# TESEC Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第58期(2025/04/01－2026/03/31) (S100YHSE)
> Page: https://vizora.meequs.com/en/company/tesec
> Retrieved: 2026-09-30T21:03:28.678Z

## Company

Tesec, founded in 1969, is a company in Semiconductor Equipment listed on TSE Standard. It has 211 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TESEC Corporation |
| Ticker | 6337 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6337.T) |
| Listing | TSE Standard |
| Head office | 東京都東大和市上北台三丁目391番地の1 |
| Representative (per filing) | 代表取締役社長 田中 賢治 |
| Founded | Dec 1969 |
| Share capital | ¥2.52B |
| Employees (consolidated) | 211 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.tesec.co.jp (https://www.tesec.co.jp/) |
| Corporate number | 5012801003522 |
| EDINET | E02049 |
| Industries (Vizora) | Semiconductor Equipment |

> Profile source: annual securities report (S100YHSE, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.1 | 36 |
| Profitability | 15.9 | 41 |
| Cash conversion | 96.2 | 39 |
| Efficiency | 1.2 | 41 |

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)

- Tesec brought in ¥5.57B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -5.5% from the prior year, operating profit -30.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥5567000000 → ¥463000000
- Net income → operating cash flow: ¥463000000 → ¥1464000000（difference ¥1001000000）
- Main uses of operating cash flow: CapEx ¥91000000 / dividends ¥391000000 / buybacks ¥599000000
- Change in cash: ¥-897000000
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 | ¥5.57B |  |
| Operating income | ¥301M | Margin 5.4% |
| Net income | ¥463M | Margin 8.3% |
| Free cash flow | ¥1.37B |  |
| Employees (consolidated) | 211 |  |
| EPS | ¥116.64 |  |
| Book value per share | ¥2531.93 |  |
| Equity ratio | 89.3% |  |
| Shares outstanding | 5,578,695 |  |
| Treasury shares | 214,400 |  |
| Shareholders | 5,392 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 19.9% | Cash ÷ revenue 56.9% |
| Vs. industry median margin | -9.1 pp | Semiconductor Equipment |
| ROE | 3.6% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.2× net income
- FY2026, buybacks were 1.5× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3449000000 | ¥5567000000 | +61.4% |
| Operating income | ¥-448000000 | ¥301000000 | — |
| Operating margin | -13.0% | 5.4% | +18.4 pp |
| Employees | 218 people | 211 people | -3.2% |
| Cash and equivalents | ¥3079000000 | ¥3166000000 | +2.8% |

### 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,567 | 100.0% | S100YHSE |
| Cost of revenue | 3,400 | 61.1% | S100YHSE |
| Gross profit | 2,167 | 38.9% | S100YHSE |
| SG&A | 1,866 | 33.5% | S100YHSE |
| Operating income | 301 | 5.4% | S100YHSE |
| Ordinary income | 564 | 10.1% | S100YHSE |
| Pretax income | 741 | 13.3% | S100YHSE |
| Income tax | 278 | 5.0% | S100YHSE |
| Net income | 463 | 8.3% | S100YHSE |
| Net income attributable to owners | 463 | 8.3% | S100YHSE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 34 |
| Operating income | 5 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 38.9% → Operating margin 5.4% → Net margin 8.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -5.5%; Core profit growth: -30.6%
Operating leverage (core profit growth ÷ revenue growth): 5.56×
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 | 5,892 | 5,567 | -325 | -5.5% |
| Gross profit | 2,257 | 2,167 | -90 | -4.0% |
| Operating income | 434 | 301 | -133 | -30.6% |
| Net income attributable to owners | 427 | 463 | 36 | +8.4% |
| Operating cash flow | 1,767 | 1,464 | -303 | -17.1% |
| Free cash flow | 1,421 | 1,373 | -48 | -3.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,159 | -86 | -2.1% | -168 | 478 | 472 | S100LSUS |
| FY ending Mar 2021 | 3,449 | -448 | -13.0% | -290 | 542 | 506 | S100OIWU |
| FY ending Mar 2022 | 7,512 | 1,748 | 23.3% | 1,722 | -117 | -152 | S100R8XU |
| FY ending Mar 2023 | 8,743 | 2,133 | 24.4% | 2,255 | 1,445 | 1,299 | S100TTYP |
| FY ending Mar 2024 | 8,619 | 1,731 | 20.1% | 1,515 | 871 | 576 | S100W5LZ |
| FY ending Mar 2025 | 5,892 | 434 | 7.4% | 427 | 1,767 | 1,421 | S100YHSE |
| FY ending Mar 2026 | 5,567 | 301 | 5.4% | 463 | 1,464 | 1,373 | S100YHSE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.4M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 213 | 209 | 212 | 214 | 211 |
| Average salary (parent company) | ¥6.5M | ¥7.5M | ¥7.1M | ¥6.6M | ¥6.6M |
| Average age (parent company) | 44.1 years | 44.1 years | 43.2 years | 42.8 years | 43.1 years |
| Average tenure (parent company) | 19.6 years | 19.2 years | 17.7 years | 17.4 years | 18.0 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) -5.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,464 | 26.3% | S100YHSE |
| Capital expenditure | 91 | 1.6% | S100YHSE |
| Free cash flow | 1,373 | 24.7% | 算出 |
| Investing cash flow | -1,402 | -25.2% | S100YHSE |
| Financing cash flow | -1,094 | -19.7% | S100YHSE |
| Dividends paid | 391 | 7.0% | S100YHSE |
| Share buyback | 599 | 10.8% | S100YHSE |
| Change in cash | -897 | -16.1% | S100YHSE |
| Cash and equivalents | 3,166 | 56.9% | S100YHSE |

## 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 | 2,233 | 3,048 | 3,602 | 4,063 | 3,166 | S100TTYP, S100W5LZ, S100YHSE |
| Total assets | 12,890 | 14,337 | 16,161 | 15,474 | 15,896 | S100R8XU, S100TTYP, S100W5LZ, S100YHSE |
| Net assets | 11,300 | 12,907 | 14,477 | 14,165 | 14,200 | S100TTYP, S100W5LZ, S100YHSE |
| Share capital | 2,521 | 2,521 | 2,521 | 2,521 | 2,521 | S100R8XU, S100TTYP, S100W5LZ, S100YHSE |
| Property, plant and equipment | 1,547 | 1,488 | 1,506 | 1,840 | 1,834 | S100R8XU, S100TTYP, S100W5LZ, S100YHSE |
| Intangible assets excluding goodwill | 19 | 86 | 430 | 539 | 532 | S100R8XU, S100TTYP, S100W5LZ, S100YHSE |
| Investment securities | 2,994 | 2,474 | 2,618 | 3,399 | 4,022 | S100R8XU, S100TTYP, S100W5LZ, S100YHSE |
| Current assets | 8,033 | 9,903 | 11,208 | 9,300 | 9,076 | S100R8XU, S100TTYP, S100W5LZ, S100YHSE |
| Current liabilities | 1,395 | 1,391 | 1,368 | 834 | 1,032 | S100R8XU, S100TTYP, S100W5LZ, S100YHSE |
| Short-term borrowings | — | — | — | 40 | — | S100YHSE |
| Long-term borrowings | — | — | — | 276 | 216 | S100YHSE |
| Total liabilities | 1,590 | 1,429 | 1,683 | 1,309 | 1,696 | S100R8XU, S100TTYP, S100W5LZ, S100YHSE |
| Non-controlling interests | 1 | 1 | 1 | 1 | 1 | S100R8XU, S100TTYP, S100W5LZ, S100YHSE |
| Equity attributable to owners of parent | 10,868 | 12,465 | 13,301 | 13,262 | 12,757 | S100R8XU, S100TTYP, S100W5LZ, S100YHSE |
| Retained earnings | 5,178 | 6,982 | 7,939 | 7,979 | 7,676 | S100R8XU, S100TTYP, S100W5LZ, S100YHSE |
| Treasury stock | -202 | -414 | -540 | -620 | -811 | S100R8XU, S100TTYP, S100W5LZ, S100YHSE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YHSE |
| Property, plant and equipment | 12% | S100YHSE |
| Intangibles and goodwill | 3% | S100YHSE |
| Investment securities | 25% | S100YHSE |
| Other assets | 40% | S100YHSE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 11% | S100YHSE |
| Equity | 89% | S100YHSE |

### 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 | 12,890 | 14,337 | 16,161 | 15,474 | 15,896 |
| Equity | 11,300 | 12,907 | 14,477 | 14,165 | 14,200 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,233 | 3,048 | 3,602 | 4,063 | 3,166 |

## 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) | 32.9% | S100YHSE |
| Fixed assets ÷ total assets | 11.5% | S100YHSE |
| Goodwill ÷ parent equity | — | —, S100YHSE |

### 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) | 19.9% |
| Cash ÷ revenue | 56.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 486.4% |
| Cash vs. profit gap | 1,001 JPY mn (of net income 216.2%) |
| Shareholder returns / net income | 213.8% |
| Shareholder returns / FCF | 72.1% |
| Shareholder payments — dividends / net income | 84.4% |
| Shareholder payments — dividends / FCF | 28.5% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 95.8% |

## 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 | 22.9% | 0.58× | 13.4% | 1.19× | 15.8% | S100R8XU |
| 2023 | 25.8% | 0.64× | 16.6% | 1.17× | 19.3% | S100TTYP |
| 2024 | 17.6% | 0.57× | 9.9% | 1.18× | 11.8% | S100W5LZ |
| 2025 | 7.2% | 0.37× | 2.7% | 1.19× | 3.2% | S100YHSE |
| 2026 | 8.3% | 0.35× | 3.0% | 1.21× | 3.6% | S100YHSE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 田中 綏子 | Major shareholder | 7.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.5% | 2026-03-31 |
| MM Investments株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 勝田 知男 | Major shareholder | 3.3% | 2026-03-31 |
| 山村 博 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 2.8% | 2026-03-31 |
| テセック社員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| 大塚 佳苗 | Major shareholder | 2.0% | 2026-03-31 |
| 大塚 正樹 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2025/04/01－2026/03/31) | S100YHSE | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHSE,, |
| 有価証券報告書－第57期(2024/04/01－2025/03/31) | S100W5LZ | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5LZ,, |
| 有価証券報告書－第56期(2023/04/01－2024/03/31) | S100TTYP | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTYP,, |
| 有価証券報告書－第55期(2022/04/01－2023/03/31) | S100R8XU | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8XU,, |
| 有価証券報告書－第54期(令和3年4月1日－令和4年3月31日) | S100OIWU | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIWU,, |
| 有価証券報告書－第53期(令和2年4月1日－令和3年3月31日) | S100LSUS | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSUS,, |

## 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).