# Foster Electric Company, Limited: 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92期(2025/04/01－2026/03/31) (S100YJIM)
> Page: https://vizora.meequs.com/en/company/foster-electric
> Retrieved: 2026-09-30T18:30:14.713Z

## Company

Foster Electric, founded in 1959, is a company in Auto Parts listed on TSE Prime. It has 16,260 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Foster Electric Company, Limited |
| Ticker | 6794 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6794.T) |
| Listing | TSE Prime |
| Head office | 東京都昭島市つつじが丘1丁目1番109号 |
| Representative (per filing) | 代表取締役社長CEO 岸 和宏 |
| Founded | May 1959 |
| Share capital | ¥6.77B |
| Employees (consolidated) | 16,260 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.foster.co.jp (https://www.foster.co.jp/) |
| Corporate number | 8012801002521 |
| EDINET | E01797 |
| Industries (Vizora) | Auto Parts, TVs, Audio & Musical Instruments |

> Profile source: annual securities report (S100YJIM, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: TVs, Audio & Musical Instruments (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.4 | 11 |
| Profitability | 54.2 | 12 |
| Cash conversion | 5.6 | 9 |
| Efficiency | 79.2 | 12 |

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 83% of Foster Electric's sales come from Speaker, with Mobile audio and Other Segment making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -2.0% from the prior year, operating profit +12.9%.

## Company structure

- Segment revenue mix: Speaker 82.9%、Mobile audio 9.2%、Other Segment 7.8%
- Revenue → net income: ¥134910000000 → ¥6513000000
- Net income → operating cash flow: ¥6513000000 → ¥6936000000（difference ¥423000000）
- Main uses of operating cash flow: CapEx ¥6804000000 / dividends ¥1690000000 / buybacks ¥0
- Change in cash: ¥-320000000
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 | ¥134.9B |  |
| Operating income | ¥7.67B | Margin 5.7% |
| Net income | ¥4.95B | Margin 3.7% |
| Free cash flow | ¥132M |  |
| Largest business | Speaker | of segment revenue 82.9% |
| Employees (consolidated) | 16,260 |  |
| EPS | ¥111.92 |  |
| Book value per share | ¥848.01 |  |
| Equity ratio | 60.3% |  |
| Shares outstanding | 25,000,000 |  |
| Treasury shares | 2,325,300 |  |
| Shareholders | 4,543 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 18.2% | Cash ÷ revenue 15.2% |
| Vs. industry median margin | +0.9 pp | Auto Parts |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 85% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥85220000000 | ¥134910000000 | +58.3% |
| Operating income | ¥0 | ¥7670000000 | — |
| Operating margin | 0.0% | 5.7% | +5.7 pp |
| Employees | 18,611 people | 16,260 people | -12.6% |
| Cash and equivalents | ¥20373000000 | ¥20451000000 | +0.4% |

### 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 |
| --- | ---: |
| スピーカ事業 → スピーカ事業 | 66.6% |
| モバイルオーディオ事業 → モバイルオーディオ事業 | 9.2% |
| モバイルオーディオ事業 → 事業再編・廃止 | 16.1% |
| その他事業 → その他事業 | 7.8% |
| その他事業 → 事業再編・廃止 | 0.3% |
| 新設・再編 → スピーカ事業 | 16.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Speaker | 5 years | +14.5% | ¥111869000000 | 5.8% | 2 |
| Mobile audio | 5 years | -10.4% | ¥12469000000 | 5.4% | 2 |
| Other Segment | 5 years | +8.9% | ¥10572000000 | 4.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 134,910 | 100.0% | S100YJIM |
| Cost of revenue | 111,265 | 82.5% | S100YJIM |
| Gross profit | 23,645 | 17.5% | S100YJIM |
| SG&A | 15,975 | 11.8% | S100YJIM |
| Operating income | 7,670 | 5.7% | S100YJIM |
| Ordinary income | 8,002 | 5.9% | S100YJIM |
| Pretax income | 8,395 | 6.2% | S100YJIM |
| Income tax | 1,882 | 1.4% | S100YJIM |
| Net income | 6,513 | 4.8% | S100YJIM |
| Net income attributable to owners | 4,951 | 3.7% | S100YJIM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 12 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 17.5% → Operating margin 5.7% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.0%; Core profit growth: +12.9%
Operating leverage (core profit growth ÷ revenue growth): -6.56×
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 | 137,607 | 134,910 | -2,697 | -2.0% |
| Gross profit | 24,123 | 23,645 | -478 | -2.0% |
| Operating income | 6,796 | 7,670 | 874 | +12.9% |
| Net income attributable to owners | 3,902 | 4,951 | 1,049 | +26.9% |
| Operating cash flow | 14,831 | 6,936 | -7,895 | -53.2% |
| Free cash flow | 11,016 | 132 | -10,884 | -98.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 107,298 | 2,064 | 1.9% | 1,565 | 11,092 | 6,764 | S100LNHI |
| FY ending Mar 2021 | 85,220 | 0 | 0.0% | -3,363 | 739 | -1,391 | S100OBLQ |
| FY ending Mar 2022 | 91,106 | -7,757 | -8.5% | -7,017 | -12,767 | -15,516 | S100R13R |
| FY ending Mar 2023 | 121,338 | 2,445 | 2.0% | 848 | 354 | -2,205 | S100TRWA |
| FY ending Mar 2024 | 122,447 | 4,412 | 3.6% | 2,304 | 15,428 | 10,619 | S100W437 |
| FY ending Mar 2025 | 137,607 | 6,796 | 4.9% | 3,902 | 14,831 | 11,016 | S100YJIM |
| FY ending Mar 2026 | 134,910 | 7,670 | 5.7% | 4,951 | 6,936 | 132 | S100YJIM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥8.3M |
| Operating income per employee (consolidated) | ¥471.7K |
| Net income per employee (consolidated) | ¥304.5K |

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) | 17,258 | 15,574 | 15,752 | 15,606 | 16,260 |
| Average salary (parent company) | ¥6.3M | ¥6.7M | ¥6.9M | ¥7.2M | ¥7.4M |
| Average age (parent company) | 44.6 years | 44.7 years | 44.2 years | 43.3 years | 43.3 years |
| Average tenure (parent company) | 15.6 years | 16.0 years | 15.2 years | 14.3 years | 14.2 years |

Year over year: Employees (consolidated) +4.2% · Revenue (consolidated) -2.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Speaker | 111,869 | 82.9% | 6,522 | 5.8% |
| Mobile audio | 12,469 | 9.2% | 672 | 5.4% |
| Other Segment | 10,572 | 7.8% | 475 | 4.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Speaker | 82.9% | 85.0% | 2.1 | 5.8% |
| Mobile audio | 9.2% | 8.8% | -0.5 | 5.4% |
| Other Segment | 7.8% | 6.2% | -1.6 | 4.5% |

Segment → industry: Speaker → Auto Parts / Mobile audio → TVs, Audio & Musical Instruments / Speaker → TVs, Audio & Musical Instruments

## 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 | 6,936 | 5.1% | S100YJIM |
| Capital expenditure | 6,804 | 5.0% | S100YJIM |
| Free cash flow | 132 | 0.1% | 算出 |
| Investing cash flow | -5,781 | -4.3% | S100YJIM |
| Financing cash flow | -2,331 | -1.7% | S100YJIM |
| Dividends paid | 1,690 | 1.3% | S100YJIM |
| Share buyback | 0 | 0.0% | S100YJIM |
| Change in cash | -320 | -0.2% | S100YJIM |
| Cash and equivalents | 20,451 | 15.2% | S100YJIM |

## 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 | 12,089 | 13,646 | 17,034 | 20,771 | 20,451 | S100TRWA, S100W437, S100YJIM |
| Total assets | 86,148 | 92,871 | 102,747 | 106,826 | 112,244 | S100R13R, S100TRWA, S100W437, S100YJIM |
| Net assets | 51,632 | 56,515 | 64,319 | 68,731 | 76,926 | S100TRWA, S100W437, S100YJIM |
| Share capital | 6,770 | 6,770 | 6,770 | 6,770 | 6,770 | S100R13R, S100TRWA, S100W437, S100YJIM |
| Trade receivables | 19,001 | 24,988 | 24,934 | 29,972 | 25,998 | S100R13R, S100TRWA, S100W437, S100YJIM |
| Property, plant and equipment | 15,614 | 15,030 | 19,377 | 19,394 | 24,249 | S100R13R, S100TRWA, S100W437, S100YJIM |
| Intangible assets excluding goodwill | 203 | 214 | 336 | 469 | 488 | S100R13R, S100TRWA, S100W437, S100YJIM |
| Investment securities | 1,306 | 1,446 | 2,162 | 2,328 | 1,957 | S100R13R, S100TRWA, S100W437, S100YJIM |
| Current assets | 67,143 | 73,893 | 78,925 | 83,045 | 83,529 | S100R13R, S100TRWA, S100W437, S100YJIM |
| Current liabilities | 32,889 | 34,799 | 31,899 | 33,886 | 31,675 | S100R13R, S100TRWA, S100W437, S100YJIM |
| Trade payables | 11,179 | 9,380 | 12,169 | 18,998 | 14,931 | S100R13R, S100TRWA, S100W437, S100YJIM |
| Short-term borrowings | 12,247 | 17,156 | 10,571 | 4,902 | 5,853 | S100R13R, S100TRWA, S100W437, S100YJIM |
| Long-term borrowings | 300 | — | 3,781 | 1,650 | 1,050 | S100R13R, S100W437, S100YJIM |
| Total liabilities | 34,516 | 36,356 | 38,428 | 38,094 | 35,318 | S100R13R, S100TRWA, S100W437, S100YJIM |
| Non-controlling interests | 4,469 | 5,419 | 6,314 | 7,861 | 9,220 | S100R13R, S100TRWA, S100W437, S100YJIM |
| Equity attributable to owners of parent | 43,409 | 44,045 | 45,989 | 49,251 | 52,728 | S100R13R, S100TRWA, S100W437, S100YJIM |
| Retained earnings | 33,906 | 34,531 | 36,364 | 39,483 | 42,744 | S100R13R, S100TRWA, S100W437, S100YJIM |
| Treasury stock | -4,163 | -4,152 | -4,042 | -3,937 | -3,822 | S100R13R, S100TRWA, S100W437, S100YJIM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YJIM |
| Receivables | 23% | S100YJIM |
| Property, plant and equipment | 22% | S100YJIM |
| Intangibles and goodwill | 0% | S100YJIM |
| Investment securities | 2% | S100YJIM |
| Other assets | 35% | S100YJIM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YJIM |
| Other liabilities | 18% | S100YJIM |
| Equity | 69% | S100YJIM |

### 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 | 86,148 | 92,871 | 102,747 | 106,826 | 112,244 |
| Equity | 51,632 | 56,515 | 64,319 | 68,731 | 76,926 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,089 | 13,646 | 17,034 | 20,771 | 20,451 |

## 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) | 18.0% | S100YJIM |
| Fixed assets ÷ total assets | 21.6% | S100YJIM |
| Goodwill ÷ parent equity | — | —, S100YJIM |

### 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) | 18.2% |
| Cash ÷ revenue | 15.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 90.4% |
| Cash vs. profit gap | 1,985 JPY mn (of net income 40.1%) |
| Shareholder returns / net income | 34.1% |
| Shareholder returns / FCF | 1280.3% |
| Shareholder payments — dividends / net income | 34.1% |
| Shareholder payments — dividends / FCF | 1280.3% |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 83.3% |

## 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 | — | —× | -8.1% | —× | — | S100R13R |
| 2023 | 0.7% | 1.36× | 0.9% | 2.05× | 1.9% | S100TRWA |
| 2024 | 1.9% | 1.25× | 2.4% | 2.17× | 5.1% | S100W437 |
| 2025 | 2.8% | 1.31× | 3.7% | 2.20× | 8.2% | S100YJIM |
| 2026 | 3.7% | 1.23× | 4.5% | 2.15× | 9.7% | S100YJIM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＢＲＩＤＧＥＳＴＲＥＡＭ ＬＩＭＩＴＥＤ， ＡＳ ＴＲＵＳＴＥＥ ＯＦ ＡＸＣ ＳＴＲＡＴＥＧＩＣ ＯＰＰＯＲＴＵＮＩＴＩＥＳ （常任代理人 立花証券株式会社） | Major shareholder | 15.2% | 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 | 11.2% | 2026-03-31 |
| ＢＲＩＤＧＥＳＴＲＥＡＭ ＬＩＭＩＴＥＤ， ＡＳ ＴＲＵＳＴＥＥ ＯＦ ＡＸＣ ＳＴＲＡＴＥＧＩＣ ＯＰＰＯＲＴＵＮＩＴＩＥＳ （常任代理人 立花証券株式会社） | Major shareholder | 9.8% | 2026-03-31 |
| ＡＶＩ ＪＡＰＡＮ ＯＰＰＯＲＴＵＮＩＴＹ ＴＲＵＳＴ ＰＬＣ （常任代理人 株式会社みずほ銀行） | Major shareholder | 6.2% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.2% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５２２３ （常任代理人 株式会社みずほ銀行） | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.1% | 2026-03-31 |
| 立花証券株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| みずほ信託銀行株式会社 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第92期(2025/04/01－2026/03/31) | S100YJIM | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJIM,, |
| 有価証券報告書－第91期(2024/04/01－2025/03/31) | S100W437 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W437,, |
| 有価証券報告書－第90期(2023/04/01－2024/03/31) | S100TRWA | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRWA,, |
| 有価証券報告書－第89期(2022/04/01－2023/03/31) | S100R13R | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R13R,, |
| 有価証券報告書－第88期(令和3年4月1日－令和4年3月31日) | S100OBLQ | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBLQ,, |
| 有価証券報告書－第87期(令和2年4月1日－令和3年3月31日) | S100LNHI | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNHI,, |

## 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).