# ICOM INCORPORATED: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第62期(2025/04/01－2026/03/31) (S100YP1U)
> Page: https://vizora.meequs.com/en/company/icom
> Retrieved: 2026-09-30T20:58:32.495Z

## Company

Icom, founded in 1964, is a company in Smartphones & Communications Equipment listed on TSE Prime. It has 1,063 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ICOM INCORPORATED |
| Ticker | 6820 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6820.T) |
| Listing | TSE Prime |
| Head office | 大阪市平野区加美鞍作一丁目6番19号 (同所は登記上の本店所在地で実際の本店業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 中岡 洋詞 |
| Founded | Jul 1964 |
| Share capital | ¥7.08B |
| Employees (consolidated) | 1,063 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.icom.co.jp (https://www.icom.co.jp/) |
| Corporate number | 1120001019349 |
| EDINET | E01850 |
| Industries (Vizora) | Smartphones & Communications Equipment |

> Profile source: annual securities report (S100YP1U, filed 2026-07-06). As of filing

## Five-axis industry profile

Primary industry: Smartphones & Communications Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65 | 10 |
| Profitability | 62.5 | 12 |
| Cash conversion | 31.8 | 11 |
| Efficiency | 12.5 | 12 |

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 57% of Icom's sales come from Japan, with North america and Europe making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -1.4% from the prior year, operating profit -21.7%.

## Company structure

- Segment revenue mix: Japan 57.3%、North america 30.7%、Europe 7.5%、Asia oceania 4.5%
- Revenue → net income: ¥36959000000 → ¥2665000000
- Net income → operating cash flow: ¥2665000000 → ¥2698000000（difference ¥33000000）
- Main uses of operating cash flow: CapEx ¥1294000000 / dividends ¥1191000000 / buybacks ¥0
- Change in cash: ¥-1759000000
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 | ¥37B |  |
| Operating income | ¥2.91B | Margin 7.9% |
| Net income | ¥2.67B | Margin 7.2% |
| Free cash flow | ¥1.4B |  |
| Largest business | Japan | of segment revenue 57.3% |
| Employees (consolidated) | 1,063 |  |
| EPS | ¥179 |  |
| Book value per share | ¥3903.15 |  |
| Equity ratio | 89.2% |  |
| Shares outstanding | 14,850,000 |  |
| Treasury shares | 497,700 |  |
| Shareholders | 14,049 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 27.6% | Cash ÷ revenue 61.1% |
| Vs. industry median margin | +2.5 pp | Smartphones & Communications Equipment |
| ROE | 4.2% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 89% of positive segment profit
- FY2026, segment profit share differs by 32 points
- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27941000000 | ¥36959000000 | +32.3% |
| Operating income | ¥1889000000 | ¥2913000000 | +54.2% |
| Operating margin | 6.8% | 7.9% | +1.1 pp |
| Employees | 1,014 people | 1,063 people | +4.8% |
| Cash and equivalents | ¥24125000000 | ¥22588000000 | -6.4% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 57.3% |
| 日本 → 事業再編・廃止 | 3.3% |
| 北米 → 北米 | 28.9% |
| ヨーロッパ → ヨーロッパ | 6.5% |
| アジア・オセアニア → アジア・オセアニア | 4.0% |
| 新設・再編 → 北米 | 1.8% |
| 新設・再編 → ヨーロッパ | 1.0% |
| 新設・再編 → アジア・オセアニア | 0.5% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +4.6% | ¥21177000000 | 13.4% | 2 |
| North america | 5 years | +7.0% | ¥11338000000 | -3.4% | 2 |
| Europe | 5 years | +8.9% | ¥2788000000 | 7.9% | 2 |
| Asia oceania | 5 years | +8.1% | ¥1655000000 | 7.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,959 | 100.0% | S100YP1U |
| Cost of revenue | 20,762 | 56.2% | S100YP1U |
| Gross profit | 16,196 | 43.8% | S100YP1U |
| SG&A | 13,283 | 35.9% | S100YP1U |
| Operating income | 2,913 | 7.9% | S100YP1U |
| Ordinary income | 3,812 | 10.3% | S100YP1U |
| Pretax income | 3,372 | 9.1% | S100YP1U |
| Income tax | 707 | 1.9% | S100YP1U |
| Net income | 2,665 | 7.2% | S100YP1U |
| Net income attributable to owners | 2,665 | 7.2% | S100YP1U |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 36 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 43.8% → Operating margin 7.9% → Net margin 7.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.4%; Core profit growth: -21.7%
Operating leverage (core profit growth ÷ revenue growth): 15.98×
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 | 37,468 | 36,959 | -509 | -1.4% |
| Gross profit | 16,649 | 16,196 | -453 | -2.7% |
| Operating income | 3,721 | 2,913 | -808 | -21.7% |
| Net income attributable to owners | 2,951 | 2,665 | -286 | -9.7% |
| Operating cash flow | 2,513 | 2,698 | 185 | +7.4% |
| Free cash flow | 542 | 1,404 | 862 | +159.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 30,533 | 2,300 | 7.5% | 1,928 | 4,372 | 2,899 | S100LNCR |
| FY ending Mar 2021 | 27,941 | 1,889 | 6.8% | 1,736 | 2,971 | 1,685 | S100OFUA |
| FY ending Mar 2022 | 28,277 | 1,058 | 3.7% | 1,093 | 2,084 | 1,433 | S100R2QG |
| FY ending Mar 2023 | 34,173 | 2,850 | 8.3% | 2,574 | 3,418 | 2,692 | S100TPC7 |
| FY ending Mar 2024 | 37,117 | 3,415 | 9.2% | 3,461 | 2,208 | 216 | S100W2G0 |
| FY ending Mar 2025 | 37,468 | 3,721 | 9.9% | 2,951 | 2,513 | 542 | S100YP1U |
| FY ending Mar 2026 | 36,959 | 2,913 | 7.9% | 2,665 | 2,698 | 1,404 | S100YP1U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.8M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 1,009 | 1,006 | 1,034 | 1,057 | 1,063 |
| Average salary (parent company) | ¥5.7M | ¥6.2M | ¥6.4M | ¥7.1M | ¥6.7M |
| Average age (parent company) | 43.0 years | 44.0 years | 43.0 years | 42.0 years | 40.0 years |
| Average tenure (parent company) | 18.0 years | 18.0 years | 18.0 years | 17.0 years | 15.0 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) -1.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 21,177 | 57.3% | 2,830 | 13.4% |
| North america | 11,338 | 30.7% | -389 | -3.4% |
| Europe | 2,788 | 7.5% | 220 | 7.9% |
| Asia oceania | 1,655 | 4.5% | 117 | 7.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 57.3% | 89.4% | 32.1 | 13.4% |
| North america | 30.7% | — | — | -3.4% |
| Europe | 7.5% | 6.9% | -0.6 | 7.9% |
| Asia oceania | 4.5% | 3.7% | -0.8 | 7.1% |

Loss-making segment (excluded from profit shares): North america -389 JPY mn

Segment → industry: Asia oceania → Smartphones & Communications Equipment / Europe → Smartphones & Communications Equipment / North america → Smartphones & Communications Equipment / Japan → Smartphones & Communications Equipment

## 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 | 2,698 | 7.3% | S100YP1U |
| Capital expenditure | 1,294 | 3.5% | S100YP1U |
| Free cash flow | 1,404 | 3.8% | 算出 |
| Investing cash flow | -3,567 | -9.7% | S100YP1U |
| Financing cash flow | -1,192 | -3.2% | S100YP1U |
| Dividends paid | 1,191 | 3.2% | S100YP1U |
| Share buyback | 0 | 0.0% | S100YP1U |
| Change in cash | -1,759 | -4.8% | S100YP1U |
| Cash and equivalents | 22,588 | 61.1% | S100YP1U |

## 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 | 22,489 | 27,978 | 25,993 | 24,348 | 22,588 | S100TPC7, S100W2G0, S100YP1U |
| Total assets | 63,369 | 67,163 | 73,159 | 73,888 | 81,974 | S100R2QG, S100TPC7, S100W2G0, S100YP1U |
| Net assets | 57,736 | 60,450 | 65,745 | 67,359 | 73,090 | S100TPC7, S100W2G0, S100YP1U |
| Share capital | 7,081 | 7,081 | 7,081 | 7,081 | 7,081 | S100R2QG, S100TPC7, S100W2G0, S100YP1U |
| Property, plant and equipment | 7,637 | 7,738 | 8,718 | 9,544 | 9,906 | S100R2QG, S100TPC7, S100W2G0, S100YP1U |
| Intangible assets excluding goodwill | 168 | 183 | 144 | 108 | 142 | S100R2QG, S100TPC7, S100W2G0, S100YP1U |
| Investment securities | 5,431 | 6,301 | 8,193 | 8,447 | 11,559 | S100R2QG, S100TPC7, S100W2G0, S100YP1U |
| Current assets | 46,601 | 49,166 | 50,077 | 48,685 | 50,859 | S100R2QG, S100TPC7, S100W2G0, S100YP1U |
| Current liabilities | 4,099 | 5,340 | 5,988 | 4,515 | 5,413 | S100R2QG, S100TPC7, S100W2G0, S100YP1U |
| Total liabilities | 5,632 | 6,713 | 7,414 | 6,528 | 8,884 | S100R2QG, S100TPC7, S100W2G0, S100YP1U |
| Equity attributable to owners of parent | 56,502 | 58,359 | 60,786 | 62,345 | 63,819 | S100R2QG, S100TPC7, S100W2G0, S100YP1U |
| Retained earnings | 40,417 | 42,274 | 44,702 | 46,261 | 47,735 | S100R2QG, S100TPC7, S100W2G0, S100YP1U |
| Treasury stock | -1,445 | -1,445 | -1,446 | -1,446 | -1,446 | S100R2QG, S100TPC7, S100W2G0, S100YP1U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YP1U |
| Property, plant and equipment | 12% | S100YP1U |
| Intangibles and goodwill | 0% | S100YP1U |
| Investment securities | 14% | S100YP1U |
| Other assets | 46% | S100YP1U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 11% | S100YP1U |
| Equity | 89% | S100YP1U |

### 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 | 63,369 | 67,163 | 73,159 | 73,888 | 81,974 |
| Equity | 57,736 | 60,450 | 65,745 | 67,359 | 73,090 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 22,489 | 27,978 | 25,993 | 24,348 | 22,588 |

## 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) | 26.8% | S100YP1U |
| Fixed assets ÷ total assets | 12.1% | S100YP1U |
| Goodwill ÷ parent equity | — | —, S100YP1U |

### 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) | 27.6% |
| Cash ÷ revenue | 61.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 92.6% |
| Cash vs. profit gap | 33 JPY mn (of net income 1.2%) |
| Shareholder returns / net income | 44.7% |
| Shareholder returns / FCF | 84.8% |
| Shareholder payments — dividends / net income | 44.7% |
| Shareholder payments — dividends / FCF | 84.8% |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| Investing CF relative to operating CF | 132.2% |

## 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 | 3.9% | 0.45× | 1.7% | 1.12× | 1.9% | S100R2QG |
| 2023 | 7.5% | 0.52× | 3.9% | 1.14× | 4.5% | S100TPC7 |
| 2024 | 9.3% | 0.53× | 4.9% | 1.18× | 5.8% | S100W2G0 |
| 2025 | 7.9% | 0.51× | 4.0% | 1.19× | 4.8% | S100YP1U |
| 2026 | 7.2% | 0.47× | 3.4% | 1.24× | 4.2% | S100YP1U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 井上 徳造 | Major shareholder | 14.3% | 2026-03-31 |
| ギガパレス㈱ | Major shareholder | 10.3% | 2026-03-31 |
| 公益財団法人アイコム電子通信工学振興財団 | Major shareholder | 7.0% | 2026-03-31 |
| ㈱UH Partners 2 | Major shareholder | 6.2% | 2026-03-31 |
| 光通信㈱ | Major shareholder | 4.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 4.4% | 2026-03-31 |
| ㈱ＪＶＣケンウッド | Major shareholder | 3.1% | 2026-03-31 |
| アイビー投資事業有限責任組合 | Major shareholder | 2.6% | 2026-03-31 |
| 日本証券金融㈱ | Major shareholder | 2.6% | 2026-03-31 |
| 住友不動産㈱ | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第62期(2025/04/01－2026/03/31) | S100YP1U | 2026-07-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YP1U,, |
| 有価証券報告書－第61期(2024/04/01－2025/03/31) | S100W2G0 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2G0,, |
| 有価証券報告書－第60期(2023/04/01－2024/03/31) | S100TPC7 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPC7,, |
| 有価証券報告書－第59期(2022/04/01－2023/03/31) | S100R2QG | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2QG,, |
| 有価証券報告書－第58期(令和3年4月1日－令和4年3月31日) | S100OFUA | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFUA,, |
| 有価証券報告書－第57期(令和2年4月1日－令和3年3月31日) | S100LNCR | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNCR,, |

## 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).