# HIRAKAWA HEWTECH CORP.: 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85期(2025/04/01－2026/03/31) (S100YKSU)
> Page: https://vizora.meequs.com/en/company/hirakawa-hewtech
> Retrieved: 2026-09-30T22:17:28.473Z

## Company

Hirakawa Hewtech, founded in 1948, is a company in Medical Devices listed on TSE Prime. It has 2,321 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HIRAKAWA HEWTECH CORP. |
| Ticker | 5821 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5821.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝四丁目17番5号 |
| Representative (per filing) | 代表取締役 執行役員社長 篠 祐一 |
| Founded | Sep 1948 |
| Share capital | ¥1.55B |
| Employees (consolidated) | 2,321 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.hewtech.co.jp (https://www.hewtech.co.jp/) |
| Corporate number | 1010701008364 |
| EDINET | E01352 |
| Industries (Vizora) | Medical Devices, Non-ferrous Metals & Wires, Electronic Components |

> Profile source: annual securities report (S100YKSU, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46 | 25 |
| Profitability | 78.8 | 26 |
| Cash conversion | 54 | 25 |
| Efficiency | 24.1 | 27 |

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 87% of Hirakawa Hewtech's sales come from electric wire and processed goods, with electron and medical part and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +24.7% from the prior year, operating profit +94.8%.

## Company structure

- Segment revenue mix: electric wire and processed goods 87.2%、electron and medical part 12.7%、Other 0.1%
- Revenue → net income: ¥38423000000 → ¥1704000000
- Net income → operating cash flow: ¥1704000000 → ¥3646000000（difference ¥1942000000）
- Main uses of operating cash flow: CapEx ¥1803000000 / dividends ¥663000000 / buybacks ¥2000000
- Change in cash: ¥4313000000
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 | ¥38.4B |  |
| Operating income | ¥4.42B | Margin 11.5% |
| Net income | ¥1.64B | Margin 4.3% |
| Free cash flow | ¥1.84B |  |
| Largest business | electric wire and processed goods | of segment revenue 87.2% |
| Employees (consolidated) | 2,321 |  |
| EPS | ¥32.72 |  |
| Book value per share | ¥1058.58 |  |
| Equity ratio | 74.8% |  |
| Shares outstanding | 17,627,000 |  |
| Treasury shares | 2,822,400 |  |
| Shareholders | 7,794 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 26.7% | Cash ÷ revenue 39.3% |
| Vs. industry median margin | +5.9 pp | Non-ferrous Metals & Wires |
| ROE | 5.1% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, one segment accounts for 83% of positive segment profit
- FY2026, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22954000000 | ¥38423000000 | +67.4% |
| Operating income | ¥1695000000 | ¥4416000000 | +160.5% |
| Operating margin | 7.4% | 11.5% | +4.1 pp |
| Employees | 2,053 people | 2,321 people | +13.1% |
| Cash and equivalents | ¥6934000000 | ¥15116000000 | +118.0% |

### 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 |
| --- | ---: |
| 電線・加工品 → 電線・加工品 | 83.2% |
| 電子・医療部品 → 電子・医療部品 | 12.7% |
| 電子・医療部品 → 事業再編・廃止 | 3.5% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 電線・加工品 | 4.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| electric wire and processed goods | 5 years | +11.9% | ¥33520000000 | 13.2% | 2 |
| electron and medical part | 5 years | +5.6% | ¥4876000000 | 18.6% | 2 |
| Other | 5 years | -29.4% | ¥26000000 | 84.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 38,423 | 100.0% | S100YKSU |
| Cost of revenue | 28,490 | 74.1% | S100YKSU |
| Gross profit | 9,932 | 25.8% | S100YKSU |
| SG&A | 5,515 | 14.4% | S100YKSU |
| Operating income | 4,416 | 11.5% | S100YKSU |
| Ordinary income | 4,639 | 12.1% | S100YKSU |
| Pretax income | 3,179 | 8.3% | S100YKSU |
| Income tax | 1,475 | 3.8% | S100YKSU |
| Net income | 1,704 | 4.4% | S100YKSU |
| Net income attributable to owners | 1,642 | 4.3% | S100YKSU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 14 |
| Operating income | 12 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 25.8% → Operating margin 11.5% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +24.7%; Core profit growth: +94.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.83×
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 | 30,802 | 38,423 | 7,621 | +24.7% |
| Gross profit | 7,225 | 9,932 | 2,707 | +37.5% |
| Operating income | 2,267 | 4,416 | 2,149 | +94.8% |
| Net income attributable to owners | 2,026 | 1,642 | -384 | -19.0% |
| Operating cash flow | 3,888 | 3,646 | -242 | -6.2% |
| Free cash flow | 2,275 | 1,843 | -432 | -19.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 24,880 | 2,321 | 9.3% | 1,660 | 3,388 | 456 | S100LUQ9 |
| FY ending Mar 2021 | 22,954 | 1,695 | 7.4% | 1,082 | 1,317 | -1,320 | S100OL64 |
| FY ending Mar 2022 | 27,803 | 1,956 | 7.0% | 1,503 | 968 | -203 | S100R9GG |
| FY ending Mar 2023 | 32,224 | 3,103 | 9.6% | 2,955 | 1,597 | -326 | S100TWZM |
| FY ending Mar 2024 | 29,326 | 1,667 | 5.7% | 1,444 | 4,200 | 3,104 | S100W8S5 |
| FY ending Mar 2025 | 30,802 | 2,267 | 7.4% | 2,026 | 3,888 | 2,275 | S100YKSU |
| FY ending Mar 2026 | 38,423 | 4,416 | 11.5% | 1,642 | 3,646 | 1,843 | S100YKSU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.6M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥707.5K |

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) | 2,367 | 2,404 | 2,212 | 2,151 | 2,321 |
| Average salary (parent company) | ¥5.3M | ¥5.7M | ¥5.6M | ¥5.5M | ¥5.9M |
| Average age (parent company) | 47.1 years | 46.3 years | 45.5 years | 44.6 years | 43.0 years |
| Average tenure (parent company) | 26.2 years | 24.6 years | 23.1 years | 22.3 years | 20.7 years |

Year over year: Employees (consolidated) +7.9% · Revenue (consolidated) +24.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| electric wire and processed goods | 33,520 | 87.2% | 4,441 | 13.2% |
| electron and medical part | 4,876 | 12.7% | 906 | 18.6% |
| Other | 26 | 0.1% | 22 | 84.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| electric wire and processed goods | 87.2% | 82.7% | -4.5 | 13.2% |
| electron and medical part | 12.7% | 16.9% | 4.2 | 18.6% |
| Other | 0.1% | 0.4% | 0.3 | 84.6% |

Segment → industry: electron and medical part → Medical Devices / electric wire and processed goods → Non-ferrous Metals & Wires / electron and medical part → Electronic Components

## 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 | 3,646 | 9.5% | S100YKSU |
| Capital expenditure | 1,803 | 4.7% | S100YKSU |
| Free cash flow | 1,843 | 4.8% | 算出 |
| Investing cash flow | -1,923 | -5.0% | S100YKSU |
| Financing cash flow | 1,529 | 4.0% | S100YKSU |
| Dividends paid | 663 | 1.7% | S100YKSU |
| Share buyback | 2 | 0.0% | S100YKSU |
| Change in cash | 4,313 | 11.2% | S100YKSU |
| Cash and equivalents | 15,116 | 39.3% | S100YKSU |

## 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 | 7,871 | 7,499 | 10,221 | 10,803 | 15,116 | S100TWZM, S100W8S5, S100YKSU |
| Total assets | 41,574 | 44,269 | 46,551 | 47,106 | 56,662 | S100R9GG, S100TWZM, S100W8S5, S100YKSU |
| Net assets | 30,418 | 34,134 | 37,483 | 38,719 | 43,661 | S100TWZM, S100W8S5, S100YKSU |
| Share capital | 1,555 | 1,555 | 1,555 | 1,555 | 1,555 | S100R9GG, S100TWZM, S100W8S5, S100YKSU |
| Property, plant and equipment | 13,502 | 12,597 | 13,286 | 12,989 | 12,458 | S100R9GG, S100TWZM, S100W8S5, S100YKSU |
| Intangible assets excluding goodwill | 943 | 969 | 1,003 | 898 | 888 | S100R9GG, S100TWZM, S100W8S5, S100YKSU |
| Investment securities | 1,664 | 1,718 | 2,076 | 2,183 | 3,479 | S100R9GG, S100TWZM, S100W8S5, S100YKSU |
| Current assets | 24,973 | 28,451 | 29,102 | 30,099 | 39,037 | S100R9GG, S100TWZM, S100W8S5, S100YKSU |
| Current liabilities | 6,719 | 6,823 | 5,534 | 4,700 | 7,039 | S100R9GG, S100TWZM, S100W8S5, S100YKSU |
| Trade payables | 2,965 | 2,859 | 1,588 | 1,695 | 2,478 | S100R9GG, S100TWZM, S100W8S5, S100YKSU |
| Short-term borrowings | 2,163 | 2,064 | 1,713 | 1,168 | 1,711 | S100R9GG, S100TWZM, S100W8S5, S100YKSU |
| Long-term borrowings | 2,269 | 1,171 | 1,493 | 1,781 | 3,520 | S100R9GG, S100TWZM, S100W8S5, S100YKSU |
| Total liabilities | 11,155 | 10,134 | 9,068 | 8,386 | 13,001 | S100R9GG, S100TWZM, S100W8S5, S100YKSU |
| Non-controlling interests | — | 4 | — | — | 1,252 | S100TWZM, S100YKSU |
| Equity attributable to owners of parent | 26,727 | 29,296 | 30,132 | 31,596 | 32,657 | S100R9GG, S100TWZM, S100W8S5, S100YKSU |
| Retained earnings | 26,053 | 28,622 | 29,505 | 30,969 | 31,533 | S100R9GG, S100TWZM, S100W8S5, S100YKSU |
| Treasury stock | -2,340 | -2,340 | -2,340 | -2,340 | -1,846 | S100R9GG, S100TWZM, S100W8S5, S100YKSU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100YKSU |
| Property, plant and equipment | 22% | S100YKSU |
| Intangibles and goodwill | 1% | S100YKSU |
| Investment securities | 6% | S100YKSU |
| Other assets | 44% | S100YKSU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YKSU |
| Other liabilities | 19% | S100YKSU |
| Equity | 77% | S100YKSU |

### 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 | 41,574 | 44,269 | 46,551 | 47,106 | 56,662 |
| Equity | 30,418 | 34,134 | 37,483 | 38,719 | 43,661 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,871 | 7,499 | 10,221 | 10,803 | 15,116 |

## 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) | 32.4% | S100YKSU |
| Fixed assets ÷ total assets | 22.0% | S100YKSU |
| Goodwill ÷ parent equity | — | —, S100YKSU |

### 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) | 26.7% |
| Cash ÷ revenue | 39.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 82.6% |
| Cash vs. profit gap | 2,004 JPY mn (of net income 122.0%) |
| Shareholder returns / net income | 40.5% |
| Shareholder returns / FCF | 36.1% |
| Shareholder payments — dividends / net income | 40.4% |
| Shareholder payments — dividends / FCF | 36.0% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 52.7% |

## 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 | 5.4% | 0.67× | 3.6% | 1.56× | 5.6% | S100R9GG |
| 2023 | 9.2% | 0.75× | 6.9% | 1.53× | 10.5% | S100TWZM |
| 2024 | 4.9% | 0.65× | 3.2% | 1.53× | 4.9% | S100W8S5 |
| 2025 | 6.6% | 0.66× | 4.3% | 1.52× | 6.6% | S100YKSU |
| 2026 | 4.3% | 0.74× | 3.2% | 1.61× | 5.1% | S100YKSU |

## 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 | 10.5% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ． （ＡＶＦＣ） ＲＥ ＩＥＤＰ ＡＩＦ ＣＬＩＥＮＴＳ ＮＯＮ ＴＲＥＡＴＹ ＡＣＣＯＵＮＴ （常任代理人 香港上海銀行東京支店） | Major shareholder | 4.7% | 2026-03-31 |
| ＢＲＩＤＧＥＳＴＲＥＡＭ ＬＩＭＩＴＥＤ， ＡＳ ＴＲＵＳＴＥＥ ＯＦ ＡＸＣ ＳＴＲＡＴＥＧＩＣ ＯＰＰＯＲＴＵＮＩＴＩＥＳ ＤＩＲＥＣＴＯＲ ＫＨ ＡＬＩＤ ＯＭＡＲＩ ＩＴＯＮ （常任代理人 立花証券株式会社） | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 平河ヒューテック社員持株会 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.6% | 2026-03-31 |
| Ｂｒｉｄｇｅｓｔｒｅａｍ Ｌｉｍｉｔｅｄ， ａｓ Ｔｒｕｓｔｅｅ ｏｆ ＡＸＣ Ｓｔｒａｔｅｇｉｃ Ｏｐｐｏｒｔｕｎｉｔｉｅｓ ＤＩＲＥＣＴＯＲ ＯＦ ＩＭ ＹＡＳＵＴＯ ＭＯＮＤＥＮ （常任代理人 立花証券株式会社） | Major shareholder | 3.5% | 2026-03-31 |
| 隅田 和夫 | Major shareholder | 3.5% | 2026-03-31 |
| 隅田 文子 | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第85期(2025/04/01－2026/03/31) | S100YKSU | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKSU,, |
| 有価証券報告書－第84期(2024/04/01－2025/03/31) | S100W8S5 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8S5,, |
| 有価証券報告書－第83期(2023/04/01－2024/03/31) | S100TWZM | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWZM,, |
| 有価証券報告書－第82期(2022/04/01－2023/03/31) | S100R9GG | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9GG,, |
| 有価証券報告書－第81期(令和3年4月1日－令和4年3月31日) | S100OL64 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL64,, |
| 有価証券報告書－第80期(令和2年4月1日－令和3年3月31日) | S100LUQ9 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUQ9,, |

## 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).