# COSEL CO.,LTD.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第57期(2025/05/21－2026/05/20) (S100YUI9)
> Page: https://vizora.meequs.com/en/company/cosel
> Retrieved: 2026-09-30T22:08:16.756Z

## Company

Cosel, founded in 1969, is a company in Electronic Components listed on TSE Prime. It has 717 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | COSEL CO.,LTD. |
| Ticker | 6905 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6905.T) |
| Listing | TSE Prime |
| Head office | 富山県富山市上赤江町一丁目6番43号 |
| Representative (per filing) | 代表取締役社長 斉藤 盛雄 |
| Founded | Jul 1969 |
| Share capital | ¥6.04B |
| Employees (consolidated) | 717 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | May |
| Website | www.cosel.com (https://www.cosel.com/) |
| Corporate number | 7230001000928 |
| EDINET | E01856 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YUI9, filed 2026-08-10). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-05-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.5 | 53 |
| Profitability | 6.3 | 56 |
| Efficiency | 8 | 56 |

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 52% of Cosel's sales come from Segment to manufacture and sell in Japan, with Segment to manufacture and sell in Europe and Segment to sell in Asia making up much of the rest.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed -7.4% from the prior year, operating profit -210.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥25B |  |
| Operating income | -¥695M | Margin -2.8% |
| Net income | -¥3.41B | Margin -13.6% |
| Free cash flow | ¥1.21B |  |
| Largest business | Segment to manufacture and sell in Japan | of segment revenue 51.8% |
| Employees (consolidated) | 717 |  |
| EPS | ¥-46.86 |  |
| Book value per share | ¥1157.91 |  |
| Equity ratio | 86.1% |  |
| Shares outstanding | 41,186,000 |  |
| Treasury shares | 51,900 |  |
| Shareholders | 8,852 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 44.3% | Cash ÷ revenue 107.3% |
| Vs. industry median margin | -8.7 pp | Electronic Components |
| ROA | -5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 41 points
- FY2026, cash is 44% of total assets

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27020744000 | ¥25046000000 | -7.3% |
| Operating income | ¥3020831000 | ¥-695000000 | -123.0% |
| Operating margin | 11.2% | -2.8% | -14 pp |
| Employees | 698 people | 717 people | +2.7% |
| Cash and equivalents | ¥12962657000 | ¥26865000000 | +107.2% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本生産販売事業 → 日本生産販売事業 | 51.8% |
| 日本生産販売事業 → 事業再編・廃止 | 8.6% |
| 北米販売事業 → 北米販売事業 | 7.0% |
| 北米販売事業 → 事業再編・廃止 | 0.2% |
| ヨーロッパ生産販売事業 → ヨーロッパ生産販売事業 | 17.3% |
| アジア販売事業 → アジア販売事業 | 10.1% |
| アジア販売事業 → 事業再編・廃止 | 0.1% |
| 中国生産事業 → 中国生産事業 | 4.9% |
| 新設・再編 → ヨーロッパ生産販売事業 | 6.4% |
| 新設・再編 → 中国生産事業 | 2.5% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Segment to manufacture and sell in Japan | 5 years | -4.0% | ¥14000000000 | -2.3% | 2 |
| Segment to manufacture and sell in Europe | 5 years | +5.5% | ¥6408000000 | -11.3% | 2 |
| Segment to sell in Asia | 5 years | -1.3% | ¥2740000000 | 3.8% | 2 |
| Segment to manufacture in China | 5 years | +7.6% | ¥2005000000 | 0.5% | 2 |
| Segment to sell in North America | 5 years | -1.6% | ¥1896000000 | 4.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,046 | 100.0% | S100YUI9 |
| Cost of revenue | 19,010 | 75.9% | S100YUI9 |
| Gross profit | 6,036 | 24.1% | S100YUI9 |
| SG&A | 6,731 | 26.9% | S100YUI9 |
| Operating income | -695 | -2.8% | S100YUI9 |
| Ordinary income | 267 | 1.1% | S100YUI9 |
| Pretax income | -3,425 | -13.7% | S100YUI9 |
| Income tax | -19 | -0.1% | S100YUI9 |
| Net income | -3,406 | -13.6% | S100YUI9 |
| Net income attributable to owners | -3,406 | -13.6% | S100YUI9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 27 |
| Operating income | -3 |
| (Ref.) Net income | -14 |

### Margin funnel

Gross margin 24.1% → Operating margin -2.8% → Net margin -13.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 27,052 | 25,046 | -2,006 | -7.4% |
| Gross profit | 7,207 | 6,036 | -1,171 | -16.2% |
| Operating income | 628 | -695 | -1,323 | -210.7% |
| Net income attributable to owners | -113 | -3,406 | -3,293 | — |
| Operating cash flow | 3,858 | 3,035 | -823 | -21.3% |
| Free cash flow | 2,086 | 1,205 | -881 | -42.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 23,865 | 1,668 | 7.0% | 304 | 3,023 | 2,115 | S100M67H |
| FY ending May 2021 | 27,021 | 3,021 | 11.2% | 1,078 | 2,437 | 1,837 | S100OV34 |
| FY ending May 2022 | 28,077 | 2,811 | 10.0% | 1,895 | -1,022 | -1,897 | S100RJJH |
| FY ending May 2023 | 35,267 | 4,926 | 14.0% | 3,163 | 1,032 | 124 | S100U7DT |
| FY ending May 2024 | 41,437 | 6,913 | 16.7% | 5,170 | 5,532 | 4,319 | S100WGO2 |
| FY ending May 2025 | 27,052 | 628 | 2.3% | -113 | 3,858 | 2,086 | S100YUI9 |
| FY ending May 2026 | 25,046 | -695 | -2.8% | -3,406 | 3,035 | 1,205 | S100YUI9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.9M |
| Operating income per employee (consolidated) | -¥969.3K |
| Net income per employee (consolidated) | -¥4.8M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 690 | 707 | 721 | 729 | 717 |
| Average salary (parent company) | ¥5.8M | ¥6.3M | ¥6.6M | ¥6.2M | ¥5.6M |
| Average age (parent company) | 40.7 years | 41.0 years | 40.6 years | 40.8 years | 41.3 years |
| Average tenure (parent company) | 16.9 years | 17.3 years | 17.2 years | 17.3 years | 17.7 years |

Year over year: Employees (consolidated) -1.6% · Revenue (consolidated) -7.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Segment to manufacture and sell in Japan | 14,000 | 51.8% | -316 | -2.3% |
| Segment to sell in North America | 1,896 | 7.0% | 88 | 4.6% |
| Segment to manufacture and sell in Europe | 6,408 | 23.7% | -723 | -11.3% |
| Segment to sell in Asia | 2,740 | 10.1% | 104 | 3.8% |
| Segment to manufacture in China | 2,005 | 7.4% | 11 | 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 |
| --- | ---: | ---: | ---: | ---: |
| Segment to manufacture and sell in Japan | 51.8% | — | — | -2.3% |
| Segment to sell in North America | 7.0% | 43.3% | 36.3 | 4.6% |
| Segment to manufacture and sell in Europe | 23.7% | — | — | -11.3% |
| Segment to sell in Asia | 10.1% | 51.2% | 41.1 | 3.8% |
| Segment to manufacture in China | 7.4% | 5.4% | -2.0 | 0.5% |

Loss-making segment (excluded from profit shares): Segment to manufacture and sell in Japan -316 JPY mn

Loss-making segment (excluded from profit shares): Segment to manufacture and sell in Europe -723 JPY mn

Segment → industry: Segment to manufacture in China → Electronic Components / Segment to sell in Asia → Electronic Components / Segment to manufacture and sell in Europe → Electronic Components / Segment to sell in North America → Electronic Components / Segment to manufacture and sell in Japan → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,035 | 12.1% | S100YUI9 |
| Capital expenditure | 1,830 | 7.3% | S100YUI9 |
| Free cash flow | 1,205 | 4.8% | 算出 |
| Investing cash flow | -1,409 | -5.6% | S100YUI9 |
| Financing cash flow | -2,396 | -9.6% | S100YUI9 |
| Dividends paid | 2,261 | 9.0% | S100YUI9 |
| Share buyback | 0 | 0.0% | S100YUI9 |
| Change in cash | 312 | 1.2% | S100YUI9 |
| Cash and equivalents | 26,865 | 107.3% | S100YUI9 |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 12,945 | 12,612 | 15,394 | 26,552 | 26,865 | S100U7DT, S100WGO2, S100YUI9 |
| Total assets | 45,722 | 48,668 | 54,397 | 59,998 | 60,576 | S100RJJH, S100U7DT, S100WGO2, S100YUI9 |
| Net assets | 40,940 | 42,313 | 47,257 | 55,836 | 52,163 | S100U7DT, S100WGO2, S100YUI9 |
| Share capital | 2,055 | 2,055 | 2,055 | 6,042 | 6,042 | S100RJJH, S100U7DT, S100WGO2, S100YUI9 |
| Trade receivables | 9,172 | 10,247 | 9,786 | 5,664 | 7,147 | S100RJJH, S100U7DT, S100WGO2, S100YUI9 |
| Property, plant and equipment | 7,217 | 7,046 | 7,566 | 7,268 | 7,997 | S100RJJH, S100U7DT, S100WGO2, S100YUI9 |
| Intangible assets excluding goodwill | 1,434 | 1,242 | 1,442 | 1,040 | 1,027 | S100RJJH, S100U7DT, S100WGO2, S100YUI9 |
| Goodwill | 96 | 79 | 64 | 45 | — | S100RJJH, S100U7DT, S100WGO2, S100YUI9 |
| Investment securities | 3,265 | 3,687 | 3,741 | 3,355 | 2,413 | S100RJJH, S100U7DT, S100WGO2, S100YUI9 |
| Current assets | 33,331 | 36,215 | 41,161 | 47,760 | 48,566 | S100RJJH, S100U7DT, S100WGO2, S100YUI9 |
| Current liabilities | 3,858 | 5,407 | 6,008 | 2,830 | 4,304 | S100RJJH, S100U7DT, S100WGO2, S100YUI9 |
| Short-term borrowings | 65 | 13 | — | — | — | S100RJJH, S100U7DT |
| Total liabilities | 4,783 | 6,354 | 7,140 | 4,162 | 8,413 | S100RJJH, S100U7DT, S100WGO2, S100YUI9 |
| Non-controlling interests | 71 | 108 | 171 | — | — | S100RJJH, S100U7DT, S100WGO2 |
| Equity attributable to owners of parent | 39,565 | 40,774 | 44,544 | 54,020 | 48,351 | S100RJJH, S100U7DT, S100WGO2, S100YUI9 |
| Retained earnings | 37,078 | 39,286 | 42,997 | 40,876 | 35,208 | S100RJJH, S100U7DT, S100WGO2, S100YUI9 |
| Treasury stock | -1,847 | -2,847 | -2,795 | -57 | -57 | S100RJJH, S100U7DT, S100WGO2, S100YUI9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 44% | S100YUI9 |
| Receivables | 12% | S100YUI9 |
| Property, plant and equipment | 13% | S100YUI9 |
| Intangibles and goodwill | 2% | S100YUI9 |
| Investment securities | 4% | S100YUI9 |
| Other assets | 25% | S100YUI9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100YUI9 |
| Equity | 86% | S100YUI9 |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 45,722 | 48,668 | 54,397 | 59,998 | 60,576 |
| Equity | 40,940 | 42,313 | 47,257 | 55,836 | 52,163 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,945 | 12,612 | 15,394 | 26,552 | 26,865 |

## 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) | 31.9% | S100YUI9 |
| Fixed assets ÷ total assets | 13.2% | S100YUI9 |
| Goodwill ÷ parent equity | — | —, S100YUI9 |

### 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) | 44.3% |
| Cash ÷ revenue | 107.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 6,441 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 187.6% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 187.6% |
| CapEx intensity (capex ÷ revenue) | 7.3% |
| Investing CF relative to operating CF | 46.4% |

## 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 | 6.8% | 0.61× | 4.1% | 1.16× | 4.8% | S100RJJH |
| 2023 | 9.0% | 0.75× | 6.7% | 1.17× | 7.9% | S100U7DT |
| 2024 | 12.5% | 0.80× | 10.0% | 1.21× | 12.1% | S100WGO2 |
| 2025 | — | —× | -0.2% | —× | — | S100YUI9 |
| 2026 | — | —× | -5.6% | —× | — | S100YUI9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| LITE-ON TECHNOLOGY CORPORATION （光寶科技股份有限公司） （受信場所 日本ライトン株式会社） | Major shareholder | 20.0% | 2026-05-20 |
| 飴 久晴 | Major shareholder | 9.7% | 2026-05-20 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.1% | 2026-05-20 |
| 買場 清 | Major shareholder | 6.7% | 2026-05-20 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.8% | 2026-05-20 |
| 若土 征男 | Major shareholder | 3.6% | 2026-05-20 |
| みずほ信託銀行株式会社 退職給付信託 北陸銀行口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 2.7% | 2026-05-20 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.5% | 2026-05-20 |
| コーセル取引先持株会 | Major shareholder | 1.9% | 2026-05-20 |
| コーセル従業員持株会 | Major shareholder | 1.5% | 2026-05-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/05/21－2026/05/20) | S100YUI9 | 2026-08-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YUI9,, |
| 有価証券報告書－第56期(2024/05/21－2025/05/20) | S100WGO2 | 2025-08-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WGO2,, |
| 有価証券報告書－第55期(2023/05/21－2024/05/20) | S100U7DT | 2024-08-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U7DT,, |
| 有価証券報告書－第54期(2022/05/21－2023/05/20) | S100RJJH | 2023-08-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RJJH,, |
| 有価証券報告書－第53期(令和3年5月21日－令和4年5月20日) | S100OV34 | 2022-08-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OV34,, |
| 有価証券報告書－第52期(令和2年5月21日－令和3年5月20日) | S100M67H | 2021-08-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M67H,, |

## 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).