# IWABUCHI CORPORATION: 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76期(2025/04/01－2026/03/31) (S100YHYU)
> Page: https://vizora.meequs.com/en/company/iwabuchi
> Retrieved: 2026-09-30T19:05:55.114Z

## Company

Iwabuchi, founded in 1950, is a company in Electrical Equipment listed on TSE Standard. It has 426 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IWABUCHI CORPORATION |
| Ticker | 5983 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5983.T) |
| Listing | TSE Standard |
| Head office | 千葉県松戸市上本郷167番地 |
| Representative (per filing) | 代表取締役社長 内田 秀吾 |
| Founded | Aug 1950 |
| Share capital | ¥1.5B |
| Employees (consolidated) | 426 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Corporate number | 9040001034893 |
| EDINET | E01439 |
| Industries (Vizora) | Electrical Equipment |

> Profile source: annual securities report (S100YHYU, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Electrical Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64.6 | 24 |
| Profitability | 72.9 | 24 |
| Cash conversion | 63 | 23 |
| Efficiency | 2 | 25 |

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)

- Iwabuchi brought in ¥13.5B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +7.0% from the prior year, operating profit +65.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥13528469000 → ¥1058196000
- Net income → operating cash flow: ¥1058196000 → ¥1516793000（difference ¥458597000）
- Main uses of operating cash flow: CapEx ¥279863000 / dividends ¥314182000 / buybacks ¥277091000
- Change in cash: ¥1098801000
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 | ¥13.5B |  |
| Operating income | ¥1.46B | Margin 10.8% |
| Net income | ¥940.3M | Margin 7.0% |
| Free cash flow | ¥1.24B |  |
| Employees (consolidated) | 426 |  |
| EPS | ¥731.01 |  |
| Book value per share | ¥18377.66 |  |
| Equity ratio | 75.0% |  |
| Shares outstanding | 1,100,000 |  |
| Treasury shares | 58,400 |  |
| Shareholders | 955 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 18.8% | Cash ÷ revenue 37.9% |
| Vs. industry median margin | +2.3 pp | Electrical Equipment |
| ROE | 5.2% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9893710000 | ¥13528469000 | +36.7% |
| Operating income | ¥690081000 | ¥1456614000 | +111.1% |
| Operating margin | 7.0% | 10.8% | +3.8 pp |
| Employees | 393 people | 426 people | +8.4% |
| Cash and equivalents | ¥4688085000 | ¥5125238000 | +9.3% |

### 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 | 13,528 | 100.0% | S100YHYU |
| Cost of revenue | 8,991 | 66.5% | S100YHYU |
| Gross profit | 4,538 | 33.5% | S100YHYU |
| SG&A | 3,081 | 22.8% | S100YHYU |
| Operating income | 1,457 | 10.8% | S100YHYU |
| Ordinary income | 1,537 | 11.4% | S100YHYU |
| Pretax income | 1,492 | 11.0% | S100YHYU |
| Income tax | 433 | 3.2% | S100YHYU |
| Net income | 1,058 | 7.8% | S100YHYU |
| Net income attributable to owners | 940 | 7.0% | S100YHYU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 23 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 33.5% → Operating margin 10.8% → Net margin 7.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.0%; Core profit growth: +65.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.38×
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 | 12,642 | 13,528 | 886 | +7.0% |
| Gross profit | 3,710 | 4,538 | 828 | +22.3% |
| Operating income | 879 | 1,457 | 578 | +65.8% |
| Net income attributable to owners | 699 | 940 | 241 | +34.5% |
| Operating cash flow | 809 | 1,517 | 708 | +87.4% |
| Free cash flow | 157 | 1,237 | 1,080 | +690.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,894 | 454 | 4.6% | 683 | 729 | 652 | S100LQMN |
| FY ending Mar 2021 | 9,894 | 690 | 7.0% | 512 | 543 | 352 | S100OI7K |
| FY ending Mar 2022 | 10,263 | 415 | 4.0% | 755 | 589 | 376 | S100R7H3 |
| FY ending Mar 2023 | 11,083 | 255 | 2.3% | 785 | 249 | -83 | S100TTBJ |
| FY ending Mar 2024 | 11,769 | 853 | 7.2% | 674 | 335 | 138 | S100W5R1 |
| FY ending Mar 2025 | 12,642 | 879 | 6.9% | 699 | 809 | 157 | S100YHYU |
| FY ending Mar 2026 | 13,528 | 1,457 | 10.8% | 940 | 1,517 | 1,237 | S100YHYU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.8M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 455 | 451 | 422 | 419 | 426 |
| Average salary (parent company) | ¥5.9M | ¥5.8M | ¥6.3M | ¥6.4M | ¥6.4M |
| Average age (parent company) | 43.9 years | 45.0 years | 46.0 years | 46.0 years | 46.0 years |
| Average tenure (parent company) | 16.0 years | 16.8 years | 17.6 years | 17.8 years | 17.2 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) +7.0%

## 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 | 1,517 | 11.2% | S100YHYU |
| Capital expenditure | 280 | 2.1% | S100YHYU |
| Free cash flow | 1,237 | 9.1% | 算出 |
| Investing cash flow | 230 | 1.7% | S100YHYU |
| Financing cash flow | -685 | -5.1% | S100YHYU |
| Dividends paid | 314 | 2.3% | S100YHYU |
| Share buyback | 277 | 2.0% | S100YHYU |
| Change in cash | 1,099 | 8.1% | S100YHYU |
| Cash and equivalents | 5,125 | 37.9% | S100YHYU |

## 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 | 5,250 | 4,949 | 4,795 | 4,026 | 5,125 | S100TTBJ, S100W5R1, S100YHYU |
| Total assets | 22,956 | 23,818 | 24,964 | 25,464 | 27,274 | S100R7H3, S100TTBJ, S100W5R1, S100YHYU |
| Net assets | 18,087 | 18,709 | 19,668 | 20,252 | 21,577 | S100TTBJ, S100W5R1, S100YHYU |
| Share capital | 1,497 | 1,497 | 1,497 | 1,497 | 1,497 | S100R7H3, S100TTBJ, S100W5R1, S100YHYU |
| Property, plant and equipment | 7,615 | 8,154 | 7,990 | 8,623 | 8,458 | S100R7H3, S100TTBJ, S100W5R1, S100YHYU |
| Intangible assets excluding goodwill | 189 | 368 | 334 | 275 | 211 | S100R7H3, S100TTBJ, S100W5R1, S100YHYU |
| Investment securities | 1,458 | 2,051 | 2,670 | 2,872 | 4,080 | S100R7H3, S100TTBJ, S100W5R1, S100YHYU |
| Current assets | 13,215 | 12,811 | 13,365 | 12,966 | 13,504 | S100R7H3, S100TTBJ, S100W5R1, S100YHYU |
| Current liabilities | 2,926 | 2,581 | 2,668 | 2,808 | 2,883 | S100R7H3, S100TTBJ, S100W5R1, S100YHYU |
| Trade payables | 1,944 | 1,362 | 958 | 874 | 721 | S100R7H3, S100TTBJ, S100W5R1, S100YHYU |
| Short-term borrowings | 242 | 321 | 285 | 208 | 244 | S100R7H3, S100TTBJ, S100W5R1, S100YHYU |
| Long-term borrowings | 306 | 740 | 693 | 503 | 478 | S100R7H3, S100TTBJ, S100W5R1, S100YHYU |
| Total liabilities | 4,869 | 5,110 | 5,296 | 5,212 | 5,697 | S100R7H3, S100TTBJ, S100W5R1, S100YHYU |
| Non-controlling interests | 986 | 982 | 994 | 1,016 | 1,136 | S100R7H3, S100TTBJ, S100W5R1, S100YHYU |
| Equity attributable to owners of parent | 16,364 | 16,934 | 17,393 | 17,845 | 18,195 | S100R7H3, S100TTBJ, S100W5R1, S100YHYU |
| Retained earnings | 13,786 | 14,357 | 14,816 | 15,269 | 15,895 | S100R7H3, S100TTBJ, S100W5R1, S100YHYU |
| Treasury stock | -151 | -151 | -153 | -153 | -429 | S100R7H3, S100TTBJ, S100W5R1, S100YHYU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YHYU |
| Property, plant and equipment | 31% | S100YHYU |
| Intangibles and goodwill | 1% | S100YHYU |
| Investment securities | 15% | S100YHYU |
| Other assets | 34% | S100YHYU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YHYU |
| Other liabilities | 18% | S100YHYU |
| Equity | 79% | S100YHYU |
| Other liabilities | 0% | S100YHYU |

### 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 | 22,956 | 23,818 | 24,964 | 25,464 | 27,274 |
| Equity | 18,087 | 18,709 | 19,668 | 20,252 | 21,577 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,250 | 4,949 | 4,795 | 4,026 | 5,125 |

## 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) | 62.5% | S100YHYU |
| Fixed assets ÷ total assets | 31.0% | S100YHYU |
| Goodwill ÷ parent equity | — | —, S100YHYU |

### 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) | 18.8% |
| Cash ÷ revenue | 37.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 104.1% |
| Cash vs. profit gap | 576 JPY mn (of net income 61.3%) |
| Shareholder returns / net income | 62.9% |
| Shareholder returns / FCF | 47.8% |
| Shareholder payments — dividends / net income | 33.4% |
| Shareholder payments — dividends / FCF | 25.4% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 15.1% |

## 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 | 7.4% | 0.45× | 3.3% | 1.40× | 4.6% | S100R7H3 |
| 2023 | 7.1% | 0.47× | 3.4% | 1.40× | 4.7% | S100TTBJ |
| 2024 | 5.7% | 0.48× | 2.8% | 1.42× | 3.9% | S100W5R1 |
| 2025 | 5.5% | 0.50× | 2.8% | 1.43× | 4.0% | S100YHYU |
| 2026 | 7.0% | 0.51× | 3.6% | 1.46× | 5.2% | S100YHYU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| イワブチ取引先持株会 | Major shareholder | 10.9% | 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 | 9.1% | 2026-03-31 |
| 住友商事株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| 公益財団法人光奨学会 | Major shareholder | 4.5% | 2026-03-31 |
| イワブチグループ従業員持株会 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社常陽銀行 | Major shareholder | 3.5% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 光岡 毅 | Major shareholder | 2.2% | 2026-03-31 |
| 山口プレス工業株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/04/01－2026/03/31) | S100YHYU | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHYU,, |
| 有価証券報告書－第75期(2024/04/01－2025/03/31) | S100W5R1 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5R1,, |
| 有価証券報告書－第74期(2023/04/01－2024/03/31) | S100TTBJ | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTBJ,, |
| 有価証券報告書－第73期(2022/04/01－2023/03/31) | S100R7H3 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7H3,, |
| 有価証券報告書－第72期(令和3年4月1日－令和4年3月31日) | S100OI7K | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI7K,, |
| 有価証券報告書－第71期(令和2年4月1日－令和3年3月31日) | S100LQMN | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQMN,, |

## 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).