# Canare Electric Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第53期(2025/01/01－2025/12/31) (S100XULV)
> Page: https://vizora.meequs.com/en/company/canare-electric
> Retrieved: 2026-09-30T21:18:25.706Z

## Company

Canare Electric, founded in 1974, is a company in Electronic Components listed on TSE Standard. It has 258 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Canare Electric Co.,Ltd. |
| Ticker | 5819 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5819.T) |
| Listing | TSE Standard |
| Head office | 愛知県日進市藤枝町奥廻間1201番地10 |
| Representative (per filing) | 代表取締役社長 野田 爾 |
| Founded | Feb 1974 |
| Share capital | ¥1.05B |
| Employees (consolidated) | 258 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | December |
| Website | www.aspir.co.jp (https://www.aspir.co.jp/) |
| Corporate number | 8180001067823 |
| EDINET | E01350 |
| Industries (Vizora) | Electronic Components, Non-ferrous Metals & Wires |

> Profile source: annual securities report (S100XULV, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Non-ferrous Metals & Wires (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22 | 25 |
| Profitability | 86.5 | 26 |
| Cash conversion | 74 | 25 |
| Efficiency | 20.4 | 27 |

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 49% of Canare Electric's sales come from Japan, with Other and The United States of America making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +5.9% from the prior year, operating profit +13.9%.

## Company structure

- Segment revenue mix: Japan 49.4%、Other 13.4%、The United States of America 12.7%、China 11.1%、Korea 8.1%
- Revenue → net income: ¥13114992000 → ¥1200929000
- Net income → operating cash flow: ¥1200929000 → ¥1760538000（difference ¥559609000）
- Main uses of operating cash flow: CapEx ¥94338000 / dividends ¥389220000 / buybacks ¥6000
- Change in cash: ¥-2287483000
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 | ¥13.1B |  |
| Operating income | ¥1.58B | Margin 12.1% |
| Net income | ¥1.2B | Margin 9.2% |
| Free cash flow | ¥1.67B |  |
| Largest business | Japan | of segment revenue 49.4% |
| Employees (consolidated) | 258 |  |
| EPS | ¥168.21 |  |
| Book value per share | ¥2120.55 |  |
| Equity ratio | 90.4% |  |
| Shares outstanding | 7,028,060 |  |
| Treasury shares | 186,900 |  |
| Shareholders | 6,628 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 36.1% | Cash ÷ revenue 58.0% |
| Vs. industry median margin | +6.2 pp | Electronic Components |
| ROE | 7.0% | Derived from disclosed figures |
| ROA | 5.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 72% of positive segment profit
- FY2025, segment profit share differs by 23 points
- FY2025, cash is 36% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9697800000 | ¥13114992000 | +35.2% |
| Operating income | ¥916709000 | ¥1582802000 | +72.7% |
| Operating margin | 9.5% | 12.1% | +2.6 pp |
| Employees | 281 people | 258 people | -8.2% |
| Cash and equivalents | ¥8470753000 | ¥7606012000 | -10.2% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 49.4% |
| 日本 → 事業再編・廃止 | 14.1% |
| 米国 → 米国 | 7.6% |
| 韓国 → 韓国 | 7.5% |
| 中国 → 中国 | 11.1% |
| 中国 → 事業再編・廃止 | 1.8% |
| 台湾 → 台湾 | 0.9% |
| 台湾 → 事業再編・廃止 | 0.3% |
| シンガポール → シンガポール | 3.0% |
| その他 → その他 | 4.4% |
| 新設・再編 → 米国 | 5.1% |
| 新設・再編 → 韓国 | 0.6% |
| 新設・再編 → シンガポール | 1.4% |
| 新設・再編 → その他 | 9.0% |

Segment revenue source references: 14 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +1.0% | ¥6475893000 | 19.5% | 2 |
| Other | 5 years | +32.8% | ¥1763465000 | 10.5% | 2 |
| The United States of America | 5 years | +17.7% | ¥1664644000 | 1.4% | 2 |
| China | 5 years | +3.1% | ¥1462026000 | 7.4% | 2 |
| Korea | 5 years | +7.9% | ¥1059850000 | 11.1% | 2 |
| Singapore | 5 years | +14.9% | ¥573367000 | 7.1% | 2 |
| Taiwan | 5 years | +0.8% | ¥115744000 | 6.2% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,115 | 100.0% | S100XULV |
| Cost of revenue | 7,556 | 57.6% | S100XULV |
| Gross profit | 5,559 | 42.4% | S100XULV |
| SG&A | 3,976 | 30.3% | S100XULV |
| Operating income | 1,583 | 12.1% | S100XULV |
| Ordinary income | 1,678 | 12.8% | S100XULV |
| Pretax income | 1,640 | 12.5% | S100XULV |
| Income tax | 439 | 3.3% | S100XULV |
| Net income | 1,201 | 9.2% | S100XULV |
| Net income attributable to owners | 1,201 | 9.2% | S100XULV |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 30 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 42.4% → Operating margin 12.1% → Net margin 9.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.9%; Core profit growth: +13.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.36×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 12,383 | 13,115 | 732 | +5.9% |
| Gross profit | 5,205 | 5,559 | 354 | +6.8% |
| Operating income | 1,389 | 1,583 | 194 | +13.9% |
| Net income attributable to owners | 1,040 | 1,201 | 161 | +15.5% |
| Operating cash flow | 1,455 | 1,761 | 305 | +21.0% |
| Free cash flow | 1,320 | 1,666 | 346 | +26.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 11,429 | 1,162 | 10.2% | 739 | 829 | 630 | S100KZU6 |
| FY ending Dec 2020 | 9,698 | 917 | 9.5% | 679 | 1,271 | 1,154 | S100NOSI |
| FY ending Dec 2021 | 10,034 | 1,010 | 10.1% | 681 | 516 | 456 | S100QES3 |
| FY ending Dec 2022 | 11,168 | 1,178 | 10.5% | 869 | 836 | -94 | S100T3VY |
| FY ending Dec 2023 | 12,872 | 1,668 | 13.0% | 1,188 | 809 | 716 | S100VF3U |
| FY ending Dec 2024 | 12,383 | 1,389 | 11.2% | 1,040 | 1,455 | 1,320 | S100XULV |
| FY ending Dec 2025 | 13,115 | 1,583 | 12.1% | 1,201 | 1,761 | 1,666 | S100XULV |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.8M |
| Operating income per employee (consolidated) | ¥6.1M |
| Net income per employee (consolidated) | ¥4.7M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 269 | 266 | 269 | 260 | 258 |
| Average salary (parent company) | ¥7.2M | ¥7.3M | ¥7.9M | ¥7.7M | ¥8.1M |
| Average age (parent company) | 46.9 years | 48.6 years | 48.9 years | 49.2 years | 48.8 years |
| Average tenure (parent company) | 17.9 years | 18.7 years | 18.2 years | 17.3 years | 17.8 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) +5.9%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 6,476 | 49.4% | 1,265 | 19.5% |
| The United States of America | 1,665 | 12.7% | 24 | 1.4% |
| Korea | 1,060 | 8.1% | 118 | 11.1% |
| China | 1,462 | 11.1% | 108 | 7.4% |
| Taiwan | 116 | 0.9% | 7 | 6.2% |
| Singapore | 573 | 4.4% | 41 | 7.1% |
| Other | 1,763 | 13.4% | 185 | 10.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 49.4% | 72.4% | 23.0 | 19.5% |
| The United States of America | 12.7% | 1.4% | -11.3 | 1.4% |
| Korea | 8.1% | 6.8% | -1.3 | 11.1% |
| China | 11.1% | 6.2% | -4.9 | 7.4% |
| Taiwan | 0.9% | 0.4% | -0.5 | 6.2% |
| Singapore | 4.4% | 2.3% | -2.1 | 7.1% |
| Other | 13.4% | 10.6% | -2.9 | 10.5% |

Segment → industry: Japan → Electronic Components / Japan → Non-ferrous Metals & Wires / The United States of America → Electronic Components / The United States of America → Non-ferrous Metals & Wires / Korea → Electronic Components / Korea → Non-ferrous Metals & Wires / China → Electronic Components / China → Non-ferrous Metals & Wires / Taiwan → Electronic Components / Taiwan → Non-ferrous Metals & Wires / Singapore → Electronic Components / Singapore → Non-ferrous Metals & Wires

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,761 | 13.4% | S100XULV |
| Capital expenditure | 94 | 0.7% | S100XULV |
| Free cash flow | 1,666 | 12.7% | 算出 |
| Investing cash flow | -3,610 | -27.5% | S100XULV |
| Financing cash flow | -464 | -3.5% | S100XULV |
| Dividends paid | 389 | 3.0% | S100XULV |
| Share buyback | 0 | 0.0% | S100XULV |
| Change in cash | -2,287 | -17.4% | S100XULV |
| Cash and equivalents | 7,606 | 58.0% | S100XULV |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,797 | 8,570 | 8,547 | 9,893 | 7,606 | S100T3VY, S100VF3U, S100XULV |
| Total assets | 16,273 | 17,731 | 18,909 | 19,626 | 21,075 | S100QES3, S100T3VY, S100VF3U, S100XULV |
| Net assets | 14,717 | 15,695 | 17,021 | 17,966 | 19,049 | S100T3VY, S100VF3U, S100XULV |
| Share capital | 1,048 | 1,048 | 1,048 | 1,048 | 1,048 | S100QES3, S100T3VY, S100VF3U, S100XULV |
| Trade receivables | 1,110 | 1,274 | 1,541 | 1,372 | 1,294 | S100QES3, S100T3VY, S100VF3U, S100XULV |
| Property, plant and equipment | 1,380 | 2,342 | 2,260 | 2,139 | 2,216 | S100QES3, S100T3VY, S100VF3U, S100XULV |
| Intangible assets excluding goodwill | 18 | 13 | 15 | 16 | 27 | S100QES3, S100T3VY, S100VF3U, S100XULV |
| Investment securities | 815 | 727 | 802 | 735 | 2,426 | S100QES3, S100T3VY, S100VF3U, S100XULV |
| Current assets | 13,868 | 14,438 | 15,557 | 16,498 | 14,144 | S100QES3, S100T3VY, S100VF3U, S100XULV |
| Current liabilities | 1,379 | 1,764 | 1,652 | 1,506 | 1,701 | S100QES3, S100T3VY, S100VF3U, S100XULV |
| Total liabilities | 1,556 | 2,037 | 1,888 | 1,661 | 2,026 | S100QES3, S100T3VY, S100VF3U, S100XULV |
| Equity attributable to owners of parent | 14,520 | 15,172 | 16,133 | 16,747 | 17,599 | S100QES3, S100T3VY, S100VF3U, S100XULV |
| Retained earnings | 12,632 | 13,285 | 14,182 | 14,766 | 15,578 | S100QES3, S100T3VY, S100VF3U, S100XULV |
| Treasury stock | -336 | -336 | -274 | -253 | -223 | S100QES3, S100T3VY, S100VF3U, S100XULV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100XULV |
| Receivables | 6% | S100XULV |
| Property, plant and equipment | 11% | S100XULV |
| Intangibles and goodwill | 0% | S100XULV |
| Investment securities | 11% | S100XULV |
| Other assets | 36% | S100XULV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 10% | S100XULV |
| Equity | 90% | S100XULV |
| Other liabilities | 0% | S100XULV |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 16,273 | 17,731 | 18,909 | 19,626 | 21,075 |
| Equity | 14,717 | 15,695 | 17,021 | 17,966 | 19,049 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,797 | 8,570 | 8,547 | 9,893 | 7,606 |

## 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) | 16.9% | S100XULV |
| Fixed assets ÷ total assets | 10.5% | S100XULV |
| Goodwill ÷ parent equity | — | —, S100XULV |

### 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) | 36.1% |
| Cash ÷ revenue | 58.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 111.2% |
| Cash vs. profit gap | 560 JPY mn (of net income 46.6%) |
| Shareholder returns / net income | 32.4% |
| Shareholder returns / FCF | 23.4% |
| Shareholder payments — dividends / net income | 32.4% |
| Shareholder payments — dividends / FCF | 23.4% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 205.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.8% | 0.62× | 4.2% | 1.12× | 4.7% | S100QES3 |
| 2022 | 7.8% | 0.66× | 5.1% | 1.15× | 5.9% | S100T3VY |
| 2023 | 9.2% | 0.70× | 6.5% | 1.17× | 7.6% | S100VF3U |
| 2024 | 8.4% | 0.64× | 5.4% | 1.17× | 6.3% | S100XULV |
| 2025 | 9.2% | 0.64× | 5.9% | 1.19× | 7.0% | S100XULV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社新高輪 | Major shareholder | 11.7% | 2025-12-31 |
| 有限会社香流 | Major shareholder | 11.7% | 2025-12-31 |
| 株式会社センリキ | Major shareholder | 5.1% | 2025-12-31 |
| 株式会社センユキ | Major shareholder | 5.1% | 2025-12-31 |
| 川本公夫 | Major shareholder | 4.4% | 2025-12-31 |
| 川本重喜 | Major shareholder | 2.9% | 2025-12-31 |
| 合同会社カワシマ | Major shareholder | 2.9% | 2025-12-31 |
| 株式会社ノダノ | Major shareholder | 2.9% | 2025-12-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.6% | 2025-12-31 |
| 株式会社サウンドハウス | Major shareholder | 2.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第53期(2025/01/01－2025/12/31) | S100XULV | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XULV,, |
| 有価証券報告書－第52期(2024/01/01－2024/12/31) | S100VF3U | 2025-03-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VF3U,, |
| 有価証券報告書－第51期(2023/01/01－2023/12/31) | S100T3VY | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3VY,, |
| 有価証券報告書－第50期(2022/01/01－2022/12/31) | S100QES3 | 2023-03-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QES3,, |
| 有価証券報告書－第49期(令和3年1月1日－令和3年12月31日) | S100NOSI | 2022-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NOSI,, |
| 有価証券報告書－第48期(令和2年1月1日－令和2年12月31日) | S100KZU6 | 2021-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZU6,, |

## 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).