# V Technology Co., 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29期(2025/04/01－2026/03/31) (S100YITH)
> Page: https://vizora.meequs.com/en/company/v-technology
> Retrieved: 2026-09-30T21:01:30.909Z

## Company

V Technology, founded in 1997, is a company in Semiconductor Equipment listed on TSE Prime. It has 1,027 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | V Technology Co., Ltd. |
| Ticker | 7717 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7717.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横浜市保土ヶ谷区神戸町134番地 |
| Representative (per filing) | 代表取締役 杉本 重人 |
| Founded | Oct 1997 |
| Share capital | ¥2.85B |
| Employees (consolidated) | 1,027 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.vtec.co.jp (https://www.vtec.co.jp/) |
| Corporate number | 3020001043968 |
| EDINET | E02334 |
| Industries (Vizora) | Semiconductor Equipment |

> Profile source: annual securities report (S100YITH, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12.5 | 36 |
| Profitability | 20.7 | 41 |
| Cash conversion | 70.5 | 39 |
| Efficiency | 57.3 | 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 60% of V Technology's sales come from FPD equipment business, with Semiconductor,photomask equipment business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +14.7% from the prior year, operating profit +106.9%.

## Company structure

- Segment revenue mix: FPD equipment business 60.3%、Semiconductor,photomask equipment business 37.0%、Other 2.7%
- Revenue → net income: ¥52992000000 → ¥2366000000
- Net income → operating cash flow: ¥2366000000 → ¥5748000000（difference ¥3382000000）
- Main uses of operating cash flow: CapEx ¥1085000000 / dividends ¥765000000 / buybacks ¥0
- Change in cash: ¥2776000000
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 | ¥53B |  |
| Operating income | ¥3.77B | Margin 7.1% |
| Net income | ¥2.3B | Margin 4.3% |
| Free cash flow | ¥4.66B |  |
| Largest business | FPD equipment business | of segment revenue 60.3% |
| Employees (consolidated) | 1,027 |  |
| EPS | ¥163.38 |  |
| Book value per share | ¥3046.09 |  |
| Equity ratio | 49.6% |  |
| Shares outstanding | 10,057,600 |  |
| Treasury shares | 484,900 |  |
| Shareholders | 7,078 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 39.6% | Cash ÷ revenue 54.5% |
| Vs. industry median margin | -7.4 pp | Semiconductor Equipment |
| ROE | 6.9% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, one segment accounts for 83% of positive segment profit
- FY2026, cash is 40% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥55186000000 | ¥52992000000 | -4.0% |
| Operating income | ¥6604000000 | ¥3768000000 | -42.9% |
| Operating margin | 12.0% | 7.1% | -4.9 pp |
| Employees | 825 people | 1,027 people | +24.5% |
| Cash and equivalents | ¥33158000000 | ¥28901000000 | -12.8% |

### 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 |
| --- | ---: |
| ＦＰＤ装置事業 → ＦＰＤ装置事業 | 60.3% |
| ＦＰＤ装置事業 → 事業再編・廃止 | 35.6% |
| 半導体事業 → 事業再編・廃止 | 4.1% |
| その他 → その他 | 0.0% |
| 新設・再編 → 半導体・フォトマスク装置事業 | 37.0% |
| 新設・再編 → その他 | 2.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| FPD equipment business | 5 years | -9.6% | ¥31964000000 | 10.1% | 2 |
| Semiconductor,photomask equipment business | 4 years | +22.7% | ¥19593000000 | 3.3% | 2 |
| Other | 5 years | +243.5% | ¥1435000000 | -7.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 52,992 | 100.0% | S100YITH |
| Cost of revenue | 38,262 | 72.2% | S100YITH |
| Gross profit | 14,730 | 27.8% | S100YITH |
| SG&A | 10,961 | 20.7% | S100YITH |
| Operating income | 3,768 | 7.1% | S100YITH |
| Ordinary income | 3,474 | 6.6% | S100YITH |
| Pretax income | 3,424 | 6.5% | S100YITH |
| Income tax | 1,058 | 2.0% | S100YITH |
| Net income | 2,366 | 4.5% | S100YITH |
| Net income attributable to owners | 2,301 | 4.3% | S100YITH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 21 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 27.8% → Operating margin 7.1% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.7%; Core profit growth: +106.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.25×
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 | 46,182 | 52,992 | 6,810 | +14.7% |
| Gross profit | 12,130 | 14,730 | 2,600 | +21.4% |
| Operating income | 1,821 | 3,768 | 1,947 | +106.9% |
| Net income attributable to owners | 800 | 2,301 | 1,501 | +187.6% |
| Operating cash flow | 5,344 | 5,748 | 404 | +7.6% |
| Free cash flow | 4,305 | 4,663 | 358 | +8.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 54,322 | 5,653 | 10.4% | 3,251 | -7,853 | -9,959 | S100LPZZ |
| FY ending Mar 2021 | 55,186 | 6,604 | 12.0% | 3,513 | 20,173 | 18,576 | S100OIXX |
| FY ending Mar 2022 | 51,418 | 5,461 | 10.6% | 4,198 | 1,408 | -816 | S100R71J |
| FY ending Mar 2023 | 43,146 | 986 | 2.3% | 260 | -3,284 | -4,249 | S100TTZI |
| FY ending Mar 2024 | 37,335 | 846 | 2.3% | 778 | -4,764 | -5,404 | S100W6ME |
| FY ending Mar 2025 | 46,182 | 1,821 | 3.9% | 800 | 5,344 | 4,305 | S100YITH |
| FY ending Mar 2026 | 52,992 | 3,768 | 7.1% | 2,301 | 5,748 | 4,663 | S100YITH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51.6M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 924 | 947 | 955 | 968 | 1,027 |
| Average salary (parent company) | ¥8M | ¥7.9M | ¥8.1M | ¥7.2M | ¥6.7M |
| Average age (parent company) | 46.7 years | 47.3 years | 46.9 years | 48.2 years | 47.5 years |
| Average tenure (parent company) | 8.3 years | 8.5 years | 8.2 years | 8.4 years | 8.6 years |

Year over year: Employees (consolidated) +6.1% · Revenue (consolidated) +14.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Semiconductor,photomask equipment business | 19,593 | 37.0% | 654 | 3.3% |
| FPD equipment business | 31,964 | 60.3% | 3,220 | 10.1% |
| Other | 1,435 | 2.7% | -106 | -7.4% |

### 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,photomask equipment business | 37.0% | 16.9% | -20.1 | 3.3% |
| FPD equipment business | 60.3% | 83.1% | 22.8 | 10.1% |
| Other | 2.7% | — | — | -7.4% |

Loss-making segment (excluded from profit shares): Other -106 JPY mn

Segment → industry: FPD equipment business → Semiconductor Equipment / Semiconductor,photomask equipment business → 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 | 5,748 | 10.8% | S100YITH |
| Capital expenditure | 1,085 | 2.0% | S100YITH |
| Free cash flow | 4,663 | 8.8% | 算出 |
| Investing cash flow | -1,700 | -3.2% | S100YITH |
| Financing cash flow | -1,565 | -3.0% | S100YITH |
| Dividends paid | 765 | 1.4% | S100YITH |
| Share buyback | 0 | 0.0% | S100YITH |
| Change in cash | 2,776 | 5.2% | S100YITH |
| Cash and equivalents | 28,901 | 54.5% | S100YITH |

## 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 | 27,778 | 26,295 | 22,893 | 26,124 | 28,901 | S100TTZI, S100W6ME, S100YITH |
| Total assets | 72,601 | 71,387 | 75,606 | 73,201 | 72,977 | S100R71J, S100TTZI, S100W6ME, S100YITH |
| Net assets | 34,540 | 33,884 | 34,639 | 33,581 | 36,250 | S100TTZI, S100W6ME, S100YITH |
| Share capital | 2,847 | 2,847 | 2,847 | 2,847 | 2,847 | S100R71J, S100TTZI, S100W6ME, S100YITH |
| Trade receivables | 19,537 | 22,408 | 24,716 | 19,786 | 17,494 | S100R71J, S100TTZI, S100W6ME, S100YITH |
| Property, plant and equipment | 4,720 | 4,034 | 4,098 | 3,859 | 4,103 | S100R71J, S100TTZI, S100W6ME, S100YITH |
| Intangible assets excluding goodwill | 1,495 | 1,460 | 886 | 712 | 709 | S100R71J, S100TTZI, S100W6ME, S100YITH |
| Goodwill | 930 | 1,046 | 515 | 525 | 552 | S100R71J, S100TTZI, S100W6ME, S100YITH |
| Investment securities | 660 | 669 | 1,531 | 1,046 | 2,052 | S100R71J, S100TTZI, S100W6ME, S100YITH |
| Current assets | 63,085 | 62,621 | 67,045 | 65,392 | 64,392 | S100R71J, S100TTZI, S100W6ME, S100YITH |
| Current liabilities | 27,061 | 23,922 | 29,299 | 24,263 | 22,701 | S100R71J, S100TTZI, S100W6ME, S100YITH |
| Trade payables | 6,323 | 4,039 | 5,429 | 4,918 | 4,306 | S100R71J, S100TTZI, S100W6ME, S100YITH |
| Short-term borrowings | 394 | 663 | 866 | 1,295 | 2,161 | S100R71J, S100TTZI, S100W6ME, S100YITH |
| Long-term borrowings | 10,243 | 12,662 | 10,550 | 14,254 | 12,718 | S100R71J, S100TTZI, S100W6ME, S100YITH |
| Total liabilities | 38,060 | 37,502 | 40,966 | 39,619 | 36,726 | S100R71J, S100TTZI, S100W6ME, S100YITH |
| Non-controlling interests | 365 | 280 | 267 | 81 | 83 | S100R71J, S100TTZI, S100W6ME, S100YITH |
| Equity attributable to owners of parent | 33,548 | 32,635 | 32,727 | 32,384 | 33,932 | S100R71J, S100TTZI, S100W6ME, S100YITH |
| Retained earnings | 30,113 | 29,198 | 29,387 | 29,512 | 31,047 | S100R71J, S100TTZI, S100W6ME, S100YITH |
| Treasury stock | -1,916 | -1,915 | -2,011 | -2,479 | -2,467 | S100R71J, S100TTZI, S100W6ME, S100YITH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100YITH |
| Receivables | 24% | S100YITH |
| Property, plant and equipment | 6% | S100YITH |
| Intangibles and goodwill | 2% | S100YITH |
| Investment securities | 3% | S100YITH |
| Other assets | 26% | S100YITH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YITH |
| Other liabilities | 44% | S100YITH |
| Equity | 50% | S100YITH |
| Other liabilities | 0% | S100YITH |

### 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 | 72,601 | 71,387 | 75,606 | 73,201 | 72,977 |
| Equity | 34,540 | 33,884 | 34,639 | 33,581 | 36,250 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 27,778 | 26,295 | 22,893 | 26,124 | 28,901 |

## 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) | 7.7% | S100YITH |
| Fixed assets ÷ total assets | 5.6% | S100YITH |
| Goodwill ÷ parent equity | 1.6% | S100YITH |

Goodwill over 4 years: 930 → 552 JPY; total investing cash flow: -6,359 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) | 39.6% |
| Cash ÷ revenue | 54.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 152.5% |
| Cash vs. profit gap | 3,447 JPY mn (of net income 149.8%) |
| Shareholder returns / net income | 33.2% |
| Shareholder returns / FCF | 16.4% |
| Shareholder payments — dividends / net income | 33.2% |
| Shareholder payments — dividends / FCF | 16.4% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 29.6% |

## 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 | 8.2% | 0.71× | 5.8% | 2.16× | 12.5% | S100R71J |
| 2023 | 0.6% | 0.60× | 0.4% | 2.18× | 0.8% | S100TTZI |
| 2024 | 2.1% | 0.51× | 1.1% | 2.25× | 2.4% | S100W6ME |
| 2025 | 1.7% | 0.62× | 1.1% | 2.29× | 2.5% | S100YITH |
| 2026 | 4.3% | 0.73× | 3.1% | 2.20× | 6.9% | S100YITH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 杉本 重人 | Major shareholder | 12.3% | 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 | 11.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.0% | 2026-03-31 |
| HSBC HONG KONG-TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES （常任代理人）香港上海銀行東京支店 | Major shareholder | 1.9% | 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 | 1.7% | 2026-03-31 |
| 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 | 1.6% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人）ゴールドマン・サックス証券株式会社 | Major shareholder | 1.4% | 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 | 1.3% | 2026-03-31 |
| 島根 良明 | Major shareholder | 1.1% | 2026-03-31 |
| MSCO CUSTOMER SECURITIES （常任代理人）モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/04/01－2026/03/31) | S100YITH | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YITH,, |
| 有価証券報告書－第28期(2024/04/01－2025/03/31) | S100W6ME | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6ME,, |
| 有価証券報告書－第27期(2023/04/01－2024/03/31) | S100TTZI | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTZI,, |
| 有価証券報告書－第26期(2022/04/01－2023/03/31) | S100R71J | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R71J,, |
| 有価証券報告書－第25期(令和3年4月1日－令和4年3月31日) | S100OIXX | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIXX,, |
| 有価証券報告書－第24期(令和2年4月1日－令和3年3月31日) | S100LPZZ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPZZ,, |

## 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).