# SHOWA SHINKU CO.,LTD.: 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68期(2025/04/01－2026/03/31) (S100YKGJ)
> Page: https://vizora.meequs.com/en/company/showa-shinku
> Retrieved: 2026-09-30T20:00:08.878Z

## Company

Showa Shinku, founded in 1958, is a company in Semiconductor Equipment listed on TSE Standard. It has 215 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHOWA SHINKU CO., LTD. |
| Ticker | 6384 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6384.T) |
| Listing | TSE Standard |
| Head office | 神奈川県相模原市中央区田名3062番地10 |
| Representative (per filing) | 代表取締役執行役員社長 田中 彰一 |
| Founded | Aug 1958 |
| Share capital | ¥2.18B |
| Employees (consolidated) | 215 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.showashinku.co.jp (https://www.showashinku.co.jp/) |
| Corporate number | 9021001012619 |
| EDINET | E01719 |
| Industries (Vizora) | Semiconductor Equipment |

> Profile source: annual securities report (S100YKGJ, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.9 | 36 |
| Profitability | 35.4 | 41 |
| Cash conversion | 73.1 | 39 |
| Efficiency | 32.9 | 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 76% of Showa Shinku's sales come from Vacuum technology application, with Service making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +10.0% from the prior year, operating profit +40.4%.

## Company structure

- Segment revenue mix: Vacuum technology application 75.6%、Service 24.4%
- Revenue → net income: ¥9324458000 → ¥867329000
- Net income → operating cash flow: ¥867329000 → ¥2052617000（difference ¥1185288000）
- Main uses of operating cash flow: CapEx ¥222606000 / dividends ¥436199000 / buybacks —
- Change in cash: ¥1224554000
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 | ¥9.32B |  |
| Operating income | ¥1.11B | Margin 11.9% |
| Net income | ¥867.3M | Margin 9.3% |
| Free cash flow | ¥1.83B |  |
| Largest business | Vacuum technology application | of segment revenue 75.6% |
| Employees (consolidated) | 215 |  |
| EPS | ¥133.36 |  |
| Book value per share | ¥1781.24 |  |
| Equity ratio | 80.2% |  |
| Shares outstanding | 6,499,000 |  |
| Shareholders | 6,428 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 39.8% | Cash ÷ revenue 64.8% |
| Vs. industry median margin | -2.6 pp | Semiconductor Equipment |
| ROE | 7.7% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, one segment accounts for 76% of positive segment profit
- FY2026, employees -9% while operating income rose 40%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10719753000 | ¥9324458000 | -13.0% |
| Operating income | ¥1406585000 | ¥1112585000 | -20.9% |
| Operating margin | 13.1% | 11.9% | -1.2 pp |
| Employees | 244 people | 215 people | -11.9% |
| Cash and equivalents | ¥5296635000 | ¥6037983000 | +14.0% |

### 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 |
| --- | ---: |
| 真空技術応用装置事業 → 真空技術応用装置事業 | 75.6% |
| 真空技術応用装置事業 → 事業再編・廃止 | 7.3% |
| サービス事業 → サービス事業 | 17.2% |
| 新設・再編 → サービス事業 | 7.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,324 | 100.0% | S100YKGJ |
| Cost of revenue | 6,270 | 67.2% | S100YKGJ |
| Gross profit | 3,055 | 32.8% | S100YKGJ |
| SG&A | 1,942 | 20.8% | S100YKGJ |
| Operating income | 1,113 | 11.9% | S100YKGJ |
| Ordinary income | 1,172 | 12.6% | S100YKGJ |
| Pretax income | 1,172 | 12.6% | S100YKGJ |
| Income tax | 304 | 3.3% | S100YKGJ |
| Net income | 867 | 9.3% | S100YKGJ |
| Net income attributable to owners | 867 | 9.3% | S100YKGJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 21 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 32.8% → Operating margin 11.9% → Net margin 9.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.0%; Core profit growth: +40.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.06×
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 | 8,480 | 9,324 | 844 | +10.0% |
| Gross profit | 2,678 | 3,055 | 377 | +14.1% |
| Operating income | 792 | 1,113 | 320 | +40.4% |
| Net income attributable to owners | 562 | 867 | 305 | +54.3% |
| Operating cash flow | 179 | 2,053 | 1,874 | +1048.2% |
| Free cash flow | -73 | 1,830 | 1,904 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,934 | 1,231 | 11.3% | 857 | 1,842 | 1,234 | S100LMW7 |
| FY ending Mar 2021 | 10,720 | 1,407 | 13.1% | 1,017 | 2,387 | 2,000 | S100OBR3 |
| FY ending Mar 2022 | 11,964 | 1,671 | 14.0% | 1,240 | 113 | -86 | S100R3EQ |
| FY ending Mar 2023 | 10,128 | 1,018 | 10.1% | 780 | 211 | 41 | S100TV45 |
| FY ending Mar 2024 | 7,464 | 196 | 2.6% | 164 | 1,080 | 988 | S100W5GW |
| FY ending Mar 2025 | 8,480 | 792 | 9.3% | 562 | 179 | -73 | S100YKGJ |
| FY ending Mar 2026 | 9,324 | 1,113 | 11.9% | 867 | 2,053 | 1,830 | S100YKGJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.4M |
| Operating income per employee (consolidated) | ¥5.2M |
| Net income per employee (consolidated) | ¥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) | 244 | 240 | 243 | 236 | 215 |
| Average salary (parent company) | ¥6.7M | ¥6.8M | ¥5.7M | ¥5.9M | ¥6.6M |
| Average age (parent company) | 44.3 years | 44.5 years | 44.0 years | 44.8 years | 45.4 years |
| Average tenure (parent company) | 18.2 years | 18.5 years | 18.3 years | 18.9 years | 19.9 years |

Year over year: Employees (consolidated) -8.9% · Revenue (consolidated) +10.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Vacuum technology application | 7,046 | 75.6% | 1,661 | 23.6% |
| Service | 2,278 | 24.4% | 529 | 23.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Vacuum technology application | 75.6% | 75.9% | 0.3 | 23.6% |
| Service | 24.4% | 24.1% | -0.3 | 23.2% |

Segment → industry: Service → Semiconductor Equipment / Vacuum technology application → Semiconductor 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 | 2,053 | 22.0% | S100YKGJ |
| Capital expenditure | 223 | 2.4% | S100YKGJ |
| Free cash flow | 1,830 | 19.6% | 算出 |
| Investing cash flow | -466 | -5.0% | S100YKGJ |
| Financing cash flow | -444 | -4.8% | S100YKGJ |
| Dividends paid | 436 | 4.7% | S100YKGJ |
| Change in cash | 1,225 | 13.1% | S100YKGJ |
| Cash and equivalents | 6,038 | 64.8% | S100YKGJ |

## 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 | 5,012 | 4,748 | 5,295 | 4,813 | 6,038 | S100TV45, S100W5GW, S100YKGJ |
| Total assets | 17,398 | 15,468 | 14,335 | 15,451 | 15,173 | S100R3EQ, S100TV45, S100W5GW, S100YKGJ |
| Net assets | 11,057 | 11,519 | 11,398 | 11,590 | 12,174 | S100TV45, S100W5GW, S100YKGJ |
| Share capital | 2,177 | 2,177 | 2,177 | 2,177 | 2,177 | S100R3EQ, S100TV45, S100W5GW, S100YKGJ |
| Property, plant and equipment | 3,382 | 3,345 | 3,098 | 3,150 | 3,162 | S100R3EQ, S100TV45, S100W5GW, S100YKGJ |
| Intangible assets excluding goodwill | 54 | 42 | 71 | 70 | 63 | S100R3EQ, S100TV45, S100W5GW, S100YKGJ |
| Investment securities | 242 | 226 | 361 | 173 | 261 | S100R3EQ, S100TV45, S100W5GW, S100YKGJ |
| Current assets | 13,390 | 11,577 | 10,557 | 11,725 | 11,342 | S100R3EQ, S100TV45, S100W5GW, S100YKGJ |
| Current liabilities | 5,376 | 2,934 | 1,884 | 2,911 | 2,589 | S100R3EQ, S100TV45, S100W5GW, S100YKGJ |
| Trade payables | 1,483 | 847 | 385 | 565 | 719 | S100R3EQ, S100TV45, S100W5GW, S100YKGJ |
| Short-term borrowings | 50 | 50 | — | — | — | S100R3EQ, S100TV45 |
| Long-term borrowings | 93 | 100 | 100 | 100 | — | S100R3EQ, S100TV45, S100W5GW, S100YKGJ |
| Bonds | 450 | 450 | 450 | 450 | — | S100R3EQ, S100TV45, S100W5GW, S100YKGJ |
| Interest-bearing debt | 593 | 600 | — | — | — | 算出 |
| Total liabilities | 6,341 | 3,949 | 2,937 | 3,861 | 2,999 | S100R3EQ, S100TV45, S100W5GW, S100YKGJ |
| Equity attributable to owners of parent | 10,743 | 11,151 | 10,883 | 11,013 | 11,460 | S100R3EQ, S100TV45, S100W5GW, S100YKGJ |
| Retained earnings | 6,091 | 6,497 | 6,225 | 6,351 | 6,782 | S100R3EQ, S100TV45, S100W5GW, S100YKGJ |
| Treasury stock | -318 | -317 | -313 | -309 | -297 | S100R3EQ, S100TV45, S100W5GW, S100YKGJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100YKGJ |
| Property, plant and equipment | 21% | S100YKGJ |
| Intangibles and goodwill | 0% | S100YKGJ |
| Investment securities | 2% | S100YKGJ |
| Other assets | 37% | S100YKGJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YKGJ |
| Other liabilities | 15% | S100YKGJ |
| Equity | 80% | S100YKGJ |
| Other liabilities | 0% | S100YKGJ |

### 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 | 17,398 | 15,468 | 14,335 | 15,451 | 15,173 |
| Equity | 11,057 | 11,519 | 11,398 | 11,590 | 12,174 |
| Interest-bearing debt | 593 | 600 | — | — | — |
| Cash | 5,012 | 4,748 | 5,295 | 4,813 | 6,038 |

## 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) | 33.9% | S100YKGJ |
| Fixed assets ÷ total assets | 20.8% | S100YKGJ |
| Goodwill ÷ parent equity | — | —, S100YKGJ |

### 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) | 39.8% |
| Cash ÷ revenue | 64.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 184.5% |
| Cash vs. profit gap | 1,185 JPY mn (of net income 136.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 50.3% |
| Shareholder payments — dividends / FCF | 23.8% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 22.7% |

## 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 | 10.4% | 0.69× | 7.1% | 1.62× | 11.5% | S100R3EQ |
| 2023 | 7.7% | 0.62× | 4.7% | 1.50× | 7.1% | S100TV45 |
| 2024 | 2.2% | 0.50× | 1.1% | 1.35× | 1.5% | S100W5GW |
| 2025 | 6.6% | 0.57× | 3.8% | 1.36× | 5.1% | S100YKGJ |
| 2026 | 9.3% | 0.61× | 5.7% | 1.36× | 7.7% | S100YKGJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社アルバック | Major shareholder | 21.3% | 2026-03-31 |
| 小俣 邦正 | Major shareholder | 9.4% | 2026-03-31 |
| 有限会社小俣興産 | Major shareholder | 5.5% | 2026-03-31 |
| 小俣 佳子 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 佐々木 嘉樹 | Major shareholder | 2.2% | 2026-03-31 |
| 日本生命保険相互会社（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 | 1.8% | 2026-03-31 |
| 株式会社みずほ銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.5% | 2026-03-31 |
| 小俣 みつこ | Major shareholder | 1.3% | 2026-03-31 |
| 池谷 誠一 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/04/01－2026/03/31) | S100YKGJ | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKGJ,, |
| 有価証券報告書－第67期(2024/04/01－2025/03/31) | S100W5GW | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5GW,, |
| 有価証券報告書－第66期(2023/04/01－2024/03/31) | S100TV45 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV45,, |
| 有価証券報告書－第65期(2022/04/01－2023/03/31) | S100R3EQ | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3EQ,, |
| 有価証券報告書－第64期(令和3年4月1日－令和4年3月31日) | S100OBR3 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBR3,, |
| 有価証券報告書－第63期(令和2年4月1日－令和3年3月31日) | S100LMW7 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMW7,, |

## 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).