# TAMURA CORPORATION: 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103期(2025/04/01－2026/03/31) (S100YIQG)
> Page: https://vizora.meequs.com/en/company/tamura
> Retrieved: 2026-09-30T18:31:23.681Z

## Company

Tamura, founded in 1939, is a company in Chemicals listed on TSE Prime. It has 4,137 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAMURA CORPORATION |
| Ticker | 6768 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6768.T) |
| Listing | TSE Prime |
| Head office | 東京都練馬区東大泉一丁目19番43号 |
| Representative (per filing) | 代表取締役社長 中村 充孝 |
| Founded | Nov 1939 |
| Share capital | ¥11.8B |
| Employees (consolidated) | 4,137 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.tamuracorp.com (https://www.tamuracorp.com/) |
| Corporate number | 3011601004237 |
| EDINET | E01786 |
| Industries (Vizora) | Chemicals, TVs, Audio & Musical Instruments, Electronic Components |

> Profile source: annual securities report (S100YIQG, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85.8 | 53 |
| Profitability | 36.6 | 56 |
| Cash conversion | 9.4 | 48 |
| Efficiency | 77.7 | 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 66% of Tamura's sales come from Electronic Components, with Electronic Chemicals / FA Systems and Information Equipment making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +8.3% from the prior year, operating profit +1.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥123.6B |  |
| Operating income | ¥5.29B | Margin 4.3% |
| Net income | -¥1.39B | Margin -1.1% |
| Free cash flow | -¥2.72B |  |
| Largest business | Electronic Components | of segment revenue 66.0% |
| Employees (consolidated) | 4,137 |  |
| EPS | ¥-14.05 |  |
| Book value per share | ¥446.55 |  |
| Equity ratio | 47.4% |  |
| Shares outstanding | 82,771,473 |  |
| Treasury shares | 2,393,200 |  |
| Shareholders | 21,157 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 13.7% | Cash ÷ revenue 14.6% |
| Vs. industry median margin | -1.6 pp | Electronic Components |
| ROA | -1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.1× dividends
- FY2026, parent-company salary changed +21% over five years
- FY2026, employees -4% while operating income rose 2%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥73906000000 | ¥123559000000 | +67.2% |
| Operating income | ¥1969000000 | ¥5287000000 | +168.5% |
| Operating margin | 2.7% | 4.3% | +1.6 pp |
| Employees | 4,447 people | 4,137 people | -7.0% |
| Cash and equivalents | ¥17187000000 | ¥18096000000 | +5.3% |

### 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 |
| --- | ---: |
| 電子部品関連事業 → 電子部品関連事業 | 64.6% |
| 電子化学実装関連事業 → 電子化学実装関連事業 | 30.7% |
| 情報機器関連事業 → 情報機器関連事業 | 1.7% |
| 情報機器関連事業 → 事業再編・廃止 | 2.9% |
| 新設・再編 → 電子部品関連事業 | 1.4% |
| 新設・再編 → 電子化学実装関連事業 | 1.5% |

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 Components | 5 years | +11.3% | ¥81547000000 | 4.1% | 2 |
| Electronic Chemicals / FA Systems | 5 years | +11.9% | ¥39876000000 | 8.4% | 2 |
| Information Equipment | 5 years | -9.1% | ¥2135000000 | -26.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 123,559 | 100.0% | S100YIQG |
| Cost of revenue | 92,749 | 75.1% | S100YIQG |
| Gross profit | 30,810 | 24.9% | S100YIQG |
| SG&A | 25,522 | 20.7% | S100YIQG |
| Operating income | 5,287 | 4.3% | S100YIQG |
| Ordinary income | 4,879 | 3.9% | S100YIQG |
| Pretax income | 1,332 | 1.1% | S100YIQG |
| Income tax | 2,742 | 2.2% | S100YIQG |
| Net income | -1,409 | -1.1% | S100YIQG |
| Net income attributable to owners | -1,385 | -1.1% | S100YIQG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 21 |
| Operating income | 4 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 24.9% → Operating margin 4.3% → Net margin -1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.3%; Core profit growth: +1.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.21×
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 | 114,051 | 123,559 | 9,508 | +8.3% |
| Gross profit | 30,313 | 30,810 | 497 | +1.6% |
| Operating income | 5,195 | 5,287 | 92 | +1.8% |
| Net income attributable to owners | 2,782 | -1,385 | -4,167 | -149.8% |
| Operating cash flow | 9,082 | 2,851 | -6,231 | -68.6% |
| Free cash flow | 5,672 | -2,722 | -8,394 | -148.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 79,655 | 2,289 | 2.9% | 1,024 | 5,456 | 729 | S100LOO1 |
| FY ending Mar 2021 | 73,906 | 1,969 | 2.7% | 542 | 5,049 | 1,241 | S100OGTA |
| FY ending Mar 2022 | 88,328 | 1,564 | 1.8% | -84 | -4,949 | -8,336 | S100R69K |
| FY ending Mar 2023 | 107,993 | 4,829 | 4.5% | 2,047 | 2,180 | -460 | S100TSYH |
| FY ending Mar 2024 | 106,622 | 4,940 | 4.6% | 2,240 | 9,505 | 6,425 | S100W1MH |
| FY ending Mar 2025 | 114,051 | 5,195 | 4.6% | 2,782 | 9,082 | 5,672 | S100YIQG |
| FY ending Mar 2026 | 123,559 | 5,287 | 4.3% | -1,385 | 2,851 | -2,722 | S100YIQG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.9M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | -¥334.8K |

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) | 4,405 | 4,576 | 4,410 | 4,318 | 4,137 |
| Average salary (parent company) | ¥6.2M | ¥6.8M | ¥6.8M | ¥7.1M | ¥7.6M |
| Average age (parent company) | 43.2 years | 44.1 years | 44.4 years | 44.6 years | 45.2 years |
| Average tenure (parent company) | 17.5 years | 17.3 years | 17.1 years | 17.4 years | 17.9 years |

Year over year: Employees (consolidated) -4.2% · Revenue (consolidated) +8.3%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronic Components | 81,547 | 66.0% | 3,304 | 4.1% |
| Electronic Chemicals / FA Systems | 39,876 | 32.3% | 3,334 | 8.4% |
| Information Equipment | 2,135 | 1.7% | -566 | -26.5% |

### 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 Components | 66.0% | 49.8% | -16.2 | 4.1% |
| Electronic Chemicals / FA Systems | 32.3% | 50.2% | 18.0 | 8.4% |
| Information Equipment | 1.7% | — | — | -26.5% |

Loss-making segment (excluded from profit shares): Information Equipment -566 JPY mn

Segment → industry: Electronic Chemicals / FA Systems → Chemicals / Information Equipment → TVs, Audio & Musical Instruments / Electronic Components → Electronic Components

## 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 | 2,851 | 2.3% | S100YIQG |
| Capital expenditure | 5,573 | 4.5% | S100YIQG |
| Free cash flow | -2,722 | -2.2% | 算出 |
| Investing cash flow | -4,803 | -3.9% | S100YIQG |
| Financing cash flow | 316 | 0.3% | S100YIQG |
| Dividends paid | 1,054 | 0.9% | S100YIQG |
| Share buyback | 1,177 | 1.0% | S100YIQG |
| Change in cash | -1,382 | -1.1% | S100YIQG |
| Cash and equivalents | 18,096 | 14.6% | S100YIQG |

## 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 | 12,887 | 13,620 | 16,992 | 19,479 | 18,096 | S100TSYH, S100W1MH, S100YIQG |
| Total assets | 104,055 | 111,786 | 114,843 | 124,348 | 132,381 | S100R69K, S100TSYH, S100W1MH, S100YIQG |
| Net assets | 50,221 | 52,918 | 57,796 | 64,034 | 62,897 | S100TSYH, S100W1MH, S100YIQG |
| Share capital | 11,829 | 11,829 | 11,829 | 11,829 | 11,829 | S100R69K, S100TSYH, S100W1MH, S100YIQG |
| Property, plant and equipment | 30,399 | 29,369 | 29,851 | 31,039 | 33,789 | S100R69K, S100TSYH, S100W1MH, S100YIQG |
| Intangible assets excluding goodwill | 1,316 | 1,228 | 1,106 | 1,110 | 1,019 | S100R69K, S100TSYH, S100W1MH, S100YIQG |
| Goodwill | 253 | 229 | 203 | 160 | 119 | S100R69K, S100TSYH, S100W1MH, S100YIQG |
| Investment securities | 5,054 | 5,577 | 7,091 | 6,922 | 4,915 | S100R69K, S100TSYH, S100W1MH, S100YIQG |
| Current assets | 61,746 | 70,537 | 71,809 | 78,607 | 85,038 | S100R69K, S100TSYH, S100W1MH, S100YIQG |
| Current liabilities | 31,862 | 37,520 | 37,278 | 44,037 | 50,400 | S100R69K, S100TSYH, S100W1MH, S100YIQG |
| Trade payables | 10,640 | 10,479 | 8,600 | 11,854 | 13,705 | S100R69K, S100TSYH, S100W1MH, S100YIQG |
| Short-term borrowings | 12,040 | 16,546 | 16,152 | 16,919 | 19,083 | S100R69K, S100TSYH, S100W1MH, S100YIQG |
| Long-term borrowings | 13,815 | 13,532 | 11,237 | 7,184 | 9,039 | S100R69K, S100TSYH, S100W1MH, S100YIQG |
| Total liabilities | 53,833 | 58,868 | 57,046 | 60,314 | 69,484 | S100R69K, S100TSYH, S100W1MH, S100YIQG |
| Non-controlling interests | 102 | 108 | 114 | 97 | 74 | S100R69K, S100TSYH, S100W1MH, S100YIQG |
| Equity attributable to owners of parent | 46,716 | 47,609 | 49,064 | 51,618 | 48,064 | S100R69K, S100TSYH, S100W1MH, S100YIQG |
| Retained earnings | 18,102 | 19,326 | 20,745 | 23,283 | 20,816 | S100R69K, S100TSYH, S100W1MH, S100YIQG |
| Treasury stock | -235 | -575 | -543 | -523 | -1,609 | S100R69K, S100TSYH, S100W1MH, S100YIQG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YIQG |
| Property, plant and equipment | 25% | S100YIQG |
| Intangibles and goodwill | 1% | S100YIQG |
| Investment securities | 4% | S100YIQG |
| Other assets | 56% | S100YIQG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YIQG |
| Other liabilities | 42% | S100YIQG |
| Equity | 48% | S100YIQG |

### 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 | 104,055 | 111,786 | 114,843 | 124,348 | 132,381 |
| Equity | 50,221 | 52,918 | 57,796 | 64,034 | 62,897 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,887 | 13,620 | 16,992 | 19,479 | 18,096 |

## 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) | 27.3% | S100YIQG |
| Fixed assets ÷ total assets | 25.5% | S100YIQG |
| Goodwill ÷ parent equity | 0.2% | S100YIQG |

Goodwill over 4 years: 253 → 119 JPY; total investing cash flow: -18,634 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) | 13.7% |
| Cash ÷ revenue | 14.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 53.9% |
| Cash vs. profit gap | 4,236 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 168.5% |

## 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 | — | —× | -0.1% | —× | — | S100R69K |
| 2023 | 1.9% | 1.00× | 1.9% | 2.29× | 4.3% | S100TSYH |
| 2024 | 2.1% | 0.94× | 2.0% | 2.34× | 4.6% | S100W1MH |
| 2025 | 2.4% | 0.95× | 2.3% | 2.38× | 5.5% | S100YIQG |
| 2026 | — | —× | -1.1% | —× | — | S100YIQG |

## 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 | 14.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.9% | 2026-03-31 |
| タムラ協力企業持株会 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.5% | 2026-03-31 |
| タムラ製作所従業員持株会 | Major shareholder | 1.4% | 2026-03-31 |
| タムラ開発有限会社 | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （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 |
| 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 | 1.3% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YIQG | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIQG,, |
| 有価証券報告書－第102期(2024/04/01－2025/03/31) | S100W1MH | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1MH,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TSYH | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSYH,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100R69K | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R69K,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100OGTA | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGTA,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LOO1 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOO1,, |

## 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).