# SK-Electronics CO.,LTD.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第24期(2024/10/01－2025/09/30) (S100XB6O)
> Page: https://vizora.meequs.com/en/company/sk-electronics
> Retrieved: 2026-09-30T20:30:40.005Z

## Company

SK-Electronics, founded in 2001, is a company in Semiconductor Materials listed on TSE Standard. It has 437 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SK-Electronics CO.,LTD. |
| Ticker | 6677 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6677.T) |
| Listing | TSE Standard |
| Head office | 京都市上京区東堀川通リ一条上ル竪富田町436番地の2 |
| Representative (per filing) | 代表取締役社長 石田昌德 |
| Founded | Oct 2001 |
| Share capital | ¥4.11B |
| Employees (consolidated) | 437 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | September |
| Website | www.sk-el.co.jp (https://www.sk-el.co.jp/) |
| Corporate number | 4130001023818 |
| EDINET | E02346 |
| Industries (Vizora) | Semiconductor Materials, Electronic Components |

> Profile source: annual securities report (S100XB6O, filed 2025-12-18). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Materials (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63 | 23 |
| Profitability | 47.9 | 24 |
| Cash conversion | 68.8 | 24 |
| Efficiency | 72.9 | 24 |

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 99% of SK-Electronics's sales come from Large-size photomask, with Screen mask and Metal mask and Solution making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +13.4% from the prior year, operating profit +26.0%.

## Company structure

- Segment revenue mix: Large-size photomask 98.6%、Screen mask and Metal mask 1.1%、Solution 0.3%
- Revenue → net income: ¥29187200000 → ¥2731041000
- Net income → operating cash flow: ¥2731041000 → ¥5133249000（difference ¥2402208000）
- Main uses of operating cash flow: CapEx ¥4937709000 / dividends ¥1147838000 / buybacks ¥60000
- Change in cash: ¥-2797966000
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 | ¥29.2B |  |
| Operating income | ¥3.85B | Margin 13.2% |
| Net income | ¥2.73B | Margin 9.4% |
| Free cash flow | ¥195.5M |  |
| Largest business | Large-size photomask | of segment revenue 98.6% |
| Employees (consolidated) | 437 |  |
| EPS | ¥184.82 |  |
| Book value per share | ¥2803.11 |  |
| Equity ratio | 81.4% |  |
| Shares outstanding | 11,368,400 |  |
| Treasury shares | 837,700 |  |
| Shareholders | 10,053 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 22.8% | Cash ÷ revenue 33.2% |
| Vs. industry median margin | -1.6 pp | Semiconductor Materials |
| ROE | 9.1% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19104575000 | ¥29187200000 | +52.8% |
| Operating income | ¥-659332000 | ¥3854180000 | — |
| Operating margin | -3.5% | 13.2% | +16.7 pp |
| Employees | 378 people | 437 people | +15.6% |
| Cash and equivalents | ¥10331416000 | ¥9684641000 | -6.3% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 大型フォトマスク事業 | 98.6% |
| 新設・再編 → ソリューション事業 | 0.3% |
| 新設・再編 → スクリーンマスク・メタルマスク事業 | 1.1% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Large-size photomask | 3 years | +5.1% | ¥28776572000 | 14.6% | 2 |
| Screen mask and Metal mask | — | — | ¥326273000 | 5.6% | 2 |
| Solution | 3 years | +11.5% | ¥84354000 | -332.4% | 2 |

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,187 | 100.0% | S100XB6O |
| Cost of revenue | 22,271 | 76.3% | S100XB6O |
| Gross profit | 6,916 | 23.7% | S100XB6O |
| SG&A | 3,062 | 10.5% | S100XB6O |
| Operating income | 3,854 | 13.2% | S100XB6O |
| Ordinary income | 3,846 | 13.2% | S100XB6O |
| Pretax income | 3,844 | 13.2% | S100XB6O |
| Income tax | 1,113 | 3.8% | S100XB6O |
| Net income | 2,731 | 9.4% | S100XB6O |
| Net income attributable to owners | 2,731 | 9.4% | S100XB6O |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 11 |
| Operating income | 13 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 23.7% → Operating margin 13.2% → Net margin 9.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.4%; Core profit growth: +26.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.93×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 25,727 | 29,187 | 3,460 | +13.4% |
| Gross profit | 5,944 | 6,916 | 972 | +16.4% |
| Operating income | 3,059 | 3,854 | 795 | +26.0% |
| Net income attributable to owners | 2,291 | 2,731 | 440 | +19.2% |
| Operating cash flow | 3,890 | 5,133 | 1,244 | +32.0% |
| Free cash flow | -259 | 196 | 454 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 25,774 | 6,029 | 23.4% | 4,810 | 9,237 | 2,400 | S100KEIP |
| FY ending Sep 2020 | 19,105 | -659 | -3.5% | -972 | 1,992 | -1,411 | S100N2KD |
| FY ending Sep 2021 | 20,440 | 1,665 | 8.1% | 1,072 | 3,664 | -637 | S100PTBU |
| FY ending Sep 2022 | 24,877 | 3,817 | 15.3% | 3,320 | 6,273 | 5,764 | S100SGWA |
| FY ending Sep 2023 | 28,113 | 4,780 | 17.0% | 3,385 | 5,344 | 2,831 | S100VQ3N |
| FY ending Sep 2024 | 25,727 | 3,059 | 11.9% | 2,291 | 3,890 | -259 | S100XB6O |
| FY ending Sep 2025 | 29,187 | 3,854 | 13.2% | 2,731 | 5,133 | 196 | S100XB6O |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥66.8M |
| Operating income per employee (consolidated) | ¥8.8M |
| Net income per employee (consolidated) | ¥6.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 368 | 374 | 380 | 387 | 437 |
| Average salary (parent company) | ¥7.1M | ¥7.8M | ¥8.3M | ¥8.1M | ¥7.5M |
| Average age (parent company) | 43.5 years | 43.4 years | 43.4 years | 43.7 years | 43.4 years |
| Average tenure (parent company) | 12.4 years | 12.7 years | 13.0 years | 12.9 years | 12.8 years |

Year over year: Employees (consolidated) +12.9% · Revenue (consolidated) +13.4%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Large-size photomask | 28,777 | 98.6% | 4,198 | 14.6% |
| Solution | 84 | 0.3% | -280 | -332.4% |
| Screen mask and Metal mask | 326 | 1.1% | 18 | 5.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Large-size photomask | 98.6% | 99.6% | 1.0 | 14.6% |
| Solution | 0.3% | — | — | -332.4% |
| Screen mask and Metal mask | 1.1% | 0.4% | -0.7 | 5.6% |

Loss-making segment (excluded from profit shares): Solution -280 JPY mn

Segment → industry: Large-size photomask → Semiconductor Materials / Screen mask and Metal mask → Electronic Components / Solution → Electronic Components / Large-size photomask → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,133 | 17.6% | S100XB6O |
| Capital expenditure | 4,938 | 16.9% | S100XB6O |
| Free cash flow | 196 | 0.7% | 算出 |
| Investing cash flow | -6,141 | -21.0% | S100XB6O |
| Financing cash flow | -1,968 | -6.7% | S100XB6O |
| Dividends paid | 1,148 | 3.9% | S100XB6O |
| Share buyback | 0 | 0.0% | S100XB6O |
| Change in cash | -2,798 | -9.6% | S100XB6O |
| Cash and equivalents | 9,685 | 33.2% | S100XB6O |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,844 | 13,931 | 15,285 | 12,483 | 9,685 | S100SGWA, S100VQ3N, S100XB6O |
| Total assets | 32,885 | 39,448 | 41,813 | 39,674 | 42,519 | S100PTBU, S100SGWA, S100VQ3N, S100XB6O |
| Net assets | 24,380 | 28,599 | 31,620 | 32,168 | 34,591 | S100SGWA, S100VQ3N, S100XB6O |
| Share capital | 4,110 | 4,110 | 4,110 | 4,110 | 4,110 | S100PTBU, S100SGWA, S100VQ3N, S100XB6O |
| Trade receivables | 5,868 | 7,580 | 7,272 | 6,619 | 8,639 | S100PTBU, S100SGWA, S100VQ3N, S100XB6O |
| Property, plant and equipment | 13,965 | 12,291 | 11,989 | 13,291 | 15,673 | S100PTBU, S100SGWA, S100VQ3N, S100XB6O |
| Intangible assets excluding goodwill | 145 | 106 | 64 | 170 | 432 | S100PTBU, S100SGWA, S100VQ3N, S100XB6O |
| Goodwill | — | — | — | — | 194 | S100XB6O |
| Investment securities | 426 | 367 | 641 | 856 | 1,468 | S100PTBU, S100SGWA, S100VQ3N, S100XB6O |
| Current assets | 17,871 | 26,263 | 28,703 | 24,868 | 24,551 | S100PTBU, S100SGWA, S100VQ3N, S100XB6O |
| Current liabilities | 5,964 | 8,836 | 8,980 | 7,067 | 7,198 | S100PTBU, S100SGWA, S100VQ3N, S100XB6O |
| Trade payables | 3,354 | 4,296 | 2,487 | 2,285 | 2,817 | S100PTBU, S100SGWA, S100VQ3N, S100XB6O |
| Long-term borrowings | 2,400 | 1,600 | 800 | — | — | S100PTBU, S100SGWA, S100VQ3N |
| Total liabilities | 8,505 | 10,848 | 10,193 | 7,506 | 7,928 | S100PTBU, S100SGWA, S100VQ3N, S100XB6O |
| Equity attributable to owners of parent | 22,828 | 25,836 | 28,550 | 29,142 | 30,725 | S100PTBU, S100SGWA, S100VQ3N, S100XB6O |
| Retained earnings | 15,526 | 18,634 | 21,348 | 21,941 | 23,524 | S100PTBU, S100SGWA, S100VQ3N, S100XB6O |
| Treasury stock | -976 | -1,076 | -1,076 | -1,186 | -1,186 | S100PTBU, S100SGWA, S100VQ3N, S100XB6O |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100XB6O |
| Receivables | 20% | S100XB6O |
| Property, plant and equipment | 37% | S100XB6O |
| Intangibles and goodwill | 2% | S100XB6O |
| Investment securities | 3% | S100XB6O |
| Other assets | 15% | S100XB6O |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100XB6O |
| Other liabilities | 12% | S100XB6O |
| Equity | 81% | S100XB6O |
| Other liabilities | 0% | S100XB6O |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 32,885 | 39,448 | 41,813 | 39,674 | 42,519 |
| Equity | 24,380 | 28,599 | 31,620 | 32,168 | 34,591 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,844 | 13,931 | 15,285 | 12,483 | 9,685 |

## 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) | 53.7% | S100XB6O |
| Fixed assets ÷ total assets | 36.9% | S100XB6O |
| Goodwill ÷ parent equity | 0.6% | S100XB6O |

### 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) | 22.8% |
| Cash ÷ revenue | 33.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 133.2% |
| Cash vs. profit gap | 2,402 JPY mn (of net income 88.0%) |
| Shareholder returns / net income | 42.0% |
| Shareholder returns / FCF | 587.0% |
| Shareholder payments — dividends / net income | 42.0% |
| Shareholder payments — dividends / FCF | 587.0% |
| CapEx intensity (capex ÷ revenue) | 16.9% |
| Investing CF relative to operating CF | 119.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.2% | 0.62× | 3.3% | 1.44× | 4.7% | S100PTBU |
| 2022 | 13.3% | 0.69× | 9.2% | 1.49× | 13.6% | S100SGWA |
| 2023 | 12.0% | 0.69× | 8.3% | 1.49× | 12.4% | S100VQ3N |
| 2024 | 8.9% | 0.63× | 5.6% | 1.41× | 7.9% | S100XB6O |
| 2025 | 9.4% | 0.71× | 6.6% | 1.37× | 9.1% | S100XB6O |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社写真化学 | Major shareholder | 7.0% | 2025-09-30 |
| 株式会社ニコン | Major shareholder | 5.4% | 2025-09-30 |
| 株式会社京都銀行 | Major shareholder | 3.4% | 2025-09-30 |
| 株式会社SCREENホールディングス | Major shareholder | 3.0% | 2025-09-30 |
| 石田昌德 | Major shareholder | 2.9% | 2025-09-30 |
| 石田敬輔 | Major shareholder | 2.9% | 2025-09-30 |
| 株式会社石田産業 | Major shareholder | 2.6% | 2025-09-30 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.4% | 2025-09-30 |
| 石井良明 | Major shareholder | 2.3% | 2025-09-30 |
| 日本生命保険相互会社 | Major shareholder | 2.1% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2024/10/01－2025/09/30) | S100XB6O | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XB6O,, |
| 訂正有価証券報告書－第23期(2023/10/01－2024/09/30) | S100VQ3N | 2025-05-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VQ3N,, |
| 有価証券報告書－第22期(2022/10/01－2023/09/30) | S100SGWA | 2023-12-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SGWA,, |
| 有価証券報告書－第21期(令和3年10月1日－令和4年9月30日) | S100PTBU | 2022-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTBU,, |
| 有価証券報告書－第20期(令和2年10月1日－令和3年9月30日) | S100N2KD | 2021-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2KD,, |
| 有価証券報告書－第19期(令和1年10月1日－令和2年9月30日) | S100KEIP | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEIP,, |

## 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).