Financial Analysis

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Net Income per Share

Net Income per Share of the year ended March 2016 was 55.98 Yen.

Net Assets per Share

Net Assets per Share of Common Stock of the year ended March 2016 was 1,360.80 Yen.

Return on Equity (ROE)
/Return on Assets (ROA)

Return on Equity (ROE) of the year ended March 2016 was 4.0%. And Return on Assets (ROA) of the year ended March 2015 was 2.3%.

Free Cash Flows

Free Cash Flows of the year ended March 2016 were 24,334 Million Yen.

Price Earning Ratio (PER)

Price Earning Ratio (PER) of the year ended March 2016 was 30.8%

Price Book-Value Ratio (PBR)

Price Book-Value Ratio (PBR) of the year ended March 2016 was 1.3%.

Interest-Bearing Debt/
Debt Equity Ratio

Interest-Bearing Debt of the year ended March 2016 was 112,771 million Yen. Debt Equity Ratio of the year ended March 2016 was 0.21 times.

(Millions of Yen Unless Indicated)

Fiscal Year-End 2013/3 2014/3 2015/3 2016/3 2017/3
Stock Price (End of the Fiscal Year) (Yen) 2,231 1,662 1,610 1,722 1,614
Net Income per Share (Yen) 107.07 118.06 46.29 46.05 -17.94
Net Assets per Share (Yen) 1,234.05 1,375.92 1,438.17 1,328.68 1,313.89
Return on Equity (ROE) 9.2% 9.0% 3.3% 3.3% -1.4%
Return on Assets (ROA) 4.9% 5.2% 1.9% 1.9% -0.7%
Free Cash Flows *1 -13,219 70,992 46,364 24,334 56,649
Price Earning Ratio (PER) (Times) *2 20.8 14.1 34.8 37.4
Price Book-Value Ratio (PBR) (Times) *3 1.8 1.2 1.1 1.3 1.2
Interest-Bearing Debt 85,348 127,132 115,497 112,772 141,763
Debt Equity Ratio (Times) *4 0.17 0.23 0.20 0.21 0.27

R&D Expenditures by Industry
Segment / Ratio of R&D
Expenditures to Net Sales

R&D Expenditures of the year ended March 2016 were 66,780 million Yen. The ratio of R&D Expenditures to Net Sales of the year ended March 2016 was 8.1%.

Capital Expenditures
by Industry Segment

Capital Expenditures of the year ended March 2016 were 34,497 million Yen.

Depreciation and Amortization
by Industry Segment

Depreciation and Amortization of the year ended March 2016 was 37,738 million Yen.

(Millions of Yen Unless Indicated)

Fiscal Year-End 2013/3 2014/3 2015/3 2016/3 2017/3
R&D Expenditures 76,496 74,552 66,730 66,780 63,632
R&D Expenditures by Industry Segment
Precision Equipment 25,744 25,473 20,619 17,691 16,217
Imaging Products 29,063 28,430 25,674 25,354 24,921
Instruments 5,519 5,256 5,139 5,753 6,228
Medical 3,616 3,793
Other 16,169 15,392 15,298 14,364 12,481
R&D Expenditures to Net Sales 7.6% 7.6% 7.8% 8.2% 8.5%
Capital Expenditures * 60,158 45,472 32,549 34,497 32,234
Capital Expenditures by Industry Segment
Precision Equipment 8,301 9,730 6,034 9,739 7,511
Imaging Products 34,449 16,130 8,329 10,573 7,071
Instruments 1,512 1,362 1,788 1,596 2,437
Medical 575 544
Other 10,733 11,314 8,365 6,877 10,450
Corporate Assets 5,161 6,933 8,032 5,135 4,219
Depreciation and Amortization * 36,225 42,477 38,458 37,738 32,860
Depreciation and Amortization by Industry Segment
Precision Equipment 8,720 9,561 7,722 3,191 2,934
Imaging Products 16,258 20,724 18,814 19,557 16,188
Instruments 1,550 1,717 1,618 1,678 1,582
Medical 1,980 2,176
Other 6,454 5,774 5,800 6,390 5,355
Corporate Assets 3,241 4,699 4,502 4,939 4,622