# INABA DENKI SANGYO 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78期(2025/04/01－2026/03/31) (S100YFJE)
> Page: https://vizora.meequs.com/en/company/inaba-denki-sangyo
> Retrieved: 2026-09-30T17:57:00.919Z

## Company

Inaba Denki Sangyo, founded in 1949, is a company in Air Conditioning listed on TSE Prime. It has 2,230 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | INABA DENKI SANGYO CO.,LTD. |
| Ticker | 9934 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9934.T) |
| Listing | TSE Prime |
| Head office | 大阪市西区立売堀四丁目11番14号 |
| Representative (per filing) | 代表取締役社長 玉垣 雅之 |
| Founded | May 1949 |
| Share capital | ¥14.5B |
| Employees (consolidated) | 2,230 |
| Average salary (parent only) | ¥9.9M |
| Fiscal year end | March |
| Website | www.inaba.co.jp (https://www.inaba.co.jp/) |
| Corporate number | 1120001041352 |
| EDINET | E02761 |
| Industries (Vizora) | Air Conditioning, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YFJE, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 74.6 | 179 |
| Profitability | 89.5 | 185 |
| Cash conversion | 44.4 | 179 |
| Efficiency | 41.9 | 185 |

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 70% of Inaba Denki Sangyo's sales come from Electrical Equipment and Materials Division, with Proprietary Products Division and Industrial Solutions Division making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +8.6% from the prior year, operating profit +16.3%.

## Company structure

- Segment revenue mix: Electrical Equipment and Materials Division 70.3%、Proprietary Products Division 19.3%、Industrial Solutions Division 10.4%
- Revenue → net income: ¥417023000000 → ¥23420000000
- Net income → operating cash flow: ¥23420000000 → ¥26909000000（difference ¥3489000000）
- Main uses of operating cash flow: CapEx ¥6095000000 / dividends ¥8448000000 / buybacks ¥3663000000
- Change in cash: ¥10140000000
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 | ¥417B |  |
| Operating income | ¥29.7B | Margin 7.1% |
| Net income | ¥23.4B | Margin 5.6% |
| Free cash flow | ¥20.8B |  |
| Largest business | Electrical Equipment and Materials Division | of segment revenue 70.3% |
| Employees (consolidated) | 2,230 |  |
| EPS | ¥200.4 |  |
| Diluted EPS | ¥198.03 |  |
| Book value per share | ¥1720.15 |  |
| Equity ratio | 62.9% |  |
| Shares outstanding | 113,659,000 |  |
| Treasury shares | 1,405,500 |  |
| Shareholders | 7,668 |  |
| Average salary (parent only) | ¥9.9M | Filing company only |
| Cash ratio | 24.3% | Cash ÷ revenue 18.3% |
| Vs. industry median margin | +4.2 pp | Specialty Trading & Wholesale |
| ROE | 13.7% | Derived from disclosed figures |
| ROA | 7.9% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +36% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥277369000000 | ¥417023000000 | +50.3% |
| Operating income | ¥15455000000 | ¥29711000000 | +92.2% |
| Operating margin | 5.6% | 7.1% | +1.6 pp |
| Employees | 2,183 people | 2,230 people | +2.2% |
| Cash and equivalents | ¥73015000000 | ¥76202000000 | +4.4% |

### 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 |
| --- | ---: |
| 電設資材事業 → 電設資材事業 | 70.3% |
| 電設資材事業 → 事業再編・廃止 | 0.1% |
| 産業機器事業 → 産業機器事業 | 10.0% |
| 自社製品事業 → 自社製品事業 | 19.3% |
| 自社製品事業 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 産業機器事業 | 0.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electrical Equipment and Materials Division | 5 years | +8.5% | ¥293289000000 | — | 2 |
| Proprietary Products Division | 5 years | +8.2% | ¥80368000000 | — | 2 |
| Industrial Solutions Division | 5 years | +9.2% | ¥43365000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 417,023 | 100.0% | S100YFJE |
| Cost of revenue | 344,412 | 82.6% | S100YFJE |
| Gross profit | 72,610 | 17.4% | S100YFJE |
| SG&A | 42,898 | 10.3% | S100YFJE |
| Operating income | 29,711 | 7.1% | S100YFJE |
| Ordinary income | 31,756 | 7.6% | S100YFJE |
| Pretax income | 32,887 | 7.9% | S100YFJE |
| Income tax | 9,467 | 2.3% | S100YFJE |
| Net income | 23,420 | 5.6% | S100YFJE |
| Net income attributable to owners | 23,420 | 5.6% | S100YFJE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 10 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 17.4% → Operating margin 7.1% → Net margin 5.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.6%; Core profit growth: +16.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.89×
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 | 384,012 | 417,023 | 33,011 | +8.6% |
| Gross profit | 65,086 | 72,610 | 7,524 | +11.6% |
| Operating income | 25,556 | 29,711 | 4,155 | +16.3% |
| Net income attributable to owners | 18,783 | 23,420 | 4,637 | +24.7% |
| Operating cash flow | 23,279 | 26,909 | 3,630 | +15.6% |
| Free cash flow | 20,622 | 20,814 | 192 | +0.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 293,717 | 16,111 | 5.5% | 11,563 | 15,433 | 13,588 | S100LIBI |
| FY ending Mar 2021 | 277,369 | 15,455 | 5.6% | 11,323 | 14,074 | 10,771 | S100O9NU |
| FY ending Mar 2022 | 289,071 | 16,261 | 5.6% | 12,266 | 11,048 | 9,404 | S100R34V |
| FY ending Mar 2023 | 316,947 | 18,641 | 5.9% | 15,427 | 2,700 | 907 | S100TPGW |
| FY ending Mar 2024 | 345,369 | 21,322 | 6.2% | 15,623 | 15,097 | 13,139 | S100W2KD |
| FY ending Mar 2025 | 384,012 | 25,556 | 6.7% | 18,783 | 23,279 | 20,622 | S100YFJE |
| FY ending Mar 2026 | 417,023 | 29,711 | 7.1% | 23,420 | 26,909 | 20,814 | S100YFJE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥187M |
| Operating income per employee (consolidated) | ¥13.3M |
| Net income per employee (consolidated) | ¥10.5M |

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) | 2,190 | 2,112 | 2,156 | 2,184 | 2,230 |
| Average salary (parent company) | ¥7.3M | ¥8.9M | ¥8.8M | ¥9.1M | ¥9.9M |
| Average age (parent company) | 38.1 years | 38.0 years | 38.0 years | 37.9 years | 37.6 years |
| Average tenure (parent company) | 14.1 years | 13.9 years | 13.7 years | 13.4 years | 13.0 years |

Year over year: Employees (consolidated) +2.1% · Revenue (consolidated) +8.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electrical Equipment and Materials Division | 293,289 | 70.3% | — | — |
| Industrial Solutions Division | 43,365 | 10.4% | — | — |
| Proprietary Products Division | 80,368 | 19.3% | — | — |

### 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 |
| --- | ---: |
| Electrical Equipment and Materials Division | 70.3% |
| Industrial Solutions Division | 10.4% |
| Proprietary Products Division | 19.3% |

Segment → industry: Proprietary Products Division → Air Conditioning / Industrial Solutions Division → Specialty Trading & Wholesale / Electrical Equipment and Materials Division → Specialty Trading & Wholesale

## 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 | 26,909 | 6.5% | S100YFJE |
| Capital expenditure | 6,095 | 1.5% | S100YFJE |
| Free cash flow | 20,814 | 5.0% | 算出 |
| Investing cash flow | -6,601 | -1.6% | S100YFJE |
| Financing cash flow | -10,266 | -2.5% | S100YFJE |
| Dividends paid | 8,448 | 2.0% | S100YFJE |
| Share buyback | 3,663 | 0.9% | S100YFJE |
| Change in cash | 10,140 | 2.4% | S100YFJE |
| Cash and equivalents | 76,202 | 18.3% | S100YFJE |

## 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 | 72,568 | 53,882 | 61,495 | 66,062 | 76,202 | S100TPGW, S100W2KD, S100YFJE |
| Total assets | 235,420 | 245,646 | 262,811 | 278,983 | 313,325 | S100R34V, S100TPGW, S100W2KD, S100YFJE |
| Net assets | 141,253 | 151,228 | 162,269 | 173,023 | 197,384 | S100TPGW, S100W2KD, S100YFJE |
| Share capital | 13,962 | 13,962 | 13,962 | 14,521 | 14,529 | S100R34V, S100TPGW, S100W2KD, S100YFJE |
| Property, plant and equipment | 21,569 | 21,626 | 21,674 | 21,435 | 25,101 | S100R34V, S100TPGW, S100W2KD, S100YFJE |
| Intangible assets excluding goodwill | 1,462 | 1,356 | 1,446 | 2,673 | 3,356 | S100R34V, S100TPGW, S100W2KD, S100YFJE |
| Investment securities | 16,993 | 16,933 | 19,645 | 19,974 | 36,298 | S100R34V, S100TPGW, S100W2KD, S100YFJE |
| Current assets | 192,363 | 196,328 | 205,561 | 215,720 | 227,604 | S100R34V, S100TPGW, S100W2KD, S100YFJE |
| Current liabilities | 88,744 | 88,768 | 94,515 | 100,190 | 105,471 | S100R34V, S100TPGW, S100W2KD, S100YFJE |
| Short-term borrowings | 343 | 382 | 413 | 232 | 247 | S100R34V, S100TPGW, S100W2KD, S100YFJE |
| Total liabilities | 94,167 | 94,417 | 100,541 | 105,959 | 115,940 | S100R34V, S100TPGW, S100W2KD, S100YFJE |
| Equity attributable to owners of parent | 135,082 | 144,672 | 153,590 | 164,717 | 178,366 | S100R34V, S100TPGW, S100W2KD, S100YFJE |
| Retained earnings | 109,361 | 118,521 | 126,868 | 138,223 | 152,268 | S100R34V, S100TPGW, S100W2KD, S100YFJE |
| Treasury stock | -2,413 | -1,982 | -1,411 | -2,756 | -3,169 | S100R34V, S100TPGW, S100W2KD, S100YFJE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YFJE |
| Property, plant and equipment | 8% | S100YFJE |
| Intangibles and goodwill | 1% | S100YFJE |
| Investment securities | 12% | S100YFJE |
| Other assets | 55% | S100YFJE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100YFJE |
| Equity | 63% | S100YFJE |
| Other liabilities | 0% | S100YFJE |

### 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 | 235,420 | 245,646 | 262,811 | 278,983 | 313,325 |
| Equity | 141,253 | 151,228 | 162,269 | 173,023 | 197,384 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 72,568 | 53,882 | 61,495 | 66,062 | 76,202 |

## 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) | 6.0% | S100YFJE |
| Fixed assets ÷ total assets | 8.0% | S100YFJE |
| Goodwill ÷ parent equity | — | —, S100YFJE |

### 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) | 24.3% |
| Cash ÷ revenue | 18.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 90.6% |
| Cash vs. profit gap | 3,489 JPY mn (of net income 14.9%) |
| Shareholder returns / net income | 51.7% |
| Shareholder returns / FCF | 58.2% |
| Shareholder payments — dividends / net income | 36.1% |
| Shareholder payments — dividends / FCF | 40.6% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 24.5% |

## 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 | 4.2% | 1.23× | 5.2% | 1.74× | 9.1% | S100R34V |
| 2023 | 4.9% | 1.32× | 6.4% | 1.72× | 11.0% | S100TPGW |
| 2024 | 4.5% | 1.36× | 6.1% | 1.70× | 10.5% | S100W2KD |
| 2025 | 4.9% | 1.42× | 6.9% | 1.70× | 11.8% | S100YFJE |
| 2026 | 5.6% | 1.41× | 7.9% | 1.73× | 13.7% | S100YFJE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 13.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 2.8% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 2.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.5% | 2026-03-31 |
| 因幡電機従業員持株会 | Major shareholder | 1.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505224 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| 吉川 昌子 | Major shareholder | 1.4% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.2% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥417B, up +8.6% from ¥384B the year before.
- Gross profit rose +11.6% and operating income rose +16.3% to ¥29.7B, both outpacing sales.
- Net income attributable to owners climbed +24.7% to ¥23.4B.
- Operating cash flow increased +15.6% to ¥26.9B, but free cash flow was nearly flat at ¥20.8B, up +0.9%.

### Drivers

- Electrical materials sales benefited from urban redevelopment and large projects such as factories and data centers, and higher copper prices lifted cable sales.
- In industrial equipment, the drag from semiconductor inventory adjustments eased, and demand for automation amid labor shortages boosted sales of control devices and electronic components.
- A hot summer pushed room air-conditioner shipments up, lifting sales of the company's own copper pipes and piping covers; a tax credit for raising wages also helped net income.

### Risks

- If construction or capital spending falls sharply, price competition could intensify.
- Sales of air-conditioning parts depend on domestic AC shipments and so on summer weather.
- Rising prices for copper and other raw materials could hurt results if they cannot be passed on, and supply disruptions could limit production.

Cited: Annual securities report, 78th term (Apr 2025 - Mar 2026) (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, 78th term (Apr 2025 - Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YFJE | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFJE,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W2KD | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2KD,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TPGW | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPGW,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R34V | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R34V,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100O9NU | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9NU,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LIBI | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LIBI,, |

## 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).