SMK Corporation (TSE: 6798), a Tokyo-based manufacturer of connectors, touch panels, remote-control units and functional components founded in 1925 and headquartered in Toshima, Tokyo, reported consolidated full-year results for the fiscal year ended March 31, 2026 (FY3/2026) under Japanese GAAP. Revenue was essentially flat at ¥48,204 million (+0.3%) from ¥48,051 million, but the company returned to profitability across the board after a difficult prior year.
Return to operating and net profit
Operating profit recovered to ¥430 million, swinging back into the black from a prior-year operating loss of ¥220 million, for a thin operating margin of 0.9%. Ordinary profit more than doubled to ¥1,243 million (+126.3%) from ¥549 million, helped by non-operating items. Net profit attributable to owners of the parent came in at ¥56 million, reversing a ¥1,884 million net loss a year earlier. Basic EPS was ¥8.87 versus -¥297.39, and ROE was 0.2%. Comprehensive income surged to ¥2,825 million from -¥2,282 million, lifted by FX-related and other items.
Balance sheet and cash flow
Total assets stood at ¥57,625 million, with net assets of ¥31,156 million and an equity ratio of 54.1%. Book value per share was ¥4,923.29. On the cash-flow statement, operating activities generated ¥2,023 million, investing activities used ¥2,262 million, and financing activities used ¥2,452 million. Period-end cash and equivalents were ¥9,594 million.
Dividend cut to ¥100
SMK set its FY3/2026 annual dividend at ¥100.00 per share (¥50 interim + ¥50 year-end), down from ¥140.00 the prior year. The prior-year payout had included a larger year-end component, so the reduction brings the dividend back to a more sustainable base. For FY3/2027, management guides an unchanged ¥100.00 annual dividend (¥50 interim + ¥50 year-end).
FY27 guidance: operating profit up 86%
For the fiscal year ending March 2027, SMK guides revenue of ¥49,000 million (+1.7%), operating profit of ¥800 million (+86.0%), ordinary profit of ¥1,200 million (-3.5%), and net profit attributable to owners of ¥800 million, with EPS of ¥126.41. For the first half on a cumulative basis, the company expects revenue of ¥24,000 million, operating profit of ¥200 million, and net profit of ¥200 million. The guidance implies a continued margin recovery from the wafer-thin levels of FY3/2026, with operating profit targeted to nearly double even as top-line growth remains modest.
| Metric | FY3/2026 | FY3/2025 | YoY |
|---|---|---|---|
| Revenue (¥M) | 48,204 | 48,051 | +0.3% |
| Operating profit (¥M) | 430 | -220 | Return to profit |
| Ordinary profit (¥M) | 1,243 | 549 | +126.3% |
| Net profit attrib. (¥M) | 56 | -1,884 | Return to profit |
| EPS (¥) | 8.87 | -297.39 | Return to profit |
| Annual dividend (¥) | 100.00 | 140.00 | -28.6% |
| FY27 operating profit guidance (¥M) | 800 | — | +86.0% |
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