# Aichi Tokei Denki 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103期(2025/04/01－2026/03/31) (S100YF4W)
> Page: https://vizora.meequs.com/en/company/aichitokei
> Retrieved: 2026-09-30T21:00:53.161Z

## Company

Aichi Tokei Denki, founded in 1898, is a company in Robots & Factory Automation listed on TSE Prime. It has 1,719 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Aichi Tokei Denki Co., Ltd. |
| Ticker | 7723 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7723.T) |
| Listing | TSE Prime |
| Head office | 名古屋市熱田区千年一丁目2番70号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 國島賢治 |
| Founded | Jul 1898 |
| Share capital | ¥3.22B |
| Employees (consolidated) | 1,719 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.aichitokei.co.jp (https://www.aichitokei.co.jp/) |
| Corporate number | 3180001021396 |
| EDINET | E02267 |
| Industries (Vizora) | Robots & Factory Automation |

> Profile source: annual securities report (S100YF4W, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.8 | 33 |
| Profitability | 22.1 | 34 |
| Cash conversion | 10.9 | 32 |
| Efficiency | 84.3 | 35 |

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)

- Aichi Tokei Denki brought in ¥59.1B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +8.9% from the prior year, operating profit +19.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥59116000000 → ¥4801000000
- Net income → operating cash flow: ¥4801000000 → ¥2819000000（difference ¥-1982000000）
- Main uses of operating cash flow: CapEx ¥2003000000 / dividends ¥1295000000 / buybacks ¥167000000
- Change in cash: ¥-1094000000
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 | ¥59.1B |  |
| Operating income | ¥4.71B | Margin 8.0% |
| Net income | ¥4.8B | Margin 8.1% |
| Free cash flow | ¥816M |  |
| Employees (consolidated) | 1,719 |  |
| EPS | ¥311.94 |  |
| Book value per share | ¥3010.92 |  |
| Equity ratio | 74.8% |  |
| Shares outstanding | 15,420,000 |  |
| Treasury shares | 78,300 |  |
| Shareholders | 5,861 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 12.7% | Cash ÷ revenue 15.1% |
| Vs. industry median margin | -3.8 pp | Robots & Factory Automation |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 7.2% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥46225000000 | ¥59116000000 | +27.9% |
| Operating income | ¥3002000000 | ¥4710000000 | +56.9% |
| Operating margin | 6.5% | 8.0% | +1.5 pp |
| Employees | 1,794 people | 1,719 people | -4.2% |
| Cash and equivalents | ¥8310000000 | ¥8915000000 | +7.3% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 59,116 | 100.0% | S100YF4W |
| Cost of revenue | 44,395 | 75.1% | S100YF4W |
| Gross profit | 14,720 | 24.9% | S100YF4W |
| SG&A | 10,009 | 16.9% | S100YF4W |
| Operating income | 4,710 | 8.0% | S100YF4W |
| Ordinary income | 5,208 | 8.8% | S100YF4W |
| Pretax income | 6,451 | 10.9% | S100YF4W |
| Income tax | 1,649 | 2.8% | S100YF4W |
| Net income | 4,801 | 8.1% | S100YF4W |
| Net income attributable to owners | 4,801 | 8.1% | S100YF4W |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 17 |
| Operating income | 8 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 24.9% → Operating margin 8.0% → Net margin 8.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.9%; Core profit growth: +19.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.20×
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 | 54,286 | 59,116 | 4,830 | +8.9% |
| Gross profit | 12,383 | 14,720 | 2,337 | +18.9% |
| Operating income | 3,940 | 4,710 | 770 | +19.5% |
| Net income attributable to owners | 3,533 | 4,801 | 1,268 | +35.9% |
| Operating cash flow | 1,856 | 2,819 | 963 | +51.9% |
| Free cash flow | 238 | 816 | 578 | +242.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 48,118 | 2,985 | 6.2% | 2,354 | 3,739 | 2,691 | S100LKJ5 |
| FY ending Mar 2021 | 46,225 | 3,002 | 6.5% | 2,987 | 4,192 | 2,880 | S100OG84 |
| FY ending Mar 2022 | 46,483 | 3,287 | 7.1% | 2,789 | 3,115 | 2,527 | S100R2HR |
| FY ending Mar 2023 | 50,160 | 3,980 | 7.9% | 3,458 | 1,876 | 1,085 | S100TOE4 |
| FY ending Mar 2024 | 51,225 | 3,617 | 7.1% | 3,174 | 1,742 | 506 | S100W1YA |
| FY ending Mar 2025 | 54,286 | 3,940 | 7.3% | 3,533 | 1,856 | 238 | S100YF4W |
| FY ending Mar 2026 | 59,116 | 4,710 | 8.0% | 4,801 | 2,819 | 816 | S100YF4W |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.4M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 1,780 | 1,783 | 1,739 | 1,704 | 1,719 |
| Average salary (parent company) | ¥5.7M | ¥5.7M | ¥5.7M | ¥5.9M | ¥6.1M |
| Average age (parent company) | 43.7 years | 43.7 years | 44.9 years | 45.0 years | 45.2 years |
| Average tenure (parent company) | 15.7 years | 16.6 years | 17.0 years | 17.3 years | 17.5 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +8.9%

## 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 | 2,819 | 4.8% | S100YF4W |
| Capital expenditure | 2,003 | 3.4% | S100YF4W |
| Free cash flow | 816 | 1.4% | 算出 |
| Investing cash flow | -2,374 | -4.0% | S100YF4W |
| Financing cash flow | -1,581 | -2.7% | S100YF4W |
| Dividends paid | 1,295 | 2.2% | S100YF4W |
| Share buyback | 167 | 0.3% | S100YF4W |
| Change in cash | -1,094 | -1.9% | S100YF4W |
| Cash and equivalents | 8,915 | 15.1% | S100YF4W |

## 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 | 8,277 | 8,847 | 8,572 | 10,009 | 8,915 | S100TOE4, S100W1YA, S100YF4W |
| Total assets | 52,227 | 56,318 | 61,399 | 62,720 | 70,284 | S100R2HR, S100TOE4, S100W1YA, S100YF4W |
| Net assets | 35,228 | 38,399 | 44,159 | 46,789 | 52,583 | S100TOE4, S100W1YA, S100YF4W |
| Share capital | 3,218 | 3,218 | 3,218 | 3,218 | 3,218 | S100R2HR, S100TOE4, S100W1YA, S100YF4W |
| Property, plant and equipment | 7,990 | 7,860 | 8,342 | 9,094 | 10,425 | S100R2HR, S100TOE4, S100W1YA, S100YF4W |
| Intangible assets excluding goodwill | 76 | 72 | 75 | 67 | 52 | S100R2HR, S100TOE4, S100W1YA, S100YF4W |
| Investment securities | 6,879 | 6,848 | 9,365 | 9,145 | 10,846 | S100R2HR, S100TOE4, S100W1YA, S100YF4W |
| Current assets | 32,904 | 36,803 | 38,088 | 38,190 | 42,186 | S100R2HR, S100TOE4, S100W1YA, S100YF4W |
| Current liabilities | 10,744 | 12,131 | 12,273 | 11,255 | 13,607 | S100R2HR, S100TOE4, S100W1YA, S100YF4W |
| Trade payables | 3,521 | 4,514 | 3,708 | 3,889 | 4,626 | S100R2HR, S100TOE4, S100W1YA, S100YF4W |
| Short-term borrowings | 704 | 851 | 824 | 700 | 666 | S100R2HR, S100TOE4, S100W1YA, S100YF4W |
| Long-term borrowings | 27 | 34 | 34 | — | 34 | S100R2HR, S100TOE4, S100W1YA, S100YF4W |
| Total liabilities | 16,999 | 17,919 | 17,239 | 15,931 | 17,700 | S100R2HR, S100TOE4, S100W1YA, S100YF4W |
| Equity attributable to owners of parent | 32,789 | 35,463 | 37,738 | 40,278 | 43,646 | S100R2HR, S100TOE4, S100W1YA, S100YF4W |
| Retained earnings | 29,407 | 32,132 | 34,308 | 36,796 | 40,290 | S100R2HR, S100TOE4, S100W1YA, S100YF4W |
| Treasury stock | -147 | -198 | -99 | -59 | -196 | S100R2HR, S100TOE4, S100W1YA, S100YF4W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YF4W |
| Property, plant and equipment | 15% | S100YF4W |
| Intangibles and goodwill | 0% | S100YF4W |
| Investment securities | 15% | S100YF4W |
| Other assets | 57% | S100YF4W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YF4W |
| Other liabilities | 19% | S100YF4W |
| Equity | 75% | S100YF4W |
| Other liabilities | 0% | S100YF4W |

### 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 | 52,227 | 56,318 | 61,399 | 62,720 | 70,284 |
| Equity | 35,228 | 38,399 | 44,159 | 46,789 | 52,583 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,277 | 8,847 | 8,572 | 10,009 | 8,915 |

## 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) | 17.6% | S100YF4W |
| Fixed assets ÷ total assets | 14.8% | S100YF4W |
| Goodwill ÷ parent equity | — | —, S100YF4W |

### 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) | 12.7% |
| Cash ÷ revenue | 15.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 59.9% |
| Cash vs. profit gap | -1,982 JPY mn (of net income -41.3%) |
| Shareholder returns / net income | 30.5% |
| Shareholder returns / FCF | 179.2% |
| Shareholder payments — dividends / net income | 27.0% |
| Shareholder payments — dividends / FCF | 158.7% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 84.2% |

## 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 | 6.0% | 0.89× | 5.3% | 1.59× | 8.5% | S100R2HR |
| 2023 | 6.9% | 0.92× | 6.4% | 1.59× | 10.1% | S100TOE4 |
| 2024 | 6.2% | 0.87× | 5.4% | 1.61× | 8.7% | S100W1YA |
| 2025 | 6.5% | 0.87× | 5.7% | 1.59× | 9.1% | S100YF4W |
| 2026 | 8.1% | 0.89× | 7.2% | 1.58× | 11.4% | S100YF4W |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD‐SINGAPORE BRANCH PRIVATE BANKING DIVISION CLIENTS A/C 8221‐623793（常任代理人 香港上海銀行東京支店） | Major shareholder | 9.2% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 7.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.0% | 2026-03-31 |
| 東邦瓦斯株式会社 | Major shareholder | 4.5% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 3.9% | 2026-03-31 |
| 愛知時計電機共栄会 | Major shareholder | 3.8% | 2026-03-31 |
| みずほリース株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 愛知時計電機社員持株会 | Major shareholder | 3.2% | 2026-03-31 |
| 日本車輌製造株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 御法川 法男 | Major shareholder | 2.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YF4W | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF4W,, |
| 有価証券報告書－第102期(2024/04/01－2025/03/31) | S100W1YA | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1YA,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TOE4 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOE4,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100R2HR | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2HR,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100OG84 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG84,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LKJ5 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKJ5,, |

## 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).