# SMK 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104期(2025/04/01－2026/03/31) (S100YFRH)
> Page: https://vizora.meequs.com/en/company/smk
> Retrieved: 2026-09-30T19:42:05.635Z

## Company

SMK, founded in 1925, is a company in Electronic Components listed on TSE Prime. It has 3,626 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SMK Corporation |
| Ticker | 6798 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6798.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区戸越六丁目5番5号 |
| Representative (per filing) | 代表取締役社長 池田靖光 |
| Founded | Apr 1925 |
| Share capital | ¥8B |
| Employees (consolidated) | 3,626 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.smk.co.jp (https://www.smk.co.jp/) |
| Corporate number | 5010701001431 |
| EDINET | E01805 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YFRH, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12.3 | 53 |
| Profitability | 15.2 | 56 |
| Cash conversion | 96.9 | 48 |
| Efficiency | 63.4 | 56 |

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 53% of SMK's sales come from SCI, with CS and Innovation Center making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +0.3% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: SCI 53.2%、CS 46.7%、Innovation Center 0.1%
- Revenue → net income: ¥48204000000 → ¥56000000
- Net income → operating cash flow: ¥56000000 → ¥2023000000（difference ¥1967000000）
- Main uses of operating cash flow: CapEx ¥2271000000 / dividends ¥890000000 / buybacks ¥1000000
- Change in cash: ¥-821000000
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 | ¥48.2B |  |
| Operating income | ¥430M | Margin 0.9% |
| Net income | ¥56M | Margin 0.1% |
| Free cash flow | -¥248M |  |
| Largest business | SCI | of segment revenue 53.2% |
| Employees (consolidated) | 3,626 |  |
| EPS | ¥33.92 |  |
| Book value per share | ¥3694.27 |  |
| Equity ratio | 54.1% |  |
| Shares outstanding | 7,200,000 |  |
| Treasury shares | 897,300 |  |
| Shareholders | 6,240 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 16.6% | Cash ÷ revenue 19.9% |
| Vs. industry median margin | -5 pp | Electronic Components |
| ROE | 0.2% | Derived from disclosed figures |
| ROA | 0.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 36.1× net income
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 53 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥48560000000 | ¥48204000000 | -0.7% |
| Operating income | ¥1070000000 | ¥430000000 | -59.8% |
| Operating margin | 2.2% | 0.9% | -1.3 pp |
| Employees | 5,407 people | 3,626 people | -32.9% |
| Cash and equivalents | ¥8742000000 | ¥9594000000 | +9.7% |

### 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 |
| --- | ---: |
| CS事業部 → CS事業部 | 40.9% |
| SCI事業部 → SCI事業部 | 53.2% |
| SCI事業部 → 事業再編・廃止 | 5.4% |
| 開発センター → 事業再編・廃止 | 0.6% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → CS事業部 | 5.9% |
| 新設・再編 → イノベーションセンター | 0.1% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| SCI | 5 years | -2.1% | ¥25621000000 | -1.5% | 2 |
| CS | 5 years | +2.6% | ¥22520000000 | 5.3% | 2 |
| Innovation Center | 2 years | -60.3% | ¥62000000 | -611.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 48,204 | 100.0% | S100YFRH |
| Cost of revenue | 38,793 | 80.5% | S100YFRH |
| Gross profit | 9,410 | 19.5% | S100YFRH |
| SG&A | 8,980 | 18.6% | S100YFRH |
| Operating income | 430 | 0.9% | S100YFRH |
| Ordinary income | 1,243 | 2.6% | S100YFRH |
| Pretax income | 867 | 1.8% | S100YFRH |
| Income tax | 810 | 1.7% | S100YFRH |
| Net income | 56 | 0.1% | S100YFRH |
| Net income attributable to owners | 56 | 0.1% | S100YFRH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 19 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 19.5% → Operating margin 0.9% → Net margin 0.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 48,051 | 48,204 | 153 | +0.3% |
| Gross profit | 9,250 | 9,410 | 160 | +1.7% |
| Operating income | -220 | 430 | 650 | — |
| Net income attributable to owners | -1,884 | 56 | 1,940 | — |
| Operating cash flow | 2,439 | 2,023 | -416 | -17.1% |
| Free cash flow | 233 | -248 | -481 | -206.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 54,161 | -244 | -0.5% | -2,651 | 6,345 | 3,668 | S100LLMJ |
| FY ending Mar 2021 | 48,560 | 1,070 | 2.2% | 1,917 | 4,653 | 2,293 | S100OBVL |
| FY ending Mar 2022 | 48,243 | 703 | 1.5% | 2,992 | 2,433 | 422 | S100R3LD |
| FY ending Mar 2023 | 54,842 | 1,128 | 2.1% | 1,334 | 3,591 | 1,627 | S100TRU1 |
| FY ending Mar 2024 | 46,522 | -1,243 | -2.7% | -489 | 3,719 | 1,282 | S100W1LQ |
| FY ending Mar 2025 | 48,051 | -220 | -0.5% | -1,884 | 2,439 | 233 | S100YFRH |
| FY ending Mar 2026 | 48,204 | 430 | 0.9% | 56 | 2,023 | -248 | S100YFRH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.3M |
| Operating income per employee (consolidated) | ¥118.6K |
| Net income per employee (consolidated) | ¥15.4K |

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) | 4,963 | 4,607 | 4,104 | 3,985 | 3,626 |
| Average salary (parent company) | ¥6.5M | ¥6.8M | ¥6.7M | ¥6.8M | ¥7.1M |
| Average age (parent company) | 46.1 years | 45.6 years | 45.4 years | 45.9 years | 45.3 years |
| Average tenure (parent company) | 20.9 years | 20.6 years | 20.0 years | 20.0 years | 19.1 years |

Year over year: Employees (consolidated) -9.0% · Revenue (consolidated) +0.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| CS | 22,520 | 46.7% | 1,187 | 5.3% |
| SCI | 25,621 | 53.2% | -378 | -1.5% |
| Innovation Center | 62 | 0.1% | -379 | -611.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| CS | 46.7% | 100.0% | 53.3 | 5.3% |
| SCI | 53.2% | — | — | -1.5% |
| Innovation Center | 0.1% | — | — | -611.3% |

Loss-making segment (excluded from profit shares): SCI -378 JPY mn

Loss-making segment (excluded from profit shares): Innovation Center -379 JPY mn

Segment → industry: SCI → Electronic Components / CS → Electronic Components

## 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 | 2,023 | 4.2% | S100YFRH |
| Capital expenditure | 2,271 | 4.7% | S100YFRH |
| Free cash flow | -248 | -0.5% | 算出 |
| Investing cash flow | -2,262 | -4.7% | S100YFRH |
| Financing cash flow | -2,452 | -5.1% | S100YFRH |
| Dividends paid | 890 | 1.8% | S100YFRH |
| Share buyback | 1 | 0.0% | S100YFRH |
| Change in cash | -821 | -1.7% | S100YFRH |
| Cash and equivalents | 9,594 | 19.9% | S100YFRH |

## 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 | 8,505 | 8,915 | 10,197 | 10,415 | 9,594 | S100TRU1, S100W1LQ, S100YFRH |
| Total assets | 54,794 | 56,365 | 58,444 | 57,684 | 57,625 | S100R3LD, S100TRU1, S100W1LQ, S100YFRH |
| Net assets | 30,643 | 32,274 | 32,143 | 29,221 | 31,156 | S100TRU1, S100W1LQ, S100YFRH |
| Share capital | 7,996 | 7,996 | 7,996 | 7,996 | 7,996 | S100R3LD, S100TRU1, S100W1LQ, S100YFRH |
| Property, plant and equipment | 16,190 | 15,567 | 15,328 | 14,754 | 14,423 | S100R3LD, S100TRU1, S100W1LQ, S100YFRH |
| Intangible assets excluding goodwill | 116 | 94 | 130 | 202 | 242 | S100R3LD, S100TRU1, S100W1LQ, S100YFRH |
| Investment securities | 3,639 | 4,041 | 4,327 | 4,205 | 5,271 | S100R3LD, S100TRU1, S100W1LQ, S100YFRH |
| Current assets | 31,730 | 33,251 | 33,824 | 33,149 | 30,845 | S100R3LD, S100TRU1, S100W1LQ, S100YFRH |
| Current liabilities | 15,178 | 16,193 | 15,371 | 16,647 | 14,417 | S100R3LD, S100TRU1, S100W1LQ, S100YFRH |
| Trade payables | 5,404 | 4,878 | 2,643 | 3,206 | 2,887 | S100R3LD, S100TRU1, S100W1LQ, S100YFRH |
| Short-term borrowings | 5,066 | 6,491 | 5,840 | 7,040 | 6,140 | S100R3LD, S100TRU1, S100W1LQ, S100YFRH |
| Long-term borrowings | 6,214 | 4,863 | 7,022 | 7,282 | 7,141 | S100R3LD, S100TRU1, S100W1LQ, S100YFRH |
| Total liabilities | 24,150 | 24,090 | 26,300 | 28,462 | 26,468 | S100R3LD, S100TRU1, S100W1LQ, S100YFRH |
| Equity attributable to owners of parent | 31,102 | 32,252 | 30,276 | 27,752 | 26,918 | S100R3LD, S100TRU1, S100W1LQ, S100YFRH |
| Retained earnings | 15,925 | 14,730 | 13,253 | 10,731 | 9,894 | S100R3LD, S100TRU1, S100W1LQ, S100YFRH |
| Treasury stock | -4,876 | -2,531 | -3,030 | -3,032 | -3,030 | S100R3LD, S100TRU1, S100W1LQ, S100YFRH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YFRH |
| Property, plant and equipment | 25% | S100YFRH |
| Intangibles and goodwill | 0% | S100YFRH |
| Investment securities | 9% | S100YFRH |
| Other assets | 49% | S100YFRH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YFRH |
| Other liabilities | 41% | S100YFRH |
| Equity | 54% | S100YFRH |
| Other liabilities | 0% | S100YFRH |

### 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 | 54,794 | 56,365 | 58,444 | 57,684 | 57,625 |
| Equity | 30,643 | 32,274 | 32,143 | 29,221 | 31,156 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,505 | 8,915 | 10,197 | 10,415 | 9,594 |

## 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) | 29.9% | S100YFRH |
| Fixed assets ÷ total assets | 25.0% | S100YFRH |
| Goodwill ÷ parent equity | — | —, S100YFRH |

### 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) | 16.6% |
| Cash ÷ revenue | 19.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 470.5% |
| Cash vs. profit gap | 1,967 JPY mn (of net income 3512.5%) |
| Shareholder returns / net income | 1591.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 1589.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 111.8% |

## 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 | 6.2% | 0.88× | 5.5% | 1.76× | 9.6% | S100R3LD |
| 2023 | 2.4% | 0.99× | 2.4% | 1.75× | 4.2% | S100TRU1 |
| 2024 | — | —× | -0.9% | —× | — | S100W1LQ |
| 2025 | — | —× | -3.2% | —× | — | S100YFRH |
| 2026 | 0.1% | 0.84× | 0.1% | 2.11× | 0.2% | S100YFRH |

## 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 | 15.0% | 2026-03-31 |
| ＳＭＫ協力業者持株会 | Major shareholder | 8.2% | 2026-03-31 |
| 公益財団法人昭和池田記念財団 | Major shareholder | 5.7% | 2026-03-31 |
| 大日本印刷株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 4.9% | 2026-03-31 |
| ＳＭＫ社員持株会 | Major shareholder | 3.6% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.2% | 2026-03-31 |
| 池田 彰孝 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第104期(2025/04/01－2026/03/31) | S100YFRH | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFRH,, |
| 有価証券報告書－第103期(2024/04/01－2025/03/31) | S100W1LQ | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1LQ,, |
| 有価証券報告書－第102期(2023/04/01－2024/03/31) | S100TRU1 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRU1,, |
| 有価証券報告書－第101期(2022/04/01－2023/03/31) | S100R3LD | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3LD,, |
| 有価証券報告書－第100期(令和3年4月1日－令和4年3月31日) | S100OBVL | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBVL,, |
| 有価証券報告書－第99期(令和2年4月1日－令和3年3月31日) | S100LLMJ | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLMJ,, |

## 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).