# Shikino High-Tech CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第54期(2025/04/01－2026/03/31) (S100YHLM)
> Page: https://vizora.meequs.com/en/company/shikino
> Retrieved: 2026-09-30T23:26:58.758Z

## Company

Shikino High-Tech, founded in 2012, is a company in Cameras & Optics listed on TSE Standard. It has 435 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Shikino High-Tech CO.,LTD. |
| Ticker | 6614 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6614.T) |
| Listing | TSE Standard |
| Head office | 富山県魚津市吉島829番地 |
| Representative (per filing) | 代表取締役社長執行役員 髙橋 信一 |
| Founded | Jun 2012 |
| Share capital | ¥421.7M |
| Employees (consolidated) | 435 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.shikino.co.jp (https://www.shikino.co.jp/) |
| Corporate number | 3230001007092 |
| EDINET | E36368 |
| Industries (Vizora) | Cameras & Optics, Semiconductor Equipment, Semiconductors, Electronic Components |

> Profile source: annual securities report (S100YHLM, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 26.4 | 36 |
| Profitability | 3.7 | 41 |
| Efficiency | 89 | 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 47% of Shikino High-Tech's sales come from Electronics system business, with Microelectronics business and Product Development business making up much of the rest.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed -0.5% from the prior year, operating profit -401.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.49B |  |
| Operating income | -¥169.8M | Margin -2.6% |
| Net income | -¥109.7M | Margin -1.7% |
| Free cash flow | -¥1.02B |  |
| Largest business | Electronics system business | of segment revenue 47.2% |
| Employees (consolidated) | 435 |  |
| EPS | ¥-24.92 |  |
| Book value per share | ¥521.91 |  |
| Equity ratio | 39.8% |  |
| Shares outstanding | 4,426,000 |  |
| Treasury shares | 34,800 |  |
| Shareholders | 4,137 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 3.8% | Cash ÷ revenue 3.4% |
| Vs. industry median margin | -17.1 pp | Semiconductor Equipment |
| ROA | -2.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 67 points
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4425524000 | ¥6485529000 | +46.5% |
| Operating income | ¥203259000 | ¥-169825000 | -183.6% |
| Operating margin | 4.6% | -2.6% | -7.2 pp |
| Employees | 345 people | 435 people | +26.1% |
| Cash and equivalents | ¥576565000 | ¥218367000 | -62.1% |

### 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 |
| --- | ---: |
| 電子システム事業 → 電子システム事業 | 36.0% |
| マイクロエレクトロニクス事業 → マイクロエレクトロニクス事業 | 32.7% |
| マイクロエレクトロニクス事業 → 事業再編・廃止 | 7.4% |
| 製品開発事業 → 製品開発事業 | 20.1% |
| 製品開発事業 → 事業再編・廃止 | 3.8% |
| 新設・再編 → 電子システム事業 | 11.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electronics system business | 5 years | +13.9% | ¥3059962000 | -6.0% | 2 |
| Microelectronics business | 5 years | +3.6% | ¥2121874000 | 6.6% | 2 |
| Product Development business | 5 years | +4.3% | ¥1303692000 | -9.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,486 | 100.0% | S100YHLM |
| Cost of revenue | 5,524 | 85.2% | 算出 |
| Gross profit | 961 | 14.8% | S100YHLM |
| SG&A | 1,131 | 17.4% | S100YHLM |
| Operating income | -170 | -2.6% | S100YHLM |
| Ordinary income | -166 | -2.6% | S100YHLM |
| Pretax income | -155 | -2.4% | S100YHLM |
| Income tax | -46 | -0.7% | S100YHLM |
| Net income | -110 | -1.7% | S100YHLM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 18 |
| Operating income | -3 |
| (Ref.) Net income | -2 |

### Margin funnel

Gross margin 14.8% → Operating margin -2.6% → Net margin -1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 6,516 | 6,486 | -30 | -0.5% |
| Gross profit | 1,296 | 961 | -335 | -25.8% |
| Operating income | 56 | -170 | -226 | -401.6% |
| Operating cash flow | 197 | -961 | -1,158 | -586.8% |
| Free cash flow | -5 | -1,017 | -1,012 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,532 | 236 | 5.2% | 114 | 309 | 201 | S100LUIY |
| FY ending Mar 2021 | 4,426 | 203 | 4.6% | 113 | 215 | 138 | S100ODZS |
| FY ending Mar 2022 | 5,359 | 397 | 7.4% | 327 | 24 | -126 | S100R6O8 |
| FY ending Mar 2023 | 6,476 | 657 | 10.1% | 477 | 60 | -158 | S100TREV |
| FY ending Mar 2024 | 7,092 | 605 | 8.5% | 510 | 495 | 190 | S100W4H8 |
| FY ending Mar 2025 | 6,516 | 56 | 0.9% | -15 | 197 | -5 | S100YHLM |
| FY ending Mar 2026 | 6,486 | -170 | -2.6% | -110 | -961 | -1,017 | S100YHLM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.9M |
| Operating income per employee (consolidated) | -¥390.4K |
| Net income per employee (consolidated) | -¥252.1K |

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) | 359 | 370 | 448 | 455 | 435 |
| Average salary (parent company) | ¥5M | ¥5.3M | ¥5.3M | ¥5M | ¥5M |
| Average age (parent company) | 42.4 years | 42.5 years | 41.6 years | 42.0 years | 42.8 years |
| Average tenure (parent company) | 12.5 years | 12.5 years | 11.0 years | 11.4 years | 12.2 years |

Year over year: Employees (consolidated) -4.4% · Revenue (consolidated) -0.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronics system business | 3,060 | 47.2% | -182 | -6.0% |
| Microelectronics business | 2,122 | 32.7% | 140 | 6.6% |
| Product Development business | 1,304 | 20.1% | -128 | -9.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronics system business | 47.2% | — | — | -6.0% |
| Microelectronics business | 32.7% | 100.0% | 67.3 | 6.6% |
| Product Development business | 20.1% | — | — | -9.8% |

Loss-making segment (excluded from profit shares): Electronics system business -182 JPY mn

Loss-making segment (excluded from profit shares): Product Development business -128 JPY mn

Segment → industry: Product Development business → Cameras & Optics / Electronics system business → Semiconductor Equipment / Microelectronics business → Semiconductors / Product Development business → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -961 | -14.8% | S100YHLM |
| Capital expenditure | 57 | 0.9% | S100YHLM |
| Free cash flow | -1,017 | -15.7% | 算出 |
| Investing cash flow | 6 | 0.1% | S100YHLM |
| Financing cash flow | 616 | 9.5% | S100YHLM |
| Dividends paid | 66 | 1.0% | S100YHLM |
| Share buyback | 34 | 0.5% | S100YHLM |
| Change in cash | -339 | -5.2% | S100YHLM |
| Cash and equivalents | 218 | 3.4% | S100YHLM |

## 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 | 529 | 530 | 509 | 557 | 218 | S100TREV, S100W4H8, S100YHLM |
| Total assets | 4,094 | 5,181 | 5,755 | 5,413 | 5,766 | S100R6O8, S100TREV, S100W4H8, S100YHLM |
| Net assets | 1,641 | 2,081 | 2,549 | 2,471 | 2,292 | S100TREV, S100W4H8, S100YHLM |
| Share capital | 420 | 421 | 422 | 422 | 422 | S100R6O8, S100TREV, S100W4H8, S100YHLM |
| Property, plant and equipment | 869 | 913 | 1,188 | 1,035 | 993 | S100R6O8, S100TREV, S100W4H8, S100YHLM |
| Intangible assets excluding goodwill | 92 | 206 | 254 | 264 | 208 | S100R6O8, S100TREV, S100W4H8, S100YHLM |
| Investment securities | 94 | 65 | 98 | 97 | 96 | S100R6O8, S100TREV, S100W4H8, S100YHLM |
| Current assets | 2,649 | 3,622 | 3,838 | 3,547 | 3,961 | S100R6O8, S100TREV, S100W4H8, S100YHLM |
| Current liabilities | 1,397 | 1,895 | 1,994 | 1,569 | 2,219 | S100R6O8, S100TREV, S100W4H8, S100YHLM |
| Short-term borrowings | 100 | 150 | 250 | 200 | 1,000 | S100R6O8, S100TREV, S100W4H8, S100YHLM |
| Long-term borrowings | 188 | 293 | 178 | 315 | 194 | S100R6O8, S100TREV, S100W4H8, S100YHLM |
| Total liabilities | 2,454 | 3,100 | 3,206 | 2,942 | 3,474 | S100R6O8, S100TREV, S100W4H8, S100YHLM |
| Equity attributable to owners of parent | 1,641 | 2,076 | 2,515 | 2,434 | 2,233 | S100R6O8, S100TREV, S100W4H8, S100YHLM |
| Retained earnings | 870 | 1,303 | 1,741 | 1,660 | 1,484 | S100R6O8, S100TREV, S100W4H8, S100YHLM |
| Treasury stock | -0 | -0 | -1 | -1 | -27 | S100R6O8, S100TREV, S100W4H8, S100YHLM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YHLM |
| Property, plant and equipment | 17% | S100YHLM |
| Intangibles and goodwill | 3% | S100YHLM |
| Investment securities | 2% | S100YHLM |
| Other assets | 74% | S100YHLM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 60% | S100YHLM |
| Equity | 40% | S100YHLM |

### 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 | 4,094 | 5,181 | 5,755 | 5,413 | 5,766 |
| Equity | 1,641 | 2,081 | 2,549 | 2,471 | 2,292 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 529 | 530 | 509 | 557 | 218 |

## 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) | 15.3% | S100YHLM |
| Fixed assets ÷ total assets | 17.2% | S100YHLM |
| Goodwill ÷ parent equity | — | —, S100YHLM |

### 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) | 3.8% |
| Cash ÷ revenue | 3.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -851 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| 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 | 6.1% | 1.31× | 8.0% | 2.49× | 20.0% | S100R6O8 |
| 2023 | 7.4% | 1.40× | 10.3% | 2.49× | 25.7% | S100TREV |
| 2024 | 7.2% | 1.30× | 9.3% | 2.38× | 22.2% | S100W4H8 |
| 2025 | — | —× | -0.3% | —× | — | S100YHLM |
| 2026 | — | —× | -2.0% | —× | — | S100YHLM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 塚田 隆 | Major shareholder | 9.1% | 2026-03-31 |
| 名古屋中小企業投資育成株式会社 | Major shareholder | 4.7% | 2026-03-31 |
| シキノハイテック従業員持株会 | Major shareholder | 4.4% | 2026-03-31 |
| 宮本 和子 | Major shareholder | 3.2% | 2026-03-31 |
| 岸 和彦 | Major shareholder | 3.1% | 2026-03-31 |
| ほくほくキャピタル株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 宮本 貴子 | Major shareholder | 2.5% | 2026-03-31 |
| 宮本 幸男 | Major shareholder | 2.5% | 2026-03-31 |
| 広田 文男 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社富山第一銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 塚田 修司 | Major shareholder | 2.3% | 2026-03-31 |
| 千名 泰子 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YHLM | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHLM,, |
| 有価証券報告書－第53期(2024/04/01－2025/03/31) | S100W4H8 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4H8,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TREV | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TREV,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100R6O8 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6O8,, |
| 有価証券報告書－第50期(令和3年4月1日－令和4年3月31日) | S100ODZS | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODZS,, |
| 有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100LUIY | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUIY,, |

## 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).