# EIWA 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79期(2025/04/01－2026/03/31) (S100YCFQ)
> Page: https://vizora.meequs.com/en/company/eiwa
> Retrieved: 2026-09-30T18:28:24.713Z

## Company

Eiwa, founded in 1948, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 400 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | EIWA CORPORATION |
| Ticker | 9857 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9857.T) |
| Listing | TSE Standard |
| Head office | 大阪市西区北堀江四丁目1番7号 |
| Representative (per filing) | 代表取締役社長 阿部吉典 |
| Founded | Jun 1948 |
| Share capital | ¥1.53B |
| Employees (consolidated) | 400 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.eiwa-net.co.jp (https://www.eiwa-net.co.jp/) |
| Corporate number | 6120001041612 |
| EDINET | E02713 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YCFQ, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 42.2 | 179 |
| Profitability | 84.1 | 185 |
| Cash conversion | 10.9 | 179 |
| Efficiency | 45.7 | 185 |

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)

- Eiwa brought in ¥48.8B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +3.6% from the prior year, operating profit +6.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥48.8B |  |
| Operating income | ¥2.98B | Margin 6.1% |
| Net income | ¥2.07B | Margin 4.2% |
| Free cash flow | -¥302.1M |  |
| Employees (consolidated) | 400 |  |
| EPS | ¥287.69 |  |
| Book value per share | ¥2747.21 |  |
| Equity ratio | 57.9% |  |
| Shares outstanding | 6,470,000 |  |
| Treasury shares | 141,400 |  |
| Shareholders | 3,294 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 15.4% | Cash ÷ revenue 10.3% |
| Vs. industry median margin | +3.2 pp | Specialty Trading & Wholesale |
| ROE | 12.2% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39159455000 | ¥48846182000 | +24.7% |
| Operating income | ¥1742359000 | ¥2975453000 | +70.8% |
| Operating margin | 4.4% | 6.1% | +1.6 pp |
| Employees | 347 people | 400 people | +15.3% |
| Cash and equivalents | ¥6444118000 | ¥5039726000 | -21.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 48,846 | 100.0% | S100YCFQ |
| Cost of revenue | 40,147 | 82.2% | S100YCFQ |
| Gross profit | 8,699 | 17.8% | S100YCFQ |
| SG&A | 5,724 | 11.7% | S100YCFQ |
| Operating income | 2,975 | 6.1% | S100YCFQ |
| Ordinary income | 3,044 | 6.2% | S100YCFQ |
| Pretax income | 3,058 | 6.3% | S100YCFQ |
| Income tax | 988 | 2.0% | S100YCFQ |
| Net income | 2,070 | 4.2% | S100YCFQ |
| Net income attributable to owners | 2,070 | 4.2% | S100YCFQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 12 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 17.8% → Operating margin 6.1% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.6%; Core profit growth: +6.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.87×
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 | 47,136 | 48,846 | 1,710 | +3.6% |
| Gross profit | 8,186 | 8,699 | 513 | +6.3% |
| Operating income | 2,786 | 2,975 | 189 | +6.8% |
| Net income attributable to owners | 1,954 | 2,070 | 116 | +5.9% |
| Operating cash flow | 725 | -199 | -924 | -127.5% |
| Free cash flow | 644 | -302 | -946 | -146.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 37,682 | 1,709 | 4.5% | 1,127 | 1,142 | 1,104 | S100LSVD |
| FY ending Mar 2021 | 39,159 | 1,742 | 4.4% | 1,165 | 2,407 | 2,250 | S100OL9V |
| FY ending Mar 2022 | 37,378 | 1,562 | 4.2% | 1,067 | 575 | 307 | S100R5C9 |
| FY ending Mar 2023 | 41,284 | 1,894 | 4.6% | 1,321 | 524 | 400 | S100TUZZ |
| FY ending Mar 2024 | 43,292 | 2,325 | 5.4% | 1,668 | 684 | 665 | S100W5IA |
| FY ending Mar 2025 | 47,136 | 2,786 | 5.9% | 1,954 | 725 | 644 | S100YCFQ |
| FY ending Mar 2026 | 48,846 | 2,975 | 6.1% | 2,070 | -199 | -302 | S100YCFQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥122.1M |
| Operating income per employee (consolidated) | ¥7.4M |
| Net income per employee (consolidated) | ¥5.2M |

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) | 357 | 367 | 366 | 375 | 400 |
| Average salary (parent company) | ¥6.6M | ¥6.6M | ¥7.1M | ¥7.5M | ¥7.4M |
| Average age (parent company) | 41.0 years | 43.4 years | 43.6 years | 44.0 years | 43.9 years |
| Average tenure (parent company) | 13.6 years | 13.6 years | 13.6 years | 13.9 years | 13.7 years |

Year over year: Employees (consolidated) +6.7% · Revenue (consolidated) +3.6%

## 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 | -199 | -0.4% | S100YCFQ |
| Capital expenditure | 103 | 0.2% | S100YCFQ |
| Free cash flow | -302 | -0.6% | 算出 |
| Investing cash flow | -343 | -0.7% | S100YCFQ |
| Financing cash flow | -520 | -1.1% | S100YCFQ |
| Dividends paid | 538 | 1.1% | S100YCFQ |
| Share buyback | 0 | 0.0% | S100YCFQ |
| Change in cash | -1,056 | -2.2% | S100YCFQ |
| Cash and equivalents | 5,040 | 10.3% | S100YCFQ |

## 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 | 6,477 | 6,543 | 6,096 | 5,040 | S100TUZZ, S100W5IA, S100YCFQ |
| Total assets | 28,399 | 31,606 | 31,939 | 33,124 | 32,784 | S100R5C9, S100TUZZ, S100W5IA, S100YCFQ |
| Net assets | 12,776 | 13,970 | 15,761 | 16,957 | 18,991 | S100TUZZ, S100W5IA, S100YCFQ |
| Share capital | 1,533 | 1,533 | 1,533 | 1,533 | 1,533 | S100R5C9, S100TUZZ, S100W5IA, S100YCFQ |
| Property, plant and equipment | 1,508 | 1,550 | 1,515 | 1,560 | 1,578 | S100R5C9, S100TUZZ, S100W5IA, S100YCFQ |
| Intangible assets excluding goodwill | 147 | 129 | 98 | 66 | 69 | S100R5C9, S100TUZZ, S100W5IA, S100YCFQ |
| Investment securities | 813 | 1,124 | 1,466 | 1,427 | 1,523 | S100R5C9, S100TUZZ, S100W5IA, S100YCFQ |
| Current assets | 24,721 | 27,585 | 27,478 | 28,616 | 27,615 | S100R5C9, S100TUZZ, S100W5IA, S100YCFQ |
| Current liabilities | 14,776 | 16,907 | 15,998 | 15,943 | 13,563 | S100R5C9, S100TUZZ, S100W5IA, S100YCFQ |
| Trade payables | 6,802 | 7,805 | 6,373 | 6,460 | 6,736 | S100R5C9, S100TUZZ, S100W5IA, S100YCFQ |
| Short-term borrowings | 200 | 150 | 50 | 50 | 50 | S100R5C9, S100TUZZ, S100W5IA, S100YCFQ |
| Long-term borrowings | 440 | 463 | 17 | 68 | 72 | S100R5C9, S100TUZZ, S100W5IA, S100YCFQ |
| Total liabilities | 15,623 | 17,636 | 16,178 | 16,167 | 13,793 | S100R5C9, S100TUZZ, S100W5IA, S100YCFQ |
| Equity attributable to owners of parent | 12,455 | 13,529 | 14,830 | 16,246 | 17,778 | S100R5C9, S100TUZZ, S100W5IA, S100YCFQ |
| Retained earnings | 9,405 | 10,479 | 11,780 | 13,196 | 14,728 | S100R5C9, S100TUZZ, S100W5IA, S100YCFQ |
| Treasury stock | -51 | -51 | -51 | -52 | -52 | S100R5C9, S100TUZZ, S100W5IA, S100YCFQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YCFQ |
| Property, plant and equipment | 5% | S100YCFQ |
| Intangibles and goodwill | 0% | S100YCFQ |
| Investment securities | 5% | S100YCFQ |
| Other assets | 75% | S100YCFQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 21% | S100YCFQ |
| Other liabilities | 21% | S100YCFQ |
| Equity | 58% | S100YCFQ |
| Other liabilities | 0% | S100YCFQ |

### 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 | 28,399 | 31,606 | 31,939 | 33,124 | 32,784 |
| Equity | 12,776 | 13,970 | 15,761 | 16,957 | 18,991 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,612 | 6,477 | 6,543 | 6,096 | 5,040 |

## 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) | 3.2% | S100YCFQ |
| Fixed assets ÷ total assets | 4.8% | S100YCFQ |
| Goodwill ÷ parent equity | — | —, S100YCFQ |

### 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) | 15.4% |
| Cash ÷ revenue | 10.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -6.7% |
| Cash vs. profit gap | -2,269 JPY mn (of net income -109.6%) |
| Shareholder returns / net income | 26.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| 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 | 2.9% | 1.32× | 3.8% | 2.28× | 8.6% | S100R5C9 |
| 2023 | 3.2% | 1.38× | 4.4% | 2.31× | 10.2% | S100TUZZ |
| 2024 | 3.9% | 1.36× | 5.2% | 2.24× | 11.8% | S100W5IA |
| 2025 | 4.1% | 1.45× | 6.0% | 2.09× | 12.6% | S100YCFQ |
| 2026 | 4.2% | 1.48× | 6.3% | 1.94× | 12.2% | S100YCFQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.5% | 2026-03-31 |
| UH Partners 2投資事業有限責任組合 | Major shareholder | 6.0% | 2026-03-31 |
| 東京計器株式会社 | Major shareholder | 3.9% | 2026-03-31 |
| 長野計器株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 阿 部 健 治 | Major shareholder | 2.9% | 2026-03-31 |
| エスアイエル投資事業有限責任組合 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社百十四銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 英和社員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| 阿 部 吉 典 | Major shareholder | 2.4% | 2026-03-31 |
| 阿 部 和 男 | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YCFQ | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCFQ,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W5IA | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5IA,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TUZZ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUZZ,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100R5C9 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5C9,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100OL9V | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL9V,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LSVD | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSVD,, |

## 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).