# JAPAN RESISTOR MFG.CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第78期(2025/01/01－2025/12/31) (S100XUGC)
> Page: https://vizora.meequs.com/en/company/japan-resistor-mfg
> Retrieved: 2026-09-30T20:00:03.450Z

## Company

Japan Resistor MFG. is a company in Electronic Components listed on TSE Standard. It has 302 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Resistor Mfg.Co.,Ltd. |
| Ticker | 6977 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6977.T) |
| Listing | TSE Standard |
| Head office | 富山県南砺市北野2315番地 |
| Representative (per filing) | 代表取締役社長 木村 準 |
| Share capital | ¥724.4M |
| Employees (consolidated) | 302 |
| Average salary (parent only) | ¥4.5M |
| Fiscal year end | December |
| Website | www.jrm.co.jp (https://www.jrm.co.jp/) |
| Corporate number | 9230001008820 |
| EDINET | E01906 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100XUGC, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.7 | 53 |
| Profitability | 9.8 | 56 |
| Efficiency | 52.7 | 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)

- Japan Resistor MFG. brought in ¥5.91B in revenue.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed -8.5% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥5.91B |  |
| Operating income | -¥109.8M | Margin -1.9% |
| Net income | -¥376.5M | Margin -6.4% |
| Free cash flow | ¥105.7M |  |
| Employees (consolidated) | 302 |  |
| EPS | ¥-46.11 |  |
| Book value per share | ¥1105.48 |  |
| Equity ratio | 16.2% |  |
| Shares outstanding | 1,240,000 |  |
| Treasury shares | 2,700 |  |
| Shareholders | 1,253 |  |
| Average salary (parent only) | ¥4.5M | Filing company only |
| Cash ratio | 20.2% | Cash ÷ revenue 24.7% |
| Vs. industry median margin | -7.8 pp | Electronic Components |
| ROA | -5.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5543360000 | ¥5905941000 | +6.5% |
| Operating income | ¥41957000 | ¥-109824000 | -361.8% |
| Operating margin | 0.8% | -1.9% | -2.6 pp |
| Employees | 323 people | 302 people | -6.5% |
| Cash and equivalents | ¥1561625000 | ¥1459614000 | -6.5% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,906 | 100.0% | S100XUGC |
| Cost of revenue | 4,638 | 78.5% | S100XUGC |
| Gross profit | 1,268 | 21.5% | S100XUGC |
| SG&A | 1,378 | 23.3% | S100XUGC |
| Operating income | -110 | -1.9% | S100XUGC |
| Ordinary income | -136 | -2.3% | S100XUGC |
| Pretax income | -252 | -4.3% | S100XUGC |
| Income tax | 89 | 1.5% | S100XUGC |
| Net income | -340 | -5.8% | S100XUGC |
| Net income attributable to owners | -377 | -6.4% | S100XUGC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 23 |
| Operating income | -2 |
| (Ref.) Net income | -6 |

### Margin funnel

Gross margin 21.5% → Operating margin -1.9% → Net margin -6.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,455 | 5,906 | -549 | -8.5% |
| Gross profit | 1,305 | 1,268 | -37 | -2.8% |
| Operating income | -133 | -110 | 24 | — |
| Net income attributable to owners | -181 | -377 | -195 | — |
| Operating cash flow | 76 | 231 | 155 | +203.3% |
| Free cash flow | -252 | 106 | 358 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 6,179 | 150 | 2.4% | 83 | 38 | -172 | S100L29K |
| FY ending Dec 2020 | 5,543 | 42 | 0.8% | 38 | 297 | 133 | S100NSFA |
| FY ending Dec 2021 | 6,185 | 111 | 1.8% | 50 | -276 | -378 | S100QHLH |
| FY ending Dec 2022 | 7,205 | 312 | 4.3% | 133 | -144 | -260 | S100T4N2 |
| FY ending Dec 2023 | 7,167 | 100 | 1.4% | 51 | -187 | -418 | S100VSXB |
| FY ending Dec 2024 | 6,455 | -133 | -2.1% | -181 | 76 | -252 | S100XUGC |
| FY ending Dec 2025 | 5,906 | -110 | -1.9% | -377 | 231 | 106 | S100XUGC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.6M |
| Operating income per employee (consolidated) | -¥363.7K |
| Net income per employee (consolidated) | -¥1.2M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 365 | 374 | 322 | 329 | 302 |
| Average salary (parent company) | ¥4.7M | ¥4.7M | ¥4.7M | ¥4.5M | ¥4.5M |
| Average age (parent company) | 44.9 years | 45.5 years | 44.9 years | 42.3 years | 43.4 years |
| Average tenure (parent company) | 16.9 years | 18.6 years | 17.0 years | 15.3 years | 16.3 years |

Year over year: Employees (consolidated) -8.2% · Revenue (consolidated) -8.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 231 | 3.9% | S100XUGC |
| Capital expenditure | 125 | 2.1% | S100XUGC |
| Free cash flow | 106 | 1.8% | 算出 |
| Investing cash flow | -76 | -1.3% | S100XUGC |
| Financing cash flow | -169 | -2.9% | S100XUGC |
| Dividends paid | 37 | 0.6% | S100XUGC |
| Change in cash | -12 | -0.2% | S100XUGC |
| Cash and equivalents | 1,460 | 24.7% | S100XUGC |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,213 | 1,170 | 1,295 | 1,472 | 1,460 | S100T4N2, S100VSXB, S100XUGC |
| Total assets | 6,839 | 7,590 | 7,643 | 7,729 | 7,209 | S100QHLH, S100T4N2, S100VSXB, S100XUGC |
| Net assets | 1,871 | 1,952 | 2,036 | 1,898 | 1,655 | S100T4N2, S100VSXB, S100XUGC |
| Share capital | 724 | 724 | 724 | 724 | 724 | S100QHLH, S100T4N2, S100VSXB, S100XUGC |
| Trade receivables | 901 | — | — | — | — | S100QHLH |
| Property, plant and equipment | 1,243 | — | 1,339 | 1,541 | 1,374 | S100QHLH, S100VSXB, S100XUGC |
| Intangible assets excluding goodwill | 13 | — | 8 | 11 | 10 | S100QHLH, S100VSXB, S100XUGC |
| Investment securities | 226 | — | 253 | 309 | 480 | S100QHLH, S100VSXB, S100XUGC |
| Current assets | 5,077 | — | 5,782 | 5,625 | 5,154 | S100QHLH, S100VSXB, S100XUGC |
| Current liabilities | 3,284 | — | 3,671 | 3,607 | 3,625 | S100QHLH, S100VSXB, S100XUGC |
| Trade payables | 820 | — | 679 | 616 | 486 | S100QHLH, S100VSXB, S100XUGC |
| Short-term borrowings | 1,490 | — | 2,181 | 2,336 | 2,425 | S100QHLH, S100VSXB, S100XUGC |
| Long-term borrowings | 1,133 | — | 1,476 | 1,661 | 1,493 | S100QHLH, S100VSXB, S100XUGC |
| Bonds | 150 | — | 110 | 100 | — | S100QHLH, S100VSXB, S100XUGC |
| Interest-bearing debt | 2,773 | — | 3,767 | 4,097 | — | 算出 |
| Total liabilities | 4,968 | — | 5,607 | 5,831 | 5,554 | S100QHLH, S100VSXB, S100XUGC |
| Non-controlling interests | 353 | — | 410 | 391 | 484 | S100QHLH, S100VSXB, S100XUGC |
| Equity attributable to owners of parent | 1,372 | — | 1,375 | 1,157 | 743 | S100QHLH, S100VSXB, S100XUGC |
| Retained earnings | 444 | — | 448 | 229 | -184 | S100QHLH, S100VSXB, S100XUGC |
| Treasury stock | -4 | — | -4 | -4 | -4 | S100QHLH, S100VSXB, S100XUGC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100XUGC |
| Property, plant and equipment | 19% | S100XUGC |
| Intangibles and goodwill | 0% | S100XUGC |
| Investment securities | 7% | S100XUGC |
| Other assets | 54% | S100XUGC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100XUGC |
| Other liabilities | 70% | S100XUGC |
| Equity | 23% | S100XUGC |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,839 | 7,590 | 7,643 | 7,729 | 7,209 |
| Equity | 1,871 | 1,952 | 2,036 | 1,898 | 1,655 |
| Interest-bearing debt | 2,773 | — | 3,767 | 4,097 | — |
| Cash | 1,213 | 1,170 | 1,295 | 1,472 | 1,460 |

## 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) | 23.3% | S100XUGC |
| Fixed assets ÷ total assets | 19.1% | S100XUGC |
| Goodwill ÷ parent equity | — | —, S100XUGC |

### 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) | 20.2% |
| Cash ÷ revenue | 24.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 607 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 35.1% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 32.8% |

## 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 | 0.8% | 0.90× | 0.7% | 4.99× | 3.6% | S100QHLH |
| 2022 | 1.8% | 1.00× | 1.8% | 3.77× | 7.0% | S100T4N2, S100VSXB |
| 2023 | 0.7% | 0.94× | 0.7% | 5.54× | 3.7% | S100VSXB |
| 2024 | — | —× | -2.4% | —× | — | S100XUGC |
| 2025 | — | —× | -5.0% | —× | — | S100XUGC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 木村 準 | Major shareholder | 8.6% | 2025-12-31 |
| 永山 敬健 | Major shareholder | 5.0% | 2025-12-31 |
| 日本抵抗器関連会社従業員持株会 | Major shareholder | 4.9% | 2025-12-31 |
| いずも産業㈱ | Major shareholder | 3.9% | 2025-12-31 |
| 今井 芳範 | Major shareholder | 3.3% | 2025-12-31 |
| 日抵従業員持株会 | Major shareholder | 3.2% | 2025-12-31 |
| 松原 明男 | Major shareholder | 3.2% | 2025-12-31 |
| ㈱富山銀行 | Major shareholder | 2.9% | 2025-12-31 |
| 日本抵抗器取引先持株会 | Major shareholder | 2.5% | 2025-12-31 |
| ㈱富山第一銀行 | Major shareholder | 2.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/01/01－2025/12/31) | S100XUGC | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUGC,, |
| 訂正有価証券報告書－第77期(2024/01/01－2024/12/31) | S100VSXB | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSXB,, |
| 有価証券報告書－第76期(2023/01/01－2023/12/31) | S100T4N2 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4N2,, |
| 有価証券報告書－第75期(2022/01/01－2022/12/31) | S100QHLH | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHLH,, |
| 有価証券報告書－第74期(令和3年1月1日－令和3年12月31日) | S100NSFA | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSFA,, |
| 有価証券報告書－第73期(令和2年1月1日－令和2年12月31日) | S100L29K | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L29K,, |

## 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).