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Torex SemiconductorTOREX SEMICONDUCTOR LTD.6616東証プライム電気機器FY ending Mar 2026, consolidated, J-GAAP

Torex Semiconductor revenue and profit

Out of every ¥100 of sales, about ¥4 is left as operating profit. Revenue changed +4.7% from the prior year, and it swung back to an operating profit.

Five-year trend

Revenue¥25.1B
FY ending Mar 2022: ¥30.9B¥30.9BFY ending Mar 2023: ¥32B¥32BFY ending Mar 2024: ¥25.8B¥25.8BFY ending Mar 2025: ¥24B¥24BFY ending Mar 2026: ¥25.1B¥25.1BFY22FY23FY24FY25FY26
Operating income¥1.09B
FY ending Mar 2022: ¥3.9B¥3.9BFY ending Mar 2023: ¥3.98B¥3.98BFY ending Mar 2024: -¥1.78B-¥1.78BFY ending Mar 2025: -¥632.2M-¥632.2MFY ending Mar 2026: ¥1.09B¥1.09BFY22FY23FY24FY25FY26
Operating margin4.3%
FY ending Mar 2022: 12.6%12.6%FY ending Mar 2023: 12.4%12.4%FY ending Mar 2024: -6.9%-6.9%FY ending Mar 2025: -2.6%-2.6%FY ending Mar 2026: 4.3%4.3%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin4.6%
Asset turnover0.72×
ROA3.3%
ROA3.3%
Financial leverage2.16×
ROE7.2%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin4.6%
2022: 10.2%10.2%2023: 6.8%6.8%2026: 4.6%4.6%2223242526
Asset turnover0.72×
2022: 0.89×0.89×2023: 0.89×0.89×2026: 0.72×0.72×2223242526
ROA3.3%
2022: 9.1%9.1%2023: 6.1%6.1%2024: -11.7%-11.7%2025: -6.7%-6.7%2026: 3.3%3.3%2223242526
Financial leverage2.16×
2022: 1.56×1.56×2023: 1.55×1.55×2026: 2.16×2.16×2223242526
ROE7.2%
2022: 14.1%14.1%2023: 9.4%9.4%2026: 7.2%7.2%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
202210.2%0.89×9.1%1.56×14.1%
20236.8%0.89×6.1%1.55×9.4%
2024——×-11.7%—×—
2025——×-6.7%—×—
20264.6%0.72×3.3%2.16×7.2%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue35.2%
2021: 25.2%25.2%2022: 21.4%21.4%2023: 28.8%28.8%2024: 39.4%39.4%2025: 38.2%38.2%2026: 35.2%35.2%212223242526
PPE ÷ total assets24.7%
2021: 18.9%18.9%2022: 19.0%19.0%2023: 24.8%24.8%2024: 27.7%27.7%2025: 27.2%27.2%2026: 24.7%24.7%212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥343M
2021: ¥457M¥457M2022: ¥464M¥464M2023: ¥581M¥581M2024: ¥520M¥520M2025: ¥595M¥595M2026: ¥343M¥343M212223242526
R&D / revenue1.4%
2021: 1.9%1.9%2022: 1.5%1.5%2023: 1.8%1.8%2024: 2.0%2.0%2025: 2.5%2.5%2026: 1.4%1.4%212223242526
Receivable days73d
2021: 71d71d2022: 70d70d2023: 61d61d2024: 67d67d2025: 62d62d2026: 73d73d212223242526
Payable days23d
2021: 28d28d2022: 29d29d2023: 20d20d2024: 11d11d2025: 14d14d2026: 23d23d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue30,86431,95725,75223,95825,073
Cost of revenue21,39021,93621,76618,68518,702
Gross profit9,47410,0213,9865,2726,371
SG&A5,5776,0455,7645,9045,286
Operating income3,8983,976-1,778-6321,085
Pretax income4,4142,988-4,159-1,9141,274
Income tax1,257809139445115
Net income attributable to owners3,1572,180-4,298-2,3591,159
Operating margin12.6%12.4%-6.9%-2.6%4.3%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 26%
Receivables 14%
Property, plant and equipment 25%
3%
6%
Other assets 26%

Funding

3%
Other liabilities 44%
Equity 53%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥10.2B¥8.52B¥9.14B¥9.23B¥9.38B
Total assets¥34.8B¥37B¥36.6B¥33.6B¥35.8B
Net assets¥22.7B¥24.6B¥20.6B¥17.4B¥18.8B
Share capital¥2.97B¥2.97B¥2.97B¥2.97B¥2.97B
Trade receivables¥5.92B¥5.33B¥4.75B¥4.08B¥5.03B
Property, plant and equipment¥6.61B¥9.2B¥10.1B¥9.16B¥8.83B
Intangible assets excluding goodwill¥777.1M¥583.1M¥759.7M¥714.2M¥1.24B
Investment securities¥1.06B¥937.9M¥1.13B¥1.23B¥1.98B
Current assets¥24.9B¥24.7B¥22.6B¥20.8B¥21.7B
Current liabilities¥8.98B¥7.38B¥6.03B¥7.05B¥8.02B
Trade payables¥1.72B¥1.2B¥650.2M¥701.4M¥1.18B
Short-term borrowings¥2.4B¥1.9B—¥1.9B¥1.9B
Long-term borrowings¥2.41B¥4.26B¥9.12B¥8.33B¥7.85B
Bonds—¥100M¥100M——
Interest-bearing debt—¥6.26Bderived———
Total liabilities¥12B¥12.5B¥16.1B¥16.2B¥17B
Equity attributable to owners of parent¥22.3B¥24.1B¥19.2B¥15.9B¥16.3B
Retained earnings¥11.8B¥13.4B¥8.5B¥5.52B¥6.08B
Treasury stock-¥750.3M-¥679M-¥706.1M-¥999.1M-¥1.18B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第31期(2025/04/01－2026/03/31)

    ID S100YFAJ2026-06-23Open

  • EDINET (FSA Japan)

    有価証券報告書－第30期(2024/04/01－2025/03/31)

    ID S100W3DN2025-06-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第29期(2023/04/01－2024/03/31)

    ID S100TOTD2024-06-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第28期(2022/04/01－2023/03/31)

    ID S100R56V2023-06-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第27期(令和3年4月1日－令和4年3月31日)

    ID S100OCAM2022-06-23Open

  • EDINET (FSA Japan)

    有価証券報告書－第26期(令和2年4月1日－令和3年3月31日)

    ID S100LPTC2021-06-24Open

Extracted from XBRL: 52 / Derived from other figures: 1

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