# DAIHEN 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162期(2025/04/01－2026/03/31) (S100YEET)
> Page: https://vizora.meequs.com/en/company/daihen
> Retrieved: 2026-09-30T20:59:33.025Z

## Company

Daihen, founded in 1919, is a company in Robots & Factory Automation listed on TSE Prime. It has 4,542 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAIHEN Corporation |
| Ticker | 6622 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6622.T) |
| Listing | TSE Prime |
| Head office | 大阪市淀川区田川二丁目1番11号 |
| Representative (per filing) | 代表取締役社長 蓑毛正一郎 |
| Founded | Dec 1919 |
| Share capital | ¥10.6B |
| Employees (consolidated) | 4,542 |
| Average salary (parent only) | ¥9.7M |
| Fiscal year end | March |
| Website | www.daihen.co.jp (https://www.daihen.co.jp/) |
| Corporate number | 6120001056461 |
| EDINET | E01750 |
| Industries (Vizora) | Robots & Factory Automation, Electrical Equipment, Semiconductor Equipment, Industrial Machinery |

> Profile source: annual securities report (S100YEET, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 89.6 | 24 |
| Profitability | 39.6 | 24 |
| Cash conversion | 19.6 | 23 |
| Efficiency | 50 | 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 54% of Daihen's sales come from Energy Management, with Material Processing and Factory Automation making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +5.0% from the prior year, operating profit +16.1%.

## Company structure

- Segment revenue mix: Energy Management 53.9%、Material Processing 32.1%、Factory Automation 13.8%、Other 0.1%
- Revenue → net income: ¥237735000000 → ¥15646000000
- Net income → operating cash flow: ¥15646000000 → ¥4944000000（difference ¥-10702000000）
- Main uses of operating cash flow: CapEx ¥13167000000 / dividends ¥3987000000 / buybacks ¥3560000000
- Change in cash: ¥3662000000
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 | ¥237.7B |  |
| Operating income | ¥18.8B | Margin 7.9% |
| Net income | ¥14.1B | Margin 5.9% |
| Free cash flow | -¥8.22B |  |
| Largest business | Energy Management | of segment revenue 53.9% |
| Employees (consolidated) | 4,542 |  |
| EPS | ¥364.97 |  |
| Book value per share | ¥2730.27 |  |
| Equity ratio | 48.1% |  |
| Shares outstanding | 24,903,291 |  |
| Treasury shares | 1,184,300 |  |
| Shareholders | 7,283 |  |
| Average salary (parent only) | ¥9.7M | Filing company only |
| Cash ratio | 10.2% | Cash ÷ revenue 13.7% |
| Vs. industry median margin | -0.5 pp | Electrical Equipment |
| ROE | 11.7% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 60% of positive segment profit
- FY2026, employees -1% while operating income rose 16%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥145144000000 | ¥237735000000 | +63.8% |
| Operating income | ¥12183000000 | ¥18778000000 | +54.1% |
| Operating margin | 8.4% | 7.9% | -0.5 pp |
| Employees | 3,814 people | 4,542 people | +19.1% |
| Cash and equivalents | ¥19071000000 | ¥32626000000 | +71.1% |

### 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 |
| --- | ---: |
| 電力機器事業 → 事業再編・廃止 | 45.4% |
| 溶接メカトロ事業 → 事業再編・廃止 | 29.0% |
| 半導体関連機器事業 → 事業再編・廃止 | 25.5% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → エネルギーマネジメント | 53.9% |
| 新設・再編 → ファクトリーオートメーション | 13.8% |
| 新設・再編 → マテリアルプロセシング | 32.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Energy Management | 3 years | +19.4% | ¥128220000000 | 11.0% | 2 |
| Material Processing | 3 years | +0.1% | ¥76419000000 | 9.7% | 2 |
| Factory Automation | 3 years | -0.7% | ¥32896000000 | 6.0% | 2 |
| Other | 5 years | +0.3% | ¥200000000 | 6.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 237,735 | 100.0% | S100YEET |
| Cost of revenue | 169,218 | 71.2% | S100YEET |
| Gross profit | 68,517 | 28.8% | S100YEET |
| SG&A | 49,738 | 20.9% | S100YEET |
| Operating income | 18,778 | 7.9% | S100YEET |
| Ordinary income | 20,100 | 8.5% | S100YEET |
| Pretax income | 21,743 | 9.1% | S100YEET |
| Income tax | 6,096 | 2.6% | S100YEET |
| Net income | 15,646 | 6.6% | S100YEET |
| Net income attributable to owners | 14,108 | 5.9% | S100YEET |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 21 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 28.8% → Operating margin 7.9% → Net margin 5.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.0%; Core profit growth: +16.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.21×
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 | 226,375 | 237,735 | 11,360 | +5.0% |
| Gross profit | 63,860 | 68,517 | 4,657 | +7.3% |
| Operating income | 16,174 | 18,778 | 2,604 | +16.1% |
| Net income attributable to owners | 11,961 | 14,108 | 2,147 | +18.0% |
| Operating cash flow | 24,010 | 4,944 | -19,066 | -79.4% |
| Free cash flow | 15,268 | -8,223 | -23,491 | -153.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 145,044 | 9,065 | 6.2% | 6,672 | 17,057 | 12,919 | S100LYJZ |
| FY ending Mar 2021 | 145,144 | 12,183 | 8.4% | 9,411 | 13,937 | 10,315 | S100OFJW |
| FY ending Mar 2022 | 160,618 | 14,191 | 8.8% | 10,985 | 12,950 | 8,946 | S100R6WL |
| FY ending Mar 2023 | 185,288 | 16,568 | 8.9% | 13,193 | -7,233 | -12,426 | S100TTDH |
| FY ending Mar 2024 | 188,571 | 15,145 | 8.0% | 16,494 | -8,993 | -16,474 | S100W3VQ |
| FY ending Mar 2025 | 226,375 | 16,174 | 7.1% | 11,961 | 24,010 | 15,268 | S100YEET |
| FY ending Mar 2026 | 237,735 | 18,778 | 7.9% | 14,108 | 4,944 | -8,223 | S100YEET |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.3M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 3,783 | 3,732 | 4,669 | 4,606 | 4,542 |
| Average salary (parent company) | ¥8.4M | ¥8.6M | ¥9.1M | ¥8.5M | ¥9.7M |
| Average age (parent company) | 41.6 years | 42.2 years | 43.4 years | 43.8 years | 44.0 years |
| Average tenure (parent company) | 17.1 years | 17.5 years | 18.1 years | 19.9 years | 20.0 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) +5.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Energy Management | 128,220 | 53.9% | 14,165 | 11.0% |
| Factory Automation | 32,896 | 13.8% | 1,971 | 6.0% |
| Material Processing | 76,419 | 32.1% | 7,422 | 9.7% |
| Other | 200 | 0.1% | 12 | 6.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Energy Management | 53.9% | 60.1% | 6.2 | 11.0% |
| Factory Automation | 13.8% | 8.4% | -5.5 | 6.0% |
| Material Processing | 32.1% | 31.5% | -0.7 | 9.7% |
| Other | 0.1% | 0.1% | -0.0 | 6.0% |

Segment → industry: Factory Automation → Robots & Factory Automation / Energy Management → Electrical Equipment / Factory Automation → Semiconductor Equipment / Material Processing → Industrial Machinery

## 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 | 4,944 | 2.1% | S100YEET |
| Capital expenditure | 13,167 | 5.5% | S100YEET |
| Free cash flow | -8,223 | -3.5% | 算出 |
| Investing cash flow | -10,842 | -4.6% | S100YEET |
| Financing cash flow | 7,473 | 3.1% | S100YEET |
| Dividends paid | 3,987 | 1.7% | S100YEET |
| Share buyback | 3,560 | 1.5% | S100YEET |
| Change in cash | 3,662 | 1.5% | S100YEET |
| Cash and equivalents | 32,626 | 13.7% | S100YEET |

## 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 | 24,409 | 14,853 | 22,077 | 28,855 | 32,626 | S100TTDH, S100W3VQ, S100YEET |
| Total assets | 194,801 | 212,690 | 277,200 | 290,234 | 320,175 | S100R6WL, S100TTDH, S100W3VQ, S100YEET |
| Net assets | 105,636 | 119,905 | 148,595 | 153,285 | 170,746 | S100TTDH, S100W3VQ, S100YEET |
| Share capital | 10,596 | 10,596 | 10,596 | 10,596 | 10,596 | S100R6WL, S100TTDH, S100W3VQ, S100YEET |
| Trade receivables | 36,970 | 44,801 | 57,746 | 55,477 | 58,508 | S100R6WL, S100TTDH, S100W3VQ, S100YEET |
| Property, plant and equipment | 38,128 | 38,055 | 48,886 | 53,021 | 60,192 | S100R6WL, S100TTDH, S100W3VQ, S100YEET |
| Intangible assets excluding goodwill | 2,005 | 2,118 | 4,982 | 5,067 | 5,282 | S100R6WL, S100TTDH, S100W3VQ, S100YEET |
| Goodwill | — | — | 591 | 525 | 517 | S100W3VQ, S100YEET |
| Investment securities | 15,193 | 15,086 | 14,536 | 15,980 | 17,676 | S100R6WL, S100TTDH, S100W3VQ, S100YEET |
| Current assets | 127,735 | 143,924 | 186,968 | 193,568 | 209,829 | S100R6WL, S100TTDH, S100W3VQ, S100YEET |
| Current liabilities | 66,264 | 67,102 | 86,638 | 86,891 | 101,828 | S100R6WL, S100TTDH, S100W3VQ, S100YEET |
| Trade payables | 19,064 | 19,786 | 20,040 | 21,581 | 20,417 | S100R6WL, S100TTDH, S100W3VQ, S100YEET |
| Short-term borrowings | 5,657 | 8,103 | 30,192 | 23,885 | 39,939 | S100R6WL, S100TTDH, S100W3VQ, S100YEET |
| Long-term borrowings | 17,286 | 20,002 | 30,850 | 38,668 | 36,652 | S100R6WL, S100TTDH, S100W3VQ, S100YEET |
| Total liabilities | 89,165 | 92,785 | 128,604 | 136,949 | 149,428 | S100R6WL, S100TTDH, S100W3VQ, S100YEET |
| Non-controlling interests | 5,943 | 6,104 | 14,459 | 14,913 | 16,716 | S100R6WL, S100TTDH, S100W3VQ, S100YEET |
| Equity attributable to owners of parent | 90,786 | 101,208 | 113,025 | 117,540 | 124,286 | S100R6WL, S100TTDH, S100W3VQ, S100YEET |
| Retained earnings | 74,980 | 85,393 | 94,767 | 101,796 | 110,610 | S100R6WL, S100TTDH, S100W3VQ, S100YEET |
| Treasury stock | -4,825 | -4,822 | -2,349 | -4,926 | -6,995 | S100R6WL, S100TTDH, S100W3VQ, S100YEET |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YEET |
| Receivables | 18% | S100YEET |
| Property, plant and equipment | 19% | S100YEET |
| Intangibles and goodwill | 2% | S100YEET |
| Investment securities | 6% | S100YEET |
| Other assets | 45% | S100YEET |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YEET |
| Other liabilities | 40% | S100YEET |
| Equity | 53% | S100YEET |
| Other liabilities | 0% | S100YEET |

### 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 | 194,801 | 212,690 | 277,200 | 290,234 | 320,175 |
| Equity | 105,636 | 119,905 | 148,595 | 153,285 | 170,746 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 24,409 | 14,853 | 22,077 | 28,855 | 32,626 |

## 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) | 25.3% | S100YEET |
| Fixed assets ÷ total assets | 18.8% | S100YEET |
| Goodwill ÷ parent equity | 0.4% | S100YEET |

### 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) | 10.2% |
| Cash ÷ revenue | 13.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 26.3% |
| Cash vs. profit gap | -9,164 JPY mn (of net income -65.0%) |
| Shareholder returns / net income | 53.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.5% |
| Investing CF relative to operating CF | 219.3% |

## 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% | 0.82× | 5.6% | 2.15× | 12.1% | S100R6WL |
| 2023 | 7.1% | 0.91× | 6.5% | 2.12× | 13.7% | S100TTDH |
| 2024 | 8.7% | 0.77× | 6.7% | 2.29× | 15.4% | S100W3VQ |
| 2025 | 5.3% | 0.80× | 4.2% | 2.46× | 10.4% | S100YEET |
| 2026 | 5.9% | 0.78× | 4.6% | 2.52× | 11.7% | S100YEET |

## 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 | 12.8% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 7.5% | 2026-03-31 |
| 関西電力株式会社 | Major shareholder | 6.2% | 2026-03-31 |
| ダイヘン取引先持株会 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.3% | 2026-03-31 |
| GOVERNMENT OF NORWAY(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 2.2% | 2026-03-31 |
| ダイヘングループ社員持株会 | Major shareholder | 1.7% | 2026-03-31 |
| 岩谷産業株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第162期(2025/04/01－2026/03/31) | S100YEET | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEET,, |
| 有価証券報告書－第161期(2024/04/01－2025/03/31) | S100W3VQ | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3VQ,, |
| 有価証券報告書－第160期(2023/04/01－2024/03/31) | S100TTDH | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTDH,, |
| 有価証券報告書－第159期(2022/04/01－2023/03/31) | S100R6WL | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6WL,, |
| 有価証券報告書－第158期(令和3年4月1日－令和4年3月31日) | S100OFJW | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFJW,, |
| 訂正有価証券報告書－第157期(令和2年4月1日－令和3年3月31日) | S100LYJZ | 2021-07-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LYJZ,, |

## 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).