# GALILEI  HOLDINGS 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75期(2025/04/01－2026/03/31) (S100YJPK)
> Page: https://vizora.meequs.com/en/company/galilei-holdings
> Retrieved: 2026-09-30T21:52:14.139Z

## Company

Galilei Holdings, founded in 1951, is a company in Air Conditioning listed on TSE Prime. It has 2,964 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GALILEI CO. LTD. |
| Ticker | 6420 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6420.T) |
| Listing | TSE Prime |
| Head office | 大阪府大阪市西淀川区竹島2丁目6番18号 |
| Representative (per filing) | 代表取締役社長 福島豪 |
| Founded | Dec 1951 |
| Share capital | ¥2.76B |
| Employees (consolidated) | 2,964 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.galilei-group.co.jp (https://www.galilei-group.co.jp/) |
| Corporate number | 9120001050544 |
| EDINET | E02006 |
| Industries (Vizora) | Air Conditioning |

> Profile source: annual securities report (S100YJPK, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Air Conditioning (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.1 | 11 |
| Profitability | 59.1 | 11 |
| Cash conversion | 40.9 | 11 |
| Efficiency | 95.5 | 11 |

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)

- Galilei Holdings brought in ¥138.6B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +6.1% from the prior year, operating profit +3.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥138616000000 → ¥12280000000
- Net income → operating cash flow: ¥12280000000 → ¥12088000000（difference ¥-192000000）
- Main uses of operating cash flow: CapEx ¥14173000000 / dividends ¥2963000000 / buybacks —
- Change in cash: ¥-10377000000
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 | ¥138.6B |  |
| Operating income | ¥17.1B | Margin 12.3% |
| Net income | ¥12.2B | Margin 8.8% |
| Free cash flow | -¥2.08B |  |
| Employees (consolidated) | 2,964 |  |
| EPS | ¥38.99 |  |
| Book value per share | ¥2032.29 |  |
| Equity ratio | 73.4% |  |
| Shares outstanding | 44,132,000 |  |
| Treasury shares | 4,042,100 |  |
| Shareholders | 3,837 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 27.5% | Cash ÷ revenue 30.6% |
| Vs. industry median margin | +1.6 pp | Air Conditioning |
| ROE | 12.1% | Derived from disclosed figures |
| ROA | 8.2% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥82451000000 | ¥138616000000 | +68.1% |
| Operating income | ¥8054000000 | ¥17078000000 | +112.0% |
| Operating margin | 9.8% | 12.3% | +2.6 pp |
| Employees | 2,043 people | 2,964 people | +45.1% |
| Cash and equivalents | ¥39575000000 | ¥42451000000 | +7.3% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 138,616 | 100.0% | S100YJPK |
| Cost of revenue | 99,987 | 72.1% | S100YJPK |
| Gross profit | 38,629 | 27.9% | S100YJPK |
| SG&A | 21,550 | 15.5% | S100YJPK |
| Operating income | 17,078 | 12.3% | S100YJPK |
| Ordinary income | 17,943 | 12.9% | S100YJPK |
| Pretax income | 17,746 | 12.8% | S100YJPK |
| Income tax | 5,466 | 3.9% | S100YJPK |
| Net income | 12,280 | 8.9% | S100YJPK |
| Net income attributable to owners | 12,197 | 8.8% | S100YJPK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 16 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 27.9% → Operating margin 12.3% → Net margin 8.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.1%; Core profit growth: +3.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.50×
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 | 130,639 | 138,616 | 7,977 | +6.1% |
| Gross profit | 36,098 | 38,629 | 2,531 | +7.0% |
| Operating income | 16,572 | 17,078 | 506 | +3.1% |
| Net income attributable to owners | 12,008 | 12,197 | 189 | +1.6% |
| Operating cash flow | 10,375 | 12,088 | 1,713 | +16.5% |
| Free cash flow | 2,871 | -2,085 | -4,956 | -172.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 86,801 | 9,087 | 10.5% | 6,226 | 5,140 | -891 | S100LTHK |
| FY ending Mar 2021 | 82,451 | 8,054 | 9.8% | 6,299 | 11,176 | 9,500 | S100OHJL |
| FY ending Mar 2022 | 96,073 | 9,806 | 10.2% | 8,172 | 6,573 | 5,206 | S100R510 |
| FY ending Mar 2023 | 104,996 | 11,485 | 10.9% | 8,654 | 5,512 | 3,503 | S100U4MA |
| FY ending Mar 2024 | 115,815 | 15,298 | 13.2% | 12,306 | 12,584 | 10,202 | S100W2X9 |
| FY ending Mar 2025 | 130,639 | 16,572 | 12.7% | 12,008 | 10,375 | 2,871 | S100YJPK |
| FY ending Mar 2026 | 138,616 | 17,078 | 12.3% | 12,197 | 12,088 | -2,085 | S100YJPK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.8M |
| Operating income per employee (consolidated) | ¥5.8M |
| Net income per employee (consolidated) | ¥4.1M |

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) | 2,218 | 2,292 | 2,419 | 2,829 | 2,964 |
| Average salary (parent company) | ¥5.8M | ¥5.9M | ¥6.4M | ¥6.6M | ¥5.9M |
| Average age (parent company) | 36.4 years | 35.5 years | 37.0 years | 36.4 years | 37.0 years |
| Average tenure (parent company) | 10.7 years | 10.0 years | 10.7 years | 10.4 years | 9.0 years |

Year over year: Employees (consolidated) +4.8% · Revenue (consolidated) +6.1%

## 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 | 12,088 | 8.7% | S100YJPK |
| Capital expenditure | 14,173 | 10.2% | S100YJPK |
| Free cash flow | -2,085 | -1.5% | 算出 |
| Investing cash flow | -19,089 | -13.8% | S100YJPK |
| Financing cash flow | -3,544 | -2.6% | S100YJPK |
| Dividends paid | 2,963 | 2.1% | S100YJPK |
| Change in cash | -10,377 | -7.5% | S100YJPK |
| Cash and equivalents | 42,451 | 30.6% | S100YJPK |

## 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 | 43,954 | 46,182 | 54,026 | 52,828 | 42,451 | S100U4MA, S100W2X9, S100YJPK |
| Total assets | 103,700 | 112,997 | 130,532 | 141,562 | 154,427 | S100R510, S100U4MA, S100W2X9, S100YJPK |
| Net assets | 71,910 | 79,907 | 92,826 | 103,206 | 113,392 | S100U4MA, S100W2X9, S100YJPK |
| Share capital | 2,760 | 2,760 | 2,760 | 2,760 | 2,760 | S100R510, S100U4MA, S100W2X9, S100YJPK |
| Property, plant and equipment | 17,330 | 18,025 | 19,063 | 26,109 | 38,061 | S100R510, S100U4MA, S100W2X9, S100YJPK |
| Intangible assets excluding goodwill | 497 | 649 | 561 | 1,350 | 1,355 | S100R510, S100U4MA, S100W2X9, S100YJPK |
| Goodwill | — | — | — | 720 | 609 | S100YJPK |
| Investment securities | 8,545 | 9,118 | 12,184 | 11,752 | 13,462 | S100R510, S100U4MA, S100W2X9, S100YJPK |
| Current assets | 73,137 | 80,561 | 92,805 | 96,318 | 93,356 | S100R510, S100U4MA, S100W2X9, S100YJPK |
| Current liabilities | 29,958 | 31,471 | 35,347 | 36,032 | 36,564 | S100R510, S100U4MA, S100W2X9, S100YJPK |
| Trade payables | 21,749 | 20,760 | 24,562 | 22,672 | 18,216 | S100R510, S100U4MA, S100W2X9, S100YJPK |
| Total liabilities | 31,789 | 33,089 | 37,705 | 38,356 | 41,034 | S100R510, S100U4MA, S100W2X9, S100YJPK |
| Non-controlling interests | 56 | 73 | 112 | 714 | 99 | S100R510, S100U4MA, S100W2X9, S100YJPK |
| Equity attributable to owners of parent | 67,619 | 75,127 | 85,728 | 95,768 | 105,253 | S100R510, S100U4MA, S100W2X9, S100YJPK |
| Retained earnings | 64,905 | 72,318 | 83,191 | 93,097 | 102,330 | S100R510, S100U4MA, S100W2X9, S100YJPK |
| Treasury stock | -3,215 | -3,172 | -3,799 | -3,770 | -3,740 | S100R510, S100U4MA, S100W2X9, S100YJPK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100YJPK |
| Property, plant and equipment | 25% | S100YJPK |
| Intangibles and goodwill | 1% | S100YJPK |
| Investment securities | 9% | S100YJPK |
| Other assets | 38% | S100YJPK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YJPK |
| Other liabilities | 15% | S100YJPK |
| Equity | 73% | S100YJPK |
| Other liabilities | 0% | S100YJPK |

### 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 | 103,700 | 112,997 | 130,532 | 141,562 | 154,427 |
| Equity | 71,910 | 79,907 | 92,826 | 103,206 | 113,392 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 43,954 | 46,182 | 54,026 | 52,828 | 42,451 |

## 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) | 27.5% | S100YJPK |
| Fixed assets ÷ total assets | 24.6% | S100YJPK |
| Goodwill ÷ parent equity | 0.6% | S100YJPK |

### 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) | 27.5% |
| Cash ÷ revenue | 30.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 70.8% |
| Cash vs. profit gap | -109 JPY mn (of net income -0.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.2% |
| Investing CF relative to operating CF | 157.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 8.5% | 0.93× | 7.9% | 1.53× | 12.1% | S100R510 |
| 2023 | 8.2% | 0.97× | 8.0% | 1.52× | 12.1% | S100U4MA |
| 2024 | 10.6% | 0.95× | 10.1% | 1.51× | 15.3% | S100W2X9 |
| 2025 | 9.2% | 0.96× | 8.8% | 1.50× | 13.2% | S100YJPK |
| 2026 | 8.8% | 0.94× | 8.2% | 1.47× | 12.1% | S100YJPK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 福島機器販売株式会社 | Major shareholder | 21.1% | 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 | 8.9% | 2026-03-31 |
| 福島 裕 | Major shareholder | 4.9% | 2026-03-31 |
| ガリレイ社員持株会 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.8% | 2026-03-31 |
| 福島 亮 | Major shareholder | 3.4% | 2026-03-31 |
| 有限会社ティー・シー・エス・ピー | Major shareholder | 2.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505044 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.5% | 2026-03-31 |
| CEPLUX-THE INDEPENDENT UCITS PLATFORM2 （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.3% | 2026-03-31 |
| 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 | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/04/01－2026/03/31) | S100YJPK | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJPK,, |
| 有価証券報告書－第74期(2024/04/01－2025/03/31) | S100W2X9 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2X9,, |
| 訂正有価証券報告書－第73期(2023/04/01－2024/03/31) | S100U4MA | 2024-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4MA,, |
| 有価証券報告書－第72期(2022/04/01－2023/03/31) | S100R510 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R510,, |
| 有価証券報告書－第71期(令和3年4月1日－令和4年3月31日) | S100OHJL | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHJL,, |
| 有価証券報告書－第70期(令和2年4月1日－令和3年3月31日) | S100LTHK | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTHK,, |

## 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).