# ENOMOTO 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60期(2025/04/01－2026/03/31) (S100YF9J)
> Page: https://vizora.meequs.com/en/company/enomoto
> Retrieved: 2026-09-30T21:02:04.133Z

## Company

Enomoto, founded in 1967, is a company in Electronic Components listed on TSE Standard. It has 1,293 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ENOMOTO Co.,Ltd. |
| Ticker | 6928 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6928.T) |
| Listing | TSE Standard |
| Head office | 山梨県上野原市上野原8154番地19 |
| Representative (per filing) | 代表取締役社長 白鳥 誉 |
| Founded | Apr 1967 |
| Share capital | ¥4.75B |
| Employees (consolidated) | 1,293 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.enomoto.co.jp (https://www.enomoto.co.jp/) |
| Corporate number | 5090001008079 |
| EDINET | E01989 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YF9J, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 51.9 | 53 |
| Profitability | 45.5 | 56 |
| Cash conversion | 57.3 | 48 |
| Efficiency | 70.5 | 56 |

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)

- Enomoto brought in ¥30.4B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +13.2% from the prior year, operating profit +166.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥30415428000 → ¥1231456000
- Net income → operating cash flow: ¥1231456000 → ¥2499634000（difference ¥1268178000）
- Main uses of operating cash flow: CapEx ¥1804297000 / dividends ¥468599000 / buybacks ¥315000
- Change in cash: ¥888655000
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 | ¥30.4B |  |
| Operating income | ¥1.65B | Margin 5.4% |
| Net income | ¥1.23B | Margin 4.0% |
| Free cash flow | ¥695.3M |  |
| Employees (consolidated) | 1,293 |  |
| EPS | ¥93.66 |  |
| Diluted EPS | ¥93.48 |  |
| Book value per share | ¥1908.93 |  |
| Equity ratio | 67.8% |  |
| Shares outstanding | 6,865,360 |  |
| Treasury shares | 63,600 |  |
| Shareholders | 4,674 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 15.6% | Cash ÷ revenue 17.5% |
| Vs. industry median margin | -0.5 pp | Electronic Components |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.0× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22999922000 | ¥30415428000 | +32.2% |
| Operating income | ¥1563408000 | ¥1650666000 | +5.6% |
| Operating margin | 6.8% | 5.4% | -1.4 pp |
| Employees | 1,240 people | 1,293 people | +4.3% |
| Cash and equivalents | ¥3324727000 | ¥5334525000 | +60.5% |

### 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 | 30,415 | 100.0% | S100YF9J |
| Cost of revenue | 25,869 | 85.1% | S100YF9J |
| Gross profit | 4,547 | 14.9% | S100YF9J |
| SG&A | 2,896 | 9.5% | S100YF9J |
| Operating income | 1,651 | 5.4% | S100YF9J |
| Ordinary income | 1,767 | 5.8% | S100YF9J |
| Pretax income | 1,665 | 5.5% | S100YF9J |
| Income tax | 433 | 1.4% | S100YF9J |
| Net income | 1,231 | 4.0% | S100YF9J |
| Net income attributable to owners | 1,231 | 4.0% | S100YF9J |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 10 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 14.9% → Operating margin 5.4% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.2%; Core profit growth: +166.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 12.69×
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 | 26,880 | 30,415 | 3,535 | +13.2% |
| Gross profit | 3,147 | 4,547 | 1,400 | +44.5% |
| Operating income | 619 | 1,651 | 1,032 | +166.8% |
| Net income attributable to owners | 448 | 1,231 | 784 | +174.9% |
| Operating cash flow | 732 | 2,500 | 1,768 | +241.5% |
| Free cash flow | -931 | 695 | 1,626 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 22,647 | 1,359 | 6.0% | 913 | 2,358 | 839 | S100LNFW |
| FY ending Mar 2021 | 23,000 | 1,563 | 6.8% | 1,489 | 2,506 | -12 | S100OFMQ |
| FY ending Mar 2022 | 27,251 | 2,013 | 7.4% | 1,545 | 3,332 | 280 | S100R5UO |
| FY ending Mar 2023 | 29,265 | 1,561 | 5.3% | 1,269 | 1,810 | -1,033 | S100TS47 |
| FY ending Mar 2024 | 25,244 | 160 | 0.6% | 121 | 3,096 | 1,077 | S100W5C7 |
| FY ending Mar 2025 | 26,880 | 619 | 2.3% | 448 | 732 | -931 | S100YF9J |
| FY ending Mar 2026 | 30,415 | 1,651 | 5.4% | 1,231 | 2,500 | 695 | S100YF9J |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.5M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥952.4K |

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) | 1,272 | 1,274 | 1,264 | 1,285 | 1,293 |
| Average salary (parent company) | ¥5.2M | ¥5.2M | ¥4.9M | ¥5.1M | ¥5.2M |
| Average age (parent company) | 41.6 years | 41.1 years | 40.7 years | 40.5 years | 40.1 years |
| Average tenure (parent company) | 18.3 years | 17.7 years | 17.4 years | 17.1 years | 16.4 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) +13.2%

## 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 | 2,500 | 8.2% | S100YF9J |
| Capital expenditure | 1,804 | 5.9% | S100YF9J |
| Free cash flow | 695 | 2.3% | 算出 |
| Investing cash flow | -1,615 | -5.3% | S100YF9J |
| Financing cash flow | -17 | -0.1% | S100YF9J |
| Dividends paid | 469 | 1.5% | S100YF9J |
| Share buyback | 0 | 0.0% | S100YF9J |
| Change in cash | 889 | 2.9% | S100YF9J |
| Cash and equivalents | 5,335 | 17.5% | S100YF9J |

## 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 | 4,365 | 4,041 | 5,032 | 4,446 | 5,335 | S100TS47, S100W5C7, S100YF9J |
| Total assets | 30,174 | 34,039 | 32,371 | 32,835 | 34,233 | S100R5UO, S100TS47, S100W5C7, S100YF9J |
| Net assets | 18,629 | 20,595 | 20,978 | 21,903 | 23,226 | S100TS47, S100W5C7, S100YF9J |
| Share capital | 4,749 | 4,749 | 4,749 | 4,749 | 4,749 | S100R5UO, S100TS47, S100W5C7, S100YF9J |
| Property, plant and equipment | 11,861 | 13,501 | 13,576 | 13,448 | 13,068 | S100R5UO, S100TS47, S100W5C7, S100YF9J |
| Intangible assets excluding goodwill | 375 | 589 | 574 | 516 | 418 | S100R5UO, S100TS47, S100W5C7, S100YF9J |
| Investment securities | 521 | 520 | 512 | 523 | 544 | S100R5UO, S100TS47, S100W5C7, S100YF9J |
| Current assets | 17,006 | 19,051 | 17,134 | 17,610 | 19,355 | S100R5UO, S100TS47, S100W5C7, S100YF9J |
| Current liabilities | 9,115 | 10,176 | 8,529 | 7,655 | 8,130 | S100R5UO, S100TS47, S100W5C7, S100YF9J |
| Trade payables | 6,310 | 6,934 | 5,199 | 3,969 | 3,043 | S100R5UO, S100TS47, S100W5C7, S100YF9J |
| Short-term borrowings | 668 | 1,198 | 1,572 | 2,128 | 2,728 | S100R5UO, S100TS47, S100W5C7, S100YF9J |
| Long-term borrowings | 1,482 | 1,934 | 1,536 | 1,908 | 1,380 | S100R5UO, S100TS47, S100W5C7, S100YF9J |
| Total liabilities | 11,545 | 13,445 | 11,394 | 10,932 | 11,007 | S100R5UO, S100TS47, S100W5C7, S100YF9J |
| Equity attributable to owners of parent | 18,218 | 19,090 | 18,769 | 18,297 | 19,519 | S100R5UO, S100TS47, S100W5C7, S100YF9J |
| Retained earnings | 8,642 | 9,502 | 9,181 | 9,158 | 9,921 | S100R5UO, S100TS47, S100W5C7, S100YF9J |
| Treasury stock | -255 | -244 | -244 | -678 | -358 | S100R5UO, S100TS47, S100W5C7, S100YF9J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YF9J |
| Property, plant and equipment | 38% | S100YF9J |
| Intangibles and goodwill | 1% | S100YF9J |
| Investment securities | 2% | S100YF9J |
| Other assets | 43% | S100YF9J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YF9J |
| Other liabilities | 23% | S100YF9J |
| Equity | 68% | S100YF9J |
| Other liabilities | 0% | S100YF9J |

### 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 | 30,174 | 34,039 | 32,371 | 32,835 | 34,233 |
| Equity | 18,629 | 20,595 | 20,978 | 21,903 | 23,226 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,365 | 4,041 | 5,032 | 4,446 | 5,335 |

## 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) | 43.0% | S100YF9J |
| Fixed assets ÷ total assets | 38.2% | S100YF9J |
| Goodwill ÷ parent equity | — | —, S100YF9J |

### 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) | 15.6% |
| Cash ÷ revenue | 17.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 151.4% |
| Cash vs. profit gap | 1,268 JPY mn (of net income 103.0%) |
| Shareholder returns / net income | 38.1% |
| Shareholder returns / FCF | 67.4% |
| Shareholder payments — dividends / net income | 38.1% |
| Shareholder payments — dividends / FCF | 67.4% |
| CapEx intensity (capex ÷ revenue) | 5.9% |
| Investing CF relative to operating CF | 64.6% |

## 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 | 5.7% | 0.90× | 5.1% | 1.66× | 8.5% | S100R5UO |
| 2023 | 4.3% | 0.91× | 4.0% | 1.72× | 6.8% | S100TS47 |
| 2024 | 0.5% | 0.76× | 0.4% | 1.75× | 0.6% | S100W5C7 |
| 2025 | 1.7% | 0.82× | 1.4% | 1.76× | 2.4% | S100YF9J |
| 2026 | 4.0% | 0.91× | 3.7% | 1.77× | 6.5% | S100YF9J |

## 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 | 12.0% | 2026-03-31 |
| 有限会社エノモト興産 | Major shareholder | 7.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.8% | 2026-03-31 |
| 有限会社エムエヌ企画 | Major shareholder | 4.7% | 2026-03-31 |
| 日亜化学工業株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 佐々木 嘉樹 | Major shareholder | 1.9% | 2026-03-31 |
| 榎本 寿子 | Major shareholder | 1.9% | 2026-03-31 |
| 櫻井 宣男 | Major shareholder | 1.6% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ５０５００４ （常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| エノモト従業員持株会 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第60期(2025/04/01－2026/03/31) | S100YF9J | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF9J,, |
| 有価証券報告書－第59期(2024/04/01－2025/03/31) | S100W5C7 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5C7,, |
| 有価証券報告書－第58期(2023/04/01－2024/03/31) | S100TS47 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS47,, |
| 有価証券報告書－第57期(2022/04/01－2023/03/31) | S100R5UO | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5UO,, |
| 有価証券報告書－第56期(令和3年4月1日－令和4年3月31日) | S100OFMQ | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFMQ,, |
| 有価証券報告書－第55期(令和2年4月1日－令和3年3月31日) | S100LNFW | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNFW,, |

## 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).