# KYOWA ELECTRONIC INSTRUMENTS CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第79期(2025/01/01－2025/12/31) (S100XSGM)
> Page: https://vizora.meequs.com/en/company/kyowa-electronic-instruments
> Retrieved: 2026-09-30T19:50:52.342Z

## Company

Kyowa Electronic Instruments, founded in 1949, is a company in Robots & Factory Automation listed on TSE Standard. It has 763 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KYOWA ELECTRONIC INSTRUMENTS CO., LTD. |
| Ticker | 6853 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6853.T) |
| Listing | TSE Standard |
| Head office | 東京都調布市調布ケ丘3丁目5番地1 |
| Representative (per filing) | 代表取締役社長執行役員 下住晃平 |
| Founded | Jun 1949 |
| Share capital | ¥1.72B |
| Employees (consolidated) | 763 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | December |
| Website | www.kyowa-ei.com (https://www.kyowa-ei.com/) |
| Corporate number | 6012401007567 |
| EDINET | E01921 |
| Industries (Vizora) | Robots & Factory Automation |

> Profile source: annual securities report (S100XSGM, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.7 | 33 |
| Profitability | 27.9 | 34 |
| Cash conversion | 4.7 | 32 |
| Efficiency | 44.3 | 35 |

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 92% of Kyowa Electronic Instruments's sales come from Measurement hardware, with Consulting making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +6.0% from the prior year, operating profit +2.2%.

## Company structure

- Segment revenue mix: Measurement hardware 91.8%、Consulting 8.2%
- Revenue → net income: ¥16272345000 → ¥1033330000
- Net income → operating cash flow: ¥1033330000 → ¥563429000（difference ¥-469901000）
- Main uses of operating cash flow: CapEx ¥662440000 / dividends ¥582078000 / buybacks ¥1005536000
- Change in cash: ¥-1778862000
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 | ¥16.3B |  |
| Operating income | ¥1.39B | Margin 8.5% |
| Net income | ¥1.03B | Margin 6.4% |
| Free cash flow | -¥99M |  |
| Largest business | Measurement hardware | of segment revenue 91.8% |
| Employees (consolidated) | 763 |  |
| EPS | ¥40.19 |  |
| Book value per share | ¥579.59 |  |
| Equity ratio | 76.7% |  |
| Shares outstanding | 25,961,100 |  |
| Treasury shares | 485,500 |  |
| Shareholders | 12,458 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 17.5% | Cash ÷ revenue 25.5% |
| Vs. industry median margin | -3.2 pp | Robots & Factory Automation |
| ROE | 6.1% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.7× dividends
- FY2025, employees -2% while operating income rose 2%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13846298000 | ¥16272345000 | +17.5% |
| Operating income | ¥748718000 | ¥1385873000 | +85.1% |
| Operating margin | 5.4% | 8.5% | +3.1 pp |
| Employees | 850 people | 763 people | -10.2% |
| Cash and equivalents | ¥6083934000 | ¥4155500000 | -31.7% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 計測機器 → 計測機器 | 91.8% |
| 計測機器 → 事業再編・廃止 | 0.2% |
| コンサルティング → コンサルティング | 8.0% |
| 新設・再編 → コンサルティング | 0.2% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,272 | 100.0% | S100XSGM |
| Cost of revenue | 10,050 | 61.8% | S100XSGM |
| Gross profit | 6,222 | 38.2% | S100XSGM |
| SG&A | 4,836 | 29.7% | S100XSGM |
| Operating income | 1,386 | 8.5% | S100XSGM |
| Ordinary income | 1,458 | 9.0% | S100XSGM |
| Pretax income | 1,527 | 9.4% | S100XSGM |
| Income tax | 494 | 3.0% | S100XSGM |
| Net income | 1,033 | 6.4% | S100XSGM |
| Net income attributable to owners | 1,033 | 6.4% | S100XSGM |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 30 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 38.2% → Operating margin 8.5% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.0%; Core profit growth: +2.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.36×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 15,350 | 16,272 | 922 | +6.0% |
| Gross profit | 6,014 | 6,222 | 208 | +3.5% |
| Operating income | 1,357 | 1,386 | 29 | +2.2% |
| Net income attributable to owners | 1,067 | 1,033 | -33 | -3.1% |
| Operating cash flow | 1,617 | 563 | -1,054 | -65.2% |
| Free cash flow | 1,231 | -99 | -1,330 | -108.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 15,578 | 1,383 | 8.9% | 924 | 1,561 | 790 | S100LUGR |
| FY ending Dec 2020 | 13,846 | 749 | 5.4% | 567 | 1,251 | 394 | S100NS7C |
| FY ending Dec 2021 | 14,503 | 863 | 6.0% | 695 | 1,951 | 1,606 | S100QCP7 |
| FY ending Dec 2022 | 13,823 | 646 | 4.7% | 576 | 583 | 289 | S100T4TS |
| FY ending Dec 2023 | 14,901 | 1,108 | 7.4% | 899 | -257 | -720 | S100VHGR |
| FY ending Dec 2024 | 15,350 | 1,357 | 8.8% | 1,067 | 1,617 | 1,231 | S100XSGM |
| FY ending Dec 2025 | 16,272 | 1,386 | 8.5% | 1,033 | 563 | -99 | S100XSGM |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.3M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.4M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 804 | 796 | 786 | 776 | 763 |
| Average salary (parent company) | ¥6.5M | ¥6.7M | ¥6.7M | ¥7M | ¥7.2M |
| Average age (parent company) | 40.5 years | 40.4 years | 40.9 years | 40.9 years | 41.1 years |
| Average tenure (parent company) | 16.2 years | 16.1 years | 16.5 years | 16.4 years | 16.4 years |

Year over year: Employees (consolidated) -1.7% · Revenue (consolidated) +6.0%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Measurement hardware | 14,938 | 91.8% | — | — |
| Consulting | 1,334 | 8.2% | — | — |

### 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 |
| --- | ---: |
| Measurement hardware | 91.8% |
| Consulting | 8.2% |

Segment → industry: Consulting → Robots & Factory Automation / Measurement hardware → Robots & Factory Automation

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 563 | 3.5% | S100XSGM |
| Capital expenditure | 662 | 4.1% | S100XSGM |
| Free cash flow | -99 | -0.6% | 算出 |
| Investing cash flow | -384 | -2.4% | S100XSGM |
| Financing cash flow | -1,950 | -12.0% | S100XSGM |
| Dividends paid | 582 | 3.6% | S100XSGM |
| Share buyback | 1,006 | 6.2% | S100XSGM |
| Change in cash | -1,779 | -10.9% | S100XSGM |
| Cash and equivalents | 4,156 | 25.5% | S100XSGM |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,330 | 7,354 | 5,790 | 5,934 | 4,156 | S100T4TS, S100VHGR, S100XSGM |
| Total assets | 24,041 | 24,207 | 24,656 | 24,097 | 23,744 | S100QCP7, S100T4TS, S100VHGR, S100XSGM |
| Net assets | 17,092 | 17,054 | 17,659 | 18,156 | 18,215 | S100T4TS, S100VHGR, S100XSGM |
| Share capital | 1,724 | 1,724 | 1,724 | 1,724 | 1,724 | S100QCP7, S100T4TS, S100VHGR, S100XSGM |
| Trade receivables | 4,786 | — | — | — | — | S100QCP7 |
| Property, plant and equipment | 4,858 | 4,578 | 4,403 | 4,257 | 4,197 | S100QCP7, S100T4TS, S100VHGR, S100XSGM |
| Intangible assets excluding goodwill | 110 | 191 | 333 | 462 | 692 | S100QCP7, S100T4TS, S100VHGR, S100XSGM |
| Investment securities | 1,688 | 1,543 | 1,597 | 1,712 | 2,077 | S100QCP7, S100T4TS, S100VHGR, S100XSGM |
| Current assets | 16,247 | 16,775 | 17,189 | 16,513 | 15,459 | S100QCP7, S100T4TS, S100VHGR, S100XSGM |
| Current liabilities | 4,932 | 5,125 | 4,997 | 4,078 | 3,791 | S100QCP7, S100T4TS, S100VHGR, S100XSGM |
| Trade payables | 1,519 | 1,573 | 1,753 | 1,366 | 1,170 | S100QCP7, S100T4TS, S100VHGR, S100XSGM |
| Short-term borrowings | 1,600 | 1,600 | 1,200 | 700 | 400 | S100QCP7, S100T4TS, S100VHGR, S100XSGM |
| Long-term borrowings | 44 | 28 | 11 | — | — | S100QCP7, S100T4TS, S100VHGR |
| Total liabilities | 6,949 | 7,154 | 6,997 | 5,942 | 5,530 | S100QCP7, S100T4TS, S100VHGR, S100XSGM |
| Non-controlling interests | 108 | 131 | 63 | — | — | S100QCP7, S100T4TS, S100VHGR |
| Equity attributable to owners of parent | 16,179 | 16,352 | 16,844 | 17,263 | 16,726 | S100QCP7, S100T4TS, S100VHGR, S100XSGM |
| Retained earnings | 12,760 | 13,032 | 13,568 | 13,964 | 13,490 | S100QCP7, S100T4TS, S100VHGR, S100XSGM |
| Treasury stock | -159 | -259 | -207 | -188 | -248 | S100QCP7, S100T4TS, S100VHGR, S100XSGM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100XSGM |
| Property, plant and equipment | 18% | S100XSGM |
| Intangibles and goodwill | 3% | S100XSGM |
| Investment securities | 9% | S100XSGM |
| Other assets | 53% | S100XSGM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XSGM |
| Other liabilities | 18% | S100XSGM |
| Equity | 77% | S100XSGM |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 24,041 | 24,207 | 24,656 | 24,097 | 23,744 |
| Equity | 17,092 | 17,054 | 17,659 | 18,156 | 18,215 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,330 | 7,354 | 5,790 | 5,934 | 4,156 |

## 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) | 25.8% | S100XSGM |
| Fixed assets ÷ total assets | 17.7% | S100XSGM |
| Goodwill ÷ parent equity | — | —, S100XSGM |

### 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) | 17.5% |
| Cash ÷ revenue | 25.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 40.7% |
| Cash vs. profit gap | -470 JPY mn (of net income -45.5%) |
| Shareholder returns / net income | 153.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 56.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 68.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.8% | 0.60× | 2.9% | 1.49× | 4.3% | S100QCP7 |
| 2022 | 4.2% | 0.57× | 2.4% | 1.48× | 3.5% | S100T4TS |
| 2023 | 6.0% | 0.61× | 3.7% | 1.47× | 5.4% | S100VHGR |
| 2024 | 6.9% | 0.63× | 4.4% | 1.43× | 6.3% | S100XSGM |
| 2025 | 6.4% | 0.68× | 4.3% | 1.41× | 6.1% | S100XSGM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| アジア電子工業株式会社 | Major shareholder | 7.4% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.9% | 2025-12-31 |
| 共和電業従業員持株会 | Major shareholder | 6.4% | 2025-12-31 |
| 共和協栄会 | Major shareholder | 5.5% | 2025-12-31 |
| 株式会社チノー | Major shareholder | 3.7% | 2025-12-31 |
| 株式会社ニッカトー | Major shareholder | 3.3% | 2025-12-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.6% | 2025-12-31 |
| 富国生命保険相互会社 | Major shareholder | 2.5% | 2025-12-31 |
| 共和販栄会持株会 | Major shareholder | 2.3% | 2025-12-31 |
| 朝日生命保険相互会社 | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/01/01－2025/12/31) | S100XSGM | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSGM,, |
| 有価証券報告書－第78期(2024/01/01－2024/12/31) | S100VHGR | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHGR,, |
| 有価証券報告書－第77期(2023/01/01－2023/12/31) | S100T4TS | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4TS,, |
| 有価証券報告書－第76期(2022/01/01－2022/12/31) | S100QCP7 | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QCP7,, |
| 有価証券報告書－第75期(令和3年1月1日－令和3年12月31日) | S100NS7C | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS7C,, |
| 訂正有価証券報告書－第74期(令和2年1月1日－令和2年12月31日) | S100LUGR | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUGR,, |

## 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).