# KYORITSU ELECTRIC CORPORATION: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第68期(2025/07/01－2026/06/30) (S100Z39B)
> Page: https://vizora.meequs.com/en/company/kyoritsu-electric
> Retrieved: 2026-09-30T21:02:33.771Z

## Company

Kyoritsu Electric, founded in 1959, is a company in Robots & Factory Automation listed on TSE Standard. It has 867 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KYORITSU ELECTRIC CORPORATION |
| Ticker | 6874 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6874.T) |
| Listing | TSE Standard |
| Head office | 静岡県静岡市駿河区中田本町61番1号 |
| Representative (per filing) | 代表取締役社長 西 信之 |
| Founded | Feb 1959 |
| Share capital | ¥1.44B |
| Employees (consolidated) | 867 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | June |
| Website | www.kdwan.co.jp (https://www.kdwan.co.jp/) |
| Corporate number | 6080001001232 |
| EDINET | E02039 |
| Industries (Vizora) | Robots & Factory Automation, Real Estate Development & Leasing, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100Z39B, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 57.8 | 179 |
| Profitability | 92.7 | 185 |
| Cash conversion | 66.2 | 179 |
| Efficiency | 18.6 | 185 |

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 54% of Kyoritsu Electric's sales come from IT-based Test, Measurement and Control Products, with Intelligent FA systems and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -3.2% from the prior year, operating profit -15.1%.

## Company structure

- Segment revenue mix: IT-based Test, Measurement and Control Products 53.6%、Intelligent FA systems 46.3%、Other 0.1%
- Revenue → net income: ¥37006542000 → ¥2044946000
- Net income → operating cash flow: ¥2044946000 → ¥3604033000（difference ¥1559087000）
- Main uses of operating cash flow: CapEx ¥302046000 / dividends ¥560703000 / buybacks —
- Change in cash: ¥2642403000
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 | ¥37B |  |
| Operating income | ¥2.85B | Margin 7.7% |
| Net income | ¥1.92B | Margin 5.2% |
| Free cash flow | ¥3.3B |  |
| Largest business | IT-based Test, Measurement and Control Products | of segment revenue 53.6% |
| Employees (consolidated) | 867 |  |
| EPS | ¥166.47 |  |
| Book value per share | ¥2017.56 |  |
| Equity ratio | 63.6% |  |
| Shares outstanding | 8,738,000 |  |
| Treasury shares | 672,400 |  |
| Shareholders | 2,597 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 31.5% | Cash ÷ revenue 29.6% |
| Vs. industry median margin | +4.8 pp | Specialty Trading & Wholesale |
| ROE | 9.6% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27294211000 | ¥37006542000 | +35.6% |
| Operating income | ¥1247639000 | ¥2848101000 | +128.3% |
| Operating margin | 4.6% | 7.7% | +3.1 pp |
| Employees | 671 people | 867 people | +29.2% |
| Cash and equivalents | ¥6287688000 | ¥10972418000 | +74.5% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| インテリジェントFAシステム事業 → インテリジェントFAシステム事業 | 36.5% |
| IT制御・科学測定事業 → IT制御・科学測定事業 | 53.6% |
| IT制御・科学測定事業 → 事業再編・廃止 | 9.8% |
| その他 → その他 | 0.1% |
| 新設・再編 → インテリジェントFAシステム事業 | 9.7% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| IT-based Test, Measurement and Control Products | 5 years | +2.8% | ¥19826676000 | 6.5% | 2 |
| Intelligent FA systems | 5 years | +11.4% | ¥17130888000 | 11.7% | 2 |
| Other | 5 years | +9.5% | ¥48976000 | 210.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 37,007 | 100.0% | S100Z39B |
| Cost of revenue | 29,039 | 78.5% | S100Z39B |
| Gross profit | 7,968 | 21.5% | S100Z39B |
| SG&A | 5,120 | 13.8% | S100Z39B |
| Operating income | 2,848 | 7.7% | S100Z39B |
| Ordinary income | 2,990 | 8.1% | S100Z39B |
| Pretax income | 3,023 | 8.2% | S100Z39B |
| Income tax | 978 | 2.6% | S100Z39B |
| Net income | 2,045 | 5.5% | S100Z39B |
| Net income attributable to owners | 1,921 | 5.2% | S100Z39B |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 14 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 21.5% → Operating margin 7.7% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.2%; Core profit growth: -15.1%
Operating leverage (core profit growth ÷ revenue growth): 4.66×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 38,246 | 37,007 | -1,240 | -3.2% |
| Gross profit | 7,996 | 7,968 | -28 | -0.4% |
| Operating income | 3,355 | 2,848 | -507 | -15.1% |
| Net income attributable to owners | 2,138 | 1,921 | -217 | -10.1% |
| Operating cash flow | 2,472 | 3,604 | 1,132 | +45.8% |
| Free cash flow | 1,367 | 3,302 | 1,935 | +141.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 32,061 | 1,992 | 6.2% | 1,280 | 2,283 | 2,145 | S100MKV4 |
| FY ending Jun 2021 | 27,294 | 1,248 | 4.6% | 865 | 1,876 | 1,723 | S100P88Q |
| FY ending Jun 2022 | 28,332 | 1,511 | 5.3% | 1,063 | 1,206 | 509 | S100RWVK |
| FY ending Jun 2023 | 33,616 | 2,273 | 6.8% | 1,530 | 624 | 152 | S100UETO |
| FY ending Jun 2024 | 34,362 | 2,452 | 7.1% | 1,768 | 2,569 | 2,083 | S100WQ31 |
| FY ending Jun 2025 | 38,246 | 3,355 | 8.8% | 2,138 | 2,472 | 1,367 | S100Z39B |
| FY ending Jun 2026 | 37,007 | 2,848 | 7.7% | 1,921 | 3,604 | 3,302 | S100Z39B |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.7M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥2.2M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 684 | 742 | 734 | 840 | 867 |
| Average salary (parent company) | ¥5.6M | ¥5.7M | ¥6M | ¥6.4M | ¥6.5M |
| Average age (parent company) | 44.7 years | 45.0 years | 45.4 years | 45.7 years | 46.1 years |
| Average tenure (parent company) | 16.9 years | 17.0 years | 17.2 years | 17.6 years | 17.7 years |

Year over year: Employees (consolidated) +3.2% · Revenue (consolidated) -3.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Intelligent FA systems | 17,131 | 46.3% | 2,001 | 11.7% |
| IT-based Test, Measurement and Control Products | 19,827 | 53.6% | 1,284 | 6.5% |
| Other | 49 | 0.1% | 103 | 210.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Intelligent FA systems | 46.3% | 59.0% | 12.8 | 11.7% |
| IT-based Test, Measurement and Control Products | 53.6% | 37.9% | -15.7 | 6.5% |
| Other | 0.1% | 3.0% | 2.9 | 210.9% |

Segment → industry: Intelligent FA systems → Robots & Factory Automation / Other → Real Estate Development & Leasing / IT-based Test, Measurement and Control Products → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,604 | 9.7% | S100Z39B |
| Capital expenditure | 302 | 0.8% | S100Z39B |
| Free cash flow | 3,302 | 8.9% | 算出 |
| Investing cash flow | -255 | -0.7% | S100Z39B |
| Financing cash flow | -737 | -2.0% | S100Z39B |
| Dividends paid | 561 | 1.5% | S100Z39B |
| Change in cash | 2,642 | 7.1% | S100Z39B |
| Cash and equivalents | 10,972 | 29.6% | S100Z39B |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,813 | 6,592 | 7,947 | 8,330 | 10,972 | S100UETO, S100WQ31, S100Z39B |
| Total assets | 25,512 | 29,764 | 30,945 | 32,591 | 34,837 | S100RWVK, S100UETO, S100WQ31, S100Z39B |
| Net assets | 15,000 | 17,097 | 18,779 | 21,009 | 23,189 | S100UETO, S100WQ31, S100Z39B |
| Share capital | 1,441 | 1,441 | 1,441 | 1,441 | 1,441 | S100RWVK, S100UETO, S100WQ31, S100Z39B |
| Property, plant and equipment | 5,328 | 5,829 | 5,996 | 6,756 | 6,701 | S100RWVK, S100UETO, S100WQ31, S100Z39B |
| Intangible assets excluding goodwill | 132 | 168 | 365 | 267 | 221 | S100RWVK, S100UETO, S100WQ31, S100Z39B |
| Investment securities | 1,578 | 1,848 | 1,994 | 2,143 | 2,912 | S100RWVK, S100UETO, S100WQ31, S100Z39B |
| Current assets | 17,664 | 20,969 | 21,712 | 22,749 | 24,505 | S100RWVK, S100UETO, S100WQ31, S100Z39B |
| Current liabilities | 9,231 | 11,162 | 11,691 | 10,805 | 10,634 | S100RWVK, S100UETO, S100WQ31, S100Z39B |
| Trade payables | 5,243 | 6,033 | 5,783 | 5,389 | 4,412 | S100RWVK, S100UETO, S100WQ31, S100Z39B |
| Short-term borrowings | — | 300 | 600 | 514 | 349 | S100UETO, S100WQ31, S100Z39B |
| Long-term borrowings | 780 | 980 | — | 300 | 300 | S100RWVK, S100UETO, S100Z39B |
| Total liabilities | 10,512 | 12,668 | 12,166 | 11,582 | 11,648 | S100RWVK, S100UETO, S100WQ31, S100Z39B |
| Non-controlling interests | 651 | 907 | 834 | 886 | 1,037 | S100RWVK, S100UETO, S100WQ31, S100Z39B |
| Equity attributable to owners of parent | 14,135 | 15,754 | 17,262 | 19,371 | 20,775 | S100RWVK, S100UETO, S100WQ31, S100Z39B |
| Retained earnings | 11,246 | 12,866 | 14,352 | 16,462 | 17,820 | S100RWVK, S100UETO, S100WQ31, S100Z39B |
| Treasury stock | -425 | -425 | -425 | -426 | -415 | S100RWVK, S100UETO, S100WQ31, S100Z39B |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100Z39B |
| Property, plant and equipment | 19% | S100Z39B |
| Intangibles and goodwill | 1% | S100Z39B |
| Investment securities | 8% | S100Z39B |
| Other assets | 40% | S100Z39B |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100Z39B |
| Other liabilities | 21% | S100Z39B |
| Equity | 66% | S100Z39B |
| Other liabilities | 0% | S100Z39B |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 25,512 | 29,764 | 30,945 | 32,591 | 34,837 |
| Equity | 15,000 | 17,097 | 18,779 | 21,009 | 23,189 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,813 | 6,592 | 7,947 | 8,330 | 10,972 |

## 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) | 18.1% | S100Z39B |
| Fixed assets ÷ total assets | 19.2% | S100Z39B |
| Goodwill ÷ parent equity | — | —, S100Z39B |

### 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) | 31.5% |
| Cash ÷ revenue | 29.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 126.5% |
| Cash vs. profit gap | 1,683 JPY mn (of net income 87.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.2% |
| Shareholder payments — dividends / FCF | 17.0% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 7.1% |

## 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 | 3.8% | 1.11× | 4.2% | 1.80× | 7.5% | S100RWVK |
| 2023 | 4.6% | 1.22× | 5.5% | 1.85× | 10.2% | S100UETO |
| 2024 | 5.1% | 1.13× | 5.8% | 1.84× | 10.7% | S100WQ31 |
| 2025 | 5.6% | 1.20× | 6.7% | 1.73× | 11.7% | S100Z39B |
| 2026 | 5.2% | 1.10× | 5.7% | 1.68× | 9.6% | S100Z39B |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エム・エヌ・エス株式会社 | Major shareholder | 29.5% | 2026-06-30 |
| 西 信 之 | Major shareholder | 5.6% | 2026-06-30 |
| 西 光 世 | Major shareholder | 4.3% | 2026-06-30 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.4% | 2026-06-30 |
| 協立電機社員持株会 | Major shareholder | 3.4% | 2026-06-30 |
| 協立電機取引先持株会 | Major shareholder | 3.4% | 2026-06-30 |
| 西 雅 彦 | Major shareholder | 3.2% | 2026-06-30 |
| 西 美 弥 子 | Major shareholder | 2.6% | 2026-06-30 |
| 株式会社静岡銀行（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 | 2.5% | 2026-06-30 |
| 横河電機株式会社 | Major shareholder | 2.4% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/07/01－2026/06/30) | S100Z39B | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z39B,, |
| 有価証券報告書－第67期(2024/07/01－2025/06/30) | S100WQ31 | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQ31,, |
| 有価証券報告書－第66期(2023/07/01－2024/06/30) | S100UETO | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UETO,, |
| 有価証券報告書－第65期(2022/07/01－2023/06/30) | S100RWVK | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWVK,, |
| 有価証券報告書－第64期(令和3年7月1日－令和4年6月30日) | S100P88Q | 2022-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P88Q,, |
| 訂正有価証券報告書－第63期(令和2年7月1日－令和3年6月30日) | S100MKV4 | 2021-10-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MKV4,, |

## 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).