# TEAC CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第78期(2025/04/01－2026/03/31) (S100YG7Z)
> Page: https://vizora.meequs.com/en/company/teac
> Retrieved: 2026-09-30T20:30:40.265Z

## Company

Teac, founded in 1953, is a company in Robots & Factory Automation listed on TSE Standard. It has 524 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TEAC CORPORATION |
| Ticker | 6803 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6803.T) |
| Listing | TSE Standard |
| Head office | 東京都多摩市落合一丁目47番地 |
| Representative (per filing) | 代表取締役社長 英 裕治 |
| Founded | Aug 1953 |
| Share capital | ¥3.5B |
| Employees (consolidated) | 524 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.teac.co.jp (https://www.teac.co.jp/) |
| Corporate number | 7013401005312 |
| EDINET | E01932 |
| Industries (Vizora) | Robots & Factory Automation, TVs, Audio & Musical Instruments |

> Profile source: annual securities report (S100YG7Z, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: TVs, Audio & Musical Instruments (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.8 | 11 |
| Profitability | 45.8 | 12 |
| Cash conversion | 72.2 | 9 |
| Efficiency | 87.5 | 12 |

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 69% of Teac's sales come from Audio Product Division, with Information product Division and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +1.8% from the prior year, operating profit +98.8%.

## Company structure

- Segment revenue mix: Audio Product Division 69.4%、Information product Division 25.2%、Other 5.4%
- Revenue → net income: ¥15943000000 → ¥578000000
- Net income → operating cash flow: ¥578000000 → ¥1610000000（difference ¥1032000000）
- Main uses of operating cash flow: CapEx ¥151000000 / dividends ¥29000000 / buybacks ¥0
- Change in cash: ¥622000000
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 | ¥15.9B |  |
| Operating income | ¥676M | Margin 4.2% |
| Net income | ¥578M | Margin 3.6% |
| Free cash flow | ¥1.46B |  |
| Largest business | Audio Product Division | of segment revenue 69.4% |
| Employees (consolidated) | 524 |  |
| EPS | ¥20.07 |  |
| Book value per share | ¥169.29 |  |
| Equity ratio | 38.4% | Derived from disclosed figures |
| Shares outstanding | 28,932,000 |  |
| Treasury shares | 130,200 |  |
| Shareholders | 14,508 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 20.5% | Cash ÷ revenue 13.6% |
| Vs. industry median margin | -0.7 pp | TVs, Audio & Musical Instruments |
| ROE | 15.2% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, employees -4% while operating income rose 99%
- FY2026, one segment accounts for 99% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14589000000 | ¥15943000000 | +9.3% |
| Operating income | ¥508000000 | ¥676000000 | +33.1% |
| Operating margin | 3.5% | 4.2% | +0.8 pp |
| Employees | 599 people | 524 people | -12.5% |
| Cash and equivalents | ¥1869000000 | ¥2173000000 | +16.3% |

### 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 |
| --- | ---: |
| 音響機器事業 → 音響機器事業 | 69.0% |
| 情報機器事業 → 情報機器事業 | 25.2% |
| 情報機器事業 → 事業再編・廃止 | 2.1% |
| その他 → その他 | 3.7% |
| 新設・再編 → 音響機器事業 | 0.4% |
| 新設・再編 → その他 | 1.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Audio Product Division | 5 years | +1.9% | ¥11069000000 | 13.4% | 2 |
| Information product Division | 5 years | +0.2% | ¥4013000000 | -0.1% | 2 |
| Other | 5 years | +9.6% | ¥861000000 | 2.4% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,943 | 100.0% | S100YG7Z |
| Cost of revenue | 9,101 | 57.1% | S100YG7Z |
| Gross profit | 6,843 | 42.9% | S100YG7Z |
| SG&A | 6,447 | 40.4% | S100YG7Z |
| Operating income | 676 | 4.2% | S100YG7Z |
| Pretax income | 612 | 3.8% | S100YG7Z |
| Income tax | 34 | 0.2% | S100YG7Z |
| Net income | 578 | 3.6% | S100YG7Z |
| Net income attributable to owners | 578 | 3.6% | S100YG7Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 41 |
| Other operating | -2 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 42.9% → Operating margin 4.2% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.8%; Core profit growth: +98.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 56.30×
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 | 15,668 | 15,943 | 275 | +1.8% |
| Gross profit | 6,796 | 6,843 | 47 | +0.7% |
| Operating income | 340 | 676 | 336 | +98.8% |
| Net income attributable to owners | 81 | 578 | 497 | +613.6% |
| Operating cash flow | 1,178 | 1,610 | 432 | +36.7% |
| Free cash flow | 1,061 | 1,459 | 398 | +37.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 17,346 | — | — | -52 | -702 | — | S100LK17 |
| FY ending Mar 2018 | 17,016 | — | — | 249 | -12 | — | S100O90I |
| FY ending Mar 2019 | 15,682 | — | — | 51 | -314 | — | S100R2H8 |
| FY ending Mar 2020 | 14,745 | 286 | 1.9% | 27 | 158 | -76 | S100LK17 |
| FY ending Mar 2021 | 14,589 | 508 | 3.5% | 301 | 866 | 697 | S100O90I |
| FY ending Mar 2022 | 16,004 | 654 | 4.1% | 392 | -153 | -302 | S100R2H8 |
| FY ending Mar 2023 | 15,699 | 563 | 3.6% | 305 | 294 | 180 | S100TNQS |
| FY ending Mar 2024 | 15,672 | 445 | 2.8% | -53 | 116 | 10 | S100W2OM |
| FY ending Mar 2025 | 15,668 | 340 | 2.2% | 81 | 1,178 | 1,061 | S100YG7Z |
| FY ending Mar 2026 | 15,943 | 676 | 4.2% | 578 | 1,610 | 1,459 | S100YG7Z |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.4M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 591 | 618 | 571 | 547 | 524 |
| Average salary (parent company) | ¥6.4M | ¥6.5M | ¥6.8M | ¥6.8M | ¥6.9M |
| Average age (parent company) | 48.6 years | 49.0 years | 49.1 years | 49.0 years | 48.7 years |
| Average tenure (parent company) | 20.8 years | 21.2 years | 20.8 years | 20.1 years | 19.8 years |

Year over year: Employees (consolidated) -4.2% · Revenue (consolidated) +1.8%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Audio Product Division | 11,069 | 69.4% | 1,484 | 13.4% |
| Information product Division | 4,013 | 25.2% | -3 | -0.1% |
| Other | 861 | 5.4% | 21 | 2.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Audio Product Division | 69.4% | 98.6% | 29.2 | 13.4% |
| Information product Division | 25.2% | — | — | -0.1% |
| Other | 5.4% | 1.4% | -4.0 | 2.4% |

Loss-making segment (excluded from profit shares): Information product Division -3 JPY mn

Segment → industry: Information product Division → Robots & Factory Automation / Audio Product Division → TVs, Audio & Musical Instruments

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,610 | 10.1% | S100YG7Z |
| Capital expenditure | 151 | 0.9% | S100YG7Z |
| Free cash flow | 1,459 | 9.2% | 算出 |
| Investing cash flow | -150 | -0.9% | S100YG7Z |
| Financing cash flow | -883 | -5.5% | S100YG7Z |
| Dividends paid | 29 | 0.2% | S100YG7Z |
| Share buyback | 0 | 0.0% | S100YG7Z |
| Change in cash | 622 | 3.9% | S100YG7Z |
| Cash and equivalents | 2,173 | 13.6% | S100YG7Z |

## 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 | 1,304 | 1,196 | 1,227 | 1,552 | 2,173 | S100TNQS, S100W2OM, S100YG7Z |
| Total assets | 10,081 | 10,958 | 11,871 | 10,815 | 10,593 | S100R2H8, S100TNQS, S100W2OM, S100YG7Z |
| Net assets | 2,468 | 3,112 | 3,574 | 3,558 | 4,070 | S100TNQS, S100W2OM, S100YG7Z |
| Share capital | 3,500 | 3,500 | 3,500 | 3,500 | 3,500 | S100R2H8, S100TNQS, S100W2OM, S100YG7Z |
| Property, plant and equipment | 1,513 | 2,233 | 2,211 | 1,853 | 1,674 | S100R2H8, S100TNQS, S100W2OM, S100YG7Z |
| Current assets | 8,210 | 8,351 | 9,286 | 8,568 | 8,447 | S100R2H8, S100TNQS, S100W2OM, S100YG7Z |
| Total liabilities | 7,613 | 7,847 | 8,297 | 7,257 | 6,523 | S100R2H8, S100TNQS, S100W2OM, S100YG7Z |
| Equity attributable to owners of parent | 2,468 | 3,112 | 3,574 | 3,558 | 4,070 | S100R2H8, S100TNQS, S100W2OM, S100YG7Z |
| Retained earnings | 1,809 | 2,194 | 2,181 | 2,211 | 2,799 | S100R2H8, S100TNQS, S100W2OM, S100YG7Z |
| Treasury stock | -123 | -122 | -122 | -122 | -122 | S100R2H8, S100TNQS, S100W2OM, S100YG7Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YG7Z |
| Property, plant and equipment | 16% | S100YG7Z |
| Other assets | 64% | S100YG7Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 62% | S100YG7Z |
| Equity | 38% | S100YG7Z |

### 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 | 10,081 | 10,958 | 11,871 | 10,815 | 10,593 |
| Equity | 2,468 | 3,112 | 3,574 | 3,558 | 4,070 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,304 | 1,196 | 1,227 | 1,552 | 2,173 |

## 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) | 10.5% | S100YG7Z |
| Fixed assets ÷ total assets | 15.8% | S100YG7Z |
| Goodwill ÷ parent equity | — | —, S100YG7Z |

### 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) | 20.5% |
| Cash ÷ revenue | 13.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 238.2% |
| Cash vs. profit gap | 1,032 JPY mn (of net income 178.5%) |
| Shareholder returns / net income | 5.0% |
| Shareholder returns / FCF | 2.0% |
| Shareholder payments — dividends / net income | 5.0% |
| Shareholder payments — dividends / FCF | 2.0% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 9.3% |

## 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 | 2.4% | 1.59× | 3.9% | 4.08× | 15.9% | S100R2H8 |
| 2023 | 1.9% | 1.49× | 2.9% | 3.77× | 10.9% | S100TNQS |
| 2024 | — | —× | -0.5% | —× | — | S100W2OM |
| 2025 | 0.5% | 1.38× | 0.7% | 3.18× | 2.3% | S100YG7Z |
| 2026 | 3.6% | 1.49× | 5.4% | 2.81× | 15.2% | S100YG7Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山下 良久 | Major shareholder | 3.3% | 2026-03-31 |
| 松尾 博 | Major shareholder | 2.9% | 2026-03-31 |
| 力丸 米雄 | Major shareholder | 2.5% | 2026-03-31 |
| 勝山 隆一朗 | Major shareholder | 2.2% | 2026-03-31 |
| 中島 和信 | Major shareholder | 2.1% | 2026-03-31 |
| BOFAS INC OMNIBUS ACCOUNT （常任代理人 BofA証券株式会社） | Major shareholder | 2.0% | 2026-03-31 |
| 金子 武弘 | Major shareholder | 2.0% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140040 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.9% | 2026-03-31 |
| CGMI PB CUSTOMER ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.9% | 2026-03-31 |
| ティアック社員持株会 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YG7Z | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG7Z,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W2OM | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2OM,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TNQS | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNQS,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R2H8 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2H8,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100O90I | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O90I,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LK17 | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LK17,, |

## 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).