# Tekscend Photomask Corp.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第5期(2025/04/01－2026/03/31) (S100YJ5L)
> Page: https://vizora.meequs.com/en/company/tekscend-photomask
> Retrieved: 2026-09-30T22:18:24.742Z

## Company

Tekscend Photomask, founded in 2021, is a company in Semiconductor Materials listed on TSE Prime. It has 1,944 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tekscend Photomask Corp. |
| Ticker | 429A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/429A.T) |
| Listing | TSE Prime |
| Head office | 東京都港区東新橋一丁目5番2号 |
| Representative (per filing) | 代表取締役 社長執行役員 CEO 二ノ宮 照雄 |
| Founded | Dec 2021 |
| Share capital | ¥10.4B |
| Employees (consolidated) | 1,944 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | www.photomask.com (https://www.photomask.com/) |
| Corporate number | 1010401164466 |
| EDINET | E40985 |
| Industries (Vizora) | Semiconductor Materials |

> Profile source: annual securities report (S100YJ5L, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.7 | 23 |
| Profitability | 77.1 | 24 |
| Cash conversion | 60.4 | 24 |
| Efficiency | 52.1 | 24 |

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)

- Tekscend Photomask brought in ¥129.6B in revenue.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +9.8% from the prior year, operating profit -2.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥129576000000 → ¥24947000000
- Net income → operating cash flow: ¥24947000000 → ¥36061000000（difference ¥11114000000）
- Main uses of operating cash flow: CapEx ¥33235000000 / dividends — / buybacks —
- Change in cash: ¥23837000000
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 | ¥129.6B |  |
| Operating income | ¥27.5B | Margin 21.2% |
| Net income | ¥24.9B | Margin 19.3% |
| Free cash flow | ¥2.83B |  |
| Employees (consolidated) | 1,944 |  |
| EPS | ¥261.12 |  |
| Diluted EPS | ¥256.97 |  |
| Book value per share | ¥1230.87 |  |
| Equity ratio | 75.6% | Derived from disclosed figures |
| Shares outstanding | 99,329,195 |  |
| Shareholders | 31,952 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 22.3% | Cash ÷ revenue 39.8% |
| Vs. industry median margin | +6.5 pp | Semiconductor Materials |
| ROE | 17.2% | Derived from disclosed figures |
| ROA | 12.5% | Derived from disclosed figures |

## What changed in 3 years

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥100782000000 | ¥129576000000 | +28.6% |
| Employees | 1,698 people | 1,944 people | +14.5% |
| Cash and equivalents | ¥45698000000 | ¥51552000000 | +12.8% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → 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, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 129,576 | 100.0% | S100YJ5L |
| Cost of revenue | 86,306 | 66.6% | S100YJ5L |
| Gross profit | 43,269 | 33.4% | S100YJ5L |
| SG&A | 14,501 | 11.2% | S100YJ5L |
| Operating income | 27,530 | 21.2% | S100YJ5L |
| Pretax income | 33,432 | 25.8% | S100YJ5L |
| Income tax | 8,484 | 6.5% | S100YJ5L |
| Net income | 24,947 | 19.3% | S100YJ5L |
| Net income attributable to owners | 24,947 | 19.3% | S100YJ5L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 11 |
| Other operating | 1 |
| Operating income | 21 |
| (Ref.) Net income | 19 |

### Margin funnel

Gross margin 33.4% → Operating margin 21.2% → Net margin 19.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +9.8%; Core profit growth: -2.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.24×
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 | 117,974 | 129,576 | 11,602 | +9.8% |
| Gross profit | 41,128 | 43,269 | 2,141 | +5.2% |
| Operating income | 28,199 | 27,530 | -669 | -2.4% |
| Net income attributable to owners | 9,945 | 24,947 | 15,002 | +150.8% |
| Operating cash flow | 26,227 | 36,061 | 9,834 | +37.5% |
| Free cash flow | -4,529 | 2,826 | 7,355 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 100,782 | — | — | 22,159 | 43,335 | — | S100YJ5L |
| FY ending Mar 2024 | 107,086 | — | — | 16,105 | 28,638 | — | S100YJ5L |
| FY ending Mar 2025 | 117,974 | 28,199 | 23.9% | 9,945 | 26,227 | -4,529 | S100YJ5L |
| FY ending Mar 2026 | 129,576 | 27,530 | 21.2% | 24,947 | 36,061 | 2,826 | S100YJ5L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥66.7M |
| Operating income per employee (consolidated) | ¥14.2M |
| Net income per employee (consolidated) | ¥12.8M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,698 | 1,747 | 1,869 | 1,944 |
| Average salary (parent company) | — | — | — | ¥8.1M |
| Average age (parent company) | — | — | — | 43.5 years |
| Average tenure (parent company) | — | — | — | 3.3 years |

Year over year: Employees (consolidated) +4.0% · Revenue (consolidated) +9.8%

## 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 | 36,061 | 27.8% | S100YJ5L |
| Capital expenditure | 33,235 | 25.6% | S100YJ5L |
| Free cash flow | 2,826 | 2.2% | 算出 |
| Investing cash flow | -35,150 | -27.1% | S100YJ5L |
| Financing cash flow | 19,862 | 15.3% | S100YJ5L |
| Change in cash | 23,837 | 18.4% | S100YJ5L |
| Cash and equivalents | 51,552 | 39.8% | S100YJ5L |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 45,698 | 63,286 | 27,715 | 51,552 | S100YJ5L |
| Total assets | 157,963 | 189,906 | 167,752 | 230,725 | S100YJ5L |
| Net assets | — | 137,709 | 116,381 | 174,507 | S100YJ5L |
| Share capital | — | — | 400 | 10,440 | S100YJ5L |
| Property, plant and equipment | — | — | 87,919 | 109,074 | S100YJ5L |
| Current assets | — | — | 64,082 | 97,369 | S100YJ5L |
| Total liabilities | — | — | 51,370 | 56,218 | S100YJ5L |
| Equity attributable to owners of parent | — | — | 116,381 | 174,507 | S100YJ5L |
| Retained earnings | — | — | 58,276 | 83,402 | S100YJ5L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YJ5L |
| Property, plant and equipment | 47% | S100YJ5L |
| Other assets | 31% | S100YJ5L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YJ5L |
| Equity | 76% | S100YJ5L |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 157,963 | 189,906 | 167,752 | 230,725 |
| Equity | — | 137,709 | 116,381 | 174,507 |
| Interest-bearing debt | — | — | — | — |
| Cash | 45,698 | 63,286 | 27,715 | 51,552 |

## 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) | 84.2% | S100YJ5L |
| Fixed assets ÷ total assets | 47.3% | S100YJ5L |
| Goodwill ÷ parent equity | — | —, S100YJ5L |

### 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) | 22.3% |
| Cash ÷ revenue | 39.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 131.0% |
| Cash vs. profit gap | 11,114 JPY mn (of net income 44.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 25.6% |
| Investing CF relative to operating CF | 97.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | — | —× | 14.0% | —× | — | S100YJ5L |
| 2024 | 15.0% | 0.62× | 9.3% | 1.26× | 11.7% | S100YJ5L |
| 2025 | 8.4% | 0.66× | 5.6% | 1.54× | 8.5% | S100YJ5L |
| 2026 | 19.3% | 0.65× | 12.5% | 1.37× | 17.2% | S100YJ5L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| TOPPANホールディングス株式会社 | Major shareholder | 46.6% | 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 | 6.9% | 2026-03-31 |
| QATAR HOLDING LLC(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 4.6% | 2026-03-31 |
| CEPLUX-THE INDEPENDENT UCITS PLATFORM 2(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 2.2% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDONSECS LENDING OMNIBUS ACCOUNT(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 |
| 株式会社カストディ銀行(信託口) | Major shareholder | 1.4% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE UKUC UCITS CLIENTS NON LENDING 10PCT TREATY ACCOUNT(常任代理人 香港上海銀行東京支店) | Major shareholder | 1.3% | 2026-03-31 |
| 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 | 1.1% | 2026-03-31 |
| 三木 正浩 | Major shareholder | 1.1% | 2026-03-31 |
| インテグラル株式会社 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第5期(2025/04/01－2026/03/31) | S100YJ5L | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ5L,, |

## 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).