# TOREX SEMICONDUCTOR LTD.: 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31期(2025/04/01－2026/03/31) (S100YFAJ)
> Page: https://vizora.meequs.com/en/company/torex-semiconductor
> Retrieved: 2026-09-30T20:48:37.098Z

## Company

Torex Semiconductor, founded in 1989, is a company in Semiconductors listed on TSE Prime. It has 1,014 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOREX SEMICONDUCTOR LTD. |
| Ticker | 6616 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6616.T) |
| Listing | TSE Prime |
| Head office | 東京都江東区豊洲六丁目4番34号 |
| Representative (per filing) | 代表取締役 社長執行役員 木村 岳史 |
| Founded | Oct 1989 |
| Share capital | ¥2.97B |
| Employees (consolidated) | 1,014 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.torex.co.jp (https://www.torex.co.jp/) |
| Corporate number | 2010001079907 |
| EDINET | E30479 |
| Industries (Vizora) | Semiconductors |

> Profile source: annual securities report (S100YFAJ, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Semiconductors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 26.9 | 13 |
| Profitability | 53.6 | 14 |
| Cash conversion | 83.3 | 9 |
| Efficiency | 82.1 | 14 |

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 69% of Torex Semiconductor's sales come from Japan, with Asia and Europe making up much of the rest.
- 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.

## Company structure

- Segment revenue mix: Japan 69.3%、Asia 22.6%、Europe 5.4%、North America 2.6%
- Revenue → net income: ¥25073221000 → ¥1159435000
- Net income → operating cash flow: ¥1159435000 → ¥3127307000（difference ¥1967872000）
- Main uses of operating cash flow: CapEx ¥2197650000 / dividends ¥604188000 / buybacks ¥185124000
- Change in cash: ¥148462000
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 | ¥25.1B |  |
| Operating income | ¥1.09B | Margin 4.3% |
| Net income | ¥1.16B | Margin 4.6% |
| Free cash flow | ¥929.7M |  |
| Largest business | Japan | of segment revenue 69.3% |
| Employees (consolidated) | 1,014 |  |
| EPS | ¥71.09 |  |
| Book value per share | ¥879.71 |  |
| Equity ratio | 52.4% |  |
| Shares outstanding | 11,554,200 |  |
| Treasury shares | 854,700 |  |
| Shareholders | 3,696 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 26.2% | Cash ÷ revenue 37.4% |
| Vs. industry median margin | +1 pp | Semiconductors |
| ROE | 7.2% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income
- FY2026, one segment accounts for 76% of positive segment profit
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥23712981000 | ¥25073221000 | +5.7% |
| Operating income | ¥1209294000 | ¥1085033000 | -10.3% |
| Operating margin | 5.1% | 4.3% | -0.8 pp |
| Employees | 1,016 people | 1,014 people | -0.2% |
| Cash and equivalents | ¥11681709000 | ¥9380343000 | -19.7% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 69.3% |
| 日本 → 事業再編・廃止 | 2.2% |
| アジア → アジア | 22.6% |
| アジア → 事業再編・廃止 | 0.7% |
| 欧州 → 欧州 | 2.9% |
| 北米 → 北米 | 2.2% |
| 新設・再編 → 欧州 | 2.5% |
| 新設・再編 → 北米 | 0.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +0.5% | ¥17373007000 | 4.8% | 2 |
| Asia | 5 years | +0.5% | ¥5677896000 | 1.8% | 2 |
| Europe | 5 years | +14.4% | ¥1366180000 | 8.2% | 2 |
| North America | 5 years | +4.5% | ¥656136000 | 6.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,073 | 100.0% | S100YFAJ |
| Cost of revenue | 18,702 | 74.6% | S100YFAJ |
| Gross profit | 6,371 | 25.4% | S100YFAJ |
| SG&A | 5,286 | 21.1% | S100YFAJ |
| Operating income | 1,085 | 4.3% | S100YFAJ |
| Ordinary income | 1,269 | 5.1% | S100YFAJ |
| Pretax income | 1,274 | 5.1% | S100YFAJ |
| Income tax | 115 | 0.5% | S100YFAJ |
| Net income | 1,159 | 4.6% | S100YFAJ |
| Net income attributable to owners | 1,159 | 4.6% | S100YFAJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 21 |
| Operating income | 4 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 25.4% → Operating margin 4.3% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 23,958 | 25,073 | 1,116 | +4.7% |
| Gross profit | 5,272 | 6,371 | 1,098 | +20.8% |
| Operating income | -632 | 1,085 | 1,717 | — |
| Net income attributable to owners | -2,359 | 1,159 | 3,518 | — |
| Operating cash flow | 3,360 | 3,127 | -232 | -6.9% |
| Free cash flow | -557 | 930 | 1,487 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,501 | 678 | 3.2% | 418 | 1,145 | -113 | S100LPTC |
| FY ending Mar 2021 | 23,713 | 1,209 | 5.1% | 934 | 1,790 | 306 | S100OCAM |
| FY ending Mar 2022 | 30,864 | 3,898 | 12.6% | 3,157 | 1,753 | -59 | S100R56V |
| FY ending Mar 2023 | 31,957 | 3,976 | 12.4% | 2,180 | 1,295 | -3,320 | S100TOTD |
| FY ending Mar 2024 | 25,752 | -1,778 | -6.9% | -4,298 | 1,927 | -2,662 | S100W3DN |
| FY ending Mar 2025 | 23,958 | -632 | -2.6% | -2,359 | 3,360 | -557 | S100YFAJ |
| FY ending Mar 2026 | 25,073 | 1,085 | 4.3% | 1,159 | 3,127 | 930 | S100YFAJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.7M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 1,034 | 1,063 | 1,042 | 1,034 | 1,014 |
| Average salary (parent company) | ¥7.5M | ¥8M | ¥7.8M | ¥7.3M | ¥7.1M |
| Average age (parent company) | 43.6 years | 43.9 years | 43.9 years | 44.4 years | 44.5 years |
| Average tenure (parent company) | 12.2 years | 12.2 years | 12.4 years | 13.1 years | 13.6 years |

Year over year: Employees (consolidated) -1.9% · Revenue (consolidated) +4.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 17,373 | 69.3% | 837 | 4.8% |
| Asia | 5,678 | 22.6% | 103 | 1.8% |
| Europe | 1,366 | 5.4% | 111 | 8.2% |
| North America | 656 | 2.6% | 43 | 6.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 69.3% | 76.4% | 7.2 | 4.8% |
| Asia | 22.6% | 9.4% | -13.2 | 1.8% |
| Europe | 5.4% | 10.2% | 4.7 | 8.2% |
| North America | 2.6% | 3.9% | 1.3 | 6.6% |

Segment → industry: North America → Semiconductors / Europe → Semiconductors / Asia → Semiconductors / Japan → Semiconductors

## 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 | 3,127 | 12.5% | S100YFAJ |
| Capital expenditure | 2,198 | 8.8% | S100YFAJ |
| Free cash flow | 930 | 3.7% | 算出 |
| Investing cash flow | -2,359 | -9.4% | S100YFAJ |
| Financing cash flow | -954 | -3.8% | S100YFAJ |
| Dividends paid | 604 | 2.4% | S100YFAJ |
| Share buyback | 185 | 0.7% | S100YFAJ |
| Change in cash | 148 | 0.6% | S100YFAJ |
| Cash and equivalents | 9,380 | 37.4% | S100YFAJ |

## 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 | 10,163 | 8,515 | 9,140 | 9,232 | 9,380 | S100TOTD, S100W3DN, S100YFAJ |
| Total assets | 34,770 | 37,049 | 36,636 | 33,608 | 35,801 | S100R56V, S100TOTD, S100W3DN, S100YFAJ |
| Net assets | 22,729 | 24,594 | 20,553 | 17,401 | 18,762 | S100TOTD, S100W3DN, S100YFAJ |
| Share capital | 2,968 | 2,968 | 2,968 | 2,968 | 2,968 | S100R56V, S100TOTD, S100W3DN, S100YFAJ |
| Trade receivables | 5,917 | 5,333 | 4,751 | 4,085 | 5,033 | S100R56V, S100TOTD, S100W3DN, S100YFAJ |
| Property, plant and equipment | 6,613 | 9,201 | 10,145 | 9,155 | 8,827 | S100R56V, S100TOTD, S100W3DN, S100YFAJ |
| Intangible assets excluding goodwill | 777 | 583 | 760 | 714 | 1,240 | S100R56V, S100TOTD, S100W3DN, S100YFAJ |
| Investment securities | 1,057 | 938 | 1,128 | 1,232 | 1,979 | S100R56V, S100TOTD, S100W3DN, S100YFAJ |
| Current assets | 24,880 | 24,715 | 22,644 | 20,836 | 21,743 | S100R56V, S100TOTD, S100W3DN, S100YFAJ |
| Current liabilities | 8,977 | 7,382 | 6,034 | 7,054 | 8,017 | S100R56V, S100TOTD, S100W3DN, S100YFAJ |
| Trade payables | 1,720 | 1,200 | 650 | 701 | 1,176 | S100R56V, S100TOTD, S100W3DN, S100YFAJ |
| Short-term borrowings | 2,400 | 1,900 | — | 1,900 | 1,900 | S100R56V, S100TOTD, S100YFAJ |
| Long-term borrowings | 2,413 | 4,264 | 9,124 | 8,332 | 7,846 | S100R56V, S100TOTD, S100W3DN, S100YFAJ |
| Bonds | — | 100 | 100 | — | — | S100TOTD, S100W3DN |
| Interest-bearing debt | — | 6,264 | — | — | — | 算出 |
| Total liabilities | 12,041 | 12,455 | 16,083 | 16,207 | 17,039 | S100R56V, S100TOTD, S100W3DN, S100YFAJ |
| Equity attributable to owners of parent | 22,335 | 24,100 | 19,186 | 15,912 | 16,282 | S100R56V, S100TOTD, S100W3DN, S100YFAJ |
| Retained earnings | 11,818 | 13,423 | 8,504 | 5,523 | 6,079 | S100R56V, S100TOTD, S100W3DN, S100YFAJ |
| Treasury stock | -750 | -679 | -706 | -999 | -1,184 | S100R56V, S100TOTD, S100W3DN, S100YFAJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YFAJ |
| Receivables | 14% | S100YFAJ |
| Property, plant and equipment | 25% | S100YFAJ |
| Intangibles and goodwill | 3% | S100YFAJ |
| Investment securities | 6% | S100YFAJ |
| Other assets | 26% | S100YFAJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YFAJ |
| Other liabilities | 44% | S100YFAJ |
| Equity | 53% | S100YFAJ |
| Other liabilities | 0% | S100YFAJ |

### 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 | 34,770 | 37,049 | 36,636 | 33,608 | 35,801 |
| Equity | 22,729 | 24,594 | 20,553 | 17,401 | 18,762 |
| Interest-bearing debt | — | 6,264 | — | — | — |
| Cash | 10,163 | 8,515 | 9,140 | 9,232 | 9,380 |

## 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) | 35.2% | S100YFAJ |
| Fixed assets ÷ total assets | 24.7% | S100YFAJ |
| Goodwill ÷ parent equity | — | —, S100YFAJ |

### 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) | 26.2% |
| Cash ÷ revenue | 37.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 288.2% |
| Cash vs. profit gap | 1,968 JPY mn (of net income 169.7%) |
| Shareholder returns / net income | 68.1% |
| Shareholder returns / FCF | 84.9% |
| Shareholder payments — dividends / net income | 52.1% |
| Shareholder payments — dividends / FCF | 65.0% |
| CapEx intensity (capex ÷ revenue) | 8.8% |
| Investing CF relative to operating CF | 75.4% |

## 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 | 10.2% | 0.89× | 9.1% | 1.56× | 14.1% | S100R56V |
| 2023 | 6.8% | 0.89× | 6.1% | 1.55× | 9.4% | S100TOTD |
| 2024 | — | —× | -11.7% | —× | — | S100W3DN |
| 2025 | — | —× | -6.7% | —× | — | S100YFAJ |
| 2026 | 4.6% | 0.72× | 3.3% | 2.16× | 7.2% | S100YFAJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| PERSHING-DIV. OF DLJ SECS. CORP. （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 13.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.8% | 2026-03-31 |
| 藤阪 知之 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社中国銀行 | Major shareholder | 4.4% | 2026-03-31 |
| アルス株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 吉備興業株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| 尾崎 貴紀 | Major shareholder | 3.0% | 2026-03-31 |
| 芝宮 孝司 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.7% | 2026-03-31 |
| JAPAN ABSOLUTE VALUE FUND （常任代理人 立花証券株式会社） | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/04/01－2026/03/31) | S100YFAJ | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFAJ,, |
| 有価証券報告書－第30期(2024/04/01－2025/03/31) | S100W3DN | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3DN,, |
| 有価証券報告書－第29期(2023/04/01－2024/03/31) | S100TOTD | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOTD,, |
| 有価証券報告書－第28期(2022/04/01－2023/03/31) | S100R56V | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R56V,, |
| 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) | S100OCAM | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCAM,, |
| 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) | S100LPTC | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPTC,, |

## 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).