# Denkyo Group Holdings 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78期(2025/04/01－2026/03/31) (S100YFT7)
> Page: https://vizora.meequs.com/en/company/denkyo-group-holdings
> Retrieved: 2026-09-30T22:52:27.707Z

## Company

Denkyo Group Holdings, founded in 1955, is a company in Home Appliances listed on TSE Standard. It has 511 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DENKYO GROUP HOLDINGS CO.,LTD. |
| Ticker | 8144 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8144.T) |
| Listing | TSE Standard |
| Head office | 大阪市浪速区日本橋東2丁目1番3号 |
| Representative (per filing) | 代表取締役社長 高瀬 一郎 |
| Founded | Dec 1955 |
| Share capital | ¥2.64B |
| Employees (consolidated) | 511 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Corporate number | 7120001039110 |
| EDINET | E02666 |
| Industries (Vizora) | Home Appliances, Real Estate Development & Leasing, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YFT7, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Home Appliances (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 7 |
| Profitability | 35 | 10 |
| Cash conversion | 7.1 | 7 |
| Efficiency | 85 | 10 |

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 78% of Denkyo Group Holdings's sales come from Home appliance sales business, with Daily necessities sales business and Other making up much of the rest.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed -4.1% from the prior year, operating profit +63.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥52.1B |  |
| Operating income | ¥176M | Margin 0.3% |
| Net income | ¥329M | Margin 0.6% |
| Free cash flow | -¥261M |  |
| Largest business | Home appliance sales business | of segment revenue 77.9% |
| Employees (consolidated) | 511 |  |
| EPS | ¥35.36 |  |
| Book value per share | ¥4001.98 |  |
| Equity ratio | 76.4% |  |
| Shares outstanding | 6,665,000 |  |
| Treasury shares | 382,600 |  |
| Shareholders | 1,127 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 12.6% | Cash ÷ revenue 8.7% |
| Vs. industry median margin | -5.4 pp | Home Appliances |
| ROE | 1.3% | Derived from disclosed figures |
| ROA | 0.9% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -4% while operating income rose 63%
- FY2026, segment profit share differs by 44 points
- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥57358000000 | ¥52097000000 | -9.2% |
| Operating income | ¥1482000000 | ¥176000000 | -88.1% |
| Operating margin | 2.6% | 0.3% | -2.2 pp |
| Employees | 430 people | 511 people | +18.8% |
| Cash and equivalents | ¥7661000000 | ¥4524000000 | -40.9% |

### 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 |
| --- | ---: |
| 電気商品卸販売事業 → 事業再編・廃止 | 76.7% |
| 家庭用品卸販売事業 → 事業再編・廃止 | 20.7% |
| その他 → その他 | 2.6% |
| 新設・再編 → 生活家電販売事業 | 77.9% |
| 新設・再編 → 日用品販売事業 | 18.2% |
| 新設・再編 → 不動産賃貸事業 | 0.8% |
| 新設・再編 → その他 | 0.5% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Home appliance sales business | 3 years | +0.4% | ¥40577000000 | -0.1% | 2 |
| Daily necessities sales business | 3 years | -2.4% | ¥9498000000 | 2.6% | 2 |
| Other | 5 years | +1.3% | ¥1610000000 | 5.9% | 2 |
| Real estate leasing business | 3 years | +4.3% | ¥411000000 | 68.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 52,097 | 100.0% | S100YFT7 |
| Cost of revenue | 41,488 | 79.6% | S100YFT7 |
| Gross profit | 10,609 | 20.4% | S100YFT7 |
| SG&A | 10,432 | 20.0% | S100YFT7 |
| Operating income | 176 | 0.3% | S100YFT7 |
| Ordinary income | 405 | 0.8% | S100YFT7 |
| Pretax income | 530 | 1.0% | S100YFT7 |
| Income tax | 200 | 0.4% | S100YFT7 |
| Net income | 329 | 0.6% | S100YFT7 |
| Net income attributable to owners | 329 | 0.6% | S100YFT7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 20 |
| Operating income | 0 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 20.4% → Operating margin 0.3% → Net margin 0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -4.1%; Core profit growth: +63.0%
Operating leverage (core profit growth ÷ revenue growth): -15.35×
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 | 54,326 | 52,097 | -2,229 | -4.1% |
| Gross profit | 10,152 | 10,609 | 457 | +4.5% |
| Operating income | 108 | 176 | 68 | +63.0% |
| Net income attributable to owners | 420 | 329 | -91 | -21.7% |
| Operating cash flow | 1,134 | -32 | -1,166 | -102.8% |
| Free cash flow | 1,013 | -261 | -1,274 | -125.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 51,579 | 116 | 0.2% | 411 | 480 | 386 | S100LMY0 |
| FY ending Mar 2021 | 57,358 | 1,482 | 2.6% | 1,279 | 2,861 | 2,744 | S100ODZW |
| FY ending Mar 2022 | 53,747 | 611 | 1.1% | 613 | -1,018 | -1,196 | S100R3WI |
| FY ending Mar 2023 | 52,803 | 59 | 0.1% | 120 | 647 | -600 | S100TUAA |
| FY ending Mar 2024 | 54,603 | -270 | -0.5% | 84 | -71 | -1,188 | S100W2H3 |
| FY ending Mar 2025 | 54,326 | 108 | 0.2% | 420 | 1,134 | 1,013 | S100YFT7 |
| FY ending Mar 2026 | 52,097 | 176 | 0.3% | 329 | -32 | -261 | S100YFT7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥102M |
| Operating income per employee (consolidated) | ¥344.4K |
| Net income per employee (consolidated) | ¥643.8K |

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) | 440 | 458 | 524 | 535 | 511 |
| Average salary (parent company) | ¥5.4M | ¥6.8M | ¥5.7M | ¥6.2M | ¥6.5M |
| Average age (parent company) | 43.3 years | 47.2 years | 43.4 years | 44.0 years | 43.4 years |
| Average tenure (parent company) | 15.1 years | 5.8 years | 5.1 years | 6.7 years | 5.3 years |

Year over year: Employees (consolidated) -4.5% · Revenue (consolidated) -4.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Home appliance sales business | 40,577 | 77.9% | -51 | -0.1% |
| Daily necessities sales business | 9,498 | 18.2% | 247 | 2.6% |
| Real estate leasing business | 411 | 0.8% | 283 | 68.9% |
| Other | 1,610 | 3.1% | 95 | 5.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Home appliance sales business | 77.9% | — | — | -0.1% |
| Daily necessities sales business | 18.2% | 39.5% | 21.3 | 2.6% |
| Real estate leasing business | 0.8% | 45.3% | 44.5 | 68.9% |
| Other | 3.1% | 15.2% | 12.1 | 5.9% |

Loss-making segment (excluded from profit shares): Home appliance sales business -51 JPY mn

Segment → industry: Home appliance sales business → Home Appliances / Real estate leasing business → Real Estate Development & Leasing / Daily necessities sales business → Specialty Trading & Wholesale / Home appliance sales business → Specialty Trading & Wholesale

## 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 | -32 | -0.1% | S100YFT7 |
| Capital expenditure | 229 | 0.4% | S100YFT7 |
| Free cash flow | -261 | -0.5% | 算出 |
| Investing cash flow | -204 | -0.4% | S100YFT7 |
| Financing cash flow | -459 | -0.9% | S100YFT7 |
| Dividends paid | 247 | 0.5% | S100YFT7 |
| Share buyback | 43 | 0.1% | S100YFT7 |
| Change in cash | -691 | -1.3% | S100YFT7 |
| Cash and equivalents | 4,524 | 8.7% | S100YFT7 |

## 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 | 6,843 | 7,782 | 8,012 | 5,216 | 4,524 | S100TUAA, S100W2H3, S100YFT7 |
| Total assets | 36,353 | 37,892 | 39,701 | 35,726 | 35,988 | S100R3WI, S100TUAA, S100W2H3, S100YFT7 |
| Net assets | 26,367 | 26,345 | 26,693 | 26,415 | 27,490 | S100TUAA, S100W2H3, S100YFT7 |
| Share capital | 2,644 | 2,644 | 2,644 | 2,644 | 2,644 | S100R3WI, S100TUAA, S100W2H3, S100YFT7 |
| Property, plant and equipment | 2,577 | 7,936 | 8,531 | 8,315 | 8,127 | S100R3WI, S100TUAA, S100W2H3, S100YFT7 |
| Intangible assets excluding goodwill | 438 | 374 | 362 | 320 | 399 | S100R3WI, S100TUAA, S100W2H3, S100YFT7 |
| Goodwill | 232 | 201 | 170 | 139 | 108 | S100R3WI, S100TUAA, S100W2H3, S100YFT7 |
| Investment securities | 4,583 | 4,598 | 5,208 | 4,497 | 5,705 | S100R3WI, S100TUAA, S100W2H3, S100YFT7 |
| Current assets | 21,522 | 21,922 | 22,616 | 19,527 | 18,409 | S100R3WI, S100TUAA, S100W2H3, S100YFT7 |
| Current liabilities | 8,869 | 10,329 | 10,232 | 6,829 | 5,939 | S100R3WI, S100TUAA, S100W2H3, S100YFT7 |
| Trade payables | 5,089 | 4,924 | 4,733 | 4,849 | 4,377 | S100R3WI, S100TUAA, S100W2H3, S100YFT7 |
| Short-term borrowings | 2,400 | 4,100 | 3,550 | — | — | S100R3WI, S100TUAA, S100W2H3 |
| Long-term borrowings | — | — | 1,365 | 1,194 | 1,024 | S100W2H3, S100YFT7 |
| Total liabilities | 9,985 | 11,546 | 13,008 | 9,310 | 8,497 | S100R3WI, S100TUAA, S100W2H3, S100YFT7 |
| Non-controlling interests | — | — | — | — | 1 | S100YFT7 |
| Equity attributable to owners of parent | 24,854 | 24,763 | 24,518 | 24,698 | 25,058 | S100R3WI, S100TUAA, S100W2H3, S100YFT7 |
| Retained earnings | 20,362 | 20,242 | 20,053 | 20,214 | 20,297 | S100R3WI, S100TUAA, S100W2H3, S100YFT7 |
| Treasury stock | -713 | -690 | -746 | -729 | -451 | S100R3WI, S100TUAA, S100W2H3, S100YFT7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YFT7 |
| Property, plant and equipment | 23% | S100YFT7 |
| Intangibles and goodwill | 1% | S100YFT7 |
| Investment securities | 16% | S100YFT7 |
| Other assets | 48% | S100YFT7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YFT7 |
| Other liabilities | 12% | S100YFT7 |
| Equity | 76% | S100YFT7 |
| Other liabilities | 0% | S100YFT7 |

### 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 | 36,353 | 37,892 | 39,701 | 35,726 | 35,988 |
| Equity | 26,367 | 26,345 | 26,693 | 26,415 | 27,490 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,843 | 7,782 | 8,012 | 5,216 | 4,524 |

## 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) | 15.6% | S100YFT7 |
| Fixed assets ÷ total assets | 22.6% | S100YFT7 |
| Goodwill ÷ parent equity | 0.4% | S100YFT7 |

Goodwill over 4 years: 232 → 108 JPY; total investing cash flow: -1,462 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) | 12.6% |
| Cash ÷ revenue | 8.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -18.2% |
| Cash vs. profit gap | -361 JPY mn (of net income -109.7%) |
| Shareholder returns / net income | 88.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 75.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | — |

## 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 | 1.1% | 1.48× | 1.7% | 1.46× | 2.5% | S100R3WI |
| 2023 | 0.2% | 1.42× | 0.3% | 1.50× | 0.5% | S100TUAA |
| 2024 | 0.2% | 1.41× | 0.2% | 1.57× | 0.3% | S100W2H3 |
| 2025 | 0.8% | 1.44× | 1.1% | 1.53× | 1.7% | S100YFT7 |
| 2026 | 0.6% | 1.45× | 0.9% | 1.44× | 1.3% | S100YFT7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社イワタニ | Major shareholder | 14.6% | 2026-03-31 |
| デンキョーグループ取引先持株会 | Major shareholder | 13.5% | 2026-03-31 |
| デンキョーグループ従業員持株会 | Major shareholder | 6.5% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社北陸銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 小林 茂 | Major shareholder | 3.2% | 2026-03-31 |
| 内藤 征吾 | Major shareholder | 2.2% | 2026-03-31 |
| 中野 修 | Major shareholder | 2.1% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.9% | 2026-03-31 |
| 象印マホービン株式会社 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YFT7 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFT7,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W2H3 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2H3,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TUAA | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUAA,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R3WI | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3WI,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100ODZW | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODZW,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LMY0 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMY0,, |

## 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).