# Renesas Electronics Corporation: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第24期(2025/01/01－2025/12/31) (S100XR06)
> Page: https://vizora.meequs.com/en/company/renesas-electronics
> Retrieved: 2026-09-30T19:09:24.243Z

## Company

Renesas, founded in 2010, is a company in Semiconductors listed on TSE Prime. It has 21,629 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Renesas Electronics Corporation |
| Ticker | 6723 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6723.T) |
| Listing | TSE Prime |
| Head office | 東京都江東区豊洲三丁目2番24号 |
| Representative (per filing) | 代表執行役社長兼CEO 柴田 英利 |
| Founded | Apr 2010 |
| Share capital | ¥153.2B |
| Employees (consolidated) | 21,629 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | December |
| Website | www.renesas.com (https://www.renesas.com/) |
| Corporate number | 8020001075701 |
| EDINET | E02081 |
| Industries (Vizora) | Semiconductors |

> Profile source: annual securities report (S100XR06, filed 2026-03-19). As of filing

## Five-axis industry profile

Primary industry: Semiconductors (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.8 | 13 |
| Profitability | 82.1 | 14 |
| Cash conversion | 38.9 | 9 |
| Efficiency | 17.9 | 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 51% of Renesas's sales come from Industrial/Infrastructure/IoT, with Automotive and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed -2.0% from the prior year, operating profit -9.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.32T |  |
| Operating income | ¥201.2B | Margin 15.2% |
| Net income | -¥51.8B | Margin -3.9% |
| Free cash flow | ¥319.1B |  |
| Largest business | Industrial/Infrastructure/IoT | of segment revenue 50.9% |
| Employees (consolidated) | 21,629 |  |
| EPS | ¥-28.65 |  |
| Diluted EPS | ¥-28.65 |  |
| Book value per share | ¥817.14 |  |
| Equity ratio | 58.5% | Derived from disclosed figures |
| Shares outstanding | 1,870,615,000 |  |
| Treasury shares | 55,837,200 |  |
| Shareholders | 93,566 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 7.1% | Cash ÷ revenue 22.4% |
| Vs. industry median margin | +11.9 pp | Semiconductors |
| ROA | -1.2% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥715673000000 | ¥1321212000000 | +84.6% |
| Operating income | ¥65142000000 | ¥201166000000 | +208.8% |
| Operating margin | 9.1% | 15.2% | +6.1 pp |
| Employees | 18,753 people | 21,629 people | +15.3% |
| Cash and equivalents | ¥219786000000 | ¥295897000000 | +34.6% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 自動車 → 自動車 | 47.6% |
| 産業・インフラ・IoT → 産業・インフラ・IoT | 50.8% |
| その他 → その他 | 0.5% |
| その他 → 事業再編・廃止 | 1.0% |
| 新設・再編 → 自動車 | 0.9% |
| 新設・再編 → 産業・インフラ・IoT | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industrial/Infrastructure/IoT | 5 years | +13.1% | ¥671760000000 | 25.2% | 2 |
| Automotive | 5 years | +13.4% | ¥639690000000 | 30.7% | 2 |
| Other | 5 years | -8.7% | ¥7032000000 | 8.6% | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,321,212 | 100.0% | S100XR06 |
| Cost of revenue | 567,420 | 42.9% | S100XR06 |
| Gross profit | 753,792 | 57.1% | S100XR06 |
| SG&A | 521,249 | 39.5% | S100XR06 |
| Operating income | 201,166 | 15.2% | S100XR06 |
| Pretax income | -30,275 | -2.3% | S100XR06 |
| Income tax | 21,383 | 1.6% | S100XR06 |
| Net income | -51,658 | -3.9% | S100XR06 |
| Net income attributable to owners | -51,763 | -3.9% | S100XR06 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 43 |
| SG&A | 40 |
| Other operating | 2 |
| Operating income | 15 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 57.1% → Operating margin 15.2% → Net margin -3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.0%; Core profit growth: -9.8%
Operating leverage (core profit growth ÷ revenue growth): 4.84×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,348,479 | 1,321,212 | -27,267 | -2.0% |
| Gross profit | 749,796 | 753,792 | 3,996 | +0.5% |
| Operating income | 222,977 | 201,166 | -21,811 | -9.8% |
| Net income attributable to owners | 219,084 | -51,763 | -270,847 | -123.6% |
| Operating cash flow | 340,484 | 452,857 | 112,373 | +33.0% |
| Free cash flow | 170,649 | 319,087 | 148,438 | +87.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2017 | 779,255 | — | — | 102,025 | 173,649 | — | S100NRVN |
| FY ending Dec 2018 | 756,503 | — | — | 50,989 | 172,308 | — | S100QP90 |
| FY ending Dec 2019 | 718,243 | 6,263 | 0.9% | -6,317 | 201,960 | 145,592 | S100L3KH |
| FY ending Dec 2020 | 715,673 | 65,142 | 9.1% | 45,626 | 223,889 | 185,703 | S100NRVN |
| FY ending Dec 2021 | 993,908 | 173,827 | 17.5% | 119,536 | 307,384 | 255,038 | S100QP90 |
| FY ending Dec 2022 | 1,500,853 | 424,153 | 28.3% | 256,615 | 479,325 | 391,126 | S100TDHU |
| FY ending Dec 2023 | 1,469,415 | 390,766 | 26.6% | 337,086 | 496,627 | 367,500 | S100VFR6 |
| FY ending Dec 2024 | 1,348,479 | 222,977 | 16.5% | 219,084 | 340,484 | 170,649 | S100XR06 |
| FY ending Dec 2025 | 1,321,212 | 201,166 | 15.2% | -51,763 | 452,857 | 319,087 | S100XR06 |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.1M |
| Operating income per employee (consolidated) | ¥9.3M |
| Net income per employee (consolidated) | -¥2.4M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 20,962 | 21,017 | 21,204 | 22,711 | 21,629 |
| Average salary (parent company) | ¥8.8M | ¥8.7M | ¥8.9M | ¥8.1M | ¥7.5M |
| Average age (parent company) | 47.3 years | 47.7 years | 48.2 years | 48.5 years | 48.5 years |
| Average tenure (parent company) | 21.6 years | 21.0 years | 23.2 years | 23.4 years | 23.4 years |

Year over year: Employees (consolidated) -4.8% · Revenue (consolidated) -2.0%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automotive | 639,690 | 48.5% | 196,576 | 30.7% |
| Industrial/Infrastructure/IoT | 671,760 | 50.9% | 169,404 | 25.2% |
| Other | 7,032 | 0.5% | 603 | 8.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Automotive | 48.5% | 53.6% | 5.1 | 30.7% |
| Industrial/Infrastructure/IoT | 50.9% | 46.2% | -4.7 | 25.2% |
| Other | 0.5% | 0.2% | -0.4 | 8.6% |

Segment → industry: Industrial/Infrastructure/IoT → Semiconductors / Automotive → Semiconductors

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 452,857 | 34.3% | S100XR06 |
| Capital expenditure | 133,770 | 10.1% | S100XR06 |
| Free cash flow | 319,087 | 24.2% | 算出 |
| Investing cash flow | -124,686 | -9.4% | S100XR06 |
| Financing cash flow | -269,673 | -20.4% | S100XR06 |
| Dividends paid | 50,311 | 3.8% | S100XR06 |
| Change in cash | 66,648 | 5.0% | S100XR06 |
| Cash and equivalents | 295,897 | 22.4% | S100XR06 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 221,924 | 336,068 | 434,681 | 229,249 | 295,897 | S100TDHU, S100VFR6, S100XR06 |
| Total assets | 2,426,301 | 2,812,491 | 3,167,003 | 4,490,436 | 4,177,163 | S100QP90, S100TDHU, S100VFR6, S100XR06 |
| Net assets | 1,153,398 | 1,537,463 | 2,005,588 | 2,542,298 | 2,448,451 | S100TDHU, S100VFR6, S100XR06 |
| Share capital | 147,133 | 153,209 | 153,209 | 153,209 | 153,209 | S100QP90, S100TDHU, S100VFR6, S100XR06 |
| Property, plant and equipment | 198,165 | 208,042 | 266,139 | 341,447 | 355,835 | S100QP90, S100TDHU, S100VFR6, S100XR06 |
| Goodwill | 1,089,452 | 1,264,275 | 1,362,131 | 2,256,169 | 2,239,337 | S100QP90, S100TDHU, S100VFR6, S100XR06 |
| Current assets | 517,645 | 715,119 | 800,673 | 617,326 | 723,559 | S100QP90, S100TDHU, S100VFR6, S100XR06 |
| Total liabilities | 1,272,903 | 1,275,028 | 1,161,415 | 1,948,138 | 1,728,712 | S100QP90, S100TDHU, S100VFR6, S100XR06 |
| Equity attributable to owners of parent | 1,150,081 | 1,533,735 | 2,001,553 | 2,537,382 | 2,443,034 | S100QP90, S100TDHU, S100VFR6, S100XR06 |
| Retained earnings | 570,292 | 828,582 | 1,157,236 | 1,308,948 | 1,213,791 | S100QP90, S100TDHU, S100VFR6, S100XR06 |
| Treasury stock | -11 | -192,171 | -217,691 | -92,120 | -70,012 | S100QP90, S100TDHU, S100VFR6, S100XR06 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100XR06 |
| Property, plant and equipment | 8% | S100XR06 |
| Intangibles and goodwill | 54% | — |
| Other assets | 31% | S100XR06 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100XR06 |
| Equity | 59% | S100XR06 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,426,301 | 2,812,491 | 3,167,003 | 4,490,436 | 4,177,163 |
| Equity | 1,153,398 | 1,537,463 | 2,005,588 | 2,542,298 | 2,448,451 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 221,924 | 336,068 | 434,681 | 229,249 | 295,897 |

## 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) | 26.9% | S100XR06 |
| Fixed assets ÷ total assets | 8.5% | S100XR06 |
| Goodwill ÷ parent equity | 91.7% | S100XR06 |

Goodwill over 4 years: 1,089,452 → 2,239,337 JPY; total investing cash flow: -2,436,932 JPY. This does not imply causation.

### 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) | 7.1% |
| Cash ÷ revenue | 22.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 225.1% |
| Cash vs. profit gap | 504,620 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 15.8% |
| CapEx intensity (capex ÷ revenue) | 10.1% |
| Investing CF relative to operating CF | 27.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 12.0% | 0.41× | 4.9% | 2.11× | 10.4% | S100QP90 |
| 2022 | 17.1% | 0.57× | 9.8% | 1.95× | 19.1% | S100TDHU |
| 2023 | 22.9% | 0.49× | 11.3% | 1.69× | 19.1% | S100VFR6 |
| 2024 | 16.2% | 0.35× | 5.7% | 1.69× | 9.7% | S100XR06 |
| 2025 | — | —× | -1.2% | —× | — | S100XR06 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 16.8% | 2025-12-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 6.0% | 2025-12-31 |
| トヨタ自動車㈱ | Major shareholder | 4.1% | 2025-12-31 |
| JP MORGAN CHASE BANK 385864 （常任代理人㈱みずほ銀行） | Major shareholder | 3.4% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人㈱みずほ銀行） | Major shareholder | 3.4% | 2025-12-31 |
| THE BANK OF NEW YORK MELLON 140040（常任代理人㈱みずほ銀行） | Major shareholder | 3.0% | 2025-12-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDONSECS LENDING OMNIBUS ACCOUNT（常任代理人㈱みずほ銀行） | Major shareholder | 2.4% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人㈱みずほ銀行） | Major shareholder | 1.7% | 2025-12-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)（常任代理人㈱三菱UFJ銀行） | Major shareholder | 1.6% | 2025-12-31 |
| GSESL RENESAS CLIENT ASSET ACCOUNT（常任代理人SMBC日興証券㈱） | Major shareholder | 1.4% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Dec 2025 was ¥1.32T, down -2.0% from ¥1.35T the year before.
- Gross profit held roughly flat at +0.5%, but operating income fell -9.8% to ¥201.2B.
- Net income attributable to owners was -¥51.8B, a swing to a loss from a ¥219.1B profit a year earlier.
- Cash generation improved: operating cash flow rose +33.0% to ¥452.9B, and free cash flow grew to ¥319.1B.

### Drivers

- Automotive sales fell as that market softened, while Industrial/Infrastructure/IoT sales grew on stronger demand in infrastructure.
- Factories ran at lower utilization, but lower manufacturing costs kept gross profit about level. SG&A went up.
- After US chipmaker Wolfspeed filed for bankruptcy protection, Renesas booked a valuation loss on its financial assets tied to Wolfspeed, which pushed it to a pretax loss.

### Risks

- A downturn in the chip market could shrink demand, lower prices and leave factories underused, which would squeeze margins.
- Trade and investment rules, including tariffs and import/export limits, could disrupt its supply chain and raise costs.
- Swings in exchange and interest rates affect its sales, costs, and the yen value of its assets and debts.

Cited: Annual Securities Report, 24th fiscal period (2025/01/01–2025/12/31) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 24th fiscal period (2025/01/01–2025/12/31) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/01/01－2025/12/31) | S100XR06 | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XR06,, |
| 有価証券報告書－第23期(2024/01/01－2024/12/31) | S100VFR6 | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFR6,, |
| 訂正有価証券報告書－第22期(2023/01/01－2023/12/31) | S100TDHU | 2024-05-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TDHU,, |
| 訂正有価証券報告書－第21期(2022/01/01－2022/12/31) | S100QP90 | 2023-05-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QP90,, |
| 有価証券報告書－第20期(令和3年1月1日－令和3年12月31日) | S100NRVN | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRVN,, |
| 有価証券報告書－第19期(令和2年1月1日－令和2年12月31日) | S100L3KH | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3KH,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| Texas Instruments Incorporated | Co-development | 半導体特許のクロスライセンス契約 | S100XR06 |
| Arm Limited | Co-development | 半導体設計技術の導入契約（当社が導入） | S100XR06 |
| 日清紡ホールディングス | Co-development | 日清紡マイクロデバイスが半導体装置の特許実施許諾を受ける | S100XT05 |

## 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).