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

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第79期(2025/04/01－2026/03/31) (S100YJDW)
> Page: https://vizora.meequs.com/en/company/hirose-electric
> Retrieved: 2026-09-30T21:06:22.345Z

## Company

Hirose Electric, founded in 1937, is a company in Electronic Components listed on TSE Prime. It has 5,110 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HIROSE ELECTRIC CO., LTD. |
| Ticker | 6806 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6806.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横浜市都筑区中川中央二丁目6番3号 |
| Representative (per filing) | 代表取締役社長 鎌形 伸 |
| Founded | Aug 1937 |
| Share capital | ¥9.4B |
| Employees (consolidated) | 5,110 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | www.hirose.com (https://www.hirose.com/) |
| Corporate number | 6010701008418 |
| EDINET | E01939 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YJDW, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 82.1 | 53 |
| Profitability | 93.8 | 56 |
| Cash conversion | 34.4 | 48 |
| Efficiency | 15.2 | 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)

- About 88% of Hirose Electric's sales come from Multi-pin connectors, with Coaxial connectors and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +11.5% from the prior year, operating profit +0.8%.

## Company structure

- Segment revenue mix: Multi-pin connectors 88.0%、Coaxial connectors 8.7%、Other 3.4%
- Revenue → net income: ¥211264000000 → ¥33142000000
- Net income → operating cash flow: ¥33142000000 → ¥45877000000（difference ¥12735000000）
- Main uses of operating cash flow: CapEx ¥20021000000 / dividends ¥16494000000 / buybacks ¥20351000000
- Change in cash: ¥1669000000
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 | ¥211.3B |  |
| Operating income | ¥43B | Margin 20.4% |
| Net income | ¥33.1B | Margin 15.7% |
| Free cash flow | ¥25.9B |  |
| Largest business | Multi-pin connectors | of segment revenue 88.0% |
| Employees (consolidated) | 5,110 |  |
| EPS | ¥991.91 |  |
| Diluted EPS | ¥991.91 |  |
| Book value per share | ¥3226.13 |  |
| Equity ratio | 87.7% | Derived from disclosed figures |
| Shares outstanding | 35,693,969 |  |
| Treasury shares | 2,890,000 |  |
| Shareholders | 2,660 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 20.3% | Cash ÷ revenue 41.3% |
| Vs. industry median margin | +14.4 pp | Electronic Components |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 7.8% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.2× dividends
- FY2026, one segment accounts for 86% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥133538000000 | ¥211264000000 | +58.2% |
| Operating income | ¥27885000000 | ¥42995000000 | +54.2% |
| Operating margin | 20.9% | 20.4% | -0.5 pp |
| Employees | 4,859 people | 5,110 people | +5.2% |
| Cash and equivalents | ¥57837000000 | ¥87335000000 | +51.0% |

### 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 |
| --- | ---: |
| 多極コネクタ → 多極コネクタ | 88.0% |
| 多極コネクタ → 事業再編・廃止 | 1.7% |
| 同軸コネクタ → 同軸コネクタ | 7.1% |
| その他 → その他 | 3.2% |
| 新設・再編 → 同軸コネクタ | 1.6% |
| 新設・再編 → その他 | 0.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Multi-pin connectors | 5 years | +9.2% | ¥185814000000 | 19.8% | 2 |
| Coaxial connectors | 5 years | +14.1% | ¥18338000000 | 32.0% | 2 |
| Other | 5 years | +10.6% | ¥7112000000 | 4.9% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 211,264 | 100.0% | S100YJDW |
| Cost of revenue | 122,268 | 57.9% | S100YJDW |
| Gross profit | 88,996 | 42.1% | S100YJDW |
| SG&A | 45,710 | 21.6% | S100YJDW |
| Operating income | 42,995 | 20.4% | S100YJDW |
| Pretax income | 46,626 | 22.1% | S100YJDW |
| Income tax | 13,484 | 6.4% | S100YJDW |
| Net income | 33,142 | 15.7% | S100YJDW |
| Net income attributable to owners | 33,142 | 15.7% | S100YJDW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 22 |
| Operating income | 20 |
| (Ref.) Net income | 16 |

### Margin funnel

Gross margin 42.1% → Operating margin 20.4% → Net margin 15.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.5%; Core profit growth: +0.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.07×
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 | 189,420 | 211,264 | 21,844 | +11.5% |
| Gross profit | 85,372 | 88,996 | 3,624 | +4.2% |
| Operating income | 42,672 | 42,995 | 323 | +0.8% |
| Net income attributable to owners | 33,033 | 33,142 | 109 | +0.3% |
| Operating cash flow | 55,682 | 45,877 | -9,805 | -17.6% |
| Free cash flow | 29,001 | 25,856 | -3,145 | -10.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2018 | 125,143 | — | — | 19,107 | 30,561 | — | S100OCDQ |
| FY ending Mar 2019 | 124,590 | — | — | 17,891 | 28,182 | — | S100R1BM |
| FY ending Mar 2020 | 121,765 | 20,358 | 16.7% | 15,305 | 28,584 | 9,895 | S100LOYB |
| FY ending Mar 2021 | 133,538 | 27,885 | 20.9% | 19,916 | 35,818 | 21,923 | S100OCDQ |
| FY ending Mar 2022 | 163,671 | 40,765 | 24.9% | 31,437 | 44,323 | 30,468 | S100R1BM |
| FY ending Mar 2023 | 183,224 | 46,751 | 25.5% | 34,648 | 45,648 | 27,139 | S100TONX |
| FY ending Mar 2024 | 165,509 | 34,017 | 20.6% | 26,480 | 41,049 | 8,985 | S100W2RH |
| FY ending Mar 2025 | 189,420 | 42,672 | 22.5% | 33,033 | 55,682 | 29,001 | S100YJDW |
| FY ending Mar 2026 | 211,264 | 42,995 | 20.4% | 33,142 | 45,877 | 25,856 | S100YJDW |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.3M |
| Operating income per employee (consolidated) | ¥8.4M |
| Net income per employee (consolidated) | ¥6.5M |

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) | 5,070 | 4,944 | 4,654 | 4,878 | 5,110 |
| Average salary (parent company) | ¥8M | ¥9M | ¥8.7M | ¥8.1M | ¥8.5M |
| Average age (parent company) | 40.2 years | 40.2 years | 40.6 years | 40.8 years | 40.7 years |
| Average tenure (parent company) | 13.1 years | 13.7 years | 13.5 years | 13.6 years | 13.1 years |

Year over year: Employees (consolidated) +4.8% · Revenue (consolidated) +11.5%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Multi-pin connectors | 185,814 | 88.0% | 36,767 | 19.8% |
| Coaxial connectors | 18,338 | 8.7% | 5,875 | 32.0% |
| Other | 7,112 | 3.4% | 352 | 4.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Multi-pin connectors | 88.0% | 85.5% | -2.4 | 19.8% |
| Coaxial connectors | 8.7% | 13.7% | 5.0 | 32.0% |
| Other | 3.4% | 0.8% | -2.5 | 4.9% |

Segment → industry: Other → Electronic Components / Coaxial connectors → Electronic Components / Multi-pin connectors → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 45,877 | 21.7% | S100YJDW |
| Capital expenditure | 20,021 | 9.5% | S100YJDW |
| Free cash flow | 25,856 | 12.2% | 算出 |
| Investing cash flow | -9,248 | -4.4% | S100YJDW |
| Financing cash flow | -37,924 | -18.0% | S100YJDW |
| Dividends paid | 16,494 | 7.8% | S100YJDW |
| Share buyback | 20,351 | 9.6% | S100YJDW |
| Change in cash | 1,669 | 0.8% | S100YJDW |
| Cash and equivalents | 87,335 | 41.3% | S100YJDW |

## 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 | 68,394 | 88,029 | 90,341 | 85,666 | 87,335 | S100TONX, S100W2RH, S100YJDW |
| Total assets | 394,783 | 401,357 | 403,450 | 416,866 | 431,177 | S100R1BM, S100TONX, S100W2RH, S100YJDW |
| Net assets | 342,069 | 349,853 | 364,173 | 370,147 | 378,075 | S100TONX, S100W2RH, S100YJDW |
| Share capital | 9,404 | 9,404 | 9,404 | 9,404 | 9,404 | S100R1BM, S100TONX, S100W2RH, S100YJDW |
| Property, plant and equipment | 61,148 | 63,795 | 80,949 | 86,384 | 90,360 | S100R1BM, S100TONX, S100W2RH, S100YJDW |
| Current assets | 280,823 | 256,658 | 234,460 | 248,776 | 233,793 | S100R1BM, S100TONX, S100W2RH, S100YJDW |
| Total liabilities | 52,714 | 51,504 | 39,277 | 46,719 | 53,102 | S100R1BM, S100TONX, S100W2RH, S100YJDW |
| Equity attributable to owners of parent | 342,069 | 349,853 | 364,173 | 370,147 | 378,075 | S100R1BM, S100TONX, S100W2RH, S100YJDW |
| Retained earnings | 338,818 | 345,201 | 340,806 | 348,972 | 364,932 | S100R1BM, S100TONX, S100W2RH, S100YJDW |
| Treasury stock | -36,306 | -39,840 | -35,807 | -27,462 | -47,774 | S100R1BM, S100TONX, S100W2RH, S100YJDW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YJDW |
| Property, plant and equipment | 21% | S100YJDW |
| Other assets | 59% | S100YJDW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 12% | S100YJDW |
| Equity | 88% | S100YJDW |

### 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 | 394,783 | 401,357 | 403,450 | 416,866 | 431,177 |
| Equity | 342,069 | 349,853 | 364,173 | 370,147 | 378,075 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 68,394 | 88,029 | 90,341 | 85,666 | 87,335 |

## 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) | 42.8% | S100YJDW |
| Fixed assets ÷ total assets | 21.0% | S100YJDW |
| Goodwill ÷ parent equity | — | —, S100YJDW |

### 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) | 20.3% |
| Cash ÷ revenue | 41.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.7% |
| Cash vs. profit gap | 12,735 JPY mn (of net income 38.4%) |
| Shareholder returns / net income | 111.2% |
| Shareholder returns / FCF | 142.5% |
| Shareholder payments — dividends / net income | 49.8% |
| Shareholder payments — dividends / FCF | 63.8% |
| CapEx intensity (capex ÷ revenue) | 9.5% |
| Investing CF relative to operating CF | 20.2% |

## 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 | 19.2% | 0.41× | 8.0% | 1.15× | 9.2% | S100R1BM |
| 2023 | 18.9% | 0.46× | 8.7% | 1.15× | 10.0% | S100TONX |
| 2024 | 16.0% | 0.41× | 6.6% | 1.13× | 7.4% | S100W2RH |
| 2025 | 17.4% | 0.46× | 8.1% | 1.12× | 9.0% | S100YJDW |
| 2026 | 15.7% | 0.50× | 7.8% | 1.13× | 8.9% | S100YJDW |

## 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 | 13.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 9.8% | 2026-03-31 |
| 公益財団法人 ヒロセ財団 | Major shareholder | 9.6% | 2026-03-31 |
| ジェーピー モルガン チェース バンク 380055 （常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 7.5% | 2026-03-31 |
| 有限会社 エイチエス企画 | Major shareholder | 3.8% | 2026-03-31 |
| 全国共済農業協同組合連合会 | Major shareholder | 3.4% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505223 （常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.0% | 2026-03-31 |
| みずほ信託銀行株式会社 信託口0700210 | Major shareholder | 2.6% | 2026-03-31 |
| みずほ信託銀行株式会社 信託口0700211 | Major shareholder | 2.6% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YJDW | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJDW,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W2RH | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2RH,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TONX | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TONX,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100R1BM | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1BM,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100OCDQ | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCDQ,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LOYB | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOYB,, |

## 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).