# RION 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105期(2025/04/01－2026/03/31) (S100YI2O)
> Page: https://vizora.meequs.com/en/company/rion
> Retrieved: 2026-09-30T20:48:39.169Z

## Company

Rion, founded in 1944, is a company in Robots & Factory Automation listed on TSE Prime. It has 1,003 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RION CO., LTD. |
| Ticker | 6823 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6823.T) |
| Listing | TSE Prime |
| Head office | 東京都国分寺市東元町3丁目20番41号 |
| Representative (per filing) | 代表取締役社長 加藤公規 |
| Founded | Jun 1944 |
| Share capital | ¥2.08B |
| Employees (consolidated) | 1,003 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | www.rion.co.jp (https://www.rion.co.jp/) |
| Corporate number | 1012401002696 |
| EDINET | E01842 |
| Industries (Vizora) | Robots & Factory Automation, Medical Devices |

> Profile source: annual securities report (S100YI2O, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.6 | 38 |
| Profitability | 65.4 | 39 |
| Cash conversion | 46.1 | 38 |
| Efficiency | 60.3 | 39 |

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 45% of Rion's sales come from Medical equipment, with Particle Counters and Environmental equipment making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +2.2% from the prior year, operating profit +8.1%.

## Company structure

- Segment revenue mix: Medical equipment 44.8%、Particle Counters 34.1%、Environmental equipment 21.2%
- Revenue → net income: ¥28501956000 → ¥3345634000
- Net income → operating cash flow: ¥3345634000 → ¥4165283000（difference ¥819649000）
- Main uses of operating cash flow: CapEx ¥748531000 / dividends ¥948003000 / buybacks —
- Change in cash: ¥2548686000
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 | ¥28.5B |  |
| Operating income | ¥4.36B | Margin 15.3% |
| Net income | ¥3.35B | Margin 11.7% |
| Free cash flow | ¥3.42B |  |
| Largest business | Medical equipment | of segment revenue 44.8% |
| Employees (consolidated) | 1,003 |  |
| EPS | ¥262.96 |  |
| Book value per share | ¥2596.02 |  |
| Equity ratio | 83.3% |  |
| Shares outstanding | 12,347,700 |  |
| Treasury shares | 17,300 |  |
| Shareholders | 6,411 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 20.1% | Cash ÷ revenue 29.5% |
| Vs. industry median margin | +4.2 pp | Medical Devices |
| ROE | 11.8% | Derived from disclosed figures |
| ROA | 8.3% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 21 points
- FY2026, employees -1% while operating income rose 8%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20466159000 | ¥28501956000 | +39.3% |
| Operating income | ¥2220695000 | ¥4361966000 | +96.4% |
| Operating margin | 10.9% | 15.3% | +4.5 pp |
| Employees | 932 people | 1,003 people | +7.6% |
| Cash and equivalents | ¥5826129000 | ¥8397301000 | +44.1% |

### 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 |
| --- | ---: |
| 微粒子計測器事業 → 微粒子計測器事業 | 25.3% |
| 医療機器事業 → 医療機器事業 | 44.8% |
| 医療機器事業 → 事業再編・廃止 | 9.4% |
| 環境機器事業 → 環境機器事業 | 20.6% |
| 新設・再編 → 微粒子計測器事業 | 8.8% |
| 新設・再編 → 環境機器事業 | 0.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Medical equipment | 5 years | +2.9% | ¥12757614000 | 9.7% | 2 |
| Particle Counters | 5 years | +13.4% | ¥9711333000 | 24.6% | 2 |
| Environmental equipment | 5 years | +7.4% | ¥6033008000 | 12.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 28,502 | 100.0% | S100YI2O |
| Cost of revenue | 14,445 | 50.7% | S100YI2O |
| Gross profit | 14,057 | 49.3% | S100YI2O |
| SG&A | 9,695 | 34.0% | S100YI2O |
| Operating income | 4,362 | 15.3% | S100YI2O |
| Ordinary income | 4,444 | 15.6% | S100YI2O |
| Pretax income | 4,373 | 15.3% | S100YI2O |
| Income tax | 1,028 | 3.6% | S100YI2O |
| Net income | 3,346 | 11.7% | S100YI2O |
| Net income attributable to owners | 3,346 | 11.7% | S100YI2O |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 34 |
| Operating income | 15 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 49.3% → Operating margin 15.3% → Net margin 11.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.2%; Core profit growth: +8.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.63×
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 | 27,878 | 28,502 | 624 | +2.2% |
| Gross profit | 14,063 | 14,057 | -5 | -0.0% |
| Operating income | 4,034 | 4,362 | 328 | +8.1% |
| Net income attributable to owners | 2,860 | 3,346 | 486 | +17.0% |
| Operating cash flow | 3,437 | 4,165 | 728 | +21.2% |
| Free cash flow | 1,863 | 3,417 | 1,554 | +83.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,465 | 2,485 | 11.6% | 1,780 | 2,697 | 2,065 | S100LNFM |
| FY ending Mar 2021 | 20,466 | 2,221 | 10.9% | 1,637 | 2,064 | 943 | S100OETJ |
| FY ending Mar 2022 | 22,636 | 3,105 | 13.7% | 2,229 | 2,842 | 1,755 | S100R2I9 |
| FY ending Mar 2023 | 23,868 | 2,844 | 11.9% | 1,800 | 1,784 | -279 | S100TRAL |
| FY ending Mar 2024 | 25,727 | 3,475 | 13.5% | 2,652 | 2,858 | 167 | S100W50Z |
| FY ending Mar 2025 | 27,878 | 4,034 | 14.5% | 2,860 | 3,437 | 1,863 | S100YI2O |
| FY ending Mar 2026 | 28,502 | 4,362 | 15.3% | 3,346 | 4,165 | 3,417 | S100YI2O |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.4M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 954 | 998 | 1,026 | 1,009 | 1,003 |
| Average salary (parent company) | ¥7.4M | ¥7.7M | ¥7.6M | ¥7.9M | ¥8.1M |
| Average age (parent company) | 41.4 years | 41.5 years | 41.5 years | 41.5 years | 41.3 years |
| Average tenure (parent company) | 16.9 years | 17.1 years | 16.9 years | 16.7 years | 16.8 years |

Year over year: Employees (consolidated) -0.6% · Revenue (consolidated) +2.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Particle Counters | 9,711 | 34.1% | 2,392 | 24.6% |
| Medical equipment | 12,758 | 44.8% | 1,237 | 9.7% |
| Environmental equipment | 6,033 | 21.2% | 734 | 12.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Particle Counters | 34.1% | 54.8% | 20.8 | 24.6% |
| Medical equipment | 44.8% | 28.4% | -16.4 | 9.7% |
| Environmental equipment | 21.2% | 16.8% | -4.3 | 12.2% |

Segment → industry: Environmental equipment → Robots & Factory Automation / Particle Counters → Robots & Factory Automation / Medical equipment → 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 | 4,165 | 14.6% | S100YI2O |
| Capital expenditure | 749 | 2.6% | S100YI2O |
| Free cash flow | 3,417 | 12.0% | 算出 |
| Investing cash flow | -753 | -2.6% | S100YI2O |
| Financing cash flow | -955 | -3.3% | S100YI2O |
| Dividends paid | 948 | 3.3% | S100YI2O |
| Change in cash | 2,549 | 8.9% | S100YI2O |
| Cash and equivalents | 8,397 | 29.5% | S100YI2O |

## 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 | 7,181 | 5,207 | 4,860 | 5,849 | 8,397 | S100TRAL, S100W50Z, S100YI2O |
| Total assets | 33,157 | 34,557 | 37,141 | 39,133 | 41,784 | S100R2I9, S100TRAL, S100W50Z, S100YI2O |
| Net assets | 25,289 | 26,612 | 29,211 | 31,436 | 34,803 | S100TRAL, S100W50Z, S100YI2O |
| Share capital | 2,032 | 2,044 | 2,052 | 2,065 | 2,079 | S100R2I9, S100TRAL, S100W50Z, S100YI2O |
| Trade receivables | 5,469 | 5,223 | 5,472 | 5,620 | 5,454 | S100R2I9, S100TRAL, S100W50Z, S100YI2O |
| Inventories | 5,218 | 6,433 | 7,208 | 8,035 | 7,839 | S100R2I9, S100TRAL, S100W50Z, S100YI2O |
| Property, plant and equipment | 9,431 | 10,152 | 11,487 | 11,840 | 11,428 | S100R2I9, S100TRAL, S100W50Z, S100YI2O |
| Intangible assets excluding goodwill | 1,050 | 2,304 | 2,463 | 2,239 | 1,905 | S100R2I9, S100TRAL, S100W50Z, S100YI2O |
| Goodwill | 11 | 830 | 794 | 728 | 753 | S100R2I9, S100TRAL, S100W50Z, S100YI2O |
| Investment securities | 1,015 | 1,170 | 1,100 | 1,188 | 1,521 | S100R2I9, S100TRAL, S100W50Z, S100YI2O |
| Current assets | 20,329 | 19,501 | 20,809 | 22,683 | 25,132 | S100R2I9, S100TRAL, S100W50Z, S100YI2O |
| Current liabilities | 4,576 | 4,787 | 5,378 | 5,455 | 4,628 | S100R2I9, S100TRAL, S100W50Z, S100YI2O |
| Trade payables | 1,967 | 2,476 | 2,519 | 2,297 | — | S100R2I9, S100TRAL, S100W50Z |
| Total liabilities | 7,868 | 7,945 | 7,929 | 7,697 | 6,981 | S100R2I9, S100TRAL, S100W50Z, S100YI2O |
| Equity attributable to owners of parent | 21,544 | 22,802 | 24,918 | 27,092 | 29,517 | S100R2I9, S100TRAL, S100W50Z, S100YI2O |
| Retained earnings | 17,068 | 18,302 | 20,401 | 22,549 | 24,946 | S100R2I9, S100TRAL, S100W50Z, S100YI2O |
| Treasury stock | -11 | -11 | -11 | -11 | -11 | S100R2I9, S100TRAL, S100W50Z, S100YI2O |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YI2O |
| Receivables | 13% | S100YI2O |
| Inventories | 19% | S100YI2O |
| Property, plant and equipment | 27% | S100YI2O |
| Intangibles and goodwill | 6% | S100YI2O |
| Investment securities | 4% | S100YI2O |
| Other assets | 11% | S100YI2O |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 17% | S100YI2O |
| Equity | 83% | S100YI2O |
| Other liabilities | 0% | S100YI2O |

### 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 | 33,157 | 34,557 | 37,141 | 39,133 | 41,784 |
| Equity | 25,289 | 26,612 | 29,211 | 31,436 | 34,803 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,181 | 5,207 | 4,860 | 5,849 | 8,397 |

## 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) | 40.1% | S100YI2O |
| Fixed assets ÷ total assets | 27.3% | S100YI2O |
| Goodwill ÷ parent equity | 2.6% | S100YI2O |

Goodwill over 4 years: 11 → 753 JPY; total investing cash flow: -9,290 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) | 20.1% |
| Cash ÷ revenue | 29.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 95.5% |
| Cash vs. profit gap | 820 JPY mn (of net income 24.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.3% |
| Shareholder payments — dividends / FCF | 27.7% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 18.1% |

## 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 | 9.8% | 0.68× | 6.7% | 1.54× | 10.3% | S100R2I9 |
| 2023 | 7.5% | 0.70× | 5.3% | 1.53× | 8.1% | S100TRAL |
| 2024 | 10.3% | 0.72× | 7.4% | 1.50× | 11.1% | S100W50Z |
| 2025 | 10.3% | 0.73× | 7.5% | 1.47× | 11.0% | S100YI2O |
| 2026 | 11.7% | 0.70× | 8.3% | 1.43× | 11.8% | S100YI2O |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 一般財団法人小林理学研究所 | Major shareholder | 25.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 8.3% | 2026-03-31 |
| リオン取引先持株会 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 1.3% | 2026-03-31 |
| リオン従業員持株会 | Major shareholder | 1.3% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.2% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044（常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 1.2% | 2026-03-31 |
| RE FUND 107-CLIENT AC（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第105期(2025/04/01－2026/03/31) | S100YI2O | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI2O,, |
| 有価証券報告書－第104期(2024/04/01－2025/03/31) | S100W50Z | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W50Z,, |
| 有価証券報告書－第103期(2023/04/01－2024/03/31) | S100TRAL | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRAL,, |
| 有価証券報告書－第102期(2022/04/01－2023/03/31) | S100R2I9 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2I9,, |
| 有価証券報告書－第101期(令和3年4月1日－令和4年3月31日) | S100OETJ | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OETJ,, |
| 有価証券報告書－第100期(令和2年4月1日－令和3年3月31日) | S100LNFM | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNFM,, |

## 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).