# USHIO INC.: 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) (S100YKRT)
> Page: https://vizora.meequs.com/en/company/ushio
> Retrieved: 2026-09-30T20:48:14.502Z

## Company

Ushio, founded in 1964, is a company in Medical Devices listed on TSE Prime. It has 5,898 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | USHIO INC. |
| Ticker | 6925 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6925.T) |
| Listing | TSE Prime |
| Head office | 東京都港区三田三丁目5番19号 住友不動産東京三田ガーデンタワー31階 |
| Representative (per filing) | 代表取締役社長 朝日 崇文 |
| Founded | Mar 1964 |
| Share capital | ¥19.6B |
| Employees (consolidated) | 5,898 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.ushio.co.jp (https://www.ushio.co.jp/) |
| Corporate number | 1010001008651 |
| EDINET | E01929 |
| Industries (Vizora) | Medical Devices, TVs, Audio & Musical Instruments, Semiconductor Equipment, Electronic Components |

> Profile source: annual securities report (S100YKRT, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: TVs, Audio & Musical Instruments (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.2 | 11 |
| Profitability | 70.8 | 12 |
| Cash conversion | 50 | 9 |
| Efficiency | 12.5 | 12 |

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 47% of Ushio's sales come from Visual Imaging, with Industrial Processes and Photonics Solutions making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +0.9% from the prior year, operating profit +35.5%.

## Company structure

- Segment revenue mix: Visual Imaging 46.8%、Industrial Processes 43.0%、Photonics Solutions 5.9%、Life Sciences 3.5%、Other 0.8%
- Revenue → net income: ¥179211000000 → ¥7999000000
- Net income → operating cash flow: ¥7999000000 → ¥18144000000（difference ¥10145000000）
- Main uses of operating cash flow: CapEx ¥9446000000 / dividends ¥6222000000 / buybacks ¥19613000000
- Change in cash: ¥11872000000
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 | ¥179.2B |  |
| Operating income | ¥12B | Margin 6.7% |
| Net income | ¥8B | Margin 4.5% |
| Free cash flow | ¥8.7B |  |
| Largest business | Visual Imaging | of segment revenue 46.8% |
| Employees (consolidated) | 5,898 |  |
| EPS | ¥190.6 |  |
| Book value per share | ¥1190.42 |  |
| Equity ratio | 59.9% |  |
| Shares outstanding | 83,500,000 |  |
| Treasury shares | 3,329,900 |  |
| Shareholders | 9,446 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 21.7% | Cash ÷ revenue 40.1% |
| Vs. industry median margin | +1.7 pp | TVs, Audio & Musical Instruments |
| ROE | 5.6% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.2× dividends
- FY2026, operating cash flow is 2.3× net income
- FY2026, employees -2% while operating income rose 36%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥118558000000 | ¥179211000000 | +51.2% |
| Operating income | ¥764000000 | ¥11959000000 | +1465.3% |
| Operating margin | 0.6% | 6.7% | +6 pp |
| Employees | 5,053 people | 5,898 people | +16.7% |
| Cash and equivalents | ¥70418000000 | ¥71868000000 | +2.1% |

### 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 |
| --- | ---: |
| 光源事業 → 事業再編・廃止 | 38.6% |
| 光学装置事業 → 事業再編・廃止 | 32.9% |
| 映像装置事業 → 事業再編・廃止 | 26.2% |
| その他 → その他 | 0.8% |
| その他 → 事業再編・廃止 | 1.6% |
| 新設・再編 → Industrial Process事業 | 43.0% |
| 新設・再編 → Visual Imaging事業 | 46.8% |
| 新設・再編 → Life Science事業 | 3.5% |
| 新設・再編 → Photonics Solution事業 | 5.9% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Visual Imaging | 3 years | +6.8% | ¥83879000000 | 5.6% | 2 |
| Industrial Processes | 3 years | -4.8% | ¥77141000000 | 8.4% | 2 |
| Photonics Solutions | 3 years | +4.6% | ¥10585000000 | 5.3% | 2 |
| Life Sciences | 3 years | +3.7% | ¥6255000000 | 2.2% | 2 |
| Other | 5 years | -13.2% | ¥1349000000 | 13.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 179,211 | 100.0% | S100YKRT |
| Cost of revenue | 113,693 | 63.4% | S100YKRT |
| Gross profit | 65,518 | 36.6% | S100YKRT |
| SG&A | 53,559 | 29.9% | S100YKRT |
| Operating income | 11,959 | 6.7% | S100YKRT |
| Ordinary income | 13,346 | 7.4% | S100YKRT |
| Pretax income | 15,212 | 8.5% | S100YKRT |
| Income tax | 7,212 | 4.0% | S100YKRT |
| Net income | 7,999 | 4.5% | S100YKRT |
| Net income attributable to owners | 7,995 | 4.5% | S100YKRT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 30 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 36.6% → Operating margin 6.7% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.9%; Core profit growth: +35.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 39.55×
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 | 177,616 | 179,211 | 1,595 | +0.9% |
| Gross profit | 62,215 | 65,518 | 3,303 | +5.3% |
| Operating income | 8,825 | 11,959 | 3,134 | +35.5% |
| Net income attributable to owners | 6,797 | 7,995 | 1,198 | +17.6% |
| Operating cash flow | 20,424 | 18,144 | -2,280 | -11.2% |
| Free cash flow | 4,845 | 8,698 | 3,853 | +79.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 159,009 | 6,659 | 4.2% | 8,967 | 1,179 | -7,107 | S100NKKX |
| FY ending Mar 2021 | 118,558 | 764 | 0.6% | -687 | 14,517 | 7,730 | S100OJAN |
| FY ending Mar 2022 | 148,821 | 13,068 | 8.8% | 12,606 | 21,628 | 15,435 | S100R7CY |
| FY ending Mar 2023 | 175,025 | 15,861 | 9.1% | 13,699 | 871 | -7,244 | S100TVM4 |
| FY ending Mar 2024 | 179,420 | 12,976 | 7.2% | 10,785 | 8,966 | -1,040 | S100W6WA |
| FY ending Mar 2025 | 177,616 | 8,825 | 5.0% | 6,797 | 20,424 | 4,845 | S100YKRT |
| FY ending Mar 2026 | 179,211 | 11,959 | 6.7% | 7,995 | 18,144 | 8,698 | S100YKRT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.4M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 5,342 | 5,357 | 5,439 | 6,013 | 5,898 |
| Average salary (parent company) | ¥7.2M | ¥7.6M | ¥7.7M | ¥7.8M | ¥8M |
| Average age (parent company) | 45.0 years | 44.7 years | 44.5 years | 44.9 years | 44.5 years |
| Average tenure (parent company) | 20.0 years | 20.1 years | 19.9 years | 20.2 years | 20.4 years |

Year over year: Employees (consolidated) -1.9% · Revenue (consolidated) +0.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Industrial Processes | 77,141 | 43.0% | 6,486 | 8.4% |
| Visual Imaging | 83,879 | 46.8% | 4,667 | 5.6% |
| Life Sciences | 6,255 | 3.5% | 140 | 2.2% |
| Photonics Solutions | 10,585 | 5.9% | 564 | 5.3% |
| Other | 1,349 | 0.8% | 183 | 13.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Industrial Processes | 43.0% | 53.9% | 10.8 | 8.4% |
| Visual Imaging | 46.8% | 38.8% | -8.0 | 5.6% |
| Life Sciences | 3.5% | 1.2% | -2.3 | 2.2% |
| Photonics Solutions | 5.9% | 4.7% | -1.2 | 5.3% |
| Other | 0.8% | 1.5% | 0.8 | 13.6% |

Segment → industry: Life Sciences → Medical Devices / Visual Imaging → TVs, Audio & Musical Instruments / Industrial Processes → Semiconductor Equipment / Photonics Solutions → Electronic Components

## 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 | 18,144 | 10.1% | S100YKRT |
| Capital expenditure | 9,446 | 5.3% | S100YKRT |
| Free cash flow | 8,698 | 4.9% | 算出 |
| Investing cash flow | -14,109 | -7.9% | S100YKRT |
| Financing cash flow | 4,195 | 2.3% | S100YKRT |
| Dividends paid | 6,222 | 3.5% | S100YKRT |
| Share buyback | 19,613 | 10.9% | S100YKRT |
| Change in cash | 11,872 | 6.6% | S100YKRT |
| Cash and equivalents | 71,868 | 40.1% | S100YKRT |

## 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 | 81,619 | 57,516 | 62,498 | 59,995 | 71,868 | S100TVM4, S100W6WA, S100YKRT |
| Total assets | 321,096 | 323,622 | 337,546 | 297,304 | 331,078 | S100R7CY, S100TVM4, S100W6WA, S100YKRT |
| Net assets | 235,202 | 244,105 | 236,975 | 200,509 | 198,338 | S100TVM4, S100W6WA, S100YKRT |
| Share capital | 19,556 | 19,556 | 19,556 | 19,556 | 19,556 | S100R7CY, S100TVM4, S100W6WA, S100YKRT |
| Property, plant and equipment | 46,162 | 50,480 | 45,854 | 49,916 | 53,384 | S100R7CY, S100TVM4, S100W6WA, S100YKRT |
| Intangible assets excluding goodwill | 2,991 | 3,034 | 8,596 | 5,105 | 11,164 | S100R7CY, S100TVM4, S100W6WA, S100YKRT |
| Goodwill | 235 | 252 | 780 | 635 | 7,063 | S100R7CY, S100TVM4, S100W6WA, S100YKRT |
| Investment securities | 59,146 | 58,484 | 54,305 | 37,473 | 39,033 | S100R7CY, S100TVM4, S100W6WA, S100YKRT |
| Current assets | 201,708 | 198,519 | 211,501 | 186,560 | 206,507 | S100R7CY, S100TVM4, S100W6WA, S100YKRT |
| Current liabilities | 72,393 | 62,410 | 59,252 | 51,396 | 76,297 | S100R7CY, S100TVM4, S100W6WA, S100YKRT |
| Trade payables | 21,164 | 26,205 | 21,648 | 15,268 | 14,062 | S100R7CY, S100TVM4, S100W6WA, S100YKRT |
| Short-term borrowings | 2,185 | 3,921 | 2,455 | 1,617 | 1,471 | S100R7CY, S100TVM4, S100W6WA, S100YKRT |
| Long-term borrowings | — | 1,410 | 26,410 | 35,000 | 39,775 | S100TVM4, S100W6WA, S100YKRT |
| Total liabilities | 85,893 | 79,517 | 100,571 | 96,794 | 132,739 | S100R7CY, S100TVM4, S100W6WA, S100YKRT |
| Non-controlling interests | 84 | 12 | 11 | 10 | 14 | S100R7CY, S100TVM4, S100W6WA, S100YKRT |
| Equity attributable to owners of parent | 200,129 | 202,922 | 178,331 | 151,428 | 133,728 | S100R7CY, S100TVM4, S100W6WA, S100YKRT |
| Retained earnings | 161,877 | 164,332 | 140,163 | 111,776 | 94,132 | S100R7CY, S100TVM4, S100W6WA, S100YKRT |
| Treasury stock | -9,032 | -8,733 | -9,155 | -7,672 | -7,728 | S100R7CY, S100TVM4, S100W6WA, S100YKRT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YKRT |
| Property, plant and equipment | 16% | S100YKRT |
| Intangibles and goodwill | 5% | S100YKRT |
| Investment securities | 12% | S100YKRT |
| Other assets | 45% | S100YKRT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YKRT |
| Other liabilities | 36% | S100YKRT |
| Equity | 60% | S100YKRT |
| Other liabilities | 0% | S100YKRT |

### 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 | 321,096 | 323,622 | 337,546 | 297,304 | 331,078 |
| Equity | 235,202 | 244,105 | 236,975 | 200,509 | 198,338 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 81,619 | 57,516 | 62,498 | 59,995 | 71,868 |

## 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) | 29.8% | S100YKRT |
| Fixed assets ÷ total assets | 16.1% | S100YKRT |
| Goodwill ÷ parent equity | 5.3% | S100YKRT |

Goodwill over 4 years: 235 → 7,063 JPY; total investing cash flow: -12,690 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) | 21.7% |
| Cash ÷ revenue | 40.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 151.7% |
| Cash vs. profit gap | 10,149 JPY mn (of net income 126.9%) |
| Shareholder returns / net income | 323.1% |
| Shareholder returns / FCF | 297.0% |
| Shareholder payments — dividends / net income | 77.8% |
| Shareholder payments — dividends / FCF | 71.5% |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| Investing CF relative to operating CF | 77.8% |

## 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 | 8.5% | 0.46× | 3.9% | 1.60× | 6.3% | S100R7CY |
| 2023 | 7.8% | 0.54× | 4.2% | 1.60× | 6.8% | S100TVM4 |
| 2024 | 6.0% | 0.54× | 3.3% | 1.73× | 5.7% | S100W6WA |
| 2025 | 3.8% | 0.56× | 2.1% | 1.93× | 4.1% | S100YKRT |
| 2026 | 4.5% | 0.57× | 2.5% | 2.20× | 5.6% | S100YKRT |

## 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 | 15.6% | 2026-03-31 |
| ビービーエイチルクス フイデリテイ フアンズ グローバル テクノロジー プール (常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 6.5% | 2026-03-31 |
| 株式会社りそな銀行（注２） | Major shareholder | 4.9% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505301 （常任代理人 株式会社みずほ銀行） | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.7% | 2026-03-31 |
| 朝日生命保険相互会社 | Major shareholder | 3.0% | 2026-03-31 |
| 公益財団法人ウシオ財団 | Major shareholder | 3.0% | 2026-03-31 |
| 牛尾 志朗 | Major shareholder | 3.0% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社ニコン | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第63期(2025/04/01－2026/03/31) | S100YKRT | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKRT,, |
| 有価証券報告書－第62期(2024/04/01－2025/03/31) | S100W6WA | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6WA,, |
| 有価証券報告書－第61期(2023/04/01－2024/03/31) | S100TVM4 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVM4,, |
| 有価証券報告書－第60期(2022/04/01－2023/03/31) | S100R7CY | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7CY,, |
| 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) | S100OJAN | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJAN,, |
| 訂正有価証券報告書－第58期(令和2年4月1日－令和3年3月31日) | S100NKKX | 2022-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKKX,, |

## 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).