# JVCKENWOOD Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第18期(2025/04/01－2026/03/31) (S100YG3R)
> Page: https://vizora.meequs.com/en/company/jvckenwood
> Retrieved: 2026-09-30T20:31:39.637Z

## Company

Jvckenwood, founded in 2008, is a company in Auto Parts listed on TSE Prime. It has 15,229 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JVCKENWOOD Corporation |
| Ticker | 6632 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6632.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横浜市神奈川区守屋町三丁目12番地 |
| Representative (per filing) | 代表取締役 会長執行役員 最高経営責任者(CEO) 江口 祥一郎 |
| Founded | Oct 2008 |
| Share capital | ¥13.6B |
| Employees (consolidated) | 15,229 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | March |
| Website | www.jvckenwood.com (https://www.jvckenwood.com/) |
| Corporate number | 8020001059159 |
| EDINET | E21320 |
| Industries (Vizora) | Auto Parts, Car Accessories, Smartphones & Communications Equipment, TVs, Audio & Musical Instruments |

> Profile source: annual securities report (S100YG3R, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Car Accessories (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.3 | 15 |
| Profitability | 50 | 15 |
| Cash conversion | 76.7 | 15 |
| Efficiency | 43.3 | 15 |

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 55% of Jvckenwood's sales come from Automotive Sector, with Safety and Security Sector and Entertainment Solutions Service Sector making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -3.6% from the prior year, operating profit -5.7%.

## Company structure

- Segment revenue mix: Automotive Sector 54.9%、Safety and Security Sector 26.5%、Entertainment Solutions Service Sector 15.9%、Other 2.7%
- Revenue → net income: ¥356865000000 → ¥16965000000
- Net income → operating cash flow: ¥16965000000 → ¥33758000000（difference ¥16793000000）
- Main uses of operating cash flow: CapEx ¥22569000000 / dividends ¥2364000000 / buybacks ¥10001000000
- Change in cash: ¥17118000000
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 | ¥356.9B |  |
| Operating income | ¥20.5B | Margin 5.8% |
| Net income | ¥16.8B | Margin 4.7% |
| Free cash flow | ¥11.2B |  |
| Largest business | Automotive Sector | of segment revenue 54.9% |
| Employees (consolidated) | 15,229 |  |
| EPS | ¥115.21 |  |
| Diluted EPS | ¥111.62 |  |
| Book value per share | ¥619.27 |  |
| Equity ratio | 41.4% | Derived from disclosed figures |
| Shares outstanding | 161,564,000 |  |
| Treasury shares | 19,488,700 |  |
| Shareholders | 26,989 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 18.9% | Cash ÷ revenue 18.4% |
| Vs. industry median margin | +1 pp | Auto Parts |
| ROE | 12.5% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 4.2× dividends
- FY2026, operating cash flow is 2.0× net income
- FY2026, one segment accounts for 61% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥273609000000 | ¥356865000000 | +30.4% |
| Operating income | ¥4893000000 | ¥20540000000 | +319.8% |
| Operating margin | 1.8% | 5.8% | +4 pp |
| Employees | 16,956 people | 15,229 people | -10.2% |
| Cash and equivalents | ¥59644000000 | ¥65716000000 | +10.2% |

### 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 |
| --- | ---: |
| モビリティ＆テレマティクスサービス分野 → モビリティ＆テレマティクスサービス分野 | 37.7% |
| オートモーティブ分野 → 事業再編・廃止 | 34.3% |
| パブリックサービス分野 → 事業再編・廃止 | 14.6% |
| メディアサービス分野 → 事業再編・廃止 | 12.0% |
| その他 → その他 | 1.3% |
| 新設・再編 → モビリティ＆テレマティクスサービス分野 | 17.1% |
| 新設・再編 → セーフティ＆セキュリティ分野 | 26.5% |
| 新設・再編 → エンタテインメント ソリューションズ分野 | 15.9% |
| 新設・再編 → その他 | 1.4% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automotive Sector | 5 years | +4.5% | ¥195748000000 | 2.8% | 2 |
| Safety and Security Sector | 3 years | +8.3% | ¥94695000000 | 13.4% | 2 |
| Entertainment Solutions Service Sector | 3 years | -0.3% | ¥56819000000 | 4.4% | 2 |
| Other | 5 years | +11.8% | ¥9602000000 | 2.4% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 356,865 | 100.0% | S100YG3R |
| Cost of revenue | 246,471 | 69.1% | S100YG3R |
| Gross profit | 110,393 | 30.9% | S100YG3R |
| SG&A | 89,513 | 25.1% | S100YG3R |
| Operating income | 20,540 | 5.8% | S100YG3R |
| Pretax income | 21,660 | 6.1% | S100YG3R |
| Income tax | 4,694 | 1.3% | S100YG3R |
| Net income | 16,965 | 4.8% | S100YG3R |
| Net income attributable to owners | 16,787 | 4.7% | S100YG3R |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 25 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 30.9% → Operating margin 5.8% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.6%; Core profit growth: -5.7%
Operating leverage (core profit growth ÷ revenue growth): 1.58×
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 | 370,308 | 356,865 | -13,443 | -3.6% |
| Gross profit | 118,940 | 110,393 | -8,547 | -7.2% |
| Operating income | 21,792 | 20,540 | -1,252 | -5.7% |
| Net income attributable to owners | 20,276 | 16,787 | -3,489 | -17.2% |
| Operating cash flow | 31,452 | 33,758 | 2,306 | +7.3% |
| Free cash flow | 6,717 | 11,189 | 4,472 | +66.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 297,890 | — | — | -3,114 | 19,624 | — | S100LQKX |
| FY ending Mar 2018 | 300,687 | — | — | 2,389 | 18,379 | — | S100OFNG |
| FY ending Mar 2019 | 307,627 | — | — | 3,847 | 20,983 | — | S100R2FG |
| FY ending Mar 2020 | 291,304 | 4,080 | 1.4% | 954 | 21,642 | 527 | S100LQKX |
| FY ending Mar 2021 | 273,609 | 4,893 | 1.8% | 2,154 | 35,829 | 21,917 | S100OFNG |
| FY ending Mar 2022 | 282,088 | 9,054 | 3.2% | 5,873 | 7,059 | -8,903 | S100R2FG |
| FY ending Mar 2023 | 336,910 | 21,634 | 6.4% | 16,229 | 26,607 | 10,795 | S100TPOI |
| FY ending Mar 2024 | 359,459 | 18,226 | 5.1% | 13,016 | 33,172 | 12,163 | S100W20P |
| FY ending Mar 2025 | 370,308 | 21,792 | 5.9% | 20,276 | 31,452 | 6,717 | S100YG3R |
| FY ending Mar 2026 | 356,865 | 20,540 | 5.8% | 16,787 | 33,758 | 11,189 | S100YG3R |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.4M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 16,585 | 16,277 | 15,880 | 15,151 | 15,229 |
| Average salary (parent company) | ¥7M | ¥7M | ¥7.8M | ¥8.5M | ¥8.6M |
| Average age (parent company) | 50.3 years | 50.9 years | 50.9 years | 51.0 years | 50.8 years |
| Average tenure (parent company) | 24.3 years | 24.8 years | 24.7 years | 24.8 years | 23.4 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) -3.6%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automotive Sector | 195,748 | 54.9% | 5,399 | 2.8% |
| Safety and Security Sector | 94,695 | 26.5% | 12,736 | 13.4% |
| Entertainment Solutions Service Sector | 56,819 | 15.9% | 2,517 | 4.4% |
| Other | 9,602 | 2.7% | 226 | 2.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Automotive Sector | 54.9% | 25.9% | -29.0 | 2.8% |
| Safety and Security Sector | 26.5% | 61.0% | 34.5 | 13.4% |
| Entertainment Solutions Service Sector | 15.9% | 12.1% | -3.9 | 4.4% |
| Other | 2.7% | 1.1% | -1.6 | 2.4% |

Segment → industry: Automotive Sector → Auto Parts / Automotive Sector → Car Accessories / Safety and Security Sector → Smartphones & Communications Equipment / Entertainment Solutions Service Sector → TVs, Audio & Musical Instruments

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 33,758 | 9.5% | S100YG3R |
| Capital expenditure | 22,569 | 6.3% | S100YG3R |
| Free cash flow | 11,189 | 3.1% | 算出 |
| Investing cash flow | -22,304 | -6.2% | S100YG3R |
| Financing cash flow | 1,761 | 0.5% | S100YG3R |
| Dividends paid | 2,364 | 0.7% | S100YG3R |
| Share buyback | 10,001 | 2.8% | S100YG3R |
| Change in cash | 17,118 | 4.8% | S100YG3R |
| Cash and equivalents | 65,716 | 18.4% | S100YG3R |

## 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 | 48,707 | 56,186 | 57,874 | 48,597 | 65,716 | S100TPOI, S100W20P, S100YG3R |
| Total assets | 280,807 | 299,355 | 316,819 | 313,336 | 347,605 | S100R2FG, S100TPOI, S100W20P, S100YG3R |
| Net assets | 83,961 | 103,731 | 121,220 | 131,399 | 149,698 | S100TPOI, S100W20P, S100YG3R |
| Share capital | 13,645 | 13,645 | 13,645 | 13,645 | 13,645 | S100R2FG, S100TPOI, S100W20P, S100YG3R |
| Property, plant and equipment | 56,249 | 54,721 | 61,955 | 62,067 | 64,901 | S100R2FG, S100TPOI, S100W20P, S100YG3R |
| Goodwill | 2,231 | 2,379 | 2,665 | 886 | 1,002 | S100R2FG, S100TPOI, S100W20P, S100YG3R |
| Current assets | 176,799 | 197,187 | 206,049 | 196,825 | 217,647 | S100R2FG, S100TPOI, S100W20P, S100YG3R |
| Total liabilities | 196,846 | 195,624 | 195,598 | 181,937 | 197,906 | S100R2FG, S100TPOI, S100W20P, S100YG3R |
| Equity attributable to owners of parent | 79,495 | 98,807 | 114,801 | 125,103 | 143,834 | S100R2FG, S100TPOI, S100W20P, S100YG3R |
| Retained earnings | 13,346 | 28,811 | 40,004 | 58,086 | 72,782 | S100R2FG, S100TPOI, S100W20P, S100YG3R |
| Treasury stock | -140 | -140 | -7,125 | -11,589 | -18,866 | S100R2FG, S100TPOI, S100W20P, S100YG3R |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YG3R |
| Property, plant and equipment | 19% | S100YG3R |
| Intangibles and goodwill | 0% | — |
| Other assets | 62% | S100YG3R |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100YG3R |
| Equity | 43% | S100YG3R |
| Other liabilities | 0% | S100YG3R |

### 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 | 280,807 | 299,355 | 316,819 | 313,336 | 347,605 |
| Equity | 83,961 | 103,731 | 121,220 | 131,399 | 149,698 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 48,707 | 56,186 | 57,874 | 48,597 | 65,716 |

## 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) | 18.2% | S100YG3R |
| Fixed assets ÷ total assets | 18.7% | S100YG3R |
| Goodwill ÷ parent equity | 0.7% | S100YG3R |

Goodwill over 4 years: 2,231 → 1,002 JPY; total investing cash flow: -77,044 JPY. This does not imply causation.

### 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) | 18.9% |
| Cash ÷ revenue | 18.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 164.4% |
| Cash vs. profit gap | 16,971 JPY mn (of net income 101.1%) |
| Shareholder returns / net income | 73.7% |
| Shareholder returns / FCF | 110.5% |
| Shareholder payments — dividends / net income | 14.1% |
| Shareholder payments — dividends / FCF | 21.1% |
| CapEx intensity (capex ÷ revenue) | 6.3% |
| Investing CF relative to operating CF | 66.1% |

## 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 | 2.1% | 1.00× | 2.1% | 3.53× | 7.4% | S100R2FG |
| 2023 | 4.8% | 1.16× | 5.6% | 3.25× | 18.2% | S100TPOI |
| 2024 | 3.6% | 1.17× | 4.2% | 2.88× | 12.2% | S100W20P |
| 2025 | 5.5% | 1.18× | 6.4% | 2.63× | 16.9% | S100YG3R |
| 2026 | 4.7% | 1.08× | 5.1% | 2.46× | 12.5% | S100YG3R |

## 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 | 16.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 | Major shareholder | 6.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 | Major shareholder | 4.2% | 2026-03-31 |
| HSBC-FUND SERVICES HSBC - 006 MF EFM | Major shareholder | 4.2% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL | Major shareholder | 2.5% | 2026-03-31 |
| MSIP CLIENT SECURITIES | Major shareholder | 2.3% | 2026-03-31 |
| MLI FOR CLIENT GENERAL OMNI NON COLLATERAL NON TREATY-PB | Major shareholder | 2.3% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044 | Major shareholder | 1.6% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 | Major shareholder | 1.5% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥356.9B, down 3.6% from ¥370.3B a year earlier.
- Profit also slipped: operating income fell 5.7% to ¥20.5B and net income fell 17.2% to ¥16.8B.
- Cash generation improved, with operating cash flow up 7.3% to ¥33.8B and free cash flow up 66.6% to ¥11.2B.

### Drivers

- A parts shortage hit radio production and sales early in the year, and late deliveries in the second half cost further sales.
- The US government shutdown delayed public-sector budgets, which held back radio orders.
- US tariffs cut sales of retail car electronics and the media business.
- Strong sales of music and other content lifted the entertainment business.
- Operating cash flow rose despite lower profit because less money was tied up in working capital.

### Risks

- Demand from AI data centers has made memory chips scarce, and the company is already seeing supply difficulty and higher prices.
- Some older chips used in radio products come from few suppliers, and cutbacks at those makers could limit supply.
- Tension in the Middle East could raise material and shipping costs and slow deliveries.

Cited: Annual Securities Report, 18th fiscal year (Apr 2025–Mar 2026) (Management's analysis of financial position, results and cash flows); Annual Securities Report, 18th fiscal year (Apr 2025–Mar 2026) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/04/01－2026/03/31) | S100YG3R | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG3R,, |
| 有価証券報告書－第17期(2024/04/01－2025/03/31) | S100W20P | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W20P,, |
| 有価証券報告書－第16期(2023/04/01－2024/03/31) | S100TPOI | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPOI,, |
| 有価証券報告書－第15期(2022/04/01－2023/03/31) | S100R2FG | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2FG,, |
| 有価証券報告書－第14期(令和3年4月1日－令和4年3月31日) | S100OFNG | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFNG,, |
| 有価証券報告書－第13期(令和2年4月1日－令和3年3月31日) | S100LQKX | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQKX,, |

## 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).