# SYSMEX CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第59期(2025/04/01－2026/03/31) (S100YFAW)
> Page: https://vizora.meequs.com/en/company/sysmex
> Retrieved: 2026-09-30T19:09:15.595Z

## Company

Sysmex, founded in 1968, is a company in Medical Devices listed on TSE Prime. It has 10,861 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SYSMEX CORPORATION |
| Ticker | 6869 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6869.T) |
| Listing | TSE Prime |
| Head office | 神戸市中央区脇浜海岸通1丁目5番1号 |
| Representative (per filing) | 代表取締役社長 松井 石根 |
| Founded | Feb 1968 |
| Share capital | ¥14.9B |
| Employees (consolidated) | 10,861 |
| Average salary (parent only) | ¥8.8M |
| Fiscal year end | March |
| Website | www.sysmex.co.jp (https://www.sysmex.co.jp/) |
| Corporate number | 9140001009530 |
| EDINET | E02015 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100YFAW, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 38 |
| Profitability | 44.9 | 39 |
| Cash conversion | 88.2 | 38 |
| Efficiency | 67.9 | 39 |

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 30% of Sysmex's sales come from EMEA RHQ, with Americas RHQ and China RHQ making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed -1.7% from the prior year, operating profit -40.8%.

## Company structure

- Segment revenue mix: EMEA RHQ 30.4%、Americas RHQ 26.1%、China RHQ 17.9%、Headquarter 17.5%、AP RHQ 8.1%
- Revenue → net income: ¥500006000000 → ¥35374000000
- Net income → operating cash flow: ¥35374000000 → ¥73848000000（difference ¥38474000000）
- Main uses of operating cash flow: CapEx ¥50969000000 / dividends ¥22441000000 / buybacks ¥3214000000
- Change in cash: ¥-5453000000
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 | ¥500B |  |
| Operating income | ¥51.8B | Margin 10.4% |
| Net income | ¥35.5B | Margin 7.1% |
| Free cash flow | ¥22.9B |  |
| Largest business | EMEA RHQ | of segment revenue 30.4% |
| Employees (consolidated) | 10,861 |  |
| EPS | ¥56.89 |  |
| Diluted EPS | ¥56.89 |  |
| Book value per share | ¥446.87 |  |
| Equity ratio | 71.4% | Derived from disclosed figures |
| Shares outstanding | 629,480,000 |  |
| Treasury shares | 3,039,200 |  |
| Shareholders | 46,614 |  |
| Average salary (parent only) | ¥8.8M | Filing company only |
| Cash ratio | 11.9% | Cash ÷ revenue 16.8% |
| Vs. industry median margin | -0.7 pp | Medical Devices |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥305073000000 | ¥500006000000 | +63.9% |
| Operating income | ¥50010000000 | ¥51831000000 | +3.6% |
| Operating margin | 16.4% | 10.4% | -6 pp |
| Employees | 8,445 people | 10,861 people | +28.6% |
| Cash and equivalents | ¥66467000000 | ¥84117000000 | +26.6% |

### 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 |
| --- | ---: |
| 日本 → 事業再編・廃止 | 17.3% |
| 米州 → 事業再編・廃止 | 20.2% |
| ＥＭＥＡ → 事業再編・廃止 | 27.2% |
| 中国 → 事業再編・廃止 | 27.4% |
| アジア・パシフィック → 事業再編・廃止 | 8.0% |
| 新設・再編 → 本社統括 | 17.5% |
| 新設・再編 → 米州統括 | 26.1% |
| 新設・再編 → EMEA統括 | 30.4% |
| 新設・再編 → 中国統括 | 17.9% |
| 新設・再編 → AP統括 | 8.1% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| EMEA RHQ | 2 years | +11.9% | ¥152110000000 | 6.5% | 2 |
| Americas RHQ | 2 years | +7.9% | ¥130456000000 | 6.5% | 2 |
| China RHQ | 2 years | -9.8% | ¥89296000000 | 10.5% | 2 |
| Headquarter | 2 years | +1.1% | ¥87562000000 | 20.3% | 2 |
| AP RHQ | 2 years | +11.7% | ¥40581000000 | 9.1% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 500,006 | 100.0% | S100YFAW |
| Cost of revenue | 244,324 | 48.9% | S100YFAW |
| Gross profit | 255,681 | 51.1% | S100YFAW |
| SG&A | 164,351 | 32.9% | S100YFAW |
| Operating income | 51,831 | 10.4% | S100YFAW |
| Pretax income | 49,051 | 9.8% | S100YFAW |
| Income tax | 13,676 | 2.7% | S100YFAW |
| Net income | 35,374 | 7.1% | S100YFAW |
| Net income attributable to owners | 35,457 | 7.1% | S100YFAW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 49 |
| SG&A | 33 |
| Other operating | 8 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 51.1% → Operating margin 10.4% → Net margin 7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.7%; Core profit growth: -40.8%
Operating leverage (core profit growth ÷ revenue growth): 24.04×
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 | 508,643 | 500,006 | -8,637 | -1.7% |
| Gross profit | 271,977 | 255,681 | -16,296 | -6.0% |
| Operating income | 87,583 | 51,831 | -35,752 | -40.8% |
| Net income attributable to owners | 53,669 | 35,457 | -18,212 | -33.9% |
| Operating cash flow | 88,246 | 73,848 | -14,398 | -16.3% |
| Free cash flow | 38,287 | 22,879 | -15,408 | -40.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 249,899 | — | — | 40,636 | 32,832 | — | S100LP4E |
| FY ending Mar 2018 | 281,935 | — | — | 39,222 | 52,240 | — | S100ODSU |
| FY ending Mar 2019 | 293,506 | — | — | 41,224 | 44,743 | — | S100R2BN |
| FY ending Mar 2020 | 301,980 | 55,284 | 18.3% | 34,883 | 53,182 | 26,710 | S100LP4E |
| FY ending Mar 2021 | 305,073 | 50,010 | 16.4% | 31,905 | 56,873 | 31,080 | S100ODSU |
| FY ending Mar 2022 | 363,780 | 67,416 | 18.5% | 44,093 | 58,739 | 26,705 | S100R2BN |
| FY ending Mar 2023 | 410,502 | 73,679 | 17.9% | 45,784 | 68,835 | 26,330 | S100TP0H |
| FY ending Mar 2024 | 461,510 | 78,382 | 17.0% | 49,639 | 63,905 | 13,714 | S100W5IV |
| FY ending Mar 2025 | 508,643 | 87,583 | 17.2% | 53,669 | 88,246 | 38,287 | S100YFAW |
| FY ending Mar 2026 | 500,006 | 51,831 | 10.4% | 35,457 | 73,848 | 22,879 | S100YFAW |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 8,771 | 9,500 | 10,042 | 10,533 | 10,861 |
| Average salary (parent company) | ¥8.4M | ¥8.4M | ¥8.7M | ¥9.1M | ¥8.8M |
| Average age (parent company) | 41.7 years | 42.3 years | 42.4 years | 42.3 years | 42.4 years |
| Average tenure (parent company) | 12.6 years | 12.6 years | 12.7 years | 12.7 years | 12.8 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) -1.7%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Headquarter | 87,562 | 17.5% | 17,771 | 20.3% |
| Americas RHQ | 130,456 | 26.1% | 8,507 | 6.5% |
| EMEA RHQ | 152,110 | 30.4% | 9,904 | 6.5% |
| China RHQ | 89,296 | 17.9% | 9,343 | 10.5% |
| AP RHQ | 40,581 | 8.1% | 3,707 | 9.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Headquarter | 17.5% | 36.1% | 18.6 | 20.3% |
| Americas RHQ | 26.1% | 17.3% | -8.8 | 6.5% |
| EMEA RHQ | 30.4% | 20.1% | -10.3 | 6.5% |
| China RHQ | 17.9% | 19.0% | 1.1 | 10.5% |
| AP RHQ | 8.1% | 7.5% | -0.6 | 9.1% |

Segment → industry: AP RHQ → Medical Devices / China RHQ → Medical Devices / EMEA RHQ → Medical Devices / Americas RHQ → Medical Devices / Headquarter → Medical Devices

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 73,848 | 14.8% | S100YFAW |
| Capital expenditure | 50,969 | 10.2% | S100YFAW |
| Free cash flow | 22,879 | 4.6% | 算出 |
| Investing cash flow | -51,472 | -10.3% | S100YFAW |
| Financing cash flow | -37,659 | -7.5% | S100YFAW |
| Dividends paid | 22,441 | 4.5% | S100YFAW |
| Share buyback | 3,214 | 0.6% | S100YFAW |
| Change in cash | -5,453 | -1.1% | S100YFAW |
| Cash and equivalents | 84,117 | 16.8% | S100YFAW |

## 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 | 73,752 | 69,460 | 75,507 | 89,570 | 84,117 | S100TP0H, S100W5IV, S100YFAW |
| Total assets | 483,707 | 531,074 | 618,920 | 665,268 | 707,532 | S100R2BN, S100TP0H, S100W5IV, S100YFAW |
| Net assets | 349,053 | 388,356 | 432,897 | 464,534 | 505,676 | S100TP0H, S100W5IV, S100YFAW |
| Share capital | 14,112 | 14,282 | 14,729 | 14,887 | 14,898 | S100R2BN, S100TP0H, S100W5IV, S100YFAW |
| Property, plant and equipment | 98,525 | 102,106 | 116,693 | 130,211 | 150,396 | S100R2BN, S100TP0H, S100W5IV, S100YFAW |
| Goodwill | 13,010 | 16,842 | 17,221 | 14,205 | 4,138 | S100R2BN, S100TP0H, S100W5IV, S100YFAW |
| Current assets | 275,092 | 295,491 | 343,459 | 364,821 | 388,606 | S100R2BN, S100TP0H, S100W5IV, S100YFAW |
| Total liabilities | 134,654 | 142,718 | 186,023 | 200,734 | 201,856 | S100R2BN, S100TP0H, S100W5IV, S100YFAW |
| Equity attributable to owners of parent | 348,303 | 387,665 | 432,045 | 463,776 | 505,000 | S100R2BN, S100TP0H, S100W5IV, S100YFAW |
| Retained earnings | 305,710 | 334,192 | 365,985 | 402,820 | 416,253 | S100R2BN, S100TP0H, S100W5IV, S100YFAW |
| Treasury stock | -312 | -314 | -12,315 | -12,318 | -15,501 | S100R2BN, S100TP0H, S100W5IV, S100YFAW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YFAW |
| Property, plant and equipment | 21% | S100YFAW |
| Intangibles and goodwill | 1% | — |
| Other assets | 66% | S100YFAW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100YFAW |
| Equity | 71% | S100YFAW |

### 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 | 483,707 | 531,074 | 618,920 | 665,268 | 707,532 |
| Equity | 349,053 | 388,356 | 432,897 | 464,534 | 505,676 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 73,752 | 69,460 | 75,507 | 89,570 | 84,117 |

## 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) | 30.1% | S100YFAW |
| Fixed assets ÷ total assets | 21.3% | S100YFAW |
| Goodwill ÷ parent equity | 0.8% | S100YFAW |

Goodwill over 4 years: 13,010 → 4,138 JPY; total investing cash flow: -245,733 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) | 11.9% |
| Cash ÷ revenue | 16.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 142.5% |
| Cash vs. profit gap | 38,391 JPY mn (of net income 108.3%) |
| Shareholder returns / net income | 72.4% |
| Shareholder returns / FCF | 112.1% |
| Shareholder payments — dividends / net income | 63.3% |
| Shareholder payments — dividends / FCF | 98.1% |
| CapEx intensity (capex ÷ revenue) | 10.2% |
| Investing CF relative to operating CF | 69.7% |

## 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 | 12.1% | 0.75× | 9.1% | 1.39× | 12.7% | S100R2BN |
| 2023 | 11.2% | 0.81× | 9.0% | 1.38× | 12.4% | S100TP0H |
| 2024 | 10.8% | 0.80× | 8.6% | 1.40× | 12.1% | S100W5IV |
| 2025 | 10.6% | 0.79× | 8.4% | 1.43× | 12.0% | S100YFAW |
| 2026 | 7.1% | 0.73× | 5.2% | 1.42× | 7.3% | S100YFAW |

## 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 | 11.5% | 2026-03-31 |
| 公益財団法人中谷財団 | Major shareholder | 6.2% | 2026-03-31 |
| 公益財団法人神戸やまぶき財団 | Major shareholder | 5.8% | 2026-03-31 |
| 有限会社中谷興産 | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.8% | 2026-03-31 |
| 家次 和子 | Major shareholder | 3.3% | 2026-03-31 |
| 和田 妙子 | Major shareholder | 3.1% | 2026-03-31 |
| 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 | 2.7% | 2026-03-31 |
| ルソール株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) SUB A/C AMERICAN CLIENTS （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.6% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 slipped to ¥500B from ¥508.6B, down 1.7%.
- Profits fell much harder: operating income dropped from ¥87.6B to ¥51.8B (-40.8%) and net income from ¥53.7B to ¥35.5B (-33.9%).
- Operating cash flow came in at ¥73.8B (-16.3%), and free cash flow at ¥22.9B (-40.2%).

### Drivers

- In China, healthcare cost-containment policies cut sales of hematology and coagulation instruments and reagents sharply
- Sales in Japan also fell, while the Americas, EMEA and Asia-Pacific grew
- A higher cost-of-sales ratio, more SG&A from added staff and digital systems, and impairment losses weighed on profit

### Risks

- The impact of China's cost-containment and centralized purchasing policies is already visible
- With most sales overseas, a stronger yen would shrink reported results
- Geopolitical tension or tighter trade rules could restrict sales and sourcing

Cited: Annual securities report (59th term) (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); Annual securities report (59th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2025/04/01－2026/03/31) | S100YFAW | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFAW,, |
| 有価証券報告書－第58期(2024/04/01－2025/03/31) | S100W5IV | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5IV,, |
| 有価証券報告書－第57期(2023/04/01－2024/03/31) | S100TP0H | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP0H,, |
| 有価証券報告書－第56期(2022/04/01－2023/03/31) | S100R2BN | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2BN,, |
| 有価証券報告書－第55期(令和3年4月1日－令和4年3月31日) | S100ODSU | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODSU,, |
| 有価証券報告書－第54期(令和2年4月1日－令和3年3月31日) | S100LP4E | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP4E,, |

## 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).