# santec Holdings Corporation: 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47期(2025/04/01－2026/03/31) (S100YH8U)
> Page: https://vizora.meequs.com/en/company/santec-holdings
> Retrieved: 2026-09-30T23:26:54.758Z

## Company

santec Holdings, founded in 1979, is a company in Robots & Factory Automation listed on TSE Standard. It has 427 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | santec Holdings Corporation |
| Ticker | 6777 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6777.T) |
| Listing | TSE Standard |
| Head office | 愛知県小牧市大字大草字年上坂5823番地 |
| Representative (per filing) | 代表取締役・社長執行役員 鄭 元鎬 |
| Founded | Aug 1979 |
| Share capital | ¥4.98B |
| Employees (consolidated) | 427 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Corporate number | 9180001075866 |
| EDINET | E01870 |
| Industries (Vizora) | Robots & Factory Automation, Smartphones & Communications Equipment, Electronic Components |

> Profile source: annual securities report (S100YH8U, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Smartphones & Communications Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95 | 10 |
| Profitability | 95.8 | 12 |
| Cash conversion | 22.7 | 11 |
| 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)

- About 78% of santec Holdings's sales come from Tunable lasers and instruments, with Optical components making up much of the rest.
- Out of every ¥100 of sales, about ¥33 is left as operating profit.
- Revenue changed +31.1% from the prior year, operating profit +39.0%.

## Company structure

- Segment revenue mix: Tunable lasers and instruments 77.9%、Optical components 22.1%
- Revenue → net income: ¥31507067000 → ¥7667153000
- Net income → operating cash flow: ¥7667153000 → ¥8095307000（difference ¥428154000）
- Main uses of operating cash flow: CapEx ¥1568436000 / dividends ¥2527094000 / buybacks ¥622000
- Change in cash: ¥2195455000
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 | ¥31.5B |  |
| Operating income | ¥10.3B | Margin 32.8% |
| Net income | ¥7.67B | Margin 24.3% |
| Free cash flow | ¥6.53B |  |
| Largest business | Tunable lasers and instruments | of segment revenue 77.9% |
| Employees (consolidated) | 427 |  |
| EPS | ¥299.29 |  |
| Book value per share | ¥1269.02 |  |
| Equity ratio | 71.2% |  |
| Shares outstanding | 11,961,100 |  |
| Treasury shares | 200,700 |  |
| Shareholders | 4,428 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 38.0% | Cash ÷ revenue 47.2% |
| Vs. industry median margin | +21 pp | Robots & Factory Automation |
| ROE | 33.5% | Derived from disclosed figures |
| ROA | 22.3% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 3.5× its level five years ago
- FY2026, one segment accounts for 82% of positive segment profit
- FY2026, operating income keeps 33 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7509942000 | ¥31507067000 | +319.5% |
| Operating income | ¥1421914000 | ¥10325951000 | +626.2% |
| Operating margin | 18.9% | 32.8% | +13.8 pp |
| Employees | 203 people | 427 people | +110.3% |
| Cash and equivalents | ¥4089982000 | ¥14860583000 | +263.3% |

### 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 |
| --- | ---: |
| 光部品関連事業 → 光部品関連事業 | 22.1% |
| 光部品関連事業 → 事業再編・廃止 | 19.2% |
| 光測定器関連事業 → 光測定器関連事業 | 58.6% |
| 新設・再編 → 光測定器関連事業 | 19.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 31,507 | 100.0% | S100YH8U |
| Cost of revenue | 13,332 | 42.3% | S100YH8U |
| Gross profit | 18,175 | 57.7% | S100YH8U |
| SG&A | 7,849 | 24.9% | S100YH8U |
| Operating income | 10,326 | 32.8% | S100YH8U |
| Ordinary income | 10,958 | 34.8% | S100YH8U |
| Pretax income | 10,735 | 34.1% | S100YH8U |
| Income tax | 3,067 | 9.7% | S100YH8U |
| Net income | 7,667 | 24.3% | S100YH8U |
| Net income attributable to owners | 7,667 | 24.3% | S100YH8U |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 25 |
| Operating income | 33 |
| (Ref.) Net income | 24 |

### Margin funnel

Gross margin 57.7% → Operating margin 32.8% → Net margin 24.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +31.1%; Core profit growth: +39.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.25×
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 | 24,027 | 31,507 | 7,480 | +31.1% |
| Gross profit | 14,020 | 18,175 | 4,155 | +29.6% |
| Operating income | 7,429 | 10,326 | 2,897 | +39.0% |
| Net income attributable to owners | 5,068 | 7,667 | 2,599 | +51.3% |
| Operating cash flow | 6,002 | 8,095 | 2,094 | +34.9% |
| Free cash flow | 4,259 | 6,527 | 2,268 | +53.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,383 | 937 | 14.7% | 831 | 840 | 490 | S100LJIG |
| FY ending Mar 2021 | 7,510 | 1,422 | 18.9% | 1,107 | 1,608 | 1,286 | S100OZMQ |
| FY ending Mar 2022 | 8,890 | 1,626 | 18.3% | 1,648 | 1,407 | 1,002 | S100R0K9 |
| FY ending Mar 2023 | 15,246 | 3,983 | 26.1% | 3,002 | 3,113 | 2,545 | S100TOES |
| FY ending Mar 2024 | 18,868 | 5,564 | 29.5% | 3,851 | 3,282 | 2,869 | S100VZX9 |
| FY ending Mar 2025 | 24,027 | 7,429 | 30.9% | 5,068 | 6,002 | 4,259 | S100YH8U |
| FY ending Mar 2026 | 31,507 | 10,326 | 32.8% | 7,667 | 8,095 | 6,527 | S100YH8U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥73.8M |
| Operating income per employee (consolidated) | ¥24.2M |
| Net income per employee (consolidated) | ¥18M |

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) | 273 | 293 | 310 | 350 | 427 |
| Average salary (parent company) | ¥6.2M | ¥6.9M | ¥6.2M | ¥7.3M | ¥7.1M |
| Average age (parent company) | 40.8 years | 40.7 years | 41.6 years | 41.8 years | 42.4 years |
| Average tenure (parent company) | 12.1 years | 11.6 years | 11.2 years | 10.8 years | 11.2 years |

Year over year: Employees (consolidated) +22.0% · Revenue (consolidated) +31.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Optical components | 6,356 | 22.1% | 1,755 | 27.6% |
| Tunable lasers and instruments | 22,368 | 77.9% | 8,254 | 36.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Optical components | 22.1% | 17.5% | -4.6 | 27.6% |
| Tunable lasers and instruments | 77.9% | 82.5% | 4.6 | 36.9% |

Segment → industry: Tunable lasers and instruments → Robots & Factory Automation / Tunable lasers and instruments → Smartphones & Communications Equipment / Optical components → Electronic Components

## 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 | 8,095 | 25.7% | S100YH8U |
| Capital expenditure | 1,568 | 5.0% | S100YH8U |
| Free cash flow | 6,527 | 20.7% | 算出 |
| Investing cash flow | -3,945 | -12.5% | S100YH8U |
| Financing cash flow | -2,484 | -7.9% | S100YH8U |
| Dividends paid | 2,527 | 8.0% | S100YH8U |
| Share buyback | 1 | 0.0% | S100YH8U |
| Change in cash | 2,195 | 7.0% | S100YH8U |
| Cash and equivalents | 14,861 | 47.2% | S100YH8U |

## 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 | 4,458 | 6,097 | 9,373 | 12,648 | 14,861 | S100TOES, S100VZX9, S100YH8U |
| Total assets | 16,353 | 19,605 | 25,828 | 29,527 | 39,117 | S100R0K9, S100TOES, S100VZX9, S100YH8U |
| Net assets | 11,873 | 14,334 | 17,736 | 21,428 | 27,835 | S100TOES, S100VZX9, S100YH8U |
| Share capital | 4,979 | 4,979 | 4,979 | 4,979 | 4,979 | S100R0K9, S100TOES, S100VZX9, S100YH8U |
| Property, plant and equipment | 3,458 | 3,574 | 3,792 | 5,091 | 6,404 | S100R0K9, S100TOES, S100VZX9, S100YH8U |
| Intangible assets excluding goodwill | 1,391 | 1,340 | 1,273 | 975 | 1,197 | S100R0K9, S100TOES, S100VZX9, S100YH8U |
| Goodwill | 760 | 740 | 743 | 619 | 920 | S100R0K9, S100TOES, S100VZX9, S100YH8U |
| Investment securities | 2,211 | 2,161 | 2,321 | 2,592 | 3,008 | S100R0K9, S100TOES, S100VZX9, S100YH8U |
| Current assets | 8,843 | 12,116 | 17,795 | 20,268 | 27,942 | S100R0K9, S100TOES, S100VZX9, S100YH8U |
| Current liabilities | 2,465 | 3,452 | 5,603 | 5,225 | 8,258 | S100R0K9, S100TOES, S100VZX9, S100YH8U |
| Trade payables | 399 | 484 | 882 | 737 | 1,128 | S100R0K9, S100TOES, S100VZX9, S100YH8U |
| Long-term borrowings | 1,122 | 996 | 1,718 | 2,220 | 2,178 | S100R0K9, S100TOES, S100VZX9, S100YH8U |
| Total liabilities | 4,480 | 5,271 | 8,093 | 8,099 | 11,282 | S100R0K9, S100TOES, S100VZX9, S100YH8U |
| Equity attributable to owners of parent | 11,517 | 13,872 | 16,665 | 20,321 | 25,459 | S100R0K9, S100TOES, S100VZX9, S100YH8U |
| Retained earnings | 5,427 | 7,782 | 10,575 | 14,231 | 19,370 | S100R0K9, S100TOES, S100VZX9, S100YH8U |
| Treasury stock | -98 | -98 | -98 | -98 | -98 | S100R0K9, S100TOES, S100VZX9, S100YH8U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100YH8U |
| Property, plant and equipment | 16% | S100YH8U |
| Intangibles and goodwill | 5% | S100YH8U |
| Investment securities | 8% | S100YH8U |
| Other assets | 33% | S100YH8U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YH8U |
| Other liabilities | 26% | S100YH8U |
| Equity | 71% | S100YH8U |

### 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 | 16,353 | 19,605 | 25,828 | 29,527 | 39,117 |
| Equity | 11,873 | 14,334 | 17,736 | 21,428 | 27,835 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,458 | 6,097 | 9,373 | 12,648 | 14,861 |

## 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) | 20.3% | S100YH8U |
| Fixed assets ÷ total assets | 16.4% | S100YH8U |
| Goodwill ÷ parent equity | 3.6% | S100YH8U |

Goodwill over 4 years: 760 → 920 JPY; total investing cash flow: -8,912 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) | 38.0% |
| Cash ÷ revenue | 47.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 78.4% |
| Cash vs. profit gap | 428 JPY mn (of net income 5.6%) |
| Shareholder returns / net income | 33.0% |
| Shareholder returns / FCF | 38.7% |
| Shareholder payments — dividends / net income | 33.0% |
| Shareholder payments — dividends / FCF | 38.7% |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 48.7% |

## 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 | 18.5% | 0.54× | 10.1% | 1.42× | 14.3% | S100R0K9 |
| 2023 | 19.7% | 0.85× | 16.7% | 1.42× | 23.6% | S100TOES |
| 2024 | 20.4% | 0.83× | 17.0% | 1.49× | 25.2% | S100VZX9 |
| 2025 | 21.1% | 0.87× | 18.3% | 1.50× | 27.4% | S100YH8U |
| 2026 | 24.3% | 0.92× | 22.3% | 1.50× | 33.5% | S100YH8U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社光和 | Major shareholder | 16.9% | 2026-03-31 |
| 株式会社ＣｈｒｏｎｏＳｏｕｒｃｅ | Major shareholder | 12.7% | 2026-03-31 |
| Ｇｅｎｓ Ｇｌｏｂａｌ株式会社 | Major shareholder | 9.2% | 2026-03-31 |
| 幸昇株式会社 | Major shareholder | 7.2% | 2026-03-31 |
| 鄭 台鎬 | Major shareholder | 4.3% | 2026-03-31 |
| 定村 幸恵 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 2.3% | 2026-03-31 |
| 野村 光子 | Major shareholder | 2.0% | 2026-03-31 |
| サンテック社員持株会 | Major shareholder | 1.8% | 2026-03-31 |
| 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 | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2025/04/01－2026/03/31) | S100YH8U | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH8U,, |
| 有価証券報告書－第46期(2024/04/01－2025/03/31) | S100VZX9 | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZX9,, |
| 有価証券報告書－第45期(2023/04/01－2024/03/31) | S100TOES | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOES,, |
| 有価証券報告書－第44期(2022/04/01－2023/03/31) | S100R0K9 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0K9,, |
| 訂正有価証券報告書－第43期(令和3年4月1日－令和4年3月31日) | S100OZMQ | 2022-08-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OZMQ,, |
| 有価証券報告書－第42期(令和2年4月1日－令和3年3月31日) | S100LJIG | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJIG,, |

## 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).