# IRISO ELECTRONICS CO., LTD.: business model and financials

> Latest period: FY ending Mar 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第59期(2024/04/01－2025/03/31) (S100W0W0)
> Page: https://vizora.meequs.com/en/company/iriso-electronics
> Retrieved: 2026-09-30T19:41:57.419Z

## Company

Iriso Electronics, founded in 1966, is a company in Electronic Components listed on TSE Prime. It has 2,936 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IRISO ELECTRONICS CO., LTD. |
| Ticker | 6908 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6908.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横浜市港北区新横浜二丁目13番地8 |
| Representative (per filing) | 代表取締役社長 鈴木 仁 |
| Founded | Dec 1966 |
| Share capital | ¥5.64B |
| Employees (consolidated) | 2,936 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.irisoele.com (https://www.irisoele.com/) |
| Corporate number | 1020001053696 |
| EDINET | E02009 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100W0W0, filed 2025-06-23). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2025-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.2 | 53 |
| Profitability | 72.3 | 56 |
| Cash conversion | 84.4 | 48 |
| Efficiency | 31.3 | 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 57% of Iriso Electronics's sales come from Asia, with Europe and Japan making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +1.9% from the prior year, operating profit -10.6%.

## Company structure

- Segment revenue mix: Asia 57.4%、Europe 16.3%、Japan 16.0%、North America 10.3%
- Revenue → net income: ¥56332000000 → ¥2409000000
- Net income → operating cash flow: ¥2409000000 → ¥12043000000（difference ¥9634000000）
- Main uses of operating cash flow: CapEx ¥8692000000 / dividends ¥2121000000 / buybacks ¥5772000000
- Change in cash: ¥-2378000000
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 | ¥56.3B |  |
| Operating income | ¥5.31B | Margin 9.4% |
| Net income | ¥2.66B | Margin 4.7% |
| Free cash flow | ¥3.35B |  |
| Largest business | Asia | of segment revenue 57.4% |
| Employees (consolidated) | 2,936 |  |
| EPS | ¥174.64 |  |
| Book value per share | ¥1457.83 |  |
| Equity ratio | 77.3% |  |
| Shares outstanding | 24,460,879 |  |
| Treasury shares | 3,006,200 |  |
| Shareholders | 5,606 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 26.6% | Cash ÷ revenue 43.2% |
| Vs. industry median margin | +3.5 pp | Electronic Components |
| ROE | 4.4% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.5× net income
- FY2025, buybacks were 2.7× dividends
- FY2025, segment profit share differs by 41 points

## What changed in 5 years

| Metric | FY ending Mar 2020 | FY ending Mar 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39614000000 | ¥56332000000 | +42.2% |
| Operating income | ¥4628000000 | ¥5307000000 | +14.7% |
| Operating margin | 11.7% | 9.4% | -2.3 pp |
| Employees | 3,370 people | 2,936 people | -12.9% |
| Cash and equivalents | ¥13819000000 | ¥24314000000 | +75.9% |

### Change in segment revenue mix

Span: FY ending Mar 2020 → FY ending Mar 2025. 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 | 16.0% |
| 日本 → 事業再編・廃止 | 5.9% |
| アジア → アジア | 41.5% |
| 欧州 → 欧州 | 16.3% |
| 欧州 → 事業再編・廃止 | 3.5% |
| 北米 → 北米 | 10.3% |
| 北米 → 事業再編・廃止 | 6.5% |
| 新設・再編 → アジア | 15.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Asia | 5 years | +14.5% | ¥32336000000 | 10.1% | 2 |
| Europe | 5 years | +3.2% | ¥9173000000 | 0.1% | 2 |
| Japan | 5 years | +0.8% | ¥9031000000 | 48.8% | 2 |
| North America | 5 years | -2.7% | ¥5790000000 | 0.9% | 2 |

## Income statement（FY ending Mar 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 56,332 | 100.0% | S100W0W0 |
| Cost of revenue | 38,391 | 68.2% | S100W0W0 |
| Gross profit | 17,940 | 31.8% | S100W0W0 |
| SG&A | 12,633 | 22.4% | S100W0W0 |
| Operating income | 5,307 | 9.4% | S100W0W0 |
| Ordinary income | 5,504 | 9.8% | S100W0W0 |
| Pretax income | 3,217 | 5.7% | S100W0W0 |
| Income tax | 807 | 1.4% | S100W0W0 |
| Net income | 2,409 | 4.3% | S100W0W0 |
| Net income attributable to owners | 2,662 | 4.7% | S100W0W0 |

## Per ¥100 of revenue（FY ending Mar 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 23 |
| Operating income | 9 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 31.8% → Operating margin 9.4% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.9%; Core profit growth: -10.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -5.52×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2024 → FY ending Mar 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 55,271 | 56,332 | 1,061 | +1.9% |
| Gross profit | 17,137 | 17,940 | 803 | +4.7% |
| Operating income | 5,936 | 5,307 | -629 | -10.6% |
| Net income attributable to owners | 5,593 | 2,662 | -2,931 | -52.4% |
| Operating cash flow | 12,934 | 12,043 | -891 | -6.9% |
| Free cash flow | 3,885 | 3,351 | -534 | -13.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2019 | 42,834 | 6,084 | 14.2% | 3,722 | 6,695 | -36 | S100IXJ4 |
| FY ending Mar 2020 | 39,614 | 4,628 | 11.7% | 3,287 | 6,830 | 400 | S100LMVK |
| FY ending Mar 2021 | 36,520 | 2,900 | 7.9% | 2,141 | 6,234 | 1,424 | S100OBG1 |
| FY ending Mar 2022 | 43,863 | 4,520 | 10.3% | 3,913 | 6,691 | 519 | S100R64W |
| FY ending Mar 2023 | 52,903 | 6,940 | 13.1% | 5,541 | 11,613 | 3,186 | S100TTSR |
| FY ending Mar 2024 | 55,271 | 5,936 | 10.7% | 5,593 | 12,934 | 3,885 | S100W0W0 |
| FY ending Mar 2025 | 56,332 | 5,307 | 9.4% | 2,662 | 12,043 | 3,351 | S100W0W0 |

## People and productivity（FY ending Mar 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.2M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥906.7K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,277 | 3,137 | 3,104 | 3,037 | 2,936 |
| Average salary (parent company) | ¥6.3M | ¥6.5M | ¥6.8M | ¥7.1M | ¥6.9M |
| Average age (parent company) | 41.5 years | 42.0 years | 41.7 years | 41.5 years | 41.6 years |
| Average tenure (parent company) | 11.2 years | 12.0 years | 11.3 years | 10.7 years | 11.6 years |

Year over year: Employees (consolidated) -3.3% · Revenue (consolidated) +1.9%

## Segments（FY ending Mar 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 9,031 | 16.0% | 4,403 | 48.8% |
| Asia | 32,336 | 57.4% | 3,254 | 10.1% |
| Europe | 9,173 | 16.3% | 11 | 0.1% |
| North America | 5,790 | 10.3% | 52 | 0.9% |

### 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 | 16.0% | 57.0% | 41.0 | 48.8% |
| Asia | 57.4% | 42.2% | -15.3 | 10.1% |
| Europe | 16.3% | 0.1% | -16.1 | 0.1% |
| North America | 10.3% | 0.7% | -9.6 | 0.9% |

Segment → industry: North America → Electronic Components / Europe → Electronic Components / Asia → Electronic Components / Japan → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 12,043 | 21.4% | S100W0W0 |
| Capital expenditure | 8,692 | 15.4% | S100W0W0 |
| Free cash flow | 3,351 | 5.9% | 算出 |
| Investing cash flow | -8,778 | -15.6% | S100W0W0 |
| Financing cash flow | -5,495 | -9.8% | S100W0W0 |
| Dividends paid | 2,121 | 3.8% | S100W0W0 |
| Share buyback | 5,772 | 10.2% | S100W0W0 |
| Change in cash | -2,378 | -4.2% | S100W0W0 |
| Cash and equivalents | 24,314 | 43.2% | S100W0W0 |

## 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 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 14,260 | 14,066 | 18,640 | 26,692 | 24,314 | S100R64W, S100TTSR, S100W0W0 |
| Total assets | 63,941 | 73,153 | 82,491 | 96,856 | 91,370 | S100OBG1, S100R64W, S100TTSR, S100W0W0 |
| Net assets | 54,731 | 61,776 | 68,019 | 77,016 | 71,196 | S100R64W, S100TTSR, S100W0W0 |
| Share capital | 5,640 | 5,640 | 5,640 | 5,640 | 5,640 | S100OBG1, S100R64W, S100TTSR, S100W0W0 |
| Trade receivables | 11,177 | — | — | — | — | S100OBG1 |
| Property, plant and equipment | 26,512 | 29,380 | 32,111 | 35,330 | 34,033 | S100OBG1, S100R64W, S100TTSR, S100W0W0 |
| Intangible assets excluding goodwill | 333 | 1,030 | 2,393 | 3,473 | 2,802 | S100OBG1, S100R64W, S100TTSR, S100W0W0 |
| Goodwill | — | — | 121 | 91 | 60 | S100TTSR, S100W0W0 |
| Investment securities | 632 | 617 | 130 | 239 | 276 | S100OBG1, S100R64W, S100TTSR, S100W0W0 |
| Current assets | 35,209 | 40,436 | 46,194 | 56,093 | 52,209 | S100OBG1, S100R64W, S100TTSR, S100W0W0 |
| Current liabilities | 7,956 | 9,889 | 11,292 | 13,423 | 14,241 | S100OBG1, S100R64W, S100TTSR, S100W0W0 |
| Trade payables | 3,675 | 4,504 | 4,364 | 5,466 | 4,689 | S100OBG1, S100R64W, S100TTSR, S100W0W0 |
| Short-term borrowings | 389 | 410 | 731 | 1,261 | 4,000 | S100OBG1, S100R64W, S100TTSR, S100W0W0 |
| Long-term borrowings | — | — | 1,476 | 4,722 | 4,426 | S100TTSR, S100W0W0 |
| Total liabilities | 9,210 | 11,376 | 14,472 | 19,839 | 20,173 | S100OBG1, S100R64W, S100TTSR, S100W0W0 |
| Non-controlling interests | 382 | 439 | 600 | 783 | 575 | S100OBG1, S100R64W, S100TTSR, S100W0W0 |
| Equity attributable to owners of parent | 52,176 | 54,660 | 58,787 | 62,498 | 57,398 | S100OBG1, S100R64W, S100TTSR, S100W0W0 |
| Retained earnings | 38,787 | 41,461 | 45,582 | 49,281 | 49,813 | S100OBG1, S100R64W, S100TTSR, S100W0W0 |
| Treasury stock | -994 | -1,185 | -1,179 | -1,167 | -6,099 | S100OBG1, S100R64W, S100TTSR, S100W0W0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100W0W0 |
| Property, plant and equipment | 37% | S100W0W0 |
| Intangibles and goodwill | 3% | S100W0W0 |
| Investment securities | 0% | S100W0W0 |
| Other assets | 33% | S100W0W0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100W0W0 |
| Other liabilities | 17% | S100W0W0 |
| Equity | 78% | S100W0W0 |
| Other liabilities | 0% | S100W0W0 |

### Balance sheet history

| Metric | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 63,941 | 73,153 | 82,491 | 96,856 | 91,370 |
| Equity | 54,731 | 61,776 | 68,019 | 77,016 | 71,196 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,260 | 14,066 | 18,640 | 26,692 | 24,314 |

## 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) | 60.4% | S100W0W0 |
| Fixed assets ÷ total assets | 37.2% | S100W0W0 |
| Goodwill ÷ parent equity | 0.1% | S100W0W0 |

### 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) | 26.6% |
| Cash ÷ revenue | 43.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 226.9% |
| Cash vs. profit gap | 9,381 JPY mn (of net income 352.4%) |
| Shareholder returns / net income | 296.5% |
| Shareholder returns / FCF | 235.5% |
| Shareholder payments — dividends / net income | 79.7% |
| Shareholder payments — dividends / FCF | 63.3% |
| CapEx intensity (capex ÷ revenue) | 15.4% |
| Investing CF relative to operating CF | 72.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.9% | 0.57× | 3.3% | 1.23× | 4.1% | S100OBG1 |
| 2022 | 8.9% | 0.64× | 5.7% | 1.28× | 7.3% | S100R64W |
| 2023 | 10.5% | 0.68× | 7.1% | 1.37× | 9.8% | S100TTSR |
| 2024 | 10.1% | 0.62× | 6.2% | 1.48× | 9.2% | S100W0W0 |
| 2025 | 4.7% | 0.60× | 2.8% | 1.57× | 4.4% | S100W0W0 |

## 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 | 14.1% | 2025-03-31 |
| 有限会社エス・エフ・シー | Major shareholder | 11.1% | 2025-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 8.6% | 2025-03-31 |
| 佐藤 定雄 | Major shareholder | 8.3% | 2025-03-31 |
| 株式会社シティインデックスイレブンス | Major shareholder | 3.9% | 2025-03-31 |
| 株式会社日本カストディ銀行（信託口４） | Major shareholder | 2.1% | 2025-03-31 |
| THE BANK OF NEW YORK MELLON 140044(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.7% | 2025-03-31 |
| NORTHERN TRUST CO.(AVFC) RE IEDU UCITS CLIENTS NON LENDING 15 PCT TREATY ACCOUNT(常任代理人 香港上海銀行東京支店) | Major shareholder | 1.7% | 2025-03-31 |
| JP JPMSE LUX RE BARCLAYS CAPITAL SEC LTD EQ CO(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.3% | 2025-03-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 1.3% | 2025-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2024/04/01－2025/03/31) | S100W0W0 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0W0,, |
| 有価証券報告書－第58期(2023/04/01－2024/03/31) | S100TTSR | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTSR,, |
| 有価証券報告書－第57期(2022/04/01－2023/03/31) | S100R64W | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R64W,, |
| 有価証券報告書－第56期(令和3年4月1日－令和4年3月31日) | S100OBG1 | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBG1,, |
| 有価証券報告書－第55期(令和2年4月1日－令和3年3月31日) | S100LMVK | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMVK,, |
| 有価証券報告書－第54期(平成31年4月1日－令和2年3月31日) | S100IXJ4 | 2020-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100IXJ4,, |

## 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).