# Shimadzu 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163期(2025/04/01－2026/03/31) (S100YGJF)
> Page: https://vizora.meequs.com/en/company/shimadzu
> Retrieved: 2026-09-30T21:34:34.799Z

## Company

Shimadzu, founded in 1917, is a company in Robots & Factory Automation listed on TSE Prime. It has 14,649 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Shimadzu Corporation |
| Ticker | 7701 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7701.T) |
| Listing | TSE Prime |
| Head office | 京都市中京区西ノ京桑原町1番地 |
| Representative (per filing) | 代表取締役 社長 山本 靖則 |
| Founded | Sep 1917 |
| Share capital | ¥26.6B |
| Employees (consolidated) | 14,649 |
| Average salary (parent only) | ¥9.2M |
| Fiscal year end | March |
| Website | www.shimadzu.co.jp (https://www.shimadzu.co.jp/) |
| Corporate number | 6130001021068 |
| EDINET | E02265 |
| Industries (Vizora) | Robots & Factory Automation, Medical Devices, Aerospace, Defense, Industrial Machinery |

> Profile source: annual securities report (S100YGJF, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53 | 33 |
| Profitability | 60.3 | 34 |
| Cash conversion | 26.6 | 32 |
| Efficiency | 64.3 | 35 |

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 65% of Shimadzu's sales come from Measurement equipment, with Medical equipment and Industrial equipment making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +4.0% from the prior year, operating profit +2.8%.

## Company structure

- Segment revenue mix: Measurement equipment 65.1%、Medical equipment 13.2%、Industrial equipment 12.8%、Aircraft equipment 7.7%、Other 1.3%
- Revenue → net income: ¥560728000000 → ¥60498000000
- Net income → operating cash flow: ¥60498000000 → ¥54679000000（difference ¥-5819000000）
- Main uses of operating cash flow: CapEx ¥14942000000 / dividends ¥19354000000 / buybacks —
- Change in cash: ¥23616000000
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 | ¥560.7B |  |
| Operating income | ¥73.7B | Margin 13.1% |
| Net income | ¥60.5B | Margin 10.8% |
| Free cash flow | ¥39.7B |  |
| Largest business | Measurement equipment | of segment revenue 65.1% |
| Employees (consolidated) | 14,649 |  |
| EPS | ¥176.36 |  |
| Book value per share | ¥1112.96 |  |
| Equity ratio | 76.6% |  |
| Shares outstanding | 296,070,000 |  |
| Treasury shares | 7,061,100 |  |
| Shareholders | 38,712 |  |
| Average salary (parent only) | ¥9.2M | Filing company only |
| Cash ratio | 21.8% | Cash ÷ revenue 28.7% |
| Vs. industry median margin | +1.4 pp | Robots & Factory Automation |
| ROE | 12.9% | Derived from disclosed figures |
| ROA | 8.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 68% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥393499000000 | ¥560728000000 | +42.5% |
| Operating income | ¥49742000000 | ¥73702000000 | +48.2% |
| Operating margin | 12.6% | 13.1% | +0.5 pp |
| Employees | 13,308 people | 14,649 people | +10.1% |
| Cash and equivalents | ¥106855000000 | ¥160839000000 | +50.5% |

### 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 |
| --- | ---: |
| 計測機器 → 計測機器 | 63.2% |
| 医用機器 → 医用機器 | 13.2% |
| 医用機器 → 事業再編・廃止 | 3.8% |
| 産業機器 → 産業機器 | 11.5% |
| 航空機器 → 航空機器 | 7.3% |
| その他 → その他 | 1.1% |
| 新設・再編 → 計測機器 | 1.9% |
| 新設・再編 → 産業機器 | 1.3% |
| 新設・再編 → 航空機器 | 0.5% |
| 新設・再編 → その他 | 0.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Measurement equipment | 5 years | +8.0% | ¥364908000000 | 14.4% | 2 |
| Medical equipment | 5 years | +2.0% | ¥73794000000 | 6.6% | 2 |
| Industrial equipment | 5 years | +9.7% | ¥71523000000 | 14.8% | 2 |
| Aircraft equipment | 5 years | +8.7% | ¥43371000000 | 19.0% | 2 |
| Other | 5 years | +10.1% | ¥7130000000 | 16.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 560,728 | 100.0% | S100YGJF |
| Cost of revenue | 310,638 | 55.4% | S100YGJF |
| Gross profit | 250,090 | 44.6% | S100YGJF |
| SG&A | 176,387 | 31.5% | S100YGJF |
| Operating income | 73,702 | 13.1% | S100YGJF |
| Ordinary income | 82,753 | 14.8% | S100YGJF |
| Pretax income | 81,461 | 14.5% | S100YGJF |
| Income tax | 20,962 | 3.7% | S100YGJF |
| Net income | 60,498 | 10.8% | S100YGJF |
| Net income attributable to owners | 60,499 | 10.8% | S100YGJF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 32 |
| Operating income | 13 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 44.6% → Operating margin 13.1% → Net margin 10.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.0%; Core profit growth: +2.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.69×
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 | 539,047 | 560,728 | 21,681 | +4.0% |
| Gross profit | 234,442 | 250,090 | 15,648 | +6.7% |
| Operating income | 71,720 | 73,702 | 1,982 | +2.8% |
| Net income attributable to owners | 53,776 | 60,499 | 6,723 | +12.5% |
| Operating cash flow | 52,002 | 54,679 | 2,677 | +5.1% |
| Free cash flow | 36,900 | 39,737 | 2,837 | +7.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 385,443 | 41,845 | 10.9% | 31,766 | 39,509 | 23,641 | S100LPSZ |
| FY ending Mar 2021 | 393,499 | 49,742 | 12.6% | 36,097 | 63,801 | 50,489 | S100OJLQ |
| FY ending Mar 2022 | 428,175 | 63,806 | 14.9% | 47,289 | 63,367 | 53,236 | S100R8AR |
| FY ending Mar 2023 | 482,240 | 68,219 | 14.1% | 52,048 | 48,303 | 31,465 | S100TU9A |
| FY ending Mar 2024 | 511,895 | 72,753 | 14.2% | 57,037 | 30,127 | 14,625 | S100W5IM |
| FY ending Mar 2025 | 539,047 | 71,720 | 13.3% | 53,776 | 52,002 | 36,900 | S100YGJF |
| FY ending Mar 2026 | 560,728 | 73,702 | 13.1% | 60,499 | 54,679 | 39,737 | S100YGJF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.3M |
| Operating income per employee (consolidated) | ¥5M |
| Net income per employee (consolidated) | ¥4.1M |

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) | 13,499 | 13,898 | 14,219 | 14,481 | 14,649 |
| Average salary (parent company) | ¥8.4M | ¥8.6M | ¥8.9M | ¥9M | ¥9.2M |
| Average age (parent company) | 43.4 years | 43.6 years | 43.3 years | 43.6 years | 43.9 years |
| Average tenure (parent company) | 18.3 years | 18.4 years | 18.0 years | 18.1 years | 18.5 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) +4.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Measurement equipment | 364,908 | 65.1% | 52,578 | 14.4% |
| Medical equipment | 73,794 | 13.2% | 4,871 | 6.6% |
| Industrial equipment | 71,523 | 12.8% | 10,595 | 14.8% |
| Aircraft equipment | 43,371 | 7.7% | 8,220 | 19.0% |
| Other | 7,130 | 1.3% | 1,180 | 16.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Measurement equipment | 65.1% | 67.9% | 2.8 | 14.4% |
| Medical equipment | 13.2% | 6.3% | -6.9 | 6.6% |
| Industrial equipment | 12.8% | 13.7% | 0.9 | 14.8% |
| Aircraft equipment | 7.7% | 10.6% | 2.9 | 19.0% |
| Other | 1.3% | 1.5% | 0.3 | 16.5% |

Segment → industry: Measurement equipment → Robots & Factory Automation / Medical equipment → Medical Devices / Aircraft equipment → Aerospace / Aircraft equipment → Defense / Industrial equipment → 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 | 54,679 | 9.8% | S100YGJF |
| Capital expenditure | 14,942 | 2.7% | S100YGJF |
| Free cash flow | 39,737 | 7.1% | 算出 |
| Investing cash flow | -15,907 | -2.8% | S100YGJF |
| Financing cash flow | -25,504 | -4.5% | S100YGJF |
| Dividends paid | 19,354 | 3.5% | S100YGJF |
| Change in cash | 23,616 | 4.2% | S100YGJF |
| Cash and equivalents | 160,839 | 28.7% | S100YGJF |

## 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 | 155,319 | 153,734 | 159,234 | 137,190 | 160,839 | S100TU9A, S100W5IM, S100YGJF |
| Total assets | 560,528 | 618,869 | 673,962 | 672,177 | 737,978 | S100R8AR, S100TU9A, S100W5IM, S100YGJF |
| Net assets | 381,164 | 423,499 | 492,335 | 498,066 | 565,166 | S100TU9A, S100W5IM, S100YGJF |
| Share capital | 26,648 | 26,648 | 26,648 | 26,648 | 26,648 | S100R8AR, S100TU9A, S100W5IM, S100YGJF |
| Property, plant and equipment | 104,430 | 112,992 | 118,564 | 119,559 | 122,815 | S100R8AR, S100TU9A, S100W5IM, S100YGJF |
| Intangible assets excluding goodwill | 11,151 | 16,963 | 18,013 | 23,744 | 23,886 | S100R8AR, S100TU9A, S100W5IM, S100YGJF |
| Goodwill | 2,283 | 4,947 | 5,220 | 7,779 | 7,388 | S100R8AR, S100TU9A, S100W5IM, S100YGJF |
| Investment securities | 13,496 | 15,145 | 17,621 | 15,182 | 20,357 | S100R8AR, S100TU9A, S100W5IM, S100YGJF |
| Current assets | 394,363 | 431,509 | 466,936 | 454,457 | 497,728 | S100R8AR, S100TU9A, S100W5IM, S100YGJF |
| Current liabilities | 158,743 | 172,387 | 158,511 | 151,288 | 150,248 | S100R8AR, S100TU9A, S100W5IM, S100YGJF |
| Trade payables | 66,538 | 66,713 | 52,400 | 47,634 | 41,532 | S100R8AR, S100TU9A, S100W5IM, S100YGJF |
| Short-term borrowings | 1,504 | 1,400 | 1,552 | 1,368 | — | S100R8AR, S100TU9A, S100W5IM, S100YGJF |
| Long-term borrowings | 205 | 132 | 66 | 4 | — | S100R8AR, S100TU9A, S100W5IM, S100YGJF |
| Total liabilities | 179,363 | 195,370 | 181,626 | 174,110 | 172,811 | S100R8AR, S100TU9A, S100W5IM, S100YGJF |
| Non-controlling interests | — | — | 4 | 7 | 9 | S100W5IM, S100YGJF |
| Equity attributable to owners of parent | 359,073 | 396,415 | 436,850 | 447,163 | 488,108 | S100R8AR, S100TU9A, S100W5IM, S100YGJF |
| Retained earnings | 298,758 | 336,066 | 376,400 | 411,717 | 452,619 | S100R8AR, S100TU9A, S100W5IM, S100YGJF |
| Treasury stock | -1,244 | -1,210 | -1,109 | -26,113 | -26,070 | S100R8AR, S100TU9A, S100W5IM, S100YGJF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YGJF |
| Property, plant and equipment | 17% | S100YGJF |
| Intangibles and goodwill | 4% | S100YGJF |
| Investment securities | 3% | S100YGJF |
| Other assets | 54% | S100YGJF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YGJF |
| Other liabilities | 18% | S100YGJF |
| Equity | 76% | S100YGJF |
| Other liabilities | 0% | S100YGJF |

### 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 | 560,528 | 618,869 | 673,962 | 672,177 | 737,978 |
| Equity | 381,164 | 423,499 | 492,335 | 498,066 | 565,166 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 155,319 | 153,734 | 159,234 | 137,190 | 160,839 |

## 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) | 21.9% | S100YGJF |
| Fixed assets ÷ total assets | 16.6% | S100YGJF |
| Goodwill ÷ parent equity | 1.5% | S100YGJF |

Goodwill over 4 years: 2,283 → 7,388 JPY; total investing cash flow: -95,631 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) | 21.8% |
| Cash ÷ revenue | 28.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 74.2% |
| Cash vs. profit gap | -5,820 JPY mn (of net income -9.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.0% |
| Shareholder payments — dividends / FCF | 48.7% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 29.1% |

## 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% | 0.76× | 8.4% | 1.56× | 13.2% | S100R8AR |
| 2023 | 10.8% | 0.82× | 8.8% | 1.56× | 13.8% | S100TU9A |
| 2024 | 11.1% | 0.79× | 8.8% | 1.55× | 13.7% | S100W5IM |
| 2025 | 10.0% | 0.80× | 8.0% | 1.52× | 12.2% | S100YGJF |
| 2026 | 10.8% | 0.80× | 8.6% | 1.51× | 12.9% | S100YGJF |

## 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 | 13.0% | 2026-03-31 |
| 明治安田生命保険相互会社 (常任代理人 株式会社日本カストディ銀行) | Major shareholder | 7.2% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.2% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC (常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 3.1% | 2026-03-31 |
| 全国共済農業協同組合連合会 (常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.6% | 2026-03-31 |
| GOVERNMENT OF NORWAY (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 2.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (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 |
| 株式会社京都銀行 (常任代理人 株式会社日本カストディ銀行) | Major shareholder | 1.7% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥560.7B, up +4.0% from ¥539B.
- Operating income grew more slowly, rising +2.8% from ¥71.7B to ¥73.7B.
- Net income attributable to owners jumped +12.5% to ¥60.5B, and operating cash flow rose +5.1% to ¥54.7B.

### Drivers

- In measurement equipment, mass spectrometers and liquid chromatographs sold more to drug makers and clinical labs, and gas chromatographs sold more for environmental and chemical testing
- Sales grew in Japan, North America, Europe and the rest of Asia, making up for a drop in China, where private-sector demand stalled
- Vacuum pumps for chipmaking tools held up well, and growth in service and other repeat business improved margins in industrial equipment

### Risks

- Tension in the Middle East could push up material and shipping costs and make some customers hold back on spending
- With much of its sales overseas, policy changes, trade restrictions and a stronger yen could hurt results
- Shortages or sudden price jumps in materials could squeeze margins

Cited: Annual securities report (163rd term) (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 (163rd term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第163期(2025/04/01－2026/03/31) | S100YGJF | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGJF,, |
| 有価証券報告書－第162期(2024/04/01－2025/03/31) | S100W5IM | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5IM,, |
| 有価証券報告書－第161期(2023/04/01－2024/03/31) | S100TU9A | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU9A,, |
| 有価証券報告書－第160期(2022/04/01－2023/03/31) | S100R8AR | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8AR,, |
| 有価証券報告書－第159期(令和3年4月1日－令和4年3月31日) | S100OJLQ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJLQ,, |
| 有価証券報告書－第158期(令和2年4月1日－令和3年3月31日) | S100LPSZ | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPSZ,, |

## 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).