# CMK CORPORATION: 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66期(2025/04/01－2026/03/31) (S100YHVS)
> Page: https://vizora.meequs.com/en/company/cmk
> Retrieved: 2026-09-30T20:58:36.858Z

## Company

CMK, founded in 1961, is a company in Electronic Components listed on TSE Prime. It has 4,304 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CMK CORPORATION |
| Ticker | 6958 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6958.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿六丁目5番1号 |
| Representative (per filing) | 代表取締役社長 石坂 嘉章 |
| Founded | Feb 1961 |
| Share capital | ¥24.1B |
| Employees (consolidated) | 4,304 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.cmk-corp.com (https://www.cmk-corp.com/) |
| Corporate number | 6011101016382 |
| EDINET | E01959 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YHVS, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.9 | 53 |
| Profitability | 24.1 | 56 |
| Cash conversion | 88.5 | 48 |
| Efficiency | 36.6 | 56 |
| Financial strength | 50 | 5 |

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 62% of CMK's sales come from Japan, with Southeast Asia and China making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +4.9% from the prior year, operating profit -26.8%.

## Company structure

- Segment revenue mix: Japan 61.5%、Southeast Asia 17.4%、China 17.2%、Europe and America 3.9%
- Revenue → net income: ¥100202000000 → ¥4220000000
- Net income → operating cash flow: ¥4220000000 → ¥7817000000（difference ¥3597000000）
- Main uses of operating cash flow: CapEx ¥9213000000 / dividends ¥1423000000 / buybacks ¥0
- Change in cash: ¥-2783000000
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 | ¥100.2B |  |
| Operating income | ¥2.79B | Margin 2.8% |
| Net income | ¥4.03B | Margin 4.0% |
| Free cash flow | -¥1.4B |  |
| Largest business | Japan | of segment revenue 61.5% |
| Employees (consolidated) | 4,304 |  |
| EPS | ¥58.94 |  |
| Book value per share | ¥735.41 |  |
| Equity ratio | 55.1% |  |
| Shares outstanding | 71,298,100 |  |
| Treasury shares | 5,200 |  |
| Shareholders | 16,810 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 12.8% | Net cash -¥16.1B · Cash ÷ revenue 19.4% |
| Vs. industry median margin | -3.1 pp | Electronic Components |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 32 points
- FY2026, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥69967000000 | ¥100202000000 | +43.2% |
| Operating income | ¥-1676000000 | ¥2788000000 | — |
| Operating margin | -2.4% | 2.8% | +5.2 pp |
| Employees | 4,960 people | 4,304 people | -13.2% |
| Cash and equivalents | ¥17466000000 | ¥19410000000 | +11.1% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 61.5% |
| 日本 → 事業再編・廃止 | 0.5% |
| 中国 → 中国 | 17.2% |
| 中国 → 事業再編・廃止 | 0.7% |
| 東南アジア → 東南アジア | 14.5% |
| 欧米 → 欧米 | 3.9% |
| 欧米 → 事業再編・廃止 | 1.7% |
| 新設・再編 → 東南アジア | 2.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +7.3% | ¥61670000000 | 4.2% | 2 |
| Southeast Asia | 5 years | +11.4% | ¥17396000000 | -8.5% | 2 |
| China | 5 years | +6.6% | ¥17217000000 | 16.2% | 2 |
| Europe and America | 5 years | -0.1% | ¥3918000000 | 7.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 100,202 | 100.0% | S100YHVS |
| Cost of revenue | 85,267 | 85.1% | S100YHVS |
| Gross profit | 14,935 | 14.9% | S100YHVS |
| SG&A | 12,147 | 12.1% | S100YHVS |
| Operating income | 2,788 | 2.8% | S100YHVS |
| Ordinary income | 4,136 | 4.1% | S100YHVS |
| Pretax income | 5,286 | 5.3% | S100YHVS |
| Income tax | 1,066 | 1.1% | S100YHVS |
| Net income | 4,220 | 4.2% | S100YHVS |
| Net income attributable to owners | 4,026 | 4.0% | S100YHVS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 12 |
| Operating income | 3 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 14.9% → Operating margin 2.8% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.9%; Core profit growth: -26.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -5.42×
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 | 95,486 | 100,202 | 4,716 | +4.9% |
| Gross profit | 15,568 | 14,935 | -633 | -4.1% |
| Operating income | 3,807 | 2,788 | -1,019 | -26.8% |
| Net income attributable to owners | 3,789 | 4,026 | 237 | +6.3% |
| Operating cash flow | 9,058 | 7,817 | -1,241 | -13.7% |
| Free cash flow | -9,875 | -1,396 | 8,479 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 82,619 | 1,601 | 1.9% | -1,128 | 5,576 | -2,737 | S100LNZP |
| FY ending Mar 2021 | 69,967 | -1,676 | -2.4% | -1,868 | 3,420 | -364 | S100OI5N |
| FY ending Mar 2022 | 81,486 | 3,021 | 3.7% | 2,785 | 2,476 | -3,771 | S100R5KX |
| FY ending Mar 2023 | 83,840 | 2,605 | 3.1% | 1,588 | 6,245 | -520 | S100TXJL |
| FY ending Mar 2024 | 90,568 | 3,529 | 3.9% | 3,855 | 9,440 | -6,531 | S100W8G4 |
| FY ending Mar 2025 | 95,486 | 3,807 | 4.0% | 3,789 | 9,058 | -9,875 | S100YHVS |
| FY ending Mar 2026 | 100,202 | 2,788 | 2.8% | 4,026 | 7,817 | -1,396 | S100YHVS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.3M |
| Operating income per employee (consolidated) | ¥647.8K |
| Net income per employee (consolidated) | ¥935.4K |

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) | 4,854 | 4,487 | 4,580 | 4,483 | 4,304 |
| Average salary (parent company) | ¥5.4M | ¥5.5M | ¥5.7M | ¥6.1M | ¥6.6M |
| Average age (parent company) | 46.0 years | 47.1 years | 48.0 years | 48.7 years | 49.4 years |
| Average tenure (parent company) | 17.1 years | 18.2 years | 18.9 years | 19.6 years | 20.1 years |

Year over year: Employees (consolidated) -4.0% · Revenue (consolidated) +4.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 61,670 | 61.5% | 2,591 | 4.2% |
| China | 17,217 | 17.2% | 2,792 | 16.2% |
| Southeast Asia | 17,396 | 17.4% | -1,476 | -8.5% |
| Europe and America | 3,918 | 3.9% | 298 | 7.6% |

### 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 | 61.5% | 45.6% | -15.9 | 4.2% |
| China | 17.2% | 49.1% | 32.0 | 16.2% |
| Southeast Asia | 17.4% | — | — | -8.5% |
| Europe and America | 3.9% | 5.2% | 1.3 | 7.6% |

Loss-making segment (excluded from profit shares): Southeast Asia -1,476 JPY mn

Segment → industry: Europe and America → Electronic Components / Southeast Asia → Electronic Components / China → Electronic Components / Japan → 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 | 7,817 | 7.8% | S100YHVS |
| Capital expenditure | 9,213 | 9.2% | S100YHVS |
| Free cash flow | -1,396 | -1.4% | 算出 |
| Investing cash flow | -6,878 | -6.9% | S100YHVS |
| Financing cash flow | -4,097 | -4.1% | S100YHVS |
| Dividends paid | 1,423 | 1.4% | S100YHVS |
| Share buyback | 0 | 0.0% | S100YHVS |
| Change in cash | -2,783 | -2.8% | S100YHVS |
| Cash and equivalents | 19,410 | 19.4% | S100YHVS |

## 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 | 15,879 | 23,596 | 25,336 | 22,193 | 19,410 | S100TXJL, S100W8G4, S100YHVS |
| Total assets | 104,865 | 114,570 | 131,606 | 148,540 | 151,522 | S100R5KX, S100TXJL, S100W8G4, S100YHVS |
| Net assets | 54,466 | 58,779 | 72,913 | 81,428 | 86,049 | S100TXJL, S100W8G4, S100YHVS |
| Share capital | 22,306 | 22,310 | 24,096 | 24,102 | 24,109 | S100R5KX, S100TXJL, S100W8G4, S100YHVS |
| Trade receivables | 17,948 | 17,664 | 18,540 | 17,847 | 19,886 | S100R5KX, S100TXJL, S100W8G4, S100YHVS |
| Property, plant and equipment | 42,204 | 45,839 | 58,273 | 76,492 | 80,267 | S100R5KX, S100TXJL, S100W8G4, S100YHVS |
| Intangible assets excluding goodwill | 400 | 370 | 431 | 995 | 1,458 | S100R5KX, S100TXJL, S100W8G4, S100YHVS |
| Goodwill | 58 | 40 | 21 | 15 | 10 | S100R5KX, S100TXJL, S100W8G4, S100YHVS |
| Investment securities | 2,975 | 3,126 | 3,865 | 4,041 | 2,827 | S100R5KX, S100TXJL, S100W8G4, S100YHVS |
| Current assets | 55,623 | 61,652 | 65,195 | 62,382 | 61,694 | S100R5KX, S100TXJL, S100W8G4, S100YHVS |
| Current liabilities | 33,637 | 26,936 | 28,501 | 33,686 | 38,035 | S100R5KX, S100TXJL, S100W8G4, S100YHVS |
| Trade payables | 12,506 | 10,265 | 11,568 | 11,540 | 12,519 | S100R5KX, S100TXJL, S100W8G4, S100YHVS |
| Short-term borrowings | 14,328 | 10,327 | — | 6,000 | 10,250 | S100R5KX, S100YHVS |
| Long-term borrowings | 11,824 | 21,472 | 25,044 | 28,295 | 22,255 | S100R5KX, S100TXJL, S100W8G4, S100YHVS |
| Bonds | 3,608 | 5,765 | 3,273 | 3,000 | 3,000 | S100R5KX, S100TXJL, S100W8G4, S100YHVS |
| Interest-bearing debt | 29,760 | 37,564 | — | 37,295 | 35,505 | 算出 |
| Total liabilities | 50,398 | 55,790 | 58,692 | 67,112 | 65,473 | S100R5KX, S100TXJL, S100W8G4, S100YHVS |
| Non-controlling interests | 1,750 | 1,931 | 2,098 | 2,316 | 2,560 | S100R5KX, S100TXJL, S100W8G4, S100YHVS |
| Equity attributable to owners of parent | 49,543 | 50,311 | 60,369 | 62,817 | 65,432 | S100R5KX, S100TXJL, S100W8G4, S100YHVS |
| Retained earnings | 13,411 | 14,171 | 17,523 | 19,959 | 22,561 | S100R5KX, S100TXJL, S100W8G4, S100YHVS |
| Treasury stock | -3,135 | -3,136 | -2 | -3 | -3 | S100R5KX, S100TXJL, S100W8G4, S100YHVS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YHVS |
| Receivables | 13% | S100YHVS |
| Property, plant and equipment | 53% | S100YHVS |
| Intangibles and goodwill | 1% | S100YHVS |
| Investment securities | 2% | S100YHVS |
| Other assets | 18% | S100YHVS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YHVS |
| Interest-bearing debt | 23% | 算出 |
| Other liabilities | 12% | S100YHVS |
| Equity | 57% | S100YHVS |

### 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 | 104,865 | 114,570 | 131,606 | 148,540 | 151,522 |
| Equity | 54,466 | 58,779 | 72,913 | 81,428 | 86,049 |
| Interest-bearing debt | 29,760 | 37,564 | — | 37,295 | 35,505 |
| Cash | 15,879 | 23,596 | 25,336 | 22,193 | 19,410 |

## 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) | 80.1% | S100YHVS |
| Fixed assets ÷ total assets | 53.0% | S100YHVS |
| Goodwill ÷ parent equity | 0.0% | S100YHVS |

Goodwill over 4 years: 58 → 10 JPY; total investing cash flow: -52,543 JPY. This does not imply causation.

### 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) | 12.8% |
| Cash ÷ revenue | 19.4% |
| Net cash (cash − interest-bearing debt) | -¥16.1B |
| Net debt ÷ operating cash flow | 2.06× |
| Cash conversion (operating CF ÷ operating income) | 280.4% |
| Cash vs. profit gap | 3,791 JPY mn (of net income 94.2%) |
| Shareholder returns / net income | 35.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 35.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.2% |
| Investing CF relative to operating CF | 88.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.4% | 0.78× | 2.7% | 2.12× | 5.6% | S100R5KX |
| 2023 | 1.9% | 0.76× | 1.4% | 2.20× | 3.2% | S100TXJL |
| 2024 | 4.3% | 0.74× | 3.1% | 2.22× | 7.0% | S100W8G4 |
| 2025 | 4.0% | 0.68× | 2.7% | 2.27× | 6.2% | S100YHVS |
| 2026 | 4.0% | 0.67× | 2.7% | 2.34× | 6.3% | S100YHVS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 24.8% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.6% | 2026-03-31 |
| 一般財団法人電子回路基板技術振興財団 | Major shareholder | 3.5% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社きらぼし銀行 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 佐藤商事株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |
| THE BANK OF NEW YORK 134088 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2025/04/01－2026/03/31) | S100YHVS | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHVS,, |
| 訂正有価証券報告書－第65期(2024/04/01－2025/03/31) | S100W8G4 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8G4,, |
| 有価証券報告書－第64期(2023/04/01－2024/03/31) | S100TXJL | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXJL,, |
| 有価証券報告書－第63期(2022/04/01－2023/03/31) | S100R5KX | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5KX,, |
| 有価証券報告書－第62期(令和3年4月1日－令和4年3月31日) | S100OI5N | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI5N,, |
| 有価証券報告書－第61期(令和2年4月1日－令和3年3月31日) | S100LNZP | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNZP,, |

## 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).