# IKEGAMI TSUSHINKI 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85期(2025/04/01－2026/03/31) (S100YGW1)
> Page: https://vizora.meequs.com/en/company/ikegami-tsushinki
> Retrieved: 2026-09-30T21:03:00.905Z

## Company

Ikegami Tsushinki, founded in 1948, is a company in TVs, Audio & Musical Instruments listed on TSE Standard. It has 774 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IKEGAMI TSUSHINKI CO., LTD. |
| Ticker | 6771 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6771.T) |
| Listing | TSE Standard |
| Head office | 東京都大田区池上五丁目6番16号 |
| Representative (per filing) | 代表取締役社長 清森 洋祐 |
| Founded | Feb 1948 |
| Share capital | ¥7B |
| Employees (consolidated) | 774 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | ikegami.co.jp (https://ikegami.co.jp/) |
| Corporate number | 6010801000811 |
| EDINET | E01819 |
| Industries (Vizora) | TVs, Audio & Musical Instruments |

> Profile source: annual securities report (S100YGW1, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: TVs, Audio & Musical Instruments (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.6 | 11 |
| Profitability | 37.5 | 12 |
| Cash conversion | 83.3 | 9 |
| Efficiency | 20.8 | 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)

- Ikegami Tsushinki brought in ¥21.3B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +2.9% from the prior year, operating profit +60.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥21329000000 → ¥376000000
- Net income → operating cash flow: ¥376000000 → ¥1523000000（difference ¥1147000000）
- Main uses of operating cash flow: CapEx ¥1146000000 / dividends ¥77000000 / buybacks ¥0
- Change in cash: ¥405000000
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 | ¥21.3B |  |
| Operating income | ¥407M | Margin 1.9% |
| Net income | ¥376M | Margin 1.8% |
| Free cash flow | ¥377M |  |
| Employees (consolidated) | 774 |  |
| EPS | ¥92.87 |  |
| Book value per share | ¥2075.93 |  |
| Equity ratio | 47.8% |  |
| Shares outstanding | 7,285,746 |  |
| Treasury shares | 870,900 |  |
| Shareholders | 5,685 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 13.3% | Cash ÷ revenue 18.7% |
| Vs. industry median margin | -3.1 pp | TVs, Audio & Musical Instruments |
| ROE | 2.6% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.1× net income
- FY2026, employees -5% while operating income rose 60%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21850000000 | ¥21329000000 | -2.4% |
| Operating income | ¥407000000 | ¥407000000 | 0.0% |
| Operating margin | 1.9% | 1.9% | 0 pp |
| Employees | 887 people | 774 people | -12.7% |
| Cash and equivalents | ¥6133000000 | ¥3990000000 | -34.9% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,329 | 100.0% | S100YGW1 |
| Cost of revenue | 14,814 | 69.5% | S100YGW1 |
| Gross profit | 6,514 | 30.5% | S100YGW1 |
| SG&A | 6,107 | 28.6% | S100YGW1 |
| Operating income | 407 | 1.9% | S100YGW1 |
| Ordinary income | 358 | 1.7% | S100YGW1 |
| Pretax income | 336 | 1.6% | S100YGW1 |
| Income tax | -40 | -0.2% | S100YGW1 |
| Net income | 376 | 1.8% | S100YGW1 |
| Net income attributable to owners | 376 | 1.8% | S100YGW1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 29 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 30.5% → Operating margin 1.9% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.9%; Core profit growth: +60.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 20.99×
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 | 20,734 | 21,329 | 595 | +2.9% |
| Gross profit | 5,911 | 6,514 | 603 | +10.2% |
| Operating income | 254 | 407 | 153 | +60.2% |
| Net income attributable to owners | 235 | 376 | 141 | +60.0% |
| Operating cash flow | -3,525 | 1,523 | 5,048 | — |
| Free cash flow | -3,926 | 377 | 4,303 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 23,229 | 768 | 3.3% | 705 | 982 | 535 | S100LLLD |
| FY ending Mar 2021 | 21,850 | 407 | 1.9% | 444 | 1,162 | 434 | S100OKNK |
| FY ending Mar 2022 | 18,470 | 255 | 1.4% | 178 | -1,620 | -2,602 | S100R8A9 |
| FY ending Mar 2023 | 22,146 | -997 | -4.5% | -1,074 | -1,187 | -1,524 | S100TV0R |
| FY ending Mar 2024 | 21,603 | 794 | 3.7% | 679 | 2,955 | 2,647 | S100W76Z |
| FY ending Mar 2025 | 20,734 | 254 | 1.2% | 235 | -3,525 | -3,926 | S100YGW1 |
| FY ending Mar 2026 | 21,329 | 407 | 1.9% | 376 | 1,523 | 377 | S100YGW1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.6M |
| Operating income per employee (consolidated) | ¥525.8K |
| Net income per employee (consolidated) | ¥485.8K |

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) | 871 | 849 | 818 | 812 | 774 |
| Average salary (parent company) | ¥5.9M | ¥6M | ¥6M | ¥7.1M | ¥6.7M |
| Average age (parent company) | 46.3 years | 46.3 years | 46.3 years | 46.5 years | 46.7 years |
| Average tenure (parent company) | 20.6 years | 21.4 years | 21.5 years | 21.5 years | 21.3 years |

Year over year: Employees (consolidated) -4.7% · Revenue (consolidated) +2.9%

## 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 | 1,523 | 7.1% | S100YGW1 |
| Capital expenditure | 1,146 | 5.4% | S100YGW1 |
| Free cash flow | 377 | 1.8% | 算出 |
| Investing cash flow | -991 | -4.6% | S100YGW1 |
| Financing cash flow | -191 | -0.9% | S100YGW1 |
| Dividends paid | 77 | 0.4% | S100YGW1 |
| Share buyback | 0 | 0.0% | S100YGW1 |
| Change in cash | 405 | 1.9% | S100YGW1 |
| Cash and equivalents | 3,990 | 18.7% | S100YGW1 |

## 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 | 5,662 | 4,483 | 6,534 | 3,584 | 3,990 | S100TV0R, S100W76Z, S100YGW1 |
| Total assets | 27,404 | 28,961 | 30,613 | 28,841 | 29,917 | S100R8A9, S100TV0R, S100W76Z, S100YGW1 |
| Net assets | 13,710 | 12,710 | 13,687 | 13,657 | 14,302 | S100TV0R, S100W76Z, S100YGW1 |
| Share capital | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | S100R8A9, S100TV0R, S100W76Z, S100YGW1 |
| Property, plant and equipment | 4,247 | 4,228 | 4,188 | 4,438 | 5,288 | S100R8A9, S100TV0R, S100W76Z, S100YGW1 |
| Intangible assets excluding goodwill | 118 | 99 | 102 | 171 | 188 | S100R8A9, S100TV0R, S100W76Z, S100YGW1 |
| Investment securities | 376 | 364 | 487 | 403 | 451 | S100R8A9, S100TV0R, S100W76Z, S100YGW1 |
| Current assets | 22,377 | 23,972 | 25,288 | 23,543 | 23,577 | S100R8A9, S100TV0R, S100W76Z, S100YGW1 |
| Current liabilities | 8,626 | 11,609 | 12,412 | 10,954 | 11,067 | S100R8A9, S100TV0R, S100W76Z, S100YGW1 |
| Trade payables | 1,646 | 2,274 | 1,919 | 1,227 | 1,448 | S100R8A9, S100TV0R, S100W76Z, S100YGW1 |
| Short-term borrowings | 2,040 | 2,550 | 2,550 | 4,100 | 3,900 | S100R8A9, S100TV0R, S100W76Z, S100YGW1 |
| Long-term borrowings | 3,489 | 3,537 | 3,636 | 3,434 | 3,616 | S100R8A9, S100TV0R, S100W76Z, S100YGW1 |
| Bonds | 528 | 200 | — | — | — | S100R8A9, S100TV0R |
| Interest-bearing debt | 6,057 | 6,287 | — | — | — | 算出 |
| Total liabilities | 13,693 | 16,250 | 16,925 | 15,183 | 15,615 | S100R8A9, S100TV0R, S100W76Z, S100YGW1 |
| Equity attributable to owners of parent | 14,618 | 13,483 | 14,102 | 14,151 | 14,453 | S100R8A9, S100TV0R, S100W76Z, S100YGW1 |
| Retained earnings | 4,065 | 2,927 | 3,543 | 3,587 | 3,886 | S100R8A9, S100TV0R, S100W76Z, S100YGW1 |
| Treasury stock | -915 | -909 | -903 | -897 | -892 | S100R8A9, S100TV0R, S100W76Z, S100YGW1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YGW1 |
| Property, plant and equipment | 18% | S100YGW1 |
| Intangibles and goodwill | 1% | S100YGW1 |
| Investment securities | 1% | S100YGW1 |
| Other assets | 67% | S100YGW1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YGW1 |
| Other liabilities | 47% | S100YGW1 |
| Equity | 48% | S100YGW1 |

### 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 | 27,404 | 28,961 | 30,613 | 28,841 | 29,917 |
| Equity | 13,710 | 12,710 | 13,687 | 13,657 | 14,302 |
| Interest-bearing debt | 6,057 | 6,287 | — | — | — |
| Cash | 5,662 | 4,483 | 6,534 | 3,584 | 3,990 |

## 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) | 24.8% | S100YGW1 |
| Fixed assets ÷ total assets | 17.7% | S100YGW1 |
| Goodwill ÷ parent equity | — | —, S100YGW1 |

### 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) | 13.3% |
| Cash ÷ revenue | 18.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 374.2% |
| Cash vs. profit gap | 1,147 JPY mn (of net income 305.1%) |
| Shareholder returns / net income | 20.5% |
| Shareholder returns / FCF | 20.4% |
| Shareholder payments — dividends / net income | 20.5% |
| Shareholder payments — dividends / FCF | 20.4% |
| CapEx intensity (capex ÷ revenue) | 5.4% |
| Investing CF relative to operating CF | 65.1% |

## 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 | 1.0% | 0.67× | 0.6% | 1.87× | 1.2% | S100R8A9 |
| 2023 | — | —× | -3.8% | —× | — | S100TV0R |
| 2024 | 3.1% | 0.73× | 2.3% | 2.16× | 4.9% | S100W76Z |
| 2025 | 1.1% | 0.70× | 0.8% | 2.10× | 1.7% | S100YGW1 |
| 2026 | 1.8% | 0.73× | 1.3% | 2.05× | 2.6% | S100YGW1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社センス | Major shareholder | 4.8% | 2026-03-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 4.2% | 2026-03-31 |
| 池上通信機従業員持株会 | Major shareholder | 4.0% | 2026-03-31 |
| 池上通信機取引先持株会 | Major shareholder | 3.3% | 2026-03-31 |
| 豊嶋 唯充 | Major shareholder | 2.6% | 2026-03-31 |
| 島根 良明 | Major shareholder | 1.8% | 2026-03-31 |
| 本間 常夫 | Major shareholder | 1.6% | 2026-03-31 |
| 松下 彰利 | Major shareholder | 1.6% | 2026-03-31 |
| 豊嶋精密工業株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 電気興業株式会社 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第85期(2025/04/01－2026/03/31) | S100YGW1 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGW1,, |
| 有価証券報告書－第84期(2024/04/01－2025/03/31) | S100W76Z | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W76Z,, |
| 有価証券報告書－第83期(2023/04/01－2024/03/31) | S100TV0R | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV0R,, |
| 有価証券報告書－第82期(2022/04/01－2023/03/31) | S100R8A9 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8A9,, |
| 有価証券報告書－第81期(令和3年4月1日－令和4年3月31日) | S100OKNK | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKNK,, |
| 有価証券報告書－第80期(令和2年4月1日－令和3年3月31日) | S100LLLD | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLLD,, |

## 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).