TATSUTA Electric Wire & Cable Overview
Tatsuta is a mid-sized Osaka manufacturer that applies copper-conductor and polymer know-how built over 80 years in wire and cable to specialist electronic materials. Its EMI shielding film for flexible printed circuits, sold under the WILMINA® brand, is used in smartphones and tablets. Third-party research has credited it with more than half of the world market. Around this franchise the company has added conductive pastes, gold, silver, copper and palladium-coated copper bonding wire for semiconductor packaging, liquid-leak detection sensors (now a growth line for liquid-cooled AI data centres) and medical-device components. By revenue, though, wire and cable is still the core: power-utility distribution lines, building wire and robot-grade industrial cable made up about 73% of FY3/2024 sales. Since JX Advanced Metals bought out minority shareholders in 2024, Tatsuta has been run as part of JX's Information and Communication Materials portfolio. JX now ties Tatsuta's packaging-materials and data-centre technology work directly to its own technology strategy.
The company's own description. In its securities filings Tatsuta describes the group as the parent plus six consolidated subsidiaries in FY3/2024. They work in four areas: electric wire and cable, electronic materials, sensors and medical, and environmental analysis. The group says it uses technology from its founding wire business to serve electronic materials, electronics and optical components. On its recruitment profile it calls its functional films "indispensable materials for smartphones and tablets adopted by major global manufacturers." It also describes its strategy as aiming to be a "niche-top" supplier.
Business model. Almost all revenue comes from products. Tatsuta makes and sells physical goods: copper wire and cable, coated films, pastes, fine wire and sensors. A small service business, Tatsuta Environmental Analysis Center, sells measurement and analysis services. No subscription or licensing revenue is disclosed beyond small royalty income: ¥18 million in FY3/2021 and ¥9 million in FY3/2022, recorded as non-operating income.
Revenue model by economics.
Wire and cable: is a copper pass-through business. Prices follow LME copper and the domestic copper base price, so revenue moves with metal prices while unit margins stay thin. Segment operating margins were between 1.2% and 4.4% from FY3/2021 to FY3/2024. Sumiden HST Cable Co., Ltd., the joint sales company for building and electrical wire, is the single largest customer. It took ¥17,793 million in FY3/2024, or 27.8% of consolidated sales.
Electronic materials: is a specification-driven, design-in business with high value per square metre. It sells EMI films into flexible printed circuit (FPC) supply chains for handset and camera-module makers. Operating margins were 19.5% in FY3/2021 and 7.9% in FY3/2024. The business is very sensitive to smartphone production volumes and price competition from Chinese makers.
Other: covers sensors, medical, optical and environmental analysis. These are niche engineered products and services with small volumes.
Position in the value chain. Tatsuta is a materials and components supplier one or two tiers below the end-product OEM.
-
In semiconductor packaging, its bonding wire is consumed at the wire-bond step of assembly and test (OSATs and integrated device makers).
-
In flexible electronics, its EMI shielding films and conductive bonding films are laminated onto FPCs by FPC makers. The FPCs then go into handset, tablet and camera-module assemblies.
-
In power and building infrastructure, its distribution lines and building wire go to electric utilities, general contractors and electrical wholesalers. Much of the building-wire volume is sold through Sumiden HST Cable.
-
In factory automation, high-strength copper-alloy cables go to robot and machine-tool builders.
-
In data centres, leak-detection cables and systems go to builders and operators of liquid-cooled server facilities.
Customer types. The company lists electric utilities, telecom carriers, government, electrical machinery, machinery, chemical, railway and construction customers among its main counterparties. Electronics customers include FPC makers and global smartphone OEM supply chains. Medical customers include device makers and hospitals; the UTM acquisition added a national distributor network.
End markets. Power transmission and distribution, buildings and construction, factory automation and robotics, railways, smartphones and mobile devices, semiconductor packaging, automotive (as a development target), AI data centres, medical devices, and environmental compliance.
Independent characterisation. Tatsuta is really two companies under one name. The first is a domestic copper-wire business with commodity economics. It is cash-generative in good copper years and depends heavily on Japanese utility and construction spending. The second is a globally competitive specialty-film business that, in its best years, produced most of the group's operating profit: ¥3,813 million of ¥3,532 million consolidated operating income in FY3/2021, before corporate costs. As smartphone volumes stalled from FY3/2022, electronic-materials profit fell by about 70% in three years and wire and cable became the main profit source. Since 2024 a third engine has appeared. Leak-detection systems for AI data centres were small in revenue but expanding capacity 2.5-fold by 2027. Under JX ownership, strategy now centres on using Tatsuta's packaging-material, sensor and medical know-how across the wider JX group rather than on returns to standalone shareholders.
Strategy
Stated strategy. Tatsuta's "2025 Long-Term Vision" aimed at revenue of ¥100 billion and operating income of ¥10 billion by FY2025. Its themes were to explore the frontiers of wire and electronic-materials technology, to become a niche-top supplier, and to supply original advanced components and materials. In its FY3/2024 securities report the company said it would keep reviewing medium- and long-term targets because of the uncertain business environment. FY3/2026 parent revenue was ¥73 billion and profit about ¥4.9 billion, so the 2025 targets were not met. Under JX, the old standalone targets have been replaced by integration priorities.
Integration with JX Advanced Metals. JX explained the acquisition as a way to combine Tatsuta's wire and electronic-materials base with JX's metals and recycling capabilities. It also committed to keep Tatsuta's employees and supply chain. JX's August 2026 materials set out Tatsuta's direction by business:
Wire and cable: grow revenue through pricing strategy; diversify raw-material sources; buy more recycled copper and use recycled copper to differentiate products. In October 2026 Tatsuta filed a notice to operate as a specified metal-scrap purchaser, which supports this.
EMI shielding film: share smartphone market intelligence across the JX group and improve existing and new products.
Leak-detection sensors: expand capacity quickly and consider using JX's sites and sales channels.
Medical: develop products jointly with JX. JX itself highlights rolled annealed copper foil for medical catheters.
Initiatives in the last 24 months
Aug 2025: Initiative: Acquired UTM Corporation; Detail: Built a medical-device foothold with microcatheters and guidewires; UTM's distribution network is used as a channel for minimally invasive devices developed jointly
Jun 2026: Initiative: JAXA Space Exploration Innovation Hub joint research; Detail: Uses AI to speed the design of lightweight, thin radio-wave absorbers for 5G, wireless power, satellite and space equipment, with Tohoku University, Hokuetsu Corporation and JAXA
Aug 2026: Initiative: Leak-detection capacity +30% versus FY2025; Detail: Kyoto Plant layout and flow reorganised and equipment added; full operation from end of August 2026
Oct 2026: Initiative: Leak-detection capacity to about 2.5 times the end-2026 level by September 2027; Detail: Phased expansion because demand exceeded forecasts; further investment under study
Oct 2026: Initiative: Technology Strategy Department created in Tatsuta's Strategy Headquarters, paired with a Tatsuta branch in JX's Technology Strategy Department; Detail: Joint business and technology strategy, information sharing and joint themes, focused on package materials and AI and data-centre markets
Ongoing: Initiative: "T-Challe" internal new-business programme; start-up co-creation; work with Kansai University on material-evaluation contract development; Detail: Open-innovation pipeline
Ongoing: Initiative: Sponsorships (FC Osaka top partner for 2026/27; NEXTELLA LEAGUE junior basketball); Detail: Recruitment branding and community presence in the Kansai region
Sustainability commitments. Under its materiality framework (sustainability reporting since 2021), Tatsuta cut domestic group Scope 1+2 emissions from 20,119 t-CO₂ in FY2021 to 6,110 t-CO₂ in FY2023. It reports a 98.8% recycling rate, a women-in-management target of 10%, and products that serve environmental needs, such as the long-life robot cable and the material-saving Netsutough 115 wire.
Medium-term financial targets. Tatsuta publishes none. The relevant guidance comes from JX: the August 2026 forecast for the ICT-materials line that includes Tatsuta is revenue of ¥175.0 billion and operating profit of ¥13.0 billion for the year ending March 2027.
Products & Services
Electric Wire & Cable
| Product line | Description and specifications | Target customers | Launch / status |
|---|---|---|---|
| Overhead distribution lines (bare and covered) | Distribution conductors for utility networks. Recent R&D has targeted quality and productivity on these lines. | Regional electric utilities | Core product; FY3/2024 R&D focus |
| Power cables (CV and others) | Low- and medium-voltage power cable for plants and buildings | Power plants, construction, industry | Ongoing |
| Building and general-purpose wire | Distribution wire for buildings; product range expanded in recent R&D | Contractors, wholesalers (via Sumiden HST Cable) | Ongoing |
| "Karumage" 600V flame-retardant flexible cross-linked polyethylene eco cable | Easy bending for less labour in tight spaces; aimed at data centres and confined wiring | Data centres, building electrical work | Launched October 2019 |
| "Netsutough 115®" special heat-resistant PVC wire | Smaller wire sizes save material; for low-voltage circuits up to AC600V inside equipment | Electrical-equipment makers | Ongoing |
| High-strength (copper-alloy) robot and FA cable | Rated for more than 100 million bending cycles; used by many robot makers | Industrial-robot and FA equipment makers | High-strength alloy wire since 1989 |
| Thin, high-strength cable | Slim diameter with high durability, allowing tighter and more flexible routing | Robotics, precision machinery | Ongoing |
| Functional cables | Sheath additives make them antibacterial, mould-resistant, rodent-resistant or cold-resistant; used in food, medical and cosmetics plants | Factory operators | Exhibited at Kansai Robot World 2025 |
| TC-ER certified cables | Certified for industrial-machinery power supply, three or more cores | Machine builders (North American spec) | Ongoing |
| Railway vehicle wire and cable | Used by JR companies, major private railways, public subways and rolling-stock makers, from Shinkansen to commuter trains | Railway operators, vehicle makers | Ongoing |
| Instrumentation, broadcast and high-frequency coaxial cable | Made by Tatsuta Tatsui Densen | Broadcast, telecom, instrumentation | Tatsui Densen acquired 2014 |
| Cat6 LAN multi-cable | Several LAN cables in one jacket for large LED displays and event venues | Event and AV installers | Ongoing |
| Custom cable terminations and assemblies | Cable terminations to customer specification | Industrial customers | Ongoing |
Electronic Materials (semiconductor and electronics supply chain)
| Product | Key specifications | Application | Notes |
|---|---|---|---|
| SF-PC8600-C | Standard EMI shielding film | FPCs in mobile devices | Standard grade |
| SF-PC8900-C | Thin, high-speed transmission grade | High-speed FPC signal lines | Thinness and signal-integrity grade |
| SF-PC3300-C, SF-PC3500P2-C, SF-PC3100-C | High-shielding grades; SF-PC3100-C has the highest shielding | Noise-sensitive circuits | High-shield family |
| SF-PC6000-U1(N), SF-PC4300-C | Grades that follow surface steps on uneven boards | Stepped FPCs | Step-conformance family |
| SF-FT8905-C (SF-FT series) | 70 dB shielding at 1 GHz, 10 μm thick, more than 20,000 MIT flex cycles | Dynamic-flex FPCs such as hinges | High-shield, high-flex |
| WILMINA® SF-FT6015-US-C | High shielding on high-step boards and resistant to ultrasonic cleaning | Smartphone camera-module FPCs | Built for camera-module process needs |
| Conductive bonding film | Conductive adhesive film for electrical connection and grounding in FPCs | FPC makers | Included in WILMINA brand |
| Transparent EMI shielding film | Smartphone-level shielding with high transparency and weather resistance for outdoor use | Wireless-power systems, displays; used to contain microwave leakage at the Expo 2025 Osaka exhibit of Space Power Technologies | Adopted April 2025 |
| FFC films | Films for flexible flat cable | FFC makers | Ongoing |
| EMI absorbing and heat-dissipating sheet | Combines electromagnetic absorption with heat spreading | Electronics thermal and EMI management | Japanese patent granted August 2026 |
| Product | Description | Application |
|---|---|---|
| Polymer-type copper conductive paste | The company's founding paste technology (1987) and the basis of its EMI films | Circuit printing |
| SC series low-temperature-cure conductive paste | Cures at 60–80°C | Interlayer connection on plastic substrates, component mounting |
| Via-filling paste | Fills vias in substrates | Multilayer boards |
| Electrode-forming and metallisation pastes | Form electrodes and metal layers | Electronic components |
| Package-shielding paste | Shields semiconductor packages from EMI | IC packages |
| Component-mounting and circuit-printing pastes | Conductive bonding and printed wiring | Assembly |
| Development pipeline | 3D multilayer paste, UV-curable wiring paste, thermal-interface paste. A conductive-paste multilayer-board patent was filed in September 2025. | Next-generation packaging and thermal management |
| Product | Description | Application |
|---|---|---|
| Gold bonding wire | Fine gold wire for ball and wedge bonding | ICs, discretes, LEDs |
| Silver (alloy) bonding wire | Lower-cost alternative to gold | LEDs, ICs |
| Copper bonding wire | Lowest-cost conductor; recent R&D focus | ICs, power devices |
| Palladium-coated copper bonding wire | Pd coating protects copper from oxidation | Automotive and high-reliability packages |
| Status | Made since 1984. FY3/2024 R&D covered copper and silver wire, and an international "bonding wire" patent application was published in October 2025. Bonding-wire revenue is reported within Electronic Materials and is not broken out. | — |
Functional films (WILMINA® brand since July 2023)
Functional pastes
Semiconductor bonding wire
Other electronic-materials offerings
-
Low-pressure cold spray equipment, launched May 2024, for depositing metal coatings.
-
Electrode film, exhibited with JX Advanced Metals' materials portfolio.
Other: Sensors & Medical, Environmental Analysis
| Product / service | Description | Target customers | Launch |
|---|---|---|---|
| Water-leak detection sensors and systems | Detection cables and systems that locate water leaks early | Buildings, computer rooms, data centres | 1,981 |
| Leak detection for AI data centres | Sensor systems for liquid-cooled GPU server rooms, including a wafer-leak sensor shown in JX materials | Data-centre builders and operators | Kyoto Plant capacity +30% from August 2026; 2.5 times end-2026 level by September 2027 |
| Flame-retardant, chemical-resistant leak sensor | Detects chemical leaks in harsh environments | Semiconductor and chemical plants | July 2020 |
| Sheet-type leak sensor and access-control systems | Sheet sensors and related systems | Facilities | Ongoing |
| OCT optical fibre interferometer modules | Optical modules for ophthalmic OCT equipment | Medical-device makers | 2,013 |
| Medical cables | Cables with connectors and pressure-sensor cables | Medical-device makers | 2,017 |
| Medical optical fibre probes | Probes for photodynamic therapy; production line at the Kyoto Plant | Device makers, hospitals | March 2022 |
| Composite medical tubes | Tubes with embedded optical fibre or wire | Catheter makers | Development and roll-out |
| Liquid-leak sensors for dialysis | Detects blood leaks if a dialysis needle comes out | Dialysis providers | Ongoing |
| IV drip counter and dialysis fluid-control systems | Infusion monitoring | Hospitals | Ongoing |
| Carbon lead wires for ECG electrodes | Conductor wires for electrocardiogram electrodes | ECG electrode makers | Shown in JX's 2026 materials |
| Microcatheters and guidewires (UTM) | Minimally invasive devices sold through UTM's national hospital and distributor network | Hospitals, distributors | Acquired August 2025 |
| Optical fibre couplers | Passive optical components | Telecom and sensing | 1,997 |
| Environmental analysis | Water, air, noise, vibration and odour measurement; soil-contamination and asbestos surveys | Industry, municipalities | 1977 (centre spun off 1979) |
Pricing is not publicly disclosed for any product line.
Financial Narrative
Consolidated statements under Japanese GAAP were last published for FY3/2024. After November 2024 Tatsuta stopped publishing consolidated accounts. Non-consolidated parent figures for FY3/2025 and FY3/2026 have appeared in the company's recruitment profile and are shown separately in 6.5. FY3/2022 onward reflects the Revenue Recognition Standard (ASBJ No. 29).
Income Statement
Diluted EPS equals basic EPS because no dilutive securities were outstanding. Pre-tax income was ¥3,618 million in FY3/2021, ¥3,189 million in FY3/2022, ¥1,331 million in FY3/2023 and ¥2,437 million in FY3/2024.
EBITDA (operating income plus depreciation, ¥ millions)
Margins (%)
Revenue grew at a compound 2.5% a year from FY3/2020 to FY3/2024. Most of that came from copper prices feeding through to wire selling prices, not from volume.
Dividends per share: ¥9.00 in FY3/2023, all paid as an interim dividend. The total was ¥556 million, a 57.4% payout and 1.2% DOE. No dividend was paid for FY3/2024 because the planned tender offer assumed none. Dividends have not been relevant since the company became a wholly owned subsidiary.
Income-statement commentary. The five years divide into three phases.
-
Peak specialty mix (FY3/2020–FY3/2021). Operating margin held at 6.5% even as COVID-19 cut revenue by 6.3% in FY3/2021. Electronic materials produced ¥3.8 billion of segment profit, and gross margin rose to 24.2%.
-
Specialty compression (FY3/2022–FY3/2023). Revenue reached a then-record ¥61.5 billion, but gross margin fell almost 6 points to 18.3%. Copper-led revenue in wire and cable carries low margins, and electronic-materials revenue fell 23% over two years as smartphone volumes contracted. Operating income dropped 55% to ¥1.7 billion. FY3/2023 net income of ¥967 million was also cut by ¥641 million of extraordinary losses.
-
Partial recovery (FY3/2024). Operating income rose 49.7% to ¥2.5 billion. Wire and cable pricing discipline, mix and cost cuts offset another decline in films. SG&A has been almost flat at about ¥9.5–10.0 billion for five years, so profits are highly operationally leveraged to gross margin.
Balance Sheet
Debt split. All ¥900 million of borrowings were long-term until March 2023. At March 2024 they had become the current portion, so short-term debt was ¥900 million and long-term debt was zero. Interest expense was ¥6 million in both FY3/2021 and FY3/2022.
Liquidity held outside reported cash. Like other JX group companies, Tatsuta places surplus liquidity as short-term loans receivable inside the group: ¥12,579 million at March 2021 and ¥5,686 million at March 2022. Reported "cash" therefore understates actual liquidity, and net financial assets are much larger than the net-cash line shows.
Working capital. Current assets were ¥39,761 million against current liabilities of ¥7,931 million at March 2023, giving working capital of ¥31,830 million. At March 2024 the figures were ¥41,993 million and ¥9,278 million, giving ¥32,715 million. Property, plant and equipment was ¥15,929 million and ¥16,545 million. Intangible assets were small at ¥157 million and ¥148 million. The company carries no material goodwill.
Commentary. The balance sheet is very conservative, with an equity ratio of 82–84% and almost no debt. The weakness is capital efficiency: about ¥51 billion of equity earned ROE of only 2.0–3.6% in FY3/2023 and FY3/2024. That gap is a large part of why JX could argue for taking the company private and absorbing its surplus capital into the group. Receivables rose by ¥7 billion from FY3/2021 to FY3/2024, faster than revenue. That reflects copper-price-driven billing and the 27.8% of sales concentrated in a single sales-company customer.
Cash Flow
In FY3/2020, operating cash flow was ¥7,223 million, investing outflow ¥5,839 million and financing outflow ¥1,050 million. Up to FY3/2023 the financing outflows were mostly dividends. No share buybacks took place from FY3/2020 to FY3/2024; the last programme bought 2,000,000 shares for ¥871 million in 2016. The investing outflows mostly reflect capex and changes in intra-group deposits.
Commentary. Operating cash flow fell from ¥7.2 billion in FY3/2020 to ¥1.9 billion in FY3/2023 as profit fell and working capital absorbed cash during the copper upswing. It recovered to ¥3.3 billion in FY3/2024. Capex has stayed around ¥1.7–2.6 billion a year, close to depreciation, so the asset base is being maintained rather than expanded. FY3/2022 capex in electronic materials (¥1,401 million) and FY3/2024 capex (¥1,544 million) were the exceptions.
Ratios
Other ratios. The current ratio was 5.0x at March 2023 and 4.5x at March 2024. Net debt to EBITDA was negative in every year because the company held net cash. Interest coverage was about 589x in FY3/2021 and 481x in FY3/2022. The FY3/2023 cash conversion cycle was about 183 days: 125 receivable days plus 90 inventory days, less 31 payable days. The long cycle reflects copper inventories and long customer payment terms in Japanese wire distribution. ROIC uses the effective tax rate for each year, 27–29%.
Post-Delisting Results
Tatsuta's recruitment profile calls this profit line operating income in one version and ordinary income in another. The figures are the same in both. The equity ratio was 79.5% at 31 March 2025.
Commentary on inflections. Parent revenue rose 19% in the two years after FY3/2024, and profit roughly doubled to about ¥4.9 billion. FY3/2026 was the best year in the five-year data. Higher copper prices lifted wire revenue, and JX says Tatsuta grew wire revenue through pricing strategies. Leak-detection sensor demand from AI data centres also accelerated. JX's FY2025 first-half commentary noted that Tatsuta's operating profit was down year on year only because negative goodwill booked in FY2024 did not recur.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansFinancial Detail
Segment Overview
| Segment | Contents | Main entities |
|---|---|---|
Electric Wire & Cable | Infrastructure wire for utilities, power plants and building distribution; general and industrial-machinery wire; equipment wire for factory automation and precision machinery; instrumentation, broadcast and coaxial cable | Parent (Osaka Plant), Chugoku Densen Kogyo, Tatsuta Tatsui Densen, Changzhou Tatsuta (China) |
Electronic Materials | Functional films (EMI shielding films and conductive bonding films for FPCs), functional pastes (conductive pastes), and fine wire for electronic-component wiring, including bonding wire | Parent (Kyoto Plant, Technical Center, Sendai Plant), Tatsuta Electronic Materials Malaysia |
Other | Sensors and medical (leak detection, access control, optical-electronic products, medical sensors, tubes and cables) and environmental analysis (water, air, noise, vibration, odour, soil and asbestos surveys) | Parent, Tatsuta Environmental Analysis Center, Tatsuta Welfare Service, and UTM since August 2025 |
Revenue by Segment
| Segment | FY3/2020 | FY3/2021 | FY3/2022 | FY3/2023 | FY3/2024 |
|---|---|---|---|---|---|
Electric Wire & Cable revenue (JPY Mn) | 36,996 | 33,007 | 40,400 | 43,975 | 47,096 |
Electronic Materials revenue (JPY Mn) | 19,129 | 19,595 | 17,247 | 15,064 | 14,548 |
Other revenue (JPY Mn) | 2,073 | 1,946 | 2,243 | 2,463 | 2,502 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansResults by Segment
| Segment | FY3/2021 | FY3/2022 | FY3/2023 | FY3/2024 |
|---|---|---|---|---|
Electric Wire & Cable operating income (JPY Mn) | 409 | 750 | 768 | 2,063 |
Electronic Materials operating income (JPY Mn) | 3,813 | 2,705 | 1,464 | 1,147 |
Other operating income (JPY Mn) | 39 | 139 | 161 | 26 |
Corporate adjustments (JPY Mn) | -729 | -710 | -692 | -689 |
Consolidated operating income (JPY Mn) | 3,532 | 2,885 | 1,701 | 2,547 |
Segment Margins & Growth (%) and Revenue by Segment (%)
| Metric | FY3/2021 | FY3/2022 | FY3/2023 | FY3/2024 |
|---|---|---|---|---|
Electric Wire & Cable operating margin (%) | 1.2 | 1.9 | 1.7 | 4.4 |
Electronic Materials operating margin (%) | 19.5 | 15.7 | 9.7 | 7.9 |
Other operating margin (%) | 2.0 | 6.2 | 6.5 | 1.0 |
Electric Wire & Cable revenue growth (%) | -10.8 | 22.4 | 8.8 | 7.1 |
Electronic Materials revenue growth (%) | 2.4 | -12.0 | -12.7 | -3.4 |
Electric Wire & Cable share of revenue (%) | 60.5 | 67.5 | 71.5 | 73.4 |
Electronic Materials share of revenue (%) | 35.9 | 28.8 | 24.5 | 22.7 |
Revenue by Segment (FY2024 1H–FY2026 1Q)
| Metric (JX ICT Materials line, JPY Bn) | FY2024 1H | FY2025 1H | FY2025 1Q | FY2026 1Q |
|---|---|---|---|---|
Revenue (JPY Bn) | 44.3 | 77.3 | 40.4 | 43.8 |
Operating profit (JPY Bn) | 8.4 | 4.0 | 2.0 | 4.2 |
Income Statement and Per-Share Data
| Metric | FY3/2020 | FY3/2021 | FY3/2022 | FY3/2023 | FY3/2024 |
|---|---|---|---|---|---|
Revenue (JPY Mn) | 58,171 | 54,516 | 59,861 | 61,476 | 64,119 |
Gross profit (JPY Mn) | 13,803 | 13,215 | 12,386 | 11,279 | 12,132 |
SG&A (JPY Mn) | 10,021 | 9,682 | 9,501 | 9,577 | 9,584 |
Operating income (JPY Mn) | 3,781 | 3,532 | 2,885 | 1,701 | 2,547 |
Ordinary income (JPY Mn) | 3,917 | 3,629 | 3,114 | 1,864 | 2,688 |
Net income attributable to owners (JPY Mn) | 2,740 | 2,645 | 2,330 | 967 | 1,765 |
EPS basic (JPY) | 44.36 | 42.83 | 37.72 | 15.67 | 28.58 |
Comprehensive income (JPY Mn) | 1,870 | 3,874 | 2,380 | 825 | 3,305 |
Income Statement and Margin Analysis (%)
| Metric | FY3/2021 | FY3/2022 | FY3/2023 | FY3/2024 |
|---|---|---|---|---|
Depreciation (JPY Mn) | 1,770 | 1,980 | 1,991 | 1,897 |
EBITDA (JPY Mn) | 5,302 | 4,865 | 3,692 | 4,444 |
EBITDA margin (%) | 9.7 | 8.1 | 6.0 | 6.9 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansMargin Analysis (%)
| Metric | FY3/2020 | FY3/2021 | FY3/2022 | FY3/2023 | FY3/2024 |
|---|---|---|---|---|---|
Gross margin (%) | 23.7 | 24.2 | 20.7 | 18.3 | 18.9 |
Operating margin (%) | 6.5 | 6.5 | 4.8 | 2.8 | 4.0 |
Net margin (%) | 4.7 | 4.9 | 3.9 | 1.6 | 2.8 |
Balance Sheet and Margin Analysis (%)
| Metric | FY3/2021 | FY3/2022 | FY3/2023 | FY3/2024 |
|---|---|---|---|---|
Total assets (JPY Mn) | 56,961 | 58,654 | 58,457 | 61,119 |
Cash and deposits (JPY Mn) | 1,444 | 1,389 | 1,246 | 1,780 |
Notes and accounts receivable (JPY Mn) | 14,457 | 19,419 | 20,973 | 21,425 |
Inventories (JPY Mn) | 9,040 | 11,954 | 12,327 | 12,431 |
Total liabilities (JPY Mn) | 10,060 | 10,484 | 10,575 | 9,932 |
Interest-bearing debt (JPY Mn) | 900 | 900 | 900 | 900 |
Net assets (JPY Mn) | 46,901 | 48,169 | 47,882 | 51,186 |
Net cash, cash less debt (JPY Mn) | 544 | 489 | 346 | 880 |
Equity ratio (%) | 82.3 | 82.1 | 81.9 | 83.7 |
Book value per share (JPY) | 759.14 | 779.68 | 775.04 | 828.54 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansCash Flow
| Metric | FY3/2021 | FY3/2022 | FY3/2023 | FY3/2024 |
|---|---|---|---|---|
Operating cash flow (JPY Mn) | 5,153 | 3,061 | 1,877 | 3,279 |
Investing cash flow (JPY Mn) | -3,952 | -4,178 | -855 | -2,726 |
Financing cash flow (JPY Mn) | -1,212 | -1,112 | -1,112 | 0 |
Capital expenditure (JPY Mn) | 1,947 | 2,590 | 1,702 | 2,462 |
Free cash flow, OCF less capex (JPY Mn) | 3,206 | 471 | 175 | 817 |
Year-end cash and equivalents (JPY Mn) | 1,444 | 1,389 | 1,246 | 1,780 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY3/2020 | FY3/2021 | FY3/2022 | FY3/2023 | FY3/2024 |
|---|---|---|---|---|---|
ROE (%) | 6.3 | 5.8 | 4.9 | 2.0 | 3.6 |
ROA, net income to average assets (%) | 5.1 | 4.7 | 4.0 | 1.7 | 3.0 |
Asset turnover (x) | 1.08 | 0.97 | 1.04 | 1.05 | 1.07 |
Equity ratio (%) | 80.3 | 82.3 | 82.1 | 81.9 | 83.7 |
Margin Analysis (%) (FY3/2021–FY3/2024)
| Ratio | FY3/2021 | FY3/2022 | FY3/2023 | FY3/2024 |
|---|---|---|---|---|
Debt to equity (%) | 1.9 | 1.9 | 1.9 | 1.8 |
ROIC, NOPAT to equity plus debt less cash (%) | 5.2 | 4.2 | 2.6 | 3.7 |
Income Statement and Margin Analysis (%) (FY3/2023–FY3/2026)
| Metric | FY3/2023 | FY3/2024 | FY3/2025 | FY3/2026 |
|---|---|---|---|---|
Non-consolidated revenue (JPY Mn) | 57,300 | 61,300 | 68,500 | 73,000 |
Non-consolidated profit (JPY Mn) | 1,500 | 2,400 | 2,900 | 4,900 |
Revenue growth (%) | -- | 7.0 | 11.7 | 6.6 |
Profit margin (%) | 2.6 | 3.9 | 4.2 | 6.7 |
Share Price & Returns
| Reference point | Price (JPY) |
|---|---|
Close on 21 Dec 2022, before the offer was announced | 414 |
Initial tender offer price (Dec 2022 and Jun 2024) | 720 |
Final tender offer price (26 Jul 2024) | 780 |
Last close before delisting (6 Nov 2024) | 778 |
Valuation Multiples
| Multiple | FY3/2024 basis |
|---|---|
Equity value (JPY Mn) | 48,188 |
P/E (x) | 27.3 |
P/B (x) | 0.94 |
EV/EBITDA (x) | 10.6 |
EV/Sales (x) | 0.73 |
Analyst Conclusions
Management guidance. Tatsuta does not publish standalone guidance. The nearest proxy is JX Advanced Metals' August 2026 forecast for the ICT-materials line that includes Tatsuta and Toho Titanium: revenue of ¥175.0 billion and operating profit of ¥13.0 billion for FY2026 (ending March 2027). That forecast was raised from ¥170.0 billion and ¥9.0 billion in May. In Q1 the line's operating profit more than doubled, to ¥4.2 billion. JX's group forecast for FY2026 is operating profit of ¥190.0 billion.
Consensus growth expectations. No broker covers Tatsuta. JX's own commentary implies continued growth from leak detection (capacity rising 2.5-fold by September 2027), steady wire pricing, and stable but competitive EMI-film volumes.
Bull case
-
Leak detection becomes a meaningful second engine. Capacity rises 30% and then to 2.5 times, in line with AI server shipments forecast to grow 29.6% a year. If JX's global channels open export markets, this product line could rival electronic-materials profit within a few years.
-
Packaging-materials synergy with JX. Combining Tatsuta's conductive paste, shielding and bonding-wire know-how with JX's sputtering targets and copper foil gives access to AI-server and advanced-package customers that Tatsuta could not reach alone.
-
Margin normalisation. Parent profit margin rose from 2.6% to 6.7% in three years. With wire pricing discipline, recycled-copper differentiation and new products, the 2025 Vision's 10% operating margin is no longer out of reach.
Bear case
-
Steady erosion of the film franchise. Electronic Materials revenue fell 26% and margin about 12 points between FY3/2021 and FY3/2024. Chinese suppliers have scale advantages within China's FPC base, and smartphone volumes are flat.
-
Copper-cycle and concentration risk. Most revenue comes from low-margin wire sold largely through one channel customer. A copper-price fall or a construction slowdown would hit both revenue and working capital.
-
Leadership and identity risk. A new CEO from outside the company, the death of its leading electronics executive and closer integration with JX could weaken the entrepreneurial culture behind the shielding-film breakthrough, and Tatsuta could become a captive cost centre.
Key catalysts and things to monitor over the next 12 months
Leak-detection ramp: What to watch: Progress on the expansion to 2.5 times capacity, due September 2027, and any further investment decision
JX quarterly reporting: What to watch: Revenue and operating profit of the "Toho Titanium, Tatsuta and others" line against the ¥175.0 billion / ¥13.0 billion forecast
Smartphone and FPC cycle: What to watch: Shipments of new flagship handsets and camera modules, and film pricing in China
Copper price and recycled-copper procurement: What to watch: Effect on wire pricing; metal-scrap purchasing activity after the October 2026 notice
Joint package-materials themes: What to watch: First jointly developed JX–Tatsuta products for AI servers and packaging
Medical integration: What to watch: New minimally invasive devices from UTM and Tatsuta; regulatory approvals
Leadership: What to watch: Board appointments after Morimoto's death; JX's governance of the subsidiary
Analyst verdict. Tatsuta is a small company with one very strong franchise, and its going-private transaction was rational on both sides. As a listed company it combined a world-leading niche product, copper-paste-based FPC shielding film, with a large but low-margin domestic wire business and an overcapitalised balance sheet. From FY3/2021 to FY3/2024 the specialty engine weakened sharply. Electronic Materials profit fell from ¥3.8 billion to ¥1.1 billion as smartphone demand stalled and Chinese rivals grew, while wire and cable, at 1–4% margins, became the larger contributor. ROE of 2–4% on more than ¥50 billion of equity could not justify a standalone listing. JX's ¥780 offer, 88% above the undisturbed price but slightly below book value, gave minority holders a clean exit. It also gave JX the business at a price that produced ¥6.2 billion of negative goodwill.
Since then the picture has improved. Non-consolidated revenue rose to ¥73 billion in FY3/2026 and profit to about ¥4.9 billion. The jump in liquid-cooling deployments for AI data centres has turned a decades-old leak-sensor business into Tatsuta's fastest-growing line, with capacity planned to reach 2.5 times its end-2026 level by September 2027. JX is integrating Tatsuta deliberately: it installed a senior JX executive as CEO, set up paired technology-strategy units focused on package materials and AI and data-centre markets, and gives Tatsuta prominence in its investor materials.
The investment question is now about JX's value creation, not Tatsuta's equity story. We see Tatsuta as a useful but not decisive part of JX's Focus Businesses. Its value depends on three things: defending the shielding-film share against Chinese competition, scaling leak detection into a global product line, and turning paste and bonding-wire know-how into qualified advanced-packaging materials. If two of the three succeed, Tatsuta can come close to its unfulfilled 2025 ambition of ¥10 billion operating profit within the decade. The main risks to watch are smartphone-linked film volumes and copper-driven swings in the wire business.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure / background | Education | Age |
|---|---|---|---|---|
Kazuhiko Iida | Representative Director, President and CEO | President since 1 May 2026; Tatsuta adviser from April 2026. Joined Nippon Mining (now JX Advanced Metals) in 1988. Deputy Site Director at Hitachi Works (2016); Executive Officer and Deputy Head of Tantalum and Niobium (2019); Managing Executive Officer (2022); Head of JX's Advanced Materials Business and of Tantalum and Niobium (2025). | MSc, Chemical Engineering, Tohoku University Graduate School (1988) | Born December 1963 (62) |
Kenzo Ide | Director; Managing Executive Officer; Head of Wire & Cable Business Division | Director since 2016; formerly President of Tatsuta Tatsui Densen | — | — |
Yasushi Miyata | Director; Managing Executive Officer; Head of Systems & Electronics Business Division | Director since 2019 | — | — |
Masafumi Imai | Director; Managing Executive Officer; Head of Strategy Division, in charge of Accounting & Finance and Internal Control (the CFO role) | Formerly Director and Head of Accounting & Finance; contact officer for securities filings | — | — |
Hiroshi Kimura (木村寛司) | Director; Managing Executive Officer; Head of Reform Project Office; oversees environment and safety, technology promotion, IP, IT, purchasing, quality and BCMS | — | — | — |
Nozomu Kuho | Director; Managing Executive Officer; in charge of General Affairs & HR and Legal & Public Relations | Director since June 2024 | — | — |
Yuichiro Nakamura | Non-executive director | Part-time | — | — |
Yoshitaka Doioka | Statutory auditor | — | — | — |
Yasushi Ogura | Statutory auditor (part-time) | — | — | — |
“—” = not publicly disclosed.
Board & Management Changes
| Date | Change | Context |
|---|---|---|
Jun 2024 | Shohei Morimoto, Managing Executive Officer and Head of Systems & Electronics, became President. Hiroya Yamada became Representative Director and Chairman. | Morimoto was a career Tatsuta executive and electronics engineer (Kanazawa Institute of Technology, 1988) who had led the functional-materials business and its technology centre. |
Jun 2024 | Nozomu Kuho joined the board; Hiroshi Maeyama retired | Routine AGM rotation |
Apr 2026 | Kazuhiko Iida, a JX managing executive officer, seconded as adviser | Signalled a JX-appointed successor |
1 May 2026 | Iida became President and CEO; Morimoto became Representative Director and Executive Vice President | JX installed one of its own senior executives, ending the run of internally promoted presidents |
2 Aug 2026 | Morimoto died aged 60 after an illness and left the board | A farewell ceremony was announced in September 2026 |
Jun 2026 | Subsidiary heads changed: Yoshihiro Ueda became President of Chugoku Densen Kogyo (16 June); Shinya Hayashi moved to President of Tatsuta Tatsui Densen (17 June), replacing Kazutoshi Itakawa | Reshuffle of wire-manufacturing subsidiary management |
Competitive Landscape
Competitors by Segment
| Segment | Competitor | Country | Positioning against Tatsuta |
|---|---|---|---|
EMI shielding film for FPCs | Toyochem (artience group) | Japan | Main Japanese rival in FPC shielding film; part of a ¥350 billion specialty-chemicals group |
EMI shielding film for FPCs | Guangzhou Fangbang Electronics | China | Chinese domestic challenger competing on price |
EMI shielding film for FPCs | Guangdong Zhongchen Industrial Group | China | Chinese FPC-material supplier |
EMI shielding film for FPCs | KNQ Technology | China | Chinese shielding-film maker |
EMI shielding film for FPCs | Hangchen Technology, Baoding Lucky Magnetic, Suzhou Chengbangdayi Material | China | Second-tier Chinese suppliers |
Bonding wire | Tanaka Denshi Kogyo (Tanaka Precious Metal group) | Japan | Says it is the world's largest bonding-wire maker; full gold, copper and silver range |
Bonding wire | Heraeus Electronics | Germany | Global full-range supplier |
Bonding wire | Nippon Micrometal (Nippon Steel Chemical & Material) | Japan | Specialist in copper and Pd-coated copper |
Bonding wire | MK Electron (MKE) | South Korea | Says it ranks second worldwide in bonding wire and solder-ball shipments |
Conductive paste | Fujikura Kasei; Namics; Kyoto Elex; Henkel; DuPont | Japan, Germany, US | Broader paste portfolios. Fujikura Kasei's FY3/2025 revenue was ¥55.5 billion. |
Wire and cable | Fujikura; SWCC; Sumitomo Electric; Furukawa Electric; Proterial | Japan | Much larger integrated cable makers. Tatsuta also sells building wire alongside them through Sumiden HST Cable. |
Leak detection | nVent (RAYCHEM TraceTek) and other leak-detection-cable makers | US, global | Established global data-centre leak-detection franchise |
Peer Comparison FY2012
| Company | Fiscal year | Revenue (JPY Mn) | Revenue growth (%) | Operating margin (%) |
|---|---|---|---|---|
Tatsuta (non-consolidated parent) | FY3/2026 | 73,000 | 6.6 | 6.7 |
SWCC (consolidated) | FY3/2026 | 277,736 | 16.8 | 9.8 |
Fujikura (consolidated) | FY3/2026 | 1,182,358 | 20.7 | 16.0 |
artience, parent of Toyochem (consolidated) | FY12/2025 | 349,979 | -0.3 | 5.9 |
