# AOI ELECTRONICS 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58期(2025/04/01－2026/03/31) (S100YLRR)
> Page: https://vizora.meequs.com/en/company/aoi-electronics
> Retrieved: 2026-09-30T20:24:16.457Z

## Company

AOI Electronics, founded in 1947, is a company in Semiconductors listed on TSE Standard. It has 1,944 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AOI ELECTRONICS CO.,LTD. |
| Ticker | 6832 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6832.T) |
| Listing | TSE Standard |
| Head office | 香川県高松市香西南町455番地の1 |
| Representative (per filing) | 取締役社長 木下 和洋 |
| Founded | Aug 1947 |
| Share capital | ¥4.55B |
| Employees (consolidated) | 1,944 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | March |
| Website | www.aoi-electronics.co.jp (https://www.aoi-electronics.co.jp/) |
| Corporate number | 3470001000263 |
| EDINET | E02051 |
| Industries (Vizora) | Semiconductors |

> Profile source: annual securities report (S100YLRR, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Semiconductors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.2 | 13 |
| Profitability | 39.3 | 14 |
| Cash conversion | 72.2 | 9 |
| Efficiency | 67.9 | 14 |

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)

- AOI Electronics brought in ¥38.3B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +9.6% from the prior year, operating profit -30.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥38323311000 → ¥70129000
- Net income → operating cash flow: ¥70129000 → ¥878904000（difference ¥808775000）
- Main uses of operating cash flow: CapEx ¥11438998000 / dividends ¥604743000 / buybacks ¥59000
- Change in cash: ¥645479000
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 | ¥38.3B |  |
| Operating income | ¥306.4M | Margin 0.8% |
| Net income | ¥70.1M | Margin 0.2% |
| Free cash flow | -¥10.6B |  |
| Employees (consolidated) | 1,944 |  |
| EPS | ¥-15.5 |  |
| Book value per share | ¥3441.86 |  |
| Equity ratio | 69.0% |  |
| Shares outstanding | 12,000,000 |  |
| Treasury shares | 801,000 |  |
| Shareholders | 3,906 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 27.7% | Cash ÷ revenue 45.3% |
| Vs. industry median margin | -2.5 pp | Semiconductors |
| ROE | 0.2% | Derived from disclosed figures |
| ROA | 0.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 12.5× net income
- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥40265543000 | ¥38323311000 | -4.8% |
| Operating income | ¥1347105000 | ¥306356000 | -77.3% |
| Operating margin | 3.3% | 0.8% | -2.5 pp |
| Employees | 2,296 people | 1,944 people | -15.3% |
| Cash and equivalents | ¥27044101000 | ¥17346710000 | -35.9% |

### 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 | 38,323 | 100.0% | S100YLRR |
| Cost of revenue | 32,229 | 84.1% | S100YLRR |
| Gross profit | 6,095 | 15.9% | S100YLRR |
| SG&A | 5,788 | 15.1% | S100YLRR |
| Operating income | 306 | 0.8% | S100YLRR |
| Ordinary income | 728 | 1.9% | S100YLRR |
| Pretax income | 278 | 0.7% | S100YLRR |
| Income tax | 208 | 0.5% | S100YLRR |
| Net income | 70 | 0.2% | S100YLRR |
| Net income attributable to owners | 70 | 0.2% | S100YLRR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 15 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 15.9% → Operating margin 0.8% → Net margin 0.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +9.6%; Core profit growth: -30.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.15×
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 | 34,975 | 38,323 | 3,349 | +9.6% |
| Gross profit | 5,210 | 6,095 | 885 | +17.0% |
| Operating income | 439 | 306 | -132 | -30.2% |
| Net income attributable to owners | 178 | 70 | -108 | -60.6% |
| Operating cash flow | 1,451 | 879 | -572 | -39.4% |
| Free cash flow | -2,442 | -10,560 | -8,119 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 42,343 | 3,178 | 7.5% | 1,799 | 3,481 | -519 | S100LSST |
| FY ending Mar 2021 | 40,266 | 1,347 | 3.3% | 1,055 | 4,576 | 2,046 | S100OKEV |
| FY ending Mar 2022 | 43,347 | 3,310 | 7.6% | 2,798 | 4,031 | 1,304 | S100R8G1 |
| FY ending Mar 2023 | 37,231 | 158 | 0.4% | 15 | 3,588 | -174 | S100TTKN |
| FY ending Mar 2024 | 33,941 | -1,549 | -4.6% | -5,261 | 2,705 | -293 | S100W8K0 |
| FY ending Mar 2025 | 34,975 | 439 | 1.3% | 178 | 1,451 | -2,442 | S100YLRR |
| FY ending Mar 2026 | 38,323 | 306 | 0.8% | 70 | 879 | -10,560 | S100YLRR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.7M |
| Operating income per employee (consolidated) | ¥157.6K |
| Net income per employee (consolidated) | ¥36.1K |

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) | 2,261 | 2,214 | 2,116 | 2,014 | 1,944 |
| Average salary (parent company) | ¥4.7M | ¥4.6M | ¥4.4M | ¥4.6M | ¥4.8M |
| Average age (parent company) | 39.5 years | 40.1 years | 40.8 years | 41.7 years | 42.4 years |
| Average tenure (parent company) | 14.4 years | 15.1 years | 15.8 years | 16.7 years | 17.2 years |

Year over year: Employees (consolidated) -3.5% · Revenue (consolidated) +9.6%

## 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 | 879 | 2.3% | S100YLRR |
| Capital expenditure | 11,439 | 29.8% | S100YLRR |
| Free cash flow | -10,560 | -27.6% | 算出 |
| Investing cash flow | -7,647 | -20.0% | S100YLRR |
| Financing cash flow | 7,369 | 19.2% | S100YLRR |
| Dividends paid | 605 | 1.6% | S100YLRR |
| Share buyback | 0 | 0.0% | S100YLRR |
| Change in cash | 645 | 1.7% | S100YLRR |
| Cash and equivalents | 17,347 | 45.3% | S100YLRR |

## 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 | 27,114 | 25,562 | 23,057 | 16,701 | 17,347 | S100TTKN, S100W8K0, S100YLRR |
| Total assets | 61,153 | 57,369 | 50,134 | 51,593 | 62,706 | S100R8G1, S100TTKN, S100W8K0, S100YLRR |
| Net assets | 50,946 | 50,538 | 43,161 | 42,916 | 43,245 | S100TTKN, S100W8K0, S100YLRR |
| Share capital | 4,546 | 4,546 | 4,546 | 4,546 | 4,546 | S100R8G1, S100TTKN, S100W8K0, S100YLRR |
| Trade receivables | 9,439 | 6,247 | 6,521 | 6,864 | 7,590 | S100R8G1, S100TTKN, S100W8K0, S100YLRR |
| Property, plant and equipment | 13,570 | 14,043 | 10,509 | 13,028 | 22,222 | S100R8G1, S100TTKN, S100W8K0, S100YLRR |
| Intangible assets excluding goodwill | 302 | 278 | 117 | 124 | 336 | S100R8G1, S100TTKN, S100W8K0, S100YLRR |
| Goodwill | 136 | 124 | — | — | — | S100R8G1, S100TTKN |
| Investment securities | 2,694 | 2,755 | 2,949 | 2,951 | 3,121 | S100R8G1, S100TTKN, S100W8K0, S100YLRR |
| Current assets | 42,718 | 38,216 | 34,948 | 33,429 | 33,637 | S100R8G1, S100TTKN, S100W8K0, S100YLRR |
| Current liabilities | 9,487 | 6,329 | 6,084 | 7,651 | 8,547 | S100R8G1, S100TTKN, S100W8K0, S100YLRR |
| Trade payables | 2,471 | 1,630 | 1,720 | 1,924 | 1,578 | S100R8G1, S100TTKN, S100W8K0, S100YLRR |
| Short-term borrowings | 190 | 190 | 190 | 1,180 | 200 | S100R8G1, S100TTKN, S100W8K0, S100YLRR |
| Long-term borrowings | 302 | 142 | 474 | 307 | 7,479 | S100R8G1, S100TTKN, S100W8K0, S100YLRR |
| Total liabilities | 10,207 | 6,831 | 6,973 | 8,677 | 19,461 | S100R8G1, S100TTKN, S100W8K0, S100YLRR |
| Equity attributable to owners of parent | 50,737 | 50,080 | 42,212 | 41,785 | 41,251 | S100R8G1, S100TTKN, S100W8K0, S100YLRR |
| Retained earnings | 40,403 | 39,746 | 33,837 | 33,410 | 32,875 | S100R8G1, S100TTKN, S100W8K0, S100YLRR |
| Treasury stock | -2 | -2 | -1,961 | -1,961 | -1,961 | S100R8G1, S100TTKN, S100W8K0, S100YLRR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YLRR |
| Receivables | 12% | S100YLRR |
| Property, plant and equipment | 35% | S100YLRR |
| Intangibles and goodwill | 1% | S100YLRR |
| Investment securities | 5% | S100YLRR |
| Other assets | 19% | S100YLRR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YLRR |
| Other liabilities | 29% | S100YLRR |
| Equity | 69% | S100YLRR |
| Other liabilities | 0% | S100YLRR |

### 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 | 61,153 | 57,369 | 50,134 | 51,593 | 62,706 |
| Equity | 50,946 | 50,538 | 43,161 | 42,916 | 43,245 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 27,114 | 25,562 | 23,057 | 16,701 | 17,347 |

## 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) | 58.0% | S100YLRR |
| Fixed assets ÷ total assets | 35.4% | S100YLRR |
| Goodwill ÷ parent equity | — | —, S100YLRR |

### 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) | 27.7% |
| Cash ÷ revenue | 45.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 286.9% |
| Cash vs. profit gap | 809 JPY mn (of net income 1153.3%) |
| Shareholder returns / net income | 862.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 862.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 29.8% |
| Investing CF relative to operating CF | 870.1% |

## 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 | 6.5% | 0.71× | 4.6% | 1.21× | 5.5% | S100R8G1 |
| 2023 | 0.0% | 0.63× | 0.0% | 1.18× | 0.0% | S100TTKN |
| 2024 | — | —× | -9.8% | —× | — | S100W8K0 |
| 2025 | 0.5% | 0.69× | 0.4% | 1.21× | 0.4% | S100YLRR |
| 2026 | 0.2% | 0.67× | 0.1% | 1.38× | 0.2% | S100YLRR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大西 以知郎 | Major shareholder | 18.9% | 2026-03-31 |
| 公益財団法人大西・アオイ記念財団 | Major shareholder | 17.9% | 2026-03-31 |
| アオイコーポレーション有限会社 | Major shareholder | 10.3% | 2026-03-31 |
| 西澤 知佐子 | Major shareholder | 7.1% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.1% | 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 | 2.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.0% | 2026-03-31 |
| 日亜化学工業株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 大西 暁子 | Major shareholder | 1.9% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2025/04/01－2026/03/31) | S100YLRR | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLRR,, |
| 有価証券報告書－第57期(2024/04/01－2025/03/31) | S100W8K0 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8K0,, |
| 有価証券報告書－第56期(2023/04/01－2024/03/31) | S100TTKN | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTKN,, |
| 有価証券報告書－第55期(2022/04/01－2023/03/31) | S100R8G1 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8G1,, |
| 有価証券報告書－第54期(令和3年4月1日－令和4年3月31日) | S100OKEV | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKEV,, |
| 有価証券報告書－第53期(令和2年4月1日－令和3年3月31日) | S100LSST | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSST,, |

## 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).