# SUMCO CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/01/01－2025/12/31) (S100XRR5)
> Page: https://vizora.meequs.com/en/company/sumco
> Retrieved: 2026-09-30T19:09:18.219Z

## Company

Sumco, founded in 1999, is a company in Semiconductor Materials listed on TSE Prime. It has 9,714 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SUMCO CORPORATION |
| Ticker | 3436 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3436.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝浦一丁目2番1号 |
| Representative (per filing) | 代表取締役 会長兼CEO 橋本 眞幸 |
| Founded | Jul 1999 |
| Share capital | ¥199B |
| Employees (consolidated) | 9,714 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | December |
| Website | www.sumcosi.com (https://www.sumcosi.com/) |
| Corporate number | 3010401046159 |
| EDINET | E02103 |
| Industries (Vizora) | Semiconductor Materials |

> Profile source: annual securities report (S100XRR5, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Materials (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45.7 | 23 |
| Profitability | 2.1 | 24 |
| Cash conversion | 97.9 | 24 |
| Efficiency | 6.3 | 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)

- Sumco brought in ¥409.7B in revenue.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed +3.3% from the prior year, operating profit -96.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥409.7B |  |
| Operating income | ¥1.34B | Margin 0.3% |
| Net income | -¥11.8B | Margin -2.9% |
| Free cash flow | -¥11B |  |
| Employees (consolidated) | 9,714 |  |
| EPS | ¥-14.44 |  |
| Book value per share | ¥1362.25 |  |
| Equity ratio | 51.3% |  |
| Shares outstanding | 350,175,139 |  |
| Treasury shares | 8,100 |  |
| Shareholders | 104,335 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 6.7% | Cash ÷ revenue 18.4% |
| Vs. industry median margin | -14.5 pp | Semiconductor Materials |
| ROA | -1.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥291333000000 | ¥409670000000 | +40.6% |
| Operating income | ¥37897000000 | ¥1342000000 | -96.5% |
| Operating margin | 13.0% | 0.3% | -12.7 pp |
| Employees | 8,199 people | 9,714 people | +18.5% |
| Cash and equivalents | ¥81864000000 | ¥75296000000 | -8.0% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 409,670 | 100.0% | S100XRR5 |
| Cost of revenue | 355,168 | 86.7% | S100XRR5 |
| Gross profit | 54,502 | 13.3% | S100XRR5 |
| SG&A | 53,160 | 13.0% | S100XRR5 |
| Operating income | 1,342 | 0.3% | S100XRR5 |
| Ordinary income | -3,886 | -0.9% | S100XRR5 |
| Pretax income | -3,886 | -0.9% | S100XRR5 |
| Income tax | 6,181 | 1.5% | S100XRR5 |
| Net income | -10,067 | -2.5% | S100XRR5 |
| Net income attributable to owners | -11,751 | -2.9% | S100XRR5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 13 |
| Operating income | 0 |
| (Ref.) Net income | -3 |

### Margin funnel

Gross margin 13.3% → Operating margin 0.3% → Net margin -2.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.3%; Core profit growth: -96.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -29.29×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 396,619 | 409,670 | 13,051 | +3.3% |
| Gross profit | 72,726 | 54,502 | -18,224 | -25.1% |
| Operating income | 36,924 | 1,342 | -35,582 | -96.4% |
| Net income attributable to owners | 19,877 | -11,751 | -31,628 | -159.1% |
| Operating cash flow | 69,627 | 100,040 | 30,413 | +43.7% |
| Free cash flow | -177,621 | -10,993 | 166,628 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 299,460 | 50,636 | 16.9% | 33,112 | 77,664 | 15,499 | S100L4EK |
| FY ending Dec 2020 | 291,333 | 37,897 | 13.0% | 25,505 | 84,188 | 30,448 | S100NPKM |
| FY ending Dec 2021 | 335,674 | 51,543 | 15.4% | 41,120 | 104,708 | 36,922 | S100QENF |
| FY ending Dec 2022 | 441,083 | 109,683 | 24.9% | 70,205 | 179,462 | 54,009 | S100TD5S |
| FY ending Dec 2023 | 425,941 | 73,080 | 17.2% | 63,884 | 96,342 | -160,568 | S100VFYA |
| FY ending Dec 2024 | 396,619 | 36,924 | 9.3% | 19,877 | 69,627 | -177,621 | S100XRR5 |
| FY ending Dec 2025 | 409,670 | 1,342 | 0.3% | -11,751 | 100,040 | -10,993 | S100XRR5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.2M |
| Operating income per employee (consolidated) | ¥138.2K |
| Net income per employee (consolidated) | -¥1.2M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 8,469 | 9,189 | 9,847 | 9,850 | 9,714 |
| Average salary (parent company) | ¥6.6M | ¥6.8M | ¥6.8M | ¥6.7M | ¥6.4M |
| Average age (parent company) | 43.6 years | 42.8 years | 42.4 years | 42.6 years | 42.7 years |
| Average tenure (parent company) | 17.2 years | 15.5 years | 14.2 years | 13.6 years | 14.0 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) +3.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 100,040 | 24.4% | S100XRR5 |
| Capital expenditure | 111,033 | 27.1% | S100XRR5 |
| Free cash flow | -10,993 | -2.7% | 算出 |
| Investing cash flow | -111,447 | -27.2% | S100XRR5 |
| Financing cash flow | -8,729 | -2.1% | S100XRR5 |
| Dividends paid | 5,602 | 1.4% | S100XRR5 |
| Change in cash | -20,374 | -5.0% | S100XRR5 |
| Cash and equivalents | 75,296 | 18.4% | S100XRR5 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 224,673 | 259,305 | 156,353 | 95,671 | 75,296 | S100TD5S, S100VFYA, S100XRR5 |
| Total assets | 764,821 | 892,555 | 1,073,087 | 1,172,683 | 1,127,966 | S100QENF, S100TD5S, S100VFYA, S100XRR5 |
| Net assets | 522,842 | 591,484 | 635,527 | 657,236 | 647,785 | S100TD5S, S100VFYA, S100XRR5 |
| Share capital | 199,034 | 199,034 | 199,034 | 199,034 | 199,034 | S100QENF, S100TD5S, S100VFYA, S100XRR5 |
| Trade receivables | 75,590 | — | — | — | — | S100QENF |
| Property, plant and equipment | 226,502 | 300,371 | 551,994 | 692,350 | 663,425 | S100QENF, S100TD5S, S100VFYA, S100XRR5 |
| Intangible assets excluding goodwill | 8,655 | 8,235 | 7,687 | 7,333 | 7,231 | S100QENF, S100TD5S, S100VFYA, S100XRR5 |
| Goodwill | 471 | 157 | — | — | — | S100QENF, S100TD5S |
| Investment securities | 88 | 88 | 2,045 | 2,453 | 2,912 | S100QENF, S100TD5S, S100VFYA, S100XRR5 |
| Current assets | 482,108 | 543,605 | 473,821 | 435,143 | 427,359 | S100QENF, S100TD5S, S100VFYA, S100XRR5 |
| Current liabilities | 103,793 | 157,235 | 204,529 | 163,636 | 133,080 | S100QENF, S100TD5S, S100VFYA, S100XRR5 |
| Trade payables | 30,743 | 38,037 | 34,213 | 32,028 | 32,126 | S100QENF, S100TD5S, S100VFYA, S100XRR5 |
| Short-term borrowings | 32,534 | 30,432 | 34,107 | 41,628 | 41,253 | S100QENF, S100TD5S, S100VFYA, S100XRR5 |
| Long-term borrowings | 108,349 | 110,617 | 190,140 | 312,043 | 312,200 | S100QENF, S100TD5S, S100VFYA, S100XRR5 |
| Total liabilities | 241,978 | 301,071 | 437,559 | 515,447 | 480,181 | S100QENF, S100TD5S, S100VFYA, S100XRR5 |
| Non-controlling interests | 46,694 | 57,931 | 63,371 | 65,121 | 69,406 | S100QENF, S100TD5S, S100VFYA, S100XRR5 |
| Equity attributable to owners of parent | 469,370 | 518,620 | 551,096 | 561,467 | 544,739 | S100QENF, S100TD5S, S100VFYA, S100XRR5 |
| Retained earnings | 185,069 | 234,319 | 267,739 | 277,812 | 260,458 | S100QENF, S100TD5S, S100VFYA, S100XRR5 |
| Treasury stock | -19 | -19 | -964 | -923 | -914 | S100QENF, S100TD5S, S100VFYA, S100XRR5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100XRR5 |
| Property, plant and equipment | 59% | S100XRR5 |
| Intangibles and goodwill | 1% | S100XRR5 |
| Investment securities | 0% | S100XRR5 |
| Other assets | 33% | S100XRR5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100XRR5 |
| Other liabilities | 40% | S100XRR5 |
| Equity | 57% | S100XRR5 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 764,821 | 892,555 | 1,073,087 | 1,172,683 | 1,127,966 |
| Equity | 522,842 | 591,484 | 635,527 | 657,236 | 647,785 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 224,673 | 259,305 | 156,353 | 95,671 | 75,296 |

## 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) | 161.9% | S100XRR5 |
| Fixed assets ÷ total assets | 58.8% | S100XRR5 |
| Goodwill ÷ parent equity | — | —, S100XRR5 |

### 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) | 6.7% |
| Cash ÷ revenue | 18.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 7454.5% |
| Cash vs. profit gap | 111,791 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 27.1% |
| Investing CF relative to operating CF | 111.4% |

## 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 | 12.2% | 0.44× | 5.4% | 1.63× | 8.8% | S100QENF |
| 2022 | 15.9% | 0.53× | 8.5% | 1.68× | 14.2% | S100TD5S |
| 2023 | 15.0% | 0.43× | 6.5% | 1.84× | 11.9% | S100VFYA |
| 2024 | 5.0% | 0.35× | 1.8% | 2.02× | 3.6% | S100XRR5 |
| 2025 | — | —× | -1.0% | —× | — | S100XRR5 |

## 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 | 16.7% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 10.7% | 2025-12-31 |
| BNYMSANV AS AGENT / CLIENTS LUX UCITS NON TREATY 1(常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 3.4% | 2025-12-31 |
| JP MORGAN CHASE BANK 385864(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.5% | 2025-12-31 |
| 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 | 2.4% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505103(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.3% | 2025-12-31 |
| BBH (LUX) FOR FIDELITY FUNDS - GLOBAL TECHNOLOGY POOL(常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 2.1% | 2025-12-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.9% | 2025-12-31 |
| 野村信託銀行株式会社(投信口) | Major shareholder | 1.7% | 2025-12-31 |
| SCBHK AC-SCBCN FOR PRUDENTIAL HONG KONG LIMITED(常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.1% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 was ¥409.7B, up +3.3% from ¥396.6B.
- Profits moved the other way: gross profit dropped -25.1% to ¥54.5B, and operating income fell -96.4% from ¥36.9B to ¥1.34B.
- Net income attributable to owners went from a ¥19.9B profit to a -¥11.8B loss.
- Cash from operations improved +43.7% to ¥100B, and free cash flow narrowed from -¥177.6B to -¥11B.

### Drivers

- Wafers for leading-edge chips stayed in strong demand as AI chip production ramped up
- Other wafers recovered only slowly as customers worked down inventory, and shipments of smaller wafers stayed weak all year
- Heavy spending to add capacity for leading-edge wafers pushed up depreciation costs

### Risks

- Wafer demand depends heavily on the chip market, which can be hit by geopolitical tension or an economic slowdown
- If the market weakens while new capacity is still coming online, SUMCO could end up with idle capacity or impairment losses
- Long-term polysilicon purchase contracts have left it with surplus raw material, which limits how far it can cut material costs until stock levels normalize

Cited: Annual Securities Report, 27th fiscal year (2025/01/01–2025/12/31) (Management's analysis of financial position, operating results and cash flows); Annual Securities Report, 27th fiscal year (2025/01/01–2025/12/31) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/01/01－2025/12/31) | S100XRR5 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRR5,, |
| 有価証券報告書－第26期(2024/01/01－2024/12/31) | S100VFYA | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFYA,, |
| 訂正有価証券報告書－第25期(2023/01/01－2023/12/31) | S100TD5S | 2024-05-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TD5S,, |
| 有価証券報告書－第24期(2022/01/01－2022/12/31) | S100QENF | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QENF,, |
| 有価証券報告書－第23期(令和3年1月1日－令和3年12月31日) | S100NPKM | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPKM,, |
| 訂正有価証券報告書－第22期(令和2年1月1日－令和2年12月31日) | S100L4EK | 2021-04-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L4EK,, |

## 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).