# ULVAC,Inc.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第122期(2025/07/01－2026/06/30) (S100Z3KY)
> Page: https://vizora.meequs.com/en/company/ulvac
> Retrieved: 2026-09-30T20:48:13.444Z

## Company

Ulvac, founded in 1962, is a company in Semiconductor Equipment listed on TSE Prime. It has 5,613 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ULVAC,Inc. |
| Ticker | 6728 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6728.T) |
| Listing | TSE Prime |
| Head office | 神奈川県茅ヶ崎市萩園2500番地 |
| Representative (per filing) | 代表取締役会長 岩下 節生 |
| Founded | Sep 1962 |
| Share capital | ¥20.9B |
| Employees (consolidated) | 5,613 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | June |
| Website | www.ulvac.co.jp (https://www.ulvac.co.jp/) |
| Corporate number | 5021001007242 |
| EDINET | E01589 |
| Industries (Vizora) | Semiconductor Equipment, Semiconductor Materials, Industrial Machinery |

> Profile source: annual securities report (S100Z3KY, filed 2026-09-25). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.3 | 110 |
| Profitability | 46.3 | 122 |
| Cash conversion | 69.4 | 116 |
| Efficiency | 38.9 | 122 |

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 78% of Ulvac's sales come from Vacuum Equipment Business, with Vacuum Application Business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +7.1% from the prior year, operating profit -26.1%.

## Company structure

- Segment revenue mix: Vacuum Equipment Business 78.3%、Vacuum Application Business 21.7%
- Revenue → net income: ¥269130000000 → ¥18740000000
- Net income → operating cash flow: ¥18740000000 → ¥30732000000（difference ¥11992000000）
- Main uses of operating cash flow: CapEx ¥13297000000 / dividends ¥8089000000 / buybacks ¥487000000
- Change in cash: ¥14078000000
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 | ¥269.1B |  |
| Operating income | ¥19.6B | Margin 7.3% |
| Net income | ¥17.1B | Margin 6.4% |
| Free cash flow | ¥17.4B |  |
| Largest business | Vacuum Equipment Business | of segment revenue 78.3% |
| Employees (consolidated) | 5,613 |  |
| EPS | ¥195.37 |  |
| Book value per share | ¥3028.8 |  |
| Equity ratio | 58.2% |  |
| Shares outstanding | 49,355,938 |  |
| Treasury shares | 4,300 |  |
| Shareholders | 8,661 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 25.7% | Cash ÷ revenue 39.6% |
| Vs. industry median margin | -7.2 pp | Semiconductor Equipment |
| ROE | 8.0% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 78% of positive segment profit
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥183011000000 | ¥269130000000 | +47.1% |
| Operating income | ¥17197000000 | ¥19598000000 | +14.0% |
| Operating margin | 9.4% | 7.3% | -2.1 pp |
| Employees | 6,063 people | 5,613 people | -7.4% |
| Cash and equivalents | ¥83061000000 | ¥106527000000 | +28.3% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 真空機器事業 → 真空機器事業 | 78.3% |
| 真空機器事業 → 事業再編・廃止 | 4.3% |
| 真空応用事業 → 真空応用事業 | 17.3% |
| 新設・再編 → 真空応用事業 | 4.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 269,130 | 100.0% | S100Z3KY |
| Cost of revenue | 191,404 | 71.1% | S100Z3KY |
| Gross profit | 77,725 | 28.9% | S100Z3KY |
| SG&A | 58,127 | 21.6% | S100Z3KY |
| Operating income | 19,598 | 7.3% | S100Z3KY |
| Ordinary income | 19,908 | 7.4% | S100Z3KY |
| Pretax income | 26,346 | 9.8% | S100Z3KY |
| Income tax | 7,606 | 2.8% | S100Z3KY |
| Net income | 18,740 | 7.0% | S100Z3KY |
| Net income attributable to owners | 17,092 | 6.4% | S100Z3KY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 22 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 28.9% → Operating margin 7.3% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +7.1%; Core profit growth: -26.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.65×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 251,184 | 269,130 | 17,946 | +7.1% |
| Gross profit | 79,862 | 77,725 | -2,137 | -2.7% |
| Operating income | 26,523 | 19,598 | -6,925 | -26.1% |
| Net income attributable to owners | 16,687 | 17,092 | 405 | +2.4% |
| Operating cash flow | 34,811 | 30,732 | -4,079 | -11.7% |
| Free cash flow | 23,463 | 17,435 | -6,028 | -25.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 185,402 | 15,958 | 8.6% | 10,769 | 18,738 | 9,910 | S100MINL |
| FY ending Jun 2021 | 183,011 | 17,197 | 9.4% | 14,830 | 25,520 | 18,373 | S100PNWE |
| FY ending Jun 2022 | 241,260 | 30,061 | 12.5% | 20,211 | 33,931 | 26,587 | S100RWRO |
| FY ending Jun 2023 | 227,528 | 19,946 | 8.8% | 14,169 | 1,011 | -15,300 | S100UFES |
| FY ending Jun 2024 | 261,115 | 29,771 | 11.4% | 20,233 | 17,162 | -2,719 | S100WQX1 |
| FY ending Jun 2025 | 251,184 | 26,523 | 10.6% | 16,687 | 34,811 | 23,463 | S100Z3KY |
| FY ending Jun 2026 | 269,130 | 19,598 | 7.3% | 17,092 | 30,732 | 17,435 | S100Z3KY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.9M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 6,235 | 6,264 | 6,234 | 6,132 | 5,613 |
| Average salary (parent company) | ¥7.9M | ¥8.1M | ¥7.5M | ¥8.9M | ¥8.7M |
| Average age (parent company) | 43.6 years | 44.2 years | 44.5 years | 44.6 years | 44.8 years |
| Average tenure (parent company) | 16.9 years | 16.6 years | 17.2 years | 17.5 years | 17.8 years |

Year over year: Employees (consolidated) -8.5% · Revenue (consolidated) +7.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Vacuum Equipment Business | 210,759 | 78.3% | 15,197 | 7.2% |
| Vacuum Application Business | 58,370 | 21.7% | 4,283 | 7.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Vacuum Equipment Business | 78.3% | 78.0% | -0.3 | 7.2% |
| Vacuum Application Business | 21.7% | 22.0% | 0.3 | 7.3% |

Segment → industry: Vacuum Equipment Business → Semiconductor Equipment / Vacuum Application Business → Semiconductor Materials / Vacuum Equipment Business → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 30,732 | 11.4% | S100Z3KY |
| Capital expenditure | 13,297 | 4.9% | S100Z3KY |
| Free cash flow | 17,435 | 6.5% | 算出 |
| Investing cash flow | -11,910 | -4.4% | S100Z3KY |
| Financing cash flow | -8,319 | -3.1% | S100Z3KY |
| Dividends paid | 8,089 | 3.0% | S100Z3KY |
| Share buyback | 487 | 0.2% | S100Z3KY |
| Change in cash | 14,078 | 5.2% | S100Z3KY |
| Cash and equivalents | 106,527 | 39.6% | S100Z3KY |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 107,106 | 87,317 | 84,541 | 92,609 | 106,527 | S100UFES, S100WQX1, S100Z3KY |
| Total assets | 354,304 | 353,474 | 388,883 | 375,062 | 414,042 | S100RWRO, S100UFES, S100WQX1, S100Z3KY |
| Net assets | 196,484 | 204,853 | 227,957 | 231,080 | 249,216 | S100UFES, S100WQX1, S100Z3KY |
| Share capital | 20,873 | 20,873 | 20,873 | 20,873 | 20,873 | S100RWRO, S100UFES, S100WQX1, S100Z3KY |
| Property, plant and equipment | 64,995 | 69,588 | 79,745 | 76,920 | 80,379 | S100RWRO, S100UFES, S100WQX1, S100Z3KY |
| Intangible assets excluding goodwill | 3,715 | 4,336 | 5,403 | 5,685 | 6,057 | S100RWRO, S100UFES, S100WQX1, S100Z3KY |
| Investment securities | 6,882 | 10,151 | 10,307 | 7,996 | 10,452 | S100RWRO, S100UFES, S100WQX1, S100Z3KY |
| Current assets | 263,847 | 255,280 | 278,846 | 270,077 | 302,010 | S100RWRO, S100UFES, S100WQX1, S100Z3KY |
| Current liabilities | 116,762 | 106,754 | 116,378 | 100,655 | 122,759 | S100RWRO, S100UFES, S100WQX1, S100Z3KY |
| Trade payables | 55,030 | 47,336 | 46,340 | 38,873 | 39,166 | S100RWRO, S100UFES, S100WQX1, S100Z3KY |
| Short-term borrowings | 9,618 | 11,878 | 12,967 | 9,774 | 9,698 | S100RWRO, S100UFES, S100WQX1, S100Z3KY |
| Long-term borrowings | 29,910 | 30,080 | 33,794 | 32,354 | 34,533 | S100RWRO, S100UFES, S100WQX1, S100Z3KY |
| Total liabilities | 157,820 | 148,620 | 160,926 | 143,982 | 164,827 | S100RWRO, S100UFES, S100WQX1, S100Z3KY |
| Non-controlling interests | 7,508 | 6,641 | 7,297 | 7,615 | 8,248 | S100RWRO, S100UFES, S100WQX1, S100Z3KY |
| Equity attributable to owners of parent | 176,955 | 185,003 | 200,175 | 209,514 | 215,972 | S100RWRO, S100UFES, S100WQX1, S100Z3KY |
| Retained earnings | 152,514 | 160,563 | 175,647 | 185,228 | 192,078 | S100RWRO, S100UFES, S100WQX1, S100Z3KY |
| Treasury stock | -344 | -345 | -257 | -498 | -967 | S100RWRO, S100UFES, S100WQX1, S100Z3KY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100Z3KY |
| Property, plant and equipment | 19% | S100Z3KY |
| Intangibles and goodwill | 1% | S100Z3KY |
| Investment securities | 3% | S100Z3KY |
| Other assets | 51% | S100Z3KY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100Z3KY |
| Other liabilities | 30% | S100Z3KY |
| Equity | 60% | S100Z3KY |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 354,304 | 353,474 | 388,883 | 375,062 | 414,042 |
| Equity | 196,484 | 204,853 | 227,957 | 231,080 | 249,216 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 107,106 | 87,317 | 84,541 | 92,609 | 106,527 |

## 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) | 29.9% | S100Z3KY |
| Fixed assets ÷ total assets | 19.4% | S100Z3KY |
| Goodwill ÷ parent equity | — | —, S100Z3KY |

### 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) | 25.7% |
| Cash ÷ revenue | 39.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 156.8% |
| Cash vs. profit gap | 13,640 JPY mn (of net income 79.8%) |
| Shareholder returns / net income | 50.2% |
| Shareholder returns / FCF | 49.2% |
| Shareholder payments — dividends / net income | 47.3% |
| Shareholder payments — dividends / FCF | 46.4% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 38.8% |

## 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 | 8.4% | 0.68× | 5.7% | 2.00× | 11.4% | S100RWRO |
| 2023 | 6.2% | 0.64× | 4.0% | 1.96× | 7.8% | S100UFES |
| 2024 | 7.7% | 0.70× | 5.5% | 1.93× | 10.5% | S100WQX1 |
| 2025 | 6.6% | 0.66× | 4.4% | 1.86× | 8.1% | S100Z3KY |
| 2026 | 6.4% | 0.68× | 4.3% | 1.85× | 8.0% | S100Z3KY |

## 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 | 15.4% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口、信託口４、信託E口、年金特金口、信託A口、信託B口、年金信託口） | Major shareholder | 10.0% | 2026-06-30 |
| BBH (LUX) FOR FIDELITY FUNDS-GLOBAL TECHNOLOGY POOL (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 7.5% | 2026-06-30 |
| 日本生命保険相互会社 | Major shareholder | 6.6% | 2026-06-30 |
| 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 | 3.6% | 2026-06-30 |
| JPモルガン証券株式会社 | Major shareholder | 2.8% | 2026-06-30 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-06-30 |
| THE BANK OF NEW YORK MELLON 140044 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-06-30 |
| 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 | 1.5% | 2026-06-30 |
| 株式会社みずほ銀行 | Major shareholder | 1.3% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第122期(2025/07/01－2026/06/30) | S100Z3KY | 2026-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3KY,, |
| 有価証券報告書－第121期(2024/07/01－2025/06/30) | S100WQX1 | 2025-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQX1,, |
| 有価証券報告書－第120期(2023/07/01－2024/06/30) | S100UFES | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFES,, |
| 有価証券報告書－第119期(2022/07/01－2023/06/30) | S100RWRO | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWRO,, |
| 訂正有価証券報告書－第118期(令和3年7月1日－令和4年6月30日) | S100PNWE | 2022-11-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PNWE,, |
| 有価証券報告書－第117期(令和2年7月1日－令和3年6月30日) | S100MINL | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MINL,, |

## 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).