# HOKURIKU ELECTRIC INDUSTRY 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92期(2025/04/01－2026/03/31) (S100YJZD)
> Page: https://vizora.meequs.com/en/company/hokuriku-electric-industry
> Retrieved: 2026-09-30T20:40:37.971Z

## Company

Hokuriku Electric Industry, founded in 1943, is a company in Electronic Components listed on TSE Standard. It has 1,833 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOKURIKU ELECTRIC INDUSTRY CO.,LTD. |
| Ticker | 6989 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6989.T) |
| Listing | TSE Standard |
| Head office | 富山県富山市下大久保3158番地 |
| Representative (per filing) | 代表取締役社長 下坂 立正 |
| Founded | Apr 1943 |
| Share capital | ¥5.2B |
| Employees (consolidated) | 1,833 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.hdk.co.jp (https://www.hdk.co.jp/) |
| Corporate number | 6230001005201 |
| EDINET | E01817 |
| Industries (Vizora) | Electronic Components, Industrial Machinery |

> Profile source: annual securities report (S100YJZD, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 48.1 | 53 |
| Profitability | 43.8 | 56 |
| Cash conversion | 13.5 | 48 |
| Efficiency | 79.5 | 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 98% of Hokuriku Electric Industry's sales come from Electronic Components, with Die and Machinery and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -0.1% from the prior year, operating profit -11.1%.

## Company structure

- Segment revenue mix: Electronic Components 98.0%、Die and Machinery 1.0%、Other 0.9%
- Revenue → net income: ¥43128000000 → ¥1986000000
- Net income → operating cash flow: ¥1986000000 → ¥1397000000（difference ¥-589000000）
- Main uses of operating cash flow: CapEx ¥825000000 / dividends ¥713000000 / buybacks ¥131000000
- Change in cash: ¥906000000
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 | ¥43.1B |  |
| Operating income | ¥2.31B | Margin 5.4% |
| Net income | ¥1.99B | Margin 4.6% |
| Free cash flow | ¥572M |  |
| Largest business | Electronic Components | of segment revenue 98.0% |
| Employees (consolidated) | 1,833 |  |
| EPS | ¥242.7 |  |
| Book value per share | ¥2159.92 |  |
| Equity ratio | 55.9% |  |
| Shares outstanding | 8,450,000 |  |
| Treasury shares | 604,800 |  |
| Shareholders | 6,345 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 22.1% | Cash ÷ revenue 23.7% |
| Vs. industry median margin | -0.6 pp | Electronic Components |
| ROE | 10.6% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

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

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥32825000000 | ¥43128000000 | +31.4% |
| Operating income | ¥572000000 | ¥2311000000 | +304.0% |
| Operating margin | 1.7% | 5.4% | +3.6 pp |
| Employees | 1,973 people | 1,833 people | -7.1% |
| Cash and equivalents | ¥6849000000 | ¥10210000000 | +49.1% |

### 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 |
| --- | ---: |
| 電子部品 → 電子部品 | 97.4% |
| 金型・機械設備 → 金型・機械設備 | 1.0% |
| 金型・機械設備 → 事業再編・廃止 | 0.6% |
| その他 → その他 | 0.9% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 電子部品 | 0.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electronic Components | 5 years | +5.7% | ¥42275000000 | 8.2% | 2 |
| Die and Machinery | 5 years | -3.8% | ¥445000000 | 24.7% | 2 |
| Other | 5 years | +5.0% | ¥407000000 | 14.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 43,128 | 100.0% | S100YJZD |
| Cost of revenue | 34,616 | 80.3% | S100YJZD |
| Gross profit | 8,512 | 19.7% | S100YJZD |
| SG&A | 6,201 | 14.4% | S100YJZD |
| Operating income | 2,311 | 5.4% | S100YJZD |
| Ordinary income | 2,742 | 6.4% | S100YJZD |
| Pretax income | 2,792 | 6.5% | S100YJZD |
| Income tax | 805 | 1.9% | S100YJZD |
| Net income | 1,986 | 4.6% | S100YJZD |
| Net income attributable to owners | 1,986 | 4.6% | S100YJZD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 15 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 19.7% → Operating margin 5.4% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.1%; Core profit growth: -11.1%
Operating leverage (core profit growth ÷ revenue growth): 84.21×
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 | 43,185 | 43,128 | -57 | -0.1% |
| Gross profit | 8,579 | 8,512 | -67 | -0.8% |
| Operating income | 2,600 | 2,311 | -289 | -11.1% |
| Net income attributable to owners | 2,194 | 1,986 | -208 | -9.5% |
| Operating cash flow | 4,124 | 1,397 | -2,727 | -66.1% |
| Free cash flow | 3,114 | 572 | -2,542 | -81.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 38,711 | 833 | 2.2% | 663 | 6,863 | 5,642 | S100LMWI |
| FY ending Mar 2021 | 32,825 | 572 | 1.7% | 447 | 2,046 | 1,590 | S100OFJO |
| FY ending Mar 2022 | 40,448 | 2,075 | 5.1% | 1,949 | -909 | -2,062 | S100R4NK |
| FY ending Mar 2023 | 45,459 | 2,941 | 6.5% | 647 | 629 | -128 | S100TSXG |
| FY ending Mar 2024 | 40,811 | 2,271 | 5.6% | 2,538 | 4,519 | 3,821 | S100W3XY |
| FY ending Mar 2025 | 43,185 | 2,600 | 6.0% | 2,194 | 4,124 | 3,114 | S100YJZD |
| FY ending Mar 2026 | 43,128 | 2,311 | 5.4% | 1,986 | 1,397 | 572 | S100YJZD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.5M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 1,888 | 1,907 | 1,877 | 1,801 | 1,833 |
| Average salary (parent company) | ¥5M | ¥6M | ¥5.1M | ¥5.3M | ¥5.7M |
| Average age (parent company) | 46.2 years | 46.1 years | 44.2 years | 44.8 years | 44.0 years |
| Average tenure (parent company) | 23.7 years | 23.5 years | 22.6 years | 22.0 years | 20.5 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) -0.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronic Components | 42,275 | 98.0% | 3,467 | 8.2% |
| Die and Machinery | 445 | 1.0% | 110 | 24.7% |
| Other | 407 | 0.9% | 57 | 14.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronic Components | 98.0% | 95.4% | -2.6 | 8.2% |
| Die and Machinery | 1.0% | 3.0% | 2.0 | 24.7% |
| Other | 0.9% | 1.6% | 0.6 | 14.0% |

Segment → industry: Electronic Components → Electronic Components / Die and Machinery → Industrial Machinery

## 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 | 1,397 | 3.2% | S100YJZD |
| Capital expenditure | 825 | 1.9% | S100YJZD |
| Free cash flow | 572 | 1.3% | 算出 |
| Investing cash flow | -134 | -0.3% | S100YJZD |
| Financing cash flow | -644 | -1.5% | S100YJZD |
| Dividends paid | 713 | 1.7% | S100YJZD |
| Share buyback | 131 | 0.3% | S100YJZD |
| Change in cash | 906 | 2.1% | S100YJZD |
| Cash and equivalents | 10,210 | 23.7% | S100YJZD |

## 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 | 5,404 | 6,253 | 8,018 | 9,303 | 10,210 | S100TSXG, S100W3XY, S100YJZD |
| Total assets | 40,959 | 42,979 | 41,645 | 43,195 | 46,177 | S100R4NK, S100TSXG, S100W3XY, S100YJZD |
| Net assets | 15,950 | 17,107 | 20,106 | 22,713 | 25,817 | S100TSXG, S100W3XY, S100YJZD |
| Share capital | 5,200 | 5,200 | 5,200 | 5,200 | 5,200 | S100R4NK, S100TSXG, S100W3XY, S100YJZD |
| Trade receivables | 11,065 | 10,064 | 8,016 | 8,033 | 7,807 | S100R4NK, S100TSXG, S100W3XY, S100YJZD |
| Property, plant and equipment | 8,806 | 8,761 | 8,562 | 8,539 | 9,376 | S100R4NK, S100TSXG, S100W3XY, S100YJZD |
| Intangible assets excluding goodwill | 482 | 376 | 274 | 262 | 322 | S100R4NK, S100TSXG, S100W3XY, S100YJZD |
| Investment securities | 1,096 | 1,124 | 1,417 | 1,431 | 2,185 | S100R4NK, S100TSXG, S100W3XY, S100YJZD |
| Current assets | 27,858 | 30,132 | 29,029 | 30,625 | 32,663 | S100R4NK, S100TSXG, S100W3XY, S100YJZD |
| Current liabilities | 14,827 | 15,803 | 11,492 | 11,279 | 11,796 | S100R4NK, S100TSXG, S100W3XY, S100YJZD |
| Trade payables | 7,491 | 7,737 | 5,736 | 5,802 | — | S100R4NK, S100TSXG, S100W3XY |
| Short-term borrowings | 4,617 | 5,690 | 3,856 | 3,409 | 4,111 | S100R4NK, S100TSXG, S100W3XY, S100YJZD |
| Long-term borrowings | 5,186 | 5,397 | 5,720 | 5,326 | 4,923 | S100R4NK, S100TSXG, S100W3XY, S100YJZD |
| Total liabilities | 25,008 | 25,872 | 21,538 | 20,482 | 20,359 | S100R4NK, S100TSXG, S100W3XY, S100YJZD |
| Equity attributable to owners of parent | 14,611 | 14,886 | 16,812 | 18,152 | 19,303 | S100R4NK, S100TSXG, S100W3XY, S100YJZD |
| Retained earnings | 5,533 | 5,804 | 8,025 | 9,730 | 11,003 | S100R4NK, S100TSXG, S100W3XY, S100YJZD |
| Treasury stock | -1,160 | -1,156 | -1,450 | -736 | -861 | S100R4NK, S100TSXG, S100W3XY, S100YJZD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YJZD |
| Receivables | 17% | S100YJZD |
| Property, plant and equipment | 20% | S100YJZD |
| Intangibles and goodwill | 1% | S100YJZD |
| Investment securities | 5% | S100YJZD |
| Other assets | 35% | S100YJZD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100YJZD |
| Equity | 56% | S100YJZD |
| Other liabilities | 0% | S100YJZD |

### 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 | 40,959 | 42,979 | 41,645 | 43,195 | 46,177 |
| Equity | 15,950 | 17,107 | 20,106 | 22,713 | 25,817 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,404 | 6,253 | 8,018 | 9,303 | 10,210 |

## 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) | 21.7% | S100YJZD |
| Fixed assets ÷ total assets | 20.3% | S100YJZD |
| Goodwill ÷ parent equity | — | —, S100YJZD |

### 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) | 22.1% |
| Cash ÷ revenue | 23.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 60.5% |
| Cash vs. profit gap | -589 JPY mn (of net income -29.7%) |
| Shareholder returns / net income | 42.5% |
| Shareholder returns / FCF | 147.6% |
| Shareholder payments — dividends / net income | 35.9% |
| Shareholder payments — dividends / FCF | 124.7% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 9.6% |

## 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 | 4.8% | 0.99× | 4.8% | 2.80× | 13.3% | S100R4NK |
| 2023 | 1.4% | 1.08× | 1.5% | 2.85× | 4.4% | S100TSXG |
| 2024 | 6.2% | 0.96× | 6.0% | 2.67× | 16.0% | S100W3XY |
| 2025 | 5.1% | 1.02× | 5.2% | 2.43× | 12.6% | S100YJZD |
| 2026 | 4.6% | 0.97× | 4.4% | 2.39× | 10.6% | S100YJZD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社フェローテック | Major shareholder | 13.1% | 2026-03-31 |
| 北電工取引先持株会 | Major shareholder | 6.0% | 2026-03-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB) (常任代理人 野村證券株式会社) | Major shareholder | 4.9% | 2026-03-31 |
| 北電工従業員持株会 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社北陸銀行 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社北國銀行 | Major shareholder | 2.0% | 2026-03-31 |
| 前田建設工業株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社富山銀行 | Major shareholder | 1.8% | 2026-03-31 |
| コーセル株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第92期(2025/04/01－2026/03/31) | S100YJZD | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJZD,, |
| 有価証券報告書－第91期(2024/04/01－2025/03/31) | S100W3XY | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3XY,, |
| 有価証券報告書－第90期(2023/04/01－2024/03/31) | S100TSXG | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSXG,, |
| 有価証券報告書－第89期(2022/04/01－2023/03/31) | S100R4NK | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4NK,, |
| 有価証券報告書－第88期(令和3年4月1日－令和4年3月31日) | S100OFJO | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFJO,, |
| 有価証券報告書－第87期(令和2年4月1日－令和3年3月31日) | S100LMWI | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMWI,, |

## 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).