# CHUGOKUKOGYO 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76期(2025/04/01－2026/03/31) (S100YHRE)
> Page: https://vizora.meequs.com/en/company/chugokukogyo
> Retrieved: 2026-09-30T21:02:21.080Z

## Company

Chugokukogyo, founded in 1950, is a company in Electrical Equipment listed on TSE Standard. It has 376 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CHUGOKUKOGYO CO.,LTD. |
| Ticker | 5974 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5974.T) |
| Listing | TSE Standard |
| Head office | 広島市中区小町2番26号(上記は登記上の本店所在地であり、 実際の業務は下記の場所で行っております。) |
| Representative (per filing) | 代表取締役社長 中野敏 |
| Founded | Oct 1950 |
| Share capital | ¥1.71B |
| Employees (consolidated) | 376 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.ckk-chugoku.co.jp (https://www.ckk-chugoku.co.jp/) |
| Corporate number | 6240001006578 |
| EDINET | E01366 |
| Industries (Vizora) | Electrical Equipment, Industrial Machinery, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YHRE, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 11.4 | 110 |
| Profitability | 15.2 | 122 |
| Cash conversion | 79.7 | 116 |
| Efficiency | 91.4 | 122 |

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 66% of Chugokukogyo's sales come from High voltage equipment, with Transportation and Facility equipment making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -0.7% from the prior year, operating profit -20.5%.

## Company structure

- Segment revenue mix: High voltage equipment 66.0%、Transportation 15.9%、Facility equipment 14.2%、Steel structural transportation vehicle 3.9%
- Revenue → net income: ¥13752000000 → ¥331000000
- Net income → operating cash flow: ¥331000000 → ¥700000000（difference ¥369000000）
- Main uses of operating cash flow: CapEx ¥257000000 / dividends ¥64000000 / buybacks ¥0
- Change in cash: ¥355000000
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 | ¥13.8B |  |
| Operating income | ¥330M | Margin 2.4% |
| Net income | ¥312M | Margin 2.3% |
| Free cash flow | ¥443M |  |
| Largest business | High voltage equipment | of segment revenue 66.0% |
| Employees (consolidated) | 376 |  |
| EPS | ¥95.42 |  |
| Book value per share | ¥1666.91 |  |
| Equity ratio | 45.9% |  |
| Shares outstanding | 3,420,000 |  |
| Treasury shares | 186,500 |  |
| Shareholders | 5,493 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 4.9% | Cash ÷ revenue 4.6% |
| Vs. industry median margin | -5.2 pp | Industrial Machinery |
| ROE | 6.8% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, one segment accounts for 78% of positive segment profit
- FY2026, cash is 5% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12878000000 | ¥13752000000 | +6.8% |
| Operating income | ¥92000000 | ¥330000000 | +258.7% |
| Operating margin | 0.7% | 2.4% | +1.7 pp |
| Employees | 398 people | 376 people | -5.5% |
| Cash and equivalents | ¥316000000 | ¥632000000 | +100.0% |

### 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 |
| --- | ---: |
| 高圧機器事業 → 高圧機器事業 | 63.3% |
| 鉄構機器事業 → 鉄構機器事業 | 3.6% |
| 施設機器事業 → 施設機器事業 | 14.2% |
| 施設機器事業 → 事業再編・廃止 | 0.6% |
| 運送事業 → 運送事業 | 15.9% |
| 運送事業 → 事業再編・廃止 | 2.4% |
| 新設・再編 → 高圧機器事業 | 2.6% |
| 新設・再編 → 鉄構機器事業 | 0.3% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| High voltage equipment | 5 years | +2.2% | ¥9069000000 | 7.0% | 2 |
| Transportation | 5 years | -1.4% | ¥2188000000 | 0.5% | 2 |
| Facility equipment | 5 years | +0.6% | ¥1957000000 | 7.4% | 2 |
| Steel structural transportation vehicle | 5 years | +2.9% | ¥536000000 | 4.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,752 | 100.0% | S100YHRE |
| Cost of revenue | 10,990 | 79.9% | S100YHRE |
| Gross profit | 2,762 | 20.1% | S100YHRE |
| SG&A | 2,432 | 17.7% | S100YHRE |
| Operating income | 330 | 2.4% | S100YHRE |
| Ordinary income | 446 | 3.2% | S100YHRE |
| Pretax income | 507 | 3.7% | S100YHRE |
| Income tax | 176 | 1.3% | S100YHRE |
| Net income | 331 | 2.4% | S100YHRE |
| Net income attributable to owners | 312 | 2.3% | S100YHRE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 18 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 20.1% → Operating margin 2.4% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.7%; Core profit growth: -20.5%
Operating leverage (core profit growth ÷ revenue growth): 31.16×
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 | 13,843 | 13,752 | -91 | -0.7% |
| Gross profit | 2,807 | 2,762 | -45 | -1.6% |
| Operating income | 415 | 330 | -85 | -20.5% |
| Net income attributable to owners | 376 | 312 | -64 | -17.0% |
| Operating cash flow | 1,017 | 700 | -317 | -31.2% |
| Free cash flow | 772 | 443 | -329 | -42.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,992 | 40 | 0.3% | 90 | 389 | 77 | S100LW31 |
| FY ending Mar 2021 | 12,878 | 92 | 0.7% | 124 | 489 | 89 | S100ONFV |
| FY ending Mar 2022 | 12,866 | 64 | 0.5% | 132 | 309 | 122 | S100R90W |
| FY ending Mar 2023 | 13,389 | 231 | 1.7% | 199 | -81 | -408 | S100TVMH |
| FY ending Mar 2024 | 13,332 | 206 | 1.5% | 206 | 289 | 38 | S100W23W |
| FY ending Mar 2025 | 13,843 | 415 | 3.0% | 376 | 1,017 | 772 | S100YHRE |
| FY ending Mar 2026 | 13,752 | 330 | 2.4% | 312 | 700 | 443 | S100YHRE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.6M |
| Operating income per employee (consolidated) | ¥877.7K |
| Net income per employee (consolidated) | ¥829.8K |

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) | 391 | 384 | 379 | 370 | 376 |
| Average salary (parent company) | ¥4.9M | ¥5.1M | ¥5.1M | ¥5.4M | ¥5.6M |
| Average age (parent company) | 40.7 years | 41.3 years | 42.2 years | 42.4 years | 45.5 years |
| Average tenure (parent company) | 17.8 years | 18.5 years | 19.2 years | 19.6 years | 21.5 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) -0.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| High voltage equipment | 9,069 | 66.0% | 633 | 7.0% |
| Steel structural transportation vehicle | 536 | 3.9% | 24 | 4.5% |
| Facility equipment | 1,957 | 14.2% | 144 | 7.4% |
| Transportation | 2,188 | 15.9% | 10 | 0.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| High voltage equipment | 66.0% | 78.1% | 12.1 | 7.0% |
| Steel structural transportation vehicle | 3.9% | 3.0% | -0.9 | 4.5% |
| Facility equipment | 14.2% | 17.8% | 3.5 | 7.4% |
| Transportation | 15.9% | 1.2% | -14.7 | 0.5% |

Segment → industry: Steel structural transportation vehicle → Electrical Equipment / High voltage equipment → Industrial Machinery / Transportation → Trucking & Parcel Delivery

## 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 | 700 | 5.1% | S100YHRE |
| Capital expenditure | 257 | 1.9% | S100YHRE |
| Free cash flow | 443 | 3.2% | 算出 |
| Investing cash flow | -130 | -0.9% | S100YHRE |
| Financing cash flow | -214 | -1.6% | S100YHRE |
| Dividends paid | 64 | 0.5% | S100YHRE |
| Share buyback | 0 | 0.0% | S100YHRE |
| Change in cash | 355 | 2.6% | S100YHRE |
| Cash and equivalents | 632 | 4.6% | S100YHRE |

## 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 | 341 | 269 | 299 | 277 | 632 | S100TVMH, S100W23W, S100YHRE |
| Total assets | 11,761 | 12,085 | 13,362 | 12,449 | 12,996 | S100R90W, S100TVMH, S100W23W, S100YHRE |
| Net assets | 4,734 | 4,952 | 5,553 | 5,866 | 6,489 | S100TVMH, S100W23W, S100YHRE |
| Share capital | 1,710 | 1,710 | 1,710 | 1,710 | 1,710 | S100R90W, S100TVMH, S100W23W, S100YHRE |
| Property, plant and equipment | 4,071 | 3,900 | 3,812 | 3,766 | 3,742 | S100R90W, S100TVMH, S100W23W, S100YHRE |
| Intangible assets excluding goodwill | 56 | 97 | 143 | 125 | 104 | S100R90W, S100TVMH, S100W23W, S100YHRE |
| Investment securities | 1,477 | 1,564 | 2,218 | 2,235 | 2,759 | S100R90W, S100TVMH, S100W23W, S100YHRE |
| Current assets | 6,008 | 6,397 | 7,050 | 6,181 | 6,289 | S100R90W, S100TVMH, S100W23W, S100YHRE |
| Current liabilities | 4,826 | 4,717 | 5,354 | 4,198 | 4,038 | S100R90W, S100TVMH, S100W23W, S100YHRE |
| Trade payables | 1,216 | 1,100 | 1,243 | 1,085 | 956 | S100R90W, S100TVMH, S100W23W, S100YHRE |
| Short-term borrowings | 1,231 | 1,405 | 1,604 | 913 | 906 | S100R90W, S100TVMH, S100W23W, S100YHRE |
| Long-term borrowings | 484 | 676 | 509 | 480 | 390 | S100R90W, S100TVMH, S100W23W, S100YHRE |
| Total liabilities | 7,026 | 7,133 | 7,809 | 6,582 | 6,506 | S100R90W, S100TVMH, S100W23W, S100YHRE |
| Non-controlling interests | 430 | 428 | 474 | 483 | 526 | S100R90W, S100TVMH, S100W23W, S100YHRE |
| Equity attributable to owners of parent | 3,861 | 4,011 | 4,169 | 4,487 | 4,744 | S100R90W, S100TVMH, S100W23W, S100YHRE |
| Retained earnings | 1,970 | 2,119 | 2,277 | 2,596 | 2,844 | S100R90W, S100TVMH, S100W23W, S100YHRE |
| Treasury stock | -147 | -147 | -147 | -147 | -139 | S100R90W, S100TVMH, S100W23W, S100YHRE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YHRE |
| Property, plant and equipment | 29% | S100YHRE |
| Intangibles and goodwill | 1% | S100YHRE |
| Investment securities | 21% | S100YHRE |
| Other assets | 44% | S100YHRE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YHRE |
| Other liabilities | 43% | S100YHRE |
| Equity | 50% | S100YHRE |
| Other liabilities | 0% | S100YHRE |

### 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 | 11,761 | 12,085 | 13,362 | 12,449 | 12,996 |
| Equity | 4,734 | 4,952 | 5,553 | 5,866 | 6,489 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 341 | 269 | 299 | 277 | 632 |

## 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) | 27.2% | S100YHRE |
| Fixed assets ÷ total assets | 28.8% | S100YHRE |
| Goodwill ÷ parent equity | — | —, S100YHRE |

### 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) | 4.9% |
| Cash ÷ revenue | 4.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 212.1% |
| Cash vs. profit gap | 388 JPY mn (of net income 124.4%) |
| Shareholder returns / net income | 20.5% |
| Shareholder returns / FCF | 14.4% |
| Shareholder payments — dividends / net income | 20.5% |
| Shareholder payments — dividends / FCF | 14.4% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 18.6% |

## 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 | 1.0% | 1.09× | 1.1% | 3.05× | 3.4% | S100R90W |
| 2023 | 1.5% | 1.12× | 1.7% | 3.03× | 5.1% | S100TVMH |
| 2024 | 1.5% | 1.05× | 1.6% | 3.11× | 5.0% | S100W23W |
| 2025 | 2.7% | 1.07× | 2.9% | 2.98× | 8.7% | S100YHRE |
| 2026 | 2.3% | 1.08× | 2.5% | 2.76× | 6.8% | S100YHRE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山本裕治 | Major shareholder | 6.7% | 2026-03-31 |
| 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 | 5.4% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 5.1% | 2026-03-31 |
| 日本鉱泉株式会社 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社広島銀行 (常任代理人 株式会社日本カストディ銀行) | Major shareholder | 3.3% | 2026-03-31 |
| 佐々木秀隆 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社宮入バルブ製作所 | Major shareholder | 3.0% | 2026-03-31 |
| チョウヘイカ | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社W | Major shareholder | 2.3% | 2026-03-31 |
| 中国工業従業員持株会 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/04/01－2026/03/31) | S100YHRE | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHRE,, |
| 有価証券報告書－第75期(2024/04/01－2025/03/31) | S100W23W | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W23W,, |
| 有価証券報告書－第74期(2023/04/01－2024/03/31) | S100TVMH | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVMH,, |
| 有価証券報告書－第73期(2022/04/01－2023/03/31) | S100R90W | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R90W,, |
| 訂正有価証券報告書－第72期(令和3年4月1日－令和4年3月31日) | S100ONFV | 2022-07-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ONFV,, |
| 訂正有価証券報告書－第71期(令和2年4月1日－令和3年3月31日) | S100LW31 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LW31,, |

## 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).