ENVALITH
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LINTEC Corporation

7966・Prime Market・Other Products

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リンテック株式会社 logo
LINTEC Corporation7966

Business

Lintec Corporation manufactures and sells a wide range of products—from Adhesive Products for Seals & Labels to Semiconductor-Related Adhesive Tapes & Equipment, optical functional materials, and process paper/release films—built on four core proprietary technologies: adhesive application technology, surface modification technology, systematization technology, and specialty paper release material manufacturing technology. The company has 43 subsidiaries and 3 affiliated companies in Japan and overseas, and operates globally with production and sales bases in North America, Europe, and Asia. Its major customers span a wide range of industries, including semiconductor manufacturers, electronic component manufacturers, label users in the food and pharmaceutical sectors, automakers, and the aircraft industry.

Business Model

The company is composed of three segments: Printing & Industrial Materials (net sales of ¥182,644 million), Electronics & Optics (net sales of ¥100,726 million), and Paper & Processed Materials (net sales of ¥36,014 million). While the high-value-added Electronics & Optics segment drives the majority of company-wide profit with an operating margin of 21.9%, Printing & Industrial Materials functions as a stable foundation, accounting for 57% of overall sales in scale. The company continues to invest ¥11,293 million in R&D expenses, maintaining differentiation through market-dialogue-driven new product development.

Company Strengths

In addition to Semiconductor-Related Adhesive Tapes, back grind tape, and dicing tape, the company offers an integrated proposal combining dedicated equipment such as the RAD-3400F/12 with the PCBL process. In FY2026 (ending March 2026), the Electronics & Optics segment achieved operating profit of ¥22,120 million (up 19.5% year on year) with an operating margin of 21.9%, with the vertically integrated proposal capability spanning materials, equipment, and processes—difficult for competitors to replicate in a short period—underpinning the profit base.

The company has built a multi-site structure to support its global market-in strategy, centered on regional headquarters companies in North America (LINTEC USA HOLDING), ASEAN, and India (LINTEC ASIA PACIFIC REGIONAL HEADQUARTERS), with manufacturing and sales bases developed across the United States, Europe, Southeast Asia, China, South Korea, and Taiwan. The company has also carried out agile M&A, such as the acquisition of PT MULTIYASA SWADAYA in January 2024.

R&D expenses for the current period totaled ¥11,293 million (Electronics & Optics: ¥6,688 million; Printing & Industrial Materials: ¥3,519 million; Paper & Processed Materials: ¥1,085 million). The company is simultaneously developing multiple new products and processes, including establishing a mass production system for CNT Pellicles for EUV Lithography Systems, high-performance tapes for HBM, mono-material label materials, and solvent-free release paper, with technological diversity and continuous investment serving as the source of differentiation.

ENVALITH's Perspective

In FY2026 (ending March 2026), operating profit in Electronics & Optics reached ¥22,120 million (up 19.5% year on year), accounting for approximately 88% of the company's total operating profit of ¥25,156 million, while operating profit in Printing & Industrial Materials plunged to ¥1,979 million (down 63.8% year on year). This decline resulted from a combination of rising raw fuel and logistics costs and deteriorating process yields at the U.S. subsidiary, leaving the recovery of profitability in the core segment as an essential challenge for stabilizing overall company performance.

The company's forecast presents an ambitious outlook, with net sales of ¥342,000 million (up 7.1% year on year) and operating profit of ¥27,500 million (up 9.3% year on year). However, the company explicitly cites factors that would depress profit, including rising import/export costs and supply chain disruption due to high U.S. tariff policy, rising raw fuel and logistics costs stemming from Middle East conditions, higher personnel expenses from wage increases, and increased depreciation expenses associated with new equipment introduction. The risk that achievement of the forecast becomes difficult depending on the external environment is correspondingly high. Fluctuations in the exchange rate assumption (1 US dollar = ¥150) will also directly affect performance.

In FY2026 (ending March 2026), profit attributable to owners of parent rose sharply to ¥17,374 million (up 20.0% year on year), but this was mainly due to impairment losses shrinking to ¥879 million from ¥7,728 million recorded in the previous period. The increase in operating profit was limited to ¥594 million (up 2.4% year on year), and ordinary profit decreased 1.6% year on year to ¥25,666 million, indicating that the improvement in underlying profitability was modest. It should also be noted that the reduction in share count from treasury stock buybacks (¥5,240 million) contributed to the improvement in EPS (¥264.48, up 24.8% year on year).

Growth Strategy

Toward the final year of LSV 2030-Stage2, advancing three pillars: semiconductor, global, and environmental response initiatives

Against the backdrop of expanding AI and data center investment, the company continues to enhance supply capacity through the introduction of new equipment to meet growing demand for Semiconductor-Related Adhesive Tapes and Multilayer Ceramic Capacitor (MLCC) Related Tapes. It is also advancing new product development for advanced semiconductors, including establishing mass production of CNT Pellicles for EUV Lithography Systems, aiming to strengthen its position in high-value-added domains.

While continuing to expand sales in North America, Europe, and the ASEAN region, the company is optimizing its global portfolio by flexibly rationalizing unprofitable sites, such as the closure of its Korean and Taiwanese subsidiaries (Optical Materials business). Improving process yield and reducing fixed costs at its U.S. subsidiary are also being addressed as key priorities.

The company is differentiating itself by expanding environmentally responsive products, including products using hot-melt adhesives, mono-material label materials, non-fluorine oil-resistant paper, and solvent-free/de-polyethylene release paper. In the Paper Products business, losses have been narrowing following an impairment of fixed assets in the previous fiscal year (Paper & Processed Materials operating profit of ¥977 million in FY2026 (ending March 2026), up 82.6% year on year), and the company will continue to improve profitability alongside increased sales in the processed materials business.

During the period of the Medium-Term Management Plan LSV 2030-Stage2, the company's policy is to avoid reducing dividends in principle, and to pay dividends targeting a payout ratio of 40% or more, or a DOE of 3%. The annual dividend for FY2026 (ending March 2026) was ¥110 (payout ratio of 41.6%), and the forecast for FY2027 (ending March 2027) is ¥120 (payout ratio of 40.3%), continuing the trend of dividend increases. Share buybacks will also be conducted flexibly, taking into account available cash on hand.

Last updated: July 19, 2026