# TOWA 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48期(2025/04/01－2026/03/31) (S100YERT)
> Page: https://vizora.meequs.com/en/company/towa
> Retrieved: 2026-09-30T21:35:16.976Z

## Company

Towa, founded in 1979, is a company in Medical Devices listed on TSE Prime. It has 2,211 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOWA CORPORATION |
| Ticker | 6315 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6315.T) |
| Listing | TSE Prime |
| Head office | 京都市南区上鳥羽上調子町5番地 |
| Representative (per filing) | 取締役社長執行役員 三浦 宗男 |
| Founded | Apr 1979 |
| Share capital | ¥8.99B |
| Employees (consolidated) | 2,211 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.towajapan.co.jp (https://www.towajapan.co.jp/) |
| Corporate number | 7130001011258 |
| EDINET | E01708 |
| Industries (Vizora) | Medical Devices, Semiconductor Equipment |

> Profile source: annual securities report (S100YERT, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.5 | 36 |
| Profitability | 37.8 | 41 |
| Cash conversion | 21.8 | 39 |
| Efficiency | 23.2 | 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)

- About 92% of Towa's sales come from Semiconductor equipment, with Medical Device and Laser Processing machines making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +1.7% from the prior year, operating profit -22.1%.

## Company structure

- Segment revenue mix: Semiconductor equipment 91.7%、Medical Device 4.6%、Laser Processing machines 3.7%
- Revenue → net income: ¥54365224000 → ¥4593096000
- Net income → operating cash flow: ¥4593096000 → ¥4120066000（difference ¥-473030000）
- Main uses of operating cash flow: CapEx ¥4068681000 / dividends ¥1501945000 / buybacks ¥1113000
- Change in cash: ¥5990859000
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 | ¥54.4B |  |
| Operating income | ¥6.92B | Margin 12.7% |
| Net income | ¥4.59B | Margin 8.4% |
| Free cash flow | ¥51.4M |  |
| Largest business | Semiconductor equipment | of segment revenue 91.7% |
| Employees (consolidated) | 2,211 |  |
| EPS | ¥0.54 |  |
| Book value per share | ¥475.91 |  |
| Equity ratio | 66.4% |  |
| Shares outstanding | 75,157,367 |  |
| Treasury shares | 43,700 |  |
| Shareholders | 40,587 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 24.8% | Cash ÷ revenue 48.5% |
| Vs. industry median margin | -1.8 pp | Semiconductor Equipment |
| ROE | 8.1% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 94% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29706793000 | ¥54365224000 | +83.0% |
| Operating income | ¥3618946000 | ¥6917028000 | +91.1% |
| Operating margin | 12.2% | 12.7% | +0.5 pp |
| Employees | 1,633 people | 2,211 people | +35.4% |
| Cash and equivalents | ¥10268427000 | ¥26381245000 | +156.9% |

### 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 → 半導体製造装置事業 | 89.3% |
| ファインプラスチック成形品事業 → 事業再編・廃止 | 6.1% |
| レーザ加工装置事業 → レーザ加工装置事業 | 3.7% |
| レーザ加工装置事業 → 事業再編・廃止 | 0.9% |
| 新設・再編 → 半導体製造装置事業 | 2.4% |
| 新設・再編 → メディカルデバイス事業 | 4.6% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Semiconductor equipment | 5 years | +13.4% | ¥49870942000 | 13.1% | 2 |
| Medical Device | 2 years | +7.5% | ¥2487000000 | 18.2% | 2 |
| Laser Processing machines | 5 years | +8.0% | ¥2007281000 | -2.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 54,365 | 100.0% | S100YERT |
| Cost of revenue | 35,994 | 66.2% | S100YERT |
| Gross profit | 18,372 | 33.8% | S100YERT |
| SG&A | 11,455 | 21.1% | S100YERT |
| Operating income | 6,917 | 12.7% | S100YERT |
| Ordinary income | 6,947 | 12.8% | S100YERT |
| Pretax income | 7,005 | 12.9% | S100YERT |
| Income tax | 2,412 | 4.4% | S100YERT |
| Net income | 4,593 | 8.4% | S100YERT |
| Net income attributable to owners | 4,593 | 8.4% | S100YERT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 21 |
| Operating income | 13 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 33.8% → Operating margin 12.7% → Net margin 8.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.7%; Core profit growth: -22.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -13.34×
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 | 53,479 | 54,365 | 886 | +1.7% |
| Gross profit | 19,907 | 18,372 | -1,535 | -7.7% |
| Operating income | 8,880 | 6,917 | -1,963 | -22.1% |
| Net income attributable to owners | 8,121 | 4,593 | -3,528 | -43.4% |
| Operating cash flow | 10,373 | 4,120 | -6,253 | -60.3% |
| Free cash flow | 5,328 | 51 | -5,277 | -99.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 25,255 | 812 | 3.2% | 369 | 6,352 | 3,889 | S100LQWT |
| FY ending Mar 2021 | 29,707 | 3,619 | 12.2% | 2,663 | 5,312 | 2,621 | S100OIFP |
| FY ending Mar 2022 | 50,667 | 11,505 | 22.7% | 8,130 | 6,404 | 1,132 | S100R6MG |
| FY ending Mar 2023 | 53,823 | 10,037 | 18.6% | 7,347 | 2,831 | 100 | S100TSSM |
| FY ending Mar 2024 | 50,472 | 8,662 | 17.2% | 6,444 | 9,666 | 7,997 | S100W53I |
| FY ending Mar 2025 | 53,479 | 8,880 | 16.6% | 8,121 | 10,373 | 5,328 | S100YERT |
| FY ending Mar 2026 | 54,365 | 6,917 | 12.7% | 4,593 | 4,120 | 51 | S100YERT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.6M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 1,817 | 1,876 | 1,985 | 2,099 | 2,211 |
| Average salary (parent company) | ¥6.5M | ¥6.8M | ¥7M | ¥7.3M | ¥7.4M |
| Average age (parent company) | 39.8 years | 39.7 years | 39.5 years | 39.5 years | 39.2 years |
| Average tenure (parent company) | 12.7 years | 12.1 years | 11.9 years | 11.3 years | 10.8 years |

Year over year: Employees (consolidated) +5.3% · Revenue (consolidated) +1.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Semiconductor equipment | 49,871 | 91.7% | 6,518 | 13.1% |
| Medical Device | 2,487 | 4.6% | 452 | 18.2% |
| Laser Processing machines | 2,007 | 3.7% | -53 | -2.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Semiconductor equipment | 91.7% | 93.5% | 1.8 | 13.1% |
| Medical Device | 4.6% | 6.5% | 1.9 | 18.2% |
| Laser Processing machines | 3.7% | — | — | -2.6% |

Loss-making segment (excluded from profit shares): Laser Processing machines -53 JPY mn

Segment → industry: Medical Device → Medical Devices / Laser Processing machines → Semiconductor Equipment / Semiconductor equipment → Semiconductor Equipment

## 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 | 4,120 | 7.6% | S100YERT |
| Capital expenditure | 4,069 | 7.5% | S100YERT |
| Free cash flow | 51 | 0.1% | 算出 |
| Investing cash flow | -5,525 | -10.2% | S100YERT |
| Financing cash flow | 6,429 | 11.8% | S100YERT |
| Dividends paid | 1,502 | 2.8% | S100YERT |
| Share buyback | 1 | 0.0% | S100YERT |
| Change in cash | 5,991 | 11.0% | S100YERT |
| Cash and equivalents | 26,381 | 48.5% | S100YERT |

## 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 | 12,250 | 16,430 | 20,517 | 20,390 | 26,381 | S100TSSM, S100W53I, S100YERT |
| Total assets | 71,333 | 73,469 | 87,862 | 83,228 | 106,268 | S100R6MG, S100TSSM, S100W53I, S100YERT |
| Net assets | 41,121 | 47,623 | 58,436 | 61,386 | 70,612 | S100TSSM, S100W53I, S100YERT |
| Share capital | 8,933 | 8,943 | 8,956 | 8,969 | 8,986 | S100R6MG, S100TSSM, S100W53I, S100YERT |
| Property, plant and equipment | 21,027 | 21,360 | 22,168 | 24,501 | 26,195 | S100R6MG, S100TSSM, S100W53I, S100YERT |
| Intangible assets excluding goodwill | 1,307 | 1,162 | 1,329 | 1,421 | 2,241 | S100R6MG, S100TSSM, S100W53I, S100YERT |
| Goodwill | 562 | 457 | 543 | 379 | 264 | S100R6MG, S100TSSM, S100W53I, S100YERT |
| Investment securities | 3,856 | 3,930 | 9,245 | 4,446 | 7,555 | S100R6MG, S100TSSM, S100W53I, S100YERT |
| Current assets | 44,220 | 45,960 | 53,711 | 50,652 | 67,168 | S100R6MG, S100TSSM, S100W53I, S100YERT |
| Current liabilities | 25,526 | 19,748 | 23,198 | 18,010 | 27,559 | S100R6MG, S100TSSM, S100W53I, S100YERT |
| Trade payables | 5,110 | 2,412 | 3,834 | 2,552 | 5,432 | S100R6MG, S100TSSM, S100W53I, S100YERT |
| Short-term borrowings | 5,300 | 9,400 | 9,400 | 7,000 | 11,500 | S100R6MG, S100TSSM, S100W53I, S100YERT |
| Long-term borrowings | 3,270 | 3,950 | 2,490 | 1,370 | 4,000 | S100R6MG, S100TSSM, S100W53I, S100YERT |
| Total liabilities | 30,212 | 25,845 | 29,426 | 21,842 | 35,656 | S100R6MG, S100TSSM, S100W53I, S100YERT |
| Non-controlling interests | 393 | 402 | — | — | — | S100R6MG, S100TSSM |
| Equity attributable to owners of parent | 36,202 | 42,318 | 47,651 | 54,798 | 57,926 | S100R6MG, S100TSSM, S100W53I, S100YERT |
| Retained earnings | 26,820 | 32,916 | 38,360 | 45,480 | 48,571 | S100R6MG, S100TSSM, S100W53I, S100YERT |
| Treasury stock | -13 | -13 | -115 | -115 | -111 | S100R6MG, S100TSSM, S100W53I, S100YERT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YERT |
| Property, plant and equipment | 25% | S100YERT |
| Intangibles and goodwill | 2% | S100YERT |
| Investment securities | 7% | S100YERT |
| Other assets | 41% | S100YERT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YERT |
| Other liabilities | 28% | S100YERT |
| Equity | 67% | S100YERT |
| Other liabilities | 0% | S100YERT |

### 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 | 71,333 | 73,469 | 87,862 | 83,228 | 106,268 |
| Equity | 41,121 | 47,623 | 58,436 | 61,386 | 70,612 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,250 | 16,430 | 20,517 | 20,390 | 26,381 |

## 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) | 48.2% | S100YERT |
| Fixed assets ÷ total assets | 24.6% | S100YERT |
| Goodwill ÷ parent equity | 0.5% | S100YERT |

Goodwill over 4 years: 562 → 264 JPY; total investing cash flow: -22,404 JPY. This does not imply causation.

### 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) | 24.8% |
| Cash ÷ revenue | 48.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 59.6% |
| Cash vs. profit gap | -473 JPY mn (of net income -10.3%) |
| Shareholder returns / net income | 32.7% |
| Shareholder returns / FCF | 2925.1% |
| Shareholder payments — dividends / net income | 32.7% |
| Shareholder payments — dividends / FCF | 2922.9% |
| CapEx intensity (capex ÷ revenue) | 7.5% |
| Investing CF relative to operating CF | 134.1% |

## 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 | 16.0% | 0.71× | 11.4% | 1.97× | 22.5% | S100R6MG |
| 2023 | 13.6% | 0.74× | 10.1% | 1.84× | 18.7% | S100TSSM |
| 2024 | 12.8% | 0.63× | 8.0% | 1.79× | 14.3% | S100W53I |
| 2025 | 15.2% | 0.63× | 9.5% | 1.67× | 15.9% | S100YERT |
| 2026 | 8.4% | 0.57× | 4.8% | 1.68× | 8.1% | S100YERT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 11.8% | 2026-03-31 |
| 株式会社ケイビー恒産 | Major shareholder | 7.6% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 5.4% | 2026-03-31 |
| 株式会社エヌレガロ | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社京都銀行 | Major shareholder | 2.8% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.2% | 2026-03-31 |
| ＴＯＷＡ社員持株会 | Major shareholder | 1.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505025 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.9% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2025/04/01－2026/03/31) | S100YERT | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YERT,, |
| 有価証券報告書－第47期(2024/04/01－2025/03/31) | S100W53I | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W53I,, |
| 有価証券報告書－第46期(2023/04/01－2024/03/31) | S100TSSM | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSSM,, |
| 有価証券報告書－第45期(2022/04/01－2023/03/31) | S100R6MG | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6MG,, |
| 有価証券報告書－第44期(令和3年4月1日－令和4年3月31日) | S100OIFP | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIFP,, |
| 有価証券報告書－第43期(令和2年4月1日－令和3年3月31日) | S100LQWT | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQWT,, |

## 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).