# YAMAICHI ELECTRONICS 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71期(2025/04/01－2026/03/31) (S100YHIH)
> Page: https://vizora.meequs.com/en/company/yamaichi-electronics
> Retrieved: 2026-09-30T20:59:46.026Z

## Company

Yamaichi Electronics, founded in 1956, is a company in Cameras & Optics listed on TSE Prime. It has 2,060 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMAICHI ELECTRONICS CO.,LTD. |
| Ticker | 6941 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6941.T) |
| Listing | TSE Prime |
| Head office | 東京都大田区南蒲田二丁目16番2号 |
| Representative (per filing) | 代表取締役社長 亀谷 淳一 |
| Founded | Nov 1956 |
| Share capital | ¥10.1B |
| Employees (consolidated) | 2,060 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | yamaichi.co.jp (https://yamaichi.co.jp/) |
| Corporate number | 4010801012065 |
| EDINET | E01979 |
| Industries (Vizora) | Cameras & Optics, Semiconductor Equipment, Electronic Components |

> Profile source: annual securities report (S100YHIH, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70.8 | 36 |
| Profitability | 79.3 | 41 |
| Cash conversion | 42.3 | 39 |
| Efficiency | 76.8 | 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 50% of Yamaichi Electronics's sales come from Test solution business, with Connector solution business and Optics-related business making up much of the rest.
- Out of every ¥100 of sales, about ¥22 is left as operating profit.
- Revenue changed +16.3% from the prior year, operating profit +40.5%.

## Company structure

- Segment revenue mix: Test solution business 50.1%、Connector solution business 47.0%、Optics-related business 2.9%
- Revenue → net income: ¥52698535000 → ¥9087735000
- Net income → operating cash flow: ¥9087735000 → ¥10053627000（difference ¥965892000）
- Main uses of operating cash flow: CapEx ¥2588405000 / dividends ¥1689466000 / buybacks ¥669000
- Change in cash: ¥4443319000
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 | ¥52.7B |  |
| Operating income | ¥11.6B | Margin 21.9% |
| Net income | ¥9.07B | Margin 17.2% |
| Free cash flow | ¥7.47B |  |
| Largest business | Test solution business | of segment revenue 50.1% |
| Employees (consolidated) | 2,060 |  |
| EPS | ¥355.57 |  |
| Book value per share | ¥1615.84 |  |
| Equity ratio | 73.6% |  |
| Shares outstanding | 21,829,775 |  |
| Treasury shares | 3,372,800 |  |
| Shareholders | 6,409 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 27.3% | Cash ÷ revenue 32.7% |
| Vs. industry median margin | +7.4 pp | Semiconductor Equipment |
| ROE | 22.9% | Derived from disclosed figures |
| ROA | 15.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 60% of positive segment profit
- FY2026, employees 0% while operating income rose 41%
- FY2026, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27673633000 | ¥52698535000 | +90.4% |
| Operating income | ¥3192260000 | ¥11556962000 | +262.0% |
| Operating margin | 11.5% | 21.9% | +10.4 pp |
| Employees | 1,814 people | 2,060 people | +13.6% |
| Cash and equivalents | ¥9448653000 | ¥17237863000 | +82.4% |

### 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 |
| --- | ---: |
| テストソリューション事業 → テストソリューション事業 | 47.6% |
| コネクタソリューション事業 → コネクタソリューション事業 | 46.5% |
| 光関連事業 → 光関連事業 | 2.9% |
| 光関連事業 → 事業再編・廃止 | 3.0% |
| 新設・再編 → テストソリューション事業 | 2.5% |
| 新設・再編 → コネクタソリューション事業 | 0.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Test solution business | 5 years | +14.9% | ¥26424680000 | 26.5% | 2 |
| Connector solution business | 5 years | +14.0% | ¥24742527000 | 17.8% | 2 |
| Optics-related business | 5 years | -1.2% | ¥1531327000 | 13.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 52,699 | 100.0% | S100YHIH |
| Cost of revenue | 31,295 | 59.4% | S100YHIH |
| Gross profit | 21,404 | 40.6% | S100YHIH |
| SG&A | 9,847 | 18.7% | S100YHIH |
| Operating income | 11,557 | 21.9% | S100YHIH |
| Ordinary income | 12,127 | 23.0% | S100YHIH |
| Pretax income | 12,015 | 22.8% | S100YHIH |
| Income tax | 2,927 | 5.6% | S100YHIH |
| Net income | 9,088 | 17.2% | S100YHIH |
| Net income attributable to owners | 9,074 | 17.2% | S100YHIH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 19 |
| Operating income | 22 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 40.6% → Operating margin 21.9% → Net margin 17.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.3%; Core profit growth: +40.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.48×
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 | 45,299 | 52,699 | 7,400 | +16.3% |
| Gross profit | 17,500 | 21,404 | 3,904 | +22.3% |
| Operating income | 8,225 | 11,557 | 3,332 | +40.5% |
| Net income attributable to owners | 5,241 | 9,074 | 3,833 | +73.1% |
| Operating cash flow | 9,006 | 10,054 | 1,048 | +11.6% |
| Free cash flow | 6,158 | 7,465 | 1,308 | +21.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 27,008 | 3,065 | 11.3% | 2,654 | 4,683 | 2,952 | S100LPZF |
| FY ending Mar 2021 | 27,674 | 3,192 | 11.5% | 2,593 | 3,725 | 1,447 | S100OH9H |
| FY ending Mar 2022 | 39,575 | 8,375 | 21.2% | 6,771 | 7,637 | 5,312 | S100R69V |
| FY ending Mar 2023 | 46,985 | 9,134 | 19.4% | 7,212 | 10,847 | 6,611 | S100TT1N |
| FY ending Mar 2024 | 36,424 | 2,933 | 8.1% | 2,060 | 3,231 | -1,277 | S100W32I |
| FY ending Mar 2025 | 45,299 | 8,225 | 18.2% | 5,241 | 9,006 | 6,158 | S100YHIH |
| FY ending Mar 2026 | 52,699 | 11,557 | 21.9% | 9,074 | 10,054 | 7,465 | S100YHIH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.6M |
| Operating income per employee (consolidated) | ¥5.6M |
| Net income per employee (consolidated) | ¥4.4M |

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) | 1,920 | 2,151 | 2,123 | 2,061 | 2,060 |
| Average salary (parent company) | ¥7.6M | ¥8.9M | ¥7M | ¥6.9M | ¥7.9M |
| Average age (parent company) | 44.5 years | 44.7 years | 44.0 years | 43.5 years | 43.9 years |
| Average tenure (parent company) | 18.3 years | 18.3 years | 17.5 years | 17.1 years | 17.1 years |

Year over year: Employees (consolidated) -0.0% · Revenue (consolidated) +16.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Test solution business | 26,425 | 50.1% | 7,009 | 26.5% |
| Connector solution business | 24,743 | 47.0% | 4,407 | 17.8% |
| Optics-related business | 1,531 | 2.9% | 206 | 13.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Test solution business | 50.1% | 60.3% | 10.2 | 26.5% |
| Connector solution business | 47.0% | 37.9% | -9.0 | 17.8% |
| Optics-related business | 2.9% | 1.8% | -1.1 | 13.5% |

Segment → industry: Optics-related business → Cameras & Optics / Test solution business → Semiconductor Equipment / Optics-related business → Electronic Components / Connector solution business → Electronic Components / Test 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 | 10,054 | 19.1% | S100YHIH |
| Capital expenditure | 2,588 | 4.9% | S100YHIH |
| Free cash flow | 7,465 | 14.2% | 算出 |
| Investing cash flow | -3,469 | -6.6% | S100YHIH |
| Financing cash flow | -2,737 | -5.2% | S100YHIH |
| Dividends paid | 1,689 | 3.2% | S100YHIH |
| Share buyback | 1 | 0.0% | S100YHIH |
| Change in cash | 4,443 | 8.4% | S100YHIH |
| Cash and equivalents | 17,238 | 32.7% | S100YHIH |

## 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 | 13,549 | 16,735 | 13,072 | 12,795 | 17,238 | S100TT1N, S100W32I, S100YHIH |
| Total assets | 45,372 | 50,369 | 51,062 | 53,390 | 63,253 | S100R69V, S100TT1N, S100W32I, S100YHIH |
| Net assets | 31,993 | 37,014 | 38,264 | 39,677 | 46,706 | S100TT1N, S100W32I, S100YHIH |
| Share capital | 10,084 | 10,084 | 10,084 | 10,084 | 10,084 | S100R69V, S100TT1N, S100W32I, S100YHIH |
| Property, plant and equipment | 13,602 | 15,813 | 19,087 | 18,534 | 19,208 | S100R69V, S100TT1N, S100W32I, S100YHIH |
| Intangible assets excluding goodwill | 245 | 229 | 517 | 993 | 1,564 | S100R69V, S100TT1N, S100W32I, S100YHIH |
| Investment securities | 57 | 58 | 68 | 65 | 71 | S100R69V, S100TT1N, S100W32I, S100YHIH |
| Current assets | 30,228 | 32,695 | 29,715 | 32,112 | 40,489 | S100R69V, S100TT1N, S100W32I, S100YHIH |
| Current liabilities | 10,675 | 10,429 | 9,232 | 10,443 | 13,261 | S100R69V, S100TT1N, S100W32I, S100YHIH |
| Trade payables | 2,378 | 2,220 | 2,455 | 2,240 | 3,530 | S100R69V, S100TT1N, S100W32I, S100YHIH |
| Short-term borrowings | 2,887 | 3,061 | 2,760 | 3,211 | 2,803 | S100R69V, S100TT1N, S100W32I, S100YHIH |
| Long-term borrowings | 300 | 450 | 410 | 370 | 30 | S100R69V, S100TT1N, S100W32I, S100YHIH |
| Total liabilities | 13,379 | 13,355 | 12,798 | 13,713 | 16,547 | S100R69V, S100TT1N, S100W32I, S100YHIH |
| Non-controlling interests | 126 | 123 | 190 | 143 | 158 | S100R69V, S100TT1N, S100W32I, S100YHIH |
| Equity attributable to owners of parent | 31,227 | 35,304 | 34,913 | 36,705 | 42,374 | S100R69V, S100TT1N, S100W32I, S100YHIH |
| Retained earnings | 22,008 | 26,783 | 25,298 | 29,566 | 36,948 | S100R69V, S100TT1N, S100W32I, S100YHIH |
| Treasury stock | -2,653 | -3,351 | -2,093 | -4,593 | -6,386 | S100R69V, S100TT1N, S100W32I, S100YHIH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100YHIH |
| Property, plant and equipment | 30% | S100YHIH |
| Intangibles and goodwill | 3% | S100YHIH |
| Investment securities | 0% | S100YHIH |
| Other assets | 40% | S100YHIH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YHIH |
| Other liabilities | 20% | S100YHIH |
| Equity | 74% | S100YHIH |
| Other liabilities | 0% | S100YHIH |

### 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 | 45,372 | 50,369 | 51,062 | 53,390 | 63,253 |
| Equity | 31,993 | 37,014 | 38,264 | 39,677 | 46,706 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,549 | 16,735 | 13,072 | 12,795 | 17,238 |

## 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) | 36.4% | S100YHIH |
| Fixed assets ÷ total assets | 30.4% | S100YHIH |
| Goodwill ÷ parent equity | — | —, S100YHIH |

### 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) | 27.3% |
| Cash ÷ revenue | 32.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 87.0% |
| Cash vs. profit gap | 980 JPY mn (of net income 10.8%) |
| Shareholder returns / net income | 18.6% |
| Shareholder returns / FCF | 22.6% |
| Shareholder payments — dividends / net income | 18.6% |
| Shareholder payments — dividends / FCF | 22.6% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 34.5% |

## 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 | 17.1% | 0.87× | 14.9% | 1.45× | 21.7% | S100R69V |
| 2023 | 15.4% | 0.98× | 15.1% | 1.44× | 21.7% | S100TT1N |
| 2024 | 5.7% | 0.72× | 4.1% | 1.44× | 5.9% | S100W32I |
| 2025 | 11.6% | 0.87× | 10.0% | 1.46× | 14.6% | S100YHIH |
| 2026 | 17.2% | 0.90× | 15.6% | 1.48× | 22.9% | S100YHIH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 14.1% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 12.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行） | Major shareholder | 3.4% | 2026-03-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505025 （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.3% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 山一電機従業員持株会 | Major shareholder | 1.8% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第71期(2025/04/01－2026/03/31) | S100YHIH | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHIH,, |
| 有価証券報告書－第70期(2024/04/01－2025/03/31) | S100W32I | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W32I,, |
| 有価証券報告書－第69期(2023/04/01－2024/03/31) | S100TT1N | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT1N,, |
| 有価証券報告書－第68期(2022/04/01－2023/03/31) | S100R69V | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R69V,, |
| 有価証券報告書－第67期(令和3年4月1日－令和4年3月31日) | S100OH9H | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH9H,, |
| 有価証券報告書－第66期(令和2年4月1日－令和3年3月31日) | S100LPZF | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPZF,, |

## 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).