# Tokyo Electron 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63期(2025/04/01－2026/03/31) (S100YEOO)
> Page: https://vizora.meequs.com/en/company/tokyo-electron
> Retrieved: 2026-09-30T19:38:33.328Z

## Company

Tokyo Electron, founded in 1963, is a company in Semiconductor Equipment listed on TSE Prime. It has 20,236 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tokyo Electron Limited |
| Ticker | 8035 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8035.T) |
| Listing | TSE Prime |
| Head office | 東京都港区赤坂五丁目3番1号 |
| Representative (per filing) | 代表取締役社長 河合利樹 |
| Founded | Nov 1963 |
| Share capital | ¥55B |
| Employees (consolidated) | 20,236 |
| Average salary (parent only) | ¥13.8M |
| Fiscal year end | March |
| Website | www.tel.co.jp (https://www.tel.co.jp/) |
| Corporate number | 4010401020757 |
| EDINET | E02652 |
| Industries (Vizora) | Semiconductor Equipment |

> Profile source: annual securities report (S100YEOO, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 48.6 | 36 |
| Profitability | 91.5 | 41 |
| Cash conversion | 39.7 | 39 |
| Efficiency | 72 | 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)

- Tokyo Electron brought in ¥2.44T in revenue.
- Out of every ¥100 of sales, about ¥25 is left as operating profit.
- Revenue changed +0.5% from the prior year, operating profit -10.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2443533000000 → ¥574454000000
- Net income → operating cash flow: ¥574454000000 → ¥539732000000（difference ¥-34722000000）
- Main uses of operating cash flow: CapEx ¥219441000000 / dividends ¥271618000000 / buybacks ¥150010000000
- Change in cash: ¥20342000000
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 | ¥2.44T |  |
| Operating income | ¥624.9B | Margin 25.6% |
| Net income | ¥574.5B | Margin 23.5% |
| Free cash flow | ¥320.3B |  |
| Employees (consolidated) | 20,236 |  |
| EPS | ¥1041.96 |  |
| Diluted EPS | ¥1038.89 |  |
| Book value per share | ¥2750.21 |  |
| Equity ratio | 71.5% |  |
| Shares outstanding | 471,632,000 |  |
| Treasury shares | 15,474,200 |  |
| Shareholders | 58,966 |  |
| Average salary (parent only) | ¥13.8M | Filing company only |
| Cash ratio | 17.7% | Cash ÷ revenue 20.7% |
| Vs. industry median margin | +11.1 pp | Semiconductor Equipment |
| ROE | 33.4% | Derived from disclosed figures |
| ROA | 20.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 25 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1399102000000 | ¥2443533000000 | +74.7% |
| Operating income | ¥320685000000 | ¥624936000000 | +94.9% |
| Operating margin | 22.9% | 25.6% | +2.7 pp |
| Employees | 14,479 people | 20,236 people | +39.8% |
| Cash and equivalents | ¥265993000000 | ¥505414000000 | +90.0% |

### 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 |
| --- | ---: |
| 半導体製造装置 → 事業再編・廃止 | 94.0% |
| ＦＰＤ製造装置 → 事業再編・廃止 | 6.0% |
| その他 → 事業再編・廃止 | 0.0% |

Segment revenue source references: 3 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,443,533 | 100.0% | S100YEOO |
| Cost of revenue | 1,335,652 | 54.7% | S100YEOO |
| Gross profit | 1,107,880 | 45.3% | S100YEOO |
| SG&A | 482,944 | 19.8% | S100YEOO |
| Operating income | 624,936 | 25.6% | S100YEOO |
| Ordinary income | 630,338 | 25.8% | S100YEOO |
| Pretax income | 748,180 | 30.6% | S100YEOO |
| Income tax | 173,726 | 7.1% | S100YEOO |
| Net income | 574,454 | 23.5% | S100YEOO |
| Net income attributable to owners | 574,454 | 23.5% | S100YEOO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 20 |
| Operating income | 25 |
| (Ref.) Net income | 24 |

### Margin funnel

Gross margin 45.3% → Operating margin 25.6% → Net margin 23.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.5%; Core profit growth: -10.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -21.09×
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 | 2,431,568 | 2,443,533 | 11,965 | +0.5% |
| Gross profit | 1,146,287 | 1,107,880 | -38,407 | -3.4% |
| Operating income | 697,319 | 624,936 | -72,383 | -10.4% |
| Net income attributable to owners | 544,133 | 574,454 | 30,321 | +5.6% |
| Operating cash flow | 582,174 | 539,732 | -42,442 | -7.3% |
| Free cash flow | 414,135 | 320,291 | -93,844 | -22.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,127,286 | 237,292 | 21.0% | 185,206 | 253,117 | 200,365 | S100LJ5R |
| FY ending Mar 2021 | 1,399,102 | 320,685 | 22.9% | 242,941 | 145,888 | 84,958 | S100OA3X |
| FY ending Mar 2022 | 2,003,805 | 599,271 | 29.9% | 437,076 | 283,387 | 218,284 | S100QYR0 |
| FY ending Mar 2023 | 2,209,025 | 617,723 | 28.0% | 471,584 | 426,270 | 349,957 | S100TM39 |
| FY ending Mar 2024 | 1,830,527 | 456,263 | 24.9% | 363,963 | 434,720 | 309,740 | S100VX9R |
| FY ending Mar 2025 | 2,431,568 | 697,319 | 28.7% | 544,133 | 582,174 | 414,135 | S100YEOO |
| FY ending Mar 2026 | 2,443,533 | 624,936 | 25.6% | 574,454 | 539,732 | 320,291 | S100YEOO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥120.8M |
| Operating income per employee (consolidated) | ¥30.9M |
| Net income per employee (consolidated) | ¥28.4M |

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) | 15,634 | 17,204 | 17,702 | 19,573 | 20,236 |
| Average salary (parent company) | ¥12.9M | ¥14M | ¥12.7M | ¥13.5M | ¥13.8M |
| Average age (parent company) | 44.0 years | 43.6 years | 43.7 years | 43.5 years | 43.1 years |
| Average tenure (parent company) | 16.4 years | 15.6 years | 15.5 years | 14.9 years | 14.7 years |

Year over year: Employees (consolidated) +3.4% · Revenue (consolidated) +0.5%

## 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 | 539,732 | 22.1% | S100YEOO |
| Capital expenditure | 219,441 | 9.0% | S100YEOO |
| Free cash flow | 320,291 | 13.1% | 算出 |
| Investing cash flow | -96,492 | -3.9% | S100YEOO |
| Financing cash flow | -425,359 | -17.4% | S100YEOO |
| Dividends paid | 271,618 | 11.1% | S100YEOO |
| Share buyback | 150,010 | 6.1% | S100YEOO |
| Change in cash | 20,342 | 0.8% | S100YEOO |
| Cash and equivalents | 505,414 | 20.7% | S100YEOO |

## 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 | 335,648 | 472,471 | 461,608 | 485,072 | 505,414 | S100TM39, S100VX9R, S100YEOO |
| Total assets | 1,894,457 | 2,311,594 | 2,456,462 | 2,625,981 | 2,860,997 | S100QYR0, S100TM39, S100VX9R, S100YEOO |
| Net assets | 1,347,048 | 1,599,524 | 1,760,180 | 1,855,209 | 2,069,996 | S100TM39, S100VX9R, S100YEOO |
| Share capital | 54,961 | 54,961 | 54,961 | 54,961 | 54,961 | S100QYR0, S100TM39, S100VX9R, S100YEOO |
| Property, plant and equipment | 223,078 | 259,088 | 337,366 | 441,706 | 589,335 | S100QYR0, S100TM39, S100VX9R, S100YEOO |
| Intangible assets excluding goodwill | 22,540 | 28,559 | 32,383 | 35,850 | 37,531 | S100QYR0, S100TM39, S100VX9R, S100YEOO |
| Investment securities | 144,972 | 165,507 | 277,706 | 200,013 | 225,453 | S100QYR0, S100TM39, S100VX9R, S100YEOO |
| Current assets | 1,408,703 | 1,740,959 | 1,700,451 | 1,800,756 | 1,835,466 | S100QYR0, S100TM39, S100VX9R, S100YEOO |
| Current liabilities | 468,578 | 629,893 | 611,899 | 677,925 | 679,242 | S100QYR0, S100TM39, S100VX9R, S100YEOO |
| Trade payables | 120,908 | 116,317 | 92,359 | 108,036 | 127,844 | S100QYR0, S100TM39, S100VX9R, S100YEOO |
| Total liabilities | 547,408 | 712,069 | 696,282 | 770,771 | 791,001 | S100QYR0, S100TM39, S100VX9R, S100YEOO |
| Equity attributable to owners of parent | 1,210,537 | 1,433,141 | 1,478,063 | 1,639,195 | 1,795,683 | S100QYR0, S100TM39, S100VX9R, S100YEOO |
| Retained earnings | 1,104,983 | 1,322,203 | 1,480,306 | 1,783,881 | 2,083,371 | S100QYR0, S100TM39, S100VX9R, S100YEOO |
| Treasury stock | -27,418 | -22,033 | -135,215 | -277,658 | -420,660 | S100QYR0, S100TM39, S100VX9R, S100YEOO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YEOO |
| Property, plant and equipment | 21% | S100YEOO |
| Intangibles and goodwill | 1% | S100YEOO |
| Investment securities | 8% | S100YEOO |
| Other assets | 52% | S100YEOO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YEOO |
| Other liabilities | 23% | S100YEOO |
| Equity | 72% | S100YEOO |

### 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 | 1,894,457 | 2,311,594 | 2,456,462 | 2,625,981 | 2,860,997 |
| Equity | 1,347,048 | 1,599,524 | 1,760,180 | 1,855,209 | 2,069,996 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 335,648 | 472,471 | 461,608 | 485,072 | 505,414 |

## 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) | 24.1% | S100YEOO |
| Fixed assets ÷ total assets | 20.6% | S100YEOO |
| Goodwill ÷ parent equity | — | —, S100YEOO |

### 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) | 17.7% |
| Cash ÷ revenue | 20.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 86.4% |
| Cash vs. profit gap | -34,722 JPY mn (of net income -6.0%) |
| Shareholder returns / net income | 73.4% |
| Shareholder returns / FCF | 131.6% |
| Shareholder payments — dividends / net income | 47.3% |
| Shareholder payments — dividends / FCF | 84.8% |
| CapEx intensity (capex ÷ revenue) | 9.0% |
| Investing CF relative to operating CF | 17.9% |

## 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 | 21.8% | 1.06× | 23.1% | 1.56× | 36.1% | S100QYR0 |
| 2023 | 21.3% | 1.05× | 22.4% | 1.59× | 35.7% | S100TM39 |
| 2024 | 19.9% | 0.77× | 15.3% | 1.64× | 25.0% | S100VX9R |
| 2025 | 22.4% | 0.96× | 21.4% | 1.63× | 34.9% | S100YEOO |
| 2026 | 23.5% | 0.89× | 20.9% | 1.60× | 33.4% | S100YEOO |

## 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 | 24.4% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 10.1% | 2026-03-31 |
| 株式会社ＴＢＳホールディングス | Major shareholder | 3.3% | 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) | Major shareholder | 3.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行) | Major shareholder | 2.5% | 2026-03-31 |
| HSBC HONG KONG-TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES (常任代理人 香港上海銀行) | Major shareholder | 1.6% | 2026-03-31 |
| GOVERNMENT OF NORWAY (常任代理人 シティバンク、エヌ・エイ) | Major shareholder | 1.5% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 (常任代理人 株式会社みずほ銀行) | Major shareholder | 1.5% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC (常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.4% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642 (常任代理人 株式会社みずほ銀行） | Major shareholder | 1.2% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥2.44T, almost unchanged from ¥2.43T (+0.5%).
- Profitability slipped: gross profit fell -3.4% and operating income dropped -10.4% to ¥624.9B.
- Net income still rose +5.6% to ¥574.5B, helped by a one-off gain outside the core business.
- Operating cash flow fell -7.3% to ¥539.7B, and free cash flow fell -22.7% to ¥320.3B.

### Drivers

- Chipmakers spent heavily on leading-edge capacity such as AI servers, which lifted sales of high-value tools, while spending in China cooled
- Customers ran their fabs harder, so sales of upgrades, spare parts and service for installed machines grew
- Higher material and labor costs squeezed gross margin, and R&D spending rose, pulling operating income down; selling part of its strategic shareholdings produced a gain that lifted net income

### Risks

- Sales depend heavily on the spending plans of large chipmakers, and a sudden downturn could leave it with excess inventory
- Most sales are overseas, so geopolitical tension and export or import controls could limit the business
- Its main factories are in Japan, so a disaster or a parts shortage could delay deliveries to customers

Cited: Annual Securities Report, 63rd fiscal year (Apr 2025 – Mar 2026) (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); Annual Securities Report, 63rd fiscal year (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第63期(2025/04/01－2026/03/31) | S100YEOO | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEOO,, |
| 有価証券報告書－第62期(2024/04/01－2025/03/31) | S100VX9R | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VX9R,, |
| 有価証券報告書－第61期(2023/04/01－2024/03/31) | S100TM39 | 2024-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TM39,, |
| 有価証券報告書－第60期(2022/04/01－2023/03/31) | S100QYR0 | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYR0,, |
| 有価証券報告書－第59期(令和3年4月1日－令和4年3月31日) | S100OA3X | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA3X,, |
| 有価証券報告書－第58期(令和2年4月1日－令和3年3月31日) | S100LJ5R | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ5R,, |

## 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).