ENVALITH
株式会社FUJI logo

FUJI CORPORATION

6134・Prime Market・Machinery

Official website
株式会社FUJI logo
FUJI CORPORATION6134

Business

FUJI CORPORATION is an industrial machinery manufacturer headquartered in Chiryu City, Aichi Prefecture, forming a group consisting of the Company and 18 subsidiaries. In its core Robot Solutions business, the Company manufactures and sells semiconductor manufacturing equipment such as the modular electronic component mounter "NXTR," the expandable all-in-one mounter "AIMEXR," and die bonders. The Machine Tools business handles machine tools. Overseas sales account for 90.8% of total revenue, with Asia—centered on China, Thailand, and India—as the main market. Driven primarily by expanding capital investment for AI servers and data centers, the Company achieved a record-high net sales of ¥180,642 million in FY2026 (ending March 2026).

Business Model

FUJI manufactures in-house developed electronic component mounting robots and machine tools, and sells them to electronic equipment, semiconductor, and automotive manufacturers through a global network of sales subsidiaries. Beyond standalone product sales, the company enhances added value by supporting customers' entire production lines through Turnkey Solutions (providing an integrated package from design through delivery and operation) and solution-based sales. It continues to invest ¥8,514 million in R&D expenses to maintain product competitiveness.

Company Strengths

The switchover from the previous mainstay model, NXTIII, was completed in FY2026 (ending March 2026), and customers recognized the advantages in automation, high-density mounting, and improved performance. To meet expanding demand, a new plant building at the Okazaki Plant was completed in September 2024, strengthening the production system. Production output in the Robot Solutions business reached ¥187,120 million, up 57.8% year on year.

Overseas sales in FY2026 (ending March 2026) amounted to ¥163,971 million, accounting for 90.8% of total net sales. The company has sales and manufacturing subsidiaries in the United States, Germany, China, India, Singapore, Brazil, and other locations, covering major markets in Asia, Europe, and the Americas through its own network. Dependence on a single customer for China (American Tech) remains limited at 12.0%, reflecting regional diversification.

At the end of FY2026 (ending March 2026), the equity ratio stood at 83.5%, with total net assets of ¥232,454 million. Cash and cash equivalents were maintained at ¥53,159 million, and reliance on interest-bearing debt remains extremely low. The company maintains a financial structure in which internal reserves serve as the primary funding source for R&D, capital expenditure, and shareholder returns, while also securing a ¥12,000 million credit line with major financial institutions.

ENVALITH's Perspective

In FY2026 (ending March 2026), revenue was ¥180,642 million (up 41.8% year on year) and operating profit was ¥29,282 million (up 112.5% year on year), marking a sharp turnaround after two consecutive years of stagnation. The main external factors were the sustained high level of AI server-related equipment demand, centered on Thailand and India, and growth in semiconductor-related demand. However, net income attributable to owners of the parent was limited to ¥15,733 million (up 44.3% year on year), and it should be noted that a goodwill impairment loss of ¥9,717 million at subsidiary Fasford Technology significantly weighed on profit.

The company forecasts revenue of ¥211,000 million (up 16.8% year on year), operating profit of ¥43,600 million (up 48.9% year on year), and net income attributable to owners of the parent of ¥33,000 million (up 109.7% year on year), anticipating substantial profit growth. Annual dividends are expected to double to ¥190 (from ¥90 in the prior period), reflecting enhanced shareholder returns. On the other hand, downside risks remain, including prolonged geopolitical risk stemming from the situation in the Middle East, foreign exchange fluctuations, and a delayed full recovery in the market environment for the Machine Tools business. The buildup in order backlog to ¥65,133 million is a factor that increases visibility into achieving the forecast.

Return on equity (ROE) improved from 4.9% in the prior period to 7.0%, but the substantial size of shareholders' equity at ¥232,317 million continues to constrain capital efficiency. Under the basic policy of a 50% dividend payout ratio, the annual dividend was raised from ¥90 to ¥190, and share buybacks (¥2,374 million) were also carried out; however, the ROE level remains low compared with the industry average. In addition, the full impairment of the ¥9,717 million in goodwill at Fasford Technology is an event that has again brought to light the risk of failing to recoup M&A investments, and warrants continued attention.

Growth Strategy

Capturing AI server and semiconductor demand to drive high growth in Robot Solutions, while advancing commercialization of next-generation businesses

Positioning the modular electronic component mounter NXTR and AIMEXR as the core of sales expansion, the company is driving the development of new markets and customers. NXTR's advantages in automation, high-density mounting, performance enhancement, and functional expansion have been well received, and the transition from NXTⅢ to NXTR has been completed. The company aims to achieve No.1 market share across all products by capturing demand related to AI servers, semiconductors, and automotive electrification.

To meet the expanding demand for NXTR, the company has enhanced its production system by developing the new plant building at the Okazaki Plant, completed in September 2024. The aim is to secure supply capacity to meet the growing order backlog, with orders received of ¥197,151 million and order backlog of ¥61,660 million (Robot Solutions segment).

The company is advancing the commercialization of products beyond electronic component mounting robots, including the smart locker system "Quist," the transfer support robot "Hug," and the waste sorting robot "R-PLUS," aiming to create new pillars of profit for the next generation. While the sales scale remains limited at present, the company aims for medium- to long-term revenue diversification.

Due to sluggish demand for automotive-related equipment (particularly in North America), the segment fell into an operating loss of ¥107 million in FY2026 (ending March 2026). The company aims to stabilize its profit base by strengthening the Turnkey Solutions business and enhancing the competitiveness of the new ACUFLEX Multi-Tasking Lathe model. The company expects that a full-scale recovery in market conditions will still take time.

As a basic policy for profit distribution, the company targets a payout ratio of 50%, planning a significant dividend increase with an annual dividend of ¥90 per share (payout ratio of 50.3%) for FY2026 (ending March 2026) and a projected annual dividend of ¥190 per share (payout ratio of 50.6%) for FY2027 (ending March 2027). The company has also conducted share buybacks (¥2,374 million in FY2026 (ending March 2026)) to improve its total payout ratio.

Last updated: July 19, 2026