/30) (S100Z3AF)
> Page: https://vizora.meequs.com/en/company/qualtec
> Retrieved: 2026-09-30T19:48:37.410Z

## Company

Qualtec, founded in 1993, is a company in Semiconductor Equipment listed on TSE Growth. It has 261 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Qualtec Co.,Ltd. |
| Ticker | 9165 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9165.T) |
| Listing | TSE Growth |
| Head office | 大阪府堺市堺区三宝町四丁230番地 |
| Representative (per filing) | 代表取締役社長 山口 友宏 |
| Founded | Jan 1993 |
| Share capital | ¥392.1M |
| Employees (consolidated) | 261 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | June |
| Website | www.qualtec.co.jp (https://www.qualtec.co.jp/) |
| Corporate number | 5120101021226 |
| EDINET | E38693 |
| Industries (Vizora) | Semiconductor Equipment, Electronic Components |

> Profile source: annual securities report (S100Z3AF, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Equipment (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 29.2 | 36 |
| Profitability | 30.5 | 41 |
| Cash conversion | 88.5 | 39 |
| Efficiency | 81.7 | 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)

- About 87% of Qualtec's sales come from Reliability assessment, with Micro fabrication and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +7.0% from the prior year, operating profit +27.2%.

## Company structure

- Segment revenue mix: Reliability assessment 87.1%、Micro fabrication 12.3%、Other 0.6%
- Revenue → net income: ¥4306885000 → ¥385573000
- Net income → operating cash flow: ¥385573000 → ¥1302424000（difference ¥916851000）
- Main uses of operating cash flow: CapEx ¥389723000 / dividends ¥86865000 / buybacks —
- Change in cash: ¥726135000
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 | ¥4.31B |  |
| Operating income | ¥489.5M | Margin 11.4% |
| Net income | ¥385.6M | Margin 9.0% |
| Free cash flow | ¥912.7M |  |
| Largest business | Reliability assessment | of segment revenue 87.1% |
| Employees (consolidated) | 261 |  |
| EPS | ¥164.07 |  |
| Book value per share | ¥1521.58 |  |
| Equity ratio | 73.0% |  |
| Shares outstanding | 2,350,000 |  |
| Shareholders | 2,364 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 42.8% | Cash ÷ revenue 48.7% |
| Vs. industry median margin | -3.1 pp | Semiconductor Equipment |
| ROE | 11.3% | Derived from disclosed figures |
| ROA | 8.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.4× net income
- FY2026, one segment accounts for 82% of positive segment profit
- FY2026, cash is 43% of total assets

## What changed in 4 years

| Metric | FY ending Jun 2022 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3155813000 | ¥4306885000 | +36.5% |
| Operating income | ¥348204000 | ¥489507000 | +40.6% |
| Operating margin | 11.0% | 11.4% | +0.3 pp |
| Employees | 208 people | 261 people | +25.5% |
| Cash and equivalents | ¥1247765000 | ¥2096602000 | +68.0% |

### Change in segment revenue mix

Span: FY ending Jun 2022 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 信頼性評価事業 → 信頼性評価事業 | 85.2% |
| 微細加工事業 → 微細加工事業 | 10.4% |
| その他 → その他 | 0.6% |
| その他 → 事業再編・廃止 | 3.8% |
| 新設・再編 → 信頼性評価事業 | 1.9% |
| 新設・再編 → 微細加工事業 | 1.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Reliability assessment | 4 years | +8.7% | ¥3751797000 | 32.4% | 2 |
| Micro fabrication | 4 years | +12.8% | ¥530771000 | 51.5% | 2 |
| Other | 4 years | -35.3% | ¥24315000 | -79.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,307 | 100.0% | S100Z3AF |
| Cost of revenue | 2,832 | 65.8% | S100Z3AF |
| Gross profit | 1,475 | 34.2% | S100Z3AF |
| SG&A | 985 | 22.9% | S100Z3AF |
| Operating income | 490 | 11.4% | S100Z3AF |
| Ordinary income | 506 | 11.7% | S100Z3AF |
| Pretax income | 495 | 11.5% | S100Z3AF |
| Income tax | 109 | 2.5% | S100Z3AF |
| Net income | 386 | 9.0% | S100Z3AF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 23 |
| Operating income | 11 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 34.2% → Operating margin 11.4% → Net margin 9.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.0%; Core profit growth: +27.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.89×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,025 | 4,307 | 282 | +7.0% |
| Gross profit | 1,239 | 1,475 | 236 | +19.0% |
| Operating income | 385 | 490 | 105 | +27.2% |
| Operating cash flow | 514 | 1,302 | 788 | +153.2% |
| Free cash flow | -226 | 913 | 1,139 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2022 | 3,156 | 348 | 11.0% | 327 | 686 | 512 | S100RZF8 |
| FY ending Jun 2023 | 3,274 | 304 | 9.3% | 210 | 271 | 15 | S100UF29 |
| FY ending Jun 2024 | 3,624 | 381 | 10.5% | 270 | 638 | 245 | S100WM9C |
| FY ending Jun 2025 | 4,025 | 385 | 9.6% | 220 | 514 | -226 | S100Z3AF |
| FY ending Jun 2026 | 4,307 | 490 | 11.4% | 386 | 1,302 | 913 | S100Z3AF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.5M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 208 | 222 | 242 | 257 | 261 |
| Average salary (parent company) | — | ¥5M | ¥4.8M | ¥5.1M | ¥5.5M |
| Average age (parent company) | — | 42.6 years | 43.4 years | 43.4 years | 43.5 years |
| Average tenure (parent company) | — | 6.5 years | 6.4 years | 6.4 years | 7.0 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +7.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Reliability assessment | 3,752 | 87.1% | 1,214 | 32.4% |
| Micro fabrication | 531 | 12.3% | 274 | 51.5% |
| Other | 24 | 0.6% | -19 | -79.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Reliability assessment | 87.1% | 81.6% | -5.5 | 32.4% |
| Micro fabrication | 12.3% | 18.4% | 6.1 | 51.5% |
| Other | 0.6% | — | — | -79.9% |

Loss-making segment (excluded from profit shares): Other -19 JPY mn

Segment → industry: Reliability assessment → Semiconductor Equipment / Micro fabrication → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,302 | 30.2% | S100Z3AF |
| Capital expenditure | 390 | 9.0% | S100Z3AF |
| Free cash flow | 913 | 21.2% | 算出 |
| Investing cash flow | -408 | -9.5% | S100Z3AF |
| Financing cash flow | -168 | -3.9% | S100Z3AF |
| Dividends paid | 87 | 2.0% | S100Z3AF |
| Change in cash | 726 | 16.9% | S100Z3AF |
| Cash and equivalents | 2,097 | 48.7% | S100Z3AF |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,248 | 1,099 | 1,738 | 1,370 | 2,097 | S100UF29, S100WM9C, S100Z3AF |
| Total assets | 3,398 | 3,178 | 4,141 | 4,346 | 4,895 | S100RZF8, S100UF29, S100WM9C, S100Z3AF |
| Net assets | 2,247 | 2,380 | 3,156 | 3,277 | 3,576 | S100UF29, S100WM9C, S100Z3AF |
| Share capital | 100 | 100 | 392 | 392 | 392 | S100RZF8, S100UF29, S100WM9C, S100Z3AF |
| Property, plant and equipment | 915 | 863 | 931 | 1,564 | 1,523 | S100RZF8, S100UF29, S100WM9C, S100Z3AF |
| Intangible assets excluding goodwill | 22 | 22 | 31 | 27 | 24 | S100RZF8, S100UF29, S100WM9C, S100Z3AF |
| Investment securities | 9 | 10 | 50 | 0 | 0 | S100RZF8, S100UF29, S100WM9C, S100Z3AF |
| Current assets | 2,218 | 2,075 | 2,894 | 2,523 | 3,097 | S100RZF8, S100UF29, S100WM9C, S100Z3AF |
| Current liabilities | 692 | 488 | 689 | 666 | 783 | S100RZF8, S100UF29, S100WM9C, S100Z3AF |
| Short-term borrowings | — | 120 | 120 | 120 | 120 | S100UF29, S100WM9C, S100Z3AF |
| Long-term borrowings | 104 | 48 | 18 | — | — | S100RZF8, S100UF29, S100WM9C |
| Bonds | 60 | — | — | — | — | S100RZF8 |
| Total liabilities | 1,151 | 797 | 985 | 1,069 | 1,320 | S100RZF8, S100UF29, S100WM9C, S100Z3AF |
| Equity attributable to owners of parent | 2,247 | 2,379 | 3,156 | 3,277 | 3,576 | S100RZF8, S100UF29, S100WM9C, S100Z3AF |
| Retained earnings | 1,373 | 1,505 | 1,697 | 1,818 | 2,117 | S100RZF8, S100UF29, S100WM9C, S100Z3AF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 43% | S100Z3AF |
| Property, plant and equipment | 31% | S100Z3AF |
| Intangibles and goodwill | 0% | S100Z3AF |
| Other assets | 26% | S100Z3AF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100Z3AF |
| Equity | 73% | S100Z3AF |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,398 | 3,178 | 4,141 | 4,346 | 4,895 |
| Equity | 2,247 | 2,380 | 3,156 | 3,277 | 3,576 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,248 | 1,099 | 1,738 | 1,370 | 2,097 |

## 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) | 35.4% | S100Z3AF |
| Fixed assets ÷ total assets | 31.1% | S100Z3AF |
| Goodwill ÷ parent equity | — | —, S100Z3AF |

### 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) | 42.8% |
| Cash ÷ revenue | 48.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 266.1% |
| Cash vs. profit gap | 917 JPY mn (of net income 237.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.5% |
| Shareholder payments — dividends / FCF | 9.5% |
| CapEx intensity (capex ÷ revenue) | 9.0% |
| Investing CF relative to operating CF | 31.3% |

## 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% | 0.93× | 9.6% | 1.51× | 14.6% | S100RZF8 |
| 2023 | 6.4% | 1.00× | 6.4% | 1.42× | 9.1% | S100UF29 |
| 2024 | 7.5% | 0.99× | 7.4% | 1.32× | 9.8% | S100WM9C |
| 2025 | 5.5% | 0.95× | 5.2% | 1.32× | 6.8% | S100Z3AF |
| 2026 | 9.0% | 0.93× | 8.3% | 1.35× | 11.3% | S100Z3AF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 志方 廣一 | Major shareholder | 40.0% | 2026-06-30 |
| ＣＢＣ株式会社 | Major shareholder | 7.7% | 2026-06-30 |
| 大和証券株式会社 | Major shareholder | 3.0% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.5% | 2026-06-30 |
| 西村 裕二 | Major shareholder | 1.5% | 2026-06-30 |
| BBH LUX/BROWN BROTHERS HARRI MAN(LUXEMBOURG） SCA CUSTODIAN FOR SMD－AM FUNDS-DSBI JAPAN EQUITY SMALL CAP ABSOLUTE VALUE （常任代理人 株式会社三井住友銀行） | Major shareholder | 1.0% | 2026-06-30 |
| 楽天証券株式会社（共有口） | Major shareholder | 0.9% | 2026-06-30 |
| 井原 伸介 | Major shareholder | 0.9% | 2026-06-30 |
| 田村 光司 | Major shareholder | 0.9% | 2026-06-30 |
| 増田 明彦 | Major shareholder | 0.7% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第34期(2025/07/01－2026/06/30) | S100Z3AF | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3AF,, |
| 有価証券報告書－第33期(2024/07/01－2025/06/30) | S100WM9C | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WM9C,, |
| 有価証券報告書－第32期(2023/07/01－2024/06/30) | S100UF29 | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UF29,, |
| 訂正有価証券報告書－第31期(2022/07/01－2023/06/30) | S100RZF8 | 2023-10-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RZF8,, |

## 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).