# Fenwal  Controls  of  Japan,  Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第65期(2025/01/01－2025/12/31) (S100XU9W)
> Page: https://vizora.meequs.com/en/company/fenwal-controls-of-japan
> Retrieved: 2026-09-30T20:40:39.297Z

## Company

Fenwal Controls of Japan, founded in 1961, is a company in Robots & Factory Automation listed on TSE Standard. It has 271 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fenwal Controls of Japan, Ltd. |
| Ticker | 6870 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6870.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区飯田橋一丁目5番10号 |
| Representative (per filing) | 代表取締役社長 中野 誉将 |
| Founded | May 1961 |
| Share capital | ¥996.6M |
| Employees (consolidated) | 271 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | December |
| Website | www.fenwal.co.jp (https://www.fenwal.co.jp/) |
| Corporate number | 5010001033646 |
| EDINET | E02020 |
| Industries (Vizora) | Robots & Factory Automation, Medical Devices, Semiconductor Equipment, Electronic Components, Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100XU9W, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.9 | 35 |
| Profitability | 43.8 | 40 |
| Cash conversion | 19.7 | 38 |
| Efficiency | 11.3 | 40 |

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 37% of Fenwal Controls of Japan's sales come from Safety security protection division, with Fire Pump Division and Thermal division making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +3.1% from the prior year, operating profit -10.6%.

## Company structure

- Segment revenue mix: Safety security protection division 37.5%、Fire Pump Division 28.0%、Thermal division 16.3%、Medical division 10.8%、Printed wiring board assembly division 7.4%
- Revenue → net income: ¥12909850000 → ¥1247024000
- Net income → operating cash flow: ¥1247024000 → ¥342479000（difference ¥-904545000）
- Main uses of operating cash flow: CapEx ¥835773000 / dividends ¥418259000 / buybacks ¥46000
- Change in cash: ¥-2006248000
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 | ¥12.9B |  |
| Operating income | ¥1.06B | Margin 8.2% |
| Net income | ¥1.25B | Margin 9.7% |
| Free cash flow | -¥493.3M |  |
| Largest business | Safety security protection division | of segment revenue 37.5% |
| Employees (consolidated) | 271 |  |
| EPS | ¥132.87 |  |
| Book value per share | ¥2557.27 |  |
| Equity ratio | 76.0% |  |
| Shares outstanding | 5,893,000 |  |
| Treasury shares | 231,800 |  |
| Shareholders | 2,111 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 22.3% | Cash ÷ revenue 33.2% |
| Vs. industry median margin | -0.6 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9125333000 | ¥12909850000 | +41.5% |
| Operating income | ¥765887000 | ¥1056697000 | +38.0% |
| Operating margin | 8.4% | 8.2% | -0.2 pp |
| Employees | 192 people | 271 people | +41.1% |
| Cash and equivalents | ¥5527526000 | ¥4282900000 | -22.5% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ＳＳＰ部門 → ＳＳＰ部門 | 37.5% |
| ＳＳＰ部門 → 事業再編・廃止 | 21.4% |
| サーマル部門 → サーマル部門 | 15.3% |
| メディカル部門 → メディカル部門 | 10.8% |
| メディカル部門 → 事業再編・廃止 | 2.8% |
| ＰＷＢＡ部門 → ＰＷＢＡ部門 | 7.4% |
| ＰＷＢＡ部門 → 事業再編・廃止 | 4.9% |
| 新設・再編 → サーマル部門 | 1.0% |
| 新設・再編 → 消防ポンプ部門 | 28.0% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Safety security protection division | 5 years | -2.1% | ¥4839445000 | 17.6% | 2 |
| Fire Pump Division | 4 years | +5.9% | ¥3612550000 | 8.9% | 2 |
| Thermal division | 5 years | +8.6% | ¥2108660000 | 16.8% | 2 |
| Medical division | 5 years | +2.4% | ¥1395107000 | 4.3% | 2 |
| Printed wiring board assembly division | 5 years | -3.2% | ¥954084000 | 10.6% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,910 | 100.0% | S100XU9W |
| Cost of revenue | 8,747 | 67.8% | S100XU9W |
| Gross profit | 4,163 | 32.2% | S100XU9W |
| SG&A | 3,106 | 24.1% | S100XU9W |
| Operating income | 1,057 | 8.2% | S100XU9W |
| Ordinary income | 1,144 | 8.9% | S100XU9W |
| Pretax income | 1,690 | 13.1% | S100XU9W |
| Income tax | 443 | 3.4% | S100XU9W |
| Net income | 1,247 | 9.7% | S100XU9W |
| Net income attributable to owners | 1,247 | 9.7% | S100XU9W |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 24 |
| Operating income | 8 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 32.2% → Operating margin 8.2% → Net margin 9.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.1%; Core profit growth: -10.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.37×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 12,516 | 12,910 | 394 | +3.1% |
| Gross profit | 4,136 | 4,163 | 27 | +0.7% |
| Operating income | 1,182 | 1,057 | -125 | -10.6% |
| Net income attributable to owners | 1,116 | 1,247 | 131 | +11.8% |
| Operating cash flow | 949 | 342 | -607 | -63.9% |
| Free cash flow | 294 | -493 | -787 | -268.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 10,386 | 717 | 6.9% | 527 | 799 | 598 | S100L248 |
| FY ending Dec 2020 | 9,125 | 766 | 8.4% | 585 | 1,762 | 1,620 | S100NZF1 |
| FY ending Dec 2021 | 12,372 | 1,270 | 10.3% | 388 | 1,203 | 860 | S100QI36 |
| FY ending Dec 2022 | 12,401 | 1,310 | 10.6% | 827 | 401 | 55 | S100T4WB |
| FY ending Dec 2023 | 12,601 | 1,035 | 8.2% | 386 | 1,114 | 875 | S100VIA2 |
| FY ending Dec 2024 | 12,516 | 1,182 | 9.4% | 1,116 | 949 | 294 | S100XU9W |
| FY ending Dec 2025 | 12,910 | 1,057 | 8.2% | 1,247 | 342 | -493 | S100XU9W |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.6M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥4.6M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 261 | 273 | 278 | 275 | 271 |
| Average salary (parent company) | ¥6M | ¥5.9M | ¥5.8M | ¥6.1M | ¥6M |
| Average age (parent company) | 44.7 years | 44.0 years | 43.8 years | 43.8 years | 43.6 years |
| Average tenure (parent company) | 14.0 years | 13.7 years | 13.5 years | 13.7 years | 13.4 years |

Year over year: Employees (consolidated) -1.5% · Revenue (consolidated) +3.1%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Safety security protection division | 4,839 | 37.5% | 853 | 17.6% |
| Thermal division | 2,109 | 16.3% | 354 | 16.8% |
| Medical division | 1,395 | 10.8% | 60 | 4.3% |
| Printed wiring board assembly division | 954 | 7.4% | 101 | 10.6% |
| Fire Pump Division | 3,613 | 28.0% | 322 | 8.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Safety security protection division | 37.5% | 50.4% | 13.0 | 17.6% |
| Thermal division | 16.3% | 21.0% | 4.6 | 16.8% |
| Medical division | 10.8% | 3.6% | -7.2 | 4.3% |
| Printed wiring board assembly division | 7.4% | 6.0% | -1.4 | 10.6% |
| Fire Pump Division | 28.0% | 19.1% | -8.9 | 8.9% |

Segment → industry: Thermal division → Robots & Factory Automation / Medical division → Medical Devices / Thermal division → Semiconductor Equipment / Printed wiring board assembly division → Electronic Components / Fire Pump Division → Disaster Prevention & Infrastructure Maintenance / Safety security protection division → Disaster Prevention & Infrastructure Maintenance

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 342 | 2.7% | S100XU9W |
| Capital expenditure | 836 | 6.5% | S100XU9W |
| Free cash flow | -493 | -3.8% | 算出 |
| Investing cash flow | -1,291 | -10.0% | S100XU9W |
| Financing cash flow | -1,044 | -8.1% | S100XU9W |
| Dividends paid | 418 | 3.2% | S100XU9W |
| Share buyback | 0 | 0.0% | S100XU9W |
| Change in cash | -2,006 | -15.5% | S100XU9W |
| Cash and equivalents | 4,283 | 33.2% | S100XU9W |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,740 | 5,388 | 6,820 | 6,289 | 4,283 | S100T4WB, S100VIA2, S100XU9W |
| Total assets | 18,686 | 18,813 | 19,075 | 19,522 | 19,228 | S100QI36, S100T4WB, S100VIA2, S100XU9W |
| Net assets | 11,922 | 12,313 | 12,680 | 13,585 | 14,608 | S100T4WB, S100VIA2, S100XU9W |
| Share capital | 997 | 997 | 997 | 997 | 997 | S100QI36, S100T4WB, S100VIA2, S100XU9W |
| Trade receivables | 1,858 | 2,038 | 1,783 | 1,822 | 1,361 | S100QI36, S100T4WB, S100VIA2, S100XU9W |
| Property, plant and equipment | 1,111 | 1,255 | 1,292 | 1,667 | 2,196 | S100QI36, S100T4WB, S100VIA2, S100XU9W |
| Intangible assets excluding goodwill | 1,196 | 1,096 | 953 | 810 | 673 | S100QI36, S100T4WB, S100VIA2, S100XU9W |
| Goodwill | 1,042 | 927 | 811 | 695 | 579 | S100QI36, S100T4WB, S100VIA2, S100XU9W |
| Investment securities | 2,160 | 2,015 | 1,670 | 2,884 | 3,588 | S100QI36, S100T4WB, S100VIA2, S100XU9W |
| Current assets | 13,987 | 13,948 | 14,826 | 13,842 | 12,242 | S100QI36, S100T4WB, S100VIA2, S100XU9W |
| Current liabilities | 5,121 | 4,488 | 4,717 | 4,674 | 3,188 | S100QI36, S100T4WB, S100VIA2, S100XU9W |
| Trade payables | 2,036 | 1,842 | 1,873 | 1,797 | 1,162 | S100QI36, S100T4WB, S100VIA2, S100XU9W |
| Short-term borrowings | 550 | 550 | 600 | 600 | — | S100QI36, S100T4WB, S100VIA2, S100XU9W |
| Long-term borrowings | 1,232 | 936 | 640 | 344 | 404 | S100QI36, S100T4WB, S100VIA2, S100XU9W |
| Total liabilities | 6,764 | 6,501 | 6,395 | 5,937 | 4,620 | S100QI36, S100T4WB, S100VIA2, S100XU9W |
| Equity attributable to owners of parent | 10,924 | 11,381 | 11,373 | 11,872 | 12,700 | S100QI36, S100T4WB, S100VIA2, S100XU9W |
| Retained earnings | 8,893 | 9,340 | 9,330 | 9,829 | 10,657 | S100QI36, S100T4WB, S100VIA2, S100XU9W |
| Treasury stock | -426 | -416 | -414 | -414 | -414 | S100QI36, S100T4WB, S100VIA2, S100XU9W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100XU9W |
| Receivables | 7% | S100XU9W |
| Property, plant and equipment | 11% | S100XU9W |
| Intangibles and goodwill | 7% | S100XU9W |
| Investment securities | 19% | S100XU9W |
| Other assets | 34% | S100XU9W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100XU9W |
| Other liabilities | 18% | S100XU9W |
| Equity | 76% | S100XU9W |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,686 | 18,813 | 19,075 | 19,522 | 19,228 |
| Equity | 11,922 | 12,313 | 12,680 | 13,585 | 14,608 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,740 | 5,388 | 6,820 | 6,289 | 4,283 |

## 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) | 17.0% | S100XU9W |
| Fixed assets ÷ total assets | 11.4% | S100XU9W |
| Goodwill ÷ parent equity | 4.6% | S100XU9W |

Goodwill over 4 years: 1,042 → 579 JPY; total investing cash flow: -2,356 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) | 22.3% |
| Cash ÷ revenue | 33.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 32.4% |
| Cash vs. profit gap | -905 JPY mn (of net income -72.5%) |
| Shareholder returns / net income | 33.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.5% |
| Investing CF relative to operating CF | 376.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.1% | 0.66× | 2.1% | 1.71× | 3.5% | S100QI36 |
| 2022 | 6.7% | 0.66× | 4.4% | 1.68× | 7.4% | S100T4WB |
| 2023 | 3.1% | 0.67× | 2.0% | 1.67× | 3.4% | S100VIA2 |
| 2024 | 8.9% | 0.65× | 5.8% | 1.66× | 9.6% | S100XU9W |
| 2025 | 9.7% | 0.67× | 6.4% | 1.58× | 10.1% | S100XU9W |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD – SINGAPORE BRANCH PRIVATE BANKING DIVISION CLIENTS A/C 8221-623793 (常任代理人：香港上海銀行東京支店) | Major shareholder | 27.2% | 2025-12-31 |
| 西華産業株式会社 | Major shareholder | 23.3% | 2025-12-31 |
| 株式会社吉田ディベロプメント | Major shareholder | 3.5% | 2025-12-31 |
| 東レ・メディカル株式会社 | Major shareholder | 3.5% | 2025-12-31 |
| NORTHERN TRUST CO. (AVFC) RE IEDP AIF CLIENTS NON TREATY ACCOUNT (常任代理人：香港上海銀行東京支店） | Major shareholder | 3.3% | 2025-12-31 |
| NHGGP JAPAN OPPORTUNITIES FUND (常任代理人：株式会社三菱UFJ銀行) | Major shareholder | 2.5% | 2025-12-31 |
| 新日本空調株式会社 | Major shareholder | 2.4% | 2025-12-31 |
| フェンオール社員持株会 | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社ナガワ | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社ヨコオ | Major shareholder | 1.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第65期(2025/01/01－2025/12/31) | S100XU9W | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU9W,, |
| 有価証券報告書－第64期(2024/01/01－2024/12/31) | S100VIA2 | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIA2,, |
| 有価証券報告書－第63期(2023/01/01－2023/12/31) | S100T4WB | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4WB,, |
| 有価証券報告書－第62期(2022/01/01－2022/12/31) | S100QI36 | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI36,, |
| 訂正有価証券報告書－第61期(令和3年1月1日－令和3年12月31日) | S100NZF1 | 2022-05-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NZF1,, |
| 有価証券報告書－第60期(令和2年1月1日－令和2年12月31日) | S100L248 | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L248,, |

## 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).