# Who does Keyence pay? Who are its key suppliers?
Canonical: https://valuechain.wiki/keyence · Facet: suppliers · Updated: 2026-07-12T03:30:01.004+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Keyence discloses no named confirmed suppliers/cost counterparties; 2 relationships are tracked as undisclosed/aggregate. Per the valuechain.wiki graph: 2 cost edges, backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).

### 금융투자 포트폴리오 (현금·유가증권) (high)
- note: Keyence hoards cash instead of acquiring: a vast cash-and-securities portfolio is the financial-income source that lifted FY2026 pretax income (¥635.8B) about ¥40B above operating income (¥595.8B). Rather than buying growth via M&A, this asset is a non-operating cushion to results and the crux of the capital-allocation (shareholder-return) debate.
- [confirms] Keyence (EN, filing, published 2026-04-24) https://www.keyence.co.jp/pdf/FinancialResults_202604_en.pdf: "Pretax income ¥635.8B exceeds operating income ¥595.8B by ~¥40B of financial/non-operating income."

### 직판 영업조직·R&D (SG&A 구조) (high)
- note: The real cost center is people, not factories: a high-paid direct salesforce (SG&A) that embeds in customer sites is the source of premium pricing. R&D, by contrast, is only ~2.8% of sales (¥32.9B in FY2026), showing the margin moat is the sell-and-develop model itself, not R&D spend.
- [confirms] Keyence (EN, filing, published 2026-04-24) https://www.keyence.co.jp/pdf/FinancialResults_202604_en.pdf: "R&D ~¥32.9B (2.8% of sales); SG&A is the core cost."
- [mentions] Business Report (Korea) (KO, news, published 2025-11-01) http://www.businessreport.kr/news/articleView.html?idxno=48173: "A high-paid direct salesforce is the source of premium pricing."

### 위탁 제조 파트너 (비공개, 팹리스) (mid)
- note: A fabless model that keeps 100% of product planning and design in-house while outsourcing all production — asset-light and high-margin because it carries no plants or inventory burden, but that leaves quality and delivery dependent on qualified contract manufacturers. Counterparties are undisclosed (kept anonymous).
- [confirms] Keyence (EN, filing, published 2026-06-15) https://www.keyence.co.jp/pdf/AnnualReport_2026_en.pdf: "Specializes in planning/development; final products made by qualified contract manufacturers."
- [mentions] 90 Percent (EN, analysis, published 2025-06-01) https://www.get90percent.com/p/keyence: "All manufacturing outsourced to contract partners."

Reverse side: https://valuechain.wiki/keyence/customers.md · Ripple: https://valuechain.wiki/keyence/ripple.md

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Full node: https://valuechain.wiki/keyence.md · JSON: https://valuechain.wiki/keyence.json