# AICHI ELECTRIC CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第117期(2025/04/01－2026/03/31) (S100YHJY)
> Page: https://vizora.meequs.com/en/company/aichi-electric
> Retrieved: 2026-09-30T22:40:39.959Z

## Company

Aichi Electric, founded in 1942, is a company in Electrical Equipment listed on Nagoya. It has 2,833 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AICHI ELECTRIC CO.,LTD. |
| Ticker | 6623 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6623.T) |
| Listing | Nagoya |
| Head office | 愛知県春日井市愛知町1番地 |
| Representative (per filing) | 代表取締役社長 社長執行役員 加藤忍 |
| Founded | Feb 1942 |
| Share capital | ¥4.05B |
| Employees (consolidated) | 2,833 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.aichidenki.jp (https://www.aichidenki.jp/) |
| Corporate number | 4180001073593 |
| EDINET | E01748 |
| Industries (Vizora) | Electrical Equipment, Electronic Components |

> Profile source: annual securities report (S100YHJY, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 89.6 | 53 |
| Profitability | 67 | 56 |
| Cash conversion | 32.3 | 48 |
| Efficiency | 68.8 | 56 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 44% of Aichi Electric's sales come from Rotating machine, with Electric power apparatus and Printed Board making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +7.6% from the prior year, operating profit +28.7%.

## Company structure

- Segment revenue mix: Rotating machine 44.2%、Electric power apparatus 29.4%、Printed Board 26.4%
- Revenue → net income: ¥129382000000 → ¥8449000000
- Net income → operating cash flow: ¥8449000000 → ¥11857000000（difference ¥3408000000）
- Main uses of operating cash flow: CapEx ¥10820000000 / dividends ¥2348000000 / buybacks —
- Change in cash: ¥-2931000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥129.4B |  |
| Operating income | ¥11.2B | Margin 8.6% |
| Net income | ¥8.53B | Margin 6.6% |
| Free cash flow | ¥1.04B |  |
| Largest business | Rotating machine | of segment revenue 44.2% |
| Employees (consolidated) | 2,833 |  |
| EPS | ¥501.9 |  |
| Book value per share | ¥6012.85 |  |
| Equity ratio | 59.6% |  |
| Shares outstanding | 9,500,000 |  |
| Treasury shares | 107,700 |  |
| Shareholders | 12,816 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 16.6% | Cash ÷ revenue 18.9% |
| Vs. industry median margin | +2.7 pp | Electronic Components |
| ROE | 11.2% | Derived from disclosed figures |
| ROA | 5.9% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -29 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥75619000000 | ¥129382000000 | +71.1% |
| Operating income | ¥4179000000 | ¥11153000000 | +166.9% |
| Operating margin | 5.5% | 8.6% | +3.1 pp |
| Employees | 2,497 people | 2,833 people | +13.5% |
| Cash and equivalents | ¥17001000000 | ¥24401000000 | +43.5% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 電力機器 → 電力機器 | 29.4% |
| 電力機器 → 事業再編・廃止 | 7.4% |
| 回転機 → 回転機 | 44.2% |
| 回転機 → 事業再編・廃止 | 19.0% |
| 新設・再編 → プリント基板 | 26.4% |

Segment revenue source references: 5 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Rotating machine | 5 years | +3.7% | ¥57167000000 | 3.7% | 2 |
| Electric power apparatus | 5 years | +6.4% | ¥38004000000 | 15.1% | 2 |
| Printed Board | 2 years | +23.8% | ¥34210000000 | 16.8% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 129,382 | 100.0% | S100YHJY |
| Cost of revenue | 107,848 | 83.4% | S100YHJY |
| Gross profit | 21,533 | 16.6% | S100YHJY |
| SG&A | 10,380 | 8.0% | S100YHJY |
| Operating income | 11,153 | 8.6% | S100YHJY |
| Ordinary income | 11,925 | 9.2% | S100YHJY |
| Pretax income | 12,199 | 9.4% | S100YHJY |
| Income tax | 3,750 | 2.9% | S100YHJY |
| Net income | 8,449 | 6.5% | S100YHJY |
| Net income attributable to owners | 8,527 | 6.6% | S100YHJY |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 8 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 16.6% → Operating margin 8.6% → Net margin 6.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.6%; Core profit growth: +28.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.79×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 120,270 | 129,382 | 9,112 | +7.6% |
| Gross profit | 18,028 | 21,533 | 3,505 | +19.4% |
| Operating income | 8,665 | 11,153 | 2,488 | +28.7% |
| Net income attributable to owners | 6,684 | 8,527 | 1,843 | +27.6% |
| Operating cash flow | 11,224 | 11,857 | 633 | +5.6% |
| Free cash flow | 2,605 | 1,037 | -1,568 | -60.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 75,030 | 2,801 | 3.7% | 2,735 | 2,041 | -1,433 | S100LR68 |
| FY ending Mar 2021 | 75,619 | 4,179 | 5.5% | 3,338 | 8,098 | 1,359 | S100OJDY |
| FY ending Mar 2022 | 94,381 | 6,667 | 7.1% | 5,564 | -4 | -5,291 | S100R68K |
| FY ending Mar 2023 | 114,286 | 7,504 | 6.6% | 5,954 | 5,216 | -1,612 | S100TTL4 |
| FY ending Mar 2024 | 110,595 | 7,059 | 6.4% | 5,937 | 13,840 | 6,731 | S100W75B |
| FY ending Mar 2025 | 120,270 | 8,665 | 7.2% | 6,684 | 11,224 | 2,605 | S100YHJY |
| FY ending Mar 2026 | 129,382 | 11,153 | 8.6% | 8,527 | 11,857 | 1,037 | S100YHJY |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.7M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,676 | 2,783 | 2,805 | 2,802 | 2,833 |
| Average salary (parent company) | ¥6M | ¥6.1M | ¥6.1M | ¥6.1M | ¥6.3M |
| Average age (parent company) | 44.1 years | 44.0 years | 43.9 years | 43.9 years | 43.8 years |
| Average tenure (parent company) | 17.3 years | 17.1 years | 17.3 years | 18.2 years | 18.6 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +7.6%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electric power apparatus | 38,004 | 29.4% | 5,750 | 15.1% |
| Rotating machine | 57,167 | 44.2% | 2,101 | 3.7% |
| Printed Board | 34,210 | 26.4% | 5,735 | 16.8% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Electric power apparatus | 29.4% | 42.3% | 12.9 | 15.1% |
| Rotating machine | 44.2% | 15.5% | -28.7 | 3.7% |
| Printed Board | 26.4% | 42.2% | 15.8 | 16.8% |

Segment → industry: Electric power apparatus → Electrical Equipment / Printed Board → Electronic Components / Rotating machine → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 11,857 | 9.2% | S100YHJY |
| Capital expenditure | 10,820 | 8.4% | S100YHJY |
| Free cash flow | 1,037 | 0.8% | 算出 |
| Investing cash flow | -9,575 | -7.4% | S100YHJY |
| Financing cash flow | -5,411 | -4.2% | S100YHJY |
| Dividends paid | 2,348 | 1.8% | S100YHJY |
| Change in cash | -2,931 | -2.3% | S100YHJY |
| Cash and equivalents | 24,401 | 18.9% | S100YHJY |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 16,455 | 20,250 | 25,615 | 27,333 | 24,401 | S100TTL4, S100W75B, S100YHJY |
| Total assets | 110,304 | 123,378 | 134,347 | 141,849 | 146,636 | S100R68K, S100TTL4, S100W75B, S100YHJY |
| Net assets | 63,508 | 68,513 | 74,526 | 81,103 | 89,149 | S100TTL4, S100W75B, S100YHJY |
| Share capital | 4,053 | 4,053 | 4,053 | 4,053 | 4,053 | S100R68K, S100TTL4, S100W75B, S100YHJY |
| Property, plant and equipment | 24,988 | 27,707 | 36,436 | 41,551 | 41,976 | S100R68K, S100TTL4, S100W75B, S100YHJY |
| Intangible assets excluding goodwill | 509 | 517 | 600 | 586 | 1,407 | S100R68K, S100TTL4, S100W75B, S100YHJY |
| Investment securities | 6,512 | 6,626 | 7,255 | 7,079 | 8,904 | S100R68K, S100TTL4, S100W75B, S100YHJY |
| Current assets | 74,179 | 84,660 | 86,668 | 89,307 | 91,480 | S100R68K, S100TTL4, S100W75B, S100YHJY |
| Current liabilities | 37,027 | 39,580 | 41,058 | 42,434 | 42,603 | S100R68K, S100TTL4, S100W75B, S100YHJY |
| Trade payables | 12,813 | 13,572 | 11,448 | 11,424 | 13,319 | S100R68K, S100TTL4, S100W75B, S100YHJY |
| Short-term borrowings | 2,468 | 3,107 | 3,502 | 1,716 | 1,765 | S100R68K, S100TTL4, S100W75B, S100YHJY |
| Long-term borrowings | 3,757 | 8,769 | 11,712 | 11,601 | 9,204 | S100R68K, S100TTL4, S100W75B, S100YHJY |
| Total liabilities | 46,796 | 54,865 | 59,821 | 60,745 | 57,486 | S100R68K, S100TTL4, S100W75B, S100YHJY |
| Non-controlling interests | 1,278 | 1,404 | 1,492 | 1,762 | 1,754 | S100R68K, S100TTL4, S100W75B, S100YHJY |
| Equity attributable to owners of parent | 59,439 | 63,683 | 68,110 | 72,885 | 79,081 | S100R68K, S100TTL4, S100W75B, S100YHJY |
| Retained earnings | 53,444 | 57,690 | 62,108 | 67,280 | 73,457 | S100R68K, S100TTL4, S100W75B, S100YHJY |
| Treasury stock | -16 | -17 | -10 | -408 | -394 | S100R68K, S100TTL4, S100W75B, S100YHJY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YHJY |
| Property, plant and equipment | 28% | S100YHJY |
| Intangibles and goodwill | 1% | S100YHJY |
| Investment securities | 6% | S100YHJY |
| Other assets | 48% | S100YHJY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YHJY |
| Other liabilities | 30% | S100YHJY |
| Equity | 61% | S100YHJY |
| Other liabilities | 0% | S100YHJY |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 110,304 | 123,378 | 134,347 | 141,849 | 146,636 |
| Equity | 63,508 | 68,513 | 74,526 | 81,103 | 89,149 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,455 | 20,250 | 25,615 | 27,333 | 24,401 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 32.4% | S100YHJY |
| Fixed assets ÷ total assets | 28.6% | S100YHJY |
| Goodwill ÷ parent equity | — | —, S100YHJY |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 16.6% |
| Cash ÷ revenue | 18.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.3% |
| Cash vs. profit gap | 3,330 JPY mn (of net income 39.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.5% |
| Shareholder payments — dividends / FCF | 226.4% |
| CapEx intensity (capex ÷ revenue) | 8.4% |
| Investing CF relative to operating CF | 80.8% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.9% | 0.86× | 5.0% | 1.86× | 9.4% | S100R68K |
| 2023 | 5.2% | 0.98× | 5.1% | 1.90× | 9.7% | S100TTL4 |
| 2024 | 5.4% | 0.86× | 4.6% | 1.96× | 9.0% | S100W75B |
| 2025 | 5.6% | 0.87× | 4.8% | 1.96× | 9.5% | S100YHJY |
| 2026 | 6.6% | 0.90× | 5.9% | 1.90× | 11.2% | S100YHJY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中部電力株式会社 | Major shareholder | 24.7% | 2026-03-31 |
| 古河電気工業株式会社 | Major shareholder | 6.0% | 2026-03-31 |
| ＴＳＵＣＨＩＹＡ株式会社 | Major shareholder | 5.3% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.3% | 2026-03-31 |
| ビービーエイチ フオー フイデリテイー ロープライス ストツク フアンド （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社川口興産 | Major shareholder | 2.1% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.3% | 2026-03-31 |
| 愛知電機従業員持株会 | Major shareholder | 1.3% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第117期(2025/04/01－2026/03/31) | S100YHJY | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHJY,, |
| 有価証券報告書－第116期(2024/04/01－2025/03/31) | S100W75B | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W75B,, |
| 有価証券報告書－第115期(2023/04/01－2024/03/31) | S100TTL4 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTL4,, |
| 有価証券報告書－第114期(2022/04/01－2023/03/31) | S100R68K | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R68K,, |
| 有価証券報告書－第113期(令和3年4月1日－令和4年3月31日) | S100OJDY | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJDY,, |
| 有価証券報告書－第112期(令和2年4月1日－令和3年3月31日) | S100LR68 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR68,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).