# DKK 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100期(2025/04/01－2026/03/31) (S100YH6S)
> Page: https://vizora.meequs.com/en/company/dkk
> Retrieved: 2026-09-30T19:05:56.583Z

## Company

DKK, founded in 1938, is a company in Smartphones & Communications Equipment listed on TSE Prime. It has 1,024 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DKK Co., Ltd. |
| Ticker | 6706 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6706.T) |
| Listing | TSE Prime |
| Head office | 東京都江東区豊洲五丁目5番13号 |
| Representative (per filing) | 代表取締役社長 近藤忠登史 |
| Founded | Mar 1938 |
| Share capital | ¥8.77B |
| Employees (consolidated) | 1,024 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | denkikogyo.co.jp (https://denkikogyo.co.jp/) |
| Corporate number | 4010001008723 |
| EDINET | E01897 |
| Industries (Vizora) | Smartphones & Communications Equipment, Plant Engineering & Building Services, Industrial Machinery |

> Profile source: annual securities report (S100YH6S, filed 2026-06-30). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.9 | 72 |
| Profitability | 8.6 | 76 |
| Cash conversion | 0.7 | 74 |
| Efficiency | 7.2 | 76 |

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 72% of DKK's sales come from Telecommunication, with Radio Frequency and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +8.8% from the prior year, operating profit +30.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥35.4B |  |
| Operating income | ¥1.22B | Margin 3.4% |
| Net income | ¥1.9B | Margin 5.4% |
| Free cash flow | -¥4.07B |  |
| Largest business | Telecommunication | of segment revenue 71.6% |
| Employees (consolidated) | 1,024 |  |
| EPS | ¥194.59 |  |
| Book value per share | ¥3248.92 |  |
| Equity ratio | 69.2% |  |
| Shares outstanding | 9,900,000 |  |
| Treasury shares | 1,115,600 |  |
| Shareholders | 3,923 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 21.5% | Cash ÷ revenue 32.2% |
| Vs. industry median margin | -1.9 pp | Smartphones & Communications Equipment |
| ROE | 5.5% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.2× dividends
- FY2026, employees -4% while operating income rose 30%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥41478000000 | ¥35446000000 | -14.5% |
| Operating income | ¥1583000000 | ¥1219000000 | -23.0% |
| Operating margin | 3.8% | 3.4% | -0.4 pp |
| Employees | 1,266 people | 1,024 people | -19.1% |
| Cash and equivalents | ¥10300000000 | ¥11422000000 | +10.9% |

### 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 |
| --- | ---: |
| 電気通信関連事業 → 電気通信関連事業 | 71.6% |
| 電気通信関連事業 → 事業再編・廃止 | 10.2% |
| 高周波関連事業 → 高周波関連事業 | 17.9% |
| その他 → その他 | 0.3% |
| 新設・再編 → 高周波関連事業 | 10.2% |
| 新設・再編 → その他 | 0.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Telecommunication | 5 years | -5.6% | ¥25387000000 | 9.4% | 2 |
| Radio Frequency | 5 years | +6.0% | ¥9952000000 | 16.0% | 2 |
| Other | 5 years | 0.0% | ¥105000000 | 180.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 35,446 | 100.0% | S100YH6S |
| Cost of revenue | 28,255 | 79.7% | S100YH6S |
| Gross profit | 7,190 | 20.3% | S100YH6S |
| SG&A | 5,971 | 16.8% | S100YH6S |
| Operating income | 1,219 | 3.4% | S100YH6S |
| Ordinary income | 1,216 | 3.4% | S100YH6S |
| Pretax income | 3,107 | 8.8% | S100YH6S |
| Income tax | 1,176 | 3.3% | S100YH6S |
| Net income | 1,930 | 5.4% | S100YH6S |
| Net income attributable to owners | 1,903 | 5.4% | S100YH6S |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 17 |
| Operating income | 3 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 20.3% → Operating margin 3.4% → Net margin 5.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.8%; Core profit growth: +30.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.46×
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 | 32,582 | 35,446 | 2,864 | +8.8% |
| Gross profit | 7,014 | 7,190 | 176 | +2.5% |
| Operating income | 935 | 1,219 | 284 | +30.4% |
| Net income attributable to owners | 777 | 1,903 | 1,126 | +144.9% |
| Operating cash flow | -1,823 | -2,471 | -648 | — |
| Free cash flow | -3,726 | -4,066 | -340 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 45,016 | 2,601 | 5.8% | 1,789 | 1,543 | -288 | S100LV8V |
| FY ending Mar 2021 | 41,478 | 1,583 | 3.8% | 1,155 | 1,447 | 260 | S100OLV3 |
| FY ending Mar 2022 | 33,968 | 53 | 0.2% | 705 | 4,166 | 2,758 | S100RA2G |
| FY ending Mar 2023 | 31,817 | -1,510 | -4.7% | -1,181 | -870 | -1,638 | S100TWV5 |
| FY ending Mar 2024 | 28,864 | -1,787 | -6.2% | -1,977 | -754 | -1,969 | S100W1TK |
| FY ending Mar 2025 | 32,582 | 935 | 2.9% | 777 | -1,823 | -3,726 | S100YH6S |
| FY ending Mar 2026 | 35,446 | 1,219 | 3.4% | 1,903 | -2,471 | -4,066 | S100YH6S |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.6M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 1,184 | 1,157 | 1,086 | 1,067 | 1,024 |
| Average salary (parent company) | ¥6.1M | ¥6M | ¥6.1M | ¥5.9M | ¥6.5M |
| Average age (parent company) | 45.4 years | 45.5 years | 46.4 years | 47.0 years | 47.4 years |
| Average tenure (parent company) | 15.9 years | 15.7 years | 16.0 years | 16.0 years | 17.0 years |

Year over year: Employees (consolidated) -4.0% · Revenue (consolidated) +8.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Telecommunication | 25,387 | 71.6% | 2,377 | 9.4% |
| Radio Frequency | 9,952 | 28.1% | 1,596 | 16.0% |
| Other | 105 | 0.3% | 189 | 180.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Telecommunication | 71.6% | 57.1% | -14.5 | 9.4% |
| Radio Frequency | 28.1% | 38.3% | 10.3 | 16.0% |
| Other | 0.3% | 4.5% | 4.2 | 180.0% |

Segment → industry: Telecommunication → Smartphones & Communications Equipment / Telecommunication → Plant Engineering & Building Services / Radio Frequency → 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 | -2,471 | -7.0% | S100YH6S |
| Capital expenditure | 1,595 | 4.5% | S100YH6S |
| Free cash flow | -4,066 | -11.5% | 算出 |
| Investing cash flow | 2,047 | 5.8% | S100YH6S |
| Financing cash flow | -2,165 | -6.1% | S100YH6S |
| Dividends paid | 814 | 2.3% | S100YH6S |
| Share buyback | 1,001 | 2.8% | S100YH6S |
| Change in cash | -2,594 | -7.3% | S100YH6S |
| Cash and equivalents | 11,422 | 32.2% | S100YH6S |

## 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 | 13,140 | 14,253 | 17,330 | 14,016 | 11,422 | S100TWV5, S100W1TK, S100YH6S |
| Total assets | 56,336 | 55,134 | 55,237 | 53,016 | 53,047 | S100RA2G, S100TWV5, S100W1TK, S100YH6S |
| Net assets | 46,609 | 41,801 | 38,723 | 37,107 | 37,205 | S100TWV5, S100W1TK, S100YH6S |
| Share capital | 8,774 | 8,774 | 8,774 | 8,774 | 8,774 | S100RA2G, S100TWV5, S100W1TK, S100YH6S |
| Inventories | 5,890 | 5,720 | 6,358 | 6,714 | 7,533 | S100RA2G, S100TWV5, S100W1TK, S100YH6S |
| Property, plant and equipment | 6,907 | 6,529 | 5,188 | 6,287 | 7,036 | S100RA2G, S100TWV5, S100W1TK, S100YH6S |
| Intangible assets excluding goodwill | 648 | 598 | 2,287 | 399 | 321 | S100RA2G, S100TWV5, S100W1TK, S100YH6S |
| Goodwill | — | — | 936 | 13 | 11 | S100W1TK, S100YH6S |
| Investment securities | 5,465 | 4,549 | 4,152 | 2,988 | 2,361 | S100RA2G, S100TWV5, S100W1TK, S100YH6S |
| Current assets | 40,989 | 40,662 | 38,703 | 38,343 | 38,472 | S100RA2G, S100TWV5, S100W1TK, S100YH6S |
| Current liabilities | 6,330 | 9,168 | 10,338 | 11,353 | 12,993 | S100RA2G, S100TWV5, S100W1TK, S100YH6S |
| Short-term borrowings | 80 | 2,200 | 4,400 | 4,400 | 4,900 | S100RA2G, S100TWV5, S100W1TK, S100YH6S |
| Long-term borrowings | 279 | 1,260 | 1,250 | 33 | 525 | S100RA2G, S100TWV5, S100W1TK, S100YH6S |
| Total liabilities | 9,727 | 13,332 | 16,514 | 15,908 | 15,842 | S100RA2G, S100TWV5, S100W1TK, S100YH6S |
| Non-controlling interests | 705 | 553 | 840 | 636 | 484 | S100RA2G, S100TWV5, S100W1TK, S100YH6S |
| Equity attributable to owners of parent | 44,586 | 39,589 | 35,119 | 34,327 | 34,429 | S100RA2G, S100TWV5, S100W1TK, S100YH6S |
| Retained earnings | 32,028 | 25,019 | 19,570 | 19,775 | 18,625 | S100RA2G, S100TWV5, S100W1TK, S100YH6S |
| Treasury stock | -5,940 | -3,897 | -2,919 | -3,911 | -2,658 | S100RA2G, S100TWV5, S100W1TK, S100YH6S |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YH6S |
| Inventories | 14% | S100YH6S |
| Property, plant and equipment | 13% | S100YH6S |
| Intangibles and goodwill | 1% | S100YH6S |
| Investment securities | 4% | S100YH6S |
| Other assets | 46% | S100YH6S |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100YH6S |
| Equity | 70% | S100YH6S |

### 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 | 56,336 | 55,134 | 55,237 | 53,016 | 53,047 |
| Equity | 46,609 | 41,801 | 38,723 | 37,107 | 37,205 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,140 | 14,253 | 17,330 | 14,016 | 11,422 |

## 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) | 19.8% | S100YH6S |
| Fixed assets ÷ total assets | 13.3% | S100YH6S |
| Goodwill ÷ parent equity | 0.0% | S100YH6S |

### 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) | 21.5% |
| Cash ÷ revenue | 32.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -202.7% |
| Cash vs. profit gap | -4,374 JPY mn (of net income -229.8%) |
| Shareholder returns / net income | 95.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 42.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| 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 | 2.1% | 0.60× | 1.3% | 1.26× | 1.6% | S100RA2G |
| 2023 | — | —× | -2.1% | —× | — | S100TWV5 |
| 2024 | — | —× | -3.6% | —× | — | S100W1TK |
| 2025 | 2.4% | 0.60× | 1.4% | 1.56× | 2.2% | S100YH6S |
| 2026 | 5.4% | 0.67× | 3.6% | 1.54× | 5.5% | S100YH6S |

## 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 | 19.3% | 2026-03-31 |
| CGML PB CLIENT ACCOUNT/COLLATERAL (常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 電気興業取引先持株会 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.5% | 2026-03-31 |
| JPMSPLC CLIENT ASSETS SK JPY (常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.9% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 電気興業従業員持株会 | Major shareholder | 2.7% | 2026-03-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/JANUS HENDERSON HORIZON FUND （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.5% | 2026-03-31 |
| 岡 秀朋 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第100期(2025/04/01－2026/03/31) | S100YH6S | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH6S,, |
| 有価証券報告書－第99期(2024/04/01－2025/03/31) | S100W1TK | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1TK,, |
| 有価証券報告書－第98期(2023/04/01－2024/03/31) | S100TWV5 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWV5,, |
| 有価証券報告書－第97期(2022/04/01－2023/03/31) | S100RA2G | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA2G,, |
| 有価証券報告書－第96期(令和3年4月1日－令和4年3月31日) | S100OLV3 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLV3,, |
| 有価証券報告書－第95期(令和2年4月1日－令和3年3月31日) | S100LV8V | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV8V,, |

## 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).