# Tera Probe, Inc.: 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21期(2025/01/01－2025/12/31) (S100XTOJ)
> Page: https://vizora.meequs.com/en/company/teraprobe
> Retrieved: 2026-09-30T19:42:03.870Z

## Company

Tera Probe, founded in 2005, is a company in Semiconductors listed on TSE Standard. It has 1,127 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tera Probe, Inc. |
| Ticker | 6627 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6627.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市港北区新横浜二丁目7番17号 |
| Representative (per filing) | 代表執行役社長 横山 毅 |
| Founded | Aug 2005 |
| Share capital | ¥11.8B |
| Employees (consolidated) | 1,127 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | December |
| Website | www.teraprobe.com (https://www.teraprobe.com/) |
| Corporate number | 9020001053623 |
| EDINET | E24994 |
| Industries (Vizora) | Semiconductors |

> Profile source: annual securities report (S100XTOJ, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Semiconductors (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.2 | 13 |
| Profitability | 89.3 | 14 |
| Cash conversion | 50 | 9 |
| Efficiency | 46.4 | 14 |

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)

- Tera Probe brought in ¥41.7B in revenue.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +12.5% from the prior year, operating profit +28.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥41746379000 → ¥6952842000
- Net income → operating cash flow: ¥6952842000 → ¥20140044000（difference ¥13187202000）
- Main uses of operating cash flow: CapEx ¥29876027000 / dividends ¥999919000 / buybacks ¥228000
- Change in cash: ¥3481703000
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 | ¥41.7B |  |
| Operating income | ¥8.89B | Margin 21.3% |
| Net income | ¥3.37B | Margin 8.1% |
| Free cash flow | -¥9.74B |  |
| Employees (consolidated) | 1,127 |  |
| EPS | ¥138.91 |  |
| Book value per share | ¥2841.44 |  |
| Equity ratio | 40.2% |  |
| Shares outstanding | 9,282,500 |  |
| Treasury shares | 185,500 |  |
| Shareholders | 3,138 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 12.1% | Cash ÷ revenue 29.2% |
| Vs. industry median margin | +18 pp | Semiconductors |
| ROE | 9.6% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 6.0× net income

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18339849000 | ¥41746379000 | +127.6% |
| Operating income | ¥429020000 | ¥8893949000 | +1973.1% |
| Operating margin | 2.3% | 21.3% | +19 pp |
| Employees | 899 people | 1,127 people | +25.4% |
| Cash and equivalents | ¥10007108000 | ¥12171741000 | +21.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 41,746 | 100.0% | S100XTOJ |
| Cost of revenue | 29,969 | 71.8% | S100XTOJ |
| Gross profit | 11,777 | 28.2% | S100XTOJ |
| SG&A | 2,883 | 6.9% | S100XTOJ |
| Operating income | 8,894 | 21.3% | S100XTOJ |
| Ordinary income | 8,751 | 21.0% | S100XTOJ |
| Pretax income | 9,825 | 23.5% | S100XTOJ |
| Income tax | 2,872 | 6.9% | S100XTOJ |
| Net income | 6,953 | 16.7% | S100XTOJ |
| Net income attributable to owners | 3,368 | 8.1% | S100XTOJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 7 |
| Operating income | 21 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 28.2% → Operating margin 21.3% → Net margin 8.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.5%; Core profit growth: +28.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.24×
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 | 37,109 | 41,746 | 4,638 | +12.5% |
| Gross profit | 9,601 | 11,777 | 2,176 | +22.7% |
| Operating income | 6,949 | 8,894 | 1,945 | +28.0% |
| Net income attributable to owners | 3,509 | 3,368 | -141 | -4.0% |
| Operating cash flow | 17,467 | 20,140 | 2,673 | +15.3% |
| Free cash flow | 2,656 | -9,736 | -12,392 | -466.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 16,908 | -111 | -0.7% | -243 | 5,872 | -741 | S100L0LW |
| FY ending Dec 2020 | 18,340 | 429 | 2.3% | 239 | 9,696 | 2,275 | S100NPSW |
| FY ending Dec 2021 | 25,942 | 4,162 | 16.0% | 1,794 | 11,424 | 1,560 | S100QIRA |
| FY ending Dec 2022 | 33,212 | 6,839 | 20.6% | 3,134 | 17,031 | 3,930 | S100T4PW |
| FY ending Dec 2023 | 35,404 | 7,189 | 20.3% | 4,095 | 18,331 | 4,264 | S100VGYC |
| FY ending Dec 2024 | 37,109 | 6,949 | 18.7% | 3,509 | 17,467 | 2,656 | S100XTOJ |
| FY ending Dec 2025 | 41,746 | 8,894 | 21.3% | 3,368 | 20,140 | -9,736 | S100XTOJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37M |
| Operating income per employee (consolidated) | ¥7.9M |
| Net income per employee (consolidated) | ¥3M |

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) | 1,014 | 1,008 | 1,010 | 1,042 | 1,127 |
| Average salary (parent company) | ¥6.2M | ¥7M | ¥6.4M | ¥6.7M | ¥6.4M |
| Average age (parent company) | 44.4 years | 43.8 years | 43.6 years | 42.0 years | 41.2 years |
| Average tenure (parent company) | 8.8 years | 8.3 years | 8.0 years | 8.0 years | 7.9 years |

Year over year: Employees (consolidated) +8.2% · Revenue (consolidated) +12.5%

## 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 | 20,140 | 48.2% | S100XTOJ |
| Capital expenditure | 29,876 | 71.6% | S100XTOJ |
| Free cash flow | -9,736 | -23.3% | 算出 |
| Investing cash flow | -28,677 | -68.7% | S100XTOJ |
| Financing cash flow | 11,838 | 28.4% | S100XTOJ |
| Dividends paid | 1,000 | 2.4% | S100XTOJ |
| Share buyback | 0 | 0.0% | S100XTOJ |
| Change in cash | 3,482 | 8.3% | S100XTOJ |
| Cash and equivalents | 12,172 | 29.2% | S100XTOJ |

## 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 | 10,124 | 14,591 | 9,096 | 8,690 | 12,172 | S100T4PW, S100VGYC, S100XTOJ |
| Total assets | 62,967 | 72,262 | 69,439 | 75,357 | 100,573 | S100QIRA, S100T4PW, S100VGYC, S100XTOJ |
| Net assets | 36,560 | 42,207 | 49,006 | 53,924 | 59,929 | S100T4PW, S100VGYC, S100XTOJ |
| Share capital | 11,823 | 11,823 | 11,823 | 11,823 | 11,823 | S100QIRA, S100T4PW, S100VGYC, S100XTOJ |
| Property, plant and equipment | 40,359 | 44,353 | 45,527 | 49,904 | 69,116 | S100QIRA, S100T4PW, S100VGYC, S100XTOJ |
| Intangible assets excluding goodwill | 171 | 197 | 212 | 223 | 279 | S100QIRA, S100T4PW, S100VGYC, S100XTOJ |
| Current assets | 22,350 | 27,613 | 23,494 | 25,059 | 30,819 | S100QIRA, S100T4PW, S100VGYC, S100XTOJ |
| Current liabilities | 7,260 | 9,511 | 6,205 | 7,878 | 15,097 | S100QIRA, S100T4PW, S100VGYC, S100XTOJ |
| Short-term borrowings | 300 | 300 | 300 | — | — | S100QIRA, S100T4PW, S100VGYC |
| Long-term borrowings | 18,415 | 19,777 | 13,261 | 12,460 | 23,301 | S100QIRA, S100T4PW, S100VGYC, S100XTOJ |
| Total liabilities | 26,406 | 30,056 | 20,432 | 21,433 | 40,644 | S100QIRA, S100T4PW, S100VGYC, S100XTOJ |
| Non-controlling interests | 10,371 | 12,628 | 14,884 | 16,521 | 19,453 | S100QIRA, S100T4PW, S100VGYC, S100XTOJ |
| Equity attributable to owners of parent | 24,628 | 27,649 | 31,252 | 33,760 | 36,127 | S100QIRA, S100T4PW, S100VGYC, S100XTOJ |
| Retained earnings | 5,314 | 8,334 | 11,938 | 14,446 | 16,813 | S100QIRA, S100T4PW, S100VGYC, S100XTOJ |
| Treasury stock | -120 | -120 | -120 | -121 | -121 | S100QIRA, S100T4PW, S100VGYC, S100XTOJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100XTOJ |
| Property, plant and equipment | 69% | S100XTOJ |
| Intangibles and goodwill | 0% | S100XTOJ |
| Other assets | 19% | S100XTOJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100XTOJ |
| Equity | 60% | S100XTOJ |

### 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 | 62,967 | 72,262 | 69,439 | 75,357 | 100,573 |
| Equity | 36,560 | 42,207 | 49,006 | 53,924 | 59,929 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,124 | 14,591 | 9,096 | 8,690 | 12,172 |

## 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) | 165.6% | S100XTOJ |
| Fixed assets ÷ total assets | 68.7% | S100XTOJ |
| Goodwill ÷ parent equity | — | —, S100XTOJ |

### 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) | 12.1% |
| Cash ÷ revenue | 29.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 226.4% |
| Cash vs. profit gap | 16,772 JPY mn (of net income 498.0%) |
| Shareholder returns / net income | 29.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 71.6% |
| Investing CF relative to operating CF | 142.4% |

## 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 | 6.9% | 0.41× | 2.8% | 2.56× | 7.3% | S100QIRA |
| 2022 | 9.4% | 0.49× | 4.6% | 2.59× | 12.0% | S100T4PW |
| 2023 | 11.6% | 0.50× | 5.8% | 2.41× | 13.9% | S100VGYC |
| 2024 | 9.5% | 0.51× | 4.8% | 2.23× | 10.8% | S100XTOJ |
| 2025 | 8.1% | 0.47× | 3.8% | 2.52× | 9.6% | S100XTOJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 力成科技日本合同会社 | Major shareholder | 48.8% | 2025-12-31 |
| POWERTECH TECHNOLOGY INC.（常任代理人 藤本 欣伸） | Major shareholder | 11.8% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.1% | 2025-12-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.6% | 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 | 2.0% | 2025-12-31 |
| 日色 隆善 | Major shareholder | 1.1% | 2025-12-31 |
| MORGAN STANLEY & CO. LLC（常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.0% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 0.9% | 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 | 0.9% | 2025-12-31 |
| 高橋 聡貴 | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/01/01－2025/12/31) | S100XTOJ | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTOJ,, |
| 有価証券報告書－第20期(2024/01/01－2024/12/31) | S100VGYC | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGYC,, |
| 有価証券報告書－第19期(2023/01/01－2023/12/31) | S100T4PW | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4PW,, |
| 訂正有価証券報告書－第18期(2022/01/01－2022/12/31) | S100QIRA | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIRA,, |
| 有価証券報告書－第17期(令和3年1月1日－令和3年12月31日) | S100NPSW | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPSW,, |
| 有価証券報告書－第16期(令和2年1月1日－令和2年12月31日) | S100L0LW | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0LW,, |

## 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).