Y.A.C. HOLDINGS CO., LTD.
6298・Prime Market・Machinery
Business
YAC Holdings is a holding company listed on the Prime Market of the Tokyo Stock Exchange, comprising a manufacturing group with 22 consolidated subsidiaries. Its business consists of three segments: "Semiconductor & Mechatronics-Related Business," "Medical & Healthcare-Related Business," and "Environment & Social Infrastructure-Related Business." The company offers a wide range of products including semiconductor manufacturing equipment, Clean Transport Equipment (Clean Conveyor), Carrier Tape for Electronic Component Transport, Dialysis Equipment (Including Next-Generation Models), Fully Automated High-Sensitivity Digital Immunoassay Systems, FPD inspection equipment, Industrial Instruments / Control & Communication Equipment, and Cleaning-Related Equipment, serving primarily semiconductor manufacturers, medical device manufacturers, the electric power industry, and the cleaning industry as its main customers. Since its founding in 1973, the group has expanded through the active use of M&A, and consolidated net sales for FY2026 (ending March 2026) reached ¥26,460 million.
Business Model
Each consolidated subsidiary is responsible for the development, design, manufacturing, sales, and maintenance services of specific product areas on an integrated basis, while the holding company oversees management control, resource allocation, and the creation of synergies across the group. The majority of revenue consists of flow-type revenue from the sale of equipment and devices, supplemented by a certain amount of stable revenue from maintenance services. While there is some dependence on specific customers, such as sales to Nipro Corporation accounting for 16.9%, diversification across the three segments mitigates the risk of reliance on a single market.
Company Strengths
Of net sales of ¥26,460 million, Semiconductor & Mechatronics-Related contributed ¥10,493 million, Medical & Healthcare-Related ¥5,508 million, and Environment & Social Infrastructure-Related ¥10,459 million, with the three segments distributed almost evenly. The company possesses, as a unique strength, a business portfolio that is not easily affected by the capital expenditure cycle of any specific market, and it has a track record of recovering net sales in FY2026 (ending March 2026) following the earnings downturn in FY2025 (ended March 2025).
Since its founding in 1973, the company has incorporated numerous companies through M&A, including Okura Denki, YAC Garter, YAC Electronics, JE International, Techno Optics, and Sanwa Denki Keiki, building a group structure comprising 22 consolidated subsidiaries. In FY2026 (ending March 2026), the company newly consolidated Sanwa Denki Keiki Co., Ltd. (acquiring 55.3% of its issued shares) as a subsidiary, achieving continuous expansion of its business domains.
In FY2026 (ending March 2026), orders received reached ¥26,562 million (112.4% year on year), and the order backlog reached ¥18,264 million (100.6% year on year). Orders received increased across multiple segments, with Medical & Healthcare-Related up 137.4% year on year and Environment & Social Infrastructure-Related up 111.8% year on year, resulting in high visibility for sales to be recognized in subsequent periods.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥26,809 million in FY2024 after rising from ¥22,796 million in FY2022, then fell sharply to ¥23,041 million in FY2025, before recovering significantly to ¥26,460 million in FY2026 (ending March 2026). Net income also recovered, from ¥559 million in FY2025 to ¥1,326 million in FY2026. However, operating income declined for two consecutive periods, from ¥2,006 million in FY2024 to ¥1,354 million in FY2025 and ¥1,319 million in FY2026, meaning the operating margin has not improved despite the revenue recovery. Special factors such as goodwill amortization associated with M&A (¥144 million) and gain on negative goodwill (¥935 million) have affected profit and loss. While external factors such as semiconductor market conditions and the order environment are trending toward improvement, cost management and profitability enhancement remain ongoing challenges.
Growth Strategy
The company is concentrating management resources on the growth areas of semiconductors, medical care, and infrastructure, centered on three pillars: M&A, R&D, and overseas expansion.
The company continues to acquire subsidiary shares involving changes in the scope of consolidation (¥1,063 million expenditure in FY2026 (ending March 2026)), expanding the group's business domains and customer base. It is also promoting streamlined management after integration, including making TT Holdings a wholly owned subsidiary and the absorption-type merger into Techno Optics.
The company is strengthening its response to the automotive semiconductor market through upgrade development of SiC chip handlers. It continues to expand its product lineup in the semiconductor segment, including front-end process products such as IPA Dryers / Pure Water Heating Systems for Semiconductor Front-End Processes. The recovery in semiconductor investment is serving as a tailwind for the market environment.
The company is launching new businesses for the Fully Automated High-Sensitivity Digital Immunoassay System and the Hair Diagnosis Support Service. In addition to the existing dialysis equipment business, it is working to expand into the diagnostic equipment field to capture demand for early diagnosis and early treatment. The transition of production to next-generation dialysis equipment has been completed, and sales have normalized.
The company has built up an order backlog of ¥8,060 million (124.2% year-on-year), and is in the stage of sequentially converting orders related to FPD, electric power, and optical measurement equipment into sales. External factors such as increased electricity demand accompanying AI investment and e-commerce growth are also serving as tailwinds.
Last updated: July 19, 2026