# TOKYO ELECTRON DEVICE LIMITED: 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41期(2025/04/01－2026/03/31) (S100YBV4)
> Page: https://vizora.meequs.com/en/company/tokyo-electron-device
> Retrieved: 2026-09-30T18:18:19.929Z

## Company

Tokyo Electron Device, founded in 1986, is a company in IT Services & System Integration listed on TSE Prime. It has 1,408 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKYO ELECTRON DEVICE LIMITED |
| Ticker | 2760 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2760.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区桜丘町1番1号 |
| Representative (per filing) | 代表取締役会長・CEO 徳重敦之 |
| Founded | Mar 1986 |
| Share capital | ¥2.5B |
| Employees (consolidated) | 1,408 |
| Average salary (parent only) | ¥10.7M |
| Fiscal year end | March |
| Website | www.teldevice.co.jp (https://www.teldevice.co.jp/) |
| Corporate number | 4020001009043 |
| EDINET | E02955 |
| Industries (Vizora) | IT Services & System Integration, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YBV4, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.9 | 179 |
| Profitability | 78.1 | 185 |
| Cash conversion | 76.3 | 179 |
| Efficiency | 32.7 | 185 |

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 80% of Tokyo Electron Device's sales come from Semiconductor and electronic device, with Computer system making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -5.8% from the prior year, operating profit -17.7%.

## Company structure

- Segment revenue mix: Semiconductor and electronic device 79.8%、Computer system 20.2%
- Revenue → net income: ¥203748000000 → ¥7884000000
- Net income → operating cash flow: ¥7884000000 → ¥15684000000（difference ¥7800000000）
- Main uses of operating cash flow: CapEx ¥381000000 / dividends ¥3002000000 / buybacks ¥2001000000
- Change in cash: ¥-762000000
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 | ¥203.7B |  |
| Operating income | ¥10.3B | Margin 5.0% |
| Net income | ¥7.84B | Margin 3.8% |
| Free cash flow | ¥15.3B |  |
| Largest business | Semiconductor and electronic device | of segment revenue 79.8% |
| Employees (consolidated) | 1,408 |  |
| EPS | ¥243.84 |  |
| Book value per share | ¥1384.4 |  |
| Equity ratio | 32.6% |  |
| Shares outstanding | 31,336,500 |  |
| Treasury shares | 1,500 |  |
| Shareholders | 18,473 |  |
| Average salary (parent only) | ¥10.7M | Filing company only |
| Cash ratio | 4.7% | Cash ÷ revenue 3.7% |
| Vs. industry median margin | +2.2 pp | Specialty Trading & Wholesale |
| ROE | 16.5% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.0× net income
- FY2026, parent-company salary changed +23% over five years
- FY2026, cash is 5% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥143268000000 | ¥203748000000 | +42.2% |
| Operating income | ¥4620000000 | ¥10253000000 | +121.9% |
| Operating margin | 3.2% | 5.0% | +1.8 pp |
| Employees | 1,247 people | 1,408 people | +12.9% |
| Cash and equivalents | ¥5391000000 | ¥7622000000 | +41.4% |

### 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 |
| --- | ---: |
| 半導体及び電子デバイス事業 → 半導体及び電子デバイス事業 | 79.8% |
| 半導体及び電子デバイス事業 → 事業再編・廃止 | 3.5% |
| コンピュータシステム関連事業 → コンピュータシステム関連事業 | 16.7% |
| 新設・再編 → コンピュータシステム関連事業 | 3.5% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 203,748 | 100.0% | S100YBV4 |
| Cost of revenue | 172,206 | 84.5% | S100YBV4 |
| Gross profit | 31,541 | 15.5% | S100YBV4 |
| SG&A | 21,288 | 10.4% | S100YBV4 |
| Operating income | 10,253 | 5.0% | S100YBV4 |
| Ordinary income | 9,750 | 4.8% | S100YBV4 |
| Pretax income | 10,883 | 5.3% | S100YBV4 |
| Income tax | 2,998 | 1.5% | S100YBV4 |
| Net income | 7,884 | 3.9% | S100YBV4 |
| Net income attributable to owners | 7,842 | 3.8% | S100YBV4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 10 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 15.5% → Operating margin 5.0% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -5.8%; Core profit growth: -17.7%
Operating leverage (core profit growth ÷ revenue growth): 3.03×
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 | 216,379 | 203,748 | -12,631 | -5.8% |
| Gross profit | 33,732 | 31,541 | -2,191 | -6.5% |
| Operating income | 12,457 | 10,253 | -2,204 | -17.7% |
| Net income attributable to owners | 8,874 | 7,842 | -1,032 | -11.6% |
| Operating cash flow | 18,915 | 15,684 | -3,231 | -17.1% |
| Free cash flow | 17,153 | 15,303 | -1,850 | -10.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 135,394 | 3,810 | 2.8% | 2,288 | 8,651 | 8,107 | S100LMOU |
| FY ending Mar 2021 | 143,268 | 4,620 | 3.2% | 3,143 | -3,463 | -3,890 | S100OC85 |
| FY ending Mar 2022 | 179,907 | 8,131 | 4.5% | 5,085 | -891 | -1,271 | S100R0SS |
| FY ending Mar 2023 | 240,350 | 14,227 | 5.9% | 8,778 | -12,185 | -12,455 | S100TOGI |
| FY ending Mar 2024 | 242,888 | 15,428 | 6.4% | 9,986 | 301 | -602 | S100W1EY |
| FY ending Mar 2025 | 216,379 | 12,457 | 5.8% | 8,874 | 18,915 | 17,153 | S100YBV4 |
| FY ending Mar 2026 | 203,748 | 10,253 | 5.0% | 7,842 | 15,684 | 15,303 | S100YBV4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥144.7M |
| Operating income per employee (consolidated) | ¥7.3M |
| Net income per employee (consolidated) | ¥5.6M |

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) | 1,279 | 1,318 | 1,357 | 1,383 | 1,408 |
| Average salary (parent company) | ¥8.7M | ¥9.1M | ¥10.2M | ¥9.5M | ¥10.7M |
| Average age (parent company) | 45.0 years | 45.4 years | 45.7 years | 46.0 years | 46.2 years |
| Average tenure (parent company) | 13.8 years | 14.2 years | 14.6 years | 15.2 years | 14.2 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) -5.8%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Semiconductor and electronic device | 162,543 | 79.8% | 3,208 | 2.0% |
| Computer system | 41,204 | 20.2% | 6,542 | 15.9% |

### 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 |
| --- | ---: |
| Semiconductor and electronic device | 79.8% |
| Computer system | 20.2% |

Segment → industry: Computer system → IT Services & System Integration / Computer system → Specialty Trading & Wholesale / Semiconductor and electronic device → Specialty Trading & Wholesale

## 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 | 15,684 | 7.7% | S100YBV4 |
| Capital expenditure | 381 | 0.2% | S100YBV4 |
| Free cash flow | 15,303 | 7.5% | 算出 |
| Investing cash flow | 1,200 | 0.6% | S100YBV4 |
| Financing cash flow | -17,848 | -8.8% | S100YBV4 |
| Dividends paid | 3,002 | 1.5% | S100YBV4 |
| Share buyback | 2,001 | 1.0% | S100YBV4 |
| Change in cash | -762 | -0.4% | S100YBV4 |
| Cash and equivalents | 7,622 | 3.7% | S100YBV4 |

## 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 | 5,028 | 6,442 | 6,757 | 8,384 | 7,622 | S100TOGI, S100W1EY, S100YBV4 |
| Total assets | 107,801 | 143,452 | 162,567 | 156,841 | 162,211 | S100R0SS, S100TOGI, S100W1EY, S100YBV4 |
| Net assets | 32,018 | 38,997 | 46,190 | 49,004 | 53,756 | S100TOGI, S100W1EY, S100YBV4 |
| Share capital | 2,495 | 2,495 | 2,495 | 2,495 | 2,495 | S100R0SS, S100TOGI, S100W1EY, S100YBV4 |
| Trade receivables | — | — | — | 49,226 | 54,434 | S100YBV4 |
| Property, plant and equipment | 3,662 | 3,481 | 3,356 | 4,319 | 3,809 | S100R0SS, S100TOGI, S100W1EY, S100YBV4 |
| Intangible assets excluding goodwill | 157 | 226 | 2,192 | 1,912 | 1,580 | S100R0SS, S100TOGI, S100W1EY, S100YBV4 |
| Goodwill | — | — | 120 | 112 | 103 | S100W1EY, S100YBV4 |
| Current assets | 98,895 | 134,309 | 151,336 | 144,186 | 150,337 | S100R0SS, S100TOGI, S100W1EY, S100YBV4 |
| Current liabilities | 56,622 | 70,595 | 89,035 | 74,605 | 85,000 | S100R0SS, S100TOGI, S100W1EY, S100YBV4 |
| Short-term borrowings | 14,521 | 20,949 | 22,401 | 8,200 | 2,339 | S100R0SS, S100TOGI, S100W1EY, S100YBV4 |
| Long-term borrowings | 9,963 | 24,700 | 17,700 | 24,660 | 15,094 | S100R0SS, S100TOGI, S100W1EY, S100YBV4 |
| Total liabilities | 75,783 | 104,455 | 116,377 | 107,837 | 108,455 | S100R0SS, S100TOGI, S100W1EY, S100YBV4 |
| Non-controlling interests | 1,065 | 1,148 | 1,148 | 1,143 | 925 | S100R0SS, S100TOGI, S100W1EY, S100YBV4 |
| Equity attributable to owners of parent | 30,463 | 36,816 | 42,869 | 45,414 | 49,589 | S100R0SS, S100TOGI, S100W1EY, S100YBV4 |
| Retained earnings | 24,262 | 30,482 | 36,363 | 41,289 | 45,936 | S100R0SS, S100TOGI, S100W1EY, S100YBV4 |
| Treasury stock | -1,947 | -1,813 | -1,674 | -4,056 | -4,642 | S100R0SS, S100TOGI, S100W1EY, S100YBV4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YBV4 |
| Receivables | 34% | S100YBV4 |
| Property, plant and equipment | 2% | S100YBV4 |
| Intangibles and goodwill | 1% | S100YBV4 |
| Other assets | 58% | S100YBV4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100YBV4 |
| Equity | 33% | S100YBV4 |

### 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 | 107,801 | 143,452 | 162,567 | 156,841 | 162,211 |
| Equity | 32,018 | 38,997 | 46,190 | 49,004 | 53,756 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,028 | 6,442 | 6,757 | 8,384 | 7,622 |

## 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) | 1.9% | S100YBV4 |
| Fixed assets ÷ total assets | 2.3% | S100YBV4 |
| Goodwill ÷ parent equity | 0.2% | S100YBV4 |

### 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) | 4.7% |
| Cash ÷ revenue | 3.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 153.0% |
| Cash vs. profit gap | 7,842 JPY mn (of net income 100.0%) |
| Shareholder returns / net income | 63.8% |
| Shareholder returns / FCF | 32.7% |
| Shareholder payments — dividends / net income | 38.3% |
| Shareholder payments — dividends / FCF | 19.6% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 7.7% |

## 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 | 2.8% | 1.67× | 4.7% | 3.54× | 16.7% | S100R0SS |
| 2023 | 3.7% | 1.91× | 7.0% | 3.73× | 26.1% | S100TOGI |
| 2024 | 4.1% | 1.59× | 6.5% | 3.84× | 25.1% | S100W1EY |
| 2025 | 4.1% | 1.35× | 5.6% | 3.62× | 20.1% | S100YBV4 |
| 2026 | 3.8% | 1.28× | 4.9% | 3.36× | 16.5% | S100YBV4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東京エレクトロン㈱ | Major shareholder | 33.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 7.8% | 2026-03-31 |
| 東京エレクトロンデバイス社員持株会 | Major shareholder | 5.7% | 2026-03-31 |
| 野村信託銀行㈱（東京エレクトロンデバイス社員持株会専用信託口） | Major shareholder | 2.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（役員報酬BIP信託口・76625口） | Major shareholder | 1.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（株式付与ESOP信託口・76616口） | Major shareholder | 1.3% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 1.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（役員報酬BIP信託口・75723口） | Major shareholder | 1.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 0.9% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2025/04/01－2026/03/31) | S100YBV4 | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBV4,, |
| 有価証券報告書－第40期(2024/04/01－2025/03/31) | S100W1EY | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1EY,, |
| 有価証券報告書－第39期(2023/04/01－2024/03/31) | S100TOGI | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOGI,, |
| 有価証券報告書－第38期(2022/04/01－2023/03/31) | S100R0SS | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0SS,, |
| 有価証券報告書－第37期(令和3年4月1日－令和4年3月31日) | S100OC85 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC85,, |
| 有価証券報告書－第36期(令和2年4月1日－令和3年3月31日) | S100LMOU | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMOU,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| インフィニオン テクノロジーズ社 | Supply/OEM | 東京エレクトロンデバイスがインフィニオンの製品を販売する非独占の代理店契約 | S100YBV4 |
| テキサス・インスツルメンツ社 | Supply/OEM | 東京エレクトロンデバイスがテキサス・インスツルメンツの製品を販売する非独占の代理店契約 | S100YBV4 |
| NXP Semiconductors社 | Supply/OEM | 東京エレクトロンデバイスが NXP の製品を販売する非独占の代理店契約 | S100YBV4 |

## 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).