# ENDO Lighting 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55期(2025/04/01－2026/03/31) (S100YH7Z)
> Page: https://vizora.meequs.com/en/company/endo-lighting
> Retrieved: 2026-09-30T20:26:06.304Z

## Company

ENDO Lighting, founded in 1972, is a company in Leasing listed on TSE Standard. It has 1,648 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ENDO Lighting Corporation |
| Ticker | 6932 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6932.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区本町一丁目6番19号(同所は登記上の本店所在地であり、実際の業務は下記で行っております。) |
| Representative (per filing) | 代表取締役社長 遠藤邦彦 |
| Founded | Aug 1972 |
| Share capital | ¥5.16B |
| Employees (consolidated) | 1,648 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.endo-lighting.co.jp (https://www.endo-lighting.co.jp/) |
| Corporate number | 3120001041581 |
| EDINET | E01986 |
| Industries (Vizora) | Leasing, Home Appliances, Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100YH7Z, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.6 | 7 |
| Profitability | 85 | 10 |
| Cash conversion | 92.9 | 7 |
| Efficiency | 35 | 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 ENDO Lighting's sales come from Lighting equipment, with Ecology related and Interior furniture making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +3.2% from the prior year, operating profit +16.5%.

## Company structure

- Segment revenue mix: Lighting equipment 77.7%、Ecology related 20.2%、Interior furniture 2.1%
- Revenue → net income: ¥55473000000 → ¥4342000000
- Net income → operating cash flow: ¥4342000000 → ¥10278000000（difference ¥5936000000）
- Main uses of operating cash flow: CapEx ¥4296000000 / dividends ¥1032000000 / buybacks —
- Change in cash: ¥8067000000
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 | ¥55.5B |  |
| Operating income | ¥5.74B | Margin 10.4% |
| Net income | ¥4.34B | Margin 7.8% |
| Free cash flow | ¥5.98B |  |
| Largest business | Lighting equipment | of segment revenue 77.7% |
| Employees (consolidated) | 1,648 |  |
| EPS | ¥178.04 |  |
| Diluted EPS | ¥168.82 |  |
| Book value per share | ¥1423.81 |  |
| Equity ratio | 65.3% |  |
| Shares outstanding | 14,776,000 |  |
| Treasury shares | 7,700 |  |
| Shareholders | 5,744 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 30.7% | Net cash ¥16.6B · Cash ÷ revenue 42.4% |
| Vs. industry median margin | +4.7 pp | Home Appliances |
| ROE | 11.1% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, one segment accounts for 86% of positive segment profit
- FY2026, parent-company salary changed +30% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥35417000000 | ¥55473000000 | +56.6% |
| Operating income | ¥1907000000 | ¥5742000000 | +201.1% |
| Operating margin | 5.4% | 10.4% | +5 pp |
| Employees | 1,403 people | 1,648 people | +17.5% |
| Cash and equivalents | ¥9885000000 | ¥23534000000 | +138.1% |

### 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 |
| --- | ---: |
| 照明器具関連事業 → 照明器具関連事業 | 73.1% |
| 環境関連事業 → 環境関連事業 | 20.2% |
| 環境関連事業 → 事業再編・廃止 | 3.6% |
| インテリア家具事業 → インテリア家具事業 | 2.1% |
| インテリア家具事業 → 事業再編・廃止 | 1.0% |
| 新設・再編 → 照明器具関連事業 | 4.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Lighting equipment | 5 years | +10.7% | ¥43098000000 | 14.3% | 2 |
| Ecology related | 5 years | +5.9% | ¥11215000000 | 8.7% | 2 |
| Interior furniture | 5 years | +1.3% | ¥1160000000 | 2.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 55,473 | 100.0% | S100YH7Z |
| Cost of revenue | 32,706 | 59.0% | S100YH7Z |
| Gross profit | 22,766 | 41.0% | S100YH7Z |
| SG&A | 17,024 | 30.7% | S100YH7Z |
| Operating income | 5,742 | 10.4% | S100YH7Z |
| Ordinary income | 5,935 | 10.7% | S100YH7Z |
| Pretax income | 5,885 | 10.6% | S100YH7Z |
| Income tax | 1,543 | 2.8% | S100YH7Z |
| Net income | 4,342 | 7.8% | S100YH7Z |
| Net income attributable to owners | 4,342 | 7.8% | S100YH7Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 31 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 41.0% → Operating margin 10.4% → Net margin 7.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.2%; Core profit growth: +16.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.09×
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 | 53,735 | 55,473 | 1,738 | +3.2% |
| Gross profit | 20,820 | 22,766 | 1,946 | +9.3% |
| Operating income | 4,930 | 5,742 | 812 | +16.5% |
| Net income attributable to owners | 4,799 | 4,342 | -457 | -9.5% |
| Operating cash flow | 2,916 | 10,278 | 7,362 | +252.5% |
| Free cash flow | -1,552 | 5,982 | 7,534 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 39,171 | 2,541 | 6.5% | 1,917 | 2,779 | 468 | S100LP3Z |
| FY ending Mar 2021 | 35,417 | 1,907 | 5.4% | 1,277 | 5,844 | 3,471 | S100PVKJ |
| FY ending Mar 2022 | 40,644 | 3,827 | 9.4% | 3,330 | 5,034 | 1,749 | S100R73M |
| FY ending Mar 2023 | 45,731 | 3,092 | 6.8% | 2,962 | 3,901 | 826 | S100TTAU |
| FY ending Mar 2024 | 51,706 | 5,203 | 10.1% | 4,649 | 10,152 | 7,086 | S100W3D7 |
| FY ending Mar 2025 | 53,735 | 4,930 | 9.2% | 4,799 | 2,916 | -1,552 | S100YH7Z |
| FY ending Mar 2026 | 55,473 | 5,742 | 10.4% | 4,342 | 10,278 | 5,982 | S100YH7Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.7M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 1,389 | 1,552 | 1,552 | 1,631 | 1,648 |
| Average salary (parent company) | ¥5.2M | ¥5.6M | ¥5.9M | ¥6.3M | ¥6.7M |
| Average age (parent company) | 42.4 years | 42.0 years | 42.2 years | 41.9 years | 41.6 years |
| Average tenure (parent company) | 14.1 years | 13.7 years | 13.6 years | 13.2 years | 12.8 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) +3.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Lighting equipment | 43,098 | 77.7% | 6,162 | 14.3% |
| Ecology related | 11,215 | 20.2% | 976 | 8.7% |
| Interior furniture | 1,160 | 2.1% | 25 | 2.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Lighting equipment | 77.7% | 86.0% | 8.3 | 14.3% |
| Ecology related | 20.2% | 13.6% | -6.6 | 8.7% |
| Interior furniture | 2.1% | 0.3% | -1.7 | 2.2% |

Segment → industry: Ecology related → Leasing / Lighting equipment → Home Appliances / Interior furniture → Furniture, Interior & Lifestyle Goods

## 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 | 10,278 | 18.5% | S100YH7Z |
| Capital expenditure | 4,296 | 7.7% | S100YH7Z |
| Free cash flow | 5,982 | 10.8% | 算出 |
| Investing cash flow | -4,303 | -7.8% | S100YH7Z |
| Financing cash flow | 1,131 | 2.0% | S100YH7Z |
| Dividends paid | 1,032 | 1.9% | S100YH7Z |
| Change in cash | 8,067 | 14.5% | S100YH7Z |
| Cash and equivalents | 23,534 | 42.4% | S100YH7Z |

## 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 | 10,602 | 11,847 | 16,163 | 15,467 | 23,534 | S100TTAU, S100W3D7, S100YH7Z |
| Total assets | 55,595 | 57,343 | 62,753 | 67,667 | 76,589 | S100R73M, S100TTAU, S100W3D7, S100YH7Z |
| Net assets | 28,243 | 31,535 | 38,567 | 44,052 | 50,025 | S100TTAU, S100W3D7, S100YH7Z |
| Share capital | 5,155 | 5,155 | 5,155 | 5,155 | 5,155 | S100R73M, S100TTAU, S100W3D7, S100YH7Z |
| Property, plant and equipment | 16,405 | 16,634 | 16,871 | 18,176 | 19,282 | S100R73M, S100TTAU, S100W3D7, S100YH7Z |
| Intangible assets excluding goodwill | 2,922 | 2,871 | 3,134 | 3,055 | 3,262 | S100R73M, S100TTAU, S100W3D7, S100YH7Z |
| Goodwill | 2,465 | 2,368 | 2,516 | 2,335 | 2,315 | S100R73M, S100TTAU, S100W3D7, S100YH7Z |
| Investment securities | 68 | 72 | 100 | 93 | 106 | S100R73M, S100TTAU, S100W3D7, S100YH7Z |
| Current assets | 33,368 | 35,140 | 39,924 | 43,072 | 50,954 | S100R73M, S100TTAU, S100W3D7, S100YH7Z |
| Current liabilities | 16,621 | 15,965 | 15,238 | 14,551 | 13,926 | S100R73M, S100TTAU, S100W3D7, S100YH7Z |
| Trade payables | 5,058 | 4,282 | 5,036 | 4,906 | 4,899 | S100R73M, S100TTAU, S100W3D7, S100YH7Z |
| Short-term borrowings | 2,500 | 2,850 | 200 | 1,500 | 900 | S100R73M, S100TTAU, S100W3D7, S100YH7Z |
| Long-term borrowings | 8,503 | 8,239 | 6,624 | 6,820 | 5,045 | S100R73M, S100TTAU, S100W3D7, S100YH7Z |
| Bonds | — | — | 1,000 | 1,000 | 1,000 | S100W3D7, S100YH7Z |
| Interest-bearing debt | — | — | 7,824 | 9,320 | 6,945 | 算出 |
| Total liabilities | 27,352 | 25,807 | 24,186 | 23,615 | 26,564 | S100R73M, S100TTAU, S100W3D7, S100YH7Z |
| Non-controlling interests | 0 | 0 | 0 | 0 | 0 | S100R73M, S100TTAU, S100W3D7, S100YH7Z |
| Equity attributable to owners of parent | 26,558 | 29,077 | 33,246 | 37,418 | 40,712 | S100R73M, S100TTAU, S100W3D7, S100YH7Z |
| Retained earnings | 15,886 | 18,405 | 22,574 | 26,746 | 30,054 | S100R73M, S100TTAU, S100W3D7, S100YH7Z |
| Treasury stock | 0 | 0 | 0 | 0 | -15 | S100R73M, S100TTAU, S100W3D7, S100YH7Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YH7Z |
| Property, plant and equipment | 25% | S100YH7Z |
| Intangibles and goodwill | 7% | S100YH7Z |
| Investment securities | 0% | S100YH7Z |
| Other assets | 37% | S100YH7Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YH7Z |
| Interest-bearing debt | 9% | 算出 |
| Other liabilities | 19% | S100YH7Z |
| Equity | 65% | S100YH7Z |

### 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 | 55,595 | 57,343 | 62,753 | 67,667 | 76,589 |
| Equity | 28,243 | 31,535 | 38,567 | 44,052 | 50,025 |
| Interest-bearing debt | — | — | 7,824 | 9,320 | 6,945 |
| Cash | 10,602 | 11,847 | 16,163 | 15,467 | 23,534 |

## 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) | 34.8% | S100YH7Z |
| Fixed assets ÷ total assets | 25.2% | S100YH7Z |
| Goodwill ÷ parent equity | 5.7% | S100YH7Z |

Goodwill over 4 years: 2,465 → 2,315 JPY; total investing cash flow: -17,380 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) | 30.7% |
| Cash ÷ revenue | 42.4% |
| Net cash (cash − interest-bearing debt) | ¥16.6B |
| Net debt ÷ operating cash flow | -1.61× |
| Cash conversion (operating CF ÷ operating income) | 179.0% |
| Cash vs. profit gap | 5,936 JPY mn (of net income 136.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.8% |
| Shareholder payments — dividends / FCF | 17.3% |
| CapEx intensity (capex ÷ revenue) | 7.7% |
| Investing CF relative to operating CF | 41.9% |

## 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 | 8.2% | 0.73× | 6.0% | 2.09× | 12.5% | S100R73M |
| 2023 | 6.5% | 0.81× | 5.2% | 2.03× | 10.6% | S100TTAU |
| 2024 | 9.0% | 0.86× | 7.7% | 1.93× | 14.9% | S100W3D7 |
| 2025 | 8.9% | 0.82× | 7.4% | 1.85× | 13.6% | S100YH7Z |
| 2026 | 7.8% | 0.77× | 6.0% | 1.85× | 11.1% | S100YH7Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社アーバン | Major shareholder | 33.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.4% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.5% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG （FE－AC） (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 2.3% | 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 | 1.8% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＮ １４００４４（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.7% | 2026-03-31 |
| INTERACTIVE BROKERS LLC（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 1.5% | 2026-03-31 |
| 遠藤照明従業員持株会 | Major shareholder | 1.4% | 2026-03-31 |
| RE FUND 107‐CLIENT AC （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第55期(2025/04/01－2026/03/31) | S100YH7Z | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH7Z,, |
| 有価証券報告書－第54期(2024/04/01－2025/03/31) | S100W3D7 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3D7,, |
| 有価証券報告書－第53期(2023/04/01－2024/03/31) | S100TTAU | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTAU,, |
| 有価証券報告書－第52期(2022/04/01－2023/03/31) | S100R73M | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R73M,, |
| 訂正有価証券報告書－第51期(令和3年4月1日－令和4年3月31日) | S100PVKJ | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVKJ,, |
| 有価証券報告書－第50期(令和2年4月1日－令和3年3月31日) | S100LP3Z | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP3Z,, |

## 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).