# Daido Signal 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80期(2025/04/01－2026/03/31) (S100YEMV)
> Page: https://vizora.meequs.com/en/company/daido-signal
> Retrieved: 2026-09-30T17:56:55.969Z

## Company

Daido Signal is a company in Electrical Equipment listed on TSE Standard. It has 917 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Daido Signal Co., Ltd. |
| Ticker | 6743 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6743.T) |
| Listing | TSE Standard |
| Head office | 東京都港区新橋六丁目17番19号(新御成門ビル) |
| Representative (per filing) | 代表取締役社長 浦壁俊光 |
| Share capital | ¥1.5B |
| Employees (consolidated) | 917 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.daido-signal.co.jp (https://www.daido-signal.co.jp/) |
| Corporate number | 3010801006704 |
| EDINET | E01816 |
| Industries (Vizora) | Electrical Equipment, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YEMV, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Electrical Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.9 | 24 |
| Profitability | 52.1 | 24 |
| Cash conversion | 23.9 | 23 |
| Efficiency | 10 | 25 |

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 93% of Daido Signal's sales come from Railway signal related, with Industrial equipment related and Real estate related making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +17.3% from the prior year, operating profit +89.8%.

## Company structure

- Segment revenue mix: Railway signal related 93.2%、Industrial equipment related 5.2%、Real estate related 1.6%
- Revenue → net income: ¥25695648000 → ¥1921334000
- Net income → operating cash flow: ¥1921334000 → ¥918208000（difference ¥-1003126000）
- Main uses of operating cash flow: CapEx ¥493754000 / dividends ¥240043000 / buybacks ¥28000
- Change in cash: ¥321463000
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 | ¥25.7B |  |
| Operating income | ¥2.19B | Margin 8.5% |
| Net income | ¥1.79B | Margin 7.0% |
| Free cash flow | ¥424.5M |  |
| Largest business | Railway signal related | of segment revenue 93.2% |
| Employees (consolidated) | 917 |  |
| EPS | ¥87.68 |  |
| Book value per share | ¥1259.33 |  |
| Equity ratio | 54.6% |  |
| Shares outstanding | 18,018,000 |  |
| Treasury shares | 1,973,500 |  |
| Shareholders | 2,227 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 7.5% | Net cash -¥2.03B · Cash ÷ revenue 14.9% |
| Vs. industry median margin | +0.1 pp | Electrical Equipment |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 96% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22943736000 | ¥25695648000 | +12.0% |
| Operating income | ¥1847990000 | ¥2187964000 | +18.4% |
| Operating margin | 8.1% | 8.5% | +0.5 pp |
| Employees | 926 people | 917 people | -1.0% |
| Cash and equivalents | ¥5671652000 | ¥3817930000 | -32.7% |

### 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 |
| --- | ---: |
| 鉄道信号関連事業 → 鉄道信号関連事業 | 90.0% |
| 産業用機器関連事業 → 産業用機器関連事業 | 5.2% |
| 産業用機器関連事業 → 事業再編・廃止 | 3.0% |
| 不動産関連事業 → 不動産関連事業 | 1.6% |
| 不動産関連事業 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 鉄道信号関連事業 | 3.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Railway signal related | 5 years | +3.0% | ¥23958098000 | 15.6% | 2 |
| Industrial equipment related | 5 years | -6.7% | ¥1330753000 | 0.4% | 2 |
| Real estate related | 5 years | -0.3% | ¥406796000 | 39.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,696 | 100.0% | S100YEMV |
| Cost of revenue | 18,299 | 71.2% | S100YEMV |
| Gross profit | 7,397 | 28.8% | S100YEMV |
| SG&A | 5,209 | 20.3% | S100YEMV |
| Operating income | 2,188 | 8.5% | S100YEMV |
| Ordinary income | 2,347 | 9.1% | S100YEMV |
| Pretax income | 2,723 | 10.6% | S100YEMV |
| Income tax | 801 | 3.1% | S100YEMV |
| Net income | 1,921 | 7.5% | S100YEMV |
| Net income attributable to owners | 1,791 | 7.0% | S100YEMV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 20 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 28.8% → Operating margin 8.5% → Net margin 7.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.3%; Core profit growth: +89.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.21×
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 | 21,914 | 25,696 | 3,782 | +17.3% |
| Gross profit | 6,037 | 7,397 | 1,360 | +22.5% |
| Operating income | 1,152 | 2,188 | 1,035 | +89.8% |
| Net income attributable to owners | 1,543 | 1,791 | 249 | +16.1% |
| Operating cash flow | -500 | 918 | 1,418 | — |
| Free cash flow | -1,752 | 424 | 2,177 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 24,943 | 1,982 | 7.9% | 1,566 | -222 | -828 | S100LPQM |
| FY ending Mar 2021 | 22,944 | 1,848 | 8.1% | 1,084 | 1,422 | 885 | S100OCEW |
| FY ending Mar 2022 | 22,172 | 1,380 | 6.2% | 716 | 1,578 | 1,273 | S100R7AX |
| FY ending Mar 2023 | 19,497 | 925 | 4.7% | 588 | -2,580 | -2,948 | S100TW69 |
| FY ending Mar 2024 | 20,769 | 1,297 | 6.2% | 571 | 1,708 | 785 | S100W7U9 |
| FY ending Mar 2025 | 21,914 | 1,152 | 5.3% | 1,543 | -500 | -1,752 | S100YEMV |
| FY ending Mar 2026 | 25,696 | 2,188 | 8.5% | 1,791 | 918 | 424 | S100YEMV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥2M |

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) | 913 | 911 | 904 | 907 | 917 |
| Average salary (parent company) | ¥6.3M | ¥6.2M | ¥6.2M | ¥6.6M | ¥6.8M |
| Average age (parent company) | 42.5 years | 43.2 years | 43.5 years | 44.1 years | 44.0 years |
| Average tenure (parent company) | 17.5 years | 18.2 years | 18.6 years | 18.9 years | 18.9 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +17.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Railway signal related | 23,958 | 93.2% | 3,735 | 15.6% |
| Industrial equipment related | 1,331 | 5.2% | 6 | 0.4% |
| Real estate related | 407 | 1.6% | 161 | 39.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Railway signal related | 93.2% | 95.7% | 2.5 | 15.6% |
| Industrial equipment related | 5.2% | 0.1% | -5.0 | 0.4% |
| Real estate related | 1.6% | 4.1% | 2.5 | 39.6% |

Segment → industry: Industrial equipment related → Electrical Equipment / Railway signal related → Electrical Equipment / Real estate related → Real Estate Development & Leasing

## 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 | 918 | 3.6% | S100YEMV |
| Capital expenditure | 494 | 1.9% | S100YEMV |
| Free cash flow | 424 | 1.7% | 算出 |
| Investing cash flow | 124 | 0.5% | S100YEMV |
| Financing cash flow | -720 | -2.8% | S100YEMV |
| Dividends paid | 240 | 0.9% | S100YEMV |
| Share buyback | 0 | 0.0% | S100YEMV |
| Change in cash | 321 | 1.3% | S100YEMV |
| Cash and equivalents | 3,818 | 14.9% | S100YEMV |

## 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 | 6,612 | 4,190 | 3,745 | 3,496 | 3,818 | S100TW69, S100W7U9, S100YEMV |
| Total assets | 42,442 | 43,305 | 44,668 | 45,401 | 50,994 | S100R7AX, S100TW69, S100W7U9, S100YEMV |
| Net assets | 26,958 | 27,267 | 28,747 | 28,915 | 32,977 | S100TW69, S100W7U9, S100YEMV |
| Share capital | 1,500 | 1,500 | 1,500 | 1,500 | 1,500 | S100R7AX, S100TW69, S100W7U9, S100YEMV |
| Property, plant and equipment | 10,064 | 9,943 | 10,785 | 11,113 | 10,955 | S100R7AX, S100TW69, S100W7U9, S100YEMV |
| Intangible assets excluding goodwill | 105 | 105 | 144 | 274 | 308 | S100R7AX, S100TW69, S100W7U9, S100YEMV |
| Investment securities | 5,496 | 5,344 | 6,788 | 5,950 | 9,046 | S100R7AX, S100TW69, S100W7U9, S100YEMV |
| Current assets | 26,459 | 27,518 | 26,482 | 27,439 | 29,862 | S100R7AX, S100TW69, S100W7U9, S100YEMV |
| Current liabilities | 9,871 | 10,737 | 10,816 | 11,678 | 12,372 | S100R7AX, S100TW69, S100W7U9, S100YEMV |
| Trade payables | 3,842 | 3,797 | 4,323 | 2,019 | 2,793 | S100R7AX, S100TW69, S100W7U9, S100YEMV |
| Short-term borrowings | 3,630 | 4,577 | 3,580 | 5,456 | 5,186 | S100R7AX, S100TW69, S100W7U9, S100YEMV |
| Long-term borrowings | 1,437 | 1,215 | 994 | 866 | 610 | S100R7AX, S100TW69, S100W7U9, S100YEMV |
| Bonds | — | — | — | — | 50 | S100YEMV |
| Interest-bearing debt | — | — | — | — | 5,847 | 算出 |
| Total liabilities | 15,484 | 16,038 | 15,921 | 16,486 | 18,017 | S100R7AX, S100TW69, S100W7U9, S100YEMV |
| Non-controlling interests | 4,369 | 4,376 | 4,503 | 4,625 | 5,158 | S100R7AX, S100TW69, S100W7U9, S100YEMV |
| Equity attributable to owners of parent | 20,734 | 21,144 | 21,537 | 21,978 | 23,560 | S100R7AX, S100TW69, S100W7U9, S100YEMV |
| Retained earnings | 18,066 | 18,477 | 18,870 | 20,234 | 21,785 | S100R7AX, S100TW69, S100W7U9, S100YEMV |
| Treasury stock | -66 | -66 | -67 | -990 | -959 | S100R7AX, S100TW69, S100W7U9, S100YEMV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YEMV |
| Property, plant and equipment | 21% | S100YEMV |
| Intangibles and goodwill | 1% | S100YEMV |
| Investment securities | 18% | S100YEMV |
| Other assets | 53% | S100YEMV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YEMV |
| Interest-bearing debt | 11% | 算出 |
| Other liabilities | 18% | S100YEMV |
| Equity | 65% | S100YEMV |

### 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 | 42,442 | 43,305 | 44,668 | 45,401 | 50,994 |
| Equity | 26,958 | 27,267 | 28,747 | 28,915 | 32,977 |
| Interest-bearing debt | — | — | — | — | 5,847 |
| Cash | 6,612 | 4,190 | 3,745 | 3,496 | 3,818 |

## 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) | 42.6% | S100YEMV |
| Fixed assets ÷ total assets | 21.5% | S100YEMV |
| Goodwill ÷ parent equity | — | —, S100YEMV |

### 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) | 7.5% |
| Cash ÷ revenue | 14.9% |
| Net cash (cash − interest-bearing debt) | -¥2.03B |
| Net debt ÷ operating cash flow | 2.21× |
| Cash conversion (operating CF ÷ operating income) | 42.0% |
| Cash vs. profit gap | -873 JPY mn (of net income -48.7%) |
| Shareholder returns / net income | 13.4% |
| Shareholder returns / FCF | 56.6% |
| Shareholder payments — dividends / net income | 13.4% |
| Shareholder payments — dividends / FCF | 56.6% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 13.5% |

## 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 | 3.2% | 0.52× | 1.7% | 2.05× | 3.5% | S100R7AX |
| 2023 | 3.0% | 0.45× | 1.4% | 2.05× | 2.8% | S100TW69 |
| 2024 | 2.7% | 0.47× | 1.3% | 2.06× | 2.7% | S100W7U9 |
| 2025 | 7.0% | 0.49× | 3.4% | 2.07× | 7.1% | S100YEMV |
| 2026 | 7.0% | 0.53× | 3.7% | 2.12× | 7.9% | S100YEMV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本電設工業株式会社 | Major shareholder | 14.9% | 2026-03-31 |
| 大同信号取引先持株会 | Major shareholder | 5.5% | 2026-03-31 |
| 朝日生命保険相互会社 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 日本リーテック株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| 有限会社光パワー | Major shareholder | 3.7% | 2026-03-31 |
| 大同信号従業員持株会 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.7% | 2026-03-31 |
| 重田 康光 | Major shareholder | 3.3% | 2026-03-31 |
| 大同信号共済会 | Major shareholder | 3.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YEMV | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEMV,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W7U9 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7U9,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TW69 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW69,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R7AX | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7AX,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OCEW | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCEW,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LPQM | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPQM,, |

## 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).