# ZACROS Corporation: 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96期(2025/04/01－2026/03/31) (S100YAZH)
> Page: https://vizora.meequs.com/en/company/zacros
> Retrieved: 2026-09-30T17:49:57.315Z

## Company

Zacros, founded in 1936, is a company in Medical Devices listed on TSE Prime. It has 2,747 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ZACROS Corporation |
| Ticker | 7917 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7917.T) |
| Listing | TSE Prime |
| Head office | 東京都文京区小石川一丁目1番1号 |
| Representative (per filing) | 代表取締役社長 下田 拓 |
| Founded | Nov 1936 |
| Share capital | ¥6.6B |
| Employees (consolidated) | 2,747 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.zacros.co.jp (https://www.zacros.co.jp/) |
| Corporate number | 6011101056965 |
| EDINET | E02423 |
| Industries (Vizora) | Medical Devices, Chemicals, Food Packaging, Electronic Components, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YAZH, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 52.6 | 96 |
| Profitability | 46.5 | 100 |
| Cash conversion | 27.6 | 96 |
| Efficiency | 92.5 | 100 |

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 36% of Zacros's sales come from Information Electronics, with Industrial infrastructure and Environment solution making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +5.2% from the prior year, operating profit +9.3%.

## Company structure

- Segment revenue mix: Information Electronics 35.8%、Industrial infrastructure 26.1%、Environment solution 20.5%、Wellness 17.6%
- Revenue → net income: ¥158535000000 → ¥8733000000
- Net income → operating cash flow: ¥8733000000 → ¥11781000000（difference ¥3048000000）
- Main uses of operating cash flow: CapEx ¥21771000000 / dividends ¥2545000000 / buybacks ¥2584000000
- Change in cash: ¥-8185000000
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 | ¥158.5B |  |
| Operating income | ¥11.1B | Margin 7.0% |
| Net income | ¥7.71B | Margin 4.9% |
| Free cash flow | -¥9.99B |  |
| Largest business | Information Electronics | of segment revenue 35.8% |
| Employees (consolidated) | 2,747 |  |
| EPS | ¥66.05 |  |
| Diluted EPS | ¥65.42 |  |
| Book value per share | ¥976.27 |  |
| Equity ratio | 60.5% |  |
| Shares outstanding | 77,071,040 |  |
| Treasury shares | 5,442,200 |  |
| Shareholders | 16,677 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 9.1% | Cash ÷ revenue 9.0% |
| Vs. industry median margin | -0.6 pp | Chemicals |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.0× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥117250000000 | ¥158535000000 | +35.2% |
| Operating income | ¥10286000000 | ¥11054000000 | +7.5% |
| Operating margin | 8.8% | 7.0% | -1.8 pp |
| Employees | 2,522 people | 2,747 people | +8.9% |
| Cash and equivalents | ¥24278000000 | ¥14295000000 | -41.1% |

### 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 |
| --- | ---: |
| ウェルネス → ウェルネス | 10.5% |
| ライフサイエンス → 事業再編・廃止 | 29.2% |
| 環境ソリューション → 環境ソリューション | 18.7% |
| 情報電子 → 情報電子 | 21.6% |
| 建築資材 → 事業再編・廃止 | 10.0% |
| 建築・土木資材 → 事業再編・廃止 | 10.0% |
| 新設・再編 → ウェルネス | 7.0% |
| 新設・再編 → 環境ソリューション | 1.9% |
| 新設・再編 → 情報電子 | 14.3% |
| 新設・再編 → 産業インフラ | 26.1% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Information Electronics | 5 years | +6.4% | ¥56800000000 | 8.4% | 2 |
| Industrial infrastructure | 3 years | +10.6% | ¥41325000000 | 12.2% | 2 |
| Environment solution | 5 years | -2.0% | ¥32559000000 | 4.5% | 2 |
| Wellness | 5 years | +6.5% | ¥27849000000 | -0.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 158,535 | 100.0% | S100YAZH |
| Cost of revenue | 121,728 | 76.8% | S100YAZH |
| Gross profit | 36,807 | 23.2% | S100YAZH |
| SG&A | 25,753 | 16.2% | S100YAZH |
| Operating income | 11,054 | 7.0% | S100YAZH |
| Ordinary income | 12,303 | 7.8% | S100YAZH |
| Pretax income | 11,438 | 7.2% | S100YAZH |
| Income tax | 2,705 | 1.7% | S100YAZH |
| Net income | 8,733 | 5.5% | S100YAZH |
| Net income attributable to owners | 7,707 | 4.9% | S100YAZH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 16 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 23.2% → Operating margin 7.0% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.2%; Core profit growth: +9.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.79×
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 | 150,735 | 158,535 | 7,800 | +5.2% |
| Gross profit | 34,735 | 36,807 | 2,072 | +6.0% |
| Operating income | 10,116 | 11,054 | 938 | +9.3% |
| Net income attributable to owners | 6,530 | 7,707 | 1,177 | +18.0% |
| Operating cash flow | 6,588 | 11,781 | 5,193 | +78.8% |
| Free cash flow | -11,517 | -9,990 | 1,527 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 114,304 | 8,856 | 7.7% | 5,328 | 7,898 | 1,048 | S100LKJA |
| FY ending Mar 2021 | 117,250 | 10,286 | 8.8% | 7,278 | 11,895 | 2,173 | S100O9TS |
| FY ending Mar 2022 | 127,819 | 10,341 | 8.1% | 7,693 | 11,396 | 6,100 | S100QZN7 |
| FY ending Mar 2023 | 129,364 | 5,882 | 4.5% | 4,854 | 8,365 | 3,233 | S100TOEB |
| FY ending Mar 2024 | 136,155 | 8,344 | 6.1% | 4,532 | 10,083 | 3,145 | S100VWQZ |
| FY ending Mar 2025 | 150,735 | 10,116 | 6.7% | 6,530 | 6,588 | -11,517 | S100YAZH |
| FY ending Mar 2026 | 158,535 | 11,054 | 7.0% | 7,707 | 11,781 | -9,990 | S100YAZH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.7M |
| Operating income per employee (consolidated) | ¥4M |
| 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,560 | 2,585 | 2,664 | 2,648 | 2,747 |
| Average salary (parent company) | ¥6.4M | ¥5.9M | ¥6.1M | ¥7M | ¥7.5M |
| Average age (parent company) | 41.0 years | 41.0 years | 41.9 years | 41.3 years | 41.7 years |
| Average tenure (parent company) | 16.3 years | 15.9 years | 16.8 years | 15.6 years | 15.3 years |

Year over year: Employees (consolidated) +3.7% · Revenue (consolidated) +5.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Wellness | 27,849 | 17.6% | -201 | -0.7% |
| Environment solution | 32,559 | 20.5% | 1,459 | 4.5% |
| Information Electronics | 56,800 | 35.8% | 4,770 | 8.4% |
| Industrial infrastructure | 41,325 | 26.1% | 5,026 | 12.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Wellness | 17.6% | — | — | -0.7% |
| Environment solution | 20.5% | 13.0% | -7.6 | 4.5% |
| Information Electronics | 35.8% | 42.4% | 6.6 | 8.4% |
| Industrial infrastructure | 26.1% | 44.7% | 18.6 | 12.2% |

Loss-making segment (excluded from profit shares): Wellness -201 JPY mn

Segment → industry: Wellness → Medical Devices / Information Electronics → Chemicals / Wellness → Chemicals / Environment solution → Food Packaging / Information Electronics → Electronic Components / Industrial infrastructure → Housing Equipment & Building Materials

## 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 | 11,781 | 7.4% | S100YAZH |
| Capital expenditure | 21,771 | 13.7% | S100YAZH |
| Free cash flow | -9,990 | -6.3% | 算出 |
| Investing cash flow | -20,069 | -12.7% | S100YAZH |
| Financing cash flow | 191 | 0.1% | S100YAZH |
| Dividends paid | 2,545 | 1.6% | S100YAZH |
| Share buyback | 2,584 | 1.6% | S100YAZH |
| Change in cash | -8,185 | -5.2% | S100YAZH |
| Cash and equivalents | 14,295 | 9.0% | S100YAZH |

## 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 | 28,149 | 30,621 | 32,112 | 22,481 | 14,295 | S100TOEB, S100VWQZ, S100YAZH |
| Total assets | 127,370 | 128,440 | 141,680 | 153,926 | 156,791 | S100QZN7, S100TOEB, S100VWQZ, S100YAZH |
| Net assets | 85,221 | 89,281 | 93,642 | 100,695 | 104,339 | S100TOEB, S100VWQZ, S100YAZH |
| Share capital | 6,600 | 6,600 | 6,600 | 6,600 | 6,600 | S100QZN7, S100TOEB, S100VWQZ, S100YAZH |
| Property, plant and equipment | 39,140 | 39,985 | 43,158 | 61,459 | 70,041 | S100QZN7, S100TOEB, S100VWQZ, S100YAZH |
| Intangible assets excluding goodwill | 1,027 | 890 | 800 | 870 | 824 | S100QZN7, S100TOEB, S100VWQZ, S100YAZH |
| Goodwill | 257 | 210 | 162 | 102 | 32 | S100QZN7, S100TOEB, S100VWQZ, S100YAZH |
| Investment securities | 4,769 | 4,116 | 2,502 | 2,667 | 2,871 | S100QZN7, S100TOEB, S100VWQZ, S100YAZH |
| Current assets | 80,925 | 81,804 | 92,885 | 86,783 | 80,518 | S100QZN7, S100TOEB, S100VWQZ, S100YAZH |
| Current liabilities | 34,857 | 31,345 | 40,781 | 42,566 | 38,087 | S100QZN7, S100TOEB, S100VWQZ, S100YAZH |
| Trade payables | 24,967 | 21,978 | 26,311 | 20,481 | 19,273 | S100QZN7, S100TOEB, S100VWQZ, S100YAZH |
| Short-term borrowings | 998 | 1,112 | 1,579 | 595 | 3,266 | S100QZN7, S100TOEB, S100VWQZ, S100YAZH |
| Long-term borrowings | 975 | 875 | 75 | 4,074 | 7,214 | S100QZN7, S100TOEB, S100VWQZ, S100YAZH |
| Total liabilities | 42,148 | 39,159 | 48,038 | 53,231 | 52,452 | S100QZN7, S100TOEB, S100VWQZ, S100YAZH |
| Non-controlling interests | 5,876 | 6,829 | 7,682 | 8,692 | 9,142 | S100QZN7, S100TOEB, S100VWQZ, S100YAZH |
| Equity attributable to owners of parent | 75,985 | 78,544 | 81,161 | 85,322 | 88,000 | S100QZN7, S100TOEB, S100VWQZ, S100YAZH |
| Retained earnings | 63,527 | 66,780 | 70,265 | 74,738 | 79,900 | S100QZN7, S100TOEB, S100VWQZ, S100YAZH |
| Treasury stock | -608 | -1,335 | -2,220 | -2,576 | -5,090 | S100QZN7, S100TOEB, S100VWQZ, S100YAZH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YAZH |
| Property, plant and equipment | 45% | S100YAZH |
| Intangibles and goodwill | 0% | S100YAZH |
| Investment securities | 2% | S100YAZH |
| Other assets | 44% | S100YAZH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YAZH |
| Other liabilities | 21% | S100YAZH |
| Equity | 67% | S100YAZH |

### 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 | 127,370 | 128,440 | 141,680 | 153,926 | 156,791 |
| Equity | 85,221 | 89,281 | 93,642 | 100,695 | 104,339 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 28,149 | 30,621 | 32,112 | 22,481 | 14,295 |

## 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) | 44.2% | S100YAZH |
| Fixed assets ÷ total assets | 44.7% | S100YAZH |
| Goodwill ÷ parent equity | 0.0% | S100YAZH |

Goodwill over 4 years: 257 → 32 JPY; total investing cash flow: -52,786 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) | 9.1% |
| Cash ÷ revenue | 9.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.6% |
| Cash vs. profit gap | 4,074 JPY mn (of net income 52.9%) |
| Shareholder returns / net income | 66.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.7% |
| Investing CF relative to operating CF | 170.4% |

## 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 | 6.0% | 1.00× | 6.0% | 1.68× | 10.1% | S100QZN7 |
| 2023 | 3.8% | 1.01× | 3.8% | 1.66× | 6.3% | S100TOEB |
| 2024 | 3.3% | 1.01× | 3.4% | 1.69× | 5.7% | S100VWQZ |
| 2025 | 4.3% | 1.02× | 4.4% | 1.78× | 7.8% | S100YAZH |
| 2026 | 4.9% | 1.02× | 5.0% | 1.79× | 8.9% | S100YAZH |

## 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 | 11.2% | 2026-03-31 |
| 有限会社エッチエヌカンパニー | Major shareholder | 4.0% | 2026-03-31 |
| 有限会社キャド | Major shareholder | 4.0% | 2026-03-31 |
| 藤森 美佐子 | Major shareholder | 3.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.2% | 2026-03-31 |
| 藤森 伸彦 | Major shareholder | 3.0% | 2026-03-31 |
| 藤森 雅彦 | Major shareholder | 2.9% | 2026-03-31 |
| 藤森 行彦 | Major shareholder | 2.8% | 2026-03-31 |
| 片岡 千弥子 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第96期(2025/04/01－2026/03/31) | S100YAZH | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YAZH,, |
| 有価証券報告書－第95期(2024/04/01－2025/03/31) | S100VWQZ | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VWQZ,, |
| 有価証券報告書－第94期(2023/04/01－2024/03/31) | S100TOEB | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOEB,, |
| 有価証券報告書－第93期(2022/04/01－2023/03/31) | S100QZN7 | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZN7,, |
| 有価証券報告書－第92期(令和3年4月1日－令和4年3月31日) | S100O9TS | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9TS,, |
| 有価証券報告書－第91期(令和2年4月1日－令和3年3月31日) | S100LKJA | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKJA,, |

## 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).