# Takatori Corporation: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第69期(2024/10/01－2025/09/30) (S100XBFK)
> Page: https://vizora.meequs.com/en/company/takatori
> Retrieved: 2026-09-30T19:49:51.750Z

## Company

Takatori, founded in 1956, is a company in Medical Devices listed on TSE Standard. It has 201 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Takatori Corporation |
| Ticker | 6338 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6338.T) |
| Listing | TSE Standard |
| Head office | 奈良県橿原市新堂町313番地の1 |
| Representative (per filing) | 代表取締役社長 増田 誠 |
| Founded | Oct 1956 |
| Share capital | ¥963.2M |
| Employees (consolidated) | 201 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | September |
| Website | www.takatori-g.co.jp (https://www.takatori-g.co.jp/) |
| Corporate number | 2150001010683 |
| EDINET | E01715 |
| Industries (Vizora) | Medical Devices, Semiconductor Equipment, Industrial Machinery |

> Profile source: annual securities report (S100XBFK, filed 2025-12-18). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Equipment (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.9 | 36 |
| Profitability | 28 | 41 |
| Cash conversion | 6.4 | 39 |
| Efficiency | 13.4 | 41 |

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 95% of Takatori's sales come from Electronic equipment, with Medical equipment and Textile equipment making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed -54.4% from the prior year, operating profit -70.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥7.33B |  |
| Operating income | ¥820.4M | Margin 11.2% |
| Net income | ¥584.9M | Margin 8.0% |
| Free cash flow | -¥941M |  |
| Largest business | Electronic equipment | of segment revenue 94.5% |
| Employees (consolidated) | 201 |  |
| EPS | ¥110.5 |  |
| Book value per share | ¥1882.2 |  |
| Equity ratio | 64.5% |  |
| Shares outstanding | 5,491,490 |  |
| Treasury shares | 41,000 |  |
| Shareholders | 7,288 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 32.1% | Cash ÷ revenue 69.7% |
| Vs. industry median margin | -3.3 pp | Semiconductor Equipment |
| ROE | 5.8% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, parent-company salary changed +21% over five years
- FY2025, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4857598000 | ¥7330581000 | +50.9% |
| Operating income | ¥-71799000 | ¥820447000 | — |
| Operating margin | -1.5% | 11.2% | +12.7 pp |
| Employees | 211 people | 201 people | -4.7% |
| Cash and equivalents | ¥2369523000 | ¥5110396000 | +115.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 電子機器事業 → 電子機器事業 | 92.1% |
| 繊維機器事業 → 繊維機器事業 | 1.8% |
| 繊維機器事業 → 事業再編・廃止 | 4.7% |
| 医療機器事業 → 医療機器事業 | 1.5% |
| 新設・再編 → 電子機器事業 | 2.5% |
| 新設・再編 → 医療機器事業 | 2.2% |

Segment revenue source references: 6 (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 equipment | 5 years | +9.2% | ¥6930112000 | 13.8% | 2 |
| Medical equipment | 5 years | +29.9% | ¥271216000 | -47.2% | 2 |
| Textile equipment | 5 years | -16.1% | ¥129252000 | -5.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,331 | 100.0% | S100XBFK |
| Cost of revenue | 4,961 | 67.7% | S100XBFK |
| Gross profit | 2,369 | 32.3% | S100XBFK |
| SG&A | 1,549 | 21.1% | S100XBFK |
| Operating income | 820 | 11.2% | S100XBFK |
| Ordinary income | 852 | 11.6% | S100XBFK |
| Pretax income | 821 | 11.2% | S100XBFK |
| Income tax | 236 | 3.2% | S100XBFK |
| Net income | 585 | 8.0% | S100XBFK |
| Net income attributable to owners | 585 | 8.0% | S100XBFK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 21 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 32.3% → Operating margin 11.2% → Net margin 8.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -54.4%; Core profit growth: -70.6%
Operating leverage (core profit growth ÷ revenue growth): 1.30×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 16,082 | 7,331 | -8,752 | -54.4% |
| Gross profit | 4,303 | 2,369 | -1,933 | -44.9% |
| Operating income | 2,787 | 820 | -1,966 | -70.6% |
| Net income attributable to owners | 1,938 | 585 | -1,353 | -69.8% |
| Operating cash flow | 214 | -917 | -1,131 | -528.9% |
| Free cash flow | 165 | -941 | -1,106 | -671.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 5,324 | -20 | -0.4% | 101 | -373 | -406 | S100KFJO |
| FY ending Sep 2020 | 4,858 | -72 | -1.5% | -128 | 358 | 297 | S100N50H |
| FY ending Sep 2021 | 6,529 | 390 | 6.0% | 378 | 1,106 | 1,088 | S100PVIO |
| FY ending Sep 2022 | 10,223 | 1,351 | 13.2% | 1,028 | 253 | 165 | S100SJ3I |
| FY ending Sep 2023 | 16,368 | 2,465 | 15.1% | 1,908 | 1,500 | 1,405 | S100UZTJ |
| FY ending Sep 2024 | 16,082 | 2,787 | 17.3% | 1,938 | 214 | 165 | S100XBFK |
| FY ending Sep 2025 | 7,331 | 820 | 11.2% | 585 | -917 | -941 | S100XBFK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.5M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥2.9M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 203 | 198 | 198 | 210 | 201 |
| Average salary (parent company) | ¥5.6M | ¥6.2M | ¥7M | ¥6.9M | ¥6.8M |
| Average age (parent company) | 42.0 years | 43.0 years | 43.0 years | 42.0 years | 42.0 years |
| Average tenure (parent company) | 16.0 years | 16.0 years | 16.0 years | 15.0 years | 15.0 years |

Year over year: Employees (consolidated) -4.3% · Revenue (consolidated) -54.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronic equipment | 6,930 | 94.5% | 956 | 13.8% |
| Textile equipment | 129 | 1.8% | -7 | -5.5% |
| Medical equipment | 271 | 3.7% | -128 | -47.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronic equipment | 94.5% | 100.0% | 5.5 | 13.8% |
| Textile equipment | 1.8% | — | — | -5.5% |
| Medical equipment | 3.7% | — | — | -47.2% |

Loss-making segment (excluded from profit shares): Textile equipment -7 JPY mn

Loss-making segment (excluded from profit shares): Medical equipment -128 JPY mn

Segment → industry: Medical equipment → Medical Devices / Electronic equipment → Semiconductor Equipment / Textile equipment → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -917 | -12.5% | S100XBFK |
| Capital expenditure | 24 | 0.3% | S100XBFK |
| Free cash flow | -941 | -12.8% | 算出 |
| Investing cash flow | -429 | -5.9% | S100XBFK |
| Financing cash flow | 183 | 2.5% | S100XBFK |
| Dividends paid | 219 | 3.0% | S100XBFK |
| Share buyback | 14 | 0.2% | S100XBFK |
| Change in cash | -1,154 | -15.7% | S100XBFK |
| Cash and equivalents | 5,110 | 69.7% | S100XBFK |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,071 | 3,056 | 4,438 | 6,265 | 5,110 | S100SJ3I, S100UZTJ, S100XBFK |
| Total assets | 10,951 | 12,664 | 18,042 | 17,446 | 15,912 | S100PVIO, S100SJ3I, S100UZTJ, S100XBFK |
| Net assets | 5,508 | 6,407 | 8,183 | 9,928 | 10,267 | S100SJ3I, S100UZTJ, S100XBFK |
| Share capital | 963 | 963 | 963 | 963 | 963 | S100PVIO, S100SJ3I, S100UZTJ, S100XBFK |
| Trade receivables | 2,635 | — | — | — | — | S100PVIO |
| Property, plant and equipment | 1,975 | 1,923 | 2,049 | 1,974 | 1,857 | S100PVIO, S100SJ3I, S100UZTJ, S100XBFK |
| Intangible assets excluding goodwill | 33 | 19 | 23 | 19 | 18 | S100PVIO, S100SJ3I, S100UZTJ, S100XBFK |
| Investment securities | 448 | 617 | 663 | 207 | 840 | S100PVIO, S100SJ3I, S100UZTJ, S100XBFK |
| Current assets | 8,143 | 9,685 | 14,892 | 14,791 | 12,974 | S100PVIO, S100SJ3I, S100UZTJ, S100XBFK |
| Current liabilities | 5,102 | 6,040 | 9,738 | 7,448 | 5,584 | S100PVIO, S100SJ3I, S100UZTJ, S100XBFK |
| Short-term borrowings | 1,200 | 1,500 | 1,800 | 3,600 | 4,100 | S100PVIO, S100SJ3I, S100UZTJ, S100XBFK |
| Long-term borrowings | 293 | 160 | 70 | — | — | S100PVIO, S100SJ3I, S100UZTJ |
| Total liabilities | 5,443 | 6,257 | 9,859 | 7,518 | 5,645 | S100PVIO, S100SJ3I, S100UZTJ, S100XBFK |
| Equity attributable to owners of parent | 5,457 | 6,362 | 8,106 | 9,825 | 10,177 | S100PVIO, S100SJ3I, S100UZTJ, S100XBFK |
| Retained earnings | 3,159 | 4,065 | 5,809 | 7,528 | 7,895 | S100PVIO, S100SJ3I, S100UZTJ, S100XBFK |
| Treasury stock | -17 | -18 | -18 | -18 | -33 | S100PVIO, S100SJ3I, S100UZTJ, S100XBFK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100XBFK |
| Property, plant and equipment | 12% | S100XBFK |
| Intangibles and goodwill | 0% | S100XBFK |
| Investment securities | 5% | S100XBFK |
| Other assets | 51% | S100XBFK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100XBFK |
| Equity | 65% | S100XBFK |
| Other liabilities | 0% | S100XBFK |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,951 | 12,664 | 18,042 | 17,446 | 15,912 |
| Equity | 5,508 | 6,407 | 8,183 | 9,928 | 10,267 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,071 | 3,056 | 4,438 | 6,265 | 5,110 |

## 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) | 25.3% | S100XBFK |
| Fixed assets ÷ total assets | 11.7% | S100XBFK |
| Goodwill ÷ parent equity | — | —, S100XBFK |

### 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) | 32.1% |
| Cash ÷ revenue | 69.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -111.8% |
| Cash vs. profit gap | -1,502 JPY mn (of net income -256.8%) |
| Shareholder returns / net income | 40.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 37.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| 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 | 5.8% | 0.60× | 3.4% | 2.01× | 6.9% | S100PVIO |
| 2022 | 10.1% | 0.87× | 8.7% | 2.00× | 17.4% | S100SJ3I |
| 2023 | 11.7% | 1.07× | 12.4% | 2.12× | 26.4% | S100UZTJ |
| 2024 | 12.0% | 0.91× | 10.9% | 1.98× | 21.6% | S100XBFK |
| 2025 | 8.0% | 0.44× | 3.5% | 1.67× | 5.8% | S100XBFK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社コトブキ産業 | Major shareholder | 6.4% | 2025-09-30 |
| タカトリ共栄会 | Major shareholder | 4.8% | 2025-09-30 |
| 大阪中小企業投資育成株式会社 | Major shareholder | 3.4% | 2025-09-30 |
| 高鳥政廣 | Major shareholder | 2.6% | 2025-09-30 |
| 岩崎泰次 | Major shareholder | 2.5% | 2025-09-30 |
| 岡島恵子 | Major shareholder | 2.2% | 2025-09-30 |
| 株式会社南都銀行 （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 | 1.7% | 2025-09-30 |
| 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 | 1.7% | 2025-09-30 |
| 株式会社日伝 | Major shareholder | 1.5% | 2025-09-30 |
| 三菱ＵＦＪｅスマート証券株式会社 | Major shareholder | 1.3% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2024/10/01－2025/09/30) | S100XBFK | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBFK,, |
| 有価証券報告書－第68期(2023/10/01－2024/09/30) | S100UZTJ | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZTJ,, |
| 有価証券報告書－第67期(2022/10/01－2023/09/30) | S100SJ3I | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJ3I,, |
| 有価証券報告書－第66期(令和3年10月1日－令和4年9月30日) | S100PVIO | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVIO,, |
| 有価証券報告書－第65期(令和2年10月1日－令和3年9月30日) | S100N50H | 2021-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N50H,, |
| 有価証券報告書－第64期(令和1年10月1日－令和2年9月30日) | S100KFJO | 2020-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFJO,, |

## 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).