# SCREEN Holdings 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85期(2025/04/01－2026/03/31) (S100YK9N)
> Page: https://vizora.meequs.com/en/company/screen-holdings
> Retrieved: 2026-09-30T20:26:23.987Z

## Company

SCREEN Holdings, founded in 1943, is a company in Semiconductor Equipment listed on TSE Prime. It has 6,884 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SCREEN Holdings Co., Ltd. |
| Ticker | 7735 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7735.T) |
| Listing | TSE Prime |
| Head office | 京都市上京区堀川通寺之内上る四丁目天神北町1番地の1 |
| Representative (per filing) | 取締役社長 後藤正人 |
| Founded | Oct 1943 |
| Share capital | ¥54B |
| Employees (consolidated) | 6,884 |
| Average salary (parent only) | ¥10.8M |
| Fiscal year end | March |
| Website | www.screen.co.jp (https://www.screen.co.jp/) |
| Corporate number | 6130001003272 |
| EDINET | E02288 |
| Industries (Vizora) | Semiconductor Equipment, Printers & Office Equipment |

> Profile source: annual securities report (S100YK9N, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.1 | 36 |
| Profitability | 74.4 | 41 |
| Cash conversion | 32.1 | 39 |
| Efficiency | 69.5 | 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 80% of SCREEN Holdings's sales come from Spe, with Ga and Ft making up much of the rest.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed -3.1% from the prior year, operating profit -9.7%.

## Company structure

- Segment revenue mix: Spe 80.1%、Ga 9.5%、Ft 6.7%、Pe 2.4%、Other 1.3%
- Revenue → net income: ¥605748000000 → ¥92006000000
- Net income → operating cash flow: ¥92006000000 → ¥92707000000（difference ¥701000000）
- Main uses of operating cash flow: CapEx ¥30864000000 / dividends ¥29701000000 / buybacks —
- Change in cash: ¥27097000000
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 | ¥605.7B |  |
| Operating income | ¥122.5B | Margin 20.2% |
| Net income | ¥92B | Margin 15.2% |
| Free cash flow | ¥61.8B |  |
| Largest business | Spe | of segment revenue 80.1% |
| Employees (consolidated) | 6,884 |  |
| EPS | ¥392.92 |  |
| Book value per share | ¥1282.6 |  |
| Equity ratio | 67.4% |  |
| Shares outstanding | 95,379,000 |  |
| Treasury shares | 289,600 |  |
| Shareholders | 24,533 |  |
| Average salary (parent only) | ¥10.8M | Filing company only |
| Cash ratio | 31.2% | Cash ÷ revenue 37.3% |
| Vs. industry median margin | +5.7 pp | Semiconductor Equipment |
| ROE | 21.9% | Derived from disclosed figures |
| ROA | 13.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 91% of positive segment profit
- FY2026, parent-company salary changed +31% over five years
- FY2026, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥320322000000 | ¥605748000000 | +89.1% |
| Operating income | ¥24492000000 | ¥122522000000 | +400.3% |
| Operating margin | 7.6% | 20.2% | +12.6 pp |
| Employees | 5,982 people | 6,884 people | +15.1% |
| Cash and equivalents | ¥60744000000 | ¥225734000000 | +271.6% |

### 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 |
| --- | ---: |
| ＳＰＥ → ＳＰＥ | 73.5% |
| ＧＡ → ＧＡ | 9.5% |
| ＧＡ → 事業再編・廃止 | 2.2% |
| ＦＴ → ＦＴ | 6.7% |
| ＦＴ → 事業再編・廃止 | 4.2% |
| ＰＥ → ＰＥ | 2.4% |
| ＰＥ → 事業再編・廃止 | 0.9% |
| その他 → その他 | 0.7% |
| 新設・再編 → ＳＰＥ | 6.6% |
| 新設・再編 → その他 | 0.6% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Spe | 5 years | +15.6% | ¥485344000000 | 25.3% | 2 |
| Ga | 5 years | +9.0% | ¥57347000000 | 6.3% | 2 |
| Ft | 5 years | +3.1% | ¥40471000000 | 21.3% | 2 |
| Pe | 5 years | +6.8% | ¥14465000000 | 2.6% | 2 |
| Other | 5 years | +27.8% | ¥8118000000 | -30.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 605,748 | 100.0% | S100YK9N |
| Cost of revenue | 372,573 | 61.5% | S100YK9N |
| Gross profit | 233,174 | 38.5% | S100YK9N |
| SG&A | 110,652 | 18.3% | S100YK9N |
| Operating income | 122,522 | 20.2% | S100YK9N |
| Ordinary income | 124,323 | 20.5% | S100YK9N |
| Pretax income | 126,743 | 20.9% | S100YK9N |
| Income tax | 34,736 | 5.7% | S100YK9N |
| Net income | 92,006 | 15.2% | S100YK9N |
| Net income attributable to owners | 92,003 | 15.2% | S100YK9N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 18 |
| Operating income | 20 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 38.5% → Operating margin 20.2% → Net margin 15.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.1%; Core profit growth: -9.7%
Operating leverage (core profit growth ÷ revenue growth): 3.11×
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 | 625,269 | 605,748 | -19,521 | -3.1% |
| Gross profit | 235,298 | 233,174 | -2,124 | -0.9% |
| Operating income | 135,683 | 122,522 | -13,161 | -9.7% |
| Net income attributable to owners | 99,467 | 92,003 | -7,464 | -7.5% |
| Operating cash flow | 71,234 | 92,707 | 21,473 | +30.1% |
| Free cash flow | 45,667 | 61,843 | 16,176 | +35.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 323,249 | 12,561 | 3.9% | 5,010 | 11,811 | 1,420 | S100LLOH |
| FY ending Mar 2021 | 320,322 | 24,492 | 7.6% | 15,164 | 57,205 | 50,489 | S100OCWL |
| FY ending Mar 2022 | 411,865 | 61,273 | 14.9% | 45,481 | 81,752 | 71,601 | S100R3O2 |
| FY ending Mar 2023 | 460,834 | 76,452 | 16.6% | 57,491 | 73,906 | 53,111 | S100TQ8N |
| FY ending Mar 2024 | 504,916 | 94,164 | 18.6% | 70,579 | 96,255 | 55,918 | S100VZW3 |
| FY ending Mar 2025 | 625,269 | 135,683 | 21.7% | 99,467 | 71,234 | 45,667 | S100YK9N |
| FY ending Mar 2026 | 605,748 | 122,522 | 20.2% | 92,003 | 92,707 | 61,843 | S100YK9N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥88M |
| Operating income per employee (consolidated) | ¥17.8M |
| Net income per employee (consolidated) | ¥13.4M |

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) | 5,943 | 5,987 | 6,264 | 6,415 | 6,884 |
| Average salary (parent company) | ¥8.2M | ¥9.2M | ¥10.2M | ¥10.6M | ¥10.8M |
| Average age (parent company) | 42.5 years | 41.9 years | 42.3 years | 41.4 years | 42.0 years |
| Average tenure (parent company) | 16.0 years | 14.8 years | 14.6 years | 13.3 years | 13.9 years |

Year over year: Employees (consolidated) +7.3% · Revenue (consolidated) -3.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Spe | 485,344 | 80.1% | 122,707 | 25.3% |
| Ga | 57,347 | 9.5% | 3,602 | 6.3% |
| Ft | 40,471 | 6.7% | 8,605 | 21.3% |
| Pe | 14,465 | 2.4% | 383 | 2.6% |
| Other | 8,118 | 1.3% | -2,435 | -30.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Spe | 80.1% | 90.7% | 10.6 | 25.3% |
| Ga | 9.5% | 2.7% | -6.8 | 6.3% |
| Ft | 6.7% | 6.4% | -0.3 | 21.3% |
| Pe | 2.4% | 0.3% | -2.1 | 2.6% |
| Other | 1.3% | — | — | -30.0% |

Loss-making segment (excluded from profit shares): Other -2,435 JPY mn

Segment → industry: Pe → Semiconductor Equipment / Ft → Semiconductor Equipment / Spe → Semiconductor Equipment / Ga → Printers & Office Equipment

## 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 | 92,707 | 15.3% | S100YK9N |
| Capital expenditure | 30,864 | 5.1% | S100YK9N |
| Free cash flow | 61,843 | 10.2% | 算出 |
| Investing cash flow | -29,708 | -4.9% | S100YK9N |
| Financing cash flow | -40,199 | -6.6% | S100YK9N |
| Dividends paid | 29,701 | 4.9% | S100YK9N |
| Change in cash | 27,097 | 4.5% | S100YK9N |
| Cash and equivalents | 225,734 | 37.3% | S100YK9N |

## 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 | 131,011 | 173,660 | 195,423 | 198,478 | 225,734 | S100TQ8N, S100VZW3, S100YK9N |
| Total assets | 459,305 | 562,816 | 676,808 | 671,287 | 722,421 | S100R3O2, S100TQ8N, S100VZW3, S100YK9N |
| Net assets | 247,788 | 299,926 | 371,911 | 420,694 | 486,684 | S100TQ8N, S100VZW3, S100YK9N |
| Share capital | 54,044 | 54,044 | 54,044 | 54,044 | 54,044 | S100R3O2, S100TQ8N, S100VZW3, S100YK9N |
| Property, plant and equipment | 56,524 | 72,667 | 102,051 | 112,934 | 118,113 | S100R3O2, S100TQ8N, S100VZW3, S100YK9N |
| Intangible assets excluding goodwill | 4,804 | 4,879 | 5,279 | 7,103 | 13,474 | S100R3O2, S100TQ8N, S100VZW3, S100YK9N |
| Investment securities | 44,370 | 40,697 | 52,733 | 45,365 | 52,166 | S100R3O2, S100TQ8N, S100VZW3, S100YK9N |
| Current assets | 338,367 | 428,267 | 493,661 | 480,046 | 508,567 | S100R3O2, S100TQ8N, S100VZW3, S100YK9N |
| Current liabilities | 175,620 | 237,137 | 286,007 | 239,723 | 222,877 | S100R3O2, S100TQ8N, S100VZW3, S100YK9N |
| Trade payables | 33,498 | 41,300 | 41,617 | 46,519 | 44,293 | S100R3O2, S100TQ8N, S100VZW3, S100YK9N |
| Short-term borrowings | — | 17 | — | — | 2,490 | S100TQ8N, S100YK9N |
| Long-term borrowings | 10,400 | 4 | 1,328 | 757 | 79 | S100R3O2, S100TQ8N, S100VZW3, S100YK9N |
| Total liabilities | 211,516 | 262,889 | 304,897 | 250,593 | 235,736 | S100R3O2, S100TQ8N, S100VZW3, S100YK9N |
| Non-controlling interests | 72 | 38 | 44 | 53 | 114 | S100R3O2, S100TQ8N, S100VZW3, S100YK9N |
| Equity attributable to owners of parent | 225,834 | 279,055 | 337,631 | 394,468 | 446,679 | S100R3O2, S100TQ8N, S100VZW3, S100YK9N |
| Retained earnings | 185,804 | 229,596 | 274,869 | 348,996 | 399,435 | S100R3O2, S100TQ8N, S100VZW3, S100YK9N |
| Treasury stock | -18,503 | -14,894 | -10,051 | -28,264 | -6,801 | S100R3O2, S100TQ8N, S100VZW3, S100YK9N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YK9N |
| Property, plant and equipment | 17% | S100YK9N |
| Intangibles and goodwill | 2% | S100YK9N |
| Investment securities | 7% | S100YK9N |
| Other assets | 43% | S100YK9N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YK9N |
| Other liabilities | 27% | S100YK9N |
| Equity | 67% | S100YK9N |
| Other liabilities | 0% | S100YK9N |

### 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 | 459,305 | 562,816 | 676,808 | 671,287 | 722,421 |
| Equity | 247,788 | 299,926 | 371,911 | 420,694 | 486,684 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 131,011 | 173,660 | 195,423 | 198,478 | 225,734 |

## 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) | 19.5% | S100YK9N |
| Fixed assets ÷ total assets | 16.3% | S100YK9N |
| Goodwill ÷ parent equity | — | —, S100YK9N |

### 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) | 31.2% |
| Cash ÷ revenue | 37.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 75.7% |
| Cash vs. profit gap | 704 JPY mn (of net income 0.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.3% |
| Shareholder payments — dividends / FCF | 48.0% |
| CapEx intensity (capex ÷ revenue) | 5.1% |
| Investing CF relative to operating CF | 32.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 11.0% | 0.90× | 9.9% | 2.03× | 20.1% | S100R3O2 |
| 2023 | 12.5% | 0.90× | 11.2% | 2.02× | 22.8% | S100TQ8N |
| 2024 | 14.0% | 0.81× | 11.4% | 2.01× | 22.9% | S100VZW3 |
| 2025 | 15.9% | 0.93× | 14.8% | 1.84× | 27.2% | S100YK9N |
| 2026 | 15.2% | 0.87× | 13.2% | 1.66× | 21.9% | S100YK9N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 18.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 9.1% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社京都銀行 | Major shareholder | 2.8% | 2026-03-31 |
| ＳＣＲＥＥＮ取引先持株会シンクロナイズ | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社滋賀銀行 | Major shareholder | 1.6% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５３０１ （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.6% | 2026-03-31 |
| ＨＳＢＣ ＨＯＮＧ ＫＯＮＧ－ＴＲＥＡＳＵＲＹ ＳＥＲＶＩＣＥＳ Ａ／Ｃ ＡＳＩＡＮ ＥＱＵＩＴＩＥＳ ＤＥＲＩＶＡＴＩＶＥＳ （常任代理人 香港上海銀行） | Major shareholder | 1.4% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥605.7B, down -3.1% from ¥625.3B.
- Operating income went from ¥135.7B to ¥122.5B (-9.7%), and net income attributable to owners from ¥99.5B to ¥92B (-7.5%).
- Operating cash flow moved the other way, rising from ¥71.2B to ¥92.7B (+30.1%).

### Drivers

- In chip equipment, sales to DRAM makers and after-sales service grew, but equipment sales to foundries fell
- By region, sales to Taiwan rose while sales to China and the US declined
- Higher fixed costs and lower sales weighed on profit, and US tariffs hurt the printing equipment business
- Display and coating equipment sold more tools for OLED panels and became more profitable
- Operating cash flow rose partly because inventories came down

### Risks

- If US–China relations worsen and export rules tighten, shipments to China could be restricted
- Chipmakers are consolidating, so sales tend to depend on a few large customers and their spending plans
- Chip and display markets swing between booms and slumps, and results suffer when demand differs from forecasts

Cited: Annual Securities Report, 85th fiscal term (Apr 2025 – Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 85th fiscal term (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第85期(2025/04/01－2026/03/31) | S100YK9N | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK9N,, |
| 有価証券報告書－第84期(2024/04/01－2025/03/31) | S100VZW3 | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZW3,, |
| 有価証券報告書－第83期(2023/04/01－2024/03/31) | S100TQ8N | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ8N,, |
| 有価証券報告書－第82期(2022/04/01－2023/03/31) | S100R3O2 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3O2,, |
| 有価証券報告書－第81期(令和3年4月1日－令和4年3月31日) | S100OCWL | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCWL,, |
| 有価証券報告書－第80期(令和2年4月1日－令和3年3月31日) | S100LLOH | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLOH,, |

## 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).