# Techno Smart Corp.: 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92期(2025/04/01－2026/03/31) (S100YJ0X)
> Page: https://vizora.meequs.com/en/company/techno-smart
> Retrieved: 2026-09-30T20:30:40.266Z

## Company

Techno Smart, founded in 1912, is a company in Industrial Machinery listed on TSE Standard. It has 255 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Techno Smart Corp. |
| Ticker | 6246 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6246.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区久太郎町二丁目5番28号 |
| Representative (per filing) | 代表取締役社長 飯田 陽弘 |
| Founded | Jun 1912 |
| Share capital | ¥1.95B |
| Employees (consolidated) | 255 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.technosmart.co.jp (https://www.technosmart.co.jp/) |
| Corporate number | 4120001074705 |
| EDINET | E01628 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YJ0X, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98.6 | 110 |
| Profitability | 83.2 | 122 |
| Cash conversion | 72.8 | 116 |
| Efficiency | 33.2 | 122 |

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 Smart brought in ¥20.7B in revenue.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed -3.9% from the prior year, operating profit -15.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥20737290000 → ¥1791692000
- Net income → operating cash flow: ¥1791692000 → ¥5074466000（difference ¥3282774000）
- Main uses of operating cash flow: CapEx ¥477791000 / dividends ¥1017639000 / buybacks ¥100130000
- Change in cash: ¥3514901000
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 | ¥20.7B |  |
| Operating income | ¥2.97B | Margin 14.3% |
| Net income | ¥1.79B | Margin 8.6% |
| Free cash flow | ¥4.6B |  |
| Employees (consolidated) | 255 |  |
| EPS | ¥156.3 |  |
| Book value per share | ¥1811.62 |  |
| Equity ratio | 68.1% |  |
| Shares outstanding | 12,401,700 |  |
| Treasury shares | 936,600 |  |
| Shareholders | 3,415 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 34.1% | Cash ÷ revenue 50.2% |
| Vs. industry median margin | +6.8 pp | Industrial Machinery |
| ROE | 9.9% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, parent-company salary changed +22% over five years
- FY2026, cash is 34% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8089061000 | ¥20737290000 | +156.4% |
| Operating income | ¥840481000 | ¥2971160000 | +253.5% |
| Operating margin | 10.4% | 14.3% | +3.9 pp |
| Employees | 236 people | 255 people | +8.1% |
| Cash and equivalents | ¥10361183000 | ¥10410971000 | +0.5% |

### 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 | 20,737 | 100.0% | S100YJ0X |
| Cost of revenue | 15,679 | 75.6% | 算出 |
| Gross profit | 5,059 | 24.4% | S100YJ0X |
| SG&A | 2,088 | 10.1% | S100YJ0X |
| Operating income | 2,971 | 14.3% | S100YJ0X |
| Ordinary income | 2,968 | 14.3% | S100YJ0X |
| Pretax income | 3,026 | 14.6% | S100YJ0X |
| Income tax | 1,234 | 6.0% | S100YJ0X |
| Net income | 1,792 | 8.6% | S100YJ0X |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 10 |
| Operating income | 14 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 24.4% → Operating margin 14.3% → Net margin 8.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.9%; Core profit growth: -15.4%
Operating leverage (core profit growth ÷ revenue growth): 3.95×
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 | 21,579 | 20,737 | -841 | -3.9% |
| Gross profit | 4,816 | 5,059 | 242 | +5.0% |
| Operating income | 3,512 | 2,971 | -541 | -15.4% |
| Operating cash flow | -1,533 | 5,074 | 6,607 | — |
| Free cash flow | -2,443 | 4,597 | 7,039 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 16,785 | 3,103 | 18.5% | 2,034 | 1,544 | 818 | S100LQH1 |
| FY ending Mar 2021 | 8,089 | 840 | 10.4% | 580 | 5,161 | 4,729 | S100OHQO |
| FY ending Mar 2022 | 16,939 | 1,643 | 9.7% | 1,164 | 1,373 | 629 | S100R7F4 |
| FY ending Mar 2023 | 19,677 | 2,233 | 11.3% | 1,607 | -459 | -507 | S100TTKU |
| FY ending Mar 2024 | 19,242 | 2,588 | 13.5% | 1,804 | 1,521 | 1,237 | S100W6QS |
| FY ending Mar 2025 | 21,579 | 3,512 | 16.3% | 2,391 | -1,533 | -2,443 | S100YJ0X |
| FY ending Mar 2026 | 20,737 | 2,971 | 14.3% | 1,792 | 5,074 | 4,597 | S100YJ0X |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥81.3M |
| Operating income per employee (consolidated) | ¥11.7M |
| Net income per employee (consolidated) | ¥7M |

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) | 232 | 234 | 238 | 245 | 255 |
| Average salary (parent company) | ¥6.7M | ¥7.7M | ¥8.2M | ¥8.8M | ¥8.2M |
| Average age (parent company) | 42.0 years | 43.0 years | 42.0 years | 42.0 years | 42.0 years |
| Average tenure (parent company) | 17.0 years | 18.0 years | 18.0 years | 18.0 years | 18.0 years |

Year over year: Employees (consolidated) +4.1% · Revenue (consolidated) -3.9%

## 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 | 5,074 | 24.5% | S100YJ0X |
| Capital expenditure | 478 | 2.3% | S100YJ0X |
| Free cash flow | 4,597 | 22.2% | 算出 |
| Investing cash flow | -660 | -3.2% | S100YJ0X |
| Financing cash flow | -900 | -4.3% | S100YJ0X |
| Dividends paid | 1,018 | 4.9% | S100YJ0X |
| Share buyback | 100 | 0.5% | S100YJ0X |
| Change in cash | 3,515 | 16.9% | S100YJ0X |
| Cash and equivalents | 10,411 | 50.2% | S100YJ0X |

## 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 | 10,539 | 9,483 | 9,611 | 6,896 | 10,411 | S100TTKU, S100W6QS, S100YJ0X |
| Total assets | 29,316 | 27,909 | 29,949 | 32,619 | 30,508 | S100R7F4, S100TTKU, S100W6QS, S100YJ0X |
| Net assets | 17,406 | 18,578 | 19,708 | 19,632 | 20,770 | S100TTKU, S100W6QS, S100YJ0X |
| Share capital | 1,954 | 1,954 | 1,954 | 1,954 | 1,954 | S100R7F4, S100TTKU, S100W6QS, S100YJ0X |
| Property, plant and equipment | 4,509 | 4,448 | 4,593 | 5,181 | 5,176 | S100R7F4, S100TTKU, S100W6QS, S100YJ0X |
| Intangible assets excluding goodwill | 12 | 49 | 40 | 30 | 21 | S100R7F4, S100TTKU, S100W6QS, S100YJ0X |
| Investment securities | 1,238 | 1,402 | 2,003 | 1,908 | 2,843 | S100R7F4, S100TTKU, S100W6QS, S100YJ0X |
| Current assets | 23,205 | 21,622 | 23,039 | 25,217 | 22,313 | S100R7F4, S100TTKU, S100W6QS, S100YJ0X |
| Current liabilities | 10,564 | 7,924 | 8,763 | 10,096 | 6,882 | S100R7F4, S100TTKU, S100W6QS, S100YJ0X |
| Long-term borrowings | — | — | — | 1,333 | 1,167 | S100YJ0X |
| Total liabilities | 11,911 | 9,332 | 10,241 | 12,987 | 9,737 | S100R7F4, S100TTKU, S100W6QS, S100YJ0X |
| Equity attributable to owners of parent | 15,880 | 16,946 | 17,647 | 17,668 | 18,390 | S100R7F4, S100TTKU, S100W6QS, S100YJ0X |
| Retained earnings | 12,384 | 13,450 | 14,111 | 15,527 | 16,298 | S100R7F4, S100TTKU, S100W6QS, S100YJ0X |
| Treasury stock | -141 | -141 | -111 | -1,510 | -1,569 | S100R7F4, S100TTKU, S100W6QS, S100YJ0X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100YJ0X |
| Property, plant and equipment | 17% | S100YJ0X |
| Intangibles and goodwill | 0% | S100YJ0X |
| Investment securities | 9% | S100YJ0X |
| Other assets | 40% | S100YJ0X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YJ0X |
| Equity | 68% | S100YJ0X |
| Other liabilities | 0% | S100YJ0X |

### 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 | 29,316 | 27,909 | 29,949 | 32,619 | 30,508 |
| Equity | 17,406 | 18,578 | 19,708 | 19,632 | 20,770 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,539 | 9,483 | 9,611 | 6,896 | 10,411 |

## 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) | 25.0% | S100YJ0X |
| Fixed assets ÷ total assets | 17.0% | S100YJ0X |
| Goodwill ÷ parent equity | — | —, S100YJ0X |

### 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) | 34.1% |
| Cash ÷ revenue | 50.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 170.8% |
| Cash vs. profit gap | 3,283 JPY mn (of net income 183.2%) |
| Shareholder returns / net income | 62.4% |
| Shareholder returns / FCF | 24.3% |
| Shareholder payments — dividends / net income | 56.8% |
| Shareholder payments — dividends / FCF | 22.1% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 13.0% |

## 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 | 6.9% | 0.58× | 4.0% | 1.85× | 7.3% | S100R7F4 |
| 2023 | 8.2% | 0.69× | 5.6% | 1.74× | 9.8% | S100TTKU |
| 2024 | 9.4% | 0.67× | 6.2% | 1.67× | 10.4% | S100W6QS |
| 2025 | 11.1% | 0.69× | 7.6% | 1.77× | 13.5% | S100YJ0X |
| 2026 | 8.6% | 0.66× | 5.7% | 1.75× | 9.9% | S100YJ0X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| テクノスマート取引先持株会 | Major shareholder | 14.3% | 2026-03-31 |
| エスアイエル投資事業有限責任組合 | Major shareholder | 9.4% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 7.0% | 2026-03-31 |
| ECM MF (常任代理人 立花証券株式会社） | Major shareholder | 4.7% | 2026-03-31 |
| 椿本興業株式会社 | Major shareholder | 3.9% | 2026-03-31 |
| UH Partners ２投資事業有限責任組合 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社滋賀銀行 | Major shareholder | 2.8% | 2026-03-31 |
| テクノスマート従業員持株会 | Major shareholder | 2.7% | 2026-03-31 |
| 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 | 2.5% | 2026-03-31 |
| 東京産業株式会社 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第92期(2025/04/01－2026/03/31) | S100YJ0X | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ0X,, |
| 有価証券報告書－第91期(2024/04/01－2025/03/31) | S100W6QS | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6QS,, |
| 有価証券報告書－第90期(2023/04/01－2024/03/31) | S100TTKU | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTKU,, |
| 有価証券報告書－第89期(2022/04/01－2023/03/31) | S100R7F4 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7F4,, |
| 有価証券報告書－第88期(令和3年4月1日－令和4年3月31日) | S100OHQO | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHQO,, |
| 有価証券報告書－第87期(令和2年4月1日－令和3年3月31日) | S100LQH1 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQH1,, |

## 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).