# TAIYO TECHNOLEX CO.,LTD.: 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65期(2024/12/21－2025/12/20) (S100XRF9)
> Page: https://vizora.meequs.com/en/company/taiyo-technolex
> Retrieved: 2026-09-30T21:01:35.853Z

## Company

Taiyo Technolex, founded in 1960, is a company in Robots & Factory Automation listed on TSE Standard. It has 192 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAIYO TECHNOLEX CO.,LTD. |
| Ticker | 6663 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6663.T) |
| Listing | TSE Standard |
| Head office | 和歌山県和歌山市有本661番地 |
| Representative (per filing) | 代表取締役社長 細江 正大 |
| Founded | Dec 1960 |
| Share capital | ¥822.2M |
| Employees (consolidated) | 192 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | December |
| Website | www.taiyo-tx.com (https://www.taiyo-tx.com/) |
| Corporate number | 9170001002004 |
| EDINET | E02097 |
| Industries (Vizora) | Robots & Factory Automation, Machine Tools, Electronic Components, Industrial Machinery |

> Profile source: annual securities report (S100XRF9, filed 2026-03-17). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2025-12-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 29.2 | 53 |
| Profitability | 31.3 | 56 |
| Cash conversion | 5.2 | 48 |
| Efficiency | 59.8 | 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 64% of Taiyo Technolex's sales come from Electronic substrate Business, with Testing System Business and Industrial Machinery and System Business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +6.6% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.75B |  |
| Operating income | ¥142.6M | Margin 3.8% |
| Net income | ¥136.7M | Margin 3.6% |
| Free cash flow | -¥108.9M |  |
| Largest business | Electronic substrate Business | of segment revenue 64.2% |
| Employees (consolidated) | 192 |  |
| EPS | ¥19.54 |  |
| Book value per share | ¥423.07 |  |
| Equity ratio | 58.4% |  |
| Shares outstanding | 5,992,400 |  |
| Treasury shares | 6,200 |  |
| Shareholders | 3,008 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 10.1% | Cash ÷ revenue 12.3% |
| Vs. industry median margin | -2.1 pp | Electronic Components |
| ROE | 5.7% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 82% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3175189000 | ¥3751667000 | +18.2% |
| Operating income | ¥-425693000 | ¥142572000 | — |
| Operating margin | -13.4% | 3.8% | +17.2 pp |
| Employees | 262 people | 192 people | -26.7% |
| Cash and equivalents | ¥469068000 | ¥462853000 | -1.3% |

### 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 |
| --- | ---: |
| 電子基板事業 → 電子基板事業 | 64.2% |
| 電子基板事業 → 事業再編・廃止 | 0.1% |
| テストシステム事業 → テストシステム事業 | 12.0% |
| テストシステム事業 → 事業再編・廃止 | 5.0% |
| 鏡面研磨機事業 → 鏡面研磨機事業 | 11.9% |
| 鏡面研磨機事業 → 事業再編・廃止 | 1.4% |
| 産機システム事業 → 産機システム事業 | 5.3% |
| 新設・再編 → 産機システム事業 | 6.5% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electronic substrate Business | 5 years | +3.4% | ¥2409323000 | 20.8% | 2 |
| Testing System Business | 5 years | -3.6% | ¥450982000 | -7.5% | 2 |
| Industrial Machinery and System Business | 5 years | +21.3% | ¥445693000 | 9.0% | 2 |
| Mirror-polishing machine Business | 5 years | +1.2% | ¥445667000 | 15.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,752 | 100.0% | S100XRF9 |
| Cost of revenue | 2,628 | 70.0% | S100XRF9 |
| Gross profit | 1,124 | 30.0% | S100XRF9 |
| SG&A | 981 | 26.2% | S100XRF9 |
| Operating income | 143 | 3.8% | S100XRF9 |
| Ordinary income | 158 | 4.2% | S100XRF9 |
| Pretax income | 169 | 4.5% | S100XRF9 |
| Income tax | 36 | 1.0% | S100XRF9 |
| Net income | 133 | 3.5% | S100XRF9 |
| Net income attributable to owners | 137 | 3.6% | S100XRF9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 26 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 30.0% → Operating margin 3.8% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 3,519 | 3,752 | 232 | +6.6% |
| Gross profit | 1,010 | 1,124 | 114 | +11.3% |
| Operating income | -54 | 143 | 197 | — |
| Net income attributable to owners | -80 | 137 | 216 | — |
| Operating cash flow | 249 | -62 | -310 | -124.8% |
| Free cash flow | 212 | -109 | -321 | -151.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 3,896 | -114 | -2.9% | -214 | 262 | 223 | S100KXIA |
| FY ending Dec 2020 | 3,175 | -426 | -13.4% | -630 | 50 | 20 | S100NLNU |
| FY ending Dec 2021 | 3,918 | 121 | 3.1% | 241 | 165 | 146 | S100QDJC |
| FY ending Dec 2022 | 3,626 | -28 | -0.8% | 40 | 233 | 146 | S100T1ZT |
| FY ending Dec 2023 | 3,411 | -142 | -4.2% | -127 | -27 | -203 | S100VET6 |
| FY ending Dec 2024 | 3,519 | -54 | -1.5% | -80 | 249 | 212 | S100XRF9 |
| FY ending Dec 2025 | 3,752 | 143 | 3.8% | 137 | -62 | -109 | S100XRF9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.5M |
| Operating income per employee (consolidated) | ¥742.6K |
| Net income per employee (consolidated) | ¥712K |

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) | 245 | 234 | 228 | 209 | 192 |
| Average salary (parent company) | ¥4.8M | ¥5M | ¥5.1M | ¥5M | ¥5.2M |
| Average age (parent company) | 44.1 years | 44.7 years | 45.1 years | 45.7 years | 45.7 years |
| Average tenure (parent company) | 17.4 years | 17.8 years | 18.5 years | 19.3 years | 20.0 years |

Year over year: Employees (consolidated) -8.1% · Revenue (consolidated) +6.6%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronic substrate Business | 2,409 | 64.2% | 501 | 20.8% |
| Testing System Business | 451 | 12.0% | -34 | -7.5% |
| Mirror-polishing machine Business | 446 | 11.9% | 70 | 15.8% |
| Industrial Machinery and System Business | 446 | 11.9% | 40 | 9.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronic substrate Business | 64.2% | 81.9% | 17.7 | 20.8% |
| Testing System Business | 12.0% | — | — | -7.5% |
| Mirror-polishing machine Business | 11.9% | 11.5% | -0.4 | 15.8% |
| Industrial Machinery and System Business | 11.9% | 6.6% | -5.3 | 9.0% |

Loss-making segment (excluded from profit shares): Testing System Business -34 JPY mn

Segment → industry: Testing System Business → Robots & Factory Automation / Mirror-polishing machine Business → Machine Tools / Electronic substrate Business → Electronic Components / Industrial Machinery and System Business → Industrial Machinery

## 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 | -62 | -1.6% | S100XRF9 |
| Capital expenditure | 47 | 1.3% | S100XRF9 |
| Free cash flow | -109 | -2.9% | 算出 |
| Investing cash flow | 165 | 4.4% | S100XRF9 |
| Financing cash flow | -204 | -5.4% | S100XRF9 |
| Dividends paid | 18 | 0.5% | S100XRF9 |
| Change in cash | -111 | -3.0% | S100XRF9 |
| Cash and equivalents | 463 | 12.3% | S100XRF9 |

## 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 | 691 | 714 | 485 | 574 | 463 | S100T1ZT, S100VET6, S100XRF9 |
| Total assets | 4,833 | 4,794 | 4,578 | 4,544 | 4,571 | S100QDJC, S100T1ZT, S100VET6, S100XRF9 |
| Net assets | 2,618 | 2,667 | 2,539 | 2,531 | 2,698 | S100T1ZT, S100VET6, S100XRF9 |
| Share capital | 807 | 815 | 815 | 822 | 822 | S100QDJC, S100T1ZT, S100VET6, S100XRF9 |
| Trade receivables | 901 | — | — | — | — | S100QDJC |
| Property, plant and equipment | 1,385 | 1,404 | 1,403 | 1,423 | 1,356 | S100QDJC, S100T1ZT, S100VET6, S100XRF9 |
| Intangible assets excluding goodwill | 30 | 62 | 79 | 57 | 42 | S100QDJC, S100T1ZT, S100VET6, S100XRF9 |
| Investment securities | 373 | 384 | 344 | 339 | 395 | S100QDJC, S100T1ZT, S100VET6, S100XRF9 |
| Current assets | 2,832 | 2,731 | 2,535 | 2,539 | 2,605 | S100QDJC, S100T1ZT, S100VET6, S100XRF9 |
| Current liabilities | 973 | 892 | 852 | 851 | 784 | S100QDJC, S100T1ZT, S100VET6, S100XRF9 |
| Trade payables | 132 | 130 | — | — | — | S100QDJC |
| Short-term borrowings | 397 | 353 | 339 | 371 | 291 | S100QDJC, S100T1ZT, S100VET6, S100XRF9 |
| Long-term borrowings | 473 | 460 | 415 | 322 | 281 | S100QDJC, S100T1ZT, S100VET6, S100XRF9 |
| Total liabilities | 2,215 | 2,127 | 2,039 | 2,012 | 1,873 | S100QDJC, S100T1ZT, S100VET6, S100XRF9 |
| Non-controlling interests | 32 | 29 | 31 | 32 | 29 | S100QDJC, S100T1ZT, S100VET6, S100XRF9 |
| Equity attributable to owners of parent | 2,529 | 2,555 | 2,411 | 2,327 | 2,446 | S100QDJC, S100T1ZT, S100VET6, S100XRF9 |
| Retained earnings | 791 | 801 | 657 | 559 | 678 | S100QDJC, S100T1ZT, S100VET6, S100XRF9 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QDJC, S100T1ZT, S100VET6, S100XRF9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XRF9 |
| Property, plant and equipment | 30% | S100XRF9 |
| Intangibles and goodwill | 1% | S100XRF9 |
| Investment securities | 8% | S100XRF9 |
| Other assets | 51% | S100XRF9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100XRF9 |
| Equity | 59% | S100XRF9 |

### 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 | 4,833 | 4,794 | 4,578 | 4,544 | 4,571 |
| Equity | 2,618 | 2,667 | 2,539 | 2,531 | 2,698 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 691 | 714 | 485 | 574 | 463 |

## 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) | 36.1% | S100XRF9 |
| Fixed assets ÷ total assets | 29.7% | S100XRF9 |
| Goodwill ÷ parent equity | — | —, S100XRF9 |

### 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) | 10.1% |
| Cash ÷ revenue | 12.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -43.2% |
| Cash vs. profit gap | -198 JPY mn (of net income -145.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 13.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | — |

## 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 | 6.2% | 0.81× | 5.0% | 1.91× | 9.5% | S100QDJC |
| 2022 | 1.1% | 0.75× | 0.8% | 1.89× | 1.6% | S100T1ZT |
| 2023 | — | —× | -2.7% | —× | — | S100VET6 |
| 2024 | — | —× | -1.7% | —× | — | S100XRF9 |
| 2025 | 3.6% | 0.82× | 3.0% | 1.91× | 5.7% | S100XRF9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社細江ホールディングス | Major shareholder | 26.7% | 2025-12-20 |
| 細江 正大 | Major shareholder | 5.8% | 2025-12-20 |
| 株式会社ＳＢＩ証券 | Major shareholder | 3.9% | 2025-12-20 |
| 小川 由晃 | Major shareholder | 3.0% | 2025-12-20 |
| 太洋テクノレックス従業員持株会 | Major shareholder | 2.6% | 2025-12-20 |
| 細江 美則 | Major shareholder | 1.7% | 2025-12-20 |
| 松井証券株式会社 | Major shareholder | 1.4% | 2025-12-20 |
| 楽天証券株式会社共有口 | Major shareholder | 1.3% | 2025-12-20 |
| 堀井 勝人 | Major shareholder | 1.1% | 2025-12-20 |
| 佐伯 高史 | Major shareholder | 1.1% | 2025-12-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第65期(2024/12/21－2025/12/20) | S100XRF9 | 2026-03-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRF9,, |
| 有価証券報告書－第64期(2023/12/21－2024/12/20) | S100VET6 | 2025-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VET6,, |
| 有価証券報告書－第63期(2022/12/21－2023/12/20) | S100T1ZT | 2024-03-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T1ZT,, |
| 有価証券報告書－第62期(2021/12/21－2022/12/20) | S100QDJC | 2023-03-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QDJC,, |
| 有価証券報告書－第61期(令和2年12月21日－令和3年12月20日) | S100NLNU | 2022-03-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NLNU,, |
| 有価証券報告書－第60期(令和1年12月21日－令和2年12月20日) | S100KXIA | 2021-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KXIA,, |

## 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).