# SHIBAURA MECHATRONICS 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117期(2025/04/01－2026/03/31) (S100YAST)
> Page: https://vizora.meequs.com/en/company/shibaura-mechatronics
> Retrieved: 2026-09-30T17:49:32.692Z

## Company

Shibaura Mechatronics, founded in 1939, is a company in Semiconductor Equipment listed on TSE Prime. It has 1,269 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHIBAURA MECHATRONICS CORPORATION |
| Ticker | 6590 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6590.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横浜市栄区笠間二丁目5番1号 |
| Representative (per filing) | 代表取締役社長 今村 圭吾 |
| Founded | Oct 1939 |
| Share capital | ¥6.76B |
| Employees (consolidated) | 1,269 |
| Average salary (parent only) | ¥9.5M |
| Fiscal year end | March |
| Website | www.shibaura.co.jp (https://www.shibaura.co.jp/) |
| Corporate number | 8020001032660 |
| EDINET | E01757 |
| Industries (Vizora) | Semiconductor Equipment, Real Estate Development & Leasing, Industrial Machinery |

> Profile source: annual securities report (S100YAST, filed 2026-06-15). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.2 | 36 |
| Profitability | 62.2 | 41 |
| Cash conversion | 9 | 39 |
| Efficiency | 74.4 | 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 59% of Shibaura Mechatronics's sales come from Fine mechatronics, with Mechatronics systems and Vending machines and systems making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +8.8% from the prior year, operating profit +8.0%.

## Company structure

- Segment revenue mix: Fine mechatronics 59.3%、Mechatronics systems 35.7%、Vending machines and systems 2.9%、Real estate leasing 2.1%
- Revenue → net income: ¥88039000000 → ¥11173000000
- Net income → operating cash flow: ¥11173000000 → ¥4631000000（difference ¥-6542000000）
- Main uses of operating cash flow: CapEx ¥7237000000 / dividends ¥3655000000 / buybacks ¥3000000
- Change in cash: ¥-7133000000
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 | ¥88B |  |
| Operating income | ¥15.3B | Margin 17.3% |
| Net income | ¥11.2B | Margin 12.7% |
| Free cash flow | -¥2.61B |  |
| Largest business | Fine mechatronics | of segment revenue 59.3% |
| Employees (consolidated) | 1,269 |  |
| EPS | ¥167.64 |  |
| Book value per share | ¥712.97 |  |
| Equity ratio | 55.1% |  |
| Shares outstanding | 69,859,000 |  |
| Treasury shares | 4,118,800 |  |
| Shareholders | 12,227 |  |
| Average salary (parent only) | ¥9.5M | Filing company only |
| Cash ratio | 21.1% | Cash ÷ revenue 24.2% |
| Vs. industry median margin | +2.8 pp | Semiconductor Equipment |
| ROE | 22.6% | Derived from disclosed figures |
| ROA | 11.4% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +30% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥44794000000 | ¥88039000000 | +96.5% |
| Operating income | ¥2957000000 | ¥15262000000 | +416.1% |
| Operating margin | 6.6% | 17.3% | +10.7 pp |
| Employees | 1,224 people | 1,269 people | +3.7% |
| Cash and equivalents | ¥19586000000 | ¥21330000000 | +8.9% |

### 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 |
| --- | ---: |
| ファインメカトロニクス → ファインメカトロニクス | 59.3% |
| ファインメカトロニクス → 事業再編・廃止 | 6.9% |
| メカトロニクスシステム → メカトロニクスシステム | 25.2% |
| 流通機器システム → 流通機器システム | 2.9% |
| 流通機器システム → 事業再編・廃止 | 1.4% |
| 不動産賃貸 → 不動産賃貸 | 2.1% |
| 不動産賃貸 → 事業再編・廃止 | 2.2% |
| 新設・再編 → メカトロニクスシステム | 10.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Fine mechatronics | 5 years | +12.0% | ¥52213000000 | 15.5% | 2 |
| Mechatronics systems | 5 years | +22.7% | ¥31397000000 | 24.9% | 2 |
| Vending machines and systems | 5 years | +5.8% | ¥2595000000 | 2.5% | 2 |
| Real estate leasing | 5 years | -0.8% | ¥1832000000 | 19.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 88,039 | 100.0% | S100YAST |
| Cost of revenue | 53,263 | 60.5% | S100YAST |
| Gross profit | 34,775 | 39.5% | S100YAST |
| SG&A | 19,513 | 22.2% | S100YAST |
| Operating income | 15,262 | 17.3% | S100YAST |
| Ordinary income | 14,900 | 16.9% | S100YAST |
| Pretax income | 14,900 | 16.9% | S100YAST |
| Income tax | 3,726 | 4.2% | S100YAST |
| Net income | 11,173 | 12.7% | S100YAST |
| Net income attributable to owners | 11,173 | 12.7% | S100YAST |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 22 |
| Operating income | 17 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 39.5% → Operating margin 17.3% → Net margin 12.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.8%; Core profit growth: +8.0%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.91×
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 | 80,915 | 88,039 | 7,124 | +8.8% |
| Gross profit | 31,463 | 34,775 | 3,312 | +10.5% |
| Operating income | 14,135 | 15,262 | 1,127 | +8.0% |
| Net income attributable to owners | 10,328 | 11,173 | 845 | +8.2% |
| Operating cash flow | 6,988 | 4,631 | -2,357 | -33.7% |
| Free cash flow | 4,073 | -2,606 | -6,679 | -164.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 47,141 | 3,123 | 6.6% | 1,944 | 1,279 | 437 | S100LOLM |
| FY ending Mar 2021 | 44,794 | 2,957 | 6.6% | 1,969 | 7,669 | 7,535 | S100OD6Q |
| FY ending Mar 2022 | 49,272 | 5,050 | 10.2% | 2,983 | 8,297 | 7,892 | S100R16V |
| FY ending Mar 2023 | 61,001 | 10,906 | 17.9% | 9,198 | 4,572 | 3,379 | S100TN9Q |
| FY ending Mar 2024 | 67,556 | 11,687 | 17.3% | 8,793 | 5,987 | 3,889 | S100VXZA |
| FY ending Mar 2025 | 80,915 | 14,135 | 17.5% | 10,328 | 6,988 | 4,073 | S100YAST |
| FY ending Mar 2026 | 88,039 | 15,262 | 17.3% | 11,173 | 4,631 | -2,606 | S100YAST |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥69.4M |
| Operating income per employee (consolidated) | ¥12M |
| Net income per employee (consolidated) | ¥8.8M |

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) | 1,204 | 1,221 | 1,211 | 1,246 | 1,269 |
| Average salary (parent company) | ¥7.4M | ¥8.2M | ¥8.9M | ¥9.2M | ¥9.5M |
| Average age (parent company) | 44.5 years | 44.8 years | 44.7 years | 44.3 years | 43.8 years |
| Average tenure (parent company) | 20.6 years | 20.8 years | 20.4 years | 19.5 years | 18.5 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) +8.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fine mechatronics | 52,213 | 59.3% | 8,090 | 15.5% |
| Mechatronics systems | 31,397 | 35.7% | 7,811 | 24.9% |
| Vending machines and systems | 2,595 | 2.9% | 64 | 2.5% |
| Real estate leasing | 1,832 | 2.1% | 359 | 19.6% |

### 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 |
| --- | ---: |
| Fine mechatronics | 59.3% |
| Mechatronics systems | 35.7% |
| Vending machines and systems | 2.9% |
| Real estate leasing | 2.1% |

Segment → industry: Mechatronics systems → Semiconductor Equipment / Fine mechatronics → Semiconductor Equipment / Real estate leasing → Real Estate Development & Leasing / Vending machines and systems → Industrial Machinery

## 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 | 4,631 | 5.3% | S100YAST |
| Capital expenditure | 7,237 | 8.2% | S100YAST |
| Free cash flow | -2,606 | -3.0% | 算出 |
| Investing cash flow | -8,136 | -9.2% | S100YAST |
| Financing cash flow | -3,730 | -4.2% | S100YAST |
| Dividends paid | 3,655 | 4.2% | S100YAST |
| Share buyback | 3 | 0.0% | S100YAST |
| Change in cash | -7,133 | -8.1% | S100YAST |
| Cash and equivalents | 21,330 | 24.2% | S100YAST |

## 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 | 26,301 | 27,160 | 27,199 | 28,464 | 21,330 | S100TN9Q, S100VXZA, S100YAST |
| Total assets | 68,854 | 81,887 | 91,254 | 95,244 | 100,876 | S100R16V, S100TN9Q, S100VXZA, S100YAST |
| Net assets | 24,614 | 33,007 | 38,735 | 47,317 | 55,592 | S100TN9Q, S100VXZA, S100YAST |
| Share capital | 6,761 | 6,761 | 6,761 | 6,761 | 6,761 | S100R16V, S100TN9Q, S100VXZA, S100YAST |
| Property, plant and equipment | 10,835 | 11,663 | 14,261 | 17,699 | 25,202 | S100R16V, S100TN9Q, S100VXZA, S100YAST |
| Intangible assets excluding goodwill | 600 | 604 | 607 | 726 | 818 | S100R16V, S100TN9Q, S100VXZA, S100YAST |
| Investment securities | 52 | 0 | 0 | 0 | 609 | S100R16V, S100TN9Q, S100VXZA, S100YAST |
| Current assets | 56,201 | 67,409 | 74,041 | 74,154 | 71,466 | S100R16V, S100TN9Q, S100VXZA, S100YAST |
| Current liabilities | 29,106 | 33,995 | 41,611 | 38,742 | 38,034 | S100R16V, S100TN9Q, S100VXZA, S100YAST |
| Trade payables | 11,240 | 11,518 | 13,473 | 11,028 | 12,838 | S100R16V, S100TN9Q, S100VXZA, S100YAST |
| Short-term borrowings | 4,350 | 3,750 | 3,650 | 7,050 | 7,700 | S100R16V, S100TN9Q, S100VXZA, S100YAST |
| Long-term borrowings | 5,000 | 5,000 | 1,600 | 900 | — | S100R16V, S100TN9Q, S100VXZA, S100YAST |
| Total liabilities | 44,240 | 48,880 | 52,518 | 47,926 | 45,284 | S100R16V, S100TN9Q, S100VXZA, S100YAST |
| Equity attributable to owners of parent | 24,487 | 32,745 | 37,933 | 45,700 | 53,296 | S100R16V, S100TN9Q, S100VXZA, S100YAST |
| Retained earnings | 12,695 | 20,944 | 26,586 | 34,285 | 41,803 | S100R16V, S100TN9Q, S100VXZA, S100YAST |
| Treasury stock | -4,007 | -3,998 | -2,354 | -2,285 | -2,207 | S100R16V, S100TN9Q, S100VXZA, S100YAST |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YAST |
| Property, plant and equipment | 25% | S100YAST |
| Intangibles and goodwill | 1% | S100YAST |
| Investment securities | 1% | S100YAST |
| Other assets | 52% | S100YAST |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YAST |
| Other liabilities | 32% | S100YAST |
| Equity | 55% | S100YAST |

### 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 | 68,854 | 81,887 | 91,254 | 95,244 | 100,876 |
| Equity | 24,614 | 33,007 | 38,735 | 47,317 | 55,592 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 26,301 | 27,160 | 27,199 | 28,464 | 21,330 |

## 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) | 28.6% | S100YAST |
| Fixed assets ÷ total assets | 25.0% | S100YAST |
| Goodwill ÷ parent equity | — | —, S100YAST |

### 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) | 21.1% |
| Cash ÷ revenue | 24.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 30.3% |
| Cash vs. profit gap | -6,542 JPY mn (of net income -58.6%) |
| Shareholder returns / net income | 32.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.2% |
| Investing CF relative to operating CF | 175.7% |

## 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 | 6.1% | 0.72× | 4.3% | 2.81× | 12.2% | S100R16V |
| 2023 | 15.1% | 0.81× | 12.2% | 2.63× | 32.1% | S100TN9Q |
| 2024 | 13.0% | 0.78× | 10.2% | 2.45× | 24.9% | S100VXZA |
| 2025 | 12.8% | 0.87× | 11.1% | 2.23× | 24.7% | S100YAST |
| 2026 | 12.7% | 0.90× | 11.4% | 1.98× | 22.6% | S100YAST |

## 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 | 11.2% | 2026-03-31 |
| 信越エンジニアリング株式会社 | Major shareholder | 5.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 4.4% | 2026-03-31 |
| MORGAN STANLEY & CO.LLC （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 3.4% | 2026-03-31 |
| MSCO CUSTOMER SECURITIES （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 3.3% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 2.7% | 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 | 1.6% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 1.5% | 2026-03-31 |
| HSBC HONG KONG-TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第117期(2025/04/01－2026/03/31) | S100YAST | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YAST,, |
| 有価証券報告書－第116期(2024/04/01－2025/03/31) | S100VXZA | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXZA,, |
| 有価証券報告書－第115期(2023/04/01－2024/03/31) | S100TN9Q | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN9Q,, |
| 有価証券報告書－第114期(2022/04/01－2023/03/31) | S100R16V | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R16V,, |
| 有価証券報告書－第113期(令和3年4月1日－令和4年3月31日) | S100OD6Q | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD6Q,, |
| 有価証券報告書－第112期(令和2年4月1日－令和3年3月31日) | S100LOLM | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOLM,, |

## 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).