# RORZE CORPORATION: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第41期(2025/03/01－2026/02/28) (S100Y5GM)
> Page: https://vizora.meequs.com/en/company/rorze
> Retrieved: 2026-09-30T21:30:59.786Z

## Company

Rorze, founded in 1985, is a company in Robots & Factory Automation listed on TSE Prime. It has 4,435 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RORZE CORPORATION |
| Ticker | 6323 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6323.T) |
| Listing | TSE Prime |
| Head office | 広島県福山市神辺町字道上1588番地の2 |
| Representative (per filing) | 代表取締役社長 藤代 祥之 |
| Founded | Mar 1985 |
| Share capital | ¥982M |
| Employees (consolidated) | 4,435 |
| Average salary (parent only) | ¥10.4M |
| Fiscal year end | February |
| Website | www.rorze.com (https://www.rorze.com/) |
| Corporate number | 9240001029584 |
| EDINET | E02328 |
| Industries (Vizora) | Robots & Factory Automation, Semiconductor Equipment |

> Profile source: annual securities report (S100Y5GM, filed 2026-05-22). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Equipment (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90.3 | 36 |
| Profitability | 84.1 | 41 |
| Cash conversion | 44.9 | 39 |
| Efficiency | 45.1 | 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 99% of Rorze's sales come from Semiconductor and Flat panel display, with Life science making up much of the rest.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed +3.5% from the prior year, operating profit -2.7%.

## Company structure

- Segment revenue mix: Semiconductor and Flat panel display 99.1%、Life science 0.9%
- Revenue → net income: ¥128794000000 → ¥17487000000
- Net income → operating cash flow: ¥17487000000 → ¥31191000000（difference ¥13704000000）
- Main uses of operating cash flow: CapEx ¥4469000000 / dividends ¥2998000000 / buybacks ¥4999000000
- Change in cash: ¥13011000000
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 | ¥128.8B |  |
| Operating income | ¥31.2B | Margin 24.2% |
| Net income | ¥19B | Margin 14.8% |
| Free cash flow | ¥26.7B |  |
| Largest business | Semiconductor and Flat panel display | of segment revenue 99.1% |
| Employees (consolidated) | 4,435 |  |
| EPS | ¥47.88 |  |
| Diluted EPS | ¥47.87 |  |
| Book value per share | ¥371.53 |  |
| Equity ratio | 66.0% |  |
| Shares outstanding | 176,400,000 |  |
| Treasury shares | 2,968,200 |  |
| Shareholders | 14,531 |  |
| Average salary (parent only) | ¥10.4M | Filing company only |
| Cash ratio | 37.7% | Cash ÷ revenue 57.7% |
| Vs. industry median margin | +9.7 pp | Semiconductor Equipment |
| ROE | 17.1% | Derived from disclosed figures |
| ROA | 9.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.7× dividends
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 38% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥50803208000 | ¥128794000000 | +153.5% |
| Operating income | ¥9314172000 | ¥31154000000 | +234.5% |
| Operating margin | 18.3% | 24.2% | +5.9 pp |
| Employees | 2,473 people | 4,435 people | +79.3% |
| Cash and equivalents | ¥16825000000 | ¥74341000000 | +341.8% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 半導体・ＦＰＤ関連装置事業 → 事業再編・廃止 | 98.6% |
| ライフサイエンス事業 → 事業再編・廃止 | 1.4% |
| 新設・再編 → 半導体・ＦＰＤ関連装置事業 | 99.1% |
| 新設・再編 → ライフサイエンス事業 | 0.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 128,794 | 100.0% | S100Y5GM |
| Cost of revenue | 76,142 | 59.1% | S100Y5GM |
| Gross profit | 52,652 | 40.9% | S100Y5GM |
| SG&A | 21,497 | 16.7% | S100Y5GM |
| Operating income | 31,154 | 24.2% | S100Y5GM |
| Ordinary income | 32,621 | 25.3% | S100Y5GM |
| Pretax income | 25,009 | 19.4% | S100Y5GM |
| Income tax | 7,521 | 5.8% | S100Y5GM |
| Net income | 17,487 | 13.6% | S100Y5GM |
| Net income attributable to owners | 19,048 | 14.8% | S100Y5GM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 17 |
| Operating income | 24 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 40.9% → Operating margin 24.2% → Net margin 14.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.5%; Core profit growth: -2.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.77×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 124,406 | 128,794 | 4,388 | +3.5% |
| Gross profit | 49,618 | 52,652 | 3,034 | +6.1% |
| Operating income | 32,024 | 31,154 | -870 | -2.7% |
| Net income attributable to owners | 23,634 | 19,048 | -4,586 | -19.4% |
| Operating cash flow | 36,791 | 31,191 | -5,600 | -15.2% |
| Free cash flow | 34,593 | 26,722 | -7,871 | -22.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 37,103 | 7,744 | 20.9% | 5,471 | 6,659 | 577 | S100LFAF |
| FY ending Feb 2021 | 50,803 | 9,314 | 18.3% | 6,470 | 8,158 | 5,711 | S100O5P2 |
| FY ending Feb 2022 | 67,004 | 15,809 | 23.6% | 12,824 | 3,016 | 900 | S100QUUU |
| FY ending Feb 2023 | 94,518 | 26,418 | 28.0% | 21,384 | -1,920 | -6,492 | S100TPT7 |
| FY ending Feb 2024 | 93,247 | 24,138 | 25.9% | 19,576 | 15,544 | 14,242 | S100VUDZ |
| FY ending Feb 2025 | 124,406 | 32,024 | 25.7% | 23,634 | 36,791 | 34,593 | S100Y5GM |
| FY ending Feb 2026 | 128,794 | 31,154 | 24.2% | 19,048 | 31,191 | 26,722 | S100Y5GM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29M |
| Operating income per employee (consolidated) | ¥7M |
| Net income per employee (consolidated) | ¥4.3M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,670 | 4,372 | 3,997 | 4,402 | 4,435 |
| Average salary (parent company) | ¥11.2M | ¥10.2M | ¥9.8M | ¥10.2M | ¥10.4M |
| Average age (parent company) | 43.8 years | 43.5 years | 43.7 years | 43.8 years | 42.6 years |
| Average tenure (parent company) | 16.1 years | 16.0 years | 16.1 years | 16.1 years | 15.5 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) +3.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Semiconductor and Flat panel display | 127,593 | 99.1% | 32,003 | 25.1% |
| Life science | 1,201 | 0.9% | 13 | 1.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Semiconductor and Flat panel display | 99.1% | 100.0% | 0.9 | 25.1% |
| Life science | 0.9% | 0.0% | -0.9 | 1.1% |

Segment → industry: Life science → Robots & Factory Automation / Semiconductor and Flat panel display → Semiconductor Equipment

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 31,191 | 24.2% | S100Y5GM |
| Capital expenditure | 4,469 | 3.5% | S100Y5GM |
| Free cash flow | 26,722 | 20.7% | 算出 |
| Investing cash flow | -3,300 | -2.6% | S100Y5GM |
| Financing cash flow | -15,520 | -12.1% | S100Y5GM |
| Dividends paid | 2,998 | 2.3% | S100Y5GM |
| Share buyback | 4,999 | 3.9% | S100Y5GM |
| Change in cash | 13,011 | 10.1% | S100Y5GM |
| Cash and equivalents | 74,341 | 57.7% | S100Y5GM |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 23,631 | 28,292 | 37,951 | 61,330 | 74,341 | S100TPT7, S100VUDZ, S100Y5GM |
| Total assets | 88,290 | 126,482 | 156,136 | 187,738 | 197,302 | S100QUUU, S100TPT7, S100VUDZ, S100Y5GM |
| Net assets | 50,222 | 74,795 | 99,550 | 128,717 | 139,961 | S100TPT7, S100VUDZ, S100Y5GM |
| Share capital | 982 | 982 | 982 | 982 | 982 | S100QUUU, S100TPT7, S100VUDZ, S100Y5GM |
| Trade receivables | 18,915 | — | — | — | — | S100QUUU |
| Property, plant and equipment | 17,481 | 22,102 | 22,621 | 24,452 | 25,896 | S100QUUU, S100TPT7, S100VUDZ, S100Y5GM |
| Intangible assets excluding goodwill | 614 | 643 | 5,221 | 12,608 | 9,216 | S100QUUU, S100TPT7, S100VUDZ, S100Y5GM |
| Goodwill | — | — | 2,319 | 9,641 | 6,332 | S100VUDZ, S100Y5GM |
| Investment securities | 1,318 | 1,369 | 3,192 | 1,446 | 1,731 | S100QUUU, S100TPT7, S100VUDZ, S100Y5GM |
| Current assets | 66,455 | 99,986 | 120,140 | 145,520 | 154,970 | S100QUUU, S100TPT7, S100VUDZ, S100Y5GM |
| Current liabilities | 28,491 | 33,044 | 36,430 | 40,664 | 40,328 | S100QUUU, S100TPT7, S100VUDZ, S100Y5GM |
| Trade payables | 6,850 | 7,350 | 6,392 | 7,679 | 7,221 | S100QUUU, S100TPT7, S100VUDZ, S100Y5GM |
| Short-term borrowings | 11,923 | 14,936 | 16,336 | 14,948 | 15,574 | S100QUUU, S100TPT7, S100VUDZ, S100Y5GM |
| Long-term borrowings | 8,961 | 17,887 | 18,167 | 16,646 | 8,207 | S100QUUU, S100TPT7, S100VUDZ, S100Y5GM |
| Total liabilities | 38,068 | 51,687 | 56,586 | 59,021 | 57,340 | S100QUUU, S100TPT7, S100VUDZ, S100Y5GM |
| Non-controlling interests | 4,788 | 6,487 | 7,251 | 10,816 | 9,730 | S100QUUU, S100TPT7, S100VUDZ, S100Y5GM |
| Equity attributable to owners of parent | 43,905 | 63,619 | 84,677 | 105,573 | 116,600 | S100QUUU, S100TPT7, S100VUDZ, S100Y5GM |
| Retained earnings | 41,506 | 61,221 | 78,465 | 99,721 | 115,771 | S100QUUU, S100TPT7, S100VUDZ, S100Y5GM |
| Treasury stock | -54 | -55 | -3 | -45 | -5,043 | S100QUUU, S100TPT7, S100VUDZ, S100Y5GM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100Y5GM |
| Property, plant and equipment | 13% | S100Y5GM |
| Intangibles and goodwill | 8% | S100Y5GM |
| Investment securities | 1% | S100Y5GM |
| Other assets | 40% | S100Y5GM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100Y5GM |
| Other liabilities | 25% | S100Y5GM |
| Equity | 71% | S100Y5GM |
| Other liabilities | 0% | S100Y5GM |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 88,290 | 126,482 | 156,136 | 187,738 | 197,302 |
| Equity | 50,222 | 74,795 | 99,550 | 128,717 | 139,961 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 23,631 | 28,292 | 37,951 | 61,330 | 74,341 |

## 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) | 20.1% | S100Y5GM |
| Fixed assets ÷ total assets | 13.1% | S100Y5GM |
| Goodwill ÷ parent equity | 5.4% | S100Y5GM |

### 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) | 37.7% |
| Cash ÷ revenue | 57.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 100.1% |
| Cash vs. profit gap | 12,143 JPY mn (of net income 63.7%) |
| Shareholder returns / net income | 42.0% |
| Shareholder returns / FCF | 29.9% |
| Shareholder payments — dividends / net income | 15.7% |
| Shareholder payments — dividends / FCF | 11.2% |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| Investing CF relative to operating CF | 10.6% |

## 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 | 19.1% | 0.76× | 14.5% | 2.01× | 29.2% | S100QUUU |
| 2023 | 22.6% | 0.88× | 19.9% | 2.00× | 39.8% | S100TPT7 |
| 2024 | 21.0% | 0.66× | 13.9% | 1.91× | 26.4% | S100VUDZ |
| 2025 | 19.0% | 0.72× | 13.7% | 1.81× | 24.8% | S100Y5GM |
| 2026 | 14.8% | 0.67× | 9.9% | 1.73× | 17.1% | S100Y5GM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 崎谷 文雄 | Major shareholder | 35.7% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 9.9% | 2026-02-28 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 5.1% | 2026-02-28 |
| バルンリバー合同会社 | Major shareholder | 4.8% | 2026-02-28 |
| 藤代 祥之 | Major shareholder | 3.0% | 2026-02-28 |
| 株式会社中国銀行 | Major shareholder | 1.8% | 2026-02-28 |
| GOVERNMENT OF NORWAY(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.3% | 2026-02-28 |
| 株式会社衣香園 | Major shareholder | 1.2% | 2026-02-28 |
| 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 | 1.1% | 2026-02-28 |
| BOFAS INC SEGREGATION ACCOUNT (BOFA証券株式会社 代表取締役社長） | Major shareholder | 1.0% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2025/03/01－2026/02/28) | S100Y5GM | 2026-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5GM,, |
| 有価証券報告書－第40期(2024/03/01－2025/02/28) | S100VUDZ | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUDZ,, |
| 訂正有価証券報告書－第39期(2023/03/01－2024/02/29) | S100TPT7 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPT7,, |
| 有価証券報告書－第38期(2022/03/01－2023/02/28) | S100QUUU | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUUU,, |
| 有価証券報告書－第37期(令和3年3月1日－令和4年2月28日) | S100O5P2 | 2022-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O5P2,, |
| 有価証券報告書－第36期(令和2年3月1日－令和3年2月28日) | S100LFAF | 2021-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFAF,, |

## 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).