Nomura Micro Science Co.,Ltd
6254・Prime Market・Machinery
Business
Nomura Micro Science is a specialized manufacturer whose core businesses are the design, construction, and sales of Ultrapure Water Production Systems (Design, Construction & Sales), which are essential to semiconductor manufacturing processes, as well as Maintenance & Consumables Sales. Headquartered in Japan, the company operates globally through six consolidated subsidiaries in South Korea, China, Taiwan, the United States, and Singapore. Its major customers are leading semiconductor manufacturers such as SAMSUNG, SK Hynix, and Lapis Semiconductor, and it also supplies equipment such as water-for-injection systems to the pharmaceutical market. The business model generates recurring revenue through Maintenance & Consumables Sales that accumulates even after construction of ultrapure water production systems is completed.
Business Model
Revenue is primarily structured in two layers: (1) design and construction of ultrapure water production systems (revenue recognized using the input method based on percentage of construction completion), and (2) maintenance and consumables sales for installed systems. In FY2026 (ending March 2026), maintenance-related sales reached ¥18,626 million (up 19.9% year on year), demonstrating stable growth and functioning as stock-type recurring revenue that offsets the volatility of large-scale construction projects. Construction work is outsourced to partner construction companies, with the company itself adopting an asset-light model focused on engineering and quality control.
Company Strengths
The company has consolidated subsidiaries in South Korea, China, Taiwan, the United States, and Singapore, covering major semiconductor manufacturing hubs. In FY2025 (ended March 2025), the United States segment alone recorded net sales of ¥52,371 million and operating profit of ¥8,497 million. In response to customers' trend toward diversifying manufacturing sites, the company also established a Singapore subsidiary in November 2024, beginning its expansion into Southeast Asia.
In FY2026 (ending March 2026), sales from Maintenance Services and related items reached ¥18,626 million (up 19.9% year on year), maintaining revenue growth even amid a phase of decline following large-scale construction projects. Ongoing demand for Maintenance & Consumables after equipment delivery is essential to customers' continued operations, functioning as a highly sticky revenue source that is difficult to cancel.
With a research and development staff of 46 members, the company invests ¥493 million annually in R&D, advancing technology development across three axes: ultrapure water purity, analytical sensitivity, and environmental contribution. Its South Korean subsidiary (Nomura Micro Science Korea) serves as the overseas R&D function, developing and conducting demonstration tests on the world's first continuous endotoxin detection monitor. The company has also newly built a development building for next-generation semiconductors, working to maintain its technological edge.
ENVALITH's Perspective
Performance Trend
The company had achieved record-high revenue and profit for five consecutive fiscal periods from FY2022 (ending March 2022) through FY2025 (ending March 2025), but FY2026 (ending March 2026) saw a sharp downturn, with revenue of ¥56,246 million (down 41.6% from ¥96,360 million in the previous period), operating profit of ¥6,667 million (down 56.6% from ¥15,372 million in the previous period), and net income of ¥3,818 million (down 62.6% from ¥10,200 million in the previous period). The main cause was the completion of construction on a large-scale Ultrapure Water Production Systems (Design, Construction & Sales) project for SAMSUNG AUSTIN SEMICONDUCTOR in the United States segment. As an external factor, the leveling-off of semiconductor capital investment in the United States also had an impact. Cash flow from operating activities turned positive at a restated ¥4,363 million (versus -¥20,202 million in the previous period), and the cash and cash equivalents balance at period-end stood at ¥9,933 million. The receipt and progress of the next large-scale project order will serve as a leading indicator for the recovery in business performance.
Growth Strategy
Building the next growth foundation through pharmaceutical market development, prefab construction, and Southeast Asia expansion based on TTT-26
Advancing the mid-term management plan TTT-26, with fiscal year 2026 (FY ending March 2027) as the final year. However, results for FY2026 (ending March 2026) remained at net sales of ¥56,246 million and operating profit of ¥6,667 million, showing an extremely large gap versus the targets. The formulation and announcement of the next plan is drawing attention.
Aiming to improve construction efficiency, quality, and capacity through unitization and skid-mounting of Ultrapure Water Production Systems, thereby enhancing order competitiveness and profitability. Being advanced at each site in Japan, the United States, South Korea, and China.
Domestically, strengthening focus on the pharmaceutical market through measures such as establishing a new sales office in the Hokuriku region and launching an endotoxin monitor. In South Korea as well, expanding efforts toward pharmaceutical-related projects to diversify revenue sources away from dependence on semiconductors.
Promoting business expansion across Southeast Asia anchored by the Singapore subsidiary established in response to the trend of geographic diversification of semiconductor manufacturing sites. Cumulative net sales for Q3 of FY2026 (ending March 2026) were ¥6 million, indicating an early-stage launch.
Strengthening R&D of ultrapure water production technology suited to next-generation semiconductor manufacturing processes through the construction of a new research and development building. This is a forward-looking investment aimed at maintaining and enhancing future technological competitiveness.
Last updated: July 19, 2026