# FDK 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97期(2025/04/01－2026/03/31) (S100YH9L)
> Page: https://vizora.meequs.com/en/company/fdk
> Retrieved: 2026-09-30T21:30:59.597Z

## Company

FDK, founded in 1966, is a company in Batteries listed on TSE Standard. It has 2,420 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FDK CORPORATION |
| Ticker | 6955 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6955.T) |
| Listing | TSE Standard |
| Head office | 東京都港区港南一丁目6番41号 |
| Representative (per filing) | 代表取締役社長 長野 良 |
| Founded | Dec 1966 |
| Share capital | ¥3B |
| Employees (consolidated) | 2,420 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.fdk.co.jp (https://www.fdk.co.jp/) |
| Corporate number | 3010401026846 |
| EDINET | E01896 |
| Industries (Vizora) | Batteries, Electronic Components |

> Profile source: annual securities report (S100YH9L, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Batteries (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.3 | 8 |
| Profitability | 31.3 | 8 |
| Cash conversion | 8.3 | 6 |
| Efficiency | 93.8 | 8 |

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 81% of FDK's sales come from Battery, with Electronics making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -5.7% from the prior year, operating profit +19.6%.

## Company structure

- Segment revenue mix: Battery 81.0%、Electronics 19.0%
- Revenue → net income: ¥59561000000 → ¥754000000
- Net income → operating cash flow: ¥754000000 → ¥1131000000（difference ¥377000000）
- Main uses of operating cash flow: CapEx ¥2326000000 / dividends — / buybacks ¥0
- Change in cash: ¥558000000
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 | ¥59.6B |  |
| Operating income | ¥1.67B | Margin 2.8% |
| Net income | ¥745M | Margin 1.3% |
| Free cash flow | -¥1.2B |  |
| Largest business | Battery | of segment revenue 81.0% |
| Employees (consolidated) | 2,420 |  |
| EPS | ¥29.43 |  |
| Book value per share | ¥204.45 |  |
| Equity ratio | 40.2% |  |
| Shares outstanding | 34,536,302 |  |
| Treasury shares | 31,400 |  |
| Shareholders | 15,996 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 11.1% | Cash ÷ revenue 8.8% |
| Vs. industry median margin | -4.4 pp | Batteries |
| ROE | 5.4% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥61543000000 | ¥59561000000 | -3.2% |
| Operating income | ¥1743000000 | ¥1667000000 | -4.4% |
| Operating margin | 2.8% | 2.8% | 0 pp |
| Employees | 2,486 people | 2,420 people | -2.7% |
| Cash and equivalents | ¥7001000000 | ¥5239000000 | -25.2% |

### 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 |
| --- | ---: |
| 電池事業 → 電池事業 | 74.1% |
| 電子事業 → 電子事業 | 19.0% |
| 電子事業 → 事業再編・廃止 | 6.9% |
| 新設・再編 → 電池事業 | 6.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 59,561 | 100.0% | S100YH9L |
| Cost of revenue | 48,261 | 81.0% | S100YH9L |
| Gross profit | 11,299 | 19.0% | S100YH9L |
| SG&A | 9,631 | 16.2% | S100YH9L |
| Operating income | 1,667 | 2.8% | S100YH9L |
| Ordinary income | 1,416 | 2.4% | S100YH9L |
| Pretax income | 946 | 1.6% | S100YH9L |
| Income tax | 191 | 0.3% | S100YH9L |
| Net income | 754 | 1.3% | S100YH9L |
| Net income attributable to owners | 745 | 1.3% | S100YH9L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 16 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 19.0% → Operating margin 2.8% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -5.7%; Core profit growth: +19.6%
Operating leverage (core profit growth ÷ revenue growth): -3.43×
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 | 63,171 | 59,561 | -3,610 | -5.7% |
| Gross profit | 11,392 | 11,299 | -93 | -0.8% |
| Operating income | 1,394 | 1,667 | 273 | +19.6% |
| Net income attributable to owners | 536 | 745 | 209 | +39.0% |
| Operating cash flow | 3,773 | 1,131 | -2,642 | -70.0% |
| Free cash flow | 902 | -1,195 | -2,097 | -232.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 62,123 | 841 | 1.4% | -2,340 | 2,799 | 1,586 | S100LMX8 |
| FY ending Mar 2021 | 61,543 | 1,743 | 2.8% | 2,009 | 1,996 | -161 | S100OHYZ |
| FY ending Mar 2022 | 61,456 | 2,083 | 3.4% | 740 | 2,177 | -1,786 | S100R6BO |
| FY ending Mar 2023 | 62,784 | 789 | 1.3% | 318 | 2,783 | -204 | S100TU2P |
| FY ending Mar 2024 | 62,676 | 568 | 0.9% | 120 | 1,620 | -438 | S100WLHS |
| FY ending Mar 2025 | 63,171 | 1,394 | 2.2% | 536 | 3,773 | 902 | S100YH9L |
| FY ending Mar 2026 | 59,561 | 1,667 | 2.8% | 745 | 1,131 | -1,195 | S100YH9L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.6M |
| Operating income per employee (consolidated) | ¥688.8K |
| Net income per employee (consolidated) | ¥307.9K |

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) | 2,431 | 2,436 | 2,418 | 2,405 | 2,420 |
| Average salary (parent company) | ¥5.5M | ¥5.5M | ¥5.5M | ¥5.7M | ¥6M |
| Average age (parent company) | 44.9 years | 45.5 years | 45.9 years | 46.8 years | 47.2 years |
| Average tenure (parent company) | 20.5 years | 20.8 years | 21.2 years | 21.8 years | 22.3 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) -5.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Battery | 48,215 | 81.0% | 1,707 | 3.5% |
| Electronics | 11,345 | 19.0% | -39 | -0.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Battery | 81.0% | 100.0% | 19.0 | 3.5% |
| Electronics | 19.0% | — | — | -0.3% |

Loss-making segment (excluded from profit shares): Electronics -39 JPY mn

Segment → industry: Battery → Batteries / Electronics → Electronic Components

## 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 | 1,131 | 1.9% | S100YH9L |
| Capital expenditure | 2,326 | 3.9% | S100YH9L |
| Free cash flow | -1,195 | -2.0% | 算出 |
| Investing cash flow | -2,306 | -3.9% | S100YH9L |
| Financing cash flow | 1,291 | 2.2% | S100YH9L |
| Share buyback | 0 | 0.0% | S100YH9L |
| Change in cash | 558 | 0.9% | S100YH9L |
| Cash and equivalents | 5,239 | 8.8% | S100YH9L |

## 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 | 2,763 | 2,571 | 3,715 | 4,600 | 5,239 | S100TU2P, S100WLHS, S100YH9L |
| Total assets | 46,903 | 47,130 | 51,556 | 46,340 | 47,254 | S100R6BO, S100TU2P, S100WLHS, S100YH9L |
| Net assets | 12,460 | 13,196 | 15,645 | 16,414 | 19,133 | S100TU2P, S100WLHS, S100YH9L |
| Share capital | 31,709 | 31,709 | 31,709 | 31,709 | 3,000 | S100R6BO, S100TU2P, S100WLHS, S100YH9L |
| Trade receivables | — | 15,390 | 16,149 | 13,534 | 13,456 | S100TU2P, S100WLHS, S100YH9L |
| Property, plant and equipment | 14,032 | 14,478 | 14,158 | 13,888 | 14,125 | S100R6BO, S100TU2P, S100WLHS, S100YH9L |
| Intangible assets excluding goodwill | 275 | 412 | 374 | 329 | 307 | S100R6BO, S100TU2P, S100WLHS, S100YH9L |
| Investment securities | 200 | 193 | 234 | 211 | 208 | S100R6BO, S100TU2P, S100WLHS, S100YH9L |
| Current assets | 31,995 | 31,822 | 36,593 | 31,734 | 31,668 | S100R6BO, S100TU2P, S100WLHS, S100YH9L |
| Current liabilities | 31,450 | 30,928 | 34,219 | 28,879 | 27,225 | S100R6BO, S100TU2P, S100WLHS, S100YH9L |
| Trade payables | 9,625 | 9,752 | 10,876 | 7,810 | 6,331 | S100R6BO, S100TU2P, S100WLHS, S100YH9L |
| Short-term borrowings | 12,190 | 12,140 | 14,475 | 14,550 | 15,900 | S100R6BO, S100TU2P, S100WLHS, S100YH9L |
| Total liabilities | 34,443 | 33,933 | 35,911 | 29,925 | 28,120 | S100R6BO, S100TU2P, S100WLHS, S100YH9L |
| Non-controlling interests | 5 | 6 | 102 | 111 | 126 | S100R6BO, S100TU2P, S100WLHS, S100YH9L |
| Equity attributable to owners of parent | 12,451 | 12,769 | 12,889 | 13,425 | 14,220 | S100R6BO, S100TU2P, S100WLHS, S100YH9L |
| Retained earnings | -45,432 | -45,114 | -44,993 | -44,456 | 8,177 | S100R6BO, S100TU2P, S100WLHS, S100YH9L |
| Treasury stock | -50 | -50 | -51 | -51 | -51 | S100R6BO, S100TU2P, S100WLHS, S100YH9L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YH9L |
| Receivables | 29% | S100YH9L |
| Property, plant and equipment | 30% | S100YH9L |
| Intangibles and goodwill | 1% | S100YH9L |
| Investment securities | 0% | S100YH9L |
| Other assets | 29% | S100YH9L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YH9L |
| Other liabilities | 46% | S100YH9L |
| Equity | 41% | S100YH9L |
| Other liabilities | 0% | S100YH9L |

### 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 | 46,903 | 47,130 | 51,556 | 46,340 | 47,254 |
| Equity | 12,460 | 13,196 | 15,645 | 16,414 | 19,133 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,763 | 2,571 | 3,715 | 4,600 | 5,239 |

## 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) | 23.7% | S100YH9L |
| Fixed assets ÷ total assets | 29.9% | S100YH9L |
| Goodwill ÷ parent equity | — | —, S100YH9L |

### 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) | 11.1% |
| Cash ÷ revenue | 8.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 67.8% |
| Cash vs. profit gap | 386 JPY mn (of net income 51.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 203.9% |

## 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 | 1.2% | 1.31× | 1.6% | 3.77× | 5.9% | S100R6BO |
| 2023 | 0.5% | 1.34× | 0.7% | 3.73× | 2.5% | S100TU2P |
| 2024 | 0.2% | 1.27× | 0.2% | 3.85× | 0.9% | S100WLHS |
| 2025 | 0.8% | 1.29× | 1.1% | 3.72× | 4.1% | S100YH9L |
| 2026 | 1.3% | 1.27× | 1.6% | 3.39× | 5.4% | S100YH9L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＳＩＬＩＴＥＣＨ ＴＥＣＨＮＯＬＯＧＹ ＣＯＲＰＯＲＡＴＩＯＮ（常任代理人 釜屋電機株式会社） | Major shareholder | 45.0% | 2026-03-31 |
| 富士通株式会社 | Major shareholder | 17.6% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＬＯＮＤＯＮ ＢＲＡＮＣＨ ＦＯＲ ＰＲＩＭＥ ＢＲＯＫＥＲＡＧＥ ＣＬＥＡＲＡＮＣＥ ＡＣＣ ＦＯＲ ＴＨＩＲＤ ＰＡＲＴＹ（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.0% | 2026-03-31 |
| 大佐古 幸典 | Major shareholder | 0.6% | 2026-03-31 |
| 細羽 強 | Major shareholder | 0.5% | 2026-03-31 |
| ＦＤＫ取引先持株会 | Major shareholder | 0.5% | 2026-03-31 |
| ＢＡＲＣＬＡＹＳ ＣＡＰＩＴＡＬ ＳＥＣＵＲＩＴＩＥＳ ＬＩＭＩＴＥＤ（常任代理人 バークレイズ証券株式会社） | Major shareholder | 0.4% | 2026-03-31 |
| 田中 隆士 | Major shareholder | 0.4% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.4% | 2026-03-31 |
| 田中 章吾 | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第97期(2025/04/01－2026/03/31) | S100YH9L | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH9L,, |
| 訂正有価証券報告書－第96期(2024/04/01－2025/03/31) | S100WLHS | 2025-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLHS,, |
| 有価証券報告書－第95期(2023/04/01－2024/03/31) | S100TU2P | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU2P,, |
| 有価証券報告書－第94期(2022/04/01－2023/03/31) | S100R6BO | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6BO,, |
| 有価証券報告書－第93期(令和3年4月1日－令和4年3月31日) | S100OHYZ | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHYZ,, |
| 有価証券報告書－第92期(令和2年4月1日－令和3年3月31日) | S100LMX8 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMX8,, |

## 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).