ENVALITH
ジオマテック株式会社 logo

GEOMATEC CO., LTD.

6907・Standard Market・Electric Appliances

Official website
ジオマテック株式会社 logo
GEOMATEC CO., LTD.6907

Business

Geomatec Co., Ltd. is a thin-film technology specialist manufacturer founded in 1953, listed on the Standard Market of the Tokyo Stock Exchange. The company operates across three product categories: Thin-Film Products for Displays (antistatic films for LCD panels, anti-reflective and anti-fouling films for cover panels, etc.), Thin-Film Products for Semiconductors & Electronic Components (test wafers, next-generation energy components, heaters, sensors, etc.), and others (Nanostructure Products such as g.moth® and Film Deposition Processing Components, etc.). Its main production sites are the Kanari Plant in Miyagi Prefecture, the Ako Plant in Hyogo Prefecture, and the Tokyo Plant, with major customers including leading electronic components and display manufacturers such as Japan Display Inc. and Sharp Display Technology. Net sales for FY2026 (ending March 2026) were ¥6,009 million.

Business Model

The company's core business is a contract processing model in which raw materials (substrates and other objects to be coated) are either supplied by customers (paid or free of charge) or procured in-house, then processed using thin-film deposition technologies such as sputtering, with the resulting products sold to customers. In addition, the company sells film deposition-related components and handles surface processing solution transactions. Prototyping and one-off development projects are positioned as an entry point for solving customer challenges, and the company employs a development-linked sales model that leads to mass-production orders.

Company Strengths

Since its founding in 1953, the company has continuously deepened its thin-film technologies, including vacuum deposition, ITO film, and sputtering, with a proven application track record spanning a wide range of items such as displays, semiconductors, electronic components, and nanostructures. R&D expenses amounted to ¥223 million in FY2026 (ending March 2026), with the company advancing technology development across 12 themes including fan-out packaging, MEMS devices, and GaN template wafers.

The company maintains a three-site domestic production structure comprising the Kannari Plant in Miyagi Prefecture, the Ako Plant in Hyogo Prefecture, and the Tokyo Plant, and made capital expenditures totaling ¥176 million in FY2026 (ending March 2026), including ¥148 million in manufacturing equipment. Operating cash flow increased 162.7% year on year to ¥1,256 million, and the financial base remains stable, with an equity ratio of 61.0% and cash and cash equivalents of ¥4,029 million.

The company holds proprietary branded Nanostructure Products, including g.moth® (moth-eye structure anti-reflection), g.slip® (high slip-off functional material), and g.black™ (non-reflective black sheet), forming a technological entry barrier distinct from general-purpose thin-film processing. These are included in the "Other" product category and maintained stable sales in FY2026 (ending March 2026) as well.

ENVALITH's Perspective

Of the ¥638 million net income for FY2026 (ending March 2026), ¥186 million represents a gain from income tax adjustments, and the temporary boost effect based on the assessment of recoverability of deferred tax assets is significant. The forecast net income of ¥355 million for FY2027 (ending March 2027) (down 44.4% year on year) reflects the removal of this effect, and it is necessary to assess the underlying earning power on a real-terms basis.

Gross profit for FY2026 (ending March 2026) decreased to ¥1,462 million (from ¥1,537 million in the previous fiscal year), and the gross profit margin fell to 24.4% (from 29.1% in the previous fiscal year). The ratio of material costs to manufacturing costs rose sharply from 23.7% in the previous fiscal year to 36.5%, with increased material costs putting pressure on profit margins. External factors such as rising resource prices and higher costs of customer-supplied materials have also had an impact, and cost management going forward will be key to profitability.

The full-year forecast for FY2027 (ending March 2027) is net sales of ¥5,800 million (down 3.5% year on year), operating profit of ¥350 million (up 2.6% year on year), ordinary profit of ¥385 million (down 10.3% year on year), and net income of ¥355 million (down 44.4% year on year). While continued high growth is expected for Thin-Film Products for Semiconductors & Electronic Components, risks remain regarding an uneven distribution of revenue sources, such as zero actual sales for equipment sales solutions in the current period and a 9.3% year-on-year decline in the "other" category. External risks such as uncertainty over U.S. trade policy and the situation in the Middle East also warrant close attention as factors that could cause performance fluctuations.

Growth Strategy

Drive revenue expansion and diversification in semiconductors and new applications by integrating thin-film technology with production engineering

Building on a stable base of orders for test wafers, the Company continues to expand into new applications such as surveillance cameras, industrial printer heads, and next-generation energy. In FY2026 (ending March 2026), sales in this area grew 31.9% year on year to ¥1,876 million. Strong growth is expected to continue in FY2027 (ending March 2027).

Offsetting weakness in antistatic coatings for automotive LCD display panels, sales of anti-reflective / anti-fouling coatings for cover panels increased significantly toward the fourth quarter. Overall sales of display-related items grew 16.5% year on year to ¥2,855 million.

In addition to maintaining stable sales of proprietary nanostructure products, sales of film deposition processing components increased significantly during the period. Sales related to equipment sales solutions were zero for the period, and monetizing this area remains a challenge.

Guided by its vision of being "a production engineering-driven company that realizes new value together with customers and society," the Company is strengthening production engineering capabilities and promoting the effective use of management resources. Selling, general and administrative expenses were reduced by ¥92 million year on year, maintaining an operating margin of 5.7%.

Last updated: July 19, 2026