# KAGA ELECTRONICS CO.,LTD.: 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58期(2025/04/01－2026/03/31) (S100YNQJ)
> Page: https://vizora.meequs.com/en/company/kaga-electronics
> Retrieved: 2026-09-30T19:09:20.174Z

## Company

Kaga Electronics, founded in 1968, is a company in Film & Anime listed on TSE Prime. It has 9,374 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KAGA ELECTRONICS CO.,LTD. |
| Ticker | 8154 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8154.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区神田松永町20番地 |
| Representative (per filing) | 代表取締役 社長執行役員 門 良一 |
| Founded | Sep 1968 |
| Share capital | ¥12.1B |
| Employees (consolidated) | 9,374 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.taxan.co.jp (https://www.taxan.co.jp/) |
| Corporate number | 4010001001752 |
| EDINET | E02676 |
| Industries (Vizora) | Film & Anime, Electronic Components, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YNQJ, filed 2026-06-30). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.2 | 179 |
| Profitability | 69.5 | 185 |
| Cash conversion | 9.8 | 179 |
| Efficiency | 65.7 | 185 |
| Financial strength | 77.5 | 20 |

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 86% of Kaga Electronics's sales come from Electric Components, with Information Equipment and Other segment making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +20.3% from the prior year, operating profit +17.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥658.9B |  |
| Operating income | ¥27.8B | Margin 4.2% |
| Net income | ¥31.1B | Margin 4.7% |
| Free cash flow | -¥7.02B |  |
| Largest business | Electric Components | of segment revenue 86.3% |
| Employees (consolidated) | 9,374 |  |
| EPS | ¥401.52 |  |
| Book value per share | ¥1415.43 |  |
| Equity ratio | 45.5% |  |
| Shares outstanding | 52,486,836 |  |
| Treasury shares | 4,843,300 |  |
| Shareholders | 11,164 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 21.9% | Net cash ¥8.12B · Cash ÷ revenue 13.4% |
| Vs. industry median margin | -1.7 pp | Electronic Components |
| ROE | 20.9% | Derived from disclosed figures |
| ROA | 8.8% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.5× dividends
- FY2026, one segment accounts for 70% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥422365000000 | ¥658941000000 | +56.0% |
| Operating income | ¥11467000000 | ¥27824000000 | +142.6% |
| Operating margin | 2.7% | 4.2% | +1.5 pp |
| Employees | 7,826 people | 9,374 people | +19.8% |
| Cash and equivalents | ¥44333000000 | ¥88292000000 | +99.2% |

### 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 |
| --- | ---: |
| 電子部品事業 → 電子部品事業 | 83.7% |
| 情報機器事業 → 情報機器事業 | 8.2% |
| 情報機器事業 → 事業再編・廃止 | 3.2% |
| ソフトウェア事業 → ソフトウェア事業 | 0.5% |
| ソフトウェア事業 → 事業再編・廃止 | 0.2% |
| その他事業 → その他事業 | 4.2% |
| 新設・再編 → 電子部品事業 | 2.6% |
| 新設・再編 → その他事業 | 0.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electric Components | 5 years | +10.0% | ¥568834000000 | 3.4% | 2 |
| Information Equipment | 5 years | +2.3% | ¥54182000000 | 8.2% | 2 |
| Other segment | 5 years | +13.1% | ¥32617000000 | 10.7% | 2 |
| Soft ware | 5 years | +2.4% | ¥3307000000 | 11.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 658,941 | 100.0% | S100YNQJ |
| Cost of revenue | 573,591 | 87.0% | S100YNQJ |
| Gross profit | 85,350 | 13.0% | S100YNQJ |
| SG&A | 57,525 | 8.7% | S100YNQJ |
| Operating income | 27,824 | 4.2% | S100YNQJ |
| Ordinary income | 29,930 | 4.5% | S100YNQJ |
| Pretax income | 40,376 | 6.1% | S100YNQJ |
| Income tax | 9,212 | 1.4% | S100YNQJ |
| Net income | 31,163 | 4.7% | S100YNQJ |
| Net income attributable to owners | 31,099 | 4.7% | S100YNQJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 9 |
| Operating income | 4 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 13.0% → Operating margin 4.2% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.3%; Core profit growth: +17.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.88×
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 | 547,779 | 658,941 | 111,162 | +20.3% |
| Gross profit | 71,665 | 85,350 | 13,685 | +19.1% |
| Operating income | 23,601 | 27,824 | 4,223 | +17.9% |
| Net income attributable to owners | 17,083 | 31,099 | 14,016 | +82.0% |
| Operating cash flow | 25,047 | -2,471 | -27,518 | -109.9% |
| Free cash flow | 19,377 | -7,018 | -26,395 | -136.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 443,615 | 10,014 | 2.3% | 5,852 | 22,406 | 18,775 | S100MD9G |
| FY ending Mar 2021 | 422,365 | 11,467 | 2.7% | 11,399 | 9,999 | 6,426 | S100OJZ2 |
| FY ending Mar 2022 | 495,827 | 20,915 | 4.2% | 15,401 | -1,554 | -6,207 | S100S0U4 |
| FY ending Mar 2023 | 608,064 | 32,249 | 5.3% | 23,070 | 30,569 | 26,411 | S100U4QD |
| FY ending Mar 2024 | 542,697 | 25,845 | 4.8% | 20,345 | 29,385 | 23,632 | S100WFZH |
| FY ending Mar 2025 | 547,779 | 23,601 | 4.3% | 17,083 | 25,047 | 19,377 | S100YNQJ |
| FY ending Mar 2026 | 658,941 | 27,824 | 4.2% | 31,099 | -2,471 | -7,018 | S100YNQJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥70.3M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 7,959 | 8,092 | 8,021 | 8,560 | 9,374 |
| Average salary (parent company) | ¥7.8M | ¥9M | ¥8.9M | ¥8.5M | ¥8.2M |
| Average age (parent company) | 42.9 years | 43.3 years | 43.3 years | 42.6 years | 42.6 years |
| Average tenure (parent company) | 14.8 years | 14.5 years | 14.5 years | 14.0 years | 13.9 years |

Year over year: Employees (consolidated) +9.5% · Revenue (consolidated) +20.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electric Components | 568,834 | 86.3% | 19,304 | 3.4% |
| Information Equipment | 54,182 | 8.2% | 4,444 | 8.2% |
| Soft ware | 3,307 | 0.5% | 365 | 11.0% |
| Other segment | 32,617 | 4.9% | 3,487 | 10.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electric Components | 86.3% | 69.9% | -16.4 | 3.4% |
| Information Equipment | 8.2% | 16.1% | 7.9 | 8.2% |
| Soft ware | 0.5% | 1.3% | 0.8 | 11.0% |
| Other segment | 4.9% | 12.6% | 7.7 | 10.7% |

Segment → industry: Soft ware → Film & Anime / Electric Components → Electronic Components / Information Equipment → Specialty Trading & Wholesale / Electric Components → Specialty Trading & Wholesale

## 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 | -2,471 | -0.4% | S100YNQJ |
| Capital expenditure | 4,547 | 0.7% | S100YNQJ |
| Free cash flow | -7,018 | -1.1% | 算出 |
| Investing cash flow | -3,466 | -0.5% | S100YNQJ |
| Financing cash flow | 20,329 | 3.1% | S100YNQJ |
| Dividends paid | 5,741 | 0.9% | S100YNQJ |
| Share buyback | 14,448 | 2.2% | S100YNQJ |
| Change in cash | 15,277 | 2.3% | S100YNQJ |
| Cash and equivalents | 88,292 | 13.4% | S100YNQJ |

## 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 | 39,240 | 50,307 | 62,417 | 72,681 | 88,292 | S100U4QD, S100WFZH, S100YNQJ |
| Total assets | 272,139 | 286,217 | 286,792 | 305,671 | 403,694 | S100S0U4, S100U4QD, S100WFZH, S100YNQJ |
| Net assets | 105,800 | 129,737 | 151,231 | 166,379 | 183,516 | S100U4QD, S100WFZH, S100YNQJ |
| Share capital | 12,133 | 12,133 | 12,133 | 12,133 | 12,133 | S100S0U4, S100U4QD, S100WFZH, S100YNQJ |
| Property, plant and equipment | 19,393 | 20,158 | 25,135 | 28,445 | 31,624 | S100S0U4, S100U4QD, S100WFZH, S100YNQJ |
| Intangible assets excluding goodwill | 3,163 | 2,702 | 2,092 | 1,738 | 1,911 | S100S0U4, S100U4QD, S100WFZH, S100YNQJ |
| Goodwill | 98 | 48 | 16 | — | — | S100S0U4, S100U4QD, S100WFZH |
| Investment securities | 10,313 | 12,144 | 10,472 | 12,556 | 19,403 | S100S0U4, S100U4QD, S100WFZH, S100YNQJ |
| Current assets | 233,984 | 245,572 | 244,629 | 257,164 | 342,368 | S100S0U4, S100U4QD, S100WFZH, S100YNQJ |
| Current liabilities | 132,918 | 127,547 | 104,803 | 117,704 | 195,444 | S100S0U4, S100U4QD, S100WFZH, S100YNQJ |
| Trade payables | 86,493 | 79,232 | 71,392 | 73,340 | 94,373 | S100S0U4, S100U4QD, S100WFZH, S100YNQJ |
| Short-term borrowings | 23,858 | 19,585 | 10,604 | 14,890 | 68,398 | S100S0U4, S100U4QD, S100WFZH, S100YNQJ |
| Long-term borrowings | 25,136 | 10,600 | 10,500 | 5,500 | 6,571 | S100S0U4, S100U4QD, S100WFZH, S100YNQJ |
| Bonds | — | 10,000 | 10,000 | 5,000 | 5,200 | S100U4QD, S100WFZH, S100YNQJ |
| Interest-bearing debt | — | 40,185 | 31,104 | 25,390 | 80,169 | 算出 |
| Total liabilities | 166,339 | 156,479 | 135,560 | 139,292 | 220,177 | S100S0U4, S100U4QD, S100WFZH, S100YNQJ |
| Non-controlling interests | 120 | 129 | 396 | 160 | 12 | S100S0U4, S100U4QD, S100WFZH, S100YNQJ |
| Equity attributable to owners of parent | 98,732 | 117,285 | 131,629 | 142,993 | 153,948 | S100S0U4, S100U4QD, S100WFZH, S100YNQJ |
| Retained earnings | 77,423 | 95,945 | 110,250 | 121,553 | 136,955 | S100S0U4, S100U4QD, S100WFZH, S100YNQJ |
| Treasury stock | -5,643 | -5,614 | -5,603 | -5,579 | -9,908 | S100S0U4, S100U4QD, S100WFZH, S100YNQJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YNQJ |
| Property, plant and equipment | 8% | S100YNQJ |
| Intangibles and goodwill | 0% | S100YNQJ |
| Investment securities | 5% | S100YNQJ |
| Other assets | 65% | S100YNQJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 23% | S100YNQJ |
| Interest-bearing debt | 20% | 算出 |
| Other liabilities | 11% | S100YNQJ |
| Equity | 46% | S100YNQJ |
| Other liabilities | 0% | S100YNQJ |

### 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 | 272,139 | 286,217 | 286,792 | 305,671 | 403,694 |
| Equity | 105,800 | 129,737 | 151,231 | 166,379 | 183,516 |
| Interest-bearing debt | — | 40,185 | 31,104 | 25,390 | 80,169 |
| Cash | 39,240 | 50,307 | 62,417 | 72,681 | 88,292 |

## 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) | 4.8% | S100YNQJ |
| Fixed assets ÷ total assets | 7.8% | S100YNQJ |
| Goodwill ÷ parent equity | — | —, S100YNQJ |

### 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) | 21.9% |
| Cash ÷ revenue | 13.4% |
| Net cash (cash − interest-bearing debt) | ¥8.12B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -8.9% |
| Cash vs. profit gap | -33,570 JPY mn (of net income -107.9%) |
| Shareholder returns / net income | 64.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | — |

## 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 | 3.1% | 1.82× | 5.7% | 2.76× | 15.6% | S100S0U4 |
| 2023 | 3.8% | 2.18× | 8.3% | 2.58× | 21.4% | S100U4QD |
| 2024 | 3.7% | 1.89× | 7.1% | 2.30× | 16.3% | S100WFZH |
| 2025 | 3.1% | 1.85× | 5.8% | 2.16× | 12.4% | S100YNQJ |
| 2026 | 4.7% | 1.86× | 8.8% | 2.39× | 20.9% | S100YNQJ |

## 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 | 11.8% | 2026-03-31 |
| 株式会社ＯＫＯＺＥ | Major shareholder | 7.7% | 2026-03-31 |
| 加賀電子従業員持株会 | Major shareholder | 6.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.2% | 2026-03-31 |
| 塚本勲 | Major shareholder | 3.0% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５２２３（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 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＮ １４００４４（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 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 1.9% | 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 | 1.8% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥658.9B, up +20.3% from ¥547.8B the year before.
- Operating income rose +17.9% to ¥27.8B. Net income grew much faster, +82.0% to ¥31.1B, largely because of one-off gains such as negative goodwill from an acquisition.
- Cash from operations, however, swung from ¥25B to -¥2.47B. Large spot sales bunched into the final quarter left a lot of unpaid customer invoices on the books at year end.

### Drivers

- Demand from AI servers made memory chips scarce, and the company used its buying reach as an independent trader to win spot sales
- It took control of Kyoei Sangyo through a tender offer, adding that company's sales partway through the year
- New equipment at overseas plants lifted contract manufacturing for air conditioners and medical devices, and PC sales to schools and retailers were strong

### Risks

- A slowdown in key markets such as Japan, North America, Europe and Asia would cut demand in the core components business
- Currency swings change the yen value of overseas sales and assets
- An acquired company may earn less than expected, or hidden liabilities may surface after a deal

Cited: Annual securities report (MD&A) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (business risks) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2025/04/01－2026/03/31) | S100YNQJ | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNQJ,, |
| 訂正有価証券報告書－第57期(2024/04/01－2025/03/31) | S100WFZH | 2025-08-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WFZH,, |
| 訂正有価証券報告書－第56期(2023/04/01－2024/03/31) | S100U4QD | 2024-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4QD,, |
| 訂正有価証券報告書－第55期(2022/04/01－2023/03/31) | S100S0U4 | 2023-10-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S0U4,, |
| 有価証券報告書－第54期(令和3年4月1日－令和4年3月31日) | S100OJZ2 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJZ2,, |
| 訂正有価証券報告書－第53期(令和2年4月1日－令和3年3月31日) | S100MD9G | 2021-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MD9G,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 帝国通信工業 | Supply/OEM | 帝国通信工業の部品を加賀電子が販売（販売代理店契約） | S100YNQJ |
| 沖電気工業 | Supply/OEM | 沖電気工業の製品を加賀電子が販売（販売特約店契約） | S100YNQJ |
| 新電元工業 | Supply/OEM | 新電元工業の製品を加賀電子が販売（販売特約店契約） | S100YNQJ |
| シャープ | Supply/OEM | シャープの液晶・IC・LEDを加賀電子が仕入れ（基本売買契約） | S100YNQJ |
| セイコーエプソン | Supply/OEM | セイコーエプソンの半導体等を加賀電子が仕入れ（取引基本契約） | S100YNQJ |
| 京セラ | Supply/OEM | 京セラの部品を加賀電子が販売（販売代理店契約） | S100YNQJ |
| ホシデン | Supply/OEM | ホシデンの部品・機器を加賀電子が販売（販売代理店契約） | S100YNQJ |
| 三菱電機 | Supply/OEM | 三菱電機の半導体を加賀デバイスが販売（代理店契約） | S100YNQJ |
| 日本ケミコン | Supply/OEM | 日本ケミコンの電解コンデンサを加賀マイクロソリューションが仕入れ | S100YNQJ |
| ジャパンディスプレイ | Supply/OEM | ジャパンディスプレイの液晶をエー・ディーデバイスが販売 | S100YNQJ |
| キオクシア㈱ | Supply/OEM | キオクシアのメモリをエー・ディーデバイスが販売（特約店契約） | S100YNQJ |
| アクセル | Supply/OEM | アクセルの NVPROM を加賀FEIが仕入れ（取引基本契約） | S100YNQJ |
| ソシオネクスト | Supply/OEM | ソシオネクストの IC を加賀FEIが販売（販売特約店契約） | S100YNQJ |
| アルプスアルパイン | Supply/OEM | アルプスアルパインの部品をエクセルが販売（代理店契約） | S100YNQJ |

## 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).