# Sharp 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132期(2025/04/01－2026/03/31) (S100YHZV)
> Page: https://vizora.meequs.com/en/company/sharp
> Retrieved: 2026-09-30T19:09:16.693Z

## Company

Sharp, founded in 1924, is a company in PCs & Peripherals listed on TSE Prime. It has 34,549 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sharp Corporation |
| Ticker | 6753 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6753.T) |
| Listing | TSE Prime |
| Head office | 堺市堺区匠町1番地 (同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で 行っております) (注)2026年6月24日から、本店所在地は「大阪市中央区久太郎町 二丁目1番25号」に変更する予定であります。 |
| Representative (per filing) | 代表取締役 沖津雅浩 |
| Founded | Sep 1924 |
| Share capital | ¥5B |
| Employees (consolidated) | 34,549 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | corporate.jp.sharp (https://corporate.jp.sharp/) |
| Corporate number | 6120001005484 |
| EDINET | E01773 |
| Industries (Vizora) | PCs & Peripherals, TVs, Audio & Musical Instruments, Electronic Components, Home Appliances, Printers & Office Equipment |

> Profile source: annual securities report (S100YHZV, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Printers & Office Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.2 | 12 |
| Profitability | 4.5 | 11 |
| Cash conversion | 4.5 | 11 |
| Efficiency | 95.8 | 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 44% of Sharp's sales come from Smart Workplace, with Smart Life and Display Device making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -12.4% from the prior year, operating profit +77.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.89T |  |
| Operating income | ¥48.6B | Margin 2.6% |
| Net income | ¥47.4B | Margin 2.5% |
| Free cash flow | -¥33.7B |  |
| Largest business | Smart Workplace | of segment revenue 44.0% |
| Employees (consolidated) | 34,549 |  |
| EPS | ¥107.11 |  |
| Book value per share | ¥-104.34 |  |
| Equity ratio | 19.6% |  |
| Shares outstanding | 650,414,000 |  |
| Treasury shares | 1,107,900 |  |
| Shareholders | 132,295 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 16.1% | Cash ÷ revenue 12.2% |
| Vs. industry median margin | -1.1 pp | PCs & Peripherals |
| ROE | 43.5% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -14% while operating income rose 78%
- FY2026, one segment accounts for 66% of positive segment profit
- FY2026, segment profit share differs by 22 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2425910000000 | ¥1892811000000 | -22.0% |
| Operating income | ¥83112000000 | ¥48565000000 | -41.6% |
| Operating margin | 3.4% | 2.6% | -0.9 pp |
| Employees | 50,478 people | 34,549 people | -31.6% |
| Cash and equivalents | ¥292792000000 | ¥230500000000 | -21.3% |

### 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 |
| --- | ---: |
| スマートライフ → スマートライフ | 18.7% |
| ８Ｋエコシステム → 事業再編・廃止 | 20.0% |
| ディスプレイデバイス → ディスプレイデバイス | 22.1% |
| ディスプレイデバイス → 事業再編・廃止 | 9.5% |
| ＩＣＴ → 事業再編・廃止 | 14.1% |
| エレクトロニックデバイス → 事業再編・廃止 | 15.6% |
| 新設・再編 → スマートライフ | 12.8% |
| 新設・再編 → スマートワークプレイス | 44.0% |
| 新設・再編 → その他 | 2.3% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Smart Workplace | — | — | ¥832271000000 | 6.9% | 2 |
| Smart Life | 5 years | +5.6% | ¥597488000000 | 4.8% | 2 |
| Display Device | 5 years | -11.4% | ¥419126000000 | -4.4% | 2 |
| Other | — | — | ¥43925000000 | 1.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,892,811 | 100.0% | S100YHZV |
| Cost of revenue | 1,472,048 | 77.8% | S100YHZV |
| Gross profit | 420,763 | 22.2% | S100YHZV |
| SG&A | 372,197 | 19.7% | S100YHZV |
| Operating income | 48,565 | 2.6% | S100YHZV |
| Ordinary income | 57,959 | 3.1% | S100YHZV |
| Pretax income | 63,378 | 3.3% | S100YHZV |
| Income tax | 15,097 | 0.8% | S100YHZV |
| Net income | 48,281 | 2.6% | S100YHZV |
| Net income attributable to owners | 47,434 | 2.5% | S100YHZV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 20 |
| Operating income | 2 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 22.2% → Operating margin 2.6% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -12.4%; Core profit growth: +77.6%
Operating leverage (core profit growth ÷ revenue growth): -6.27×
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 | 2,160,146 | 1,892,811 | -267,335 | -12.4% |
| Gross profit | 405,708 | 420,763 | 15,055 | +3.7% |
| Operating income | 27,338 | 48,565 | 21,227 | +77.6% |
| Net income attributable to owners | 36,095 | 47,434 | 11,339 | +31.4% |
| Operating cash flow | -1,590 | -191 | 1,399 | — |
| Free cash flow | -40,608 | -33,717 | 6,891 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,262,284 | 51,464 | 2.3% | 13,726 | 68,453 | -25,653 | S100LV8Q |
| FY ending Mar 2021 | 2,425,910 | 83,112 | 3.4% | 53,263 | 204,642 | 153,260 | S100OEYJ |
| FY ending Mar 2022 | 2,495,588 | 84,716 | 3.4% | 73,991 | 75,157 | 12,084 | S100R5CO |
| FY ending Mar 2023 | 2,548,117 | -25,719 | -1.0% | -260,840 | 14,746 | -42,268 | S100TXZ3 |
| FY ending Mar 2024 | 2,321,921 | -20,343 | -0.9% | -149,980 | 124,495 | 71,922 | S100W5F7 |
| FY ending Mar 2025 | 2,160,146 | 27,338 | 1.3% | 36,095 | -1,590 | -40,608 | S100YHZV |
| FY ending Mar 2026 | 1,892,811 | 48,565 | 2.6% | 47,434 | -191 | -33,717 | S100YHZV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.8M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 47,941 | 46,200 | 43,445 | 40,123 | 34,549 |
| Average salary (parent company) | ¥7.4M | ¥7.1M | ¥7.2M | ¥7.5M | ¥7.8M |
| Average age (parent company) | 45.5 years | 45.6 years | 45.5 years | 45.3 years | 44.5 years |
| Average tenure (parent company) | 22.7 years | 22.4 years | 21.6 years | 21.1 years | 20.1 years |

Year over year: Employees (consolidated) -13.9% · Revenue (consolidated) -12.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Smart Life | 597,488 | 31.6% | 28,456 | 4.8% |
| Smart Workplace | 832,271 | 44.0% | 57,597 | 6.9% |
| Display Device | 419,126 | 22.1% | -18,277 | -4.4% |
| Other | 43,925 | 2.3% | 692 | 1.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Smart Life | 31.6% | 32.8% | 1.2 | 4.8% |
| Smart Workplace | 44.0% | 66.4% | 22.4 | 6.9% |
| Display Device | 22.1% | — | — | -4.4% |
| Other | 2.3% | 0.8% | -1.5 | 1.6% |

Loss-making segment (excluded from profit shares): Display Device -18,277 JPY mn

Segment → industry: Smart Workplace → PCs & Peripherals / Smart Life → TVs, Audio & Musical Instruments / Display Device → Electronic Components / Smart Life → Home Appliances / Smart Workplace → 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 | -191 | -0.0% | S100YHZV |
| Capital expenditure | 33,526 | 1.8% | S100YHZV |
| Free cash flow | -33,717 | -1.8% | 算出 |
| Investing cash flow | 71,700 | 3.8% | S100YHZV |
| Financing cash flow | -105,802 | -5.6% | S100YHZV |
| Change in cash | -12,202 | -0.6% | S100YHZV |
| Cash and equivalents | 230,500 | 12.2% | S100YHZV |

## 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 | 239,359 | 206,612 | 219,128 | 242,703 | 230,500 | S100TXZ3, S100W5F7, S100YHZV |
| Total assets | 1,956,288 | 1,772,961 | 1,590,032 | 1,453,730 | 1,428,253 | S100R5CO, S100TXZ3, S100W5F7, S100YHZV |
| Net assets | 469,269 | 222,362 | 157,424 | 167,709 | 295,284 | S100TXZ3, S100W5F7, S100YHZV |
| Share capital | 5,000 | 5,000 | 5,000 | 5,000 | 5,005 | S100R5CO, S100TXZ3, S100W5F7, S100YHZV |
| Inventories | 310,283 | 299,307 | 269,584 | 242,081 | 250,385 | S100R5CO, S100TXZ3, S100W5F7, S100YHZV |
| Property, plant and equipment | 418,260 | 389,257 | 280,123 | 201,899 | 183,263 | S100R5CO, S100TXZ3, S100W5F7, S100YHZV |
| Intangible assets excluding goodwill | 42,285 | 35,845 | 31,080 | 36,580 | 38,170 | S100R5CO, S100TXZ3, S100W5F7, S100YHZV |
| Goodwill | 8,439 | 6,284 | 5,422 | 7,264 | 9,145 | S100R5CO, S100TXZ3, S100W5F7, S100YHZV |
| Investment securities | 171,392 | 216,207 | 238,581 | 185,710 | 195,750 | S100R5CO, S100TXZ3, S100W5F7, S100YHZV |
| Current assets | 1,230,628 | 1,087,087 | 990,228 | 979,817 | 949,392 | S100R5CO, S100TXZ3, S100W5F7, S100YHZV |
| Current liabilities | 808,198 | 882,563 | 856,357 | 756,923 | 1,045,391 | S100R5CO, S100TXZ3, S100W5F7, S100YHZV |
| Trade payables | 379,394 | 328,899 | 318,159 | 278,869 | 267,626 | S100R5CO, S100TXZ3, S100W5F7, S100YHZV |
| Short-term borrowings | 54,300 | 163,896 | 115,969 | 111,257 | 432,284 | S100R5CO, S100TXZ3, S100W5F7, S100YHZV |
| Long-term borrowings | 572,270 | 542,727 | 457,623 | 406,400 | 562 | S100R5CO, S100TXZ3, S100W5F7, S100YHZV |
| Total liabilities | 1,487,018 | 1,550,598 | 1,432,607 | 1,286,021 | 1,132,968 | S100R5CO, S100TXZ3, S100W5F7, S100YHZV |
| Non-controlling interests | 14,696 | 13,618 | 14,246 | 13,062 | 13,434 | S100R5CO, S100TXZ3, S100W5F7, S100YHZV |
| Equity attributable to owners of parent | 445,094 | 199,982 | 50,028 | 86,511 | 131,699 | S100R5CO, S100TXZ3, S100W5F7, S100YHZV |
| Retained earnings | 345,218 | 59,802 | -90,178 | -54,082 | -6,648 | S100R5CO, S100TXZ3, S100W5F7, S100YHZV |
| Treasury stock | -13,747 | -13,749 | -13,387 | -13,389 | -13,390 | S100R5CO, S100TXZ3, S100W5F7, S100YHZV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YHZV |
| Inventories | 18% | S100YHZV |
| Property, plant and equipment | 13% | S100YHZV |
| Intangibles and goodwill | 3% | S100YHZV |
| Investment securities | 14% | S100YHZV |
| Other assets | 36% | S100YHZV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 19% | S100YHZV |
| Other liabilities | 60% | S100YHZV |
| Equity | 21% | S100YHZV |
| Other liabilities | 0% | S100YHZV |

### 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 | 1,956,288 | 1,772,961 | 1,590,032 | 1,453,730 | 1,428,253 |
| Equity | 469,269 | 222,362 | 157,424 | 167,709 | 295,284 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 239,359 | 206,612 | 219,128 | 242,703 | 230,500 |

## 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) | 9.7% | S100YHZV |
| Fixed assets ÷ total assets | 12.8% | S100YHZV |
| Goodwill ÷ parent equity | 6.9% | S100YHZV |

Goodwill over 4 years: 8,439 → 9,145 JPY; total investing cash flow: 113,903 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) | 16.1% |
| Cash ÷ revenue | 12.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -0.4% |
| Cash vs. profit gap | -47,625 JPY mn (of net income -100.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | — |

## 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 | 3.0% | 1.28× | 3.8% | 4.40× | 16.6% | S100R5CO |
| 2023 | — | —× | -14.0% | —× | — | S100TXZ3 |
| 2024 | — | —× | -8.9% | —× | — | S100W5F7 |
| 2025 | 1.7% | 1.42× | 2.4% | 22.29× | 52.9% | S100YHZV |
| 2026 | 2.5% | 1.31× | 3.3% | 13.21× | 43.5% | S100YHZV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| HON HAI PRECISION INDUSTRY CO., LTD. (常任代理人 ㈱みずほ銀行) | Major shareholder | 22.3% | 2026-03-31 |
| FOXCONN (FAR EAST) LIMITED (常任代理人 ㈱みずほ銀行) | Major shareholder | 11.8% | 2026-03-31 |
| SIO INTERNATIONAL HOLDINGS LIMITED (常任代理人 ㈱みずほ銀行) | Major shareholder | 10.1% | 2026-03-31 |
| FOXCONN TECHNOLOGY PTE. LTD. (常任代理人 ㈱みずほ銀行) | Major shareholder | 10.0% | 2026-03-31 |
| CLEARSTREAM BANKING S.A. (常任代理人 香港上海銀行) | Major shareholder | 5.8% | 2026-03-31 |
| 日本マスタートラスト 信託銀行㈱（信託口） | Major shareholder | 4.2% | 2026-03-31 |
| LGT BANK LTD (常任代理人 ㈱三菱UFJ銀行) | Major shareholder | 4.0% | 2026-03-31 |
| VIGOR WEALTH GLOBAL LIMITED (常任代理人 ㈱みずほ銀行) | Major shareholder | 3.2% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 1.2% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCT E PSMPJ (常任代理人 ㈱三菱UFJ銀行) | Major shareholder | 0.8% | 2026-03-31 |

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

- Revenue shrank -12.4%, from ¥2.16T to ¥1.89T.
- Profit moved the other way: gross profit grew +3.7%, and operating income jumped +77.6% to ¥48.6B.
- Net income attributable to owners rose +31.4%, from ¥36.1B to ¥47.4B.
- Cash flow is still negative, with operating cash flow at -¥191M and free cash flow at -¥33.7B, but both gaps are smaller than the year before.

### Drivers

- Sales fell as Sharp slimmed down its device business, including selling the camera module and semiconductor operations
- Smart Life profit rose sharply on higher-value products, cost cuts and lower expenses
- Display Device cut its loss substantially through cost reductions and a better product mix

### Risks

- Tight supply of memory and some other parts could raise costs or delay deliveries
- Sharp breached financial covenants in its loan agreements; lenders waived acceleration and the syndicated loan was renewed, but the company still relies heavily on bank borrowing
- US trade policy and geopolitical tension could disrupt supply chains and hurt results

Cited: Annual Securities Report, FY ending 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, FY ending Mar 2026 (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第132期(2025/04/01－2026/03/31) | S100YHZV | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHZV,, |
| 有価証券報告書－第131期(2024/04/01－2025/03/31) | S100W5F7 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5F7,, |
| 有価証券報告書－第130期(2023/04/01－2024/03/31) | S100TXZ3 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXZ3,, |
| 有価証券報告書－第129期(2022/04/01－2023/03/31) | S100R5CO | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5CO,, |
| 有価証券報告書－第128期(令和3年4月1日－令和4年3月31日) | S100OEYJ | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEYJ,, |
| 有価証券報告書－第127期(令和2年4月1日－令和3年3月31日) | S100LV8Q | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV8Q,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 加賀電子 | Supply/OEM | シャープの液晶・IC・LEDを加賀電子が仕入れ（基本売買契約） | S100YNQJ |

## 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).