# TAZMO 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54期(2025/01/01－2025/12/31) (S100XS15)
> Page: https://vizora.meequs.com/en/company/tazmo
> Retrieved: 2026-09-30T20:48:11.550Z

## Company

Tazmo, founded in 1972, is a company in Semiconductor Equipment listed on TSE Prime. It has 1,150 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAZMO CO.,LTD. |
| Ticker | 6266 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6266.T) |
| Listing | TSE Prime |
| Head office | 岡山県岡山市北区芳賀5311 |
| Representative (per filing) | 代表取締役社長 佐藤 泰之 |
| Founded | Feb 1972 |
| Share capital | ¥3.57B |
| Employees (consolidated) | 1,150 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | December |
| Website | www.tazmo.co.jp (https://www.tazmo.co.jp/) |
| Corporate number | 6260001018266 |
| EDINET | E02350 |
| Industries (Vizora) | Semiconductor Equipment, Industrial Machinery |

> Profile source: annual securities report (S100XS15, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Equipment (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.7 | 36 |
| Profitability | 45.1 | 41 |
| Cash conversion | 83.3 | 39 |
| Efficiency | 62.2 | 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 78% of Tazmo's sales come from Process Equipment Business, with Surface Treatment Equipment Business and Precision Molding Dies and Plastic Moldings Business making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed -1.2% from the prior year, operating profit -19.4%.

## Company structure

- Segment revenue mix: Process Equipment Business 77.6%、Surface Treatment Equipment Business 19.1%、Precision Molding Dies and Plastic Moldings Business 3.4%
- Revenue → net income: ¥35428641000 → ¥3586404000
- Net income → operating cash flow: ¥3586404000 → ¥9425231000（difference ¥5838827000）
- Main uses of operating cash flow: CapEx ¥1497686000 / dividends ¥488474000 / buybacks ¥511766000
- Change in cash: ¥4213607000
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 | ¥35.4B |  |
| Operating income | ¥4.77B | Margin 13.5% |
| Net income | ¥3.54B | Margin 10.0% |
| Free cash flow | ¥7.93B |  |
| Largest business | Process Equipment Business | of segment revenue 77.6% |
| Employees (consolidated) | 1,150 |  |
| EPS | ¥173.8 |  |
| Book value per share | ¥1437.01 |  |
| Equity ratio | 56.6% |  |
| Shares outstanding | 14,842,354 |  |
| Treasury shares | 200,700 |  |
| Shareholders | 9,433 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 29.7% | Cash ÷ revenue 39.4% |
| Vs. industry median margin | -1 pp | Semiconductor Equipment |
| ROE | 14.7% | Derived from disclosed figures |
| ROA | 7.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.7× net income
- FY2025, buybacks were 1.0× dividends
- FY2025, one segment accounts for 86% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19516653000 | ¥35428641000 | +81.5% |
| Operating income | ¥1886824000 | ¥4768771000 | +152.7% |
| Operating margin | 9.7% | 13.5% | +3.8 pp |
| Employees | 1,061 people | 1,150 people | +8.4% |
| Cash and equivalents | ¥2749568000 | ¥13946965000 | +407.2% |

### 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 |
| --- | ---: |
| プロセス機器事業 → プロセス機器事業 | 75.2% |
| 金型・樹脂成形事業 → 金型・樹脂成形事業 | 3.4% |
| 金型・樹脂成形事業 → 事業再編・廃止 | 3.5% |
| 表面処理用機器事業 → 表面処理用機器事業 | 17.9% |
| 新設・再編 → プロセス機器事業 | 2.4% |
| 新設・再編 → 表面処理用機器事業 | 1.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Process Equipment Business | 5 years | +13.4% | ¥27475899000 | 14.9% | 2 |
| Surface Treatment Equipment Business | 5 years | +14.1% | ¥6754736000 | 8.9% | 2 |
| Precision Molding Dies and Plastic Moldings Business | 5 years | -2.4% | ¥1198004000 | 4.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 35,429 | 100.0% | S100XS15 |
| Cost of revenue | 24,670 | 69.6% | S100XS15 |
| Gross profit | 10,759 | 30.4% | S100XS15 |
| SG&A | 5,990 | 16.9% | S100XS15 |
| Operating income | 4,769 | 13.5% | S100XS15 |
| Ordinary income | 5,009 | 14.1% | S100XS15 |
| Pretax income | 5,008 | 14.1% | S100XS15 |
| Income tax | 1,422 | 4.0% | S100XS15 |
| Net income | 3,586 | 10.1% | S100XS15 |
| Net income attributable to owners | 3,541 | 10.0% | S100XS15 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 17 |
| Operating income | 13 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 30.4% → Operating margin 13.5% → Net margin 10.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.2%; Core profit growth: -19.4%
Operating leverage (core profit growth ÷ revenue growth): 15.95×
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 | 35,865 | 35,429 | -436 | -1.2% |
| Gross profit | 11,855 | 10,759 | -1,096 | -9.2% |
| Operating income | 5,917 | 4,769 | -1,148 | -19.4% |
| Net income attributable to owners | 4,247 | 3,541 | -706 | -16.6% |
| Operating cash flow | 7,507 | 9,425 | 1,919 | +25.6% |
| Free cash flow | 6,288 | 7,928 | 1,640 | +26.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 18,223 | 952 | 5.2% | 726 | 1,671 | 90 | S100L13X |
| FY ending Dec 2020 | 19,517 | 1,887 | 9.7% | 1,693 | 2,178 | 1,573 | S100NQMX |
| FY ending Dec 2021 | 22,002 | 2,092 | 9.5% | 1,750 | 336 | -169 | S100QH0G |
| FY ending Dec 2022 | 24,356 | 2,806 | 11.5% | 2,263 | -1,514 | -2,440 | S100T56V |
| FY ending Dec 2023 | 28,161 | 3,655 | 13.0% | 2,357 | -350 | -1,624 | S100VHXF |
| FY ending Dec 2024 | 35,865 | 5,917 | 16.5% | 4,247 | 7,507 | 6,288 | S100XS15 |
| FY ending Dec 2025 | 35,429 | 4,769 | 13.5% | 3,541 | 9,425 | 7,928 | S100XS15 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.8M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 1,099 | 1,105 | 1,141 | 1,163 | 1,150 |
| Average salary (parent company) | ¥6.4M | ¥6.5M | ¥6.5M | ¥6.9M | ¥6.9M |
| Average age (parent company) | 45.0 years | 45.0 years | 44.0 years | 44.0 years | 43.0 years |
| Average tenure (parent company) | 16.0 years | 16.0 years | 16.0 years | 16.0 years | 15.0 years |

Year over year: Employees (consolidated) -1.1% · Revenue (consolidated) -1.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Process Equipment Business | 27,476 | 77.6% | 4,090 | 14.9% |
| Precision Molding Dies and Plastic Moldings Business | 1,198 | 3.4% | 57 | 4.7% |
| Surface Treatment Equipment Business | 6,755 | 19.1% | 603 | 8.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Process Equipment Business | 77.6% | 86.1% | 8.6 | 14.9% |
| Precision Molding Dies and Plastic Moldings Business | 3.4% | 1.2% | -2.2 | 4.7% |
| Surface Treatment Equipment Business | 19.1% | 12.7% | -6.4 | 8.9% |

Segment → industry: Surface Treatment Equipment Business → Semiconductor Equipment / Process Equipment Business → Semiconductor Equipment / Surface Treatment Equipment Business → Industrial Machinery / Precision Molding Dies and Plastic Moldings 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 | 9,425 | 26.6% | S100XS15 |
| Capital expenditure | 1,498 | 4.2% | S100XS15 |
| Free cash flow | 7,928 | 22.4% | 算出 |
| Investing cash flow | -3,181 | -9.0% | S100XS15 |
| Financing cash flow | -1,961 | -5.5% | S100XS15 |
| Dividends paid | 488 | 1.4% | S100XS15 |
| Share buyback | 512 | 1.4% | S100XS15 |
| Change in cash | 4,214 | 11.9% | S100XS15 |
| Cash and equivalents | 13,947 | 39.4% | S100XS15 |

## 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 | 2,982 | 5,025 | 6,771 | 9,733 | 13,947 | S100T56V, S100VHXF, S100XS15 |
| Total assets | 29,390 | 39,397 | 47,429 | 49,200 | 46,893 | S100QH0G, S100T56V, S100VHXF, S100XS15 |
| Net assets | 13,575 | 17,549 | 20,096 | 24,642 | 27,037 | S100T56V, S100VHXF, S100XS15 |
| Share capital | 2,724 | 3,495 | 3,557 | 3,569 | 3,569 | S100QH0G, S100T56V, S100VHXF, S100XS15 |
| Trade receivables | 5,476 | 4,496 | 5,674 | 5,684 | 3,020 | S100QH0G, S100T56V, S100VHXF, S100XS15 |
| Property, plant and equipment | 5,871 | 6,268 | 7,008 | 7,385 | 7,813 | S100QH0G, S100T56V, S100VHXF, S100XS15 |
| Intangible assets excluding goodwill | 147 | 198 | 158 | 156 | 199 | S100QH0G, S100T56V, S100VHXF, S100XS15 |
| Investment securities | 402 | 402 | 67 | 26 | 24 | S100QH0G, S100T56V, S100VHXF, S100XS15 |
| Current assets | 22,076 | 31,906 | 39,421 | 40,731 | 37,810 | S100QH0G, S100T56V, S100VHXF, S100XS15 |
| Current liabilities | 13,458 | 18,463 | 21,380 | 17,696 | 14,393 | S100QH0G, S100T56V, S100VHXF, S100XS15 |
| Trade payables | 1,874 | 1,726 | 2,099 | 1,637 | 1,566 | S100QH0G, S100T56V, S100VHXF, S100XS15 |
| Short-term borrowings | 3,172 | 5,279 | 6,437 | 2,813 | 3,265 | S100QH0G, S100T56V, S100VHXF, S100XS15 |
| Long-term borrowings | 1,653 | 2,643 | 5,075 | 5,981 | 4,645 | S100QH0G, S100T56V, S100VHXF, S100XS15 |
| Total liabilities | 15,815 | 21,848 | 27,333 | 24,558 | 19,856 | S100QH0G, S100T56V, S100VHXF, S100XS15 |
| Non-controlling interests | 214 | 263 | 328 | 466 | 495 | S100QH0G, S100T56V, S100VHXF, S100XS15 |
| Equity attributable to owners of parent | 13,042 | 16,644 | 18,858 | 22,794 | 25,391 | S100QH0G, S100T56V, S100VHXF, S100XS15 |
| Retained earnings | 8,105 | 10,152 | 12,198 | 16,089 | 19,141 | S100QH0G, S100T56V, S100VHXF, S100XS15 |
| Treasury stock | -446 | -434 | -312 | -294 | -740 | S100QH0G, S100T56V, S100VHXF, S100XS15 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100XS15 |
| Receivables | 6% | S100XS15 |
| Property, plant and equipment | 17% | S100XS15 |
| Intangibles and goodwill | 0% | S100XS15 |
| Investment securities | 0% | S100XS15 |
| Other assets | 47% | S100XS15 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100XS15 |
| Other liabilities | 39% | S100XS15 |
| Equity | 58% | S100XS15 |
| Other liabilities | 0% | S100XS15 |

### 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 | 29,390 | 39,397 | 47,429 | 49,200 | 46,893 |
| Equity | 13,575 | 17,549 | 20,096 | 24,642 | 27,037 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,982 | 5,025 | 6,771 | 9,733 | 13,947 |

## 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) | 22.1% | S100XS15 |
| Fixed assets ÷ total assets | 16.7% | S100XS15 |
| Goodwill ÷ parent equity | — | —, S100XS15 |

### 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) | 29.7% |
| Cash ÷ revenue | 39.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 197.6% |
| Cash vs. profit gap | 5,884 JPY mn (of net income 166.1%) |
| Shareholder returns / net income | 28.2% |
| Shareholder returns / FCF | 12.6% |
| Shareholder payments — dividends / net income | 13.8% |
| Shareholder payments — dividends / FCF | 6.2% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 33.8% |

## 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 | 8.0% | 0.75× | 6.0% | 2.25× | 13.4% | S100QH0G |
| 2022 | 9.3% | 0.71× | 6.6% | 2.32× | 15.2% | S100T56V |
| 2023 | 8.4% | 0.65× | 5.4% | 2.45× | 13.3% | S100VHXF |
| 2024 | 11.8% | 0.74× | 8.8% | 2.32× | 20.4% | S100XS15 |
| 2025 | 10.0% | 0.74× | 7.4% | 1.99× | 14.7% | S100XS15 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社大江屋 | Major shareholder | 15.2% | 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 | 8.6% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.4% | 2025-12-31 |
| FUBON SECURITIES CO., LTD. CLIENT 30 （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.2% | 2025-12-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.1% | 2025-12-31 |
| 中銀リース株式会社 | Major shareholder | 2.0% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505025 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.9% | 2025-12-31 |
| 鳥越 琢史 | Major shareholder | 1.7% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505044 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2025-12-31 |
| 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 | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/01/01－2025/12/31) | S100XS15 | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS15,, |
| 有価証券報告書－第53期(2024/01/01－2024/12/31) | S100VHXF | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHXF,, |
| 有価証券報告書－第52期(2023/01/01－2023/12/31) | S100T56V | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T56V,, |
| 有価証券報告書－第51期(2022/01/01－2022/12/31) | S100QH0G | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH0G,, |
| 有価証券報告書－第50期(令和3年1月1日－令和3年12月31日) | S100NQMX | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQMX,, |
| 有価証券報告書－第49期(令和2年1月1日－令和2年12月31日) | S100L13X | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L13X,, |

## 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).