# Denyo 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) (S100YHXJ)
> Page: https://vizora.meequs.com/en/company/denyo
> Retrieved: 2026-09-30T19:05:58.056Z

## Company

Denyo, founded in 1948, is a company in Industrial Machinery listed on TSE Prime. It has 1,362 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Denyo Co.,Ltd. |
| Ticker | 6517 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6517.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋堀留町2丁目8番5号 |
| Representative (per filing) | 代表取締役社長 吉永 隆法 |
| Founded | Jul 1948 |
| Share capital | ¥1.95B |
| Employees (consolidated) | 1,362 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | denyo.co.jp (https://denyo.co.jp/) |
| Corporate number | 4010001105371 |
| EDINET | E01758 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YHXJ, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.4 | 110 |
| Profitability | 70.1 | 122 |
| Cash conversion | 23.7 | 116 |
| Efficiency | 45.5 | 122 |

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 70% of Denyo's sales come from Japan, with America and Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +2.1% from the prior year, operating profit +4.9%.

## Company structure

- Segment revenue mix: Japan 70.2%、America 23.7%、Asia 5.7%、Europe 0.4%
- Revenue → net income: ¥72244000000 → ¥5913000000
- Net income → operating cash flow: ¥5913000000 → ¥4475000000（difference ¥-1438000000）
- Main uses of operating cash flow: CapEx ¥2405000000 / dividends ¥1911000000 / buybacks ¥1001000000
- Change in cash: ¥-2368000000
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 | ¥72.2B |  |
| Operating income | ¥7.76B | Margin 10.7% |
| Net income | ¥5.64B | Margin 7.8% |
| Free cash flow | ¥2.07B |  |
| Largest business | Japan | of segment revenue 70.2% |
| Employees (consolidated) | 1,362 |  |
| EPS | ¥176.16 |  |
| Book value per share | ¥2747.5 |  |
| Equity ratio | 78.3% |  |
| Shares outstanding | 21,859,000 |  |
| Treasury shares | 888,000 |  |
| Shareholders | 4,264 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 21.2% | Cash ÷ revenue 30.6% |
| Vs. industry median margin | +3.2 pp | Industrial Machinery |
| ROE | 8.2% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 71% of positive segment profit
- FY2026, employees -1% while operating income rose 5%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥55006000000 | ¥72244000000 | +31.3% |
| Operating income | ¥5332000000 | ¥7757000000 | +45.5% |
| Operating margin | 9.7% | 10.7% | +1 pp |
| Employees | 1,334 people | 1,362 people | +2.1% |
| Cash and equivalents | ¥22913000000 | ¥22128000000 | -3.4% |

### 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 | 70.2% |
| 日本 → 事業再編・廃止 | 7.9% |
| アメリカ → アメリカ | 15.9% |
| アジア → アジア | 5.1% |
| 欧州 → 欧州 | 0.4% |
| 欧州 → 事業再編・廃止 | 0.6% |
| 新設・再編 → アメリカ | 7.8% |
| 新設・再編 → アジア | 0.6% |

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 | +3.4% | ¥50684000000 | 10.4% | 2 |
| America | 5 years | +14.4% | ¥17157000000 | 9.6% | 2 |
| Asia | 5 years | +8.0% | ¥4110000000 | 10.9% | 2 |
| Europe | 5 years | -11.6% | ¥291000000 | -19.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 72,244 | 100.0% | S100YHXJ |
| Cost of revenue | 54,302 | 75.2% | S100YHXJ |
| Gross profit | 17,941 | 24.8% | S100YHXJ |
| SG&A | 10,183 | 14.1% | S100YHXJ |
| Operating income | 7,757 | 10.7% | S100YHXJ |
| Ordinary income | 8,526 | 11.8% | S100YHXJ |
| Pretax income | 8,537 | 11.8% | S100YHXJ |
| Income tax | 2,623 | 3.6% | S100YHXJ |
| Net income | 5,913 | 8.2% | S100YHXJ |
| Net income attributable to owners | 5,640 | 7.8% | S100YHXJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 14 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 24.8% → Operating margin 10.7% → Net margin 7.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.1%; Core profit growth: +4.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.34×
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 | 70,753 | 72,244 | 1,491 | +2.1% |
| Gross profit | 17,790 | 17,941 | 151 | +0.8% |
| Operating income | 7,393 | 7,757 | 364 | +4.9% |
| Net income attributable to owners | 5,647 | 5,640 | -7 | -0.1% |
| Operating cash flow | 7,315 | 4,475 | -2,840 | -38.8% |
| Free cash flow | 1,263 | 2,070 | 807 | +63.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 62,887 | 6,057 | 9.6% | 4,071 | 7,272 | 6,004 | S100LHRJ |
| FY ending Mar 2021 | 55,006 | 5,332 | 9.7% | 3,860 | 4,941 | 3,058 | S100OEQU |
| FY ending Mar 2022 | 55,168 | 3,653 | 6.6% | 2,753 | 2,695 | 1,829 | S100R3X2 |
| FY ending Mar 2023 | 64,311 | 4,874 | 7.6% | 3,633 | 2,031 | -2,126 | S100TP9Q |
| FY ending Mar 2024 | 73,140 | 7,089 | 9.7% | 5,095 | 4,176 | 2,355 | S100VTO2 |
| FY ending Mar 2025 | 70,753 | 7,393 | 10.4% | 5,647 | 7,315 | 1,263 | S100YHXJ |
| FY ending Mar 2026 | 72,244 | 7,757 | 10.7% | 5,640 | 4,475 | 2,070 | S100YHXJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53M |
| Operating income per employee (consolidated) | ¥5.7M |
| Net income per employee (consolidated) | ¥4.1M |

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) | 1,359 | 1,381 | 1,408 | 1,377 | 1,362 |
| Average salary (parent company) | ¥6M | ¥6.2M | ¥6.6M | ¥6.5M | ¥6.8M |
| Average age (parent company) | 38.1 years | 38.1 years | 38.4 years | 38.4 years | 38.4 years |
| Average tenure (parent company) | 12.5 years | 12.4 years | 12.7 years | 12.6 years | 12.6 years |

Year over year: Employees (consolidated) -1.1% · Revenue (consolidated) +2.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 50,684 | 70.2% | 5,267 | 10.4% |
| America | 17,157 | 23.7% | 1,650 | 9.6% |
| Asia | 4,110 | 5.7% | 450 | 10.9% |
| Europe | 291 | 0.4% | -57 | -19.6% |

### 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 | 70.2% | 71.5% | 1.3 | 10.4% |
| America | 23.7% | 22.4% | -1.4 | 9.6% |
| Asia | 5.7% | 6.1% | 0.4 | 10.9% |
| Europe | 0.4% | — | — | -19.6% |

Loss-making segment (excluded from profit shares): Europe -57 JPY mn

Segment → industry: Europe → Industrial Machinery / Asia → Industrial Machinery / America → Industrial Machinery / Japan → 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 | 4,475 | 6.2% | S100YHXJ |
| Capital expenditure | 2,405 | 3.3% | S100YHXJ |
| Free cash flow | 2,070 | 2.9% | 算出 |
| Investing cash flow | -2,378 | -3.3% | S100YHXJ |
| Financing cash flow | -4,319 | -6.0% | S100YHXJ |
| Dividends paid | 1,911 | 2.6% | S100YHXJ |
| Share buyback | 1,001 | 1.4% | S100YHXJ |
| Change in cash | -2,368 | -3.3% | S100YHXJ |
| Cash and equivalents | 22,128 | 30.6% | S100YHXJ |

## 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 | 23,358 | 22,331 | 24,029 | 24,497 | 22,128 | S100TP9Q, S100VTO2, S100YHXJ |
| Total assets | 80,774 | 89,744 | 100,540 | 103,103 | 104,542 | S100R3X2, S100TP9Q, S100VTO2, S100YHXJ |
| Net assets | 63,760 | 68,658 | 75,843 | 80,658 | 85,333 | S100TP9Q, S100VTO2, S100YHXJ |
| Share capital | 1,954 | 1,954 | 1,954 | 1,954 | 1,954 | S100R3X2, S100TP9Q, S100VTO2, S100YHXJ |
| Property, plant and equipment | 14,764 | 18,278 | 19,172 | 23,543 | 22,723 | S100R3X2, S100TP9Q, S100VTO2, S100YHXJ |
| Intangible assets excluding goodwill | 694 | 831 | 968 | 1,324 | 2,347 | S100R3X2, S100TP9Q, S100VTO2, S100YHXJ |
| Investment securities | 8,092 | 8,669 | 11,599 | 10,758 | 13,877 | S100R3X2, S100TP9Q, S100VTO2, S100YHXJ |
| Current assets | 56,872 | 61,517 | 68,239 | 66,647 | 64,946 | S100R3X2, S100TP9Q, S100VTO2, S100YHXJ |
| Current liabilities | 14,269 | 17,700 | 20,275 | 17,575 | 13,720 | S100R3X2, S100TP9Q, S100VTO2, S100YHXJ |
| Trade payables | 9,026 | 10,047 | 9,950 | 8,439 | 7,468 | S100R3X2, S100TP9Q, S100VTO2, S100YHXJ |
| Short-term borrowings | 210 | 1,882 | 2,265 | 1,772 | 725 | S100R3X2, S100TP9Q, S100VTO2, S100YHXJ |
| Long-term borrowings | 856 | 1,365 | 1,423 | 2,299 | 2,073 | S100R3X2, S100TP9Q, S100VTO2, S100YHXJ |
| Total liabilities | 17,013 | 21,085 | 24,697 | 22,444 | 19,209 | S100R3X2, S100TP9Q, S100VTO2, S100YHXJ |
| Non-controlling interests | 2,348 | 2,764 | 3,027 | 3,375 | 3,498 | S100R3X2, S100TP9Q, S100VTO2, S100YHXJ |
| Equity attributable to owners of parent | 57,645 | 60,123 | 64,141 | 67,764 | 70,508 | S100R3X2, S100TP9Q, S100VTO2, S100YHXJ |
| Retained earnings | 56,500 | 59,100 | 63,102 | 67,249 | 69,349 | S100R3X2, S100TP9Q, S100VTO2, S100YHXJ |
| Treasury stock | -2,598 | -2,720 | -2,704 | -3,228 | -2,550 | S100R3X2, S100TP9Q, S100VTO2, S100YHXJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YHXJ |
| Property, plant and equipment | 22% | S100YHXJ |
| Intangibles and goodwill | 2% | S100YHXJ |
| Investment securities | 13% | S100YHXJ |
| Other assets | 42% | S100YHXJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YHXJ |
| Other liabilities | 11% | S100YHXJ |
| Equity | 82% | S100YHXJ |

### 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 | 80,774 | 89,744 | 100,540 | 103,103 | 104,542 |
| Equity | 63,760 | 68,658 | 75,843 | 80,658 | 85,333 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 23,358 | 22,331 | 24,029 | 24,497 | 22,128 |

## 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) | 31.5% | S100YHXJ |
| Fixed assets ÷ total assets | 21.7% | S100YHXJ |
| Goodwill ÷ parent equity | — | —, S100YHXJ |

### 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) | 21.2% |
| Cash ÷ revenue | 30.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 57.7% |
| Cash vs. profit gap | -1,165 JPY mn (of net income -20.7%) |
| Shareholder returns / net income | 51.6% |
| Shareholder returns / FCF | 140.7% |
| Shareholder payments — dividends / net income | 33.9% |
| Shareholder payments — dividends / FCF | 92.3% |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 53.1% |

## 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 | 5.0% | 0.68× | 3.4% | 1.40× | 4.8% | S100R3X2 |
| 2023 | 5.6% | 0.75× | 4.3% | 1.45× | 6.2% | S100TP9Q |
| 2024 | 7.0% | 0.77× | 5.4% | 1.53× | 8.2% | S100VTO2 |
| 2025 | 8.0% | 0.69× | 5.5% | 1.54× | 8.6% | S100YHXJ |
| 2026 | 7.8% | 0.70× | 5.4% | 1.50× | 8.2% | S100YHXJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ザ エスエフピー バリュー リアライゼーション マスター ファンド エルティーディー （常任代理人 立花証券株式会社） | Major shareholder | 10.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.7% | 2026-03-31 |
| 株式会社久栄 | Major shareholder | 6.8% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託Ｅ口） | Major shareholder | 3.5% | 2026-03-31 |
| デンヨー親栄会 | Major shareholder | 3.1% | 2026-03-31 |
| ジェーピー モルガン チェース バンク （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.0% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社鶴見製作所 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YHXJ | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHXJ,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100VTO2 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTO2,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TP9Q | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP9Q,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R3X2 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3X2,, |
| 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) | S100OEQU | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEQU,, |
| 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) | S100LHRJ | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LHRJ,, |

## 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).