# Roland Corporation: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第54期(2025/01/01－2025/12/31) (S100XNYW)
> Page: https://vizora.meequs.com/en/company/roland
> Retrieved: 2026-09-30T20:18:17.673Z

## Company

Roland, founded in 1972, is a company in TVs, Audio & Musical Instruments listed on TSE Prime. It has 2,897 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Roland Corporation |
| Ticker | 7944 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7944.T) |
| Listing | TSE Prime |
| Head office | 静岡県浜松市浜名区新都田一丁目6番4号 (2026年1月6日から本店所在地 静岡県浜松市浜名区細江町中川2036番地の1 が上記のように移転しています。) |
| Representative (per filing) | 代表取締役社長 CEO 蓑輪雅弘 |
| Founded | Apr 1972 |
| Share capital | ¥9.64B |
| Employees (consolidated) | 2,897 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | December |
| Website | www.roland.com (https://www.roland.com/) |
| Corporate number | 6080401010213 |
| EDINET | E01834 |
| Industries (Vizora) | TVs, Audio & Musical Instruments |

> Profile source: annual securities report (S100XNYW, filed 2026-03-05). As of filing

## Five-axis industry profile

Primary industry: TVs, Audio & Musical Instruments (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.3 | 11 |
| Profitability | 87.5 | 12 |
| Cash conversion | 38.9 | 9 |
| Efficiency | 70.8 | 12 |

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)

- Roland brought in ¥101B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +1.5% from the prior year, operating profit -5.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥100952000000 → ¥2182000000
- Net income → operating cash flow: ¥2182000000 → ¥13699000000（difference ¥11517000000）
- Main uses of operating cash flow: CapEx ¥6396000000 / dividends ¥4619000000 / buybacks ¥5800000000
- Change in cash: ¥1397000000
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 | ¥101B |  |
| Operating income | ¥9.41B | Margin 9.3% |
| Net income | ¥2.17B | Margin 2.1% |
| Free cash flow | ¥7.3B |  |
| Employees (consolidated) | 2,897 |  |
| EPS | ¥6.95 |  |
| Diluted EPS | ¥6.94 |  |
| Book value per share | ¥713.61 |  |
| Equity ratio | 49.2% |  |
| Shares outstanding | 26,580,659 |  |
| Treasury shares | 38,900 |  |
| Shareholders | 8,618 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 19.0% | Cash ÷ revenue 15.7% |
| Vs. industry median margin | +4.4 pp | TVs, Audio & Musical Instruments |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 6.3× net income
- FY2025, buybacks were 1.3× dividends

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥64044000000 | ¥100952000000 | +57.6% |
| Operating income | ¥7115000000 | ¥9412000000 | +32.3% |
| Operating margin | 11.1% | 9.3% | -1.8 pp |
| Employees | 2,601 people | 2,897 people | +11.4% |
| Cash and equivalents | ¥10832000000 | ¥15876000000 | +46.6% |

### 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.

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 100,952 | 100.0% | S100XNYW |
| Cost of revenue | 58,307 | 57.8% | S100XNYW |
| Gross profit | 42,644 | 42.2% | S100XNYW |
| SG&A | 33,231 | 32.9% | S100XNYW |
| Operating income | 9,412 | 9.3% | S100XNYW |
| Ordinary income | 9,022 | 8.9% | S100XNYW |
| Pretax income | 5,272 | 5.2% | S100XNYW |
| Income tax | 3,089 | 3.1% | S100XNYW |
| Net income | 2,182 | 2.2% | S100XNYW |
| Net income attributable to owners | 2,168 | 2.1% | S100XNYW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 33 |
| Operating income | 9 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 42.2% → Operating margin 9.3% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.5%; Core profit growth: -5.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.55×
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 | 99,433 | 100,952 | 1,519 | +1.5% |
| Gross profit | 42,571 | 42,644 | 73 | +0.2% |
| Operating income | 9,951 | 9,412 | -539 | -5.4% |
| Net income attributable to owners | 5,976 | 2,168 | -3,808 | -63.7% |
| Operating cash flow | 11,717 | 13,699 | 1,982 | +16.9% |
| Free cash flow | 9,176 | 7,303 | -1,873 | -20.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 63,247 | 5,269 | 8.3% | 2,629 | 4,992 | 3,380 | S100L2H1 |
| FY ending Dec 2020 | 64,044 | 7,115 | 11.1% | 4,301 | 6,902 | 5,738 | S100NMLC |
| FY ending Dec 2021 | 80,032 | 11,093 | 13.9% | 8,586 | 4,929 | 3,623 | S100QRVI |
| FY ending Dec 2022 | 95,840 | 10,751 | 11.2% | 8,938 | 793 | -587 | S100SZWZ |
| FY ending Dec 2023 | 102,445 | 11,871 | 11.6% | 8,151 | 15,428 | 11,942 | S100VC6D |
| FY ending Dec 2024 | 99,433 | 9,951 | 10.0% | 5,976 | 11,717 | 9,176 | S100XNYW |
| FY ending Dec 2025 | 100,952 | 9,412 | 9.3% | 2,168 | 13,699 | 7,303 | S100XNYW |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.8M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥748.4K |

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) | 2,730 | 2,783 | 3,044 | 2,957 | 2,897 |
| Average salary (parent company) | ¥7.7M | ¥7.9M | ¥6.9M | ¥7.1M | ¥7.2M |
| Average age (parent company) | 45.0 years | 45.0 years | 46.0 years | 46.0 years | 46.0 years |
| Average tenure (parent company) | 19.0 years | 19.0 years | 19.0 years | 20.0 years | 19.0 years |

Year over year: Employees (consolidated) -2.0% · Revenue (consolidated) +1.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 13,699 | 13.6% | S100XNYW |
| Capital expenditure | 6,396 | 6.3% | S100XNYW |
| Free cash flow | 7,303 | 7.2% | 算出 |
| Investing cash flow | -6,439 | -6.4% | S100XNYW |
| Financing cash flow | -7,417 | -7.3% | S100XNYW |
| Dividends paid | 4,619 | 4.6% | S100XNYW |
| Share buyback | 5,800 | 5.7% | S100XNYW |
| Change in cash | 1,397 | 1.4% | S100XNYW |
| Cash and equivalents | 15,876 | 15.7% | S100XNYW |

## 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 | 8,781 | 10,506 | 12,883 | 14,478 | 15,876 | S100SZWZ, S100VC6D, S100XNYW |
| Total assets | 52,807 | 77,056 | 80,969 | 81,586 | 83,477 | S100QRVI, S100SZWZ, S100VC6D, S100XNYW |
| Net assets | 28,656 | 33,747 | 40,114 | 46,682 | 41,364 | S100SZWZ, S100VC6D, S100XNYW |
| Share capital | 9,585 | 9,613 | 9,641 | 9,641 | 9,641 | S100QRVI, S100SZWZ, S100VC6D, S100XNYW |
| Trade receivables | 7,444 | — | — | — | — | S100QRVI |
| Property, plant and equipment | 5,857 | 7,770 | 9,961 | 9,566 | 14,234 | S100QRVI, S100SZWZ, S100VC6D, S100XNYW |
| Intangible assets excluding goodwill | 632 | 6,090 | 6,240 | 7,445 | 3,026 | S100QRVI, S100SZWZ, S100VC6D, S100XNYW |
| Goodwill | 20 | 3,266 | 3,129 | 3,087 | 2 | S100QRVI, S100SZWZ, S100VC6D, S100XNYW |
| Investment securities | 1,245 | 938 | 1,107 | 724 | 759 | S100QRVI, S100SZWZ, S100VC6D, S100XNYW |
| Current assets | 42,623 | 57,902 | 58,659 | 57,993 | 58,795 | S100QRVI, S100SZWZ, S100VC6D, S100XNYW |
| Current liabilities | 16,033 | 32,513 | 28,041 | 21,085 | 20,170 | S100QRVI, S100SZWZ, S100VC6D, S100XNYW |
| Trade payables | 6,391 | 5,606 | 6,266 | 4,730 | 6,841 | S100QRVI, S100SZWZ, S100VC6D, S100XNYW |
| Short-term borrowings | — | 17,700 | 4,300 | 5,300 | 1,100 | S100SZWZ, S100VC6D, S100XNYW |
| Long-term borrowings | 5,822 | 7,570 | 10,056 | 10,832 | 18,490 | S100QRVI, S100SZWZ, S100VC6D, S100XNYW |
| Total liabilities | 24,150 | 43,309 | 40,854 | 34,903 | 42,113 | S100QRVI, S100SZWZ, S100VC6D, S100XNYW |
| Non-controlling interests | 161 | 184 | 235 | 262 | 286 | S100QRVI, S100SZWZ, S100VC6D, S100XNYW |
| Equity attributable to owners of parent | 28,161 | 31,148 | 34,892 | 36,337 | 28,264 | S100QRVI, S100SZWZ, S100VC6D, S100XNYW |
| Retained earnings | 18,894 | 23,750 | 27,334 | 28,300 | 18,965 | S100QRVI, S100SZWZ, S100VC6D, S100XNYW |
| Treasury stock | -482 | -2,407 | -2,207 | -1,604 | -342 | S100QRVI, S100SZWZ, S100VC6D, S100XNYW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100XNYW |
| Property, plant and equipment | 17% | S100XNYW |
| Intangibles and goodwill | 4% | S100XNYW |
| Investment securities | 1% | S100XNYW |
| Other assets | 59% | S100XNYW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100XNYW |
| Other liabilities | 42% | S100XNYW |
| Equity | 50% | S100XNYW |

### 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 | 52,807 | 77,056 | 80,969 | 81,586 | 83,477 |
| Equity | 28,656 | 33,747 | 40,114 | 46,682 | 41,364 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,781 | 10,506 | 12,883 | 14,478 | 15,876 |

## 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) | 14.1% | S100XNYW |
| Fixed assets ÷ total assets | 17.1% | S100XNYW |
| Goodwill ÷ parent equity | 0.0% | S100XNYW |

Goodwill over 4 years: 20 → 2 JPY; total investing cash flow: -23,362 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) | 19.0% |
| Cash ÷ revenue | 15.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 145.5% |
| Cash vs. profit gap | 11,531 JPY mn (of net income 531.9%) |
| Shareholder returns / net income | 480.6% |
| Shareholder returns / FCF | 142.7% |
| Shareholder payments — dividends / net income | 213.1% |
| Shareholder payments — dividends / FCF | 63.2% |
| CapEx intensity (capex ÷ revenue) | 6.3% |
| Investing CF relative to operating CF | 47.0% |

## 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 | 10.7% | 1.52× | 16.3% | 1.88× | 30.5% | S100QRVI |
| 2022 | 9.3% | 1.48× | 13.8% | 2.19× | 30.1% | S100SZWZ |
| 2023 | 8.0% | 1.30× | 10.3% | 2.39× | 24.7% | S100VC6D |
| 2024 | 6.0% | 1.22× | 7.4% | 2.28× | 16.8% | S100XNYW |
| 2025 | 2.1% | 1.22× | 2.6% | 2.56× | 6.7% | S100XNYW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| NORTHERN TRUST CO.(AVFC) RE 15PCT TREATY ACCOUNT(常任代理人:香港上海銀行東京支店) | Major shareholder | 23.8% | 2025-12-31 |
| MINERVA GROWTH CAPITAL,LP(常任代理人:SMBC日興証券株式会社) | Major shareholder | 16.4% | 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 | 8.6% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.0% | 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 | 3.6% | 2025-12-31 |
| NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS (常任代理人:香港上海銀行東京支店) | Major shareholder | 3.0% | 2025-12-31 |
| BRIAN K. HEYWOOD (常任代理人:SMBC日興証券株式会社) | Major shareholder | 1.9% | 2025-12-31 |
| ローランド社員持株会 | Major shareholder | 1.4% | 2025-12-31 |
| 三木 純一 | Major shareholder | 1.3% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人:株式会社みずほ銀行決済営業部) | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/01/01－2025/12/31) | S100XNYW | 2026-03-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XNYW,, |
| 有価証券報告書－第53期(2024/01/01－2024/12/31) | S100VC6D | 2025-03-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VC6D,, |
| 有価証券報告書－第52期(2023/01/01－2023/12/31) | S100SZWZ | 2024-03-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SZWZ,, |
| 訂正有価証券報告書－第51期(2022/01/01－2022/12/31) | S100QRVI | 2023-05-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QRVI,, |
| 有価証券報告書－第50期(令和3年1月1日－令和3年12月31日) | S100NMLC | 2022-03-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NMLC,, |
| 有価証券報告書－第49期(令和2年1月1日－令和2年12月31日) | S100L2H1 | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2H1,, |

## 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).