# ISHII HYOKI CO.,LTD.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第53期(2025/02/01－2026/01/31) (S100Y0EE)
> Page: https://vizora.meequs.com/en/company/ishii-hyoki
> Retrieved: 2026-09-30T21:02:54.856Z

## Company

Ishii Hyoki, founded in 1973, is a company in Electronic Components listed on TSE Standard. It has 695 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ISHII HYOKI CO.,LTD. |
| Ticker | 6336 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6336.T) |
| Listing | TSE Standard |
| Head office | 広島県福山市神辺町旭丘5番地 |
| Representative (per filing) | 代表取締役社長 山本 晋宏 |
| Founded | Apr 1973 |
| Share capital | ¥300M |
| Employees (consolidated) | 695 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | January |
| Website | www.ishiihyoki.co.jp (https://www.ishiihyoki.co.jp/) |
| Corporate number | 4240001029432 |
| EDINET | E02047 |
| Industries (Vizora) | Electronic Components, Industrial Machinery |

> Profile source: annual securities report (S100Y0EE, filed 2026-04-23). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.8 | 53 |
| Profitability | 58 | 56 |
| Cash conversion | 40.6 | 48 |
| Efficiency | 83 | 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 69% of Ishii Hyoki's sales come from Displays and electronic parts, with Electronic device parts manufacturing equipment and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +5.6% from the prior year, operating profit +25.7%.

## Company structure

- Segment revenue mix: Displays and electronic parts 68.8%、Electronic device parts manufacturing equipment 31.2%、Other 0.1%
- Revenue → net income: ¥15651000000 → ¥890000000
- Net income → operating cash flow: ¥890000000 → ¥1300000000（difference ¥410000000）
- Main uses of operating cash flow: CapEx ¥504000000 / dividends ¥163000000 / buybacks ¥99000000
- Change in cash: ¥631000000
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 | ¥15.7B |  |
| Operating income | ¥1.14B | Margin 7.3% |
| Net income | ¥890M | Margin 5.7% |
| Free cash flow | ¥796M |  |
| Largest business | Displays and electronic parts | of segment revenue 68.8% |
| Employees (consolidated) | 695 |  |
| EPS | ¥60 |  |
| Book value per share | ¥699.32 |  |
| Equity ratio | 66.9% |  |
| Shares outstanding | 8,176,452 |  |
| Treasury shares | 188,600 |  |
| Shareholders | 2,622 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 18.6% | Cash ÷ revenue 18.9% |
| Vs. industry median margin | +1.4 pp | Electronic Components |
| ROE | 9.9% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 71% of positive segment profit
- FY2026, segment profit share differs by 40 points

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11588490000 | ¥15651000000 | +35.1% |
| Operating income | ¥1078945000 | ¥1140000000 | +5.7% |
| Operating margin | 9.3% | 7.3% | -2 pp |
| Employees | 655 people | 695 people | +6.1% |
| Cash and equivalents | ¥2346533000 | ¥2961000000 | +26.2% |

### Change in segment revenue mix

Span: FY ending Jan 2021 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 電子機器部品製造装置 → 電子機器部品製造装置 | 31.2% |
| 電子機器部品製造装置 → 事業再編・廃止 | 8.1% |
| ディスプレイ及び電子部品 → ディスプレイ及び電子部品 | 60.6% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → ディスプレイ及び電子部品 | 8.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Displays and electronic parts | 5 years | +8.9% | ¥10764000000 | 3.1% | 2 |
| Electronic device parts manufacturing equipment | 5 years | +1.4% | ¥4876000000 | 16.5% | 2 |
| Other | 5 years | -0.4% | ¥9000000 | 0.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,651 | 100.0% | S100Y0EE |
| Cost of revenue | 12,021 | 76.8% | S100Y0EE |
| Gross profit | 3,629 | 23.2% | S100Y0EE |
| SG&A | 2,488 | 15.9% | S100Y0EE |
| Operating income | 1,140 | 7.3% | S100Y0EE |
| Ordinary income | 1,184 | 7.6% | S100Y0EE |
| Pretax income | 1,143 | 7.3% | S100Y0EE |
| Income tax | 253 | 1.6% | S100Y0EE |
| Net income | 890 | 5.7% | S100Y0EE |
| Net income attributable to owners | 890 | 5.7% | S100Y0EE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 16 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 23.2% → Operating margin 7.3% → Net margin 5.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.6%; Core profit growth: +25.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.59×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jan 2025 → FY ending Jan 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 14,821 | 15,651 | 830 | +5.6% |
| Gross profit | 3,387 | 3,629 | 242 | +7.1% |
| Operating income | 907 | 1,140 | 233 | +25.7% |
| Net income attributable to owners | 788 | 890 | 102 | +12.9% |
| Operating cash flow | 2,292 | 1,300 | -992 | -43.3% |
| Free cash flow | 1,854 | 796 | -1,058 | -57.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 10,368 | 321 | 3.1% | 105 | 369 | -271 | S100L7ZD |
| FY ending Jan 2021 | 11,588 | 1,079 | 9.3% | 727 | 2,123 | 1,648 | S100NYHI |
| FY ending Jan 2022 | 14,424 | 1,771 | 12.3% | 1,491 | 1,675 | 1,210 | S100QNHN |
| FY ending Jan 2023 | 18,222 | 2,016 | 11.1% | 1,640 | 1,748 | 900 | S100TBFK |
| FY ending Jan 2024 | 16,729 | 1,580 | 9.4% | 1,101 | 561 | 82 | S100VXCZ |
| FY ending Jan 2025 | 14,821 | 907 | 6.1% | 788 | 2,292 | 1,854 | S100Y0EE |
| FY ending Jan 2026 | 15,651 | 1,140 | 7.3% | 890 | 1,300 | 796 | S100Y0EE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.5M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1.3M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 663 | 674 | 667 | 672 | 695 |
| Average salary (parent company) | ¥5.2M | ¥5.3M | ¥5.3M | ¥5.1M | ¥5.4M |
| Average age (parent company) | 43.9 years | 44.4 years | 45.5 years | 46.1 years | 47.0 years |
| Average tenure (parent company) | 18.7 years | 19.4 years | 20.0 years | 20.8 years | 21.6 years |

Year over year: Employees (consolidated) +3.4% · Revenue (consolidated) +5.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronic device parts manufacturing equipment | 4,876 | 31.2% | 806 | 16.5% |
| Displays and electronic parts | 10,764 | 68.8% | 334 | 3.1% |
| Other | 9 | 0.1% | 0 | 0.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronic device parts manufacturing equipment | 31.2% | 70.7% | 39.5 | 16.5% |
| Displays and electronic parts | 68.8% | 29.3% | -39.5 | 3.1% |
| Other | 0.1% | 0.0% | -0.1 | 0.0% |

Segment → industry: Displays and electronic parts → Electronic Components / Electronic device parts manufacturing equipment → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jan 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,300 | 8.3% | S100Y0EE |
| Capital expenditure | 504 | 3.2% | S100Y0EE |
| Free cash flow | 796 | 5.1% | 算出 |
| Investing cash flow | 183 | 1.2% | S100Y0EE |
| Financing cash flow | -939 | -6.0% | S100Y0EE |
| Dividends paid | 163 | 1.0% | S100Y0EE |
| Share buyback | 99 | 0.6% | S100Y0EE |
| Change in cash | 631 | 4.0% | S100Y0EE |
| Cash and equivalents | 2,961 | 18.9% | S100Y0EE |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,695 | 2,792 | 2,226 | 2,329 | 2,961 | S100TBFK, S100VXCZ, S100Y0EE |
| Total assets | 13,487 | 16,239 | 16,681 | 15,700 | 15,917 | S100QNHN, S100TBFK, S100VXCZ, S100Y0EE |
| Net assets | 5,464 | 7,422 | 8,686 | 9,738 | 10,644 | S100TBFK, S100VXCZ, S100Y0EE |
| Share capital | 300 | 300 | 300 | 300 | 300 | S100QNHN, S100TBFK, S100VXCZ, S100Y0EE |
| Trade receivables | 2,754 | — | — | — | — | S100QNHN |
| Property, plant and equipment | 4,685 | 5,168 | 5,011 | 4,975 | 4,544 | S100QNHN, S100TBFK, S100VXCZ, S100Y0EE |
| Intangible assets excluding goodwill | 317 | 258 | 183 | 96 | 72 | S100QNHN, S100TBFK, S100VXCZ, S100Y0EE |
| Investment securities | 68 | 77 | 99 | 124 | 136 | S100QNHN, S100TBFK, S100VXCZ, S100Y0EE |
| Current assets | 8,147 | 10,501 | 11,064 | 10,132 | 10,756 | S100QNHN, S100TBFK, S100VXCZ, S100Y0EE |
| Current liabilities | 6,747 | 5,957 | 5,451 | 3,824 | 3,791 | S100QNHN, S100TBFK, S100VXCZ, S100Y0EE |
| Trade payables | 2,122 | 2,801 | 1,860 | 1,657 | 1,037 | S100QNHN, S100TBFK, S100VXCZ, S100Y0EE |
| Short-term borrowings | 1,110 | 1,115 | 1,819 | 663 | 722 | S100QNHN, S100TBFK, S100VXCZ, S100Y0EE |
| Long-term borrowings | — | 1,470 | 1,050 | 629 | — | S100TBFK, S100VXCZ, S100Y0EE |
| Total liabilities | 8,023 | 8,816 | 7,995 | 5,961 | 5,273 | S100QNHN, S100TBFK, S100VXCZ, S100Y0EE |
| Equity attributable to owners of parent | 5,472 | 7,035 | 8,054 | 8,720 | 9,347 | S100QNHN, S100TBFK, S100VXCZ, S100Y0EE |
| Retained earnings | 4,085 | 5,647 | 6,667 | 7,333 | 8,060 | S100QNHN, S100TBFK, S100VXCZ, S100Y0EE |
| Treasury stock | -20 | -20 | -20 | -20 | -120 | S100QNHN, S100TBFK, S100VXCZ, S100Y0EE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100Y0EE |
| Property, plant and equipment | 29% | S100Y0EE |
| Intangibles and goodwill | 0% | S100Y0EE |
| Investment securities | 1% | S100Y0EE |
| Other assets | 51% | S100Y0EE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100Y0EE |
| Other liabilities | 27% | S100Y0EE |
| Equity | 67% | S100Y0EE |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 13,487 | 16,239 | 16,681 | 15,700 | 15,917 |
| Equity | 5,464 | 7,422 | 8,686 | 9,738 | 10,644 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,695 | 2,792 | 2,226 | 2,329 | 2,961 |

## 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) | 29.0% | S100Y0EE |
| Fixed assets ÷ total assets | 28.5% | S100Y0EE |
| Goodwill ÷ parent equity | — | —, S100Y0EE |

### 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) | 18.6% |
| Cash ÷ revenue | 18.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 114.0% |
| Cash vs. profit gap | 410 JPY mn (of net income 46.1%) |
| Shareholder returns / net income | 29.4% |
| Shareholder returns / FCF | 32.9% |
| Shareholder payments — dividends / net income | 18.3% |
| Shareholder payments — dividends / FCF | 20.5% |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 14.1% |

## 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 | 10.3% | 1.07× | 11.1% | 2.46× | 27.2% | S100QNHN |
| 2023 | 9.0% | 1.23× | 11.0% | 2.38× | 26.2% | S100TBFK |
| 2024 | 6.6% | 1.02× | 6.7% | 2.18× | 14.6% | S100VXCZ |
| 2025 | 5.3% | 0.92× | 4.9% | 1.93× | 9.4% | S100Y0EE |
| 2026 | 5.7% | 0.99× | 5.6% | 1.75× | 9.9% | S100Y0EE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱アイエフエム | Major shareholder | 24.6% | 2026-01-31 |
| 石井敏博 | Major shareholder | 7.7% | 2026-01-31 |
| イシイヒョーキ従業員持株会 | Major shareholder | 7.3% | 2026-01-31 |
| 大善彰総 | Major shareholder | 2.2% | 2026-01-31 |
| 大和証券㈱ | Major shareholder | 1.9% | 2026-01-31 |
| 石井朋子 | Major shareholder | 1.7% | 2026-01-31 |
| 島根良明 | Major shareholder | 1.5% | 2026-01-31 |
| ㈱広島銀行 | Major shareholder | 1.4% | 2026-01-31 |
| ㈱もみじ銀行 | Major shareholder | 1.4% | 2026-01-31 |
| ㈱三菱UFJ銀行 | Major shareholder | 1.4% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/02/01－2026/01/31) | S100Y0EE | 2026-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0EE,, |
| 訂正有価証券報告書－第52期(2024/02/01－2025/01/31) | S100VXCZ | 2025-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXCZ,, |
| 有価証券報告書－第51期(2023/02/01－2024/01/31) | S100TBFK | 2024-04-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBFK,, |
| 有価証券報告書－第50期(2022/02/01－2023/01/31) | S100QNHN | 2023-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QNHN,, |
| 有価証券報告書－第49期(令和3年2月1日－令和4年1月31日) | S100NYHI | 2022-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYHI,, |
| 有価証券報告書－第48期(令和2年2月1日－令和3年1月31日) | S100L7ZD | 2021-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L7ZD,, |

## 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).