# Elevator Communications Co.,Ltd.: business model and financials

> Latest period: FY ending May 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2025/06/01－2026/05/31) (S100YZBZ)
> Page: https://vizora.meequs.com/en/company/elevator-communications
> Retrieved: 2026-09-30T22:00:59.780Z

## Company

Elevator Communications, founded in 2006, is a company in Industrial Machinery listed on Sapporo, Fukuoka. It has 248 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Elevator Communications Co., Ltd. |
| Ticker | 353A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/353A.T) |
| Listing | Sapporo, Fukuoka |
| Head office | 東京都品川区南大井六丁目16番16号 鈴中ビル大森3階 |
| Representative (per filing) | 代表取締役社長 薄田 章博 |
| Founded | Feb 2006 |
| Share capital | ¥137.4M |
| Employees (consolidated) | 248 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | May |
| Website | www.evcom.co.jp (https://www.evcom.co.jp/) |
| Corporate number | 5010801017897 |
| EDINET | E40516 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YZBZ, filed 2026-08-28). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.9 | 110 |
| Profitability | 38.1 | 122 |
| Cash conversion | 40.1 | 116 |
| Efficiency | 99.6 | 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)

- Elevator Communications brought in ¥4.55B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +12.4% from the prior year, operating profit +6.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4551442000 → ¥182196000
- Net income → operating cash flow: ¥182196000 → ¥237422000（difference ¥55226000）
- Main uses of operating cash flow: CapEx ¥69819000 / dividends — / buybacks —
- Change in cash: ¥82857000
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 | ¥4.55B |  |
| Operating income | ¥281.2M | Margin 6.2% |
| Net income | ¥182.2M | Margin 4.0% |
| Free cash flow | ¥167.6M |  |
| Employees (consolidated) | 248 |  |
| EPS | ¥87.32 |  |
| Diluted EPS | ¥80.86 |  |
| Book value per share | ¥267.49 |  |
| Equity ratio | 30.0% |  |
| Shares outstanding | 1,069,640 |  |
| Shareholders | 626 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 34.0% | Cash ÷ revenue 14.2% |
| Vs. industry median margin | -1.4 pp | Industrial Machinery |
| ROE | 39.4% | Derived from disclosed figures |
| ROA | 10.2% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 34% of total assets

## What changed in 2 years

| Metric | FY ending May 2024 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3291243000 | ¥4551442000 | +38.3% |
| Operating income | ¥140186000 | ¥281159000 | +100.6% |
| Operating margin | 4.3% | 6.2% | +1.9 pp |
| Employees | 203 people | 248 people | +22.2% |
| Cash and equivalents | ¥522473000 | ¥646692000 | +23.8% |

### Change in segment revenue mix

Span: FY ending May 2024 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,551 | 100.0% | S100YZBZ |
| Cost of revenue | 3,154 | 69.3% | S100YZBZ |
| Gross profit | 1,398 | 30.7% | S100YZBZ |
| SG&A | 1,116 | 24.5% | S100YZBZ |
| Operating income | 281 | 6.2% | S100YZBZ |
| Ordinary income | 291 | 6.4% | S100YZBZ |
| Pretax income | 289 | 6.3% | S100YZBZ |
| Income tax | 107 | 2.3% | S100YZBZ |
| Net income | 182 | 4.0% | S100YZBZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 25 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 30.7% → Operating margin 6.2% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.4%; Core profit growth: +6.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.50×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,048 | 4,551 | 503 | +12.4% |
| Gross profit | 1,261 | 1,398 | 136 | +10.8% |
| Operating income | 265 | 281 | 16 | +6.2% |
| Operating cash flow | 50 | 237 | 187 | +373.5% |
| Free cash flow | 38 | 168 | 129 | +338.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2024 | 3,291 | 140 | 4.3% | 74 | 390 | 373 | S100WM3J |
| FY ending May 2025 | 4,048 | 265 | 6.5% | 147 | 50 | 38 | S100YZBZ |
| FY ending May 2026 | 4,551 | 281 | 6.2% | 182 | 237 | 168 | S100YZBZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.4M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥734.7K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 203 | 216 | 248 |
| Average salary (parent company) | — | ¥4.4M | ¥4.7M |
| Average age (parent company) | — | 42.2 years | 43.0 years |
| Average tenure (parent company) | — | 5.1 years | 5.3 years |

Year over year: Employees (consolidated) +14.8% · Revenue (consolidated) +12.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 237 | 5.2% | S100YZBZ |
| Capital expenditure | 70 | 1.5% | S100YZBZ |
| Free cash flow | 168 | 3.7% | 算出 |
| Investing cash flow | -78 | -1.7% | S100YZBZ |
| Financing cash flow | -77 | -1.7% | S100YZBZ |
| Change in cash | 83 | 1.8% | S100YZBZ |
| Cash and equivalents | 647 | 14.2% | S100YZBZ |

## 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 May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 522 | 564 | 647 | S100YZBZ |
| Total assets | 1,317 | 1,680 | 1,904 | S100WM3J, S100YZBZ |
| Net assets | 103 | 353 | 573 | S100YZBZ |
| Share capital | 67 | 118 | 137 | S100WM3J, S100YZBZ |
| Property, plant and equipment | 162 | 164 | 197 | S100WM3J, S100YZBZ |
| Intangible assets excluding goodwill | 37 | 34 | 70 | S100WM3J, S100YZBZ |
| Current assets | 1,069 | 1,448 | 1,601 | S100WM3J, S100YZBZ |
| Current liabilities | 813 | 985 | 1,074 | S100WM3J, S100YZBZ |
| Long-term borrowings | 358 | 289 | 183 | S100WM3J, S100YZBZ |
| Total liabilities | 1,214 | 1,327 | 1,331 | S100WM3J, S100YZBZ |
| Equity attributable to owners of parent | 102 | 352 | 572 | S100WM3J, S100YZBZ |
| Retained earnings | -10 | 137 | 319 | S100WM3J, S100YZBZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100YZBZ |
| Property, plant and equipment | 10% | S100YZBZ |
| Intangibles and goodwill | 4% | S100YZBZ |
| Other assets | 52% | S100YZBZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 70% | S100YZBZ |
| Equity | 30% | S100YZBZ |
| Other liabilities | 0% | S100YZBZ |

### Balance sheet history

| Metric | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 1,317 | 1,680 | 1,904 |
| Equity | 103 | 353 | 573 |
| Interest-bearing debt | — | — | — |
| Cash | 522 | 564 | 647 |

## 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) | 4.3% | S100YZBZ |
| Fixed assets ÷ total assets | 10.3% | S100YZBZ |
| Goodwill ÷ parent equity | — | —, S100YZBZ |

### 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) | 34.0% |
| Cash ÷ revenue | 14.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.4% |
| Cash vs. profit gap | 55 JPY mn (of net income 30.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 32.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 2.3% | 2.50× | 5.6% | 12.92× | 72.9% | S100WM3J |
| 2025 | 3.6% | 2.70× | 9.8% | 6.60× | 65.0% | S100YZBZ |
| 2026 | 4.0% | 2.54× | 10.2% | 3.88× | 39.4% | S100YZBZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| そらしづ株式会社 | Major shareholder | 46.7% | 2026-05-31 |
| 薄田 章博 | Major shareholder | 12.0% | 2026-05-31 |
| 村石 誠司 | Major shareholder | 4.5% | 2026-05-31 |
| こたろう株式会社 | Major shareholder | 3.2% | 2026-05-31 |
| 大久保 圭太 | Major shareholder | 2.5% | 2026-05-31 |
| 杉山 央 | Major shareholder | 2.3% | 2026-05-31 |
| 六日市 拓也 | Major shareholder | 1.9% | 2026-05-31 |
| PERSHING-DIV.OF DLJSECS.CORP. | Major shareholder | 1.6% | 2026-05-31 |
| エレベーターコミュニケーションズ従業員持株会 | Major shareholder | 1.2% | 2026-05-31 |
| 藤井 周 | Major shareholder | 1.1% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/06/01－2026/05/31) | S100YZBZ | 2026-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YZBZ,, |
| 有価証券報告書－第20期(2024/06/01－2025/05/31) | S100WM3J | 2025-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WM3J,, |

## 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).