# Wacom 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43期(2025/04/01－2026/03/31) (S100YHU2)
> Page: https://vizora.meequs.com/en/company/wacom
> Retrieved: 2026-09-30T22:08:13.224Z

## Company

Wacom, founded in 1983, is a company in PCs & Peripherals listed on TSE Prime. It has 930 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Wacom Co., Ltd. |
| Ticker | 6727 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6727.T) |
| Listing | TSE Prime |
| Head office | 埼玉県加須市豊野台二丁目510番地1 |
| Representative (per filing) | 代表取締役社長 兼 CEO 井出 信孝 |
| Founded | Jul 1983 |
| Share capital | ¥4.2B |
| Employees (consolidated) | 930 |
| Average salary (parent only) | ¥9.9M |
| Fiscal year end | March |
| Website | www.wacom.com (https://www.wacom.com/) |
| Corporate number | 8030001033121 |
| EDINET | E02059 |
| Industries (Vizora) | PCs & Peripherals, Electronic Components |

> Profile source: annual securities report (S100YHU2, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16 | 53 |
| Profitability | 81.3 | 56 |
| Cash conversion | 19.8 | 48 |
| Efficiency | 97.3 | 56 |

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 70% of Wacom's sales come from Technology Solution Business, with Brand Business making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed -4.9% from the prior year, operating profit +31.1%.

## Company structure

- Segment revenue mix: Technology Solution Business 70.2%、Brand Business 29.8%
- Revenue → net income: ¥109995000000 → ¥9548000000
- Net income → operating cash flow: ¥9548000000 → ¥10343000000（difference ¥795000000）
- Main uses of operating cash flow: CapEx ¥1945000000 / dividends ¥4432000000 / buybacks —
- Change in cash: ¥-7864000000
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 | ¥110B |  |
| Operating income | ¥13.4B | Margin 12.2% |
| Net income | ¥9.55B | Margin 8.7% |
| Free cash flow | ¥8.4B |  |
| Largest business | Technology Solution Business | of segment revenue 70.2% |
| Employees (consolidated) | 930 |  |
| EPS | ¥99.08 |  |
| Book value per share | ¥219.03 |  |
| Equity ratio | 57.6% |  |
| Shares outstanding | 135,000,000 |  |
| Treasury shares | 449,800 |  |
| Shareholders | 16,317 |  |
| Average salary (parent only) | ¥9.9M | Filing company only |
| Cash ratio | 25.4% | Cash ÷ revenue 15.0% |
| Vs. industry median margin | +6.3 pp | Electronic Components |
| ROE | 31.0% | Derived from disclosed figures |
| ROA | 14.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 89% of positive segment profit
- FY2026, employees -8% while operating income rose 31%
- FY2026, cash is 25% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥108531067000 | ¥109995000000 | +1.3% |
| Operating income | ¥13407240000 | ¥13382000000 | -0.2% |
| Operating margin | 12.4% | 12.2% | -0.2 pp |
| Employees | 1,007 people | 930 people | -7.6% |
| Cash and equivalents | ¥32042603000 | ¥16499000000 | -48.5% |

### 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 |
| --- | ---: |
| ブランド製品事業 → ブランド製品事業 | 29.8% |
| ブランド製品事業 → 事業再編・廃止 | 22.5% |
| テクノロジーソリューション事業 → テクノロジーソリューション事業 | 47.8% |
| 新設・再編 → テクノロジーソリューション事業 | 22.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 109,995 | 100.0% | S100YHU2 |
| Cost of revenue | 68,663 | 62.4% | S100YHU2 |
| Gross profit | 41,332 | 37.6% | S100YHU2 |
| SG&A | 27,950 | 25.4% | S100YHU2 |
| Operating income | 13,382 | 12.2% | S100YHU2 |
| Ordinary income | 14,003 | 12.7% | S100YHU2 |
| Pretax income | 12,806 | 11.6% | S100YHU2 |
| Income tax | 3,257 | 3.0% | S100YHU2 |
| Net income | 9,548 | 8.7% | S100YHU2 |
| Net income attributable to owners | 9,548 | 8.7% | S100YHU2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 25 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 37.6% → Operating margin 12.2% → Net margin 8.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -4.9%; Core profit growth: +31.1%
Operating leverage (core profit growth ÷ revenue growth): -6.32×
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 | 115,680 | 109,995 | -5,685 | -4.9% |
| Gross profit | 40,145 | 41,332 | 1,187 | +3.0% |
| Operating income | 10,209 | 13,382 | 3,173 | +31.1% |
| Net income attributable to owners | 5,224 | 9,548 | 4,324 | +82.8% |
| Operating cash flow | 8,330 | 10,343 | 2,013 | +24.2% |
| Free cash flow | 7,298 | 8,398 | 1,100 | +15.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 88,580 | 5,567 | 6.3% | 3,917 | 13,058 | 11,113 | S100LU9J |
| FY ending Mar 2021 | 108,531 | 13,407 | 12.4% | 10,226 | 14,578 | 13,346 | S100OIXF |
| FY ending Mar 2022 | 108,790 | 13,024 | 12.0% | 10,955 | -236 | -1,764 | S100RGG6 |
| FY ending Mar 2023 | 112,730 | 2,013 | 1.8% | 1,792 | -1,056 | -2,596 | S100TU4A |
| FY ending Mar 2024 | 118,795 | 7,058 | 5.9% | 4,562 | 17,476 | 15,155 | S100W3Z7 |
| FY ending Mar 2025 | 115,680 | 10,209 | 8.8% | 5,224 | 8,330 | 7,298 | S100YHU2 |
| FY ending Mar 2026 | 109,995 | 13,382 | 12.2% | 9,548 | 10,343 | 8,398 | S100YHU2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥118.3M |
| Operating income per employee (consolidated) | ¥14.4M |
| Net income per employee (consolidated) | ¥10.3M |

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) | 1,069 | 1,076 | 1,066 | 1,006 | 930 |
| Average salary (parent company) | ¥11.2M | ¥9.1M | ¥9M | ¥9.6M | ¥9.9M |
| Average age (parent company) | 44.5 years | 44.9 years | 45.3 years | 45.4 years | 45.5 years |
| Average tenure (parent company) | 10.6 years | 11.0 years | 11.3 years | 11.1 years | 11.5 years |

Year over year: Employees (consolidated) -7.6% · Revenue (consolidated) -4.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Brand Business | 32,737 | 29.8% | 2,019 | 6.2% |
| Technology Solution Business | 77,257 | 70.2% | 17,095 | 22.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Brand Business | 29.8% | 10.6% | -19.2 | 6.2% |
| Technology Solution Business | 70.2% | 89.4% | 19.2 | 22.1% |

Segment → industry: Brand Business → PCs & Peripherals / Technology Solution Business → 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 | 10,343 | 9.4% | S100YHU2 |
| Capital expenditure | 1,945 | 1.8% | S100YHU2 |
| Free cash flow | 8,398 | 7.6% | 算出 |
| Investing cash flow | -3,656 | -3.3% | S100YHU2 |
| Financing cash flow | -15,951 | -14.5% | S100YHU2 |
| Dividends paid | 4,432 | 4.0% | S100YHU2 |
| Change in cash | -7,864 | -7.1% | S100YHU2 |
| Cash and equivalents | 16,499 | 15.0% | S100YHU2 |

## 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 | 21,789 | 19,980 | 31,660 | 24,364 | 16,499 | S100TU4A, S100W3Z7, S100YHU2 |
| Total assets | 73,332 | 75,279 | 79,620 | 70,771 | 64,957 | S100RGG6, S100TU4A, S100W3Z7, S100YHU2 |
| Net assets | 43,503 | 40,490 | 35,968 | 30,859 | 37,419 | S100TU4A, S100W3Z7, S100YHU2 |
| Share capital | 4,203 | 4,203 | 4,203 | 4,203 | 4,203 | S100RGG6, S100TU4A, S100W3Z7, S100YHU2 |
| Property, plant and equipment | 5,403 | 6,208 | 5,716 | 4,368 | 5,521 | S100RGG6, S100TU4A, S100W3Z7, S100YHU2 |
| Intangible assets excluding goodwill | 1,450 | 1,497 | 1,531 | 1,331 | 2,909 | S100RGG6, S100TU4A, S100W3Z7, S100YHU2 |
| Goodwill | — | — | — | — | 1,638 | S100YHU2 |
| Investment securities | 234 | 1,257 | 1,614 | 3,167 | 3,818 | S100RGG6, S100TU4A, S100W3Z7, S100YHU2 |
| Current assets | 62,327 | 60,173 | 64,680 | 56,498 | 47,378 | S100RGG6, S100TU4A, S100W3Z7, S100YHU2 |
| Current liabilities | 25,706 | 30,041 | 33,899 | 31,028 | 24,051 | S100RGG6, S100TU4A, S100W3Z7, S100YHU2 |
| Short-term borrowings | — | 7,000 | 5,000 | 5,000 | 662 | S100TU4A, S100W3Z7, S100YHU2 |
| Long-term borrowings | 2,000 | 2,000 | 7,000 | 7,000 | 1,445 | S100RGG6, S100TU4A, S100W3Z7, S100YHU2 |
| Total liabilities | 29,829 | 34,789 | 43,651 | 39,911 | 27,538 | S100RGG6, S100TU4A, S100W3Z7, S100YHU2 |
| Non-controlling interests | — | — | — | — | 0 | S100YHU2 |
| Equity attributable to owners of parent | 42,770 | 39,413 | 33,380 | 28,228 | 33,368 | S100RGG6, S100TU4A, S100W3Z7, S100YHU2 |
| Retained earnings | 37,299 | 32,341 | 29,708 | 27,938 | 25,431 | S100RGG6, S100TU4A, S100W3Z7, S100YHU2 |
| Treasury stock | -4,846 | -1,176 | -4,576 | -7,961 | -311 | S100RGG6, S100TU4A, S100W3Z7, S100YHU2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YHU2 |
| Property, plant and equipment | 9% | S100YHU2 |
| Intangibles and goodwill | 7% | S100YHU2 |
| Investment securities | 6% | S100YHU2 |
| Other assets | 53% | S100YHU2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100YHU2 |
| Equity | 58% | S100YHU2 |

### 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 | 73,332 | 75,279 | 79,620 | 70,771 | 64,957 |
| Equity | 43,503 | 40,490 | 35,968 | 30,859 | 37,419 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 21,789 | 19,980 | 31,660 | 24,364 | 16,499 |

## 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) | 5.0% | S100YHU2 |
| Fixed assets ÷ total assets | 8.5% | S100YHU2 |
| Goodwill ÷ parent equity | 4.9% | S100YHU2 |

### 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) | 25.4% |
| Cash ÷ revenue | 15.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.3% |
| Cash vs. profit gap | 795 JPY mn (of net income 8.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 46.4% |
| Shareholder payments — dividends / FCF | 52.8% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 35.3% |

## 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 | 10.1% | 1.48× | 14.9% | 1.71× | 25.6% | S100RGG6 |
| 2023 | 1.6% | 1.52× | 2.4% | 1.81× | 4.4% | S100TU4A |
| 2024 | 3.8% | 1.53× | 5.9% | 2.13× | 12.5% | S100W3Z7 |
| 2025 | 4.5% | 1.54× | 6.9% | 2.44× | 17.0% | S100YHU2 |
| 2026 | 8.7% | 1.62× | 14.1% | 2.20× | 31.0% | S100YHU2 |

## 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 | 13.8% | 2026-03-31 |
| サムスン エレクトロニクス シンガポール ピーティーイー リミテッド （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 6.2% | 2026-03-31 |
| エイブイアイ ジャパン オポチュニティー トラスト ピーエルシー （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.8% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト クライアント オムニバス アカウント オーエムゼロツー ５０５００２ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.3% | 2026-03-31 |
| エイブイアイ グローバル トラスト ピーエルシー （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.0% | 2026-03-31 |
| ジヤパン アブソリユート バリユー フアンド （常任代理人 立花証券株式会社） | Major shareholder | 3.1% | 2026-03-31 |
| ザ バンク オブ ニューヨーク メロン １４００５１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.9% | 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 ５０５００１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.2% | 2026-03-31 |
| 山田 正彦 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第43期(2025/04/01－2026/03/31) | S100YHU2 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHU2,, |
| 有価証券報告書－第42期(2024/04/01－2025/03/31) | S100W3Z7 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3Z7,, |
| 有価証券報告書－第41期(2023/04/01－2024/03/31) | S100TU4A | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU4A,, |
| 訂正有価証券報告書－第40期(2022/04/01－2023/03/31) | S100RGG6 | 2023-07-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RGG6,, |
| 有価証券報告書－第39期(令和3年4月1日－令和4年3月31日) | S100OIXF | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIXF,, |
| 有価証券報告書－第38期(令和2年4月1日－令和3年3月31日) | S100LU9J | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU9J,, |

## 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).