# TAIYO YUDEN CO., LTD.: 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85期(2025/04/01－2026/03/31) (S100YHU5)
> Page: https://vizora.meequs.com/en/company/taiyo-yuden
> Retrieved: 2026-09-30T22:21:31.153Z

## Company

Taiyo Yuden, founded in 1950, is a company in Electronic Components listed on TSE Prime. It has 20,604 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAIYO YUDEN CO., LTD. |
| Ticker | 6976 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6976.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区京橋2丁目7番19号 |
| Representative (per filing) | 代表取締役社長執行役員 佐瀬 克也 |
| Founded | Mar 1950 |
| Share capital | ¥33.6B |
| Employees (consolidated) | 20,604 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.yuden.co.jp (https://www.yuden.co.jp/) |
| Corporate number | 3010501016202 |
| EDINET | E01824 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YHU5, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.4 | 53 |
| Profitability | 47.3 | 56 |
| Cash conversion | 90.6 | 48 |
| Efficiency | 29.5 | 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)

- Taiyo Yuden brought in ¥355.3B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +4.1% from the prior year, operating profit +91.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥355341000000 → ¥14806000000
- Net income → operating cash flow: ¥14806000000 → ¥58117000000（difference ¥43311000000）
- Main uses of operating cash flow: CapEx ¥41063000000 / dividends ¥11224000000 / buybacks ¥0
- Change in cash: ¥30529000000
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 | ¥355.3B |  |
| Operating income | ¥20B | Margin 5.6% |
| Net income | ¥14.8B | Margin 4.2% |
| Free cash flow | ¥17.1B |  |
| Employees (consolidated) | 20,604 |  |
| EPS | ¥28.51 |  |
| Diluted EPS | ¥25.18 |  |
| Book value per share | ¥1187.26 |  |
| Equity ratio | 56.0% |  |
| Shares outstanding | 130,218,481 |  |
| Treasury shares | 5,167,900 |  |
| Shareholders | 29,749 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 15.9% | Cash ÷ revenue 27.6% |
| Vs. industry median margin | -0.3 pp | Electronic Components |
| ROE | 5.0% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.9× net income
- FY2026, employees -1% while operating income rose 91%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥300920000000 | ¥355341000000 | +18.1% |
| Operating income | ¥40766000000 | ¥19996000000 | -50.9% |
| Operating margin | 13.5% | 5.6% | -7.9 pp |
| Employees | 22,852 people | 20,604 people | -9.8% |
| Cash and equivalents | ¥81785000000 | ¥98073000000 | +19.9% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 355,341 | 100.0% | S100YHU5 |
| Cost of revenue | 273,412 | 76.9% | S100YHU5 |
| Gross profit | 81,928 | 23.1% | S100YHU5 |
| SG&A | 61,932 | 17.4% | S100YHU5 |
| Operating income | 19,996 | 5.6% | S100YHU5 |
| Ordinary income | 24,129 | 6.8% | S100YHU5 |
| Pretax income | 20,066 | 5.6% | S100YHU5 |
| Income tax | 5,260 | 1.5% | S100YHU5 |
| Net income | 14,806 | 4.2% | S100YHU5 |
| Net income attributable to owners | 14,806 | 4.2% | S100YHU5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 17 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 23.1% → Operating margin 5.6% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.1%; Core profit growth: +91.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 22.39×
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 | 341,438 | 355,341 | 13,903 | +4.1% |
| Gross profit | 71,570 | 81,928 | 10,358 | +14.5% |
| Operating income | 10,459 | 19,996 | 9,537 | +91.2% |
| Net income attributable to owners | 2,328 | 14,806 | 12,478 | +536.0% |
| Operating cash flow | 33,941 | 58,117 | 24,176 | +71.2% |
| Free cash flow | -28,774 | 17,054 | 45,828 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 282,329 | 37,176 | 13.2% | 18,022 | 52,434 | 8,367 | S100LVTG |
| FY ending Mar 2021 | 300,920 | 40,766 | 13.5% | 28,615 | 52,882 | 8,974 | S100OM4A |
| FY ending Mar 2022 | 349,636 | 68,218 | 19.5% | 54,361 | 67,315 | 15,764 | S100RAQ1 |
| FY ending Mar 2023 | 319,504 | 31,980 | 10.0% | 23,216 | 39,460 | -23,878 | S100TXXZ |
| FY ending Mar 2024 | 322,647 | 9,079 | 2.8% | 8,317 | 51,104 | -28,803 | S100W3IP |
| FY ending Mar 2025 | 341,438 | 10,459 | 3.1% | 2,328 | 33,941 | -28,774 | S100YHU5 |
| FY ending Mar 2026 | 355,341 | 19,996 | 5.6% | 14,806 | 58,117 | 17,054 | S100YHU5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.2M |
| Operating income per employee (consolidated) | ¥970.5K |
| Net income per employee (consolidated) | ¥718.6K |

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) | 22,312 | 21,819 | 21,823 | 20,779 | 20,604 |
| Average salary (parent company) | ¥7.4M | ¥7.3M | ¥6.3M | ¥6.8M | ¥6.6M |
| Average age (parent company) | 42.0 years | 41.6 years | 41.2 years | 41.2 years | 41.5 years |
| Average tenure (parent company) | 17.8 years | 17.4 years | 16.9 years | 16.5 years | 16.4 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) +4.1%

## 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 | 58,117 | 16.4% | S100YHU5 |
| Capital expenditure | 41,063 | 11.6% | S100YHU5 |
| Free cash flow | 17,054 | 4.8% | 算出 |
| Investing cash flow | -25,695 | -7.2% | S100YHU5 |
| Financing cash flow | -6,828 | -1.9% | S100YHU5 |
| Dividends paid | 11,224 | 3.2% | S100YHU5 |
| Share buyback | 0 | 0.0% | S100YHU5 |
| Change in cash | 30,529 | 8.6% | S100YHU5 |
| Cash and equivalents | 98,073 | 27.6% | S100YHU5 |

## 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 | 88,609 | 84,124 | 94,940 | 67,543 | 98,073 | S100TXXZ, S100W3IP, S100YHU5 |
| Total assets | 474,522 | 503,462 | 579,686 | 573,188 | 615,536 | S100RAQ1, S100TXXZ, S100W3IP, S100YHU5 |
| Net assets | 300,286 | 318,478 | 330,098 | 319,171 | 344,412 | S100TXXZ, S100W3IP, S100YHU5 |
| Share capital | 33,575 | 33,575 | 33,575 | 33,575 | 33,575 | S100RAQ1, S100TXXZ, S100W3IP, S100YHU5 |
| Trade receivables | 86,585 | 70,372 | 81,199 | 80,549 | 86,366 | S100RAQ1, S100TXXZ, S100W3IP, S100YHU5 |
| Property, plant and equipment | 184,936 | 220,590 | 273,556 | 286,837 | 289,967 | S100RAQ1, S100TXXZ, S100W3IP, S100YHU5 |
| Intangible assets excluding goodwill | 1,340 | 1,663 | 1,807 | 1,907 | 1,790 | S100RAQ1, S100TXXZ, S100W3IP, S100YHU5 |
| Investment securities | 1,505 | 1,447 | 1,342 | 20 | 20 | S100RAQ1, S100TXXZ, S100W3IP, S100YHU5 |
| Current assets | 282,607 | 274,396 | 297,219 | 279,284 | 318,295 | S100RAQ1, S100TXXZ, S100W3IP, S100YHU5 |
| Current liabilities | 107,013 | 112,140 | 85,780 | 79,645 | 93,750 | S100RAQ1, S100TXXZ, S100W3IP, S100YHU5 |
| Trade payables | 32,828 | 23,012 | 29,745 | 27,157 | 26,477 | S100RAQ1, S100TXXZ, S100W3IP, S100YHU5 |
| Short-term borrowings | 20,200 | 30,200 | 4,200 | 4,200 | 11,193 | S100RAQ1, S100TXXZ, S100W3IP, S100YHU5 |
| Long-term borrowings | 48,749 | 50,777 | 84,219 | 93,707 | 85,204 | S100RAQ1, S100TXXZ, S100W3IP, S100YHU5 |
| Total liabilities | 174,235 | 184,984 | 249,587 | 254,017 | 271,123 | S100RAQ1, S100TXXZ, S100W3IP, S100YHU5 |
| Equity attributable to owners of parent | 291,207 | 303,829 | 300,990 | 292,399 | 296,717 | S100RAQ1, S100TXXZ, S100W3IP, S100YHU5 |
| Retained earnings | 221,178 | 233,802 | 230,905 | 222,012 | 225,578 | S100RAQ1, S100TXXZ, S100W3IP, S100YHU5 |
| Treasury stock | -13,454 | -13,457 | -13,411 | -13,157 | -12,396 | S100RAQ1, S100TXXZ, S100W3IP, S100YHU5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YHU5 |
| Receivables | 14% | S100YHU5 |
| Property, plant and equipment | 47% | S100YHU5 |
| Intangibles and goodwill | 0% | S100YHU5 |
| Investment securities | 0% | S100YHU5 |
| Other assets | 23% | S100YHU5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YHU5 |
| Other liabilities | 40% | S100YHU5 |
| Equity | 56% | S100YHU5 |
| Other liabilities | 0% | S100YHU5 |

### 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 | 474,522 | 503,462 | 579,686 | 573,188 | 615,536 |
| Equity | 300,286 | 318,478 | 330,098 | 319,171 | 344,412 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 88,609 | 84,124 | 94,940 | 67,543 | 98,073 |

## 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) | 81.6% | S100YHU5 |
| Fixed assets ÷ total assets | 47.1% | S100YHU5 |
| Goodwill ÷ parent equity | — | —, S100YHU5 |

### 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) | 15.9% |
| Cash ÷ revenue | 27.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 290.6% |
| Cash vs. profit gap | 43,311 JPY mn (of net income 292.5%) |
| Shareholder returns / net income | 75.8% |
| Shareholder returns / FCF | 65.8% |
| Shareholder payments — dividends / net income | 75.8% |
| Shareholder payments — dividends / FCF | 65.8% |
| CapEx intensity (capex ÷ revenue) | 11.6% |
| Investing CF relative to operating CF | 44.2% |

## 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 | 15.5% | 0.74× | 11.5% | 1.63× | 18.7% | S100RAQ1 |
| 2023 | 7.3% | 0.65× | 4.7% | 1.64× | 7.8% | S100TXXZ |
| 2024 | 2.6% | 0.60× | 1.5% | 1.79× | 2.8% | S100W3IP |
| 2025 | 0.7% | 0.59× | 0.4% | 1.94× | 0.8% | S100YHU5 |
| 2026 | 4.2% | 0.60× | 2.5% | 2.02× | 5.0% | S100YHU5 |

## 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 | 27.2% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 17.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505301 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社伊予銀行 (常任代理人 株式会社日本カストディ銀行) | Major shareholder | 1.6% | 2026-03-31 |
| 公益財団法人佐藤交通遺児福祉基金 | Major shareholder | 1.5% | 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 | 1.5% | 2026-03-31 |
| 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 | 1.4% | 2026-03-31 |
| バークレイズ証券株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 日本生命保険相互会社 (常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 1.3% | 2026-03-31 |
| HSBC HONG KONG - TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES (常任代理人 香港上海銀行 東京支店) | Major shareholder | 1.2% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 came to ¥355.3B, up +4.1%.
- Profits grew much faster: gross profit rose +14.5%, and operating income rose from ¥10.5B to ¥20B (+91.2%).
- Net income attributable to owners climbed from ¥2.33B to ¥14.8B.
- Free cash flow swung from -¥28.8B to a positive ¥17.1B.

### Drivers

- Higher sales to cars, data infrastructure, and industrial equipment lifted capacitors, the main product line.
- Inductor sales grew on demand from consumer and information devices.
- Composite devices, which include communication filters and circuit modules, sold less.

### Risks

- Price cuts demanded by device makers and competition among parts makers could push prices down faster than costs fall.
- Customer inventories and production plans swing widely, and orders move with them.
- Unrest in the Middle East could raise raw material, shipping, and power costs.

Cited: Annual securities report, 85th 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, 85th term (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第85期(2025/04/01－2026/03/31) | S100YHU5 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHU5,, |
| 有価証券報告書－第84期(2024/04/01－2025/03/31) | S100W3IP | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3IP,, |
| 有価証券報告書－第83期(2023/04/01－2024/03/31) | S100TXXZ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXXZ,, |
| 有価証券報告書－第82期(2022/04/01－2023/03/31) | S100RAQ1 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAQ1,, |
| 有価証券報告書－第81期(令和3年4月1日－令和4年3月31日) | S100OM4A | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OM4A,, |
| 有価証券報告書－第80期(令和2年4月1日－令和3年3月31日) | S100LVTG | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVTG,, |

## 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).