# Japan Aviation Electronics Industry, Limited: 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96期(2025/04/01－2026/03/31) (S100YF73)
> Page: https://vizora.meequs.com/en/company/japan-aviation-electronics-industry
> Retrieved: 2026-09-30T22:21:08.314Z

## Company

Japan Aviation Electronics Industry, founded in 1953, is a company in Aerospace listed on TSE Prime. It has 11,908 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Aviation Electronics Industry, Limited |
| Ticker | 6807 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6807.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区道玄坂1丁目21番1号 |
| Representative (per filing) | 社長村木正行 |
| Founded | Jan 1953 |
| Share capital | ¥10.7B |
| Employees (consolidated) | 11,908 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.jae.com (https://www.jae.com/) |
| Corporate number | 2011001017526 |
| EDINET | E01828 |
| Industries (Vizora) | Aerospace, Electronic Components, Defense |

> Profile source: annual securities report (S100YF73, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23.6 | 53 |
| Profitability | 34.8 | 56 |
| Cash conversion | 74 | 48 |
| Efficiency | 86.6 | 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 87% of Japan Aviation Electronics Industry's sales come from Connector, with Aerospace and User interface solutions making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +2.8% from the prior year, operating profit -42.8%.

## Company structure

- Segment revenue mix: Connector 87.4%、Aerospace 9.0%、User interface solutions 3.4%、Other 0.2%
- Revenue → net income: ¥227872000000 → ¥7069000000
- Net income → operating cash flow: ¥7069000000 → ¥16988000000（difference ¥9919000000）
- Main uses of operating cash flow: CapEx ¥23746000000 / dividends ¥4044000000 / buybacks ¥0
- Change in cash: ¥-4388000000
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 | ¥227.9B |  |
| Operating income | ¥8.94B | Margin 3.9% |
| Net income | ¥7.07B | Margin 3.1% |
| Free cash flow | -¥6.76B |  |
| Largest business | Connector | of segment revenue 87.4% |
| Employees (consolidated) | 11,908 |  |
| EPS | ¥132.36 |  |
| Diluted EPS | ¥132.33 |  |
| Book value per share | ¥813.78 |  |
| Equity ratio | 62.1% |  |
| Shares outstanding | 70,302,608 |  |
| Treasury shares | 2,874,300 |  |
| Shareholders | 6,183 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 20.9% | Cash ÷ revenue 21.3% |
| Vs. industry median margin | -2 pp | Electronic Components |
| ROE | 6.0% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, one segment accounts for 83% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥209711000000 | ¥227872000000 | +8.7% |
| Operating income | ¥8706000000 | ¥8937000000 | +2.7% |
| Operating margin | 4.2% | 3.9% | -0.2 pp |
| Employees | 8,368 people | 11,908 people | +42.3% |
| Cash and equivalents | ¥70086000000 | ¥48499000000 | -30.8% |

### 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 |
| --- | ---: |
| コネクタ事業 → コネクタ事業 | 87.4% |
| コネクタ事業 → 事業再編・廃止 | 1.1% |
| インターフェース・ソリューション事業 → インターフェース・ソリューション事業 | 3.4% |
| インターフェース・ソリューション事業 → 事業再編・廃止 | 1.4% |
| 航機事業 → 航機事業 | 6.3% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 航機事業 | 2.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Connector | 5 years | +1.4% | ¥199205000000 | 6.0% | 2 |
| Aerospace | 5 years | +9.0% | ¥20474000000 | 10.7% | 2 |
| User interface solutions | 5 years | -5.2% | ¥7691000000 | 1.9% | 2 |
| Other | 5 years | -4.8% | ¥501000000 | 22.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 227,872 | 100.0% | S100YF73 |
| Cost of revenue | 191,440 | 84.0% | S100YF73 |
| Gross profit | 36,432 | 16.0% | S100YF73 |
| SG&A | 27,494 | 12.1% | S100YF73 |
| Operating income | 8,937 | 3.9% | S100YF73 |
| Ordinary income | 8,248 | 3.6% | S100YF73 |
| Pretax income | 10,153 | 4.5% | S100YF73 |
| Income tax | 3,083 | 1.4% | S100YF73 |
| Net income | 7,069 | 3.1% | S100YF73 |
| Net income attributable to owners | 7,069 | 3.1% | S100YF73 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 12 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 16.0% → Operating margin 3.9% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.8%; Core profit growth: -42.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -15.22×
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 | 221,644 | 227,872 | 6,228 | +2.8% |
| Gross profit | 42,063 | 36,432 | -5,631 | -13.4% |
| Operating income | 15,615 | 8,937 | -6,678 | -42.8% |
| Net income attributable to owners | 11,592 | 7,069 | -4,523 | -39.0% |
| Operating cash flow | 36,341 | 16,988 | -19,353 | -53.3% |
| Free cash flow | 18,294 | -6,758 | -25,052 | -136.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 208,106 | 14,023 | 6.7% | 11,053 | 28,582 | 4,040 | S100LLSZ |
| FY ending Mar 2021 | 209,711 | 8,706 | 4.2% | 5,692 | 29,114 | 10,926 | S100OC16 |
| FY ending Mar 2022 | 225,079 | 18,049 | 8.0% | 14,325 | 24,432 | 5,473 | S100QZWO |
| FY ending Mar 2023 | 235,864 | 17,562 | 7.4% | 14,639 | 32,451 | 9,882 | S100TNM4 |
| FY ending Mar 2024 | 225,781 | 14,423 | 6.4% | 12,245 | 34,859 | 14,489 | S100VXL0 |
| FY ending Mar 2025 | 221,644 | 15,615 | 7.0% | 11,592 | 36,341 | 18,294 | S100YF73 |
| FY ending Mar 2026 | 227,872 | 8,937 | 3.9% | 7,069 | 16,988 | -6,758 | S100YF73 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.1M |
| Operating income per employee (consolidated) | ¥750.5K |
| Net income per employee (consolidated) | ¥593.6K |

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) | 9,427 | 9,436 | 9,787 | 10,154 | 11,908 |
| Average salary (parent company) | ¥7.2M | ¥7.5M | ¥7.1M | ¥7.2M | ¥7.3M |
| Average age (parent company) | 42.1 years | 41.9 years | 41.8 years | 41.7 years | 41.3 years |
| Average tenure (parent company) | 17.3 years | 16.9 years | 16.9 years | 16.9 years | 16.3 years |

Year over year: Employees (consolidated) +17.3% · Revenue (consolidated) +2.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Connector | 199,205 | 87.4% | 11,867 | 6.0% |
| User interface solutions | 7,691 | 3.4% | 143 | 1.9% |
| Aerospace | 20,474 | 9.0% | 2,189 | 10.7% |
| Other | 501 | 0.2% | 113 | 22.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Connector | 87.4% | 82.9% | -4.5 | 6.0% |
| User interface solutions | 3.4% | 1.0% | -2.4 | 1.9% |
| Aerospace | 9.0% | 15.3% | 6.3 | 10.7% |
| Other | 0.2% | 0.8% | 0.6 | 22.6% |

Segment → industry: Aerospace → Aerospace / User interface solutions → Electronic Components / Connector → Electronic Components / Aerospace → Defense

## 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 | 16,988 | 7.5% | S100YF73 |
| Capital expenditure | 23,746 | 10.4% | S100YF73 |
| Free cash flow | -6,758 | -3.0% | 算出 |
| Investing cash flow | -24,385 | -10.7% | S100YF73 |
| Financing cash flow | 454 | 0.2% | S100YF73 |
| Dividends paid | 4,044 | 1.8% | S100YF73 |
| Share buyback | 0 | 0.0% | S100YF73 |
| Change in cash | -4,388 | -1.9% | S100YF73 |
| Cash and equivalents | 48,499 | 21.3% | S100YF73 |

## 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 | 65,559 | 63,025 | 68,298 | 52,874 | 48,499 | S100TNM4, S100VXL0, S100YF73 |
| Total assets | 225,343 | 226,626 | 236,042 | 215,444 | 232,142 | S100QZWO, S100TNM4, S100VXL0, S100YF73 |
| Net assets | 157,887 | 171,284 | 126,810 | 133,696 | 144,362 | S100TNM4, S100VXL0, S100YF73 |
| Share capital | 10,690 | 10,690 | 10,690 | 10,690 | 10,690 | S100QZWO, S100TNM4, S100VXL0, S100YF73 |
| Trade receivables | 43,166 | 43,017 | 41,463 | 37,662 | 38,914 | S100QZWO, S100TNM4, S100VXL0, S100YF73 |
| Inventories | 28,971 | 28,562 | 28,321 | 29,176 | 32,815 | S100QZWO, S100TNM4, S100VXL0, S100YF73 |
| Property, plant and equipment | 67,667 | 71,474 | 73,179 | 70,291 | 77,550 | S100QZWO, S100TNM4, S100VXL0, S100YF73 |
| Intangible assets excluding goodwill | 2,608 | 2,656 | 2,701 | 2,656 | 3,096 | S100QZWO, S100TNM4, S100VXL0, S100YF73 |
| Investment securities | 2,344 | 2,452 | 4,071 | 3,748 | 3,320 | S100QZWO, S100TNM4, S100VXL0, S100YF73 |
| Current assets | 144,033 | 141,375 | 144,452 | 125,279 | 130,657 | S100QZWO, S100TNM4, S100VXL0, S100YF73 |
| Current liabilities | 57,065 | 50,634 | 53,169 | 48,921 | 52,893 | S100QZWO, S100TNM4, S100VXL0, S100YF73 |
| Trade payables | 31,119 | 28,842 | 26,608 | 28,370 | 25,478 | S100QZWO, S100TNM4, S100VXL0, S100YF73 |
| Short-term borrowings | 9,614 | 7,302 | 10,500 | 6,000 | 11,000 | S100QZWO, S100TNM4, S100VXL0, S100YF73 |
| Long-term borrowings | 7,802 | 2,500 | 54,000 | 31,000 | 30,750 | S100QZWO, S100TNM4, S100VXL0, S100YF73 |
| Total liabilities | 67,455 | 55,341 | 109,232 | 81,748 | 87,780 | S100QZWO, S100TNM4, S100VXL0, S100YF73 |
| Equity attributable to owners of parent | 150,544 | 161,305 | 107,093 | 114,760 | 119,039 | S100QZWO, S100TNM4, S100VXL0, S100YF73 |
| Retained earnings | 126,248 | 136,791 | 144,479 | 96,960 | 101,169 | S100QZWO, S100TNM4, S100VXL0, S100YF73 |
| Treasury stock | -998 | -916 | -62,955 | -7,321 | -7,252 | S100QZWO, S100TNM4, S100VXL0, S100YF73 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YF73 |
| Receivables | 17% | S100YF73 |
| Inventories | 14% | S100YF73 |
| Property, plant and equipment | 33% | S100YF73 |
| Intangibles and goodwill | 1% | S100YF73 |
| Investment securities | 2% | S100YF73 |
| Other assets | 12% | S100YF73 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YF73 |
| Other liabilities | 27% | S100YF73 |
| Equity | 62% | S100YF73 |

### 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 | 225,343 | 226,626 | 236,042 | 215,444 | 232,142 |
| Equity | 157,887 | 171,284 | 126,810 | 133,696 | 144,362 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 65,559 | 63,025 | 68,298 | 52,874 | 48,499 |

## 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) | 34.0% | S100YF73 |
| Fixed assets ÷ total assets | 33.4% | S100YF73 |
| Goodwill ÷ parent equity | — | —, S100YF73 |

### 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) | 20.9% |
| Cash ÷ revenue | 21.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 190.1% |
| Cash vs. profit gap | 9,919 JPY mn (of net income 140.3%) |
| Shareholder returns / net income | 57.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 57.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.4% |
| Investing CF relative to operating CF | 143.5% |

## 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 | 6.4% | 1.00× | 6.4% | 1.50× | 9.5% | S100QZWO |
| 2023 | 6.2% | 1.04× | 6.5% | 1.45× | 9.4% | S100TNM4 |
| 2024 | 5.4% | 0.98× | 5.3% | 1.72× | 9.1% | S100VXL0 |
| 2025 | 5.2% | 0.98× | 5.1% | 2.04× | 10.5% | S100YF73 |
| 2026 | 3.1% | 1.02× | 3.2% | 1.91× | 6.0% | S100YF73 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 京セラ株式会社 | Major shareholder | 33.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.5% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDON SPECIAL ACCOUNT NO.1（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 6.9% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.3% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 3.2% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 3.0% | 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 | 2.3% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.1% | 2026-03-31 |
| CHARLES SCHWAB FBO CUSTOMER（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第96期(2025/04/01－2026/03/31) | S100YF73 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF73,, |
| 有価証券報告書－第95期(2024/04/01－2025/03/31) | S100VXL0 | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXL0,, |
| 有価証券報告書－第94期(2023/04/01－2024/03/31) | S100TNM4 | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNM4,, |
| 有価証券報告書－第93期(2022/04/01－2023/03/31) | S100QZWO | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZWO,, |
| 有価証券報告書－第92期(令和3年4月1日－令和4年3月31日) | S100OC16 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC16,, |
| 有価証券報告書－第91期(令和2年4月1日－令和3年3月31日) | S100LLSZ | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLSZ,, |

## 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).