# YASKAWA Electric Corporation: business model and financials

> Latest period: FY ending Feb 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第110期(2025/03/01－2026/02/28) (S100Y69H)
> Page: https://vizora.meequs.com/en/company/yaskawa-electric
> Retrieved: 2026-09-30T19:51:02.164Z

## Company

YASKAWA Electric, founded in 1915, is a company in Robots & Factory Automation listed on TSE Prime. It has 12,483 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YASKAWA Electric Corporation |
| Ticker | 6506 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6506.T) |
| Listing | TSE Prime |
| Head office | 北九州市八幡西区黒崎城石2番1号 |
| Representative (per filing) | 代表取締役社長 小川 昌寛 |
| Founded | Jul 1915 |
| Share capital | ¥30.6B |
| Employees (consolidated) | 12,483 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | February |
| Website | www.yaskawa.co.jp (https://www.yaskawa.co.jp/) |
| Corporate number | 5290801010767 |
| EDINET | E01741 |
| Industries (Vizora) | Robots & Factory Automation, Electrical Equipment |

> Profile source: annual securities report (S100Y69H, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.9 | 33 |
| Profitability | 30.9 | 34 |
| Cash conversion | 64.1 | 32 |
| Efficiency | 50 | 35 |

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 46% of YASKAWA Electric's sales come from Robotics, with Motion Control and System Engineering making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +0.8% from the prior year, operating profit -5.7%.

## Company structure

- Segment revenue mix: Robotics 45.6%、Motion Control 43.5%、System Engineering 7.1%、Other 3.7%
- Revenue → net income: ¥542122000000 → ¥36582000000
- Net income → operating cash flow: ¥36582000000 → ¥52170000000（difference ¥15588000000）
- Main uses of operating cash flow: CapEx ¥46240000000 / dividends ¥17670000000 / buybacks ¥2000000
- Change in cash: ¥2195000000
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 | ¥542.1B |  |
| Operating income | ¥47.3B | Margin 8.7% |
| Net income | ¥35.2B | Margin 6.5% |
| Free cash flow | ¥5.93B |  |
| Largest business | Robotics | of segment revenue 45.6% |
| Employees (consolidated) | 12,483 |  |
| EPS | ¥135.88 |  |
| Diluted EPS | ¥135.71 |  |
| Book value per share | ¥801.42 |  |
| Equity ratio | 59.5% | Derived from disclosed figures |
| Shares outstanding | 266,690,000 |  |
| Treasury shares | 6,663,900 |  |
| Shareholders | 66,070 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 7.5% | Cash ÷ revenue 11.3% |
| Vs. industry median margin | -3 pp | Robots & Factory Automation |
| ROE | 7.7% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥389712000000 | ¥542122000000 | +39.1% |
| Operating income | ¥27180000000 | ¥47307000000 | +74.1% |
| Operating margin | 7.0% | 8.7% | +1.8 pp |
| Employees | 12,925 people | 12,483 people | -3.4% |
| Cash and equivalents | ¥50953000000 | ¥61223000000 | +20.2% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| モーションコントロール → モーションコントロール | 43.5% |
| モーションコントロール → 事業再編・廃止 | 1.6% |
| ロボット → ロボット | 35.8% |
| システムエンジニアリング → システムエンジニアリング | 7.1% |
| システムエンジニアリング → 事業再編・廃止 | 5.9% |
| その他 → その他 | 3.7% |
| その他 → 事業再編・廃止 | 2.3% |
| 新設・再編 → ロボット | 9.8% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Robotics | 5 years | +12.1% | ¥247012000000 | 8.3% | 2 |
| Motion Control | 5 years | +6.0% | ¥236053000000 | 10.3% | 2 |
| System Engineering | 5 years | -5.3% | ¥38744000000 | 12.9% | 2 |
| Other | 5 years | -2.8% | ¥20311000000 | 9.8% | 2 |

## Income statement（FY ending Feb 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 542,122 | 100.0% | S100Y69H |
| Cost of revenue | 350,885 | 64.7% | S100Y69H |
| Gross profit | 191,236 | 35.3% | S100Y69H |
| SG&A | 145,905 | 26.9% | S100Y69H |
| Operating income | 47,307 | 8.7% | S100Y69H |
| Pretax income | 49,563 | 9.1% | S100Y69H |
| Income tax | 12,981 | 2.4% | S100Y69H |
| Net income | 36,582 | 6.7% | S100Y69H |
| Net income attributable to owners | 35,240 | 6.5% | S100Y69H |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 27 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 35.3% → Operating margin 8.7% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.8%; Core profit growth: -5.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -6.88×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 537,682 | 542,122 | 4,440 | +0.8% |
| Gross profit | 191,481 | 191,236 | -245 | -0.1% |
| Operating income | 50,156 | 47,307 | -2,849 | -5.7% |
| Net income attributable to owners | 56,987 | 35,240 | -21,747 | -38.2% |
| Operating cash flow | 56,505 | 52,170 | -4,335 | -7.7% |
| Free cash flow | 19,201 | 5,930 | -13,271 | -69.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2019 | 474,638 | — | — | 42,524 | 34,347 | — | S100QTSR |
| FY ending Feb 2020 | 410,957 | 24,198 | 5.9% | 15,572 | 21,480 | -845 | S100LETR |
| FY ending Feb 2021 | 389,712 | 27,180 | 7.0% | 18,927 | 39,602 | 30,993 | S100O4U1 |
| FY ending Feb 2022 | 479,082 | 52,860 | 11.0% | 38,354 | 49,233 | 25,006 | S100QTSR |
| FY ending Feb 2023 | 555,955 | 68,301 | 12.3% | 51,783 | -2,209 | -24,140 | S100TJ0G |
| FY ending Feb 2024 | 575,658 | 66,225 | 11.5% | 50,687 | 54,619 | 23,594 | S100VUHZ |
| FY ending Feb 2025 | 537,682 | 50,156 | 9.3% | 56,987 | 56,505 | 19,201 | S100Y69H |
| FY ending Feb 2026 | 542,122 | 47,307 | 8.7% | 35,240 | 52,170 | 5,930 | S100Y69H |

## People and productivity（FY ending Feb 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.4M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥2.8M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 12,897 | 13,094 | 13,010 | 12,833 | 12,483 |
| Average salary (parent company) | ¥7.9M | ¥8.6M | ¥8.7M | ¥8.7M | ¥8.6M |
| Average age (parent company) | 42.2 years | 42.2 years | 42.1 years | 42.0 years | 42.7 years |
| Average tenure (parent company) | 18.8 years | 18.7 years | 18.6 years | 18.4 years | 17.6 years |

Year over year: Employees (consolidated) -2.7% · Revenue (consolidated) +0.8%

## Segments（FY ending Feb 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Motion Control | 236,053 | 43.5% | 24,384 | 10.3% |
| Robotics | 247,012 | 45.6% | 20,418 | 8.3% |
| System Engineering | 38,744 | 7.1% | 4,989 | 12.9% |
| Other | 20,311 | 3.7% | 1,988 | 9.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Motion Control | 43.5% | 47.1% | 3.5 | 10.3% |
| Robotics | 45.6% | 39.4% | -6.1 | 8.3% |
| System Engineering | 7.1% | 9.6% | 2.5 | 12.9% |
| Other | 3.7% | 3.8% | 0.1 | 9.8% |

Segment → industry: Robotics → Robots & Factory Automation / Motion Control → Robots & Factory Automation / System Engineering → Electrical Equipment

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 52,170 | 9.6% | S100Y69H |
| Capital expenditure | 46,240 | 8.5% | S100Y69H |
| Free cash flow | 5,930 | 1.1% | 算出 |
| Investing cash flow | -44,216 | -8.2% | S100Y69H |
| Financing cash flow | -8,626 | -1.6% | S100Y69H |
| Dividends paid | 17,670 | 3.3% | S100Y69H |
| Share buyback | 2 | 0.0% | S100Y69H |
| Change in cash | 2,195 | 0.4% | S100Y69H |
| Cash and equivalents | 61,223 | 11.3% | S100Y69H |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 55,151 | 42,274 | 40,279 | 59,028 | 61,223 | S100TJ0G, S100VUHZ, S100Y69H |
| Total assets | 559,038 | 653,132 | 702,335 | 743,774 | 812,365 | S100QTSR, S100TJ0G, S100VUHZ, S100Y69H |
| Net assets | 298,100 | 355,075 | 408,018 | 439,610 | 493,615 | S100TJ0G, S100VUHZ, S100Y69H |
| Share capital | 30,562 | 30,562 | 30,562 | 30,562 | 30,562 | S100QTSR, S100TJ0G, S100VUHZ, S100Y69H |
| Property, plant and equipment | 93,598 | 100,309 | 115,691 | 129,069 | 163,955 | S100QTSR, S100TJ0G, S100VUHZ, S100Y69H |
| Goodwill | 7,341 | 7,558 | 7,272 | 7,144 | 7,412 | S100QTSR, S100TJ0G, S100VUHZ, S100Y69H |
| Current assets | 362,362 | 430,898 | 456,098 | 462,837 | 471,517 | S100QTSR, S100TJ0G, S100VUHZ, S100Y69H |
| Total liabilities | 260,937 | 298,057 | 294,316 | 304,164 | 318,749 | S100QTSR, S100TJ0G, S100VUHZ, S100Y69H |
| Equity attributable to owners of parent | 291,234 | 347,499 | 399,338 | 431,188 | 483,542 | S100QTSR, S100TJ0G, S100VUHZ, S100Y69H |
| Retained earnings | 232,547 | 271,299 | 305,116 | 348,003 | 369,336 | S100QTSR, S100TJ0G, S100VUHZ, S100Y69H |
| Treasury stock | -21,971 | -21,998 | -22,491 | -31,702 | -31,608 | S100QTSR, S100TJ0G, S100VUHZ, S100Y69H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100Y69H |
| Property, plant and equipment | 20% | S100Y69H |
| Intangibles and goodwill | 1% | — |
| Other assets | 71% | S100Y69H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100Y69H |
| Equity | 61% | S100Y69H |
| Other liabilities | 0% | S100Y69H |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 559,038 | 653,132 | 702,335 | 743,774 | 812,365 |
| Equity | 298,100 | 355,075 | 408,018 | 439,610 | 493,615 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 55,151 | 42,274 | 40,279 | 59,028 | 61,223 |

## 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) | 30.2% | S100Y69H |
| Fixed assets ÷ total assets | 20.2% | S100Y69H |
| Goodwill ÷ parent equity | 1.5% | S100Y69H |

Goodwill over 4 years: 7,341 → 7,412 JPY; total investing cash flow: -138,708 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) | 7.5% |
| Cash ÷ revenue | 11.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 110.3% |
| Cash vs. profit gap | 16,930 JPY mn (of net income 48.0%) |
| Shareholder returns / net income | 50.1% |
| Shareholder returns / FCF | 298.0% |
| Shareholder payments — dividends / net income | 50.1% |
| Shareholder payments — dividends / FCF | 298.0% |
| CapEx intensity (capex ÷ revenue) | 8.5% |
| Investing CF relative to operating CF | 84.8% |

## 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 | 8.0% | 0.86× | 6.9% | 1.92× | 13.2% | S100QTSR |
| 2023 | 9.3% | 0.92× | 8.5% | 1.90× | 16.2% | S100TJ0G |
| 2024 | 8.8% | 0.85× | 7.5% | 1.81× | 13.6% | S100VUHZ |
| 2025 | 10.6% | 0.74× | 7.9% | 1.74× | 13.7% | S100Y69H |
| 2026 | 6.5% | 0.70× | 4.5% | 1.70× | 7.7% | S100Y69H |

## 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 | 19.0% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 11.7% | 2026-02-28 |
| ＪＰモルガン証券株式会社 | Major shareholder | 3.2% | 2026-02-28 |
| 明治安田生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.8% | 2026-02-28 |
| 株式会社みずほ銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.1% | 2026-02-28 |
| 株式会社日本カストディ銀行（三井住友信託銀行退職給付信託口） | Major shareholder | 2.0% | 2026-02-28 |
| 株式会社福岡銀行 | Major shareholder | 2.0% | 2026-02-28 |
| 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 | 1.5% | 2026-02-28 |
| 株式会社西日本シティ銀行 | Major shareholder | 1.3% | 2026-02-28 |
| ＳＭＢＣ日興証券株式会社 | Major shareholder | 1.1% | 2026-02-28 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Feb 2026 edged up to ¥542.1B from ¥537.7B (+0.8%).
- Profits went the other way: operating income slipped from ¥50.2B to ¥47.3B (-5.7%), and net income fell from ¥57B to ¥35.2B (-38.2%).
- Operating cash flow came in at ¥52.2B (-7.7%), and after heavier spending on facilities, free cash flow shrank to ¥5.93B (-69.1%).

### Drivers

- Sales rose as new orders were turned into revenue. In Motion Control, demand from electronic-parts and machine-tool makers was strong, and chip-related orders picked up in the second half on AI investment.
- In Robotics, carmakers in Japan, the Americas and Europe held back on equipment spending, but large projects in China and Asia and steady demand from general industry kept sales growing.
- Higher sales added some profit, but not enough to offset currency effects and rising overhead. Net income fell mainly because the prior year included a one-off gain from selling part of a stake in an affiliate.

### Risks

- US-China tension, higher tariffs and wider export controls could restrict production, shipping and sales.
- Price spikes or shortages of steel and parts could make it hard to secure enough supply.
- With much of its business overseas, larger-than-expected currency swings could hurt results.

Cited: Annual Securities Report (110th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (110th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第110期(2025/03/01－2026/02/28) | S100Y69H | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y69H,, |
| 有価証券報告書－第109期(2024/03/01－2025/02/28) | S100VUHZ | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUHZ,, |
| 有価証券報告書－第108期(2023/03/01－2024/02/29) | S100TJ0G | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJ0G,, |
| 有価証券報告書－第107期(2022/03/01－2023/02/28) | S100QTSR | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTSR,, |
| 有価証券報告書－第106期(令和3年3月1日－令和4年2月28日) | S100O4U1 | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4U1,, |
| 有価証券報告書－第105期(令和2年3月1日－令和3年2月28日) | S100LETR | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LETR,, |

## 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).