YOKOWO CO.,LTD.
6800・Prime Market・Electric Appliances
Business
YOKOWO CO., LTD., founded in 1922, is an electronic component manufacturer operating four businesses: in-vehicle antennas (VCCS), sockets and probe cards for semiconductor testing (CTC), fine connectors for electronic equipment and medical device components (FCMD), and MaaS/IoT solutions (Incubation Center). The company comprises 23 consolidated subsidiaries and 2 affiliates, including 3 domestic manufacturing subsidiaries, 6 overseas manufacturing subsidiaries, and 12 overseas sales subsidiaries, with a global customer base spanning the automotive, semiconductor, mobile device, and medical device markets. Consolidated net sales for FY2026 (ending March 2026) reached a record high of ¥90,090 million.
Business Model
The business model is fundamentally an integrated manufacturing-and-sales structure in which the parent company supplies raw materials and components to domestic and overseas manufacturing subsidiaries, then purchases finished products and sells them to customers. The company employs a business portfolio structure in which VCCS generates stable cash flow that supports aggressive investment in the CTC and MD businesses. Revenue sources are diversified by horizontally deploying core technologies—such as antennas, microwave technology, surface modification materials, precision micro-machining, and MEMS—across multiple markets.
Company Strengths
The CTC segment achieved net sales of ¥19,610 million (up 25.6% year on year), operating income of ¥2,931 million (up 98.1% year on year), and an operating margin of 14.9% in FY2026 (ending March 2026). Against a backdrop of expanding demand for semiconductor testing for generative AI and data centers, a substantial increase in orders for Sockets for Semiconductor Back-End Testing and an improved product mix were achieved simultaneously. The order backlog also rose 47.4% year on year, indicating favorable leading indicators.
The VCCS segment maintains long-term business relationships with major global automakers, recording sales of ¥13,476 million (15.0% of net sales) to Toyota Motor North America, Inc. In FY2026 (ending March 2026), VCCS net sales totaled ¥56,096 million, accounting for approximately 62% of consolidated net sales and functioning as a stable earnings base.
The company holds six core technologies—antenna, semiconductor application, microwave, surface modification materials, micro-precision processing, and photolithography (MEMS)—with R&D expenses of ¥5,731 million in FY2026 (ending March 2026). Achievements in commercializing these technologies continue to accumulate, including growth in sales of the MEMS Probe Card for High-Frequency Electronic Component Testing (YPX) for CTC and the acquisition of a Type I medical device manufacturing and sales license in the MD business.
ENVALITH's Perspective
Performance Trend
Revenue continued its expansionary trend, rising from ¥66,848 million in FY2022 to ¥82,884 million in FY2025 and ¥90,090 million in FY2026, marking a new record high in FY2026. Operating profit, after declining to ¥1,617 million in FY2024, has been on a recovery trend, reaching ¥4,226 million in FY2025 and ¥5,016 million in FY2026. The profit increase in FY2026 was mainly driven by a substantial profit increase in the CTC segment (+98.1% year on year), boosted by tailwinds from external factors such as demand for semiconductor testing related to generative AI. On the other hand, VCCS saw profit decline due to US tariffs and rising labor costs, while FC/MD saw profit decline due to higher raw material costs, leaving an overall improvement in the company's profit structure as a remaining challenge.
Growth Strategy
Building on stable VCCS earnings, the company is making aggressive investments in the CTC and MD priority businesses, aiming for net sales of ¥100 billion and a minimum operating margin of 10%
To meet demand for semiconductor testing related to generative AI and data centers, the company is investing in enhancing development capabilities at domestic production sites and its Malaysian subsidiary (total investment of ¥1,188 million in FY2026). It is promoting expanded sales of the MEMS Probe Card for High-Frequency Electronic Component Testing (YPX) and strengthening its technology and production systems through alliances and M&A.
The company is promoting improved production efficiency and fixed cost reductions through the renewal of mass-production equipment at its Vietnam and Philippines production sites (total investment of ¥1,541 million in FY2026). It is expanding its business foundation in growth markets through its Indian joint venture, Lumax Yokowo Technologies Pvt. Ltd., and advancing mass production of ADAS products.
Having obtained a Type 1 Medical Device Manufacturing and Marketing License, the company is moving forward in earnest with preparations to launch its own in-house planned products. It is also promoting the development and launch of advanced neurological medical devices in collaboration with domestic companies, while continuing steady expansion of sales to the venture ecosystem.
The succession of the Network Solutions Business (Succeeded from Koha) in June 2025 rapidly expanded segment net sales to ¥2,920 million. The company is promoting expanded sales of MIMO Antenna for IoT applications and In-Vehicle Key Management Solutions for MaaS, and is driving a business model transformation from "selling products" to "selling experiences" through corporate partnerships, M&A, and co-creation investments.
The new Medium-Term Management Plan 2024-2028 (FY2025 (ending March 2025) to FY2029 (ending March 2029)) is centered on exploring new technology domains beyond the extension of existing businesses, such as optical-electronic convergence, and actively pursuing M&A and alliances. The company maintains financial discipline by strengthening business portfolio management and reallocating cash from stable-earnings businesses to priority growth businesses.
Last updated: July 19, 2026