# Imasen Electric Industrial 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89期(2025/04/01－2026/03/31) (S100YER6)
> Page: https://vizora.meequs.com/en/company/imasen-electric-industrial
> Retrieved: 2026-09-30T19:15:15.582Z

## Company

Imasen Electric Industrial, founded in 1939, is a company in Auto Parts listed on TSE Standard. It has 2,596 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Imasen Electric Industrial Co., Ltd. |
| Ticker | 7266 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7266.T) |
| Listing | TSE Standard |
| Head office | 愛知県犬山市字柿畑1番地 |
| Representative (per filing) | 代表取締役社長執行役員 長谷川 健一 |
| Founded | Feb 1939 |
| Share capital | ¥7.29B |
| Employees (consolidated) | 2,596 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.imasen.co.jp (https://www.imasen.co.jp/) |
| Corporate number | 1180001080700 |
| EDINET | E02231 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YER6, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.2 | 110 |
| Profitability | 16.7 | 111 |
| Cash conversion | 16.2 | 108 |
| Efficiency | 69.8 | 111 |

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 44% of Imasen Electric Industrial's sales come from Japan, with North America and Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -7.6% from the prior year, operating profit +418.3%.

## Company structure

- Segment revenue mix: Japan 44.1%、North America 28.7%、Asia 27.2%
- Revenue → net income: ¥87149000000 → ¥2495000000
- Net income → operating cash flow: ¥2495000000 → ¥1948000000（difference ¥-547000000）
- Main uses of operating cash flow: CapEx ¥3166000000 / dividends ¥528000000 / buybacks ¥403000000
- Change in cash: ¥2254000000
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 | ¥87.1B |  |
| Operating income | ¥2.04B | Margin 2.3% |
| Net income | ¥2.48B | Margin 2.8% |
| Free cash flow | -¥1.22B |  |
| Largest business | Japan | of segment revenue 44.1% |
| Employees (consolidated) | 2,596 |  |
| EPS | ¥66.39 |  |
| Book value per share | ¥1672.59 |  |
| Equity ratio | 68.7% |  |
| Shares outstanding | 22,775,352 |  |
| Treasury shares | 1,533,400 |  |
| Shareholders | 5,608 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 21.0% | Cash ÷ revenue 19.6% |
| Vs. industry median margin | -2.4 pp | Auto Parts |
| ROE | 5.7% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -8% while operating income rose 418%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥87096000000 | ¥87149000000 | +0.1% |
| Operating income | ¥-790000000 | ¥2037000000 | — |
| Operating margin | -0.9% | 2.3% | +3.2 pp |
| Employees | 4,252 people | 2,596 people | -38.9% |
| Cash and equivalents | ¥18831000000 | ¥17045000000 | -9.5% |

### 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 | 21.0% |
| 自動車部品関連事業 → 事業再編・廃止 | 48.2% |
| 北米 → 北米 | 14.0% |
| ワイヤーハーネス関連事業 → 事業再編・廃止 | 1.3% |
| アジア → アジア | 15.0% |
| 福祉機器関連事業 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 日本 | 23.1% |
| 新設・再編 → 北米 | 14.7% |
| 新設・再編 → アジア | 12.2% |

Segment revenue source references: 9 (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 | +1.0% | ¥38461000000 | 1.5% | 2 |
| North America | 5 years | +0.5% | ¥25004000000 | 2.0% | 2 |
| Asia | 5 years | -2.0% | ¥23683000000 | 4.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 87,149 | 100.0% | S100YER6 |
| Cost of revenue | 78,771 | 90.4% | S100YER6 |
| Gross profit | 8,378 | 9.6% | S100YER6 |
| SG&A | 6,340 | 7.3% | S100YER6 |
| Operating income | 2,037 | 2.3% | S100YER6 |
| Ordinary income | 2,122 | 2.4% | S100YER6 |
| Pretax income | 2,962 | 3.4% | S100YER6 |
| Income tax | 467 | 0.5% | S100YER6 |
| Net income | 2,495 | 2.9% | S100YER6 |
| Net income attributable to owners | 2,480 | 2.8% | S100YER6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 7 |
| Operating income | 2 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 9.6% → Operating margin 2.3% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -7.6%; Core profit growth: +418.3%
Operating leverage (core profit growth ÷ revenue growth): -54.87×
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 | 94,341 | 87,149 | -7,192 | -7.6% |
| Gross profit | 7,586 | 8,378 | 792 | +10.4% |
| Operating income | 393 | 2,037 | 1,644 | +418.3% |
| Net income attributable to owners | 2,084 | 2,480 | 396 | +19.0% |
| Operating cash flow | 2,768 | 1,948 | -820 | -29.6% |
| Free cash flow | 690 | -1,218 | -1,908 | -276.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 112,081 | 2,720 | 2.4% | 553 | 7,691 | 4,065 | S100LNF6 |
| FY ending Mar 2021 | 87,096 | -790 | -0.9% | -3,081 | 3,044 | 462 | S100OC81 |
| FY ending Mar 2022 | 85,155 | -70 | -0.1% | -1,210 | 3,504 | -143 | S100R1EW |
| FY ending Mar 2023 | 99,730 | -770 | -0.8% | -2,053 | -787 | -2,428 | S100TRHS |
| FY ending Mar 2024 | 99,730 | 14 | 0.0% | -71 | 958 | -963 | S100W1YX |
| FY ending Mar 2025 | 94,341 | 393 | 0.4% | 2,084 | 2,768 | 690 | S100YER6 |
| FY ending Mar 2026 | 87,149 | 2,037 | 2.3% | 2,480 | 1,948 | -1,218 | S100YER6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.6M |
| Operating income per employee (consolidated) | ¥784.7K |
| Net income per employee (consolidated) | ¥955.3K |

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) | 3,852 | 3,427 | 3,177 | 2,828 | 2,596 |
| Average salary (parent company) | ¥5.5M | ¥5.7M | ¥5.9M | ¥6.3M | ¥6.3M |
| Average age (parent company) | 43.3 years | 43.7 years | 43.7 years | 44.4 years | 45.4 years |
| Average tenure (parent company) | 20.8 years | 21.0 years | 20.9 years | 21.3 years | 22.0 years |

Year over year: Employees (consolidated) -8.2% · Revenue (consolidated) -7.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 38,461 | 44.1% | 580 | 1.5% |
| North America | 25,004 | 28.7% | 508 | 2.0% |
| Asia | 23,683 | 27.2% | 956 | 4.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 44.1% | 28.4% | -15.8 | 1.5% |
| North America | 28.7% | 24.9% | -3.8 | 2.0% |
| Asia | 27.2% | 46.8% | 19.6 | 4.0% |

Segment → industry: Asia → Auto Parts / North America → Auto Parts / Japan → Auto Parts

## 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 | 1,948 | 2.2% | S100YER6 |
| Capital expenditure | 3,166 | 3.6% | S100YER6 |
| Free cash flow | -1,218 | -1.4% | 算出 |
| Investing cash flow | -1,724 | -2.0% | S100YER6 |
| Financing cash flow | 1,282 | 1.5% | S100YER6 |
| Dividends paid | 528 | 0.6% | S100YER6 |
| Share buyback | 403 | 0.5% | S100YER6 |
| Change in cash | 2,254 | 2.6% | S100YER6 |
| Cash and equivalents | 17,045 | 19.6% | S100YER6 |

## 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 | 18,455 | 15,885 | 11,175 | 14,412 | 17,045 | S100TRHS, S100W1YX, S100YER6 |
| Total assets | 80,157 | 82,903 | 81,181 | 78,331 | 81,111 | S100R1EW, S100TRHS, S100W1YX, S100YER6 |
| Net assets | 49,777 | 48,887 | 51,269 | 53,041 | 56,098 | S100TRHS, S100W1YX, S100YER6 |
| Share capital | 7,289 | 7,289 | 7,289 | 7,289 | 7,289 | S100R1EW, S100TRHS, S100W1YX, S100YER6 |
| Inventories | 12,412 | 14,765 | 13,058 | 14,054 | 13,707 | S100R1EW, S100TRHS, S100W1YX, S100YER6 |
| Property, plant and equipment | 20,445 | 20,224 | 20,763 | 20,108 | 20,275 | S100R1EW, S100TRHS, S100W1YX, S100YER6 |
| Intangible assets excluding goodwill | 476 | 700 | 943 | 1,092 | 1,307 | S100R1EW, S100TRHS, S100W1YX, S100YER6 |
| Investment securities | 4,822 | 5,251 | 7,254 | 2,246 | 3,145 | S100R1EW, S100TRHS, S100W1YX, S100YER6 |
| Current assets | 53,742 | 56,003 | 50,470 | 52,626 | 53,526 | S100R1EW, S100TRHS, S100W1YX, S100YER6 |
| Current liabilities | 22,853 | 26,180 | 23,638 | 20,504 | 20,787 | S100R1EW, S100TRHS, S100W1YX, S100YER6 |
| Trade payables | 8,077 | 10,434 | 9,007 | 8,057 | 7,465 | S100R1EW, S100TRHS, S100W1YX, S100YER6 |
| Short-term borrowings | 4,121 | 5,884 | 3,881 | 700 | 4,297 | S100R1EW, S100TRHS, S100W1YX, S100YER6 |
| Long-term borrowings | 3,725 | 2,516 | 1,050 | 573 | 243 | S100R1EW, S100TRHS, S100W1YX, S100YER6 |
| Total liabilities | 30,379 | 34,016 | 29,911 | 25,290 | 25,012 | S100R1EW, S100TRHS, S100W1YX, S100YER6 |
| Non-controlling interests | 341 | 376 | 415 | 337 | 348 | S100R1EW, S100TRHS, S100W1YX, S100YER6 |
| Equity attributable to owners of parent | 44,310 | 41,589 | 40,843 | 42,560 | 43,834 | S100R1EW, S100TRHS, S100W1YX, S100YER6 |
| Retained earnings | 30,367 | 28,021 | 27,647 | 29,435 | 30,593 | S100R1EW, S100TRHS, S100W1YX, S100YER6 |
| Treasury stock | -389 | -763 | -1,135 | -1,206 | -1,090 | S100R1EW, S100TRHS, S100W1YX, S100YER6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YER6 |
| Inventories | 17% | S100YER6 |
| Property, plant and equipment | 25% | S100YER6 |
| Intangibles and goodwill | 2% | S100YER6 |
| Investment securities | 4% | S100YER6 |
| Other assets | 31% | S100YER6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YER6 |
| Other liabilities | 22% | S100YER6 |
| Equity | 69% | S100YER6 |
| Other liabilities | 0% | S100YER6 |

### 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 | 80,157 | 82,903 | 81,181 | 78,331 | 81,111 |
| Equity | 49,777 | 48,887 | 51,269 | 53,041 | 56,098 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,455 | 15,885 | 11,175 | 14,412 | 17,045 |

## 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) | 23.3% | S100YER6 |
| Fixed assets ÷ total assets | 25.0% | S100YER6 |
| Goodwill ÷ parent equity | — | —, S100YER6 |

### 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) | 21.0% |
| Cash ÷ revenue | 19.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 95.6% |
| Cash vs. profit gap | -532 JPY mn (of net income -21.5%) |
| Shareholder returns / net income | 37.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 88.5% |

## 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 | — | —× | -1.5% | —× | — | S100R1EW |
| 2023 | — | —× | -2.5% | —× | — | S100TRHS |
| 2024 | — | —× | -0.1% | —× | — | S100W1YX |
| 2025 | 2.2% | 1.18× | 2.6% | 1.91× | 5.0% | S100YER6 |
| 2026 | 2.8% | 1.09× | 3.1% | 1.85× | 5.7% | S100YER6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| テイ・エス テック株式会社 | Major shareholder | 37.6% | 2026-03-31 |
| IMASEN取引先持株会 | Major shareholder | 4.7% | 2026-03-31 |
| 今仙電機従業員持株会 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社三十三銀行 | Major shareholder | 2.4% | 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 | 2.0% | 2026-03-31 |
| 水元 公仁 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.5% | 2026-03-31 |
| 日本発條株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 松山 保臣 | Major shareholder | 0.8% | 2026-03-31 |
| 森田 成之 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第89期(2025/04/01－2026/03/31) | S100YER6 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YER6,, |
| 有価証券報告書－第88期(2024/04/01－2025/03/31) | S100W1YX | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1YX,, |
| 有価証券報告書－第87期(2023/04/01－2024/03/31) | S100TRHS | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRHS,, |
| 有価証券報告書－第86期(2022/04/01－2023/03/31) | S100R1EW | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1EW,, |
| 有価証券報告書－第85期(令和3年4月1日－令和4年3月31日) | S100OC81 | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC81,, |
| 有価証券報告書－第84期(令和2年4月1日－令和3年3月31日) | S100LNF6 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNF6,, |

## 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).