# Tamron 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79期(2025/01/01－2025/12/31) (S100XUB4)
> Page: https://vizora.meequs.com/en/company/tamron
> Retrieved: 2026-09-30T19:05:00.774Z

## Company

Tamron, founded in 1952, is a company in Auto Parts listed on TSE Prime. It has 4,977 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tamron Co.,Ltd. |
| Ticker | 7740 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7740.T) |
| Listing | TSE Prime |
| Head office | 埼玉県さいたま市見沼区蓮沼1385番地 |
| Representative (per filing) | 代表取締役社長 桜庭 省吾 |
| Founded | Oct 1952 |
| Share capital | ¥6.92B |
| Employees (consolidated) | 4,977 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | December |
| Website | www.tamron.com (https://www.tamron.com/) |
| Corporate number | 5030001011204 |
| EDINET | E02308 |
| Industries (Vizora) | Auto Parts, Cameras & Optics |

> Profile source: annual securities report (S100XUB4, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Cameras & Optics (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64.3 | 7 |
| Profitability | 92.9 | 7 |
| Cash conversion | 25 | 6 |
| Efficiency | 81.3 | 8 |

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 71% of Tamron's sales come from Photographic Products, with Mobility and Healthcare Products, Others and Surveillance and FA Lenses making up much of the rest.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed -3.8% from the prior year, operating profit -13.3%.

## Company structure

- Segment revenue mix: Photographic Products 71.3%、Mobility and Healthcare Products, Others 14.5%、Surveillance and FA Lenses 14.2%
- Revenue → net income: ¥85071000000 → ¥11761000000
- Net income → operating cash flow: ¥11761000000 → ¥15096000000（difference ¥3335000000）
- Main uses of operating cash flow: CapEx ¥4655000000 / dividends ¥6004000000 / buybacks ¥3980000000
- Change in cash: ¥-3012000000
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 | ¥85.1B |  |
| Operating income | ¥16.6B | Margin 19.6% |
| Net income | ¥11.8B | Margin 13.8% |
| Free cash flow | ¥10.4B |  |
| Largest business | Photographic Products | of segment revenue 71.3% |
| Employees (consolidated) | 4,977 |  |
| EPS | ¥52.9 |  |
| Book value per share | ¥381.27 |  |
| Equity ratio | 81.0% |  |
| Shares outstanding | 170,800,000 |  |
| Treasury shares | 7,777,400 |  |
| Shareholders | 14,717 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 33.4% | Cash ÷ revenue 41.6% |
| Vs. industry median margin | +13.6 pp | Cameras & Optics |
| ROE | 16.4% | Derived from disclosed figures |
| ROA | 11.3% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 78% of positive segment profit
- FY2025, cash is 33% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥48375000000 | ¥85071000000 | +75.9% |
| Operating income | ¥3575000000 | ¥16638000000 | +365.4% |
| Operating margin | 7.4% | 19.6% | +12.2 pp |
| Employees | 4,070 people | 4,977 people | +22.3% |
| Cash and equivalents | ¥21417000000 | ¥35371000000 | +65.2% |

### 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 |
| --- | ---: |
| 写真関連事業 → 写真関連事業 | 53.1% |
| 監視＆ＦＡ関連事業 → 監視＆ＦＡ関連事業 | 14.2% |
| 監視＆ＦＡ関連事業 → 事業再編・廃止 | 0.1% |
| レンズ関連事業 → 事業再編・廃止 | 2.2% |
| モビリティ＆ヘルスケア、その他事業 → モビリティ＆ヘルスケア、その他事業 | 9.1% |
| 特機関連事業 → 事業再編・廃止 | 21.2% |
| 新設・再編 → 写真関連事業 | 18.2% |
| 新設・再編 → モビリティ＆ヘルスケア、その他事業 | 5.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Photographic Products | 5 years | +12.6% | ¥60643000000 | 25.8% | 2 |
| Mobility and Healthcare Products, Others | 5 years | +16.6% | ¥12336000000 | 21.9% | 2 |
| Surveillance and FA Lenses | 5 years | +5.9% | ¥12091000000 | 13.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 85,071 | 100.0% | S100XUB4 |
| Cost of revenue | 47,653 | 56.0% | S100XUB4 |
| Gross profit | 37,417 | 44.0% | S100XUB4 |
| SG&A | 20,779 | 24.4% | S100XUB4 |
| Operating income | 16,638 | 19.6% | S100XUB4 |
| Ordinary income | 16,699 | 19.6% | S100XUB4 |
| Pretax income | 16,452 | 19.3% | S100XUB4 |
| Income tax | 4,691 | 5.5% | S100XUB4 |
| Net income | 11,761 | 13.8% | S100XUB4 |
| Net income attributable to owners | 11,761 | 13.8% | S100XUB4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 24 |
| Operating income | 20 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 44.0% → Operating margin 19.6% → Net margin 13.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.8%; Core profit growth: -13.3%
Operating leverage (core profit growth ÷ revenue growth): 3.47×
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 | 88,475 | 85,071 | -3,404 | -3.8% |
| Gross profit | 39,386 | 37,417 | -1,969 | -5.0% |
| Operating income | 19,201 | 16,638 | -2,563 | -13.3% |
| Net income attributable to owners | 14,526 | 11,761 | -2,765 | -19.0% |
| Operating cash flow | 17,644 | 15,096 | -2,548 | -14.4% |
| Free cash flow | 12,449 | 10,441 | -2,008 | -16.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 63,285 | 6,982 | 11.0% | 5,330 | 10,925 | 8,123 | S100L10O |
| FY ending Dec 2020 | 48,375 | 3,575 | 7.4% | 1,958 | 7,554 | 4,538 | S100NR7M |
| FY ending Dec 2021 | 57,539 | 7,408 | 12.9% | 5,173 | 8,660 | 6,639 | S100QH0L |
| FY ending Dec 2022 | 63,445 | 11,038 | 17.4% | 8,350 | 9,232 | 6,034 | S100T4LI |
| FY ending Dec 2023 | 71,426 | 13,607 | 19.1% | 10,812 | 10,027 | 4,825 | S100VGX2 |
| FY ending Dec 2024 | 88,475 | 19,201 | 21.7% | 14,526 | 17,644 | 12,449 | S100XUB4 |
| FY ending Dec 2025 | 85,071 | 16,638 | 19.6% | 11,761 | 15,096 | 10,441 | S100XUB4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.1M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 4,098 | 4,448 | 4,604 | 4,820 | 4,977 |
| Average salary (parent company) | ¥7.4M | ¥7.5M | ¥7.9M | ¥8.8M | ¥8.3M |
| Average age (parent company) | 42.0 years | 42.7 years | 43.0 years | 43.2 years | 43.3 years |
| Average tenure (parent company) | 15.9 years | 16.4 years | 16.8 years | 16.8 years | 16.7 years |

Year over year: Employees (consolidated) +3.3% · Revenue (consolidated) -3.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Photographic Products | 60,643 | 71.3% | 15,630 | 25.8% |
| Surveillance and FA Lenses | 12,091 | 14.2% | 1,675 | 13.9% |
| Mobility and Healthcare Products, Others | 12,336 | 14.5% | 2,699 | 21.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Photographic Products | 71.3% | 78.1% | 6.8 | 25.8% |
| Surveillance and FA Lenses | 14.2% | 8.4% | -5.8 | 13.9% |
| Mobility and Healthcare Products, Others | 14.5% | 13.5% | -1.0 | 21.9% |

Segment → industry: Mobility and Healthcare Products, Others → Auto Parts / Mobility and Healthcare Products, Others → Cameras & Optics / Surveillance and FA Lenses → Cameras & Optics / Photographic Products → Cameras & Optics

## 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 | 15,096 | 17.7% | S100XUB4 |
| Capital expenditure | 4,655 | 5.5% | S100XUB4 |
| Free cash flow | 10,441 | 12.3% | 算出 |
| Investing cash flow | -7,339 | -8.6% | S100XUB4 |
| Financing cash flow | -11,129 | -13.1% | S100XUB4 |
| Dividends paid | 6,004 | 7.1% | S100XUB4 |
| Share buyback | 3,980 | 4.7% | S100XUB4 |
| Change in cash | -3,012 | -3.5% | S100XUB4 |
| Cash and equivalents | 35,371 | 41.6% | S100XUB4 |

## 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 | 25,832 | 29,948 | 32,640 | 38,384 | 35,371 | S100T4LI, S100VGX2, S100XUB4 |
| Total assets | 67,065 | 75,556 | 87,062 | 102,184 | 106,046 | S100QH0L, S100T4LI, S100VGX2, S100XUB4 |
| Net assets | 52,536 | 60,574 | 70,732 | 82,333 | 85,911 | S100T4LI, S100VGX2, S100XUB4 |
| Share capital | 6,923 | 6,923 | 6,923 | 6,923 | 6,923 | S100QH0L, S100T4LI, S100VGX2, S100XUB4 |
| Trade receivables | 10,504 | 9,279 | 13,021 | 14,178 | 14,405 | S100QH0L, S100T4LI, S100VGX2, S100XUB4 |
| Property, plant and equipment | 12,721 | 13,482 | 15,698 | 19,152 | 20,335 | S100QH0L, S100T4LI, S100VGX2, S100XUB4 |
| Intangible assets excluding goodwill | 494 | 542 | 1,003 | 1,300 | 1,402 | S100QH0L, S100T4LI, S100VGX2, S100XUB4 |
| Investment securities | 4,848 | 5,533 | 5,121 | 6,699 | 8,997 | S100QH0L, S100T4LI, S100VGX2, S100XUB4 |
| Current assets | 48,597 | 55,305 | 63,797 | 72,310 | 70,693 | S100QH0L, S100T4LI, S100VGX2, S100XUB4 |
| Current liabilities | 12,450 | 12,685 | 14,226 | 16,607 | 15,499 | S100QH0L, S100T4LI, S100VGX2, S100XUB4 |
| Short-term borrowings | 1,933 | 1,908 | 1,779 | 1,852 | 798 | S100QH0L, S100T4LI, S100VGX2, S100XUB4 |
| Long-term borrowings | 94 | — | 70 | 369 | 247 | S100QH0L, S100VGX2, S100XUB4 |
| Total liabilities | 14,528 | 14,981 | 16,329 | 19,850 | 20,134 | S100QH0L, S100T4LI, S100VGX2, S100XUB4 |
| Equity attributable to owners of parent | 47,797 | 54,316 | 62,547 | 70,778 | 72,778 | S100QH0L, S100T4LI, S100VGX2, S100XUB4 |
| Retained earnings | 41,055 | 47,466 | 52,845 | 62,121 | 62,467 | S100QH0L, S100T4LI, S100VGX2, S100XUB4 |
| Treasury stock | -7,718 | -7,611 | -4,653 | -5,955 | -4,044 | S100QH0L, S100T4LI, S100VGX2, S100XUB4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100XUB4 |
| Receivables | 14% | S100XUB4 |
| Property, plant and equipment | 19% | S100XUB4 |
| Intangibles and goodwill | 1% | S100XUB4 |
| Investment securities | 9% | S100XUB4 |
| Other assets | 24% | S100XUB4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 19% | S100XUB4 |
| Equity | 81% | S100XUB4 |
| Other liabilities | 0% | S100XUB4 |

### 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 | 67,065 | 75,556 | 87,062 | 102,184 | 106,046 |
| Equity | 52,536 | 60,574 | 70,732 | 82,333 | 85,911 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 25,832 | 29,948 | 32,640 | 38,384 | 35,371 |

## 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) | 23.9% | S100XUB4 |
| Fixed assets ÷ total assets | 19.2% | S100XUB4 |
| Goodwill ÷ parent equity | — | —, S100XUB4 |

### 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) | 33.4% |
| Cash ÷ revenue | 41.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 90.7% |
| Cash vs. profit gap | 3,335 JPY mn (of net income 28.4%) |
| Shareholder returns / net income | 84.9% |
| Shareholder returns / FCF | 95.6% |
| Shareholder payments — dividends / net income | 51.1% |
| Shareholder payments — dividends / FCF | 57.5% |
| CapEx intensity (capex ÷ revenue) | 5.5% |
| Investing CF relative to operating CF | 48.6% |

## 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 | 9.0% | 0.86× | 7.7% | 1.40× | 10.8% | S100QH0L |
| 2022 | 13.2% | 0.89× | 11.7% | 1.40× | 16.4% | S100T4LI |
| 2023 | 15.1% | 0.88× | 13.3% | 1.39× | 18.5% | S100VGX2 |
| 2024 | 16.4% | 0.94× | 15.4% | 1.42× | 21.8% | S100XUB4 |
| 2025 | 13.8% | 0.82× | 11.3% | 1.45× | 16.4% | S100XUB4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ソニーグループ株式会社 | Major shareholder | 15.3% | 2025-12-31 |
| Suntera (Cayman) Limited as trustee of ECM Master Fund（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 10.8% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.3% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.0% | 2025-12-31 |
| 株式会社埼玉りそな銀行 | Major shareholder | 4.9% | 2025-12-31 |
| GOLDMAN SACHS INTERNATIONAL（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 3.7% | 2025-12-31 |
| 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 | 3.3% | 2025-12-31 |
| 株式会社アルゴグラフィックス | Major shareholder | 2.6% | 2025-12-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 1.3% | 2025-12-31 |
| タムロン協力会社持株会 | Major shareholder | 1.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/01/01－2025/12/31) | S100XUB4 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUB4,, |
| 有価証券報告書－第78期(2024/01/01－2024/12/31) | S100VGX2 | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGX2,, |
| 有価証券報告書－第77期(2023/01/01－2023/12/31) | S100T4LI | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4LI,, |
| 有価証券報告書－第76期(2022/01/01－2022/12/31) | S100QH0L | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH0L,, |
| 有価証券報告書－第75期(令和3年1月1日－令和3年12月31日) | S100NR7M | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR7M,, |
| 有価証券報告書－第74期(令和2年1月1日－令和2年12月31日) | S100L10O | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L10O,, |

## 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).