# Furukawa Electric 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204期(2025/04/01－2026/03/31) (S100YCF0)
> Page: https://vizora.meequs.com/en/company/furukawa-electric
> Retrieved: 2026-09-30T21:08:47.693Z

## Company

Furukawa Electric, founded in 1896, is a company in Auto Parts listed on TSE Prime. It has 49,112 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Furukawa Electric Co., Ltd. |
| Ticker | 5801 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5801.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町二丁目6番4号 |
| Representative (per filing) | 取締役社長 森平 英也 |
| Founded | Jun 1896 |
| Share capital | ¥69.4B |
| Employees (consolidated) | 49,112 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Corporate number | 5010001008796 |
| EDINET | E01332 |
| Industries (Vizora) | Auto Parts, Non-ferrous Metals & Wires |

> Profile source: annual securities report (S100YCF0, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Non-ferrous Metals & Wires (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 42 | 25 |
| Profitability | 32.7 | 26 |
| Cash conversion | 34 | 25 |
| Efficiency | 72.2 | 27 |
| Financial strength | 25 | 6 |

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 58% of Furukawa Electric's sales come from Automotive products and materials, with Infrastructure and Functional products making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +8.8% from the prior year, operating profit +35.8%.

## Company structure

- Segment revenue mix: Automotive products and materials 57.8%、Infrastructure 27.8%、Functional products 11.5%、Service and developments, etc. 2.8%
- Revenue → net income: ¥1307560000000 → ¥75897000000
- Net income → operating cash flow: ¥75897000000 → ¥28116000000（difference ¥-47781000000）
- Main uses of operating cash flow: CapEx ¥52126000000 / dividends ¥8461000000 / buybacks —
- Change in cash: ¥3538000000
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 | ¥1.31T |  |
| Operating income | ¥63.9B | Margin 4.9% |
| Net income | ¥72.5B | Margin 5.5% |
| Free cash flow | -¥24B |  |
| Largest business | Automotive products and materials | of segment revenue 57.8% |
| Employees (consolidated) | 49,112 |  |
| EPS | ¥865.41 |  |
| Book value per share | ¥4214.2 |  |
| Equity ratio | 39.1% |  |
| Shares outstanding | 70,666,917 |  |
| Treasury shares | 125,400 |  |
| Shareholders | 33,610 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 6.6% | Net cash -¥221.2B · Cash ÷ revenue 5.4% |
| Vs. industry median margin | +0.1 pp | Auto Parts |
| ROE | 22.4% | Derived from disclosed figures |
| ROA | 7.1% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -4% while operating income rose 36%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥811600000000 | ¥1307560000000 | +61.1% |
| Operating income | ¥8429000000 | ¥63856000000 | +657.6% |
| Operating margin | 1.0% | 4.9% | +3.8 pp |
| Employees | 48,449 people | 49,112 people | +1.4% |
| Cash and equivalents | ¥87189000000 | ¥70474000000 | -19.2% |

### 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 |
| --- | ---: |
| インフラ → インフラ | 27.8% |
| インフラ → 事業再編・廃止 | 3.6% |
| 電装エレクトロニクス → 電装エレクトロニクス | 52.1% |
| 機能製品 → 機能製品 | 11.5% |
| 機能製品 → 事業再編・廃止 | 1.9% |
| サービス・開発等 → サービス・開発等 | 2.8% |
| サービス・開発等 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 電装エレクトロニクス | 5.7% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automotive products and materials | 5 years | +12.3% | ¥756170000000 | 4.5% | 2 |
| Infrastructure | 5 years | +7.3% | ¥363941000000 | 5.9% | 2 |
| Functional products | 5 years | +6.8% | ¥150804000000 | 10.2% | 2 |
| Service and developments, etc. | 5 years | +8.5% | ¥36644000000 | -18.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,307,560 | 100.0% | S100YCF0 |
| Cost of revenue | 1,077,746 | 82.4% | S100YCF0 |
| Gross profit | 229,813 | 17.6% | S100YCF0 |
| SG&A | 165,957 | 12.7% | S100YCF0 |
| Operating income | 63,856 | 4.9% | S100YCF0 |
| Ordinary income | 75,858 | 5.8% | S100YCF0 |
| Pretax income | 104,944 | 8.0% | S100YCF0 |
| Income tax | 29,047 | 2.2% | S100YCF0 |
| Net income | 75,897 | 5.8% | S100YCF0 |
| Net income attributable to owners | 72,514 | 5.5% | S100YCF0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 13 |
| Operating income | 5 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 17.6% → Operating margin 4.9% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.8%; Core profit growth: +35.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.06×
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 | 1,201,762 | 1,307,560 | 105,798 | +8.8% |
| Gross profit | 201,619 | 229,813 | 28,194 | +14.0% |
| Operating income | 47,032 | 63,856 | 16,824 | +35.8% |
| Net income attributable to owners | 33,357 | 72,514 | 39,157 | +117.4% |
| Operating cash flow | 59,833 | 28,116 | -31,717 | -53.0% |
| Free cash flow | 18,306 | -24,010 | -42,316 | -231.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 914,439 | 23,565 | 2.6% | 17,639 | 41,942 | -11,920 | S100LMSK |
| FY ending Mar 2021 | 811,600 | 8,429 | 1.0% | 10,001 | -479 | -41,190 | S100OALR |
| FY ending Mar 2022 | 930,496 | 11,428 | 1.2% | 10,093 | -13,269 | -53,283 | S100QYDK |
| FY ending Mar 2023 | 1,066,326 | 15,441 | 1.4% | 15,894 | 36,516 | -2,740 | S100TPPL |
| FY ending Mar 2024 | 1,056,528 | 11,171 | 1.1% | 6,508 | 31,896 | -8,367 | S100VZIV |
| FY ending Mar 2025 | 1,201,762 | 47,032 | 3.9% | 33,357 | 59,833 | 18,306 | S100YCF0 |
| FY ending Mar 2026 | 1,307,560 | 63,856 | 4.9% | 72,514 | 28,116 | -24,010 | S100YCF0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.6M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 50,867 | 51,314 | 52,757 | 51,167 | 49,112 |
| Average salary (parent company) | ¥7M | ¥6.8M | ¥6.8M | ¥7M | ¥7.5M |
| Average age (parent company) | 43.8 years | 43.7 years | 43.8 years | 43.5 years | 43.4 years |
| Average tenure (parent company) | 18.4 years | 19.9 years | 19.7 years | 19.1 years | 18.4 years |

Year over year: Employees (consolidated) -4.0% · Revenue (consolidated) +8.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Infrastructure | 363,941 | 27.8% | 21,439 | 5.9% |
| Automotive products and materials | 756,170 | 57.8% | 33,887 | 4.5% |
| Functional products | 150,804 | 11.5% | 15,379 | 10.2% |
| Service and developments, etc. | 36,644 | 2.8% | -6,703 | -18.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Infrastructure | 27.8% | 30.3% | 2.5 | 5.9% |
| Automotive products and materials | 57.8% | 47.9% | -9.9 | 4.5% |
| Functional products | 11.5% | 21.8% | 10.2 | 10.2% |
| Service and developments, etc. | 2.8% | — | — | -18.3% |

Loss-making segment (excluded from profit shares): Service and developments, etc. -6,703 JPY mn

Segment → industry: Automotive products and materials → Auto Parts / Functional products → Non-ferrous Metals & Wires / Automotive products and materials → Non-ferrous Metals & Wires / Infrastructure → Non-ferrous Metals & Wires

## 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 | 28,116 | 2.2% | S100YCF0 |
| Capital expenditure | 52,126 | 4.0% | S100YCF0 |
| Free cash flow | -24,010 | -1.8% | 算出 |
| Investing cash flow | -47,137 | -3.6% | S100YCF0 |
| Financing cash flow | 19,930 | 1.5% | S100YCF0 |
| Dividends paid | 8,461 | 0.6% | S100YCF0 |
| Change in cash | 3,538 | 0.3% | S100YCF0 |
| Cash and equivalents | 70,474 | 5.4% | S100YCF0 |

## 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 | 67,632 | 51,950 | 53,098 | 66,092 | 70,474 | S100TPPL, S100VZIV, S100YCF0 |
| Total assets | 935,876 | 933,469 | 985,007 | 988,052 | 1,066,372 | S100QYDK, S100TPPL, S100VZIV, S100YCF0 |
| Net assets | 314,062 | 329,095 | 358,245 | 373,766 | 435,231 | S100TPPL, S100VZIV, S100YCF0 |
| Share capital | 69,395 | 69,395 | 69,395 | 69,395 | 69,395 | S100QYDK, S100TPPL, S100VZIV, S100YCF0 |
| Property, plant and equipment | 260,163 | 269,288 | 278,640 | 277,017 | 276,925 | S100QYDK, S100TPPL, S100VZIV, S100YCF0 |
| Intangible assets excluding goodwill | 20,520 | 20,236 | 20,284 | 23,999 | 25,404 | S100QYDK, S100TPPL, S100VZIV, S100YCF0 |
| Goodwill | 573 | 211 | 50 | 570 | 2,452 | S100QYDK, S100TPPL, S100VZIV, S100YCF0 |
| Investment securities | 116,767 | 119,552 | 131,694 | 98,794 | 145,478 | S100QYDK, S100TPPL, S100VZIV, S100YCF0 |
| Current assets | 502,963 | 486,821 | 517,767 | 556,437 | 595,508 | S100QYDK, S100TPPL, S100VZIV, S100YCF0 |
| Current liabilities | 379,716 | 381,025 | 400,894 | 394,461 | 428,665 | S100QYDK, S100TPPL, S100VZIV, S100YCF0 |
| Trade payables | 127,988 | 125,409 | 128,780 | 136,673 | 140,543 | S100QYDK, S100TPPL, S100VZIV, S100YCF0 |
| Short-term borrowings | 115,000 | 141,281 | 137,371 | 153,296 | 149,405 | S100QYDK, S100TPPL, S100VZIV, S100YCF0 |
| Long-term borrowings | 133,120 | 114,547 | 120,168 | 111,354 | 112,257 | S100QYDK, S100TPPL, S100VZIV, S100YCF0 |
| Bonds | 40,000 | 40,000 | 40,000 | 40,000 | 30,000 | S100QYDK, S100TPPL, S100VZIV, S100YCF0 |
| Interest-bearing debt | 288,120 | 295,828 | 297,539 | 304,650 | 291,662 | 算出 |
| Total liabilities | 621,813 | 604,373 | 626,761 | 614,286 | 631,141 | S100QYDK, S100TPPL, S100VZIV, S100YCF0 |
| Non-controlling interests | 34,843 | 27,442 | 29,916 | 32,335 | 18,182 | S100QYDK, S100TPPL, S100VZIV, S100YCF0 |
| Equity attributable to owners of parent | 266,018 | 283,467 | 284,945 | 291,481 | 356,156 | S100QYDK, S100TPPL, S100VZIV, S100YCF0 |
| Retained earnings | 174,346 | 191,763 | 193,062 | 198,830 | 264,698 | S100QYDK, S100TPPL, S100VZIV, S100YCF0 |
| Treasury stock | -901 | -871 | -691 | -651 | -1,745 | S100QYDK, S100TPPL, S100VZIV, S100YCF0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YCF0 |
| Property, plant and equipment | 26% | S100YCF0 |
| Intangibles and goodwill | 3% | S100YCF0 |
| Investment securities | 14% | S100YCF0 |
| Other assets | 51% | S100YCF0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YCF0 |
| Interest-bearing debt | 27% | 算出 |
| Other liabilities | 19% | S100YCF0 |
| Equity | 41% | S100YCF0 |

### 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 | 935,876 | 933,469 | 985,007 | 988,052 | 1,066,372 |
| Equity | 314,062 | 329,095 | 358,245 | 373,766 | 435,231 |
| Interest-bearing debt | 288,120 | 295,828 | 297,539 | 304,650 | 291,662 |
| Cash | 67,632 | 51,950 | 53,098 | 66,092 | 70,474 |

## 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) | 21.2% | S100YCF0 |
| Fixed assets ÷ total assets | 26.0% | S100YCF0 |
| Goodwill ÷ parent equity | 0.7% | S100YCF0 |

Goodwill over 4 years: 573 → 2,452 JPY; total investing cash flow: -140,917 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) | 6.6% |
| Cash ÷ revenue | 5.4% |
| Net cash (cash − interest-bearing debt) | -¥221.2B |
| Net debt ÷ operating cash flow | 7.87× |
| Cash conversion (operating CF ÷ operating income) | 44.0% |
| Cash vs. profit gap | -44,398 JPY mn (of net income -61.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 167.7% |

## 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 | 1.1% | 0.99× | 1.1% | 3.52× | 3.8% | S100QYDK |
| 2023 | 1.5% | 1.14× | 1.7% | 3.40× | 5.8% | S100TPPL |
| 2024 | 0.6% | 1.10× | 0.7% | 3.38× | 2.3% | S100VZIV |
| 2025 | 2.8% | 1.22× | 3.4% | 3.42× | 11.6% | S100YCF0 |
| 2026 | 5.5% | 1.27× | 7.1% | 3.17× | 22.4% | S100YCF0 |

## 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 | 16.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.5% | 2026-03-31 |
| 朝日生命保険相互会社 | Major shareholder | 1.9% | 2026-03-31 |
| HSBC-FUND SERVICES HSBC - 006 MF EFM | Major shareholder | 1.6% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.5% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 朝日生命保険口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 1.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 | Major shareholder | 1.4% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 | Major shareholder | 1.4% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 1.4% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) | Major shareholder | 1.4% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥1.31T, up +8.8% from ¥1.2T.
- Profit grew much faster: operating income went from ¥47B to ¥63.9B (+35.8%), and net income from ¥33.4B to ¥72.5B (+117.4%).
- Cash moved the other way. Operating cash flow fell -53.0% to ¥28.1B, and free cash flow turned negative at -¥24B.

### Drivers

- Higher sales of optical fiber cable for data centers and of wire harnesses for cars, plus a jump in copper prices, lifted revenue
- Better productivity, price revisions and a richer mix of high-value products raised operating income
- Net income also got a boost from one-off gains on selling investment securities and on changing the pension plan; operating cash flow fell because receivables and inventory grew

### Risks

- Sudden swings in the prices of copper, aluminum, plastics and fuel can hit both costs and sales
- Tariff and economic-security policy changes, or supply chains cut by conflicts, could force changes to its global production setup
- A stronger yen shrinks the profits of overseas subsidiaries once converted into yen

Cited: Annual Securities Report, 204th term (Apr 2025 - Mar 2026) (Management's analysis of financial position, results and cash flows); Annual Securities Report, 204th term (Apr 2025 - Mar 2026) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第204期(2025/04/01－2026/03/31) | S100YCF0 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCF0,, |
| 有価証券報告書－第203期(2024/04/01－2025/03/31) | S100VZIV | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZIV,, |
| 有価証券報告書－第202期(2023/04/01－2024/03/31) | S100TPPL | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPPL,, |
| 有価証券報告書－第201期(2022/04/01－2023/03/31) | S100QYDK | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYDK,, |
| 有価証券報告書－第200期(令和3年4月1日－令和4年3月31日) | S100OALR | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OALR,, |
| 有価証券報告書－第199期(令和2年4月1日－令和3年3月31日) | S100LMSK | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMSK,, |

## 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).