# Techno Medica Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第39期(2025/04/01－2026/03/31) (S100YGSP)
> Page: https://vizora.meequs.com/en/company/techno-medica
> Retrieved: 2026-09-30T22:08:56.377Z

## Company

Techno Medica, founded in 1987, is a company in Medical Devices listed on TSE Standard. It has 239 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Techno Medica Co., Ltd. |
| Ticker | 6678 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6678.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市都筑区仲町台五丁目5番1号 |
| Representative (per filing) | 代表取締役社長 實吉 政知 |
| Founded | Sep 1987 |
| Share capital | ¥1.07B |
| Employees (consolidated) | 239 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.technomedica.co.jp (https://www.technomedica.co.jp/) |
| Corporate number | 4020001032202 |
| EDINET | E02345 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100YGSP, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.8 | 38 |
| Profitability | 62.8 | 39 |
| Cash conversion | 32.9 | 38 |
| Efficiency | 42.3 | 39 |

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)

- Techno Medica brought in ¥11.2B in revenue.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +13.4% from the prior year, operating profit +28.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥11236606000 → ¥1070987000
- Net income → operating cash flow: ¥1070987000 → ¥1100442000（difference ¥29455000）
- Main uses of operating cash flow: CapEx ¥41018000 / dividends ¥471069000 / buybacks ¥674776000
- Change in cash: ¥-85160000
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 | ¥11.2B |  |
| Operating income | ¥1.67B | Margin 14.8% |
| Net income | ¥1.07B | Margin 9.5% |
| Free cash flow | ¥1.06B |  |
| Employees (consolidated) | 239 |  |
| EPS | ¥155.28 |  |
| Book value per share | ¥2161.65 |  |
| Equity ratio | 80.2% |  |
| Shares outstanding | 8,760,000 |  |
| Treasury shares | 2,093,500 |  |
| Shareholders | 6,721 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 50.0% | Cash ÷ revenue 79.9% |
| Vs. industry median margin | +3.8 pp | Medical Devices |
| ROE | 7.4% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.4× dividends
- FY2026, cash is 50% of total assets
- FY2026, employees -2% while operating income rose 28%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9040115000 | ¥11236606000 | +24.3% |
| Operating income | ¥1607791000 | ¥1668321000 | +3.8% |
| Operating margin | 17.8% | 14.8% | -2.9 pp |
| Employees | 237 people | 239 people | +0.8% |
| Cash and equivalents | ¥7570028000 | ¥8976227000 | +18.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,237 | 100.0% | S100YGSP |
| Cost of revenue | 5,994 | 53.3% | 算出 |
| Gross profit | 5,243 | 46.7% | S100YGSP |
| SG&A | 3,574 | 31.8% | S100YGSP |
| Operating income | 1,668 | 14.8% | S100YGSP |
| Ordinary income | 1,718 | 15.3% | S100YGSP |
| Pretax income | 1,525 | 13.6% | S100YGSP |
| Income tax | 454 | 4.0% | S100YGSP |
| Net income | 1,071 | 9.5% | S100YGSP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 32 |
| Operating income | 15 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 46.7% → Operating margin 14.8% → Net margin 9.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.4%; Core profit growth: +28.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.11×
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 | 9,906 | 11,237 | 1,331 | +13.4% |
| Gross profit | 4,928 | 5,243 | 314 | +6.4% |
| Operating income | 1,300 | 1,668 | 368 | +28.3% |
| Operating cash flow | 978 | 1,100 | 123 | +12.6% |
| Free cash flow | 946 | 1,059 | 113 | +12.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,811 | 1,258 | 12.8% | 1,000 | 1,269 | 844 | S100LPFH |
| FY ending Mar 2021 | 9,040 | 1,608 | 17.8% | 1,153 | 825 | 792 | S100OI9P |
| FY ending Mar 2022 | 9,699 | 1,862 | 19.2% | 1,281 | 2,063 | 1,983 | S100R6K3 |
| FY ending Mar 2023 | 9,368 | 1,649 | 17.6% | 1,151 | 887 | 749 | S100TS45 |
| FY ending Mar 2024 | 10,284 | 1,840 | 17.9% | 1,348 | 1,143 | 1,040 | S100W30O |
| FY ending Mar 2025 | 9,906 | 1,300 | 13.1% | 1,005 | 978 | 946 | S100YGSP |
| FY ending Mar 2026 | 11,237 | 1,668 | 14.8% | 1,071 | 1,100 | 1,059 | S100YGSP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47M |
| Operating income per employee (consolidated) | ¥7M |
| Net income per employee (consolidated) | ¥4.5M |

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) | 228 | 225 | 237 | 244 | 239 |
| Average salary (parent company) | ¥6.4M | ¥6.5M | ¥6.6M | ¥6.9M | ¥7M |
| Average age (parent company) | 39.7 years | 40.1 years | 40.6 years | 41.1 years | 41.1 years |
| Average tenure (parent company) | 10.4 years | 10.8 years | 10.8 years | 11.2 years | 11.8 years |

Year over year: Employees (consolidated) -2.0% · Revenue (consolidated) +13.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,100 | 9.8% | S100YGSP |
| Capital expenditure | 41 | 0.4% | S100YGSP |
| Free cash flow | 1,059 | 9.4% | 算出 |
| Investing cash flow | -40 | -0.4% | S100YGSP |
| Financing cash flow | -1,146 | -10.2% | S100YGSP |
| Dividends paid | 471 | 4.2% | S100YGSP |
| Share buyback | 675 | 6.0% | S100YGSP |
| Change in cash | -85 | -0.8% | S100YGSP |
| Cash and equivalents | 8,976 | 79.9% | S100YGSP |

## 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 | 11,524 | 11,750 | 8,586 | 9,061 | 8,976 | S100TS45, S100W30O, S100YGSP |
| Total assets | 18,508 | 19,443 | 17,434 | 17,939 | 17,966 | S100R6K3, S100TS45, S100W30O, S100YGSP |
| Net assets | 15,650 | 16,387 | 13,819 | 14,389 | 14,410 | S100TS45, S100W30O, S100YGSP |
| Share capital | 1,070 | 1,070 | 1,070 | 1,070 | 1,070 | S100R6K3, S100TS45, S100W30O, S100YGSP |
| Property, plant and equipment | 1,492 | 1,528 | 1,449 | 1,404 | 1,347 | S100R6K3, S100TS45, S100W30O, S100YGSP |
| Intangible assets excluding goodwill | 33 | 23 | 71 | 60 | 47 | S100R6K3, S100TS45, S100W30O, S100YGSP |
| Current assets | 16,473 | 17,307 | 15,081 | 15,678 | 15,696 | S100R6K3, S100TS45, S100W30O, S100YGSP |
| Current liabilities | 2,630 | 2,810 | 3,359 | 3,275 | 3,083 | S100R6K3, S100TS45, S100W30O, S100YGSP |
| Total liabilities | 2,858 | 3,056 | 3,615 | 3,550 | 3,556 | S100R6K3, S100TS45, S100W30O, S100YGSP |
| Equity attributable to owners of parent | 15,650 | 16,387 | 13,819 | 14,389 | 14,410 | S100R6K3, S100TS45, S100W30O, S100YGSP |
| Retained earnings | 14,261 | 14,891 | 15,731 | 16,265 | 16,865 | S100R6K3, S100TS45, S100W30O, S100YGSP |
| Treasury stock | -649 | -542 | -3,985 | -3,942 | -4,510 | S100R6K3, S100TS45, S100W30O, S100YGSP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100YGSP |
| Property, plant and equipment | 8% | S100YGSP |
| Intangibles and goodwill | 0% | S100YGSP |
| Other assets | 42% | S100YGSP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100YGSP |
| Equity | 80% | S100YGSP |

### 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 | 18,508 | 19,443 | 17,434 | 17,939 | 17,966 |
| Equity | 15,650 | 16,387 | 13,819 | 14,389 | 14,410 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,524 | 11,750 | 8,586 | 9,061 | 8,976 |

## 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) | 12.0% | S100YGSP |
| Fixed assets ÷ total assets | 7.5% | S100YGSP |
| Goodwill ÷ parent equity | — | —, S100YGSP |

### 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) | 50.0% |
| Cash ÷ revenue | 79.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 66.0% |
| Cash vs. profit gap | 29 JPY mn (of net income 2.8%) |
| Shareholder returns / net income | 107.0% |
| Shareholder returns / FCF | 108.2% |
| Shareholder payments — dividends / net income | 44.0% |
| Shareholder payments — dividends / FCF | 44.5% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 3.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 13.2% | 0.52× | 6.9% | 1.18× | 8.2% | S100R6K3 |
| 2023 | 12.3% | 0.49× | 6.1% | 1.18× | 7.2% | S100TS45 |
| 2024 | 13.1% | 0.56× | 7.3% | 1.22× | 8.9% | S100W30O |
| 2025 | 10.1% | 0.56× | 5.7% | 1.25× | 7.1% | S100YGSP |
| 2026 | 9.5% | 0.63× | 6.0% | 1.25× | 7.4% | S100YGSP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社オートニクス | Major shareholder | 14.5% | 2026-03-31 |
| 實吉 政知 | Major shareholder | 12.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.6% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 5.7% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS（常任代理人 香港上海銀行東京支店） | Major shareholder | 5.5% | 2026-03-31 |
| 平澤 修 | Major shareholder | 3.7% | 2026-03-31 |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED-HONG KONG PRIVATE BANKING DIVISION CLIENT A/C 8028-394841（常任代理人 香港上海銀行東京支店） | Major shareholder | 3.3% | 2026-03-31 |
| テクノメディカ従業員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| 高良 明 | Major shareholder | 1.8% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2025/04/01－2026/03/31) | S100YGSP | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGSP,, |
| 有価証券報告書－第38期(2024/04/01－2025/03/31) | S100W30O | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W30O,, |
| 有価証券報告書－第37期(2023/04/01－2024/03/31) | S100TS45 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS45,, |
| 有価証券報告書－第36期(2022/04/01－2023/03/31) | S100R6K3 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6K3,, |
| 有価証券報告書－第35期(令和3年4月1日－令和4年3月31日) | S100OI9P | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI9P,, |
| 有価証券報告書－第34期(令和2年4月1日－令和3年3月31日) | S100LPFH | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPFH,, |

## 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).