# FURUNO ELECTRIC CO., LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第75期(2025/03/01－2026/02/28) (S100YS03)
> Page: https://vizora.meequs.com/en/company/furuno-electric
> Retrieved: 2026-09-30T21:04:50.947Z

## Company

Furuno Electric, founded in 1951, is a company in Robots & Factory Automation listed on TSE Prime. It has 3,411 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FURUNO ELECTRIC CO., LTD. |
| Ticker | 6814 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6814.T) |
| Listing | TSE Prime |
| Head office | 兵庫県西宮市芦原町9番52号 |
| Representative (per filing) | 代表取締役社長執行役員 兼 CEO 古野 幸男 |
| Founded | May 1951 |
| Share capital | ¥7.53B |
| Employees (consolidated) | 3,411 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | February |
| Website | www.furuno.co.jp (https://www.furuno.co.jp/) |
| Corporate number | 5140001070263 |
| EDINET | E01839 |
| Industries (Vizora) | Robots & Factory Automation, Shipbuilding, Smartphones & Communications Equipment |

> Profile source: annual securities report (S100YS03, filed 2026-07-23). As of filing

## Five-axis industry profile

Primary industry: Shipbuilding (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.8 | 8 |
| Profitability | 72.2 | 9 |
| Cash conversion | 68.8 | 8 |
| Efficiency | 94.4 | 9 |

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 86% of Furuno Electric's sales come from Marine business, with Industrial business and Wireless LAN and handyterminal making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +10.8% from the prior year, operating profit +23.3%.

## Company structure

- Segment revenue mix: Marine business 86.2%、Industrial business 11.3%、Wireless LAN and handyterminal 2.4%、Other 0.2%
- Revenue → net income: ¥140616000000 → ¥16777000000
- Net income → operating cash flow: ¥16777000000 → ¥21373000000（difference ¥4596000000）
- Main uses of operating cash flow: CapEx ¥4860000000 / dividends ¥4740000000 / buybacks —
- Change in cash: ¥8130000000
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 | ¥140.6B |  |
| Operating income | ¥16.2B | Margin 11.6% |
| Net income | ¥16.7B | Margin 11.9% |
| Free cash flow | ¥16.5B |  |
| Largest business | Marine business | of segment revenue 86.2% |
| Employees (consolidated) | 3,411 |  |
| EPS | ¥414.55 |  |
| Book value per share | ¥1780.67 |  |
| Equity ratio | 63.2% |  |
| Shares outstanding | 31,894,554 |  |
| Treasury shares | 285,700 |  |
| Shareholders | 17,055 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 16.7% | Cash ÷ revenue 16.7% |
| Vs. industry median margin | +2 pp | Shipbuilding |
| ROE | 23.8% | Derived from disclosed figures |
| ROA | 12.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 95% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥82255000000 | ¥140616000000 | +71.0% |
| Operating income | ¥3740000000 | ¥16246000000 | +334.4% |
| Operating margin | 4.5% | 11.6% | +7 pp |
| Employees | 2,978 people | 3,411 people | +14.5% |
| Cash and equivalents | ¥14804000000 | ¥23544000000 | +59.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 舶用事業 → 舶用事業 | 76.5% |
| 産業用事業 → 産業用事業 | 11.3% |
| 産業用事業 → 事業再編・廃止 | 1.9% |
| 無線LAN・ハンディターミナル事業 → 無線LAN・ハンディターミナル事業 | 2.4% |
| 無線LAN・ハンディターミナル事業 → 事業再編・廃止 | 7.7% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 舶用事業 | 9.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Marine business | 5 years | +14.0% | ¥121147000000 | 13.8% | 2 |
| Industrial business | 5 years | +7.9% | ¥15821000000 | 4.9% | 2 |
| Wireless LAN and handyterminal | 5 years | -16.7% | ¥3305000000 | 4.0% | 2 |
| Other | 5 years | +3.7% | ¥341000000 | -33.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 140,616 | 100.0% | S100YS03 |
| Cost of revenue | 82,278 | 58.5% | S100YS03 |
| Gross profit | 58,338 | 41.5% | S100YS03 |
| SG&A | 42,091 | 29.9% | S100YS03 |
| Operating income | 16,246 | 11.6% | S100YS03 |
| Ordinary income | 18,291 | 13.0% | S100YS03 |
| Pretax income | 18,363 | 13.1% | S100YS03 |
| Income tax | 1,586 | 1.1% | S100YS03 |
| Net income | 16,777 | 11.9% | S100YS03 |
| Net income attributable to owners | 16,735 | 11.9% | S100YS03 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 30 |
| Operating income | 12 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 41.5% → Operating margin 11.6% → Net margin 11.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.8%; Core profit growth: +23.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.16×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 126,953 | 140,616 | 13,663 | +10.8% |
| Gross profit | 52,969 | 58,338 | 5,369 | +10.1% |
| Operating income | 13,181 | 16,246 | 3,065 | +23.3% |
| Net income attributable to owners | 11,457 | 16,735 | 5,278 | +46.1% |
| Operating cash flow | 10,820 | 21,373 | 10,553 | +97.5% |
| Free cash flow | 5,977 | 16,513 | 10,536 | +176.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 83,066 | 2,411 | 2.9% | 2,041 | 8,041 | 4,758 | S100LF83 |
| FY ending Feb 2021 | 82,255 | 3,740 | 4.5% | 3,946 | 8,512 | 4,317 | S100O8D4 |
| FY ending Feb 2022 | 84,783 | 2,532 | 3.0% | 2,814 | 6,193 | 1,699 | S100QTP0 |
| FY ending Feb 2023 | 91,325 | 1,523 | 1.7% | 1,348 | -6,492 | -9,071 | S100THDZ |
| FY ending Feb 2024 | 114,850 | 6,521 | 5.7% | 6,240 | 2,713 | -637 | S100VS62 |
| FY ending Feb 2025 | 126,953 | 13,181 | 10.4% | 11,457 | 10,820 | 5,977 | S100YS03 |
| FY ending Feb 2026 | 140,616 | 16,246 | 11.6% | 16,735 | 21,373 | 16,513 | S100YS03 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.2M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥4.9M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,065 | 3,310 | 3,356 | 3,368 | 3,411 |
| Average salary (parent company) | ¥6.3M | ¥6.3M | ¥6.3M | ¥7M | ¥7.5M |
| Average age (parent company) | 44.3 years | 44.6 years | 44.4 years | 44.7 years | 44.7 years |
| Average tenure (parent company) | 14.7 years | 15.1 years | 15.1 years | 15.4 years | 15.2 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +10.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marine business | 121,147 | 86.2% | 16,763 | 13.8% |
| Industrial business | 15,821 | 11.3% | 782 | 4.9% |
| Wireless LAN and handyterminal | 3,305 | 2.4% | 132 | 4.0% |
| Other | 341 | 0.2% | -114 | -33.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Marine business | 86.2% | 94.8% | 8.7 | 13.8% |
| Industrial business | 11.3% | 4.4% | -6.8 | 4.9% |
| Wireless LAN and handyterminal | 2.4% | 0.7% | -1.6 | 4.0% |
| Other | 0.2% | — | — | -33.4% |

Loss-making segment (excluded from profit shares): Other -114 JPY mn

Segment → industry: Industrial business → Robots & Factory Automation / Marine business → Shipbuilding / Wireless LAN and handyterminal → Smartphones & Communications Equipment

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 21,373 | 15.2% | S100YS03 |
| Capital expenditure | 4,860 | 3.5% | S100YS03 |
| Free cash flow | 16,513 | 11.7% | 算出 |
| Investing cash flow | -3,278 | -2.3% | S100YS03 |
| Financing cash flow | -11,439 | -8.1% | S100YS03 |
| Dividends paid | 4,740 | 3.4% | S100YS03 |
| Change in cash | 8,130 | 5.8% | S100YS03 |
| Cash and equivalents | 23,544 | 16.7% | S100YS03 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 13,864 | 14,683 | 11,158 | 15,413 | 23,544 | S100THDZ, S100VS62, S100YS03 |
| Total assets | 85,973 | 106,396 | 114,409 | 123,519 | 141,364 | S100QTP0, S100THDZ, S100VS62, S100YS03 |
| Net assets | 47,880 | 52,503 | 61,436 | 72,619 | 89,772 | S100THDZ, S100VS62, S100YS03 |
| Share capital | 7,534 | 7,534 | 7,534 | 7,534 | 7,534 | S100QTP0, S100THDZ, S100VS62, S100YS03 |
| Trade receivables | 15,080 | — | — | — | — | S100QTP0 |
| Property, plant and equipment | 13,400 | 13,914 | 14,751 | 16,611 | 17,957 | S100QTP0, S100THDZ, S100VS62, S100YS03 |
| Intangible assets excluding goodwill | 4,276 | 4,034 | 4,940 | 6,087 | 6,644 | S100QTP0, S100THDZ, S100VS62, S100YS03 |
| Goodwill | 778 | 819 | 942 | 839 | 695 | S100QTP0, S100THDZ, S100VS62, S100YS03 |
| Investment securities | 3,180 | 3,087 | 4,101 | 4,548 | 7,066 | S100QTP0, S100THDZ, S100VS62, S100YS03 |
| Current assets | 62,010 | 82,280 | 86,285 | 91,605 | 102,496 | S100QTP0, S100THDZ, S100VS62, S100YS03 |
| Current liabilities | 25,023 | 37,525 | 39,385 | 35,690 | 34,320 | S100QTP0, S100THDZ, S100VS62, S100YS03 |
| Trade payables | 4,049 | 6,435 | 5,582 | 6,689 | 7,575 | S100QTP0, S100THDZ, S100VS62, S100YS03 |
| Short-term borrowings | 2 | 8,009 | 6,001 | 6,100 | 200 | S100QTP0, S100THDZ, S100VS62, S100YS03 |
| Long-term borrowings | 8,300 | 11,106 | 8,207 | 8,702 | 10,300 | S100QTP0, S100THDZ, S100VS62, S100YS03 |
| Total liabilities | 38,092 | 53,893 | 52,972 | 50,899 | 51,592 | S100QTP0, S100THDZ, S100VS62, S100YS03 |
| Non-controlling interests | — | 389 | 393 | 433 | 426 | S100THDZ, S100VS62, S100YS03 |
| Equity attributable to owners of parent | 48,795 | 50,023 | 55,186 | 64,259 | 76,310 | S100QTP0, S100THDZ, S100VS62, S100YS03 |
| Retained earnings | 32,152 | 33,375 | 38,510 | 47,598 | 59,593 | S100QTP0, S100THDZ, S100VS62, S100YS03 |
| Treasury stock | -187 | -175 | -162 | -158 | -155 | S100QTP0, S100THDZ, S100VS62, S100YS03 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YS03 |
| Property, plant and equipment | 13% | S100YS03 |
| Intangibles and goodwill | 5% | S100YS03 |
| Investment securities | 5% | S100YS03 |
| Other assets | 60% | S100YS03 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YS03 |
| Other liabilities | 31% | S100YS03 |
| Equity | 64% | S100YS03 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 85,973 | 106,396 | 114,409 | 123,519 | 141,364 |
| Equity | 47,880 | 52,503 | 61,436 | 72,619 | 89,772 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,864 | 14,683 | 11,158 | 15,413 | 23,544 |

## 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) | 12.8% | S100YS03 |
| Fixed assets ÷ total assets | 12.7% | S100YS03 |
| Goodwill ÷ parent equity | 0.9% | S100YS03 |

Goodwill over 4 years: 778 → 695 JPY; total investing cash flow: -18,871 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) | 16.7% |
| Cash ÷ revenue | 16.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 131.6% |
| Cash vs. profit gap | 4,638 JPY mn (of net income 27.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.3% |
| Shareholder payments — dividends / FCF | 28.7% |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| Investing CF relative to operating CF | 15.3% |

## 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 | 3.3% | 0.99× | 3.3% | 1.76× | 5.8% | S100QTP0 |
| 2023 | 1.5% | 0.95× | 1.4% | 1.95× | 2.7% | S100THDZ |
| 2024 | 5.4% | 1.04× | 5.7% | 2.10× | 11.9% | S100VS62 |
| 2025 | 9.0% | 1.07× | 9.6% | 1.99× | 19.2% | S100YS03 |
| 2026 | 11.9% | 1.06× | 12.6% | 1.88× | 23.8% | S100YS03 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 古野興産株式会社 | Major shareholder | 13.2% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.2% | 2026-02-28 |
| 第一生命保険株式会社 | Major shareholder | 3.2% | 2026-02-28 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.1% | 2026-02-28 |
| 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 | 3.0% | 2026-02-28 |
| 古野電気取引先持株会 | Major shareholder | 2.9% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2026-02-28 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-02-28 |
| エコー興産有限会社 | Major shareholder | 1.8% | 2026-02-28 |
| JP MORGAN CHASE BANK 385781 （常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第75期(2025/03/01－2026/02/28) | S100YS03 | 2026-07-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YS03,, |
| 有価証券報告書－第74期(2024/03/01－2025/02/28) | S100VS62 | 2025-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VS62,, |
| 有価証券報告書－第73期(2023/03/01－2024/02/29) | S100THDZ | 2024-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THDZ,, |
| 有価証券報告書－第72期(2022/03/01－2023/02/28) | S100QTP0 | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTP0,, |
| 訂正有価証券報告書－第71期(令和3年3月1日－令和4年2月28日) | S100O8D4 | 2022-06-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8D4,, |
| 有価証券報告書－第70期(令和2年3月1日－令和3年2月28日) | S100LF83 | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF83,, |

## 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).