# Kyosan Electric Manufacturing 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161期(2025/04/01－2026/03/31) (S100YH1N)
> Page: https://vizora.meequs.com/en/company/kyosan-electric-manufacturing
> Retrieved: 2026-09-30T21:11:19.032Z

## Company

Kyosan Electric Manufacturing, founded in 1917, is a company in Electrical Equipment listed on TSE Prime. It has 2,073 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kyosan Electric Manufacturing Co.,Ltd. |
| Ticker | 6742 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6742.T) |
| Listing | TSE Prime |
| Head office | 横浜市鶴見区平安町二丁目29番地の1 |
| Representative (per filing) | 代表取締役 社長執行役員 國澤良治 |
| Founded | Sep 1917 |
| Share capital | ¥6.27B |
| Employees (consolidated) | 2,073 |
| Average salary (parent only) | ¥9.3M |
| Fiscal year end | March |
| Website | www.kyosan.co.jp (https://www.kyosan.co.jp/) |
| Corporate number | 6020001017093 |
| EDINET | E01770 |
| Industries (Vizora) | Electrical Equipment |

> Profile source: annual securities report (S100YH1N, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85.4 | 24 |
| Profitability | 14.6 | 24 |
| Cash conversion | 50 | 23 |
| Efficiency | 38 | 25 |

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 Kyosan Electric Manufacturing's sales come from Railway Signaling Systems and Traffic Management Systems business, with Power electronics business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +9.1% from the prior year, operating profit -26.3%.

## Company structure

- Segment revenue mix: Railway Signaling Systems and Traffic Management Systems business 85.7%、Power electronics business 14.3%
- Revenue → net income: ¥93122000000 → ¥5042000000
- Net income → operating cash flow: ¥5042000000 → ¥3391000000（difference ¥-1651000000）
- Main uses of operating cash flow: CapEx ¥978000000 / dividends ¥1438000000 / buybacks —
- Change in cash: ¥-1234000000
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 | ¥93.1B |  |
| Operating income | ¥4.5B | Margin 4.8% |
| Net income | ¥5.04B | Margin 5.4% |
| Free cash flow | ¥2.41B |  |
| Largest business | Railway Signaling Systems and Traffic Management Systems business | of segment revenue 85.7% |
| Employees (consolidated) | 2,073 |  |
| EPS | ¥64.93 |  |
| Book value per share | ¥746.02 |  |
| Equity ratio | 46.7% |  |
| Shares outstanding | 62,844,000 |  |
| Treasury shares | 1,184,800 |  |
| Shareholders | 12,064 |  |
| Average salary (parent only) | ¥9.3M | Filing company only |
| Cash ratio | 5.8% | Cash ÷ revenue 7.4% |
| Vs. industry median margin | -3.6 pp | Electrical Equipment |
| ROE | 10.3% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, parent-company salary changed +25% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥62218000000 | ¥93122000000 | +49.7% |
| Operating income | ¥1214000000 | ¥4503000000 | +270.9% |
| Operating margin | 2.0% | 4.8% | +2.9 pp |
| Employees | 2,195 people | 2,073 people | -5.6% |
| Cash and equivalents | ¥7604000000 | ¥6898000000 | -9.3% |

### 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 |
| --- | ---: |
| 信号システム事業 → 信号システム事業 | 76.4% |
| パワーエレクトロニクス事業 → パワーエレクトロニクス事業 | 14.3% |
| パワーエレクトロニクス事業 → 事業再編・廃止 | 9.2% |
| 新設・再編 → 信号システム事業 | 9.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 93,122 | 100.0% | S100YH1N |
| Cost of revenue | 75,322 | 80.9% | S100YH1N |
| Gross profit | 17,799 | 19.1% | S100YH1N |
| SG&A | 13,296 | 14.3% | S100YH1N |
| Operating income | 4,503 | 4.8% | S100YH1N |
| Ordinary income | 5,203 | 5.6% | S100YH1N |
| Pretax income | 6,723 | 7.2% | S100YH1N |
| Income tax | 1,681 | 1.8% | S100YH1N |
| Net income | 5,042 | 5.4% | S100YH1N |
| Net income attributable to owners | 5,042 | 5.4% | S100YH1N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 14 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 19.1% → Operating margin 4.8% → Net margin 5.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +9.1%; Core profit growth: -26.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.90×
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 | 85,367 | 93,122 | 7,755 | +9.1% |
| Gross profit | 18,725 | 17,799 | -926 | -4.9% |
| Operating income | 6,112 | 4,503 | -1,609 | -26.3% |
| Net income attributable to owners | 4,783 | 5,042 | 259 | +5.4% |
| Operating cash flow | 3,743 | 3,391 | -352 | -9.4% |
| Free cash flow | 2,741 | 2,413 | -328 | -12.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 72,810 | 3,044 | 4.2% | 1,974 | 1,206 | -510 | S100LK8S |
| FY ending Mar 2021 | 62,218 | 1,214 | 2.0% | -7,921 | -1,432 | -4,014 | S100OZU3 |
| FY ending Mar 2022 | 72,916 | 2,969 | 4.1% | 11,859 | 14,956 | 12,869 | S100R20I |
| FY ending Mar 2023 | 72,327 | 2,207 | 3.1% | 2,070 | -2,913 | -4,710 | S100TP4J |
| FY ending Mar 2024 | 70,525 | 2,491 | 3.5% | 3,434 | -5,905 | -6,829 | S100W663 |
| FY ending Mar 2025 | 85,367 | 6,112 | 7.2% | 4,783 | 3,743 | 2,741 | S100YH1N |
| FY ending Mar 2026 | 93,122 | 4,503 | 4.8% | 5,042 | 3,391 | 2,413 | S100YH1N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.9M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 2,187 | 2,098 | 2,054 | 2,075 | 2,073 |
| Average salary (parent company) | ¥7.4M | ¥7.7M | ¥7.8M | ¥8.1M | ¥9.3M |
| Average age (parent company) | 41.0 years | 42.0 years | 43.0 years | 44.0 years | 44.0 years |
| Average tenure (parent company) | 17.0 years | 16.0 years | 17.0 years | 17.0 years | 17.0 years |

Year over year: Employees (consolidated) -0.1% · Revenue (consolidated) +9.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Railway Signaling Systems and Traffic Management Systems business | 79,781 | 85.7% | 11,950 | 15.0% |
| Power electronics business | 13,341 | 14.3% | -2,339 | -17.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Railway Signaling Systems and Traffic Management Systems business | 85.7% | 100.0% | 14.3 | 15.0% |
| Power electronics business | 14.3% | — | — | -17.5% |

Loss-making segment (excluded from profit shares): Power electronics business -2,339 JPY mn

Segment → industry: Power electronics business → Electrical Equipment / Railway Signaling Systems and Traffic Management Systems business → Electrical Equipment

## 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 | 3,391 | 3.6% | S100YH1N |
| Capital expenditure | 978 | 1.1% | S100YH1N |
| Free cash flow | 2,413 | 2.6% | 算出 |
| Investing cash flow | -471 | -0.5% | S100YH1N |
| Financing cash flow | -4,169 | -4.5% | S100YH1N |
| Dividends paid | 1,438 | 1.5% | S100YH1N |
| Change in cash | -1,234 | -1.3% | S100YH1N |
| Cash and equivalents | 6,898 | 7.4% | S100YH1N |

## 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 | 9,178 | 5,693 | 9,183 | 8,132 | 6,898 | S100TP4J, S100W663, S100YH1N |
| Total assets | 112,879 | 114,360 | 129,563 | 126,005 | 119,208 | S100R20I, S100TP4J, S100W663, S100YH1N |
| Net assets | 44,956 | 46,245 | 49,647 | 51,711 | 55,668 | S100TP4J, S100W663, S100YH1N |
| Share capital | 6,270 | 6,270 | 6,270 | 6,270 | 6,270 | S100R20I, S100TP4J, S100W663, S100YH1N |
| Property, plant and equipment | 15,718 | 15,456 | 14,873 | 14,245 | 13,741 | S100R20I, S100TP4J, S100W663, S100YH1N |
| Intangible assets excluding goodwill | 1,067 | 830 | 566 | 449 | 405 | S100R20I, S100TP4J, S100W663, S100YH1N |
| Investment securities | 13,822 | 13,960 | 13,868 | 11,991 | 12,430 | S100R20I, S100TP4J, S100W663, S100YH1N |
| Current assets | 77,253 | 79,026 | 94,873 | 92,833 | 84,195 | S100R20I, S100TP4J, S100W663, S100YH1N |
| Current liabilities | 50,925 | 53,114 | 67,556 | 58,437 | 48,162 | S100R20I, S100TP4J, S100W663, S100YH1N |
| Trade payables | 10,651 | 11,627 | 10,313 | 9,410 | 8,176 | S100R20I, S100TP4J, S100W663, S100YH1N |
| Short-term borrowings | 8,500 | 14,975 | 21,000 | 15,700 | 17,400 | S100R20I, S100TP4J, S100W663, S100YH1N |
| Long-term borrowings | 12,280 | 10,000 | 7,800 | 11,800 | 10,900 | S100R20I, S100TP4J, S100W663, S100YH1N |
| Total liabilities | 67,923 | 68,115 | 79,916 | 74,293 | 63,539 | S100R20I, S100TP4J, S100W663, S100YH1N |
| Equity attributable to owners of parent | 40,475 | 41,416 | 43,722 | 47,251 | 50,355 | S100R20I, S100TP4J, S100W663, S100YH1N |
| Retained earnings | 29,624 | 30,566 | 32,871 | 36,400 | 40,004 | S100R20I, S100TP4J, S100W663, S100YH1N |
| Treasury stock | -45 | -45 | -45 | -45 | -545 | S100R20I, S100TP4J, S100W663, S100YH1N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YH1N |
| Property, plant and equipment | 12% | S100YH1N |
| Intangibles and goodwill | 0% | S100YH1N |
| Investment securities | 10% | S100YH1N |
| Other assets | 72% | S100YH1N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YH1N |
| Other liabilities | 46% | S100YH1N |
| Equity | 47% | S100YH1N |
| Other liabilities | 0% | S100YH1N |

### 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 | 112,879 | 114,360 | 129,563 | 126,005 | 119,208 |
| Equity | 44,956 | 46,245 | 49,647 | 51,711 | 55,668 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,178 | 5,693 | 9,183 | 8,132 | 6,898 |

## 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) | 14.8% | S100YH1N |
| Fixed assets ÷ total assets | 11.5% | S100YH1N |
| Goodwill ÷ parent equity | — | —, S100YH1N |

### 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) | 5.8% |
| Cash ÷ revenue | 7.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 75.3% |
| Cash vs. profit gap | -1,651 JPY mn (of net income -32.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.5% |
| Shareholder payments — dividends / FCF | 59.6% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 13.9% |

## 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 | 16.3% | 0.65× | 10.5% | 2.79× | 29.3% | S100R20I |
| 2023 | 2.9% | 0.64× | 1.8% | 2.77× | 5.1% | S100TP4J |
| 2024 | 4.9% | 0.58× | 2.8% | 2.87× | 8.1% | S100W663 |
| 2025 | 5.6% | 0.67× | 3.7% | 2.81× | 10.5% | S100YH1N |
| 2026 | 5.4% | 0.76× | 4.1% | 2.51× | 10.3% | S100YH1N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本生命保険相互会社 | Major shareholder | 9.9% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 信託口 | Major shareholder | 9.7% | 2026-03-31 |
| 京三製作従業員持株会 | Major shareholder | 5.9% | 2026-03-31 |
| 株式会社日本カストディ銀行 信託口 | Major shareholder | 5.6% | 2026-03-31 |
| 京王電鉄株式会社 | Major shareholder | 5.1% | 2026-03-31 |
| 東海旅客鉄道株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社横浜銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.6% | 2026-03-31 |
| ＤＦＡ ＩＮＴＬ ＳＭＡＬＬ ＣＡＰ ＶＡＬＵＥ ＰＯＲＴＦＯＬＩＯ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.3% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第161期(2025/04/01－2026/03/31) | S100YH1N | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH1N,, |
| 訂正有価証券報告書－第160期(2024/04/01－2025/03/31) | S100W663 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W663,, |
| 有価証券報告書－第159期(2023/04/01－2024/03/31) | S100TP4J | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP4J,, |
| 有価証券報告書－第158期(2022/04/01－2023/03/31) | S100R20I | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R20I,, |
| 訂正有価証券報告書－第157期(令和3年4月1日－令和4年3月31日) | S100OZU3 | 2022-08-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OZU3,, |
| 有価証券報告書－第156期(令和2年4月1日－令和3年3月31日) | S100LK8S | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LK8S,, |

## 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).