ENVALITH
カシオ計算機株式会社 logo

CASIO COMPUTER CO.,LTD.

6952・Prime Market・Electric Appliances

Official website
カシオ計算機株式会社 logo
CASIO COMPUTER CO.,LTD.6952

Business

Casio Computer Co., Ltd. is a Tokyo Stock Exchange Prime Market-listed company established in 1957. Centered on its two core businesses—Watches (G-SHOCK, CASIO WATCH) and Consumer (Electronic Dictionaries, Scientific Calculators, Electronic Musical Instruments)—the company operates globally through 36 consolidated subsidiaries and 2 equity-method affiliates. Production is handled by Yamagata Casio and manufacturing subsidiaries in Hong Kong, Shenzhen, Shaoguan, and Thailand, while sales are conducted through regional sales companies and distributor networks in North America, Europe, Asia, and other regions. In FY2026 (ending March 2026), net sales totaled ¥276,267 million, with the Watches segment accounting for approximately 67% of sales, making it the company's core profit driver. Its main customers are general consumers worldwide, and it targets global markets including emerging economies such as India, Brazil, and ASEAN countries.

Business Model

The Company Group employs a vertically integrated manufacturing structure in which basic research and new product development are led by the head office, while group production companies assemble products and supply them to the Company. Sales are conducted domestically through retailers and distributors, and overseas through regional sales subsidiaries and distributors, with the Company also promoting high-margin sales through the expansion of directly-operated stores and direct EC channels. The majority of revenue comes from sales of proprietary brand products such as G-SHOCK and scientific calculators, making brand strength and product differentiation key to profitability.

Company Strengths

G-SHOCK enjoys global recognition as a shock-resistant watch, offering a wide lineup ranging from entry lines such as the 5000, 5600, and 2100 series to the high-priced MT-G. In FY2026 (ending March 2026), the Watches segment achieved net sales of ¥184,966 million, operating profit of ¥27,125 million, and an operating margin of 14.7%, serving as the core of group earnings.

Scientific Calculators (EdTech) for educational use are expanding their penetration mainly in emerging markets and Europe. In FY2026 (ending March 2026), the Consumer segment maintained net sales of ¥82,057 million while operating profit expanded 57.8% year on year to ¥3,415 million. Product development capabilities, such as evolving user interfaces and developing dedicated models tailored to regional characteristics, are a source of competitive advantage.

As of the end of FY2026 (ending March 2026), the equity ratio stood at 66.9% (up 0.9 percentage points year on year), and cash and cash equivalents exceeded ¥150,600 million. While maintaining financial soundness close to a debt-free status, the company has the financial capacity to simultaneously carry out capital expenditures of ¥12,522 million (including the rebuilding of the Hamura Technology Center) and shareholder returns comprising ¥5,000 million in share buybacks and ¥10,200 million in dividends.

ENVALITH's Perspective

Operating profit for FY2026 (ending March 2026) reached ¥23,071 million (versus ¥14,236 million in the prior period), an increase of 62.1%. In addition to the disappearance of one-time costs recorded in the prior period—special early retirement payments of ¥8,296 million, business structure improvement expenses of ¥1,988 million, and system failure response costs of ¥407 million, among others—the revenue growth effect in the Watches segment combined with the containment of SG&A expenses (from ¥99,160 million to ¥99,087 million) resulted in the operating margin improving from 5.4% to 8.4%. The transition from a structural reform phase to a growth phase can be confirmed in the numbers.

The earnings forecast for FY2027 (ending March 2027) (net sales of ¥295,000 million, operating profit of ¥26,000 million) is based on assumptions of 1USD=¥155 and 1EUR=¥180. Rising US tariff rates and heightened geopolitical risks are spreading to economies worldwide, and as external factors, foreign exchange movements and cost increases could impact performance. The company has indicated a policy of flexibly advancing pricing responses and supply chain measures, but the feasibility of passing on tariff costs and the risk of intensifying price competition with rivals warrant continued close monitoring.

The annual dividend for FY2026 (ending March 2026) was ¥45 (payout ratio of 56.2%), normalizing from the prior period's 127.8%. Meanwhile, the dividend forecast for FY2027 (ending March 2027) is stated as "undetermined," leaving the shareholder return policy in an unclear state. As a subsequent event, the company has resolved to conduct share buybacks (up to ¥10,000 million / 6,000 thousand shares) and cancel treasury shares, demonstrating a stance toward improving capital efficiency; however, without an explicit dividend policy, the predictability of shareholder returns declines. The concretization of the capital allocation policy during the medium-term management plan period will be an important variable for share valuation.

Growth Strategy

Aim for sustainable growth through three pillars: the two-axis brand strategy for Watches, strengthening EdTech profitability, and cultivating new businesses

G-SHOCK will continue its strategy of re-promoting standard entry-line models (the 5000, 5600, and 2100 series), while CASIO WATCH (Standard Watch) accelerates global expansion in North America, India, and ASEAN. The company will focus on high-growth-potential areas such as India and Brazil to maximize profitability. In FY2026 (ending March 2026), the Watches segment achieved net sales of ¥184,966 million and operating profit of ¥27,125 million, confirming the effectiveness of the strategy.

For scientific calculators, the company is driving penetration and share expansion mainly in emerging markets and Europe, and strengthening profitability through service expansion aimed at ICT adoption. In FY2026 (ending March 2026), Scientific Calculators (EdTech) performed solidly and achieved higher sales. Operating profit for the Consumer segment as a whole was ¥3,415 million (up 57.8% from ¥2,164 million in the previous fiscal year).

In the Electronic Musical Instruments (Sound) business, which continues to face challenging market conditions, the company is pursuing structural reform in parallel with demand creation through new playing experiences, aiming for an early return to profitability. In FY2026 (ending March 2026), sales declined amid continued challenging market conditions, and the effects of structural reform emerging will be the focus going forward. While this has contributed to overall profit improvement in the Consumer segment, the timing of a standalone profitability turnaround for the Sound business has not been disclosed.

The company will accelerate the global rollout of the AI pet 'Moflin' while working to establish a unique position in the mental wellness field. This is positioned as the third pillar of the medium-term management plan, aiming to develop new growth areas leveraging the profit base of core businesses. At present, the contribution to earnings is limited, and the business remains in the launch phase.

In line with its capital allocation policy, the company continues to conduct share buybacks and cancellations. In FY2026 (ending March 2026), the company conducted share buybacks totaling ¥5,005 million, and as a subsequent event, cancelled 3,259 thousand shares on April 30, 2026. Furthermore, at the Board of Directors meeting on May 14, 2026, an additional buyback and cancellation of up to ¥10,000 million and 6,000 thousand shares was resolved. The company is simultaneously advancing improvements in capital efficiency and expansion of shareholder returns.

Last updated: July 19, 2026