# SMC 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67期(2025/04/01－2026/03/31) (S100YLC6)
> Page: https://vizora.meequs.com/en/company/smc
> Retrieved: 2026-09-30T19:09:24.943Z

## Company

SMC, founded in 1959, is a company in Robots & Factory Automation listed on TSE Prime. It has 24,773 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SMC CORPORATION |
| Ticker | 6273 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6273.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区京橋一丁目5番5号 |
| Representative (per filing) | 代表取締役社長 髙田 芳樹 |
| Founded | Apr 1959 |
| Share capital | ¥61B |
| Employees (consolidated) | 24,773 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.smcworld.com (https://www.smcworld.com/) |
| Corporate number | 3010001097635 |
| EDINET | E01673 |
| Industries (Vizora) | Robots & Factory Automation |

> Profile source: annual securities report (S100YLC6, filed 2026-06-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.2 | 33 |
| Profitability | 95.6 | 34 |
| Cash conversion | 45.3 | 32 |
| Efficiency | 7.1 | 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)

- SMC brought in ¥842.5B in revenue.
- Out of every ¥100 of sales, about ¥22 is left as operating profit.
- Revenue changed +6.4% from the prior year, operating profit +0.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥842541000000 → ¥167311000000
- Net income → operating cash flow: ¥167311000000 → ¥188917000000（difference ¥21606000000）
- Main uses of operating cash flow: CapEx ¥154385000000 / dividends ¥63535000000 / buybacks ¥30018000000
- Change in cash: ¥31839000000
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 | ¥842.5B |  |
| Operating income | ¥190.6B | Margin 22.6% |
| Net income | ¥167.3B | Margin 19.9% |
| Free cash flow | ¥34.5B |  |
| Employees (consolidated) | 24,773 |  |
| EPS | ¥2740.06 |  |
| Book value per share | ¥21645.61 |  |
| Equity ratio | 91.5% |  |
| Shares outstanding | 63,869,000 |  |
| Treasury shares | 719,100 |  |
| Shareholders | 4,548 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 24.8% | Cash ÷ revenue 68.1% |
| Vs. industry median margin | +10.9 pp | Robots & Factory Automation |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥552178000000 | ¥842541000000 | +52.6% |
| Operating income | ¥153355000000 | ¥190558000000 | +24.3% |
| Operating margin | 27.8% | 22.6% | -5.2 pp |
| Employees | 20,619 people | 24,773 people | +20.1% |
| Cash and equivalents | ¥561540000000 | ¥573769000000 | +2.2% |

### 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 |
| --- | ---: |
| 自動制御機器事業 → 事業再編・廃止 | 99.7% |
| その他 → 事業再編・廃止 | 0.3% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 842,541 | 100.0% | S100YLC6 |
| Cost of revenue | 461,089 | 54.7% | S100YLC6 |
| Gross profit | 381,452 | 45.3% | S100YLC6 |
| SG&A | 190,893 | 22.7% | S100YLC6 |
| Operating income | 190,558 | 22.6% | S100YLC6 |
| Ordinary income | 235,591 | 28.0% | S100YLC6 |
| Pretax income | 236,989 | 28.1% | S100YLC6 |
| Income tax | 69,677 | 8.3% | S100YLC6 |
| Net income | 167,311 | 19.9% | S100YLC6 |
| Net income attributable to owners | 167,302 | 19.9% | S100YLC6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 23 |
| Operating income | 22 |
| (Ref.) Net income | 20 |

### Margin funnel

Gross margin 45.3% → Operating margin 22.6% → Net margin 19.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.4%; Core profit growth: +0.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.03×
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 | 792,108 | 842,541 | 50,433 | +6.4% |
| Gross profit | 363,038 | 381,452 | 18,414 | +5.1% |
| Operating income | 190,244 | 190,558 | 314 | +0.2% |
| Net income attributable to owners | 156,344 | 167,302 | 10,958 | +7.0% |
| Operating cash flow | 196,656 | 188,917 | -7,739 | -3.9% |
| Free cash flow | 88,854 | 34,532 | -54,322 | -61.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 526,000 | 146,254 | 27.8% | 110,500 | 124,610 | 85,631 | S100LU1K |
| FY ending Mar 2021 | 552,178 | 153,355 | 27.8% | 121,790 | 120,473 | 91,176 | S100OK2Y |
| FY ending Mar 2022 | 727,397 | 227,857 | 31.3% | 192,991 | 156,093 | 75,162 | S100R8TX |
| FY ending Mar 2023 | 824,772 | 258,200 | 31.3% | 224,609 | 101,617 | 27,240 | S100TUQR |
| FY ending Mar 2024 | 776,873 | 196,226 | 25.3% | 178,321 | 98,207 | -6,101 | S100W777 |
| FY ending Mar 2025 | 792,108 | 190,244 | 24.0% | 156,344 | 196,656 | 88,854 | S100YLC6 |
| FY ending Mar 2026 | 842,541 | 190,558 | 22.6% | 167,302 | 188,917 | 34,532 | S100YLC6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34M |
| Operating income per employee (consolidated) | ¥7.7M |
| Net income per employee (consolidated) | ¥6.8M |

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) | 21,620 | 22,988 | 23,127 | 23,114 | 24,773 |
| Average salary (parent company) | ¥8.5M | ¥8.6M | ¥8.5M | ¥8.5M | ¥7.8M |
| Average age (parent company) | 41.8 years | 41.9 years | 41.3 years | 41.2 years | 41.1 years |
| Average tenure (parent company) | 20.6 years | 20.5 years | 19.9 years | 19.8 years | 19.7 years |

Year over year: Employees (consolidated) +7.2% · Revenue (consolidated) +6.4%

## 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 | 188,917 | 22.4% | S100YLC6 |
| Capital expenditure | 154,385 | 18.3% | S100YLC6 |
| Free cash flow | 34,532 | 4.1% | 算出 |
| Investing cash flow | -107,511 | -12.8% | S100YLC6 |
| Financing cash flow | -94,119 | -11.2% | S100YLC6 |
| Dividends paid | 63,535 | 7.5% | S100YLC6 |
| Share buyback | 30,018 | 3.6% | S100YLC6 |
| Change in cash | 31,839 | 3.8% | S100YLC6 |
| Cash and equivalents | 573,769 | 68.1% | S100YLC6 |

## 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 | 559,296 | 491,324 | 405,586 | 531,649 | 573,769 | S100TUQR, S100W777, S100YLC6 |
| Total assets | 1,769,951 | 1,927,940 | 2,094,559 | 2,100,767 | 2,311,835 | S100R8TX, S100TUQR, S100W777, S100YLC6 |
| Net assets | 1,559,274 | 1,702,325 | 1,885,871 | 1,928,306 | 2,115,240 | S100TUQR, S100W777, S100YLC6 |
| Share capital | 61,005 | 61,005 | 61,005 | 61,005 | 61,005 | S100R8TX, S100TUQR, S100W777, S100YLC6 |
| Trade receivables | 211,939 | 228,848 | 217,671 | 207,969 | 235,325 | S100R8TX, S100TUQR, S100W777, S100YLC6 |
| Property, plant and equipment | 270,584 | 326,995 | 413,558 | 478,717 | 618,009 | S100R8TX, S100TUQR, S100W777, S100YLC6 |
| Intangible assets excluding goodwill | 15,183 | 16,591 | 17,332 | 16,110 | 16,142 | S100R8TX, S100TUQR, S100W777, S100YLC6 |
| Investment securities | 58,750 | 92,420 | 172,436 | 145,267 | 121,714 | S100R8TX, S100TUQR, S100W777, S100YLC6 |
| Current assets | 1,258,406 | 1,323,848 | 1,307,990 | 1,421,842 | 1,504,291 | S100R8TX, S100TUQR, S100W777, S100YLC6 |
| Current liabilities | 169,403 | 188,847 | 164,600 | 135,639 | 145,670 | S100R8TX, S100TUQR, S100W777, S100YLC6 |
| Trade payables | 62,101 | 73,636 | 58,818 | 46,898 | 31,822 | S100R8TX, S100TUQR, S100W777, S100YLC6 |
| Short-term borrowings | 6,987 | 7,137 | 7,342 | 5,041 | 5,092 | S100R8TX, S100TUQR, S100W777, S100YLC6 |
| Long-term borrowings | 4,556 | 5,049 | 5,728 | — | — | S100R8TX, S100TUQR, S100W777 |
| Total liabilities | 210,677 | 225,615 | 208,688 | 172,461 | 196,595 | S100R8TX, S100TUQR, S100W777, S100YLC6 |
| Non-controlling interests | 3,645 | 3,912 | 4,284 | 25 | 149 | S100R8TX, S100TUQR, S100W777, S100YLC6 |
| Equity attributable to owners of parent | 1,455,489 | 1,566,266 | 1,655,906 | 1,724,298 | 1,806,207 | S100R8TX, S100TUQR, S100W777, S100YLC6 |
| Retained earnings | 1,430,285 | 1,596,086 | 1,716,354 | 1,808,633 | 1,709,936 | S100R8TX, S100TUQR, S100W777, S100YLC6 |
| Treasury stock | -109,136 | -164,167 | -194,795 | -219,814 | -38,513 | S100R8TX, S100TUQR, S100W777, S100YLC6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YLC6 |
| Receivables | 10% | S100YLC6 |
| Property, plant and equipment | 27% | S100YLC6 |
| Intangibles and goodwill | 1% | S100YLC6 |
| Investment securities | 5% | S100YLC6 |
| Other assets | 32% | S100YLC6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YLC6 |
| Other liabilities | 7% | S100YLC6 |
| Equity | 92% | S100YLC6 |

### 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 | 1,769,951 | 1,927,940 | 2,094,559 | 2,100,767 | 2,311,835 |
| Equity | 1,559,274 | 1,702,325 | 1,885,871 | 1,928,306 | 2,115,240 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 559,296 | 491,324 | 405,586 | 531,649 | 573,769 |

## 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) | 73.4% | S100YLC6 |
| Fixed assets ÷ total assets | 26.7% | S100YLC6 |
| Goodwill ÷ parent equity | — | —, S100YLC6 |

### 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) | 24.8% |
| Cash ÷ revenue | 68.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 99.1% |
| Cash vs. profit gap | 21,615 JPY mn (of net income 12.9%) |
| Shareholder returns / net income | 55.9% |
| Shareholder returns / FCF | 270.9% |
| Shareholder payments — dividends / net income | 38.0% |
| Shareholder payments — dividends / FCF | 184.0% |
| CapEx intensity (capex ÷ revenue) | 18.3% |
| Investing CF relative to operating CF | 56.9% |

## 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 | 26.5% | 0.41× | 10.9% | 1.22× | 13.3% | S100R8TX |
| 2023 | 27.2% | 0.45× | 12.1% | 1.22× | 14.9% | S100TUQR |
| 2024 | 23.0% | 0.39× | 8.9% | 1.25× | 11.1% | S100W777 |
| 2025 | 19.7% | 0.38× | 7.5% | 1.24× | 9.3% | S100YLC6 |
| 2026 | 19.9% | 0.38× | 7.6% | 1.25× | 9.5% | S100YLC6 |

## 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 | 15.3% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 6.4% | 2026-03-31 |
| 合同会社高田インターナショナル | Major shareholder | 6.0% | 2026-03-31 |
| トン ファイナンス ビーブイ(常任代理人 株式会社りそな銀行) | Major shareholder | 5.5% | 2026-03-31 |
| ジェーピー モルガン チェース バンク 380055(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 4.3% | 2026-03-31 |
| ザ バンク オブ ニューヨーク メロン アズ デポジタリー バンク フォー デポジタリー レシート ホルダーズ(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.4% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505001(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 |
| ザ バンク オブ ニューヨーク メロン 140040(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.4% | 2026-03-31 |
| 野村信託銀行株式会社(信託口2052208) | Major shareholder | 2.0% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505103(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.8% | 2026-03-31 |

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

- Sales grew 6.4% to ¥842.5B, but operating income stalled at ¥190.6B, up only 0.2%.
- SMC is spending hard on new plants and R&D sites, and the extra labor and depreciation ate the gain.
- Net income still rose 7.0% to ¥167.3B, helped mostly by currency gains outside the core business.
- Capital spending reached ¥154.4B, which cut free cash flow to ¥34.5B.

### Drivers

- Chinese demand for home appliances and LCD gear stayed strong, and chip-related orders in Japan, North America and Korea came back in the second half
- Automakers in North America, Japan and Europe kept delaying equipment spending
- Heavy investment in extra capacity and backup production sites pushed up depreciation

### Risks

- Plants in China and Vietnam could be disrupted by US-China tension or armed conflict
- A stronger yen would shrink overseas sales and profit once converted
- A cyberattack could stop production, shipping and payments

Cited: 有価証券報告書（2026年3月期） (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); 有価証券報告書（2026年3月期） (経営方針、経営環境及び対処すべき課題等); 有価証券報告書（2026年3月期） (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第67期(2025/04/01－2026/03/31) | S100YLC6 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLC6,, |
| 有価証券報告書－第66期(2024/04/01－2025/03/31) | S100W777 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W777,, |
| 有価証券報告書－第65期(2023/04/01－2024/03/31) | S100TUQR | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUQR,, |
| 有価証券報告書－第64期(2022/04/01－2023/03/31) | S100R8TX | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8TX,, |
| 有価証券報告書－第63期(令和3年4月1日－令和4年3月31日) | S100OK2Y | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK2Y,, |
| 有価証券報告書－第62期(令和2年4月1日－令和3年3月31日) | S100LU1K | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU1K,, |

## 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).