# SUMIDA CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第71期(2025/01/01－2025/12/31) (S100XQT8)
> Page: https://vizora.meequs.com/en/company/sumida
> Retrieved: 2026-09-30T21:01:28.412Z

## Company

Sumida, founded in 1956, is a company in Electronic Components listed on TSE Prime. It has 14,964 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SUMIDA CORPORATION |
| Ticker | 6817 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6817.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区入船三丁目7番2号 KDX銀座イーストビル7階 |
| Representative (per filing) | 代表執行役CEO 堀 寬二 |
| Founded | Jan 1956 |
| Share capital | ¥13.6B |
| Employees (consolidated) | 14,964 |
| Fiscal year end | December |
| Website | www.sumida.com (https://www.sumida.com/) |
| Corporate number | 8010001064093 |
| EDINET | E01971 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100XQT8, filed 2026-03-16). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.4 | 53 |
| Profitability | 42 | 56 |
| Cash conversion | 80.2 | 48 |
| Efficiency | 75.9 | 56 |
| Financial strength | 10 | 5 |

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 63% of Sumida's sales come from Asia Pacific Business, with EU Business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +2.2% from the prior year, operating profit +64.8%.

## Company structure

- Segment revenue mix: Asia Pacific Business 62.7%、EU Business 37.3%
- Revenue → net income: ¥147194000000 → ¥3582000000
- Net income → operating cash flow: ¥3582000000 → ¥16457000000（difference ¥12875000000）
- Main uses of operating cash flow: CapEx ¥7347000000 / dividends ¥1749000000 / buybacks —
- Change in cash: ¥1843000000
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 | ¥147.2B |  |
| Operating income | ¥7.44B | Margin 5.1% |
| Net income | ¥3.62B | Margin 2.5% |
| Free cash flow | ¥9.11B |  |
| Largest business | Asia Pacific Business | of segment revenue 62.7% |
| Employees (consolidated) | 14,964 |  |
| EPS | ¥109.47 |  |
| Diluted EPS | ¥109.18 |  |
| Book value per share | ¥1022.56 |  |
| Equity ratio | 37.9% | Derived from disclosed figures |
| Shares outstanding | 33,109,717 |  |
| Treasury shares | 47,700 |  |
| Shareholders | 19,039 |  |
| Cash ratio | 3.7% | Net cash -¥47.5B · Cash ÷ revenue 4.2% |
| Vs. industry median margin | -0.9 pp | Electronic Components |
| ROE | 6.0% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.5× net income
- FY2025, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥84417000000 | ¥147194000000 | +74.4% |
| Operating income | ¥2838000000 | ¥7439000000 | +162.1% |
| Operating margin | 3.4% | 5.1% | +1.7 pp |
| Employees | 17,768 people | 14,964 people | -15.8% |
| Cash and equivalents | ¥5237000000 | ¥6129000000 | +17.0% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| アジア・パシフィック事業 → アジア・パシフィック事業 | 62.7% |
| アジア・パシフィック事業 → 事業再編・廃止 | 0.9% |
| EU事業 → EU事業 | 36.4% |
| 新設・再編 → EU事業 | 0.9% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 147,194 | 100.0% | S100XQT8 |
| Cost of revenue | 126,270 | 85.8% | S100XQT8 |
| Gross profit | 20,924 | 14.2% | S100XQT8 |
| SG&A | 12,840 | 8.7% | S100XQT8 |
| Operating income | 7,439 | 5.1% | S100XQT8 |
| Pretax income | 4,830 | 3.3% | S100XQT8 |
| Income tax | 1,247 | 0.8% | S100XQT8 |
| Net income | 3,582 | 2.4% | S100XQT8 |
| Net income attributable to owners | 3,618 | 2.5% | S100XQT8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 9 |
| Operating income | 5 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 14.2% → Operating margin 5.1% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.2%; Core profit growth: +64.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 29.03×
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 | 143,978 | 147,194 | 3,216 | +2.2% |
| Gross profit | 18,008 | 20,924 | 2,916 | +16.2% |
| Operating income | 4,513 | 7,439 | 2,926 | +64.8% |
| Net income attributable to owners | 590 | 3,618 | 3,028 | +513.2% |
| Operating cash flow | 14,928 | 16,457 | 1,529 | +10.2% |
| Free cash flow | 5,923 | 9,110 | 3,187 | +53.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 81,052 | — | — | 3,666 | 8,291 | — | S100MKR7 |
| FY ending Dec 2017 | 90,153 | — | — | 4,504 | 3,658 | — | S100NPXD |
| FY ending Dec 2018 | 97,538 | — | — | 2,420 | 4,672 | — | S100QG3C |
| FY ending Dec 2019 | 94,283 | 3,543 | 3.8% | 1,582 | 8,732 | 430 | S100MKR7 |
| FY ending Dec 2020 | 84,417 | 2,838 | 3.4% | 828 | 9,107 | 2,342 | S100NPXD |
| FY ending Dec 2021 | 104,920 | 5,326 | 5.1% | 2,629 | 600 | -6,137 | S100QG3C |
| FY ending Dec 2022 | 138,600 | 8,189 | 5.9% | 5,099 | 10,566 | 1,392 | S100T2WW |
| FY ending Dec 2023 | 147,672 | 8,564 | 5.8% | 5,064 | 18,343 | 7,429 | S100VEMQ |
| FY ending Dec 2024 | 143,978 | 4,513 | 3.1% | 590 | 14,928 | 5,923 | S100XQT8 |
| FY ending Dec 2025 | 147,194 | 7,439 | 5.1% | 3,618 | 16,457 | 9,110 | S100XQT8 |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.8M |
| Operating income per employee (consolidated) | ¥497.1K |
| Net income per employee (consolidated) | ¥241.8K |

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) | 18,521 | 17,985 | 15,455 | 14,662 | 14,964 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) +2.1% · Revenue (consolidated) +2.2%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Asia Pacific Business | 92,361 | 62.7% | 4,748 | 5.1% |
| EU Business | 54,832 | 37.3% | 3,403 | 6.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Asia Pacific Business | 62.7% | 58.3% | -4.5 | 5.1% |
| EU Business | 37.3% | 41.7% | 4.5 | 6.2% |

Segment → industry: EU Business → Electronic Components / Asia Pacific Business → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 16,457 | 11.2% | S100XQT8 |
| Capital expenditure | 7,347 | 5.0% | S100XQT8 |
| Free cash flow | 9,110 | 6.2% | 算出 |
| Investing cash flow | -12,886 | -8.8% | S100XQT8 |
| Financing cash flow | -1,958 | -1.3% | S100XQT8 |
| Dividends paid | 1,749 | 1.2% | S100XQT8 |
| Change in cash | 1,843 | 1.3% | S100XQT8 |
| Cash and equivalents | 6,129 | 4.2% | S100XQT8 |

## 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 | 4,237 | 2,944 | 3,107 | 4,286 | 6,129 | S100T2WW, S100VEMQ, S100XQT8 |
| Total assets | 117,725 | 134,846 | 142,786 | 147,766 | 163,656 | S100QG3C, S100T2WW, S100VEMQ, S100XQT8 |
| Net assets | 40,101 | 48,877 | 57,312 | 60,915 | 65,354 | S100T2WW, S100VEMQ, S100XQT8 |
| Share capital | 10,150 | 10,150 | 13,519 | 13,624 | 13,631 | S100QG3C, S100T2WW, S100VEMQ, S100XQT8 |
| Property, plant and equipment | 41,452 | 46,416 | 52,084 | 54,906 | 56,002 | S100QG3C, S100T2WW, S100VEMQ, S100XQT8 |
| Goodwill | 4,425 | 4,916 | 5,335 | 5,730 | 8,157 | S100QG3C, S100T2WW, S100VEMQ, S100XQT8 |
| Current assets | 57,590 | 68,431 | 67,648 | 69,672 | 74,793 | S100QG3C, S100T2WW, S100VEMQ, S100XQT8 |
| Interest-bearing debt | 43,762 | 40,937 | 43,520 | 46,968 | 53,591 | S100QG3C, S100T2WW, S100VEMQ, S100XQT8 |
| Total liabilities | 77,624 | 85,969 | 85,473 | 86,851 | 98,302 | S100QG3C, S100T2WW, S100VEMQ, S100XQT8 |
| Equity attributable to owners of parent | 38,338 | 46,829 | 55,056 | 58,648 | 62,008 | S100QG3C, S100T2WW, S100VEMQ, S100XQT8 |
| Retained earnings | 14,440 | 18,530 | 21,722 | 20,315 | 22,181 | S100QG3C, S100T2WW, S100VEMQ, S100XQT8 |
| Treasury stock | -519 | -520 | -520 | -98 | -98 | S100QG3C, S100T2WW, S100VEMQ, S100XQT8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100XQT8 |
| Property, plant and equipment | 34% | S100XQT8 |
| Intangibles and goodwill | 5% | — |
| Other assets | 57% | S100XQT8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 33% | S100XQT8 |
| Other liabilities | 27% | S100XQT8 |
| Equity | 40% | S100XQT8 |

### 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 | 117,725 | 134,846 | 142,786 | 147,766 | 163,656 |
| Equity | 40,101 | 48,877 | 57,312 | 60,915 | 65,354 |
| Interest-bearing debt | 43,762 | 40,937 | 43,520 | 46,968 | 53,591 |
| Cash | 4,237 | 2,944 | 3,107 | 4,286 | 6,129 |

## 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) | 38.0% | S100XQT8 |
| Fixed assets ÷ total assets | 34.2% | S100XQT8 |
| Goodwill ÷ parent equity | 13.2% | S100XQT8 |

Goodwill over 4 years: 4,425 → 8,157 JPY; total investing cash flow: -47,308 JPY. This does not imply causation.

### 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) | 3.7% |
| Cash ÷ revenue | 4.2% |
| Net cash (cash − interest-bearing debt) | -¥47.5B |
| Net debt ÷ operating cash flow | 2.88× |
| Cash conversion (operating CF ÷ operating income) | 221.2% |
| Cash vs. profit gap | 12,839 JPY mn (of net income 354.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 48.3% |
| Shareholder payments — dividends / FCF | 19.2% |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 78.3% |

## 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 | 2.5% | 0.89× | 2.2% | 3.07× | 6.9% | S100QG3C |
| 2022 | 3.7% | 1.10× | 4.0% | 2.97× | 12.0% | S100T2WW |
| 2023 | 3.4% | 1.06× | 3.6% | 2.72× | 9.9% | S100VEMQ |
| 2024 | 0.4% | 0.99× | 0.4% | 2.56× | 1.0% | S100XQT8 |
| 2025 | 2.5% | 0.95× | 2.3% | 2.58× | 6.0% | S100XQT8 |

## 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% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.3% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行） | Major shareholder | 4.0% | 2025-12-31 |
| ヤワタビル株式会社（注）1. | Major shareholder | 3.4% | 2025-12-31 |
| Yawata Zaidan Limited（注）1. （常任代理人 麹丸美樹） | Major shareholder | 2.3% | 2025-12-31 |
| 佐藤哲雄 | Major shareholder | 2.2% | 2025-12-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.3% | 2025-12-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.1% | 2025-12-31 |
| JP JPMSE LUX RE BARCLAYS CAPITAL SEC LTD EQ CO （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.0% | 2025-12-31 |
| THE BANK OF NEW YORK MELLON 140040 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第71期(2025/01/01－2025/12/31) | S100XQT8 | 2026-03-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XQT8,, |
| 有価証券報告書－第70期(2024/01/01－2024/12/31) | S100VEMQ | 2025-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VEMQ,, |
| 有価証券報告書－第69期(2023/01/01－2023/12/31) | S100T2WW | 2024-03-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T2WW,, |
| 有価証券報告書－第68期(2022/01/01－2022/12/31) | S100QG3C | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG3C,, |
| 有価証券報告書－第67期(令和3年1月1日－令和3年12月31日) | S100NPXD | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPXD,, |
| 訂正有価証券報告書－第66期(令和2年1月1日－令和2年12月31日) | S100MKR7 | 2021-10-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MKR7,, |

## 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).