# SEMITEC 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70期(2025/04/01－2026/03/31) (S100YJ3G)
> Page: https://vizora.meequs.com/en/company/semitec
> Retrieved: 2026-09-30T21:31:15.583Z

## Company

Semitec, founded in 2011, is a company in Electronic Components listed on TSE Standard. It has 3,522 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEMITEC Corporation |
| Ticker | 6626 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6626.T) |
| Listing | TSE Standard |
| Head office | 東京都墨田区錦糸一丁目7番7号 |
| Representative (per filing) | 代表取締役社長 石塚 大助 |
| Founded | Mar 2011 |
| Share capital | ¥773M |
| Employees (consolidated) | 3,522 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.semitec.co.jp (https://www.semitec.co.jp/) |
| Corporate number | 5010601008733 |
| EDINET | E25386 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YJ3G, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.1 | 53 |
| Profitability | 88.4 | 56 |
| Cash conversion | 24 | 48 |
| Efficiency | 58 | 56 |

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 34% of Semitec's sales come from Greater China, with Other ASIA and JAPAN making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +0.5% from the prior year, operating profit -9.7%.

## Company structure

- Segment revenue mix: Greater China 33.7%、Other ASIA 27.9%、JAPAN 21.5%、North AMERICA 16.9%
- Revenue → net income: ¥25458430000 → ¥2690340000
- Net income → operating cash flow: ¥2690340000 → ¥2906841000（difference ¥216501000）
- Main uses of operating cash flow: CapEx ¥2613726000 / dividends ¥425668000 / buybacks ¥2399669000
- Change in cash: ¥-2418995000
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 | ¥25.5B |  |
| Operating income | ¥3.54B | Margin 13.9% |
| Net income | ¥2.69B | Margin 10.6% |
| Free cash flow | ¥293.1M |  |
| Largest business | Greater China | of segment revenue 33.7% |
| Employees (consolidated) | 3,522 |  |
| EPS | ¥274.36 |  |
| Book value per share | ¥1130.81 |  |
| Equity ratio | 77.4% |  |
| Shares outstanding | 11,371,600 |  |
| Treasury shares | 1,775,600 |  |
| Shareholders | 1,304 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 31.2% | Cash ÷ revenue 37.8% |
| Vs. industry median margin | +8 pp | Electronic Components |
| ROE | 13.4% | Derived from disclosed figures |
| ROA | 8.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 5.6× dividends
- FY2026, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17870948000 | ¥25458430000 | +42.5% |
| Operating income | ¥2776778000 | ¥3535283000 | +27.3% |
| Operating margin | 15.5% | 13.9% | -1.7 pp |
| Employees | 3,709 people | 3,522 people | -5.0% |
| Cash and equivalents | ¥4920024000 | ¥9619214000 | +95.5% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 21.5% |
| 日本 → 事業再編・廃止 | 7.2% |
| 中国 → 事業再編・廃止 | 37.6% |
| その他アジア → その他アジア | 22.1% |
| 北米 → 北米 | 11.6% |
| 新設・再編 → 中華圏 | 33.7% |
| 新設・再編 → その他アジア | 5.8% |
| 新設・再編 → 北米 | 5.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Greater China | 4 years | +3.0% | ¥8578343000 | 17.2% | 2 |
| Other ASIA | 5 years | +12.5% | ¥7109543000 | 24.2% | 2 |
| JAPAN | 5 years | +1.3% | ¥5466929000 | -10.5% | 2 |
| North AMERICA | 5 years | +15.7% | ¥4303614000 | 24.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,458 | 100.0% | S100YJ3G |
| Cost of revenue | 15,882 | 62.4% | S100YJ3G |
| Gross profit | 9,576 | 37.6% | S100YJ3G |
| SG&A | 6,041 | 23.7% | S100YJ3G |
| Operating income | 3,535 | 13.9% | S100YJ3G |
| Ordinary income | 3,611 | 14.2% | S100YJ3G |
| Pretax income | 3,741 | 14.7% | S100YJ3G |
| Income tax | 1,050 | 4.1% | S100YJ3G |
| Net income | 2,690 | 10.6% | S100YJ3G |
| Net income attributable to owners | 2,690 | 10.6% | S100YJ3G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 24 |
| Operating income | 14 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 37.6% → Operating margin 13.9% → Net margin 10.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.5%; Core profit growth: -9.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -19.84×
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 | 25,334 | 25,458 | 124 | +0.5% |
| Gross profit | 9,792 | 9,576 | -215 | -2.2% |
| Operating income | 3,916 | 3,535 | -381 | -9.7% |
| Net income attributable to owners | 3,113 | 2,690 | -423 | -13.6% |
| Operating cash flow | 5,191 | 2,907 | -2,284 | -44.0% |
| Free cash flow | 3,550 | 293 | -3,257 | -91.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,890 | 1,090 | 7.3% | 663 | 1,591 | 283 | S100LSK7 |
| FY ending Mar 2021 | 17,871 | 2,777 | 15.5% | 1,925 | 2,675 | 1,267 | S100OS7T |
| FY ending Mar 2022 | 21,072 | 3,248 | 15.4% | 2,699 | 2,107 | 632 | S100R5M7 |
| FY ending Mar 2023 | 23,232 | 3,678 | 15.8% | 3,157 | 4,803 | 3,821 | S100TT4H |
| FY ending Mar 2024 | 22,676 | 3,572 | 15.8% | 2,148 | 3,732 | 2,971 | S100W5QS |
| FY ending Mar 2025 | 25,334 | 3,916 | 15.5% | 3,113 | 5,191 | 3,550 | S100YJ3G |
| FY ending Mar 2026 | 25,458 | 3,535 | 13.9% | 2,690 | 2,907 | 293 | S100YJ3G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥7.2M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥763.9K |

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) | 3,862 | 3,497 | 3,655 | 3,842 | 3,522 |
| Average salary (parent company) | ¥6.5M | ¥6.5M | ¥6.5M | ¥6.7M | ¥6.9M |
| Average age (parent company) | 41.4 years | 41.3 years | 41.2 years | 40.7 years | 40.7 years |
| Average tenure (parent company) | 13.7 years | 13.8 years | 13.0 years | 12.5 years | 12.3 years |

Year over year: Employees (consolidated) -8.3% · Revenue (consolidated) +0.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 5,467 | 21.5% | -571 | -10.5% |
| Greater China | 8,578 | 33.7% | 1,478 | 17.2% |
| Other ASIA | 7,110 | 27.9% | 1,722 | 24.2% |
| North AMERICA | 4,304 | 16.9% | 1,050 | 24.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 21.5% | — | — | -10.5% |
| Greater China | 33.7% | 34.8% | 1.1 | 17.2% |
| Other ASIA | 27.9% | 40.5% | 12.6 | 24.2% |
| North AMERICA | 16.9% | 24.7% | 7.8 | 24.4% |

Loss-making segment (excluded from profit shares): JAPAN -571 JPY mn

Segment → industry: North AMERICA → Electronic Components / Other ASIA → Electronic Components / Greater China → Electronic Components / JAPAN → 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 | 2,907 | 11.4% | S100YJ3G |
| Capital expenditure | 2,614 | 10.3% | S100YJ3G |
| Free cash flow | 293 | 1.2% | 算出 |
| Investing cash flow | -2,226 | -8.7% | S100YJ3G |
| Financing cash flow | -3,583 | -14.1% | S100YJ3G |
| Dividends paid | 426 | 1.7% | S100YJ3G |
| Share buyback | 2,400 | 9.4% | S100YJ3G |
| Change in cash | -2,419 | -9.5% | S100YJ3G |
| Cash and equivalents | 9,619 | 37.8% | S100YJ3G |

## 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 | 5,224 | 8,334 | 10,300 | 12,038 | 9,619 | S100TT4H, S100W5QS, S100YJ3G |
| Total assets | 23,721 | 25,995 | 28,252 | 31,196 | 30,819 | S100R5M7, S100TT4H, S100W5QS, S100YJ3G |
| Net assets | 15,593 | 18,944 | 21,396 | 23,225 | 23,854 | S100TT4H, S100W5QS, S100YJ3G |
| Share capital | 773 | 773 | 773 | 773 | 773 | S100R5M7, S100TT4H, S100W5QS, S100YJ3G |
| Property, plant and equipment | 5,968 | 5,716 | 6,000 | 7,087 | 8,345 | S100R5M7, S100TT4H, S100W5QS, S100YJ3G |
| Intangible assets excluding goodwill | 47 | 33 | 34 | 33 | 33 | S100R5M7, S100TT4H, S100W5QS, S100YJ3G |
| Investment securities | 184 | 190 | 208 | 199 | 665 | S100R5M7, S100TT4H, S100W5QS, S100YJ3G |
| Current assets | 17,121 | 19,625 | 21,575 | 23,417 | 21,304 | S100R5M7, S100TT4H, S100W5QS, S100YJ3G |
| Current liabilities | 5,233 | 4,715 | 3,727 | 4,897 | 4,462 | S100R5M7, S100TT4H, S100W5QS, S100YJ3G |
| Trade payables | 1,306 | 985 | 1,004 | 1,362 | 1,218 | S100R5M7, S100TT4H, S100W5QS, S100YJ3G |
| Short-term borrowings | 950 | 950 | 200 | — | — | S100R5M7, S100TT4H, S100W5QS |
| Long-term borrowings | 1,259 | 692 | 1,253 | 813 | 380 | S100R5M7, S100TT4H, S100W5QS, S100YJ3G |
| Total liabilities | 8,128 | 7,050 | 6,856 | 7,971 | 6,965 | S100R5M7, S100TT4H, S100W5QS, S100YJ3G |
| Equity attributable to owners of parent | 13,881 | 16,810 | 17,775 | 20,104 | 19,969 | S100R5M7, S100TT4H, S100W5QS, S100YJ3G |
| Retained earnings | 12,456 | 15,386 | 17,250 | 20,080 | 22,344 | S100R5M7, S100TT4H, S100W5QS, S100YJ3G |
| Treasury stock | -2 | -2 | -902 | -1,402 | -3,801 | S100R5M7, S100TT4H, S100W5QS, S100YJ3G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YJ3G |
| Property, plant and equipment | 27% | S100YJ3G |
| Intangibles and goodwill | 0% | S100YJ3G |
| Investment securities | 2% | S100YJ3G |
| Other assets | 40% | S100YJ3G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YJ3G |
| Other liabilities | 19% | S100YJ3G |
| Equity | 77% | S100YJ3G |
| Other liabilities | 0% | S100YJ3G |

### 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 | 23,721 | 25,995 | 28,252 | 31,196 | 30,819 |
| Equity | 15,593 | 18,944 | 21,396 | 23,225 | 23,854 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,224 | 8,334 | 10,300 | 12,038 | 9,619 |

## 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) | 32.8% | S100YJ3G |
| Fixed assets ÷ total assets | 27.1% | S100YJ3G |
| Goodwill ÷ parent equity | — | —, S100YJ3G |

### 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 | 37.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 82.2% |
| Cash vs. profit gap | 217 JPY mn (of net income 8.0%) |
| Shareholder returns / net income | 105.0% |
| Shareholder returns / FCF | 963.9% |
| Shareholder payments — dividends / net income | 15.8% |
| Shareholder payments — dividends / FCF | 145.2% |
| CapEx intensity (capex ÷ revenue) | 10.3% |
| Investing CF relative to operating CF | 76.6% |

## 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 | 12.8% | 0.89× | 11.4% | 1.71× | 19.4% | S100R5M7 |
| 2023 | 13.6% | 0.93× | 12.7% | 1.62× | 20.6% | S100TT4H |
| 2024 | 9.5% | 0.84× | 7.9% | 1.57× | 12.4% | S100W5QS |
| 2025 | 12.3% | 0.85× | 10.5% | 1.57× | 16.4% | S100YJ3G |
| 2026 | 10.6% | 0.82× | 8.7% | 1.55× | 13.4% | S100YJ3G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 石塚興産株式会社 | Major shareholder | 29.5% | 2026-03-31 |
| 石塚大助 | Major shareholder | 6.7% | 2026-03-31 |
| 石塚二朗 | Major shareholder | 6.4% | 2026-03-31 |
| ＳＥＭＩＴＥＣ従業員持株会 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.1% | 2026-03-31 |
| 石塚みどり | Major shareholder | 3.5% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ５０５００４（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.9% | 2026-03-31 |
| 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 | 1.8% | 2026-03-31 |
| 岩崎 泰次 | Major shareholder | 1.8% | 2026-03-31 |
| ＲＥ ＦＵＮＤ １０７－ＣＬＩＥＮＴ ＡＣ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第70期(2025/04/01－2026/03/31) | S100YJ3G | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ3G,, |
| 有価証券報告書－第69期(2024/04/01－2025/03/31) | S100W5QS | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5QS,, |
| 有価証券報告書－第68期(2023/04/01－2024/03/31) | S100TT4H | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT4H,, |
| 有価証券報告書－第67期(2022/04/01－2023/03/31) | S100R5M7 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5M7,, |
| 訂正有価証券報告書－第66期(令和3年4月1日－令和4年3月31日) | S100OS7T | 2022-07-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OS7T,, |
| 有価証券報告書－第65期(令和2年4月1日－令和3年3月31日) | S100LSK7 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSK7,, |

## 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).