# Hosiden Corporation: 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76期(2025/04/01－2026/03/31) (S100YI0D)
> Page: https://vizora.meequs.com/en/company/hosiden
> Retrieved: 2026-09-30T21:02:11.755Z

## Company

Hosiden, founded in 1959, is a company in Electronic Components listed on TSE Prime. It has 8,465 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hosiden Corporation |
| Ticker | 6804 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6804.T) |
| Listing | TSE Prime |
| Head office | 大阪府八尾市北久宝寺一丁目4番33号 |
| Representative (per filing) | 代表取締役社長 古橋 健士 |
| Founded | Nov 1959 |
| Share capital | ¥13.7B |
| Employees (consolidated) | 8,465 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.hosiden.com (https://www.hosiden.com/) |
| Corporate number | 4122001020003 |
| EDINET | E01815 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YI0D, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.3 | 53 |
| Profitability | 38.4 | 56 |
| Cash conversion | 71.9 | 48 |
| Efficiency | 99.1 | 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 92% of Hosiden's sales come from Electro-mechanical Components, with Acoustic Components and Applied Equipment and Others making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +81.1% from the prior year, operating profit +41.7%.

## Company structure

- Segment revenue mix: Electro-mechanical Components 92.4%、Acoustic Components 4.3%、Applied Equipment and Others 3.2%
- Revenue → net income: ¥448250000000 → ¥16206000000
- Net income → operating cash flow: ¥16206000000 → ¥34538000000（difference ¥18332000000）
- Main uses of operating cash flow: CapEx ¥7909000000 / dividends ¥3307000000 / buybacks ¥4201000000
- Change in cash: ¥19280000000
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 | ¥448.3B |  |
| Operating income | ¥19.2B | Margin 4.3% |
| Net income | ¥16.2B | Margin 3.6% |
| Free cash flow | ¥26.6B |  |
| Largest business | Electro-mechanical Components | of segment revenue 92.4% |
| Employees (consolidated) | 8,465 |  |
| EPS | ¥231.38 |  |
| Diluted EPS | ¥215.36 |  |
| Book value per share | ¥2029.41 |  |
| Equity ratio | 69.8% |  |
| Shares outstanding | 58,502,000 |  |
| Treasury shares | 9,269,900 |  |
| Shareholders | 8,138 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 30.7% | Cash ÷ revenue 14.7% |
| Vs. industry median margin | -1.6 pp | Electronic Components |
| ROE | 11.8% | Derived from disclosed figures |
| ROA | 7.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, buybacks were 1.3× dividends
- FY2026, revenue is 2.2× its level five years ago

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥233934000000 | ¥448250000000 | +91.6% |
| Operating income | ¥12377000000 | ¥19236000000 | +55.4% |
| Operating margin | 5.3% | 4.3% | -1 pp |
| Employees | 9,570 people | 8,465 people | -11.5% |
| Cash and equivalents | ¥69522000000 | ¥66050000000 | -5.0% |

### 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 |
| --- | ---: |
| 機構部品 → 事業再編・廃止 | 87.0% |
| 音響部品 → 事業再編・廃止 | 5.3% |
| 表示部品 → 事業再編・廃止 | 3.7% |
| 複合部品その他 → 事業再編・廃止 | 4.1% |
| 新設・再編 → 機構部品 | 92.4% |
| 新設・再編 → 音響部品 | 4.3% |
| 新設・再編 → 複合部品その他 | 3.2% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electro-mechanical Components | — | — | ¥414284000000 | 4.1% | 2 |
| Acoustic Components | — | — | ¥19431000000 | 8.2% | 2 |
| Applied Equipment and Others | — | — | ¥14535000000 | 4.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 448,250 | 100.0% | S100YI0D |
| Cost of revenue | 419,082 | 93.5% | S100YI0D |
| Gross profit | 29,168 | 6.5% | S100YI0D |
| SG&A | 9,932 | 2.2% | S100YI0D |
| Operating income | 19,236 | 4.3% | S100YI0D |
| Ordinary income | 24,644 | 5.5% | S100YI0D |
| Pretax income | 22,894 | 5.1% | S100YI0D |
| Income tax | 6,687 | 1.5% | S100YI0D |
| Net income | 16,206 | 3.6% | S100YI0D |
| Net income attributable to owners | 16,206 | 3.6% | S100YI0D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 94 |
| SG&A | 2 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 6.5% → Operating margin 4.3% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +81.1%; Core profit growth: +41.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.51×
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 | 247,571 | 448,250 | 200,679 | +81.1% |
| Gross profit | 23,148 | 29,168 | 6,020 | +26.0% |
| Operating income | 13,573 | 19,236 | 5,663 | +41.7% |
| Net income attributable to owners | 10,037 | 16,206 | 6,169 | +61.5% |
| Operating cash flow | -18,228 | 34,538 | 52,766 | — |
| Free cash flow | -24,745 | 26,629 | 51,374 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 211,912 | 11,219 | 5.3% | 9,433 | 2,122 | -4,022 | S100LTCN |
| FY ending Mar 2021 | 233,934 | 12,377 | 5.3% | 10,338 | 12,590 | 9,792 | S100OJUA |
| FY ending Mar 2022 | 207,608 | 11,725 | 5.6% | 11,901 | -1,230 | -5,187 | S100R7QT |
| FY ending Mar 2023 | 277,244 | 15,750 | 5.7% | 12,637 | 20,765 | 17,813 | S100U49K |
| FY ending Mar 2024 | 218,910 | 12,925 | 5.9% | 11,632 | 26,931 | 24,010 | S100W3F7 |
| FY ending Mar 2025 | 247,571 | 13,573 | 5.5% | 10,037 | -18,228 | -24,745 | S100YI0D |
| FY ending Mar 2026 | 448,250 | 19,236 | 4.3% | 16,206 | 34,538 | 26,629 | S100YI0D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 8,808 | 9,028 | 6,839 | 8,791 | 8,465 |
| Average salary (parent company) | ¥6.9M | ¥6.9M | ¥6.7M | ¥6.9M | ¥6.8M |
| Average age (parent company) | 47.8 years | 48.0 years | 48.4 years | 48.6 years | 48.6 years |
| Average tenure (parent company) | 24.0 years | 24.3 years | 24.7 years | 24.3 years | 24.4 years |

Year over year: Employees (consolidated) -3.7% · Revenue (consolidated) +81.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electro-mechanical Components | 414,284 | 92.4% | 16,973 | 4.1% |
| Acoustic Components | 19,431 | 4.3% | 1,586 | 8.2% |
| Applied Equipment and Others | 14,535 | 3.2% | 675 | 4.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electro-mechanical Components | 92.4% | 88.2% | -4.2 | 4.1% |
| Acoustic Components | 4.3% | 8.2% | 3.9 | 8.2% |
| Applied Equipment and Others | 3.2% | 3.5% | 0.3 | 4.6% |

Segment → industry: Applied Equipment and Others → Electronic Components / Acoustic Components → Electronic Components / Electro-mechanical Components → 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 | 34,538 | 7.7% | S100YI0D |
| Capital expenditure | 7,909 | 1.8% | S100YI0D |
| Free cash flow | 26,629 | 5.9% | 算出 |
| Investing cash flow | -6,376 | -1.4% | S100YI0D |
| Financing cash flow | -8,636 | -1.9% | S100YI0D |
| Dividends paid | 3,307 | 0.7% | S100YI0D |
| Share buyback | 4,201 | 0.9% | S100YI0D |
| Change in cash | 19,280 | 4.3% | S100YI0D |
| Cash and equivalents | 66,050 | 14.7% | S100YI0D |

## 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 | 62,479 | 66,017 | 76,662 | 46,769 | 66,050 | S100U49K, S100W3F7, S100YI0D |
| Total assets | 171,525 | 179,993 | 175,008 | 200,279 | 215,281 | S100R7QT, S100U49K, S100W3F7, S100YI0D |
| Net assets | 119,533 | 126,753 | 134,870 | 140,317 | 150,243 | S100U49K, S100W3F7, S100YI0D |
| Share capital | 13,660 | 13,660 | 13,660 | 13,660 | 13,660 | S100R7QT, S100U49K, S100W3F7, S100YI0D |
| Property, plant and equipment | 18,559 | 17,495 | 16,641 | 19,602 | 21,516 | S100R7QT, S100U49K, S100W3F7, S100YI0D |
| Intangible assets excluding goodwill | 451 | 423 | 405 | 508 | 699 | S100R7QT, S100U49K, S100W3F7, S100YI0D |
| Investment securities | 4,809 | 5,643 | 7,057 | 7,228 | 8,079 | S100R7QT, S100U49K, S100W3F7, S100YI0D |
| Current assets | 145,572 | 151,878 | 145,925 | 171,516 | 181,466 | S100R7QT, S100U49K, S100W3F7, S100YI0D |
| Current liabilities | 36,305 | 37,919 | 35,042 | 45,236 | 48,924 | S100R7QT, S100U49K, S100W3F7, S100YI0D |
| Trade payables | 23,614 | 25,772 | 14,673 | — | — | S100R7QT, S100U49K |
| Short-term borrowings | 2,040 | 2,189 | 1,050 | 1,050 | — | S100R7QT, S100U49K, S100W3F7, S100YI0D |
| Total liabilities | 51,991 | 53,239 | 40,137 | 59,962 | 65,038 | S100R7QT, S100U49K, S100W3F7, S100YI0D |
| Equity attributable to owners of parent | 117,990 | 123,370 | 128,417 | 133,120 | 141,835 | S100R7QT, S100U49K, S100W3F7, S100YI0D |
| Retained earnings | 94,320 | 100,808 | 106,744 | 112,257 | 122,641 | S100R7QT, S100U49K, S100W3F7, S100YI0D |
| Treasury stock | -9,586 | -10,695 | -11,584 | -12,393 | -14,063 | S100R7QT, S100U49K, S100W3F7, S100YI0D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YI0D |
| Property, plant and equipment | 10% | S100YI0D |
| Intangibles and goodwill | 0% | S100YI0D |
| Investment securities | 4% | S100YI0D |
| Other assets | 55% | S100YI0D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100YI0D |
| Equity | 70% | S100YI0D |

### 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 | 171,525 | 179,993 | 175,008 | 200,279 | 215,281 |
| Equity | 119,533 | 126,753 | 134,870 | 140,317 | 150,243 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 62,479 | 66,017 | 76,662 | 46,769 | 66,050 |

## 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) | 4.8% | S100YI0D |
| Fixed assets ÷ total assets | 10.0% | S100YI0D |
| Goodwill ÷ parent equity | — | —, S100YI0D |

### 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) | 30.7% |
| Cash ÷ revenue | 14.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 179.5% |
| Cash vs. profit gap | 18,332 JPY mn (of net income 113.1%) |
| Shareholder returns / net income | 46.3% |
| Shareholder returns / FCF | 28.2% |
| Shareholder payments — dividends / net income | 20.4% |
| Shareholder payments — dividends / FCF | 12.4% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 18.5% |

## 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% | 1.21× | 6.9% | 1.45× | 10.1% | S100R7QT |
| 2023 | 4.6% | 1.58× | 7.2% | 1.46× | 10.5% | S100U49K |
| 2024 | 5.3% | 1.23× | 6.6% | 1.41× | 9.2% | S100W3F7 |
| 2025 | 4.1% | 1.32× | 5.3% | 1.43× | 7.7% | S100YI0D |
| 2026 | 3.6% | 2.16× | 7.8% | 1.51× | 11.8% | S100YI0D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 11.7% | 2026-03-31 |
| みずほ信託銀行㈱退職給付信託みずほ銀行口再信託受託者㈱日本カストディ銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 日本生命保険(相)(常任代理人：日本マスタートラスト信託銀行㈱) | Major shareholder | 4.8% | 2026-03-31 |
| MSIP CLIENT SECURITIES(常任代理人：モルガン・スタンレーMUFG証券㈱) | Major shareholder | 4.7% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 2.7% | 2026-03-31 |
| ㈱三菱UFJ銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 古橋 由美 | Major shareholder | 2.5% | 2026-03-31 |
| 東京海上日動火災保険㈱ | Major shareholder | 2.4% | 2026-03-31 |
| 古橋 健士 | Major shareholder | 2.2% | 2026-03-31 |
| ホシデン共栄会 | Major shareholder | 2.1% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥448.3B, up +81.1% from ¥247.6B.
- Operating income grew +41.7% to ¥19.2B and net income rose +61.5% to ¥16.2B, so profit grew more slowly than sales; gross margin stayed at 6.5%.
- Operating cash flow swung from -¥18.2B to a positive ¥34.5B.

### Drivers

- Higher sales for amusement (game) devices and cars lifted the electro-mechanical business.
- A much larger foreign-exchange gain than the year before boosted net income.
- Lower receivables and inventories turned operating cash flow positive.

### Risks

- Most sales go to Nintendo, so its orders and demand for game consoles weigh heavily on results.
- Most sales are in foreign currencies, so exchange-rate swings affect reported yen figures.
- Rising shipping costs or logistics disruptions could keep hurting earnings.

Cited: Annual securities report, 76th fiscal year (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, 76th fiscal year (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/04/01－2026/03/31) | S100YI0D | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI0D,, |
| 有価証券報告書－第75期(2024/04/01－2025/03/31) | S100W3F7 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3F7,, |
| 訂正有価証券報告書－第74期(2023/04/01－2024/03/31) | S100U49K | 2024-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U49K,, |
| 有価証券報告書－第73期(2022/04/01－2023/03/31) | S100R7QT | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7QT,, |
| 有価証券報告書－第72期(令和3年4月1日－令和4年3月31日) | S100OJUA | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJUA,, |
| 有価証券報告書－第71期(令和2年4月1日－令和3年3月31日) | S100LTCN | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTCN,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 加賀電子 | Supply/OEM | ホシデンの部品・機器を加賀電子が販売（販売代理店契約） | S100YNQJ |

## 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).