ENVALITH
タツモ株式会社 logo

TAZMO Co.,LTD.

6266・Prime Market・Machinery

Official website
タツモ株式会社 logo
TAZMO Co.,LTD.6266

Business

Tatsumo Corporation is a manufacturing equipment maker founded in 1972 and originating from Okayama Prefecture, forming a group with 13 consolidated subsidiaries and 1 equity-method affiliate. In its core Process Equipment Business, the company handles coating equipment for semiconductor manufacturing, equipment for advanced packaging, transport equipment, cleaning equipment, and color filter manufacturing equipment for liquid crystal displays. In the Surface Treatment Equipment Business, it manufactures printed circuit board manufacturing equipment (Plating Equipment and Circuit Formation Equipment), while in the Mold & Resin Molding Business, it manufactures and sells Connectors for Electronic Equipment and Embossed Carrier Tape. Its main customers are semiconductor manufacturers, research institutions, and color filter manufacturers both domestically and internationally, with TSMC being its largest customer, accounting for 30.8% of sales composition in the fiscal year ending December 2025. The company is listed on the Prime Market of the Tokyo Stock Exchange.

Business Model

Both the Process Equipment Business and the Surface Treatment Equipment Business operate primarily on a build-to-order basis, developing, manufacturing, and delivering equipment tailored to customers' capital expenditure plans. Manufacturing leverages overseas subsidiaries in Vietnam (TAZMO VIETNAM CO., LTD.) and China (Full Rich Technology (Dongguan) Co., Ltd., among others) to secure cost competitiveness, while sales and maintenance are conducted through a network of domestic and overseas subsidiaries. Since revenue is recognized on an acceptance (inspection) basis, the structure is such that the accumulation of order backlog serves as a leading indicator of future sales.

Company Strengths

2025年12月期におけるTSMCへの売上高は10,919百万円（前期3,780百万円）と約2.9倍に急増し、売上構成比は30.8%に達した。アドバンスドパッケージ向け装置の需要拡大を背景に、世界最大のファウンドリとの取引深化が実績として確認されている。

2008年設立のTAZMO VIETNAM CO.,LTD.は第4工場まで増築を重ね、半導体関連機器の設計・組立・販売を担う主要製造拠点に成長。中国の富萊得科技(東莞)有限公司・FACILITY HANOI CO.,LTD.と合わせた海外製造体制が、コストダウンと短納期実現の基盤となっている。

2025年12月期の営業キャッシュ・フローは9,425百万円（前年同期比25.6%増）と高水準を維持。期末現金及び現金同等物は13,946百万円に達し、負債総額は前期比4,702百万円減少の19,855百万円となった。純資産は27,037百万円まで積み上がり、財務体質の強化が進んでいる。

ENVALITH's Perspective

For the first quarter of FY2026 (ending December 2026), net sales were ¥5,967 million (down 20.6% YoY) and operating profit was ¥86 million (down 92.9% YoY), marking a significant decline. The gross profit margin fell from 34.7% in the same period of the previous year to 27.2%, while selling, general and administrative expenses increased to ¥1,538 million from ¥1,396 million in the same period of the previous year, with the rigidity of the cost structure weighing on profit. The sharp 60.7% YoY decline in sales of the Surface Treatment Equipment Business also significantly dragged down overall performance.

Although 1Q results were weak, total orders received expanded sharply to ¥16,059 million (up 362.5% YoY), with Semiconductor Equipment particularly outstanding at ¥11,711 million (up 897.0% YoY). The order backlog also built up to ¥29,750 million (up 6.0% YoY), meaning that achievement of the full-year forecast (net sales of ¥35,500 million, operating profit of ¥3,600 million) presupposes a substantial weighting toward the second half. Attention should be paid to the risk that results may fluctuate significantly depending on the timing of acceptance inspections.

Against the full-year net sales forecast of ¥35,500 million, the 1Q progress rate was only 16.8%, and against the operating profit forecast of ¥3,600 million, the progress rate was a mere 2.4%. Although the company has not revised its earnings forecast, a substantial catch-up is needed over the remaining three quarters. While external demand for semiconductors for AI servers remains robust, exchange rate fluctuations and elevated raw material and energy prices are heightening uncertainty going forward, requiring careful assessment of the likelihood of achieving the full-year forecast.

Growth Strategy

Deepening penetration of semiconductor equipment for advanced packaging and converting order backlog into revenue to drive earnings recovery

In Q1 FY2026 (ending December 2026), orders received for semiconductor equipment surged to ¥11,711 million (up 897.0% year on year), and the order backlog has accumulated to ¥21,960 million. Capturing expanding capital expenditure by customers driven by demand for AI servers, and converting the order backlog into recognized revenue, will be key to achieving full-year performance targets.

While order conditions for transport equipment are on a recovery trend, net sales in Q1 FY2026 (ending December 2026) remained at only ¥1,423 million (down 20.2% year on year). With an order backlog of ¥3,939 million, an increase in revenue recognition is expected going forward as inspection and acceptance progress advances.

In Q1 FY2026 (ending December 2026), the business recorded an operating loss of ¥0 million (compared with operating profit of ¥38 million in the same period of the previous year) due to rising raw material costs and factory relocation expenses. Improving profitability through normalization of the cost structure after completion of the factory relocation is a key challenge, along with recovering net sales, which stood at ¥278 million (down 5.2% year on year).

In Q1 FY2026 (ending December 2026), orders received increased sharply to ¥1,153 million (up 229.6% year on year), while net sales were subdued at ¥951 million (down 60.7% year on year). Converting the order backlog of ¥1,976 million into recognized revenue will be a critical factor for the recovery of second-half performance.

Last updated: July 17, 2026