# YKT CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第49期(2025/01/01－2025/12/31) (S100XSLT)
> Page: https://vizora.meequs.com/en/company/ykt
> Retrieved: 2026-09-30T20:59:12.611Z

## Company

YKT, founded in 1949, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 135 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YKT CORPORATION |
| Ticker | 2693 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2693.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区代々木五丁目7番5号 |
| Representative (per filing) | 代表取締役社長 柳 崇博 |
| Founded | Feb 1949 |
| Share capital | ¥1.39B |
| Employees (consolidated) | 135 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | December |
| Corporate number | 6011001023677 |
| EDINET | E02932 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XSLT, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 26.5 | 179 |
| Profitability | 1.9 | 185 |
| Efficiency | 12.2 | 185 |

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 96% of YKT's sales come from Electronic Equipment, Machine Tools, and Others, with Optoelectronics making up much of the rest.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed +12.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥13.4B |  |
| Operating income | -¥199.5M | Margin -1.5% |
| Net income | ¥55.8M | Margin 0.4% |
| Free cash flow | ¥789.1M |  |
| Largest business | Electronic Equipment, Machine Tools, and Others | of segment revenue 95.7% |
| Employees (consolidated) | 135 |  |
| EPS | ¥-3.08 |  |
| Book value per share | ¥534.04 |  |
| Equity ratio | 46.5% |  |
| Shares outstanding | 11,906,880 |  |
| Treasury shares | 298,200 |  |
| Shareholders | 5,050 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 38.4% | Cash ÷ revenue 49.0% |
| Vs. industry median margin | -4.4 pp | Specialty Trading & Wholesale |
| ROE | 0.7% | Derived from disclosed figures |
| ROA | 0.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 14.2× net income
- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 96 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11777585000 | ¥13386414000 | +13.7% |
| Operating income | ¥321615000 | ¥-199499000 | -162.0% |
| Operating margin | 2.7% | -1.5% | -4.2 pp |
| Employees | 144 people | 135 people | -6.3% |
| Cash and equivalents | ¥3415065000 | ¥6559688000 | +92.1% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 電子機器及び工作機械等 → 電子機器及び工作機械等 | 95.3% |
| 光電子装置 → 光電子装置 | 4.3% |
| 光電子装置 → 事業再編・廃止 | 0.4% |
| 新設・再編 → 電子機器及び工作機械等 | 0.4% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,386 | 100.0% | S100XSLT |
| Cost of revenue | 11,539 | 86.2% | S100XSLT |
| Gross profit | 1,847 | 13.8% | S100XSLT |
| SG&A | 2,046 | 15.3% | S100XSLT |
| Operating income | -199 | -1.5% | S100XSLT |
| Ordinary income | -45 | -0.3% | S100XSLT |
| Pretax income | 120 | 0.9% | S100XSLT |
| Income tax | 92 | 0.7% | S100XSLT |
| Net income | 28 | 0.2% | S100XSLT |
| Net income attributable to owners | 56 | 0.4% | S100XSLT |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 15 |
| Operating income | -1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 13.8% → Operating margin -1.5% → Net margin 0.4%
Derived from reported figures (DERIVED).

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,931 | 13,386 | 1,455 | +12.2% |
| Gross profit | 2,101 | 1,847 | -254 | -12.1% |
| Operating income | -10 | -199 | -189 | — |
| Net income attributable to owners | -1 | 56 | 57 | — |
| Operating cash flow | -245 | 794 | 1,039 | — |
| Free cash flow | -253 | 789 | 1,042 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 11,616 | 471 | 4.1% | 449 | 198 | 189 | S100KZ3O |
| FY ending Dec 2020 | 11,778 | 322 | 2.7% | 313 | -821 | -1,476 | S100NNYL |
| FY ending Dec 2021 | 15,683 | 461 | 2.9% | 437 | -710 | -748 | S100QFH6 |
| FY ending Dec 2022 | 22,080 | 1,008 | 4.6% | 856 | 1,039 | 1,025 | S100T32U |
| FY ending Dec 2023 | 12,883 | 387 | 3.0% | 304 | 2,226 | 2,191 | S100VFCM |
| FY ending Dec 2024 | 11,931 | -10 | -0.1% | -1 | -245 | -253 | S100XSLT |
| FY ending Dec 2025 | 13,386 | -199 | -1.5% | 56 | 794 | 789 | S100XSLT |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥99.2M |
| Operating income per employee (consolidated) | -¥1.5M |
| Net income per employee (consolidated) | ¥413K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 139 | 133 | 133 | 128 | 135 |
| Average salary (parent company) | ¥5.2M | ¥8.8M | ¥8M | ¥7M | ¥6.9M |
| Average age (parent company) | 42.4 years | 43.5 years | 42.9 years | 43.1 years | 42.5 years |
| Average tenure (parent company) | 15.3 years | 16.0 years | 15.3 years | 15.4 years | 15.0 years |

Year over year: Employees (consolidated) +5.5% · Revenue (consolidated) +12.2%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronic Equipment, Machine Tools, and Others | 12,815 | 95.7% | -257 | -2.0% |
| Optoelectronics | 572 | 4.3% | 58 | 10.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronic Equipment, Machine Tools, and Others | 95.7% | — | — | -2.0% |
| Optoelectronics | 4.3% | 100.0% | 95.7 | 10.1% |

Loss-making segment (excluded from profit shares): Electronic Equipment, Machine Tools, and Others -257 JPY mn

Segment → industry: Optoelectronics → Specialty Trading & Wholesale / Electronic Equipment, Machine Tools, and Others → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 794 | 5.9% | S100XSLT |
| Capital expenditure | 5 | 0.0% | S100XSLT |
| Free cash flow | 789 | 5.9% | 算出 |
| Investing cash flow | 139 | 1.0% | S100XSLT |
| Financing cash flow | 1,582 | 11.8% | S100XSLT |
| Dividends paid | 58 | 0.4% | S100XSLT |
| Share buyback | 0 | 0.0% | S100XSLT |
| Change in cash | 2,713 | 20.3% | S100XSLT |
| Cash and equivalents | 6,560 | 49.0% | S100XSLT |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,262 | 3,228 | 4,771 | 3,847 | 6,560 | S100T32U, S100VFCM, S100XSLT |
| Total assets | 14,619 | 13,664 | 12,436 | 11,721 | 17,085 | S100QFH6, S100T32U, S100VFCM, S100XSLT |
| Net assets | 6,934 | 7,795 | 8,097 | 8,126 | 7,972 | S100T32U, S100VFCM, S100XSLT |
| Share capital | 1,390 | 1,390 | 1,390 | 1,390 | 1,390 | S100QFH6, S100T32U, S100VFCM, S100XSLT |
| Trade receivables | 2,114 | — | — | — | — | S100QFH6 |
| Property, plant and equipment | 2,139 | 2,145 | 2,107 | 2,055 | 2,009 | S100QFH6, S100T32U, S100VFCM, S100XSLT |
| Intangible assets excluding goodwill | 5 | 5 | 5 | 5 | 5 | S100QFH6, S100T32U, S100VFCM, S100XSLT |
| Investment securities | 289 | 270 | 300 | 353 | 2 | S100QFH6, S100T32U, S100VFCM, S100XSLT |
| Current assets | 10,271 | 9,331 | 8,177 | 7,594 | 13,103 | S100QFH6, S100T32U, S100VFCM, S100XSLT |
| Current liabilities | 4,812 | 3,154 | 2,074 | 1,773 | 7,025 | S100QFH6, S100T32U, S100VFCM, S100XSLT |
| Trade payables | 1,264 | 1,061 | 553 | 581 | 2,149 | S100QFH6, S100T32U, S100VFCM, S100XSLT |
| Short-term borrowings | 800 | — | — | — | 1,500 | S100QFH6, S100XSLT |
| Long-term borrowings | 2,548 | 2,352 | 1,902 | 1,481 | 1,770 | S100QFH6, S100T32U, S100VFCM, S100XSLT |
| Total liabilities | 7,685 | 5,869 | 4,340 | 3,595 | 9,113 | S100QFH6, S100T32U, S100VFCM, S100XSLT |
| Non-controlling interests | 25 | 47 | 46 | 53 | 27 | S100QFH6, S100T32U, S100VFCM, S100XSLT |
| Equity attributable to owners of parent | 6,676 | 7,474 | 7,685 | 7,568 | 7,565 | S100QFH6, S100T32U, S100VFCM, S100XSLT |
| Retained earnings | 3,375 | 4,172 | 4,384 | 4,267 | 4,264 | S100QFH6, S100T32U, S100VFCM, S100XSLT |
| Treasury stock | -87 | -87 | -87 | -87 | -87 | S100QFH6, S100T32U, S100VFCM, S100XSLT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100XSLT |
| Property, plant and equipment | 12% | S100XSLT |
| Intangibles and goodwill | 0% | S100XSLT |
| Investment securities | 0% | S100XSLT |
| Other assets | 50% | S100XSLT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100XSLT |
| Other liabilities | 41% | S100XSLT |
| Equity | 47% | S100XSLT |
| Other liabilities | 0% | S100XSLT |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 14,619 | 13,664 | 12,436 | 11,721 | 17,085 |
| Equity | 6,934 | 7,795 | 8,097 | 8,126 | 7,972 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,262 | 3,228 | 4,771 | 3,847 | 6,560 |

## 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) | 15.0% | S100XSLT |
| Fixed assets ÷ total assets | 11.8% | S100XSLT |
| Goodwill ÷ parent equity | — | —, S100XSLT |

### 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) | 38.4% |
| Cash ÷ revenue | 49.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 738 JPY mn (of net income 1324.4%) |
| Shareholder returns / net income | 104.8% |
| Shareholder returns / FCF | 7.4% |
| Shareholder payments — dividends / net income | 104.7% |
| Shareholder payments — dividends / FCF | 7.4% |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 17.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.8% | 1.07× | 3.0% | 2.19× | 6.5% | S100QFH6 |
| 2022 | 3.9% | 1.56× | 6.1% | 2.00× | 12.1% | S100T32U |
| 2023 | 2.4% | 0.99× | 2.3% | 1.72× | 4.0% | S100VFCM |
| 2024 | — | —× | -0.0% | —× | — | S100XSLT |
| 2025 | 0.4% | 0.93× | 0.4% | 1.90× | 0.7% | S100XSLT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山本 久子 | Major shareholder | 20.9% | 2025-12-31 |
| 山本 庸一 | Major shareholder | 16.7% | 2025-12-31 |
| 内藤 征吾 | Major shareholder | 3.1% | 2025-12-31 |
| 日本証券金融株式会社 | Major shareholder | 3.0% | 2025-12-31 |
| HMG JAPAN FUND (常任代理人 香港上海銀行東京支店) | Major shareholder | 1.7% | 2025-12-31 |
| 浅野 利広 | Major shareholder | 1.2% | 2025-12-31 |
| 井元 英裕 | Major shareholder | 1.1% | 2025-12-31 |
| 齊藤 幹雄 | Major shareholder | 1.0% | 2025-12-31 |
| 品川 次郎 | Major shareholder | 0.9% | 2025-12-31 |
| 伊藤 緑朗 | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2025/01/01－2025/12/31) | S100XSLT | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSLT,, |
| 有価証券報告書－第48期(2024/01/01－2024/12/31) | S100VFCM | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFCM,, |
| 有価証券報告書－第47期(2023/01/01－2023/12/31) | S100T32U | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T32U,, |
| 有価証券報告書－第46期(2022/01/01－2022/12/31) | S100QFH6 | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFH6,, |
| 有価証券報告書－第45期(令和3年1月1日－令和3年12月31日) | S100NNYL | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NNYL,, |
| 有価証券報告書－第44期(令和2年1月1日－令和2年12月31日) | S100KZ3O | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZ3O,, |

## 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).