# FUJI ELECTRIC INDUSTRY CO., LTD.: business model and financials

> Latest period: FY ending Jan 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第68期(2025/02/01－2026/01/31) (S100XZWO)
> Page: https://vizora.meequs.com/en/company/fuji-electric-industry
> Retrieved: 2026-09-30T23:08:45.245Z

## Company

Fuji Electric Industry, founded in 1958, is a company in Electronic Components listed on TSE Standard. It has 114 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJI ELECTRIC INDUSTRY CO., LTD. |
| Ticker | 6654 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6654.T) |
| Listing | TSE Standard |
| Head office | 京都市中京区御池通富小路西入る東八幡町585番地 |
| Representative (per filing) | 代表取締役社長 八木 達史 |
| Founded | May 1958 |
| Share capital | ¥1.09B |
| Employees (consolidated) | 114 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | January |
| Website | www.fujidk.co.jp (https://www.fujidk.co.jp/) |
| Corporate number | 9130001022352 |
| EDINET | E02007 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100XZWO, filed 2026-04-21). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 17.9 | 53 |
| Profitability | 52.7 | 56 |
| Cash conversion | 67.7 | 48 |
| Efficiency | 0.9 | 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)

- Fuji Electric Industry brought in ¥3.78B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -3.8% from the prior year, operating profit -17.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3777945000 → ¥236018000
- Net income → operating cash flow: ¥236018000 → ¥441899000（difference ¥205881000）
- Main uses of operating cash flow: CapEx ¥203067000 / dividends ¥170699000 / buybacks ¥184640000
- Change in cash: ¥-389278000
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 | ¥3.78B |  |
| Operating income | ¥248.6M | Margin 6.6% |
| Net income | ¥236M | Margin 6.2% |
| Free cash flow | ¥238.8M |  |
| Employees (consolidated) | 114 |  |
| EPS | ¥44.27 |  |
| Diluted EPS | ¥44.2 |  |
| Book value per share | ¥2009.71 |  |
| Equity ratio | 92.5% |  |
| Shares outstanding | 6,299,000 |  |
| Treasury shares | 1,107,900 |  |
| Shareholders | 7,899 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 5.2% | Cash ÷ revenue 15.6% |
| Vs. industry median margin | +0.7 pp | Electronic Components |
| ROE | 2.4% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.1× dividends

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3659987000 | ¥3777945000 | +3.2% |
| Operating income | ¥287715000 | ¥248592000 | -13.6% |
| Operating margin | 7.9% | 6.6% | -1.3 pp |
| Employees | 132 people | 114 people | -13.6% |
| Cash and equivalents | ¥1208185000 | ¥591085000 | -51.1% |

### Change in segment revenue mix

Span: FY ending Jan 2021 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,778 | 100.0% | S100XZWO |
| Cost of revenue | 2,545 | 67.4% | S100XZWO |
| Gross profit | 1,233 | 32.6% | S100XZWO |
| SG&A | 984 | 26.0% | S100XZWO |
| Operating income | 249 | 6.6% | S100XZWO |
| Ordinary income | 303 | 8.0% | S100XZWO |
| Pretax income | 303 | 8.0% | S100XZWO |
| Income tax | 67 | 1.8% | S100XZWO |
| Net income | 236 | 6.2% | S100XZWO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 26 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 32.6% → Operating margin 6.6% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.8%; Core profit growth: -17.7%
Operating leverage (core profit growth ÷ revenue growth): 4.66×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jan 2025 → FY ending Jan 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,927 | 3,778 | -150 | -3.8% |
| Gross profit | 1,250 | 1,233 | -17 | -1.4% |
| Operating income | 302 | 249 | -54 | -17.7% |
| Operating cash flow | 423 | 442 | 19 | +4.4% |
| Free cash flow | 311 | 239 | -72 | -23.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 3,945 | 378 | 9.6% | 280 | 366 | 154 | S100L8ME |
| FY ending Jan 2021 | 3,660 | 288 | 7.9% | 205 | 659 | 524 | S100NY5L |
| FY ending Jan 2022 | 3,722 | 230 | 6.2% | 191 | 376 | 221 | S100QMYK |
| FY ending Jan 2023 | 3,707 | 351 | 9.5% | 263 | 397 | 324 | S100TBCP |
| FY ending Jan 2024 | 3,724 | 400 | 10.7% | 350 | 447 | 332 | S100VNEU |
| FY ending Jan 2025 | 3,927 | 302 | 7.7% | 240 | 423 | 311 | S100XZWO |
| FY ending Jan 2026 | 3,778 | 249 | 6.6% | 236 | 442 | 239 | S100XZWO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.1M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥2.1M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 131 | 120 | 114 | 109 | 114 |
| Average salary (parent company) | ¥5.5M | ¥5.6M | ¥5.6M | ¥5.8M | ¥6.1M |
| Average age (parent company) | 40.0 years | 41.0 years | 41.0 years | 42.0 years | 42.0 years |
| Average tenure (parent company) | 16.0 years | 17.0 years | 17.0 years | 17.0 years | 19.0 years |

Year over year: Employees (consolidated) +4.6% · Revenue (consolidated) -3.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jan 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 442 | 11.7% | S100XZWO |
| Capital expenditure | 203 | 5.4% | S100XZWO |
| Free cash flow | 239 | 6.3% | 算出 |
| Investing cash flow | -478 | -12.7% | S100XZWO |
| Financing cash flow | -355 | -9.4% | S100XZWO |
| Dividends paid | 171 | 4.5% | S100XZWO |
| Share buyback | 185 | 4.9% | S100XZWO |
| Change in cash | -389 | -10.3% | S100XZWO |
| Cash and equivalents | 591 | 15.6% | S100XZWO |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,152 | 1,167 | 1,335 | 980 | 591 | S100TBCP, S100VNEU, S100XZWO |
| Total assets | 11,004 | 10,870 | 11,279 | 11,208 | 11,281 | S100QMYK, S100TBCP, S100VNEU, S100XZWO |
| Net assets | 10,287 | 10,168 | 10,447 | 10,373 | 10,441 | S100TBCP, S100VNEU, S100XZWO |
| Share capital | 1,087 | 1,087 | 1,087 | 1,087 | 1,087 | S100QMYK, S100TBCP, S100VNEU, S100XZWO |
| Property, plant and equipment | 3,208 | 3,047 | 2,961 | 2,887 | 2,852 | S100QMYK, S100TBCP, S100VNEU, S100XZWO |
| Intangible assets excluding goodwill | 10 | 13 | 8 | 5 | 3 | S100QMYK, S100TBCP, S100VNEU, S100XZWO |
| Investment securities | 578 | 609 | 844 | 1,248 | 1,593 | S100QMYK, S100TBCP, S100VNEU, S100XZWO |
| Current assets | 7,161 | 7,152 | 7,447 | 6,554 | 6,623 | S100QMYK, S100TBCP, S100VNEU, S100XZWO |
| Current liabilities | 603 | 578 | 673 | 647 | 547 | S100QMYK, S100TBCP, S100VNEU, S100XZWO |
| Short-term borrowings | 120 | 120 | 120 | 120 | 120 | S100QMYK, S100TBCP, S100VNEU, S100XZWO |
| Total liabilities | 717 | 702 | 832 | 835 | 840 | S100QMYK, S100TBCP, S100VNEU, S100XZWO |
| Equity attributable to owners of parent | 10,058 | 9,912 | 10,088 | 9,915 | 9,801 | S100QMYK, S100TBCP, S100VNEU, S100XZWO |
| Retained earnings | 8,286 | 8,368 | 8,540 | 8,371 | 8,245 | S100QMYK, S100TBCP, S100VNEU, S100XZWO |
| Treasury stock | -1,028 | -1,256 | -1,252 | -1,247 | -1,236 | S100QMYK, S100TBCP, S100VNEU, S100XZWO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100XZWO |
| Property, plant and equipment | 25% | S100XZWO |
| Intangibles and goodwill | 0% | S100XZWO |
| Investment securities | 14% | S100XZWO |
| Other assets | 56% | S100XZWO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 7% | S100XZWO |
| Equity | 93% | S100XZWO |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 11,004 | 10,870 | 11,279 | 11,208 | 11,281 |
| Equity | 10,287 | 10,168 | 10,447 | 10,373 | 10,441 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,152 | 1,167 | 1,335 | 980 | 591 |

## 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) | 75.5% | S100XZWO |
| Fixed assets ÷ total assets | 25.3% | S100XZWO |
| Goodwill ÷ parent equity | — | —, S100XZWO |

### 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) | 5.2% |
| Cash ÷ revenue | 15.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 177.8% |
| Cash vs. profit gap | 206 JPY mn (of net income 87.2%) |
| Shareholder returns / net income | 150.6% |
| Shareholder returns / FCF | 148.8% |
| Shareholder payments — dividends / net income | 72.3% |
| Shareholder payments — dividends / FCF | 71.5% |
| CapEx intensity (capex ÷ revenue) | 5.4% |
| Investing CF relative to operating CF | 108.2% |

## 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 | 5.1% | 0.34× | 1.7% | 1.09× | 1.9% | S100QMYK |
| 2023 | 7.1% | 0.34× | 2.4% | 1.10× | 2.6% | S100TBCP |
| 2024 | 9.4% | 0.34× | 3.2% | 1.11× | 3.5% | S100VNEU |
| 2025 | 6.1% | 0.35× | 2.1% | 1.12× | 2.4% | S100XZWO |
| 2026 | 6.2% | 0.34× | 2.1% | 1.14× | 2.4% | S100XZWO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人藤本奨学会 | Major shareholder | 12.5% | 2026-01-31 |
| 藤本 豊士 | Major shareholder | 11.9% | 2026-01-31 |
| 京都中央信用金庫 | Major shareholder | 2.9% | 2026-01-31 |
| 株式会社京都銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.5% | 2026-01-31 |
| 佐々木 嘉樹 | Major shareholder | 2.1% | 2026-01-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 1.1% | 2026-01-31 |
| 不二電機工業従業員持株会 | Major shareholder | 1.0% | 2026-01-31 |
| 藤本 遼平 | Major shareholder | 1.0% | 2026-01-31 |
| 藤本 佑哉 | Major shareholder | 0.9% | 2026-01-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.9% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/02/01－2026/01/31) | S100XZWO | 2026-04-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XZWO,, |
| 有価証券報告書－第67期(2024/02/01－2025/01/31) | S100VNEU | 2025-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VNEU,, |
| 有価証券報告書－第66期(2023/02/01－2024/01/31) | S100TBCP | 2024-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBCP,, |
| 有価証券報告書－第65期(2022/02/01－2023/01/31) | S100QMYK | 2023-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QMYK,, |
| 有価証券報告書－第64期(令和3年2月1日－令和4年1月31日) | S100NY5L | 2022-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NY5L,, |
| 有価証券報告書－第63期(令和2年2月1日－令和3年1月31日) | S100L8ME | 2021-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L8ME,, |

## 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).