Annual Report 2025
SMC Corporation
For the year ended March 31, 2025
ProfileThrough the manufacture and sales of automatic control equipment including pneumatic instruments, SMC contributes to automated, labor-saving operations in industries.
Using the pressure of compressed air as a core energy source, pneumatic instruments
Push
Grip
Turn
Uses compressed air to do the work that would traditionally be done with manual labor.
Overview of Pneumatic Control Instruments System
perform automatic operations such as pushing, gripping and turning the objects in place of manual labor.
SMC is a comprehensive manufacturer covering the entire pneumatic system consisting of various equipment.
SMC's products are utilized in all industry sectors around the world.
Compress air
Compressors
Remove heat and moisture
Dryers
Filter and adjust pressure
Air line equipment
Control air flow
Solenoid valves
Move work pieces
Actuators
Exhaust to atmosphere
Application and IndustryMachine tools
(Laser processing machine)
Food
(Bottle filling machine)
Medical
(Hematology analyzer)
Semiconductor
(Coater/Developer)
Used for all applications and industries
Automobile
(Automobile assembly line)
Automobile
PC
Mobile devices
Plastic bottle drink
Factory Bags for snacks and other foodstuffs
Hospital
Net sales (Millions of yen) Ordinary profit (Millions of yen)1,000,000
400,000
300,000
305,980
272,981
251,008
200,000
209,921
171,827
100,000
0
800,000
824,772
792,108
727,397
776,873
600,000
552,178
400,000
200,000
0
2021 2022 2023 2024
2025
2021 2022
2023 2024
2025
400,000
3,444
4,000
4,000,000
40,000
300,000
2,923
2,7663,000
2,444
224,609
200,000 1,831 192,991
2,000
178,321
156,344
100,000
121,790
1,000
0
0
3,000,000
29,338
30,255
30,000
26,331
23,808
2,000,000
1,885,871
1,928,30620,000
1,379,987
1,559,274
20,835
1,000,000
10,000
0
0
1,702,325
2021 2022 2023 2024
2025
2021 2022
2023 2024
2025
SMC Corporation and Consolidated Subsidiaries
Years ended March 31, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025
(Millions of yen, except for per share data)
2016 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | ||
For the year Net sales | 475,608 | 487,625 | 591,035 | 576,948 | 526,000 | 552,178 | 727,397 | 824,772 | 776,873 | 792,108 |
Operating profit | 134,233 | 141,107 | 192,428 | 180,203 | 146,254 | 153,355 | 227,857 | 258,200 | 196,226 | 190,244 |
Profit attributable to owners of parent | 92,138 | 113,095 | 136,869 | 130,631 | 110,500 | 121,790 | 192,991 | 224,609 | 178,321 | 156,344 |
Depreciation | 14,863 | 14,246 | 15,252 | 16,255 | 16,669 | 18,585 | 20,557 | 25,767 | 33,355 | 34,308 |
Capital expenditures | 24,756 | 21,663 | 23,683 | 31,936 | 38,370 | 27,439 | 83,499 | 81,592 | 105,522 | 107,803 |
R&D expense | 18,452 | 19,115 | 20,239 | 21,367 | 21,480 | 20,874 | 23,457 | 27,361 | 31,141 | 33,351 |
Free cash flow*1 | 67,724 | 30,584 | 83,656 | 16,827 | 149,534 | 193,913 | 39,878 | 14,530 | (33,693) | 231,891 |
At year end Total assets | 1,120,171 | 1,192,444 | 1,342,890 | 1,389,308 | 1,390,539 | 1,539,871 | 1,769,951 | 1,927,940 | 2,094,559 | 2,100,767 |
Inventories | 182,564 | 179,185 | 205,660 | 230,268 | 232,559 | 248,752 | 303,545 | 418,602 | 519,558 | 489,661 |
Net assets | 941,813 | 1,030,369 | 1,150,416 | 1,243,252 | 1,253,266 | 1,379,987 | 1,559,274 | 1,702,325 | 1,885,871 | 1,928,306 |
Shareholders' equity*2 | 939,409 | 1,027,607 | 1,147,245 | 1,240,019 | 1,250,188 | 1,376,704 | 1,555,628 | 1,698,413 | 1,881,586 | 1,928,281 |
Borrowings | 49,243 | 17,073 | 6,438 | 7,238 | 11,516 | 10,788 | 11,544 | 12,187 | 13,070 | 5,041 |
Cash and cash equivalents | 295,270 | 277,449 | 322,690 | 312,366 | 399,128 | 561,540 | 559,296 | 491,324 | 405,586 | 531,649 |
Per share data (Yen) Earnings per share (EPS)*3 | 1,371.34 | 1,683.12 | 2,036.33 | 1,943.35 | 1,656.44 | 1,831.98 | 2,923.76 | 3,444.55 | 2,766.92 | 2,444.61 |
Net assets per share | 13,981.17 | 15,292.53 | 17,067.08 | 18,447.39 | 18,794.58 | 20,835.47 | 23,808.08 | 26,331.72 | 29,338.63 | 30,255.22 |
Dividend per share*4 | 200.00 | 300.00 | 400.00 | 400.00 | 400.00 | 500.00 | 750.00 | 900.00 | 950.00 | 1,000.00 |
Cash flow per share | 1,592.56 | 1,895.13 | 2,263.25 | 2,185.18 | 1,906.32 | 2,111.55 | 3,235.20 | 3,839.72 | 3,284.47 | 2,981.07 |
Notes
Free cash flow = Net cash provided by operating activities + Net cash used in investing activities.
Shareholders' equity = Total net assets − Non-controlling interests.
Earnings per share are calculated based on the average number of common shares for the respective fiscal years.
Dividend per share are calculated on the dividend paid in respective fiscal years.
SMC Corporation and Consolidated Subsidiaries
Years ended March 31, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
Reference indices Profitability (%) Operating income ratio | 28.2 | 28.9 | 32.6 | 31.2 | 27.8 | 27.8 | 31.3 | 31.3 | 25.3 | 24.0 |
SG & A ratio | 21.7 | 20.9 | 19.0 | 20.2 | 21.6 | 20.4 | 18.7 | 19.8 | 21.5 | 21.8 |
Return on equity | 9.9 | 11.5 | 12.6 | 10.9 | 8.9 | 9.3 | 13.2 | 13.8 | 10.0 | 8.2 |
Return on assets | 11.5 | 12.8 | 15.5 | 14.5 | 11.4 | 11.7 | 16.5 | 16.5 | 12.5 | 10.0 |
Efficiency (Times) Total assets turnover | 0.4 | 0.4 | 0.5 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
Equity turnover | 0.5 | 0.5 | 0.5 | 0.5 | 0.4 | 0.4 | 0.5 | 0.5 | 0.4 | 0.4 |
Inventories turnover | 2.5 | 2.7 | 3.1 | 2.6 | 2.3 | 2.3 | 2.6 | 2.3 | 1.7 | 1.6 |
Fixed assets turnover | 3.2 | 3.3 | 3.9 | 3.5 | 2.9 | 2.9 | 3.1 | 2.8 | 2.1 | 1.8 |
Stability (%) Equity ratio | 83.9 | 86.2 | 85.4 | 89.3 | 89.9 | 89.4 | 87.9 | 88.1 | 89.8 | 91.8 |
Debt equity ratio | 5.2 | 1.7 | 0.6 | 0.6 | 0.9 | 0.8 | 0.7 | 0.7 | 0.7 | 0.3 |
Current ratio | 497.3 | 645.8 | 543.2 | 822.6 | 1,022.1 | 929.3 | 742.8 | 701.0 | 794.6 | 1,048.3 |
Fixed assets ratio | 39.7 | 34.7 | 35.1 | 34.0 | 34.1 | 32.2 | 32.9 | 35.6 | 41.8 | 35.2 |
Interest coverage ratio (Times) | 406.3 | 679.0 | 1,216.9 | 758.8 | 1,131.2 | 608.6 | 865.7 | 810.5 | 1,189.4 | 2,629.5 |
Investment data Dividend ratio (%) | 14.6 | 17.8 | 19.6 | 20.6 | 24.1 | 27.3 | 25.7 | 26.1 | 34.3 | 40.9 |
Dividends on equity (%) | 1.4 | 2.0 | 2.5 | 2.3 | 2.1 | 2.5 | 3.4 | 3.6 | 3.4 | 3.4 |
Price earnings ratio (Times) | 19.0 | 19.6 | 21.2 | 21.4 | 27.6 | 35.1 | 23.5 | 20.3 | 30.7 | 21.7 |
Price book value ratio (Times) | 1.9 | 2.2 | 2.5 | 2.3 | 2.4 | 3.1 | 2.9 | 2.7 | 2.9 | 1.8 |
Market capitalization (Millions of yen) | 1,761,035 | 2,217,799 | 2,901,598 | 2,797,849 | 3,082,148 | 4,332,523 | 4,637,706 | 4,704,402 | 5,714,942 | 3,575,291 |
Number of engineers | 1,711 | 1,777 | 1,817 | 1,910 | 1,919 | 1,881 | 1,917 | 2,000 | 2,127 | 2,227 |
Number of employees | 18,382 | 19,191 | 19,680 | 19,746 | 20,853 | 20,619 | 21,620 | 22,988 | 23,127 | 23,114 |