# KEL 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64期(2025/04/01－2026/03/31) (S100YJK1)
> Page: https://vizora.meequs.com/en/company/kel
> Retrieved: 2026-09-30T20:58:27.557Z

## Company

KEL, founded in 1962, is a company in Electronic Components listed on TSE Standard. It has 334 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KEL CORPORATION |
| Ticker | 6919 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6919.T) |
| Listing | TSE Standard |
| Head office | 東京都多摩市永山6丁目17番地7 |
| Representative (per filing) | 代表取締役社長 春日 明 |
| Founded | Jul 1962 |
| Share capital | ¥1.62B |
| Employees (consolidated) | 334 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Corporate number | 6013401001080 |
| EDINET | E01992 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YJK1, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.6 | 53 |
| Profitability | 20.5 | 56 |
| Cash conversion | 99 | 48 |
| Efficiency | 38.4 | 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)

- KEL brought in ¥12.9B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +8.3% from the prior year, operating profit -52.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥12857567000 → ¥210390000
- Net income → operating cash flow: ¥210390000 → ¥1446778000（difference ¥1236388000）
- Main uses of operating cash flow: CapEx ¥1502156000 / dividends ¥582273000 / buybacks ¥7000
- Change in cash: ¥-341130000
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 | ¥12.9B |  |
| Operating income | ¥284.8M | Margin 2.2% |
| Net income | ¥210.4M | Margin 1.6% |
| Free cash flow | -¥55.4M |  |
| Employees (consolidated) | 334 |  |
| EPS | ¥25.01 |  |
| Book value per share | ¥1917.91 |  |
| Equity ratio | 80.7% |  |
| Shares outstanding | 7,743,000 |  |
| Treasury shares | 467,600 |  |
| Shareholders | 8,498 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 24.9% | Cash ÷ revenue 36.8% |
| Vs. industry median margin | -3.7 pp | Electronic Components |
| ROE | 1.5% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 6.9× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10163376000 | ¥12857567000 | +26.5% |
| Operating income | ¥988416000 | ¥284833000 | -71.2% |
| Operating margin | 9.7% | 2.2% | -7.5 pp |
| Employees | 301 people | 334 people | +11.0% |
| Cash and equivalents | ¥4599681000 | ¥4729614000 | +2.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,858 | 100.0% | S100YJK1 |
| Cost of revenue | 10,058 | 78.2% | S100YJK1 |
| Gross profit | 2,800 | 21.8% | S100YJK1 |
| SG&A | 2,515 | 19.6% | S100YJK1 |
| Operating income | 285 | 2.2% | S100YJK1 |
| Ordinary income | 384 | 3.0% | S100YJK1 |
| Pretax income | 358 | 2.8% | S100YJK1 |
| Income tax | 147 | 1.1% | S100YJK1 |
| Net income | 210 | 1.6% | S100YJK1 |
| Net income attributable to owners | 210 | 1.6% | S100YJK1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 20 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 21.8% → Operating margin 2.2% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +8.3%; Core profit growth: -52.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -6.29×
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 | 11,872 | 12,858 | 986 | +8.3% |
| Gross profit | 2,936 | 2,800 | -136 | -4.6% |
| Operating income | 597 | 285 | -312 | -52.3% |
| Net income attributable to owners | 402 | 210 | -191 | -47.6% |
| Operating cash flow | 1,157 | 1,447 | 290 | +25.1% |
| Free cash flow | 235 | -55 | -290 | -123.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,592 | 1,027 | 9.7% | 702 | 1,615 | 1,015 | S100LOOP |
| FY ending Mar 2021 | 10,163 | 988 | 9.7% | 725 | 1,461 | 882 | S100OFOM |
| FY ending Mar 2022 | 12,794 | 2,115 | 16.5% | 1,455 | 1,583 | 863 | S100R2W1 |
| FY ending Mar 2023 | 14,500 | 2,400 | 16.6% | 1,726 | 1,670 | 733 | S100TSAO |
| FY ending Mar 2024 | 12,231 | 1,095 | 9.0% | 852 | 2,320 | 1,014 | S100W3IE |
| FY ending Mar 2025 | 11,872 | 597 | 5.0% | 402 | 1,157 | 235 | S100YJK1 |
| FY ending Mar 2026 | 12,858 | 285 | 2.2% | 210 | 1,447 | -55 | S100YJK1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.5M |
| Operating income per employee (consolidated) | ¥852.8K |
| Net income per employee (consolidated) | ¥629.9K |

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) | 301 | 306 | 318 | 315 | 334 |
| Average salary (parent company) | ¥6M | ¥6.6M | ¥6.3M | ¥5.9M | ¥5.9M |
| Average age (parent company) | 40.4 years | 40.5 years | 40.3 years | 40.3 years | 40.5 years |
| Average tenure (parent company) | 16.5 years | 16.4 years | 15.8 years | 16.2 years | 16.3 years |

Year over year: Employees (consolidated) +6.0% · Revenue (consolidated) +8.3%

## 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 | 1,447 | 11.3% | S100YJK1 |
| Capital expenditure | 1,502 | 11.7% | S100YJK1 |
| Free cash flow | -55 | -0.4% | 算出 |
| Investing cash flow | -1,377 | -10.7% | S100YJK1 |
| Financing cash flow | -590 | -4.6% | S100YJK1 |
| Dividends paid | 582 | 4.5% | S100YJK1 |
| Share buyback | 0 | 0.0% | S100YJK1 |
| Change in cash | -341 | -2.7% | S100YJK1 |
| Cash and equivalents | 4,730 | 36.8% | S100YJK1 |

## 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 | 5,389 | 5,303 | 5,516 | 5,071 | 4,730 | S100TSAO, S100W3IE, S100YJK1 |
| Total assets | 18,386 | 19,678 | 18,924 | 18,605 | 18,964 | S100R2W1, S100TSAO, S100W3IE, S100YJK1 |
| Net assets | 13,854 | 15,041 | 15,391 | 15,225 | 15,304 | S100TSAO, S100W3IE, S100YJK1 |
| Share capital | 1,617 | 1,617 | 1,617 | 1,617 | 1,617 | S100R2W1, S100TSAO, S100W3IE, S100YJK1 |
| Property, plant and equipment | 4,146 | 4,167 | 4,357 | 4,502 | 4,680 | S100R2W1, S100TSAO, S100W3IE, S100YJK1 |
| Intangible assets excluding goodwill | 107 | 149 | 193 | 189 | 145 | S100R2W1, S100TSAO, S100W3IE, S100YJK1 |
| Investment securities | 848 | 1,042 | 1,251 | 1,226 | 1,676 | S100R2W1, S100TSAO, S100W3IE, S100YJK1 |
| Current assets | 12,273 | 13,300 | 12,020 | 11,542 | 11,461 | S100R2W1, S100TSAO, S100W3IE, S100YJK1 |
| Current liabilities | 4,039 | 4,147 | 2,978 | 2,876 | 3,045 | S100R2W1, S100TSAO, S100W3IE, S100YJK1 |
| Trade payables | 787 | 810 | 609 | 752 | 1,014 | S100R2W1, S100TSAO, S100W3IE, S100YJK1 |
| Short-term borrowings | 450 | 450 | 450 | 450 | 450 | S100R2W1, S100TSAO, S100W3IE, S100YJK1 |
| Total liabilities | 4,532 | 4,637 | 3,534 | 3,381 | 3,660 | S100R2W1, S100TSAO, S100W3IE, S100YJK1 |
| Equity attributable to owners of parent | 13,466 | 14,458 | 14,570 | 14,342 | 13,976 | S100R2W1, S100TSAO, S100W3IE, S100YJK1 |
| Retained earnings | 10,656 | 11,648 | 11,759 | 11,524 | 11,152 | S100R2W1, S100TSAO, S100W3IE, S100YJK1 |
| Treasury stock | -247 | -247 | -247 | -244 | -242 | S100R2W1, S100TSAO, S100W3IE, S100YJK1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YJK1 |
| Property, plant and equipment | 24% | S100YJK1 |
| Intangibles and goodwill | 1% | S100YJK1 |
| Investment securities | 9% | S100YJK1 |
| Other assets | 41% | S100YJK1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YJK1 |
| Other liabilities | 14% | S100YJK1 |
| Equity | 81% | S100YJK1 |
| Other liabilities | 0% | S100YJK1 |

### 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 | 18,386 | 19,678 | 18,924 | 18,605 | 18,964 |
| Equity | 13,854 | 15,041 | 15,391 | 15,225 | 15,304 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,389 | 5,303 | 5,516 | 5,071 | 4,730 |

## 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) | 36.4% | S100YJK1 |
| Fixed assets ÷ total assets | 24.7% | S100YJK1 |
| Goodwill ÷ parent equity | — | —, S100YJK1 |

### 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) | 24.9% |
| Cash ÷ revenue | 36.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 507.9% |
| Cash vs. profit gap | 1,236 JPY mn (of net income 587.7%) |
| Shareholder returns / net income | 276.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 276.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 11.7% |
| Investing CF relative to operating CF | 95.2% |

## 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 | 11.4% | 0.70× | 7.9% | 1.37× | 10.8% | S100R2W1 |
| 2023 | 11.9% | 0.76× | 9.1% | 1.36× | 12.4% | S100TSAO |
| 2024 | 7.0% | 0.63× | 4.4% | 1.33× | 5.9% | S100W3IE |
| 2025 | 3.4% | 0.63× | 2.1% | 1.30× | 2.8% | S100YJK1 |
| 2026 | 1.6% | 0.68× | 1.1% | 1.33× | 1.5% | S100YJK1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 菊水ホールディングス株式会社 | Major shareholder | 7.0% | 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 | 4.0% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.0% | 2026-03-31 |
| ＴＨＥ ＨＯＮＧＫＯＮＧ ＡＮＤ ＳＨＡＮＧＨＡＩ ＢＡＮＫＩＮＧ ＣＯＲＰＯＲＡＴＩＯＮ ＬＴＤ － ＳＩＮＧＡＰＯＲＥ ＢＲＡＮＣＨ ＰＲＩＶＡＴＥ ＢＡＮＫＩＮＧ ＤＩＶＩＳＩＯＮ ＣＬＩＥＮＴＳ Ａ／Ｃ ８２２１－６２３７９３ （常任代理人 香港上海銀行東京支店） | Major shareholder | 3.8% | 2026-03-31 |
| 橋本幸雄 | Major shareholder | 3.2% | 2026-03-31 |
| アジア電子工業株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| ケル社員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| ＡＳＧＪａｐａｎ株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 萩原慶子 | Major shareholder | 1.7% | 2026-03-31 |
| 山崎万希子 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/04/01－2026/03/31) | S100YJK1 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJK1,, |
| 有価証券報告書－第63期(2024/04/01－2025/03/31) | S100W3IE | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3IE,, |
| 有価証券報告書－第62期(2023/04/01－2024/03/31) | S100TSAO | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSAO,, |
| 有価証券報告書－第61期(2022/04/01－2023/03/31) | S100R2W1 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2W1,, |
| 有価証券報告書－第60期(令和3年4月1日－令和4年3月31日) | S100OFOM | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFOM,, |
| 有価証券報告書－第59期(令和2年4月1日－令和3年3月31日) | S100LOOP | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOOP,, |

## 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).