# Y.A.C. HOLDINGS 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54期(2025/04/01－2026/03/31) (S100YMTQ)
> Page: https://vizora.meequs.com/en/company/y-a-c-holdings
> Retrieved: 2026-09-30T22:22:14.519Z

## Company

Y.A.C. Holdings, founded in 1973, is a company in Robots & Factory Automation listed on TSE Prime. It has 868 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Y.A.C. HOLDINGS CO., LTD. |
| Ticker | 6298 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6298.T) |
| Listing | TSE Prime |
| Head office | 東京都昭島市武蔵野三丁目11番10号 |
| Representative (per filing) | 代表取締役会長 兼 社長 百瀬 武文 |
| Founded | May 1973 |
| Share capital | ¥2.8B |
| Employees (consolidated) | 868 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Corporate number | 3012801002666 |
| EDINET | E02008 |
| Industries (Vizora) | Robots & Factory Automation, Medical Devices, Semiconductor Equipment, Industrial Machinery |

> Profile source: annual securities report (S100YMTQ, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12.3 | 110 |
| Profitability | 28.3 | 122 |
| Cash conversion | 82.3 | 116 |
| Efficiency | 23.4 | 122 |
| Financial strength | 16.7 | 9 |

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 40% of Y.A.C. Holdings's sales come from Semiconductor and Mechatronics, with Environment and Infrastructure and Medical care making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +14.8% from the prior year, operating profit -2.6%.

## Company structure

- Segment revenue mix: Semiconductor and Mechatronics 39.7%、Environment and Infrastructure 39.5%、Medical care 20.8%
- Revenue → net income: ¥26460000000 → ¥1340000000
- Net income → operating cash flow: ¥1340000000 → ¥2996000000（difference ¥1656000000）
- Main uses of operating cash flow: CapEx ¥461000000 / dividends ¥737000000 / buybacks ¥764000000
- Change in cash: ¥1303000000
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 | ¥26.5B |  |
| Operating income | ¥1.32B | Margin 5.0% |
| Net income | ¥1.33B | Margin 5.0% |
| Free cash flow | ¥2.54B |  |
| Largest business | Semiconductor and Mechatronics | of segment revenue 39.7% |
| Employees (consolidated) | 868 |  |
| EPS | ¥39.01 |  |
| Diluted EPS | ¥38.78 |  |
| Book value per share | ¥423.51 |  |
| Equity ratio | 38.7% |  |
| Shares outstanding | 19,517,000 |  |
| Treasury shares | 1,765,700 |  |
| Shareholders | 7,994 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 19.2% | Net cash -¥7.46B · Cash ÷ revenue 31.7% |
| Vs. industry median margin | -9.5 pp | Semiconductor Equipment |
| ROE | 8.1% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, buybacks were 1.0× dividends
- FY2026, one segment accounts for 65% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24195000000 | ¥26460000000 | +9.4% |
| Operating income | ¥727000000 | ¥1319000000 | +81.4% |
| Operating margin | 3.0% | 5.0% | +2 pp |
| Employees | 872 people | 868 people | -0.5% |
| Cash and equivalents | ¥9932000000 | ¥8398000000 | -15.4% |

### 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 |
| --- | ---: |
| メカトロニクス関連事業 → 事業再編・廃止 | 42.0% |
| ディスプレイ関連事業 → 事業再編・廃止 | 27.6% |
| 産業機器関連事業 → 事業再編・廃止 | 3.4% |
| 電子機器関連事業 → 事業再編・廃止 | 27.0% |
| 新設・再編 → 半導体・メカトロニクス関連 | 39.7% |
| 新設・再編 → 医療・ヘルスケア関連 | 20.8% |
| 新設・再編 → 環境・社会インフラ関連 | 39.5% |

Segment revenue source references: 7 (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 and Mechatronics | 2 years | -2.4% | ¥10493000000 | 13.7% | 2 |
| Environment and Infrastructure | 2 years | +0.8% | ¥10459000000 | 6.9% | 2 |
| Medical care | 2 years | 0.0% | ¥5508000000 | 1.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 26,460 | 100.0% | S100YMTQ |
| Cost of revenue | 19,451 | 73.5% | S100YMTQ |
| Gross profit | 7,009 | 26.5% | S100YMTQ |
| SG&A | 5,689 | 21.5% | S100YMTQ |
| Operating income | 1,319 | 5.0% | S100YMTQ |
| Ordinary income | 1,221 | 4.6% | S100YMTQ |
| Pretax income | 1,836 | 6.9% | S100YMTQ |
| Income tax | 495 | 1.9% | S100YMTQ |
| Net income | 1,340 | 5.1% | S100YMTQ |
| Net income attributable to owners | 1,326 | 5.0% | S100YMTQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 21 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 26.5% → Operating margin 5.0% → Net margin 5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +14.8%; Core profit growth: -2.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.17×
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 | 23,041 | 26,460 | 3,419 | +14.8% |
| Gross profit | 6,556 | 7,009 | 453 | +6.9% |
| Operating income | 1,354 | 1,319 | -35 | -2.6% |
| Net income attributable to owners | 559 | 1,326 | 767 | +137.2% |
| Operating cash flow | 2,670 | 2,996 | 326 | +12.2% |
| Free cash flow | 2,387 | 2,535 | 148 | +6.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,914 | -361 | -1.6% | -958 | -2,652 | -2,894 | S100LK6C |
| FY ending Mar 2021 | 24,195 | 727 | 3.0% | 337 | 3,477 | 2,967 | S100PWPY |
| FY ending Mar 2022 | 22,796 | 1,566 | 6.9% | 1,107 | 1,093 | 783 | S100R0DE |
| FY ending Mar 2023 | 24,114 | 1,495 | 6.2% | 921 | -1,636 | -2,410 | S100TT2F |
| FY ending Mar 2024 | 26,809 | 2,006 | 7.5% | 1,417 | 882 | 317 | S100W3D6 |
| FY ending Mar 2025 | 23,041 | 1,354 | 5.9% | 559 | 2,670 | 2,387 | S100YMTQ |
| FY ending Mar 2026 | 26,460 | 1,319 | 5.0% | 1,326 | 2,996 | 2,535 | S100YMTQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.5M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 837 | 806 | 819 | 832 | 868 |
| Average salary (parent company) | ¥5.7M | ¥6.4M | ¥6.2M | ¥6.7M | ¥7.1M |
| Average age (parent company) | 45.1 years | 46.6 years | 46.3 years | 45.1 years | 47.2 years |
| Average tenure (parent company) | 6.8 years | 7.5 years | 6.8 years | 9.5 years | 8.1 years |

Year over year: Employees (consolidated) +4.3% · Revenue (consolidated) +14.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Semiconductor and Mechatronics | 10,493 | 39.7% | 1,435 | 13.7% |
| Medical care | 5,508 | 20.8% | 62 | 1.1% |
| Environment and Infrastructure | 10,459 | 39.5% | 721 | 6.9% |

### 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 and Mechatronics | 39.7% | 64.7% | 25.0 | 13.7% |
| Medical care | 20.8% | 2.8% | -18.0 | 1.1% |
| Environment and Infrastructure | 39.5% | 32.5% | -7.0 | 6.9% |

Segment → industry: Environment and Infrastructure → Robots & Factory Automation / Medical care → Medical Devices / Semiconductor and Mechatronics → Semiconductor Equipment / Environment and Infrastructure → Industrial Machinery / Semiconductor and Mechatronics → Industrial Machinery

## 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 | 2,996 | 11.3% | S100YMTQ |
| Capital expenditure | 461 | 1.7% | S100YMTQ |
| Free cash flow | 2,535 | 9.6% | 算出 |
| Investing cash flow | -2,193 | -8.3% | S100YMTQ |
| Financing cash flow | 477 | 1.8% | S100YMTQ |
| Dividends paid | 737 | 2.8% | S100YMTQ |
| Share buyback | 764 | 2.9% | S100YMTQ |
| Change in cash | 1,303 | 4.9% | S100YMTQ |
| Cash and equivalents | 8,398 | 31.7% | S100YMTQ |

## 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 | 8,619 | 6,552 | 7,558 | 7,094 | 8,398 | S100TT2F, S100W3D6, S100YMTQ |
| Total assets | 36,997 | 38,740 | 43,827 | 41,086 | 43,793 | S100R0DE, S100TT2F, S100W3D6, S100YMTQ |
| Net assets | 15,324 | 15,977 | 16,989 | 17,093 | 16,976 | S100TT2F, S100W3D6, S100YMTQ |
| Share capital | 2,801 | 2,801 | 2,801 | 2,801 | 2,801 | S100R0DE, S100TT2F, S100W3D6, S100YMTQ |
| Trade receivables | 10,572 | 11,282 | 13,529 | 8,294 | 8,081 | S100R0DE, S100TT2F, S100W3D6, S100YMTQ |
| Property, plant and equipment | 6,840 | 7,412 | 7,388 | 7,266 | 8,884 | S100R0DE, S100TT2F, S100W3D6, S100YMTQ |
| Intangible assets excluding goodwill | 216 | 189 | 997 | 838 | 1,016 | S100R0DE, S100TT2F, S100W3D6, S100YMTQ |
| Goodwill | 59 | — | 505 | 420 | 612 | S100R0DE, S100W3D6, S100YMTQ |
| Investment securities | 308 | 308 | 1,655 | 2,313 | 3,007 | S100R0DE, S100TT2F, S100W3D6, S100YMTQ |
| Current assets | 28,865 | 30,108 | 33,013 | 29,760 | 29,609 | S100R0DE, S100TT2F, S100W3D6, S100YMTQ |
| Current liabilities | 13,824 | 13,680 | 15,665 | 15,011 | 15,643 | S100R0DE, S100TT2F, S100W3D6, S100YMTQ |
| Trade payables | 5,219 | 5,252 | 5,265 | 2,461 | 2,108 | S100R0DE, S100TT2F, S100W3D6, S100YMTQ |
| Short-term borrowings | 7,198 | 6,713 | 4,824 | 5,450 | 7,179 | S100R0DE, S100TT2F, S100W3D6, S100YMTQ |
| Long-term borrowings | 5,537 | 6,827 | 6,861 | 4,976 | 6,576 | S100R0DE, S100TT2F, S100W3D6, S100YMTQ |
| Bonds | 500 | 500 | 2,550 | 2,100 | 2,100 | S100R0DE, S100TT2F, S100W3D6, S100YMTQ |
| Interest-bearing debt | 13,235 | 14,040 | 14,235 | 12,526 | 15,855 | 算出 |
| Total liabilities | 21,672 | 22,763 | 26,837 | 23,992 | 26,816 | S100R0DE, S100TT2F, S100W3D6, S100YMTQ |
| Non-controlling interests | — | — | — | 177 | 5 | S100YMTQ |
| Equity attributable to owners of parent | 15,318 | 15,852 | 16,530 | 16,403 | 16,267 | S100R0DE, S100TT2F, S100W3D6, S100YMTQ |
| Retained earnings | 9,406 | 9,879 | 10,516 | 12,108 | 12,697 | S100R0DE, S100TT2F, S100W3D6, S100YMTQ |
| Treasury stock | -535 | -497 | -484 | -468 | -1,211 | S100R0DE, S100TT2F, S100W3D6, S100YMTQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YMTQ |
| Receivables | 18% | S100YMTQ |
| Property, plant and equipment | 20% | S100YMTQ |
| Intangibles and goodwill | 4% | S100YMTQ |
| Investment securities | 7% | S100YMTQ |
| Other assets | 32% | S100YMTQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YMTQ |
| Interest-bearing debt | 36% | 算出 |
| Other liabilities | 20% | S100YMTQ |
| Equity | 39% | S100YMTQ |
| Other liabilities | 0% | S100YMTQ |

### 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 | 36,997 | 38,740 | 43,827 | 41,086 | 43,793 |
| Equity | 15,324 | 15,977 | 16,989 | 17,093 | 16,976 |
| Interest-bearing debt | 13,235 | 14,040 | 14,235 | 12,526 | 15,855 |
| Cash | 8,619 | 6,552 | 7,558 | 7,094 | 8,398 |

## 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) | 33.6% | S100YMTQ |
| Fixed assets ÷ total assets | 20.3% | S100YMTQ |
| Goodwill ÷ parent equity | 3.8% | S100YMTQ |

Goodwill over 4 years: 59 → 612 JPY; total investing cash flow: -6,385 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) | 19.2% |
| Cash ÷ revenue | 31.7% |
| Net cash (cash − interest-bearing debt) | -¥7.46B |
| Net debt ÷ operating cash flow | 2.49× |
| Cash conversion (operating CF ÷ operating income) | 227.1% |
| Cash vs. profit gap | 1,670 JPY mn (of net income 125.9%) |
| Shareholder returns / net income | 113.2% |
| Shareholder returns / FCF | 59.2% |
| Shareholder payments — dividends / net income | 55.6% |
| Shareholder payments — dividends / FCF | 29.1% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 73.2% |

## 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 | 4.9% | 0.62× | 3.0% | 2.42× | 7.2% | S100R0DE |
| 2023 | 3.8% | 0.64× | 2.4% | 2.43× | 5.9% | S100TT2F |
| 2024 | 5.3% | 0.65× | 3.4% | 2.55× | 8.8% | S100W3D6 |
| 2025 | 2.4% | 0.54× | 1.3% | 2.58× | 3.4% | S100YMTQ |
| 2026 | 5.0% | 0.62× | 3.1% | 2.60× | 8.1% | S100YMTQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社モモタケ | Major shareholder | 13.7% | 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 | 7.9% | 2026-03-31 |
| 百瀬 武文 | Major shareholder | 3.8% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３ （常代）株式会社みずほ銀行決済営業部 | Major shareholder | 2.6% | 2026-03-31 |
| ＢＮＹＭ ＡＳ ＡＧＴ／ＣＬＴＳ ＮＯＮ ＴＲＥＡＴＹ ＪＡＳＤＥＣ （常代）株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.1% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 鶴田 亮司 | Major shareholder | 1.3% | 2026-03-31 |
| 河合 保明 | Major shareholder | 1.2% | 2026-03-31 |
| セントラル短資株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 山下 良久 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YMTQ | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMTQ,, |
| 有価証券報告書－第53期(2024/04/01－2025/03/31) | S100W3D6 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3D6,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TT2F | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT2F,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100R0DE | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0DE,, |
| 訂正有価証券報告書－第50期(2021/04/01－2022/03/31) | S100PWPY | 2023-02-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PWPY,, |
| 有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100LK6C | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LK6C,, |

## 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).