JEOL (6951): FY2025 Results Summary — Record Net Profit, ROE 15.7% and Medical Business Transfer to Sysmex

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JEOL Ltd. (6951) announced its consolidated results for FY2025 in its financial results briefing dated May 29, 2026. Net sales were ¥179.4 billion (YoY -8.8%) and operating profit was ¥26.0 billion (YoY -26.7%), while net profit reached a record high and ROE was 15.7%. Operating profit came in ¥2.0 billion above the previously announced forecast of ¥24.0 billion. Note: JEOL labels the fiscal year ended March 2026 as “FY2025” and the following forecast year as “FY2026”; this article follows the company’s labeling.

Consolidated Results (Full-Year Actual)

Net sales were ¥179.4 billion (YoY -8.8%) and operating profit was ¥26.0 billion (YoY -26.7%). Ordinary profit declined 16.9% year on year, while net profit rose 18.2%. The year-on-year decline in ordinary profit reflected negative factors totaling -103 (in 100 million JPY) — a sales volume decrease of -84, higher cost of sales including product mix changes of -12, and an SGA increase of -7 — against positive factors of +8, comprising an R&D cost decrease of +6 and an FX impact from yen depreciation of +2. Exchange rates were ¥151/USD and ¥175/EUR, versus ¥152/USD and ¥164/EUR in FY2024.

Item (100 million JPY)	FY2024 Result	FY2025 Result	YoY	YoY %
Net sales	1,967	1,794	-173	-8.8%
Operating profit	355	260	-95	-26.7%
OP margin	18.0%	14.5%	-3.5%	–
Ordinary profit	344	286	-58	-16.9%
Net profit	187	221	34	18.2%

Segment Results

In Scientific/Metrology Instruments, revenue and profit declined mainly due to a rebound decline following the completion of demand associated with supplementary budgets in China. In Industrial Equipment, unit sales of Multi-Beam Mask Writers and Single-Beam Mask Writers declined year on year, while demand for Spot type Electron Beam Lithography Systems expanded for use in production applications, including the ramp-up of DFB laser production for optical transceivers used in AI data centers. The Medical Equipment business was transferred to Sysmex Corporation on April 1, 2026.

Segment (100 million JPY)	Metric	FY2024 Result	FY2025 Result	YoY %
Scientific/Metrology Instruments	Net sales	1,248	1,163	-6.8%
Scientific/Metrology Instruments	Operating profit	150	131	-13.0%
Industrial Equipment	Net sales	565	481	-14.8%
Industrial Equipment	Operating profit	263	194	-26.4%
Medical Equipment	Net sales	154	149	-3.2%
Medical Equipment	Operating profit	7	1	-90.3%

FY2026 Forecast

For FY2026, JEOL forecasts net sales of ¥164.0 billion (YoY -8.6%), reflecting the impact of the transfer of the Medical Equipment Business, and operating profit of ¥26.5 billion (YoY +1.9%). Assumed exchange rates are ¥155/USD and ¥175/EUR. Although uncertainty remains due to reductions in science and technology-related budgets in the United States, inquiries centered on electron microscopes are expected to remain firm. While signs of recovery are emerging in the market environment for Multi-Beam Mask Writers, demand recovery is still expected to take time, and further growth in demand is expected for Spot-Beam systems. The consolidated earnings forecast (net profit) incorporates an estimated impact associated with the transfer of the Medical Equipment Business; the specific details and amount are currently under review, and further information will be disclosed in future earnings announcements.

Item (100 million JPY)	FY2025 Result	FY2026 Forecast	YoY %
Net sales	1,794	1,640	-8.6%
Operating profit	260	265	1.9%
Ordinary profit	286	262	–
Net profit	221	213	–

By segment, Scientific/Metrology Instruments is forecast at net sales of 1,214 (100 million JPY, YoY +4.4%) and operating profit of 164 (+25.2%), and Industrial Equipment at net sales of 426 (-11.4%) and operating profit of 167 (-13.9%). No forecast is presented for Medical Equipment following the business transfer.

Shareholder Returns

JEOL aims to realize stable and continuous shareholder returns based on a basic policy of a target dividend payout ratio of 30%, and will consider flexible share repurchases aimed at enhancing capital efficiency and sustainable growth in corporate value. The FY2025 dividend was 132 JPY per share (payout ratio 30.5%), up from 106 JPY in FY2024, and the FY2026 forecast is also 132 JPY (30.5%). In FY2025 the company repurchased 2.3 million shares for approximately ¥11.8 billion through a tender offer associated with the sale of shares by Nikon; the tender offer commenced on February 3, 2026 and was completed on March 4, 2026, with a total acquisition price of 11,840,420,592 yen for 2,300,004 shares, equivalent to 4.46% of total issued shares.

Item	FY2024	FY2025	FY2026 (Forecast)
Dividend per share (JPY)	106	132	132
Dividend payout ratio	29.0%	30.5%	30.5%

Medium-Term Plan / Topics

JEOL presented an update to its Medium-Term Management Plan FY2025–FY2029 “Evolving Growth 2.0 – A New Horizon -“. Numerical goals for FY2029 are net sales of ¥205.0 billion, operating profit of ¥44.0 billion (operating margin 21.5%), and ROE and ROIC of 15% or more. The plan focuses on semiconductors and life sciences as priority markets under the “YOKOGUSHI 2.0” strategy, with the Scientific/Metrology Instruments operating profit margin targeted to improve by +7.1pt (12.0% to 19.1%). In the semiconductor field, the company aims to achieve net sales of ¥70.0 billion in FY2029 (+¥19.5 billion vs. FY2025) and operating profit of ¥28.0 billion (+¥8.2 billion vs. FY2025). On April 1, 2026, the company completed the transfer of its Medical Equipment Business to Sysmex Corporation, and the business commenced operations as Sysmex BioMajesty Co., Ltd.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.