# KOKUSAI ELECTRIC 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11期(2025/04/01－2026/03/31) (S100YJUA)
> Page: https://vizora.meequs.com/en/company/kokusai-electric
> Retrieved: 2026-09-30T22:47:48.261Z

## Company

Kokusai Electric, founded in 2018, is a company in Semiconductor Equipment listed on TSE Prime. It has 2,609 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOKUSAI ELECTRIC CORPORATION |
| Ticker | 6525 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6525.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町一丁目9番5号 |
| Representative (per filing) | 代表取締役社長執行役員 塚田 和徳 |
| Founded | Jun 2018 |
| Share capital | ¥14.1B |
| Employees (consolidated) | 2,609 |
| Average salary (parent only) | ¥9.6M |
| Fiscal year end | March |
| Website | www.kokusai-electric.com (https://www.kokusai-electric.com/) |
| Corporate number | 4010003024801 |
| EDINET | E37488 |
| Industries (Vizora) | Semiconductor Equipment |

> Profile source: annual securities report (S100YJUA, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.1 | 36 |
| Profitability | 64.6 | 41 |
| Cash conversion | 60.3 | 39 |
| Efficiency | 47.6 | 41 |

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)

- Kokusai Electric brought in ¥235.1B in revenue.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed -1.6% from the prior year, operating profit -18.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥235079000000 → ¥30099000000
- Net income → operating cash flow: ¥30099000000 → ¥48801000000（difference ¥18702000000）
- Main uses of operating cash flow: CapEx ¥17019000000 / dividends ¥8617000000 / buybacks —
- Change in cash: ¥11788000000
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 | ¥235.1B |  |
| Operating income | ¥41.8B | Margin 17.8% |
| Net income | ¥30.1B | Margin 12.8% |
| Free cash flow | ¥31.8B |  |
| Employees (consolidated) | 2,609 |  |
| EPS | ¥129 |  |
| Diluted EPS | ¥128.53 |  |
| Book value per share | ¥693.54 |  |
| Equity ratio | 61.0% | Derived from disclosed figures |
| Shares outstanding | 238,115,614 |  |
| Treasury shares | 4,500,100 |  |
| Shareholders | 34,694 |  |
| Average salary (parent only) | ¥9.6M | Filing company only |
| Cash ratio | 15.7% | Cash ÷ revenue 24.1% |
| Vs. industry median margin | +3.3 pp | Semiconductor Equipment |
| ROE | 14.5% | Derived from disclosed figures |
| ROA | 8.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥178023000000 | ¥235079000000 | +32.0% |
| Employees | 2,035 people | 2,609 people | +28.2% |
| Cash and equivalents | ¥40039000000 | ¥56543000000 | +41.2% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 235,079 | 100.0% | S100YJUA |
| Cost of revenue | 138,269 | 58.8% | S100YJUA |
| Gross profit | 96,810 | 41.2% | S100YJUA |
| SG&A | 55,114 | 23.4% | S100YJUA |
| Operating income | 41,836 | 17.8% | S100YJUA |
| Pretax income | 40,739 | 17.3% | S100YJUA |
| Income tax | 10,640 | 4.5% | S100YJUA |
| Net income | 30,099 | 12.8% | S100YJUA |
| Net income attributable to owners | 30,099 | 12.8% | S100YJUA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 23 |
| Operating income | 18 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 41.2% → Operating margin 17.8% → Net margin 12.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.6%; Core profit growth: -18.5%
Operating leverage (core profit growth ÷ revenue growth): 11.46×
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 | 238,933 | 235,079 | -3,854 | -1.6% |
| Gross profit | 101,743 | 96,810 | -4,933 | -4.8% |
| Operating income | 51,320 | 41,836 | -9,484 | -18.5% |
| Net income attributable to owners | 36,004 | 30,099 | -5,905 | -16.4% |
| Operating cash flow | 38,477 | 48,801 | 10,324 | +26.8% |
| Free cash flow | 10,805 | 31,782 | 20,977 | +194.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 125,783 | — | — | -2,410 | 23,480 | — | S100TV4Y |
| FY ending Mar 2020 | 67,620 | — | — | 7,870 | 5,391 | — | S100TV4Y |
| FY ending Mar 2021 | 178,023 | — | — | 33,043 | 51,127 | — | S100W60T |
| FY ending Mar 2022 | 245,425 | — | — | 51,339 | 73,615 | — | S100YJUA |
| FY ending Mar 2023 | 245,721 | 56,064 | 22.8% | 40,305 | 29,993 | 22,152 | S100TV4Y |
| FY ending Mar 2024 | 180,838 | 30,745 | 17.0% | 22,374 | 2,942 | -9,033 | S100W60T |
| FY ending Mar 2025 | 238,933 | 51,320 | 21.5% | 36,004 | 38,477 | 10,805 | S100YJUA |
| FY ending Mar 2026 | 235,079 | 41,836 | 17.8% | 30,099 | 48,801 | 31,782 | S100YJUA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥90.1M |
| Operating income per employee (consolidated) | ¥16M |
| Net income per employee (consolidated) | ¥11.5M |

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) | 2,245 | 2,429 | 2,483 | 2,540 | 2,609 |
| Average salary (parent company) | — | — | ¥8.6M | ¥8.6M | ¥9.6M |
| Average age (parent company) | — | — | 44.5 years | 44.5 years | 44.1 years |
| Average tenure (parent company) | — | — | 19.9 years | 19.7 years | 18.0 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) -1.6%

## 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 | 48,801 | 20.8% | S100YJUA |
| Capital expenditure | 17,019 | 7.2% | S100YJUA |
| Free cash flow | 31,782 | 13.5% | 算出 |
| Investing cash flow | -16,954 | -7.2% | S100YJUA |
| Financing cash flow | -21,514 | -9.2% | S100YJUA |
| Dividends paid | 8,617 | 3.7% | S100YJUA |
| Change in cash | 11,788 | 5.0% | S100YJUA |
| Cash and equivalents | 56,543 | 24.1% | S100YJUA |

## 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 | 108,399 | 106,053 | 92,619 | 44,755 | 56,543 | S100TV4Y, S100W60T, S100YJUA |
| Total assets | 356,532 | 373,539 | 375,433 | 341,512 | 359,658 | S100YJUA, S100TV4Y, S100W60T |
| Net assets | 119,519 | 160,881 | 187,388 | 196,168 | 219,270 | S100TV4Y, S100W60T, S100YJUA |
| Share capital | — | 10,005 | 11,262 | 14,086 | 14,139 | S100TV4Y, S100W60T, S100YJUA |
| Property, plant and equipment | — | 18,775 | 35,382 | 46,904 | 53,975 | S100TV4Y, S100W60T, S100YJUA |
| Goodwill | — | 59,065 | 59,065 | 59,065 | 59,065 | S100TV4Y, S100W60T, S100YJUA |
| Current assets | — | 225,920 | 214,914 | 172,852 | 185,839 | S100TV4Y, S100W60T, S100YJUA |
| Total liabilities | — | 212,658 | 188,045 | 145,344 | 140,388 | S100TV4Y, S100W60T, S100YJUA |
| Equity attributable to owners of parent | — | 160,881 | 187,388 | 196,168 | 219,270 | S100TV4Y, S100W60T, S100YJUA |
| Retained earnings | — | 119,783 | 142,448 | 170,526 | 191,455 | S100TV4Y, S100W60T, S100YJUA |
| Treasury stock | — | — | — | -18,000 | -16,014 | S100YJUA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YJUA |
| Property, plant and equipment | 15% | S100YJUA |
| Intangibles and goodwill | 16% | — |
| Other assets | 53% | S100YJUA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100YJUA |
| Equity | 61% | S100YJUA |

### 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 | 356,532 | 373,539 | 375,433 | 341,512 | 359,658 |
| Equity | 119,519 | 160,881 | 187,388 | 196,168 | 219,270 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 108,399 | 106,053 | 92,619 | 44,755 | 56,543 |

## 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) | 23.0% | S100YJUA |
| Fixed assets ÷ total assets | 15.0% | S100YJUA |
| Goodwill ÷ parent equity | 26.9% | S100YJUA |

### 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) | 15.7% |
| Cash ÷ revenue | 24.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 116.6% |
| Cash vs. profit gap | 18,702 JPY mn (of net income 62.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.6% |
| Shareholder payments — dividends / FCF | 27.1% |
| CapEx intensity (capex ÷ revenue) | 7.2% |
| Investing CF relative to operating CF | 34.7% |

## 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 | 20.9% | 0.69× | 14.4% | 2.98× | 43.0% | S100YJUA, S100TV4Y |
| 2023 | 16.4% | 0.67× | 11.0% | 2.27× | 25.1% | S100TV4Y |
| 2024 | 12.4% | 0.48× | 6.0% | 2.15× | 12.8% | S100W60T |
| 2025 | 15.1% | 0.67× | 10.0% | 1.87× | 18.8% | S100YJUA |
| 2026 | 12.8% | 0.67× | 8.6% | 1.69× | 14.5% | S100YJUA |

## 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 | 13.2% | 2026-03-31 |
| KKR HKE INVESTMENT L.P. （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 10.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 10.0% | 2026-03-31 |
| BNYM AS AGT/CLTS 10 PERCENT （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 5.2% | 2026-03-31 |
| Qatar Holding LLC | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.9% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDONSECS LENDING OMNIBUS ACCOUNT （常任代理人 株式会社みずほ銀行）） | Major shareholder | 2.9% | 2026-03-31 |
| JPMSPLC CLIENT ASSETS SK JPY （常任代理人 シティバンク、エヌ・エイ） | Major shareholder | 2.6% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| GIC PRIVATE LIMITED-C （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/04/01－2026/03/31) | S100YJUA | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJUA,, |
| 有価証券報告書－第10期(2024/04/01－2025/03/31) | S100W60T | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W60T,, |
| 有価証券報告書－第9期(2023/04/01－2024/03/31) | S100TV4Y | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV4Y,, |

## 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).