# Hitachi, 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157期(2025/04/01－2026/03/31) (S100YGBO)
> Page: https://vizora.meequs.com/en/company/hitachi
> Retrieved: 2026-09-30T17:54:03.116Z

## Company

Hitachi, founded in 2013, is a company in IT Services & System Integration listed on Tokyo, Nagoya. It has 287,901 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hitachi, Ltd. |
| Ticker | 6501 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6501.T) |
| Listing | Tokyo, Nagoya |
| Head office | 東京都千代田区丸の内一丁目6番6号 |
| Representative (per filing) | 執行役社長兼CEO 德永 俊昭 |
| Founded | Sep 2013 |
| Share capital | ¥466.7B |
| Employees (consolidated) | 287,901 |
| Average salary (parent only) | ¥9.9M |
| Fiscal year end | March |
| Corporate number | 7010001008844 |
| EDINET | E01737 |
| Industries (Vizora) | IT Services & System Integration, Electrical Equipment, Home Appliances, Industrial Machinery |

> Profile source: annual securities report (S100YGBO, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Electrical Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.3 | 24 |
| Efficiency | 26 | 25 |

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 31% of Hitachi's sales come from Energy, with Connective Industries and Digital Systems and Services making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +8.2% from the prior year.

## Company structure

- Segment revenue mix: Energy 31.1%、Connective Industries 29.2%、Digital Systems and Services 26.8%、Mobility 12.8%
- Revenue → net income: ¥10586781000000 → ¥851431000000
- Net income → operating cash flow: ¥851431000000 → ¥1668061000000（difference ¥816630000000）
- Main uses of operating cash flow: CapEx ¥497829000000 / dividends ¥204915000000 / buybacks ¥352260000000
- Change in cash: ¥457238000000
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 | ¥10.6T |  |
| Operating income | — | Margin — |
| Net income | ¥802.4B | Margin 7.6% |
| Free cash flow | ¥1.17T |  |
| Largest business | Energy | of segment revenue 31.1% |
| Employees (consolidated) | 287,901 |  |
| EPS | ¥176.76 |  |
| Diluted EPS | ¥176.63 |  |
| Book value per share | ¥877.49 |  |
| Equity ratio | 43.7% | Derived from disclosed figures |
| Shares outstanding | 4,535,560,000 |  |
| Treasury shares | 35,813,800 |  |
| Shareholders | 363,532 |  |
| Average salary (parent only) | ¥9.9M | Filing company only |
| Cash ratio | 8.8% | Cash ÷ revenue 12.5% |
| ROE | 12.9% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, buybacks were 1.7× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8729196000000 | ¥10586781000000 | +21.3% |
| Employees | 350,864 people | 287,901 people | -17.9% |
| Cash and equivalents | ¥1015886000000 | ¥1323480000000 | +30.3% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| IT → 事業再編・廃止 | 22.3% |
| エナジー → エナジー | 12.4% |
| モビリティ → モビリティ | 12.8% |
| モビリティ → 事業再編・廃止 | 1.2% |
| インダストリー → 事業再編・廃止 | 7.9% |
| オートモティブシステム → 事業再編・廃止 | 11.6% |
| ライフ → 事業再編・廃止 | 13.6% |
| 日立建機 → 事業再編・廃止 | 9.6% |
| 日立金属 → 事業再編・廃止 | 8.7% |
| 新設・再編 → デジタルシステム＆サービス | 26.8% |
| 新設・再編 → エナジー | 18.7% |
| 新設・再編 → コネクティブインダストリーズ | 29.2% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Energy | 5 years | +24.9% | ¥3200844000000 | 13.0% | 2 |
| Connective Industries | 4 years | +4.4% | ¥3000760000000 | 12.2% | 2 |
| Digital Systems and Services | 4 years | +8.5% | ¥2756551000000 | 16.3% | 2 |
| Mobility | 5 years | +2.1% | ¥1320631000000 | 8.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,586,781 | 100.0% | S100YGBO |
| Cost of revenue | 7,407,252 | 70.0% | S100YGBO |
| Gross profit | 3,179,529 | 30.0% | S100YGBO |
| SG&A | 1,980,254 | 18.7% | S100YGBO |
| Pretax income | 1,273,109 | 12.0% | S100YGBO |
| Income tax | 421,678 | 4.0% | S100YGBO |
| Net income | 851,431 | 8.0% | S100YGBO |
| Net income attributable to owners | 802,368 | 7.6% | S100YGBO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 19 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 30.0% → Net margin 7.6%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,783,370 | 10,586,781 | 803,411 | +8.2% |
| Gross profit | 2,820,843 | 3,179,529 | 358,686 | +12.7% |
| Net income attributable to owners | 615,724 | 802,368 | 186,644 | +30.3% |
| Operating cash flow | 1,172,240 | 1,668,061 | 495,821 | +42.3% |
| Free cash flow | 780,592 | 1,170,232 | 389,640 | +49.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 9,162,264 | — | — | 231,261 | 629,582 | — | S100LNII |
| FY ending Mar 2018 | 9,368,614 | — | — | 362,988 | 727,168 | — | S100OB34 |
| FY ending Mar 2019 | 9,480,619 | — | — | 222,546 | 610,025 | — | S100QZT0 |
| FY ending Mar 2020 | 8,767,263 | — | — | 87,596 | 560,920 | 139,644 | S100LNII |
| FY ending Mar 2021 | 8,729,196 | — | — | 501,613 | 793,128 | 420,183 | S100OB34 |
| FY ending Mar 2022 | 10,264,602 | — | — | 583,470 | 729,943 | 290,082 | S100QZT0 |
| FY ending Mar 2023 | 10,881,150 | — | — | 649,124 | 827,045 | 416,460 | S100TP5S |
| FY ending Mar 2024 | 9,728,716 | — | — | 589,896 | 956,612 | 571,467 | S100WFSJ |
| FY ending Mar 2025 | 9,783,370 | — | — | 615,724 | 1,172,240 | 780,592 | S100YGBO |
| FY ending Mar 2026 | 10,586,781 | — | — | 802,368 | 1,668,061 | 1,170,232 | S100YGBO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.8M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 368,247 | 322,525 | 268,655 | 282,743 | 287,901 |
| Average salary (parent company) | ¥9M | ¥9.2M | ¥9.4M | ¥9.6M | ¥9.9M |
| Average age (parent company) | 42.7 years | 42.9 years | 42.9 years | 42.6 years | 42.2 years |
| Average tenure (parent company) | 19.3 years | 19.3 years | 19.1 years | 18.7 years | 18.1 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) +8.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Digital Systems and Services | 2,756,551 | 26.8% | 450,059 | 16.3% |
| Energy | 3,200,844 | 31.1% | 416,015 | 13.0% |
| Mobility | 1,320,631 | 12.8% | 108,115 | 8.2% |
| Connective Industries | 3,000,760 | 29.2% | 367,396 | 12.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Digital Systems and Services | 26.8% | 33.5% | 6.7 | 16.3% |
| Energy | 31.1% | 31.0% | -0.1 | 13.0% |
| Mobility | 12.8% | 8.1% | -4.8 | 8.2% |
| Connective Industries | 29.2% | 27.4% | -1.8 | 12.2% |

Segment → industry: Digital Systems and Services → IT Services & System Integration / Mobility → Electrical Equipment / Energy → Electrical Equipment / Connective Industries → Home Appliances / Connective Industries → Industrial Machinery

## 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 | 1,668,061 | 15.8% | S100YGBO |
| Capital expenditure | 497,829 | 4.7% | S100YGBO |
| Free cash flow | 1,170,232 | 11.1% | 算出 |
| Investing cash flow | -341,553 | -3.2% | S100YGBO |
| Financing cash flow | -971,037 | -9.2% | S100YGBO |
| Dividends paid | 204,915 | 1.9% | S100YGBO |
| Share buyback | 352,260 | 3.3% | S100YGBO |
| Change in cash | 457,238 | 4.3% | S100YGBO |
| Cash and equivalents | 1,323,480 | 12.5% | S100YGBO |

## 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 | 968,827 | 833,283 | 705,367 | 866,242 | 1,323,480 | S100TP5S, S100WFSJ, S100YGBO |
| Total assets | 13,887,502 | 12,501,414 | 12,221,284 | 13,284,813 | 15,041,246 | S100QZT0, S100TP5S, S100WFSJ, S100YGBO |
| Net assets | 5,355,277 | 5,335,567 | 5,859,603 | 6,031,417 | 6,772,607 | S100TP5S, S100WFSJ, S100YGBO |
| Share capital | 461,731 | 462,817 | 463,417 | 464,384 | 466,666 | S100QZT0, S100TP5S, S100WFSJ, S100YGBO |
| Property, plant and equipment | 2,478,901 | 1,700,471 | 1,221,842 | 1,341,537 | 1,652,913 | S100QZT0, S100TP5S, S100WFSJ, S100YGBO |
| Goodwill | 2,153,706 | 2,165,350 | 2,371,678 | 2,486,823 | 2,647,501 | S100QZT0, S100TP5S, S100WFSJ, S100YGBO |
| Current assets | 6,599,431 | 5,928,535 | 5,854,597 | 6,597,843 | 7,867,239 | S100QZT0, S100TP5S, S100WFSJ, S100YGBO |
| Total liabilities | 8,532,225 | 7,165,847 | 6,361,681 | 7,253,396 | 8,268,639 | S100QZT0, S100TP5S, S100WFSJ, S100YGBO |
| Equity attributable to owners of parent | 4,341,836 | 4,942,854 | 5,703,705 | 5,847,091 | 6,568,369 | S100QZT0, S100TP5S, S100WFSJ, S100YGBO |
| Retained earnings | 3,197,725 | 3,637,184 | 4,084,729 | 4,350,503 | 4,759,761 | S100QZT0, S100TP5S, S100WFSJ, S100YGBO |
| Treasury stock | -3,002 | -3,539 | -4,991 | -8,587 | -160,462 | S100QZT0, S100TP5S, S100WFSJ, S100YGBO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YGBO |
| Property, plant and equipment | 11% | S100YGBO |
| Intangibles and goodwill | 17% | — |
| Other assets | 63% | S100YGBO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100YGBO |
| Equity | 45% | S100YGBO |

### 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 | 13,887,502 | 12,501,414 | 12,221,284 | 13,284,813 | 15,041,246 |
| Equity | 5,355,277 | 5,335,567 | 5,859,603 | 6,031,417 | 6,772,607 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 968,827 | 833,283 | 705,367 | 866,242 | 1,323,480 |

## 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) | 15.6% | S100YGBO |
| Fixed assets ÷ total assets | 11.0% | S100YGBO |
| Goodwill ÷ parent equity | 40.3% | S100YGBO |

Goodwill over 4 years: 2,153,706 → 2,647,501 JPY; total investing cash flow: -1,944,549 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) | 8.8% |
| Cash ÷ revenue | 12.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 865,693 JPY mn (of net income 107.9%) |
| Shareholder returns / net income | 69.4% |
| Shareholder returns / FCF | 47.6% |
| Shareholder payments — dividends / net income | 25.5% |
| Shareholder payments — dividends / FCF | 17.5% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 20.5% |

## 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 | 5.7% | 0.74× | 4.2% | 3.20× | 13.4% | S100QZT0 |
| 2023 | 6.0% | 0.82× | 4.9% | 2.84× | 14.0% | S100TP5S |
| 2024 | 6.1% | 0.79× | 4.8% | 2.32× | 11.1% | S100WFSJ |
| 2025 | 6.3% | 0.77× | 4.8% | 2.21× | 10.7% | S100YGBO |
| 2026 | 7.6% | 0.75× | 5.7% | 2.28× | 12.9% | S100YGBO |

## 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 | 16.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.5% | 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 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 3.3% | 2026-03-31 |
| ザ チェース マンハッタン バンク エヌエイ ロンドン エス エル オムニバス アカウント （常任代理人 株式会社みずほ銀行） | Major shareholder | 3.2% | 2026-03-31 |
| モックスレイ・アンド・カンパニー・エルエルシー （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.4% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.9% | 2026-03-31 |
| 日立グループ社員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ） | Major shareholder | 1.6% | 2026-03-31 |
| ジェーピー モルガン チェース バンク 385642 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.5% | 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） | Major shareholder | 1.4% | 2026-03-31 |

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

- Revenue grew +8.2% in the FY ending Mar 2026, from ¥9.78T to ¥10.6T.
- Gross profit rose faster, up +12.7%, and net income attributable to owners climbed +30.3% from ¥615.7B to ¥802.4B.
- Cash generation improved too: operating cash flow rose +42.3% to ¥1.67T and free cash flow rose +49.9% to ¥1.17T.

### Drivers

- In Energy, large power grid projects went well and the order backlog turned steadily into sales
- Steady demand in Japan for digital transformation and system modernization lifted Digital Systems and Services
- A gain from selling shares in the air-conditioning company JCH helped profit, partly offset by a goodwill impairment in the file storage business
- Weaker demand for new elevators in China pulled down revenue in Connective Industries

### Risks

- Most sales are overseas, so currency swings can shrink revenue and profit when reported in yen
- Economic slowdowns or conflicts in key countries could reduce demand for its products and services
- On long-term contracts such as infrastructure construction, changes in cost estimates can hurt results

Cited: Annual Securities Report, FY ending Mar 2026 (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, FY ending Mar 2026 (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第157期(2025/04/01－2026/03/31) | S100YGBO | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGBO,, |
| 訂正有価証券報告書－第156期(2024/04/01－2025/03/31) | S100WFSJ | 2025-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WFSJ,, |
| 有価証券報告書－第155期(2023/04/01－2024/03/31) | S100TP5S | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP5S,, |
| 有価証券報告書－第154期(2022/04/01－2023/03/31) | S100QZT0 | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZT0,, |
| 有価証券報告書－第153期(令和3年4月1日－令和4年3月31日) | S100OB34 | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OB34,, |
| 有価証券報告書－第152期(令和2年4月1日－令和3年3月31日) | S100LNII | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNII,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| International Business Machines Corp. | Co-development | インフォメーションハンドリングシステムの特許実施権の交換（クロスライセンス） | S100YGBO |
| HP Inc. | Co-development | 全製品・サービスの特許実施権の交換（クロスライセンス） | S100YGBO |
| Hewlett Packard Enterprise Company | Co-development | 全製品・サービスの特許実施権の交換（クロスライセンス） | S100YGBO |
| EMC Corporation | Co-development | インフォメーションハンドリングシステムの特許実施権の交換（クロスライセンス） | S100YGBO |
| GE Vernova Hitachi Nuclear Energy Americas LLC | Co-development | 子会社の日立GEベルノバニュークリアエナジーとの原子炉システムの特許実施権・技術情報の交換 | S100YGBO |
| 日清紡ホールディングス | Joint venture | ㈱国際電気の運営及び株主権行使に関する株主間契約 | S100XT05 |

## 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).