# Rigaku Holdings 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5期(2025/01/01－2025/12/31) (S100XTB1)
> Page: https://vizora.meequs.com/en/company/rigaku-holdings
> Retrieved: 2026-09-30T20:00:03.587Z

## Company

Rigaku Holdings, founded in 2020, is a company in Robots & Factory Automation listed on TSE Prime. It has 1,971 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Rigaku Holdings Corporation |
| Ticker | 268A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/268A.T) |
| Listing | TSE Prime |
| Head office | 東京都昭島市松原町三丁目9番12号 |
| Representative (per filing) | 代表取締役社長 川上 潤 |
| Founded | Dec 2020 |
| Share capital | ¥1.14B |
| Employees (consolidated) | 1,971 |
| Average salary (parent only) | ¥10.1M |
| Fiscal year end | December |
| Website | rigaku-holdings.com (https://rigaku-holdings.com/) |
| Corporate number | 7010001214351 |
| EDINET | E39892 |
| Industries (Vizora) | Robots & Factory Automation |

> Profile source: annual securities report (S100XTB1, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.5 | 33 |
| Profitability | 89.7 | 34 |
| Cash conversion | 7.8 | 32 |
| Efficiency | 12.9 | 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)

- Rigaku Holdings brought in ¥94.2B in revenue.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +3.9% from the prior year, operating profit -9.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥94193000000 → ¥11401000000
- Net income → operating cash flow: ¥11401000000 → ¥9387000000（difference ¥-2014000000）
- Main uses of operating cash flow: CapEx ¥6653000000 / dividends ¥2827000000 / buybacks ¥4043000000
- Change in cash: ¥-3716000000
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 | ¥94.2B |  |
| Operating income | ¥16.7B | Margin 17.7% |
| Net income | ¥11.4B | Margin 12.1% |
| Free cash flow | ¥2.73B |  |
| Employees (consolidated) | 1,971 |  |
| EPS | ¥50.19 |  |
| Diluted EPS | ¥49.5 |  |
| Book value per share | ¥238.45 |  |
| Equity ratio | 47.7% | Derived from disclosed figures |
| Shares outstanding | 230,375,000 |  |
| Treasury shares | 4,304,101 |  |
| Shareholders | 31,510 |  |
| Average salary (parent only) | ¥10.1M | Filing company only |
| Cash ratio | 13.1% | Cash ÷ revenue 25.8% |
| Vs. industry median margin | +6 pp | Robots & Factory Automation |
| ROE | 13.4% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.4× dividends

## What changed in 3 years

| Metric | FY ending Dec 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥62701000000 | ¥94193000000 | +50.2% |
| Operating income | ¥6331000000 | ¥16709000000 | +163.9% |
| Operating margin | 10.1% | 17.7% | +7.6 pp |
| Employees | 1,575 people | 1,971 people | +25.1% |
| Cash and equivalents | ¥14431000000 | ¥24275000000 | +68.2% |

### Change in segment revenue mix

Span: FY ending Dec 2022 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 94,193 | 100.0% | S100XTB1 |
| Cost of revenue | 41,312 | 43.9% | S100XTB1 |
| Gross profit | 52,881 | 56.1% | S100XTB1 |
| SG&A | 35,540 | 37.7% | S100XTB1 |
| Operating income | 16,709 | 17.7% | S100XTB1 |
| Pretax income | 15,971 | 17.0% | S100XTB1 |
| Income tax | 4,569 | 4.9% | S100XTB1 |
| Net income | 11,401 | 12.1% | S100XTB1 |
| Net income attributable to owners | 11,401 | 12.1% | S100XTB1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 44 |
| SG&A | 38 |
| Other operating | 0 |
| Operating income | 18 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 56.1% → Operating margin 17.7% → Net margin 12.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.9%; Core profit growth: -9.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.31×
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 | 90,652 | 94,193 | 3,541 | +3.9% |
| Gross profit | 55,296 | 52,881 | -2,415 | -4.4% |
| Operating income | 18,367 | 16,709 | -1,658 | -9.0% |
| Net income attributable to owners | 13,615 | 11,401 | -2,214 | -16.3% |
| Operating cash flow | 14,604 | 9,387 | -5,217 | -35.7% |
| Free cash flow | 8,242 | 2,734 | -5,508 | -66.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 62,701 | 6,331 | 10.1% | 911 | 7,363 | — | S100XTB1 |
| FY ending Dec 2023 | 79,887 | 15,256 | 19.1% | 10,904 | 11,723 | 8,897 | S100VHDH |
| FY ending Dec 2024 | 90,652 | 18,367 | 20.3% | 13,615 | 14,604 | 8,242 | S100XTB1 |
| FY ending Dec 2025 | 94,193 | 16,709 | 17.7% | 11,401 | 9,387 | 2,734 | S100XTB1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.8M |
| Operating income per employee (consolidated) | ¥8.5M |
| Net income per employee (consolidated) | ¥5.8M |

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

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,575 | 1,738 | 1,867 | 1,971 |
| Average salary (parent company) | — | — | ¥10.2M | ¥10.1M |
| Average age (parent company) | — | — | 46.2 years | 48.4 years |
| Average tenure (parent company) | — | — | 8.8 years | 9.5 years |

Year over year: Employees (consolidated) +5.6% · Revenue (consolidated) +3.9%

## 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 | 9,387 | 10.0% | S100XTB1 |
| Capital expenditure | 6,653 | 7.1% | S100XTB1 |
| Free cash flow | 2,734 | 2.9% | 算出 |
| Investing cash flow | -6,628 | -7.0% | S100XTB1 |
| Financing cash flow | -6,595 | -7.0% | S100XTB1 |
| Dividends paid | 2,827 | 3.0% | S100XTB1 |
| Share buyback | 4,043 | 4.3% | S100XTB1 |
| Change in cash | -3,716 | -3.9% | S100XTB1 |
| Cash and equivalents | 24,275 | 25.8% | S100XTB1 |

## 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 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 14,431 | 20,521 | 27,992 | 24,275 | S100VHDH, S100XTB1 |
| Total assets | 148,524 | 163,120 | 177,547 | 185,209 | S100XTB1, S100VHDH |
| Net assets | 53,049 | 65,349 | 81,769 | 88,396 | S100VHDH, S100XTB1 |
| Share capital | — | 473 | 473 | 1,137 | S100VHDH, S100XTB1 |
| Property, plant and equipment | — | 15,265 | 19,287 | 22,619 | S100VHDH, S100XTB1 |
| Goodwill | — | 51,655 | 51,710 | 51,876 | S100VHDH, S100XTB1 |
| Current assets | — | 61,030 | 71,228 | 76,286 | S100VHDH, S100XTB1 |
| Total liabilities | — | 97,771 | 95,777 | 96,812 | S100VHDH, S100XTB1 |
| Equity attributable to owners of parent | — | 65,349 | 81,769 | 88,396 | S100VHDH, S100XTB1 |
| Retained earnings | — | 5,877 | 25,736 | 36,462 | S100VHDH, S100XTB1 |
| Treasury stock | — | — | -4 | -4,035 | S100XTB1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100XTB1 |
| Property, plant and equipment | 12% | S100XTB1 |
| Intangibles and goodwill | 28% | — |
| Other assets | 47% | S100XTB1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100XTB1 |
| Equity | 48% | S100XTB1 |
| Other liabilities | 0% | S100XTB1 |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 148,524 | 163,120 | 177,547 | 185,209 |
| Equity | 53,049 | 65,349 | 81,769 | 88,396 |
| Interest-bearing debt | — | — | — | — |
| Cash | 14,431 | 20,521 | 27,992 | 24,275 |

## 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) | 24.0% | S100XTB1 |
| Fixed assets ÷ total assets | 12.2% | S100XTB1 |
| Goodwill ÷ parent equity | 58.7% | S100XTB1 |

### 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) | 13.1% |
| Cash ÷ revenue | 25.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 56.2% |
| Cash vs. profit gap | -2,014 JPY mn (of net income -17.7%) |
| Shareholder returns / net income | 60.3% |
| Shareholder returns / FCF | 251.3% |
| Shareholder payments — dividends / net income | 24.8% |
| Shareholder payments — dividends / FCF | 103.4% |
| CapEx intensity (capex ÷ revenue) | 7.1% |
| Investing CF relative to operating CF | 70.6% |

## 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 | 1.5% | 0.42× | 0.6% | 2.80× | 1.7% | S100XTB1, S100VHDH |
| 2023 | 13.6% | 0.51× | 7.0% | 2.38× | 16.7% | S100VHDH |
| 2024 | 15.0% | 0.53× | 8.0% | 2.32× | 18.5% | S100XTB1 |
| 2025 | 12.1% | 0.52× | 6.3% | 2.13× | 13.4% | S100XTB1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Atom Investment, L.P. | Major shareholder | 42.1% | 2025-12-31 |
| 志村 晶 | Major shareholder | 12.2% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.4% | 2025-12-31 |
| ＩＮＤＵＳ ＳＥＬＥＣＴ ＭＡＳＴＥＲ ＦＵＮＤ， ＬＴＤ．（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.9% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.6% | 2025-12-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＵＫＵＣ ＵＣＩＴＳ ＣＬＩＥＮＴＳ ＮＯＮ ＬＥＮＤＩＮＧ １０ＰＣＴ ＴＲＥＡＴＹ ＡＣＣＯＵＮＴ（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.5% | 2025-12-31 |
| ＩＮＤＵＳ ＪＡＰＡＮ ＬＯＮＧ ＯＮＬＹ ＭＡＳＴＥＲ ＦＵＮＤ， ＬＴＤ（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.2% | 2025-12-31 |
| ＧＩＣ ＰＲＩＶＡＴＥ ＬＩＭＩＴＥＤ － Ｃ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.1% | 2025-12-31 |
| ＯＲＢＩＳ ＩＮＳＴＩＴＵＴＩＯＮＡＬ ＦＵＮＤＳ ＬＩＭＩＴＥＤ－ＯＲＢＩＳ ＩＮＳＴＩＴＵＴＩＯＮＡＬ ＧＬＯＢＡＬ ＥＱＵＩＴＹ （ＯＦＯ） ＦＵＮＤ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.0% | 2025-12-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＵＳＬ ＮＯＮ－ＴＲＥＡＴＹ ＣＬＩＥＮＴＳ ＡＣＣＯＵＮＴ（常任代理人 香港上海銀行東京支店） | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第5期(2025/01/01－2025/12/31) | S100XTB1 | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTB1,, |
| 有価証券報告書－第4期(2024/01/01－2024/12/31) | S100VHDH | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHDH,, |

## 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).