# TERUMO 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111期(2025/04/01－2026/03/31) (S100YGMG)
> Page: https://vizora.meequs.com/en/company/terumo
> Retrieved: 2026-09-30T20:24:44.155Z

## Company

Terumo, founded in 1921, is a company in Medical Devices listed on TSE Prime. It has 31,185 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TERUMO CORPORATION |
| Ticker | 4543 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4543.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区幡ケ谷二丁目44番1号 |
| Representative (per filing) | 代表取締役社長CEO 鮫島 光 |
| Founded | Sep 1921 |
| Share capital | ¥38.7B |
| Employees (consolidated) | 31,185 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Corporate number | 3011001015116 |
| EDINET | E01630 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100YGMG, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.3 | 38 |
| Profitability | 67.9 | 39 |
| Cash conversion | 75 | 38 |
| Efficiency | 24.4 | 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)

- About 60% of Terumo's sales come from Cardiac and Vascular Company, with Blood and Cell Technologies Company and Medical Care Solutions Company making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +9.2% from the prior year, operating profit +11.8%.

## Company structure

- Segment revenue mix: Cardiac and Vascular Company 59.8%、Blood and Cell Technologies Company 20.4%、Medical Care Solutions Company 19.1%、Terumo Organ Technologies 0.7%
- Revenue → net income: ¥1131877000000 → ¥135914000000
- Net income → operating cash flow: ¥135914000000 → ¥230852000000（difference ¥94938000000）
- Main uses of operating cash flow: CapEx ¥101963000000 / dividends ¥41291000000 / buybacks ¥1000000
- Change in cash: ¥58621000000
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 | ¥1.13T |  |
| Operating income | ¥176.3B | Margin 15.6% |
| Net income | ¥135.9B | Margin 12.0% |
| Free cash flow | ¥128.9B |  |
| Largest business | Cardiac and Vascular Company | of segment revenue 59.8% |
| Employees (consolidated) | 31,185 |  |
| EPS | ¥92.14 |  |
| Diluted EPS | ¥92.12 |  |
| Book value per share | ¥669.07 |  |
| Equity ratio | 68.5% | Derived from disclosed figures |
| Shares outstanding | 1,480,559,000 |  |
| Treasury shares | 5,476,600 |  |
| Shareholders | 74,483 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 12.1% | Cash ÷ revenue 24.8% |
| Vs. industry median margin | +4.5 pp | Medical Devices |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 74% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥613842000000 | ¥1131877000000 | +84.4% |
| Operating income | ¥98386000000 | ¥176320000000 | +79.2% |
| Operating margin | 16.0% | 15.6% | -0.5 pp |
| Employees | 26,482 people | 31,185 people | +17.8% |
| Cash and equivalents | ¥200770000000 | ¥280494000000 | +39.7% |

### 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 |
| --- | ---: |
| 心臓血管カンパニー → 心臓血管カンパニー | 41.6% |
| ホスピタルカンパニー → 事業再編・廃止 | 22.2% |
| メディカルケアソリューションズカンパニー → メディカルケアソリューションズカンパニー | 19.1% |
| メディカルケアソリューションズカンパニー → 事業再編・廃止 | 3.1% |
| 血液・細胞テクノロジーカンパニー → 血液・細胞テクノロジーカンパニー | 13.9% |
| 新設・再編 → 心臓血管カンパニー | 18.1% |
| 新設・再編 → 血液・細胞テクノロジーカンパニー | 6.5% |
| 新設・再編 → オーガンテクノロジーズ事業 | 0.7% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cardiac and Vascular Company | 5 years | +15.5% | ¥676421000000 | 24.2% | 2 |
| Blood and Cell Technologies Company | 5 years | +16.1% | ¥231037000000 | 14.6% | 2 |
| Medical Care Solutions Company | 5 years | +4.2% | ¥216138000000 | 10.0% | 2 |
| Terumo Organ Technologies | — | — | ¥7985000000 | 20.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,131,877 | 100.0% | S100YGMG |
| Cost of revenue | 537,201 | 47.5% | S100YGMG |
| Gross profit | 594,675 | 52.5% | S100YGMG |
| SG&A | 409,937 | 36.2% | S100YGMG |
| Operating income | 176,320 | 15.6% | S100YGMG |
| Pretax income | 178,252 | 15.7% | S100YGMG |
| Income tax | 42,337 | 3.7% | S100YGMG |
| Net income | 135,914 | 12.0% | S100YGMG |
| Net income attributable to owners | 135,914 | 12.0% | S100YGMG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 47 |
| SG&A | 36 |
| Other operating | 1 |
| Operating income | 16 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 52.5% → Operating margin 15.6% → Net margin 12.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.2%; Core profit growth: +11.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.28×
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 | 1,036,171 | 1,131,877 | 95,706 | +9.2% |
| Gross profit | 560,670 | 594,675 | 34,005 | +6.1% |
| Operating income | 157,668 | 176,320 | 18,652 | +11.8% |
| Net income attributable to owners | 116,978 | 135,914 | 18,936 | +16.2% |
| Operating cash flow | 210,802 | 230,852 | 20,050 | +9.5% |
| Free cash flow | 128,437 | 128,889 | 452 | +0.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 514,164 | — | — | 55,003 | 82,888 | — | S100LLAO |
| FY ending Mar 2018 | 587,775 | — | — | 91,295 | 114,562 | — | S100OS1S |
| FY ending Mar 2019 | 599,481 | — | — | 79,470 | 93,571 | — | S100R4TX |
| FY ending Mar 2020 | 628,897 | 110,611 | 17.6% | 85,211 | 117,479 | 33,995 | S100LLAO |
| FY ending Mar 2021 | 613,842 | 98,386 | 16.0% | 77,268 | 121,485 | 38,361 | S100OS1S |
| FY ending Mar 2022 | 703,303 | 115,960 | 16.5% | 88,813 | 141,467 | 67,362 | S100R4TX |
| FY ending Mar 2023 | 820,209 | 117,332 | 14.3% | 89,325 | 117,536 | 45,363 | S100TULJ |
| FY ending Mar 2024 | 921,863 | 140,096 | 15.2% | 106,374 | 146,330 | 67,556 | S100VWHX |
| FY ending Mar 2025 | 1,036,171 | 157,668 | 15.2% | 116,978 | 210,802 | 128,437 | S100YGMG |
| FY ending Mar 2026 | 1,131,877 | 176,320 | 15.6% | 135,914 | 230,852 | 128,889 | S100YGMG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.3M |
| Operating income per employee (consolidated) | ¥5.7M |
| Net income per employee (consolidated) | ¥4.4M |

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) | 28,294 | 30,207 | 30,591 | 30,689 | 31,185 |
| Average salary (parent company) | ¥7.4M | ¥7.7M | ¥7.6M | ¥7.8M | ¥8.2M |
| Average age (parent company) | 40.9 years | 40.5 years | 40.3 years | 40.3 years | 40.3 years |
| Average tenure (parent company) | 16.9 years | 16.3 years | 15.9 years | 15.7 years | 15.6 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +9.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cardiac and Vascular Company | 676,421 | 59.8% | 163,994 | 24.2% |
| Medical Care Solutions Company | 216,138 | 19.1% | 21,568 | 10.0% |
| Blood and Cell Technologies Company | 231,037 | 20.4% | 33,635 | 14.6% |
| Terumo Organ Technologies | 7,985 | 0.7% | 1,665 | 20.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cardiac and Vascular Company | 59.8% | 74.3% | 14.5 | 24.2% |
| Medical Care Solutions Company | 19.1% | 9.8% | -9.3 | 10.0% |
| Blood and Cell Technologies Company | 20.4% | 15.2% | -5.2 | 14.6% |
| Terumo Organ Technologies | 0.7% | 0.8% | 0.0 | 20.9% |

Segment → industry: Terumo Organ Technologies → Medical Devices / Blood and Cell Technologies Company → Medical Devices / Medical Care Solutions Company → Medical Devices / Cardiac and Vascular Company → Medical Devices

## 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 | 230,852 | 20.4% | S100YGMG |
| Capital expenditure | 101,963 | 9.0% | S100YGMG |
| Free cash flow | 128,889 | 11.4% | 算出 |
| Investing cash flow | -344,102 | -30.4% | S100YGMG |
| Financing cash flow | 155,503 | 13.7% | S100YGMG |
| Dividends paid | 41,291 | 3.6% | S100YGMG |
| Share buyback | 1 | 0.0% | S100YGMG |
| Change in cash | 58,621 | 5.2% | S100YGMG |
| Cash and equivalents | 280,494 | 24.8% | S100YGMG |

## 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 | 205,251 | 187,322 | 204,883 | 221,872 | 280,494 | S100TULJ, S100VWHX, S100YGMG |
| Total assets | 1,473,693 | 1,602,225 | 1,831,402 | 1,828,393 | 2,312,234 | S100R4TX, S100TULJ, S100VWHX, S100YGMG |
| Net assets | 1,012,313 | 1,111,063 | 1,327,090 | 1,368,535 | 1,584,509 | S100TULJ, S100VWHX, S100YGMG |
| Share capital | 38,716 | 38,716 | 38,716 | 38,716 | 38,716 | S100R4TX, S100TULJ, S100VWHX, S100YGMG |
| Property, plant and equipment | 333,864 | 370,869 | 415,845 | 431,078 | 506,481 | S100R4TX, S100TULJ, S100VWHX, S100YGMG |
| Goodwill | 250,680 | 267,705 | 302,347 | 293,219 | 471,166 | S100R4TX, S100TULJ, S100VWHX, S100YGMG |
| Current assets | 558,713 | 611,396 | 722,116 | 723,496 | 861,040 | S100R4TX, S100TULJ, S100VWHX, S100YGMG |
| Total liabilities | 461,379 | 491,162 | 504,311 | 459,857 | 727,725 | S100R4TX, S100TULJ, S100VWHX, S100YGMG |
| Equity attributable to owners of parent | 1,012,313 | 1,111,063 | 1,327,090 | 1,368,535 | 1,584,509 | S100R4TX, S100TULJ, S100VWHX, S100YGMG |
| Retained earnings | 846,978 | 874,272 | 954,679 | 1,016,160 | 1,116,479 | S100R4TX, S100TULJ, S100VWHX, S100YGMG |
| Treasury stock | -6,229 | -11,539 | -12,436 | -14,866 | -14,517 | S100R4TX, S100TULJ, S100VWHX, S100YGMG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YGMG |
| Property, plant and equipment | 22% | S100YGMG |
| Intangibles and goodwill | 20% | — |
| Other assets | 46% | S100YGMG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100YGMG |
| Equity | 69% | S100YGMG |

### 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 | 1,473,693 | 1,602,225 | 1,831,402 | 1,828,393 | 2,312,234 |
| Equity | 1,012,313 | 1,111,063 | 1,327,090 | 1,368,535 | 1,584,509 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 205,251 | 187,322 | 204,883 | 221,872 | 280,494 |

## 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) | 44.7% | S100YGMG |
| Fixed assets ÷ total assets | 21.9% | S100YGMG |
| Goodwill ÷ parent equity | 29.7% | S100YGMG |

Goodwill over 4 years: 250,680 → 471,166 JPY; total investing cash flow: -645,630 JPY. This does not imply causation.

### 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 | 24.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 130.9% |
| Cash vs. profit gap | 94,938 JPY mn (of net income 69.9%) |
| Shareholder returns / net income | 30.4% |
| Shareholder returns / FCF | 32.0% |
| Shareholder payments — dividends / net income | 30.4% |
| Shareholder payments — dividends / FCF | 32.0% |
| CapEx intensity (capex ÷ revenue) | 9.0% |
| Investing CF relative to operating CF | 149.1% |

## 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 | 12.6% | 0.48× | 6.0% | 1.46× | 8.8% | S100R4TX |
| 2023 | 10.9% | 0.53× | 5.8% | 1.45× | 8.4% | S100TULJ |
| 2024 | 11.5% | 0.54× | 6.2% | 1.41× | 8.7% | S100VWHX |
| 2025 | 11.3% | 0.57× | 6.4% | 1.36× | 8.7% | S100YGMG |
| 2026 | 12.0% | 0.55× | 6.6% | 1.40× | 9.2% | S100YGMG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 22.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 9.5% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５２２３（常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.1% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 3.0% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３（常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.0% | 2026-03-31 |
| 公益財団法人テルモ生命科学振興財団 | Major shareholder | 2.0% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１（常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.9% | 2026-03-31 |
| ＨＳＢＣ ＨＯＮＧ ＫＯＮＧ－ＴＲＥＡＳＵＲＹ ＳＥＲＶＩＣＥＳ Ａ／Ｃ ＡＳＩＡＮ ＥＱＵＩＴＩＥＳ ＤＥＲＩＶＡＴＩＶＥＳ（常任代理人 香港上海銀行東京支店) | Major shareholder | 1.6% | 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 | 1.5% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥1.13T, up 9.2% from ¥1.04T.
- Profit grew faster than sales: operating income rose 11.8% to ¥176.3B and net income rose 16.2% to ¥135.9B.
- Gross profit grew more slowly, up 6.1% to ¥594.7B.
- Operating cash flow rose 9.5% to ¥230.9B, while free cash flow was nearly flat at ¥128.9B, up 0.4%.

### Drivers

- Demand for medical care kept growing worldwide, and the main businesses grew, led by the Americas.
- Outside Japan, catheter access products and the plasma business in North America lifted sales.
- US tariff policy weighed on gross profit, but higher sales still pushed it up.

### Risks

- The company expects supply chain disruption and high raw material prices to continue.
- Geopolitical risk, including the situation in the Middle East, has made the outlook uncertain.
- The forecast already includes an estimated impact from US tariffs, based on the company's own assumptions.

Cited: Annual Securities Report, 111th term (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第111期(2025/04/01－2026/03/31) | S100YGMG | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGMG,, |
| 有価証券報告書－第110期(2024/04/01－2025/03/31) | S100VWHX | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VWHX,, |
| 有価証券報告書－第109期(2023/04/01－2024/03/31) | S100TULJ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TULJ,, |
| 有価証券報告書－第108期(2022/04/01－2023/03/31) | S100R4TX | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4TX,, |
| 訂正有価証券報告書－第107期(令和3年4月1日－令和4年3月31日) | S100OS1S | 2022-07-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OS1S,, |
| 有価証券報告書－第106期(令和2年4月1日－令和3年3月31日) | S100LLAO | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLAO,, |

## 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).