# RS Technologies Co.,Ltd.: 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16期(2025/01/01－2025/12/31) (S100XUA2)
> Page: https://vizora.meequs.com/en/company/rs-technologies
> Retrieved: 2026-09-30T19:00:17.493Z

## Company

RS Technologies, founded in 2010, is a company in Electric Power & Gas listed on TSE Prime. It has 2,744 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RS Technologies Co., Ltd. |
| Ticker | 3445 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3445.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区大井一丁目47番1号 |
| Representative (per filing) | 代表取締役社長 方 永義 |
| Founded | Dec 2010 |
| Share capital | ¥5.86B |
| Employees (consolidated) | 2,744 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | December |
| Website | www.rs-tec.jp (https://www.rs-tec.jp/) |
| Corporate number | 3010701024500 |
| EDINET | E31042 |
| Industries (Vizora) | Electric Power & Gas, Semiconductor Equipment, Semiconductor Materials, Electronic Components |

> Profile source: annual securities report (S100XUA2, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Equipment (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.1 | 36 |
| Profitability | 69.5 | 41 |
| Cash conversion | 55.1 | 39 |
| Efficiency | 8.5 | 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 39% of RS Technologies's sales come from Semiconductor equipment and materials, with Wafer reclaim business and Prime Silicon Wafer making up much of the rest.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +29.6% from the prior year, operating profit +8.9%.

## Company structure

- Segment revenue mix: Semiconductor equipment and materials 39.4%、Wafer reclaim business 35.9%、Prime Silicon Wafer 24.5%、Other 0.2%
- Revenue → net income: ¥76707000000 → ¥12540000000
- Net income → operating cash flow: ¥12540000000 → ¥14836000000（difference ¥2296000000）
- Main uses of operating cash flow: CapEx ¥7667000000 / dividends ¥924000000 / buybacks —
- Change in cash: ¥12128000000
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 | ¥76.7B |  |
| Operating income | ¥14.3B | Margin 18.6% |
| Net income | ¥9.3B | Margin 12.1% |
| Free cash flow | ¥7.17B |  |
| Largest business | Semiconductor equipment and materials | of segment revenue 39.4% |
| Employees (consolidated) | 2,744 |  |
| EPS | ¥143.26 |  |
| Diluted EPS | ¥142.7 |  |
| Book value per share | ¥1312.11 |  |
| Equity ratio | 39.1% |  |
| Shares outstanding | 26,558,502 |  |
| Treasury shares | 1,100 |  |
| Shareholders | 3,196 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 46.7% | Cash ÷ revenue 125.0% |
| Vs. industry median margin | +4.1 pp | Semiconductor Equipment |
| ROE | 14.2% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.2× its level five years ago
- FY2025, one segment accounts for 64% of positive segment profit
- FY2025, cash is 47% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25561984000 | ¥76707000000 | +200.1% |
| Operating income | ¥4530187000 | ¥14281000000 | +215.2% |
| Operating margin | 17.7% | 18.6% | +0.9 pp |
| Employees | 1,172 people | 2,744 people | +134.1% |
| Cash and equivalents | ¥17910394000 | ¥95888000000 | +435.4% |

### 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 |
| --- | ---: |
| ウェーハ再生事業 → ウェーハ再生事業 | 35.9% |
| ウェーハ再生事業 → 事業再編・廃止 | 8.9% |
| プライムシリコンウェーハ製造販売事業 → プライムシリコンウェーハ製造販売事業 | 24.5% |
| プライムシリコンウェーハ製造販売事業 → 事業再編・廃止 | 5.9% |
| 半導体関連装置・部材等 → 半導体関連装置・部材等 | 24.6% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 半導体関連装置・部材等 | 14.9% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Semiconductor equipment and materials | 5 years | +36.9% | ¥30244000000 | 5.4% | 2 |
| Wafer reclaim business | 5 years | +19.2% | ¥27528000000 | 36.9% | 2 |
| Prime Silicon Wafer | 5 years | +19.3% | ¥18778000000 | 22.1% | 2 |
| Other | 5 years | +17.1% | ¥155000000 | -3.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 76,707 | 100.0% | S100XUA2 |
| Cost of revenue | 53,122 | 69.3% | S100XUA2 |
| Gross profit | 23,585 | 30.7% | S100XUA2 |
| SG&A | 9,303 | 12.1% | S100XUA2 |
| Operating income | 14,281 | 18.6% | S100XUA2 |
| Ordinary income | 16,635 | 21.7% | S100XUA2 |
| Pretax income | 16,868 | 22.0% | S100XUA2 |
| Income tax | 4,327 | 5.6% | S100XUA2 |
| Net income | 12,540 | 16.3% | S100XUA2 |
| Net income attributable to owners | 9,297 | 12.1% | S100XUA2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 12 |
| Operating income | 19 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 30.7% → Operating margin 18.6% → Net margin 12.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +29.6%; Core profit growth: +8.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.30×
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 | 59,200 | 76,707 | 17,507 | +29.6% |
| Gross profit | 19,380 | 23,585 | 4,205 | +21.7% |
| Operating income | 13,108 | 14,281 | 1,173 | +8.9% |
| Net income attributable to owners | 9,446 | 9,297 | -149 | -1.6% |
| Operating cash flow | 13,143 | 14,836 | 1,693 | +12.9% |
| Free cash flow | 4,196 | 7,169 | 2,973 | +70.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 24,502 | 4,717 | 19.3% | 3,036 | 9,016 | 4,206 | S100L2RT |
| FY ending Dec 2020 | 25,562 | 4,530 | 17.7% | 2,825 | 6,377 | -2,873 | S100NSYK |
| FY ending Dec 2021 | 34,621 | 6,876 | 19.9% | 3,304 | 9,337 | 229 | S100QHYF |
| FY ending Dec 2022 | 49,865 | 13,019 | 26.1% | 7,739 | 15,316 | 9,936 | S100T64D |
| FY ending Dec 2023 | 51,893 | 11,894 | 22.9% | 7,703 | 13,857 | 8,361 | S100VINC |
| FY ending Dec 2024 | 59,200 | 13,108 | 22.1% | 9,446 | 13,143 | 4,196 | S100XUA2 |
| FY ending Dec 2025 | 76,707 | 14,281 | 18.6% | 9,297 | 14,836 | 7,169 | S100XUA2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28M |
| Operating income per employee (consolidated) | ¥5.2M |
| Net income per employee (consolidated) | ¥3.4M |

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) | 1,333 | 1,478 | 1,534 | 2,614 | 2,744 |
| Average salary (parent company) | ¥5.3M | ¥6M | ¥6M | ¥6.2M | ¥6.4M |
| Average age (parent company) | 39.1 years | 39.3 years | 39.8 years | 39.8 years | 40.6 years |
| Average tenure (parent company) | 6.5 years | 7.1 years | 7.5 years | 7.6 years | 7.1 years |

Year over year: Employees (consolidated) +5.0% · Revenue (consolidated) +29.6%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Wafer reclaim business | 27,528 | 35.9% | 10,167 | 36.9% |
| Prime Silicon Wafer | 18,778 | 24.5% | 4,159 | 22.1% |
| Semiconductor equipment and materials | 30,244 | 39.4% | 1,624 | 5.4% |
| Other | 155 | 0.2% | -5 | -3.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Wafer reclaim business | 35.9% | 63.7% | 27.9 | 36.9% |
| Prime Silicon Wafer | 24.5% | 26.1% | 1.6 | 22.1% |
| Semiconductor equipment and materials | 39.4% | 10.2% | -29.2 | 5.4% |
| Other | 0.2% | — | — | -3.2% |

Loss-making segment (excluded from profit shares): Other -5 JPY mn

Segment → industry: Other → Electric Power & Gas / Semiconductor equipment and materials → Semiconductor Equipment / Prime Silicon Wafer → Semiconductor Materials / Wafer reclaim business → Semiconductor Materials / Semiconductor equipment and materials → Electronic Components

## 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 | 14,836 | 19.3% | S100XUA2 |
| Capital expenditure | 7,667 | 10.0% | S100XUA2 |
| Free cash flow | 7,169 | 9.3% | 算出 |
| Investing cash flow | -15,223 | -19.8% | S100XUA2 |
| Financing cash flow | 10,302 | 13.4% | S100XUA2 |
| Dividends paid | 924 | 1.2% | S100XUA2 |
| Change in cash | 12,128 | 15.8% | S100XUA2 |
| Cash and equivalents | 95,888 | 125.0% | S100XUA2 |

## 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 | 21,642 | 66,746 | 69,645 | 83,759 | 95,888 | S100T64D, S100VINC, S100XUA2 |
| Total assets | 78,998 | 127,555 | 140,666 | 182,146 | 205,222 | S100QHYF, S100T64D, S100VINC, S100XUA2 |
| Net assets | 54,952 | 101,473 | 115,428 | 135,548 | 153,331 | S100T64D, S100VINC, S100XUA2 |
| Share capital | 5,438 | 5,579 | 5,644 | 5,701 | 5,860 | S100QHYF, S100T64D, S100VINC, S100XUA2 |
| Trade receivables | 9,518 | 11,651 | 12,673 | 23,417 | 22,322 | S100QHYF, S100T64D, S100VINC, S100XUA2 |
| Property, plant and equipment | 28,963 | 31,285 | 35,327 | 45,575 | 49,485 | S100QHYF, S100T64D, S100VINC, S100XUA2 |
| Intangible assets excluding goodwill | 417 | 271 | 266 | 689 | 669 | S100QHYF, S100T64D, S100VINC, S100XUA2 |
| Goodwill | 228 | 114 | — | — | — | S100QHYF, S100T64D |
| Investment securities | 3,418 | 5,223 | 7,495 | 8,416 | 17,615 | S100QHYF, S100T64D, S100VINC, S100XUA2 |
| Current assets | 45,851 | 90,470 | 96,410 | 124,894 | 135,354 | S100QHYF, S100T64D, S100VINC, S100XUA2 |
| Current liabilities | 14,218 | 17,623 | 18,265 | 34,804 | 31,286 | S100QHYF, S100T64D, S100VINC, S100XUA2 |
| Trade payables | 4,317 | 6,467 | 5,174 | 8,302 | 9,890 | S100QHYF, S100T64D, S100VINC, S100XUA2 |
| Short-term borrowings | 1,112 | 3,000 | 2,000 | 7,400 | 3,700 | S100QHYF, S100T64D, S100VINC, S100XUA2 |
| Long-term borrowings | 5,097 | 3,515 | 2,092 | 743 | 14,135 | S100QHYF, S100T64D, S100VINC, S100XUA2 |
| Total liabilities | 24,046 | 26,081 | 25,238 | 46,598 | 51,891 | S100QHYF, S100T64D, S100VINC, S100XUA2 |
| Non-controlling interests | 26,141 | 54,357 | 59,171 | 66,990 | 73,116 | S100QHYF, S100T64D, S100VINC, S100XUA2 |
| Equity attributable to owners of parent | 26,628 | 44,961 | 52,066 | 60,766 | 69,782 | S100QHYF, S100T64D, S100VINC, S100XUA2 |
| Retained earnings | 16,275 | 23,691 | 30,934 | 39,590 | 48,010 | S100QHYF, S100T64D, S100VINC, S100XUA2 |
| Treasury stock | -2 | -2 | -2 | -2 | -2 | S100QHYF, S100T64D, S100VINC, S100XUA2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100XUA2 |
| Receivables | 11% | S100XUA2 |
| Property, plant and equipment | 24% | S100XUA2 |
| Intangibles and goodwill | 0% | S100XUA2 |
| Investment securities | 9% | S100XUA2 |
| Other assets | 9% | S100XUA2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XUA2 |
| Other liabilities | 20% | S100XUA2 |
| Equity | 75% | S100XUA2 |

### 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 | 78,998 | 127,555 | 140,666 | 182,146 | 205,222 |
| Equity | 54,952 | 101,473 | 115,428 | 135,548 | 153,331 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 21,642 | 66,746 | 69,645 | 83,759 | 95,888 |

## 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) | 64.5% | S100XUA2 |
| Fixed assets ÷ total assets | 24.1% | S100XUA2 |
| Goodwill ÷ parent equity | — | —, S100XUA2 |

### 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) | 46.7% |
| Cash ÷ revenue | 125.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 103.9% |
| Cash vs. profit gap | 5,539 JPY mn (of net income 59.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 9.9% |
| Shareholder payments — dividends / FCF | 12.9% |
| CapEx intensity (capex ÷ revenue) | 10.0% |
| Investing CF relative to operating CF | 102.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 9.5% | 0.44× | 4.2% | 2.97× | 12.4% | S100QHYF |
| 2022 | 15.5% | 0.48× | 7.5% | 2.89× | 21.6% | S100T64D |
| 2023 | 14.8% | 0.39× | 5.7% | 2.76× | 15.9% | S100VINC |
| 2024 | 16.0% | 0.37× | 5.9% | 2.86× | 16.7% | S100XUA2 |
| 2025 | 12.1% | 0.40× | 4.8% | 2.97× | 14.2% | S100XUA2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Ｒ．Ｓ．ＴＥＣＨ ＨＯＮＧ ＫＯＮＧ ＬＩＭＩＴＥＤ（常任代理人 方 永義） | Major shareholder | 35.9% | 2025-12-31 |
| 方 永義 | Major shareholder | 8.0% | 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 | 7.9% | 2025-12-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 3.5% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.9% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５０１９（常任代理人 株式会社みずほ銀行） | Major shareholder | 2.9% | 2025-12-31 |
| 那須マテリアル株式会社 | Major shareholder | 2.6% | 2025-12-31 |
| 鈴木 正行 | Major shareholder | 1.7% | 2025-12-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ（ＦＥ－ＡＣ）（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.7% | 2025-12-31 |
| 本郷 邦夫 | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2025/01/01－2025/12/31) | S100XUA2 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUA2,, |
| 有価証券報告書－第15期(2024/01/01－2024/12/31) | S100VINC | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VINC,, |
| 有価証券報告書－第14期(2023/01/01－2023/12/31) | S100T64D | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T64D,, |
| 有価証券報告書－第13期(2022/01/01－2022/12/31) | S100QHYF | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHYF,, |
| 有価証券報告書－第12期(令和3年1月1日－令和3年12月31日) | S100NSYK | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSYK,, |
| 有価証券報告書－第11期(令和2年1月1日－令和2年12月31日) | S100L2RT | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2RT,, |

## 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).