# LEADER ELECTRONICS CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第72期(2025/04/01－2026/03/31) (S100YPAA)
> Page: https://vizora.meequs.com/en/company/leader-electronics
> Retrieved: 2026-09-30T19:05:53.222Z

## Company

Leader Electronics, founded in 1954, is a company in TVs, Audio & Musical Instruments listed on TSE Standard. It has 127 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LEADER ELECTRONICS CORPORATION |
| Ticker | 6867 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6867.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市港北区綱島東二丁目6番33号 |
| Representative (per filing) | 代表取締役社長 長尾 行造 |
| Founded | May 1954 |
| Share capital | ¥1.34B |
| Employees (consolidated) | 127 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.leader.co.jp (https://www.leader.co.jp/) |
| Corporate number | 8020001022174 |
| EDINET | E02005 |
| Industries (Vizora) | TVs, Audio & Musical Instruments |

> Profile source: annual securities report (S100YPAA, filed 2026-07-07). As of filing

## Five-axis industry profile

Primary industry: TVs, Audio & Musical Instruments (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 11 |
| Profitability | 29.2 | 12 |
| Cash conversion | 94.4 | 9 |
| Efficiency | 54.2 | 12 |

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)

- Leader Electronics brought in ¥4.25B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +3.2% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4247561000 → ¥71649000
- Net income → operating cash flow: ¥71649000 → ¥211264000（difference ¥139615000）
- Main uses of operating cash flow: CapEx ¥68145000 / dividends ¥50836000 / buybacks —
- Change in cash: ¥81570000
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 | ¥4.25B |  |
| Operating income | ¥26.9M | Margin 0.6% |
| Net income | ¥71.6M | Margin 1.7% |
| Free cash flow | ¥143.1M |  |
| Employees (consolidated) | 127 |  |
| EPS | ¥-10.46 |  |
| Book value per share | ¥631.22 |  |
| Equity ratio | 74.3% |  |
| Shares outstanding | 4,514,301 |  |
| Treasury shares | 228,500 |  |
| Shareholders | 2,984 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 26.8% | Cash ÷ revenue 30.9% |
| Vs. industry median margin | -4.3 pp | TVs, Audio & Musical Instruments |
| ROE | 2.1% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.9× net income
- FY2026, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3310148000 | ¥4247561000 | +28.3% |
| Operating income | ¥3353000 | ¥26903000 | +702.4% |
| Operating margin | 0.1% | 0.6% | +0.5 pp |
| Employees | 120 people | 127 people | +5.8% |
| Cash and equivalents | ¥2352285000 | ¥1310685000 | -44.3% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,248 | 100.0% | S100YPAA |
| Cost of revenue | 1,551 | 36.5% | S100YPAA |
| Gross profit | 2,696 | 63.5% | S100YPAA |
| SG&A | 2,669 | 62.8% | S100YPAA |
| Operating income | 27 | 0.6% | S100YPAA |
| Ordinary income | 118 | 2.8% | S100YPAA |
| Pretax income | 170 | 4.0% | S100YPAA |
| Income tax | 99 | 2.3% | S100YPAA |
| Net income | 72 | 1.7% | S100YPAA |
| Net income attributable to owners | 72 | 1.7% | S100YPAA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 36 |
| SG&A | 63 |
| Operating income | 1 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 63.5% → Operating margin 0.6% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 4,117 | 4,248 | 131 | +3.2% |
| Gross profit | 2,575 | 2,696 | 122 | +4.7% |
| Operating income | -179 | 27 | 206 | — |
| Net income attributable to owners | -185 | 72 | 257 | — |
| Operating cash flow | -606 | 211 | 818 | — |
| Free cash flow | -670 | 143 | 813 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,028 | 436 | 10.8% | 396 | 237 | 199 | S100LUZJ |
| FY ending Mar 2021 | 3,310 | 3 | 0.1% | 136 | 670 | 623 | S100OLUN |
| FY ending Mar 2022 | 3,787 | 70 | 1.9% | 116 | 483 | 420 | S100RAVB |
| FY ending Mar 2023 | 4,063 | -315 | -7.7% | -644 | -434 | -492 | S100TYBZ |
| FY ending Mar 2024 | 4,544 | 216 | 4.8% | 138 | 144 | 31 | S100W9EN |
| FY ending Mar 2025 | 4,117 | -179 | -4.4% | -185 | -606 | -670 | S100YPAA |
| FY ending Mar 2026 | 4,248 | 27 | 0.6% | 72 | 211 | 143 | S100YPAA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.4M |
| Operating income per employee (consolidated) | ¥211.8K |
| Net income per employee (consolidated) | ¥564.2K |

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) | 133 | 136 | 124 | 129 | 127 |
| Average salary (parent company) | ¥6.4M | ¥6.8M | ¥6.6M | ¥6.9M | ¥6.8M |
| Average age (parent company) | 45.0 years | 46.0 years | 45.0 years | 45.0 years | 45.0 years |
| Average tenure (parent company) | 19.0 years | 19.0 years | 17.0 years | 17.0 years | 17.0 years |

Year over year: Employees (consolidated) -1.6% · Revenue (consolidated) +3.2%

## 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 | 211 | 5.0% | S100YPAA |
| Capital expenditure | 68 | 1.6% | S100YPAA |
| Free cash flow | 143 | 3.4% | 算出 |
| Investing cash flow | -251 | -5.9% | S100YPAA |
| Financing cash flow | 113 | 2.7% | S100YPAA |
| Dividends paid | 51 | 1.2% | S100YPAA |
| Change in cash | 82 | 1.9% | S100YPAA |
| Cash and equivalents | 1,311 | 30.9% | S100YPAA |

## 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 | 2,705 | 2,128 | 1,364 | 1,229 | 1,311 | S100TYBZ, S100W9EN, S100YPAA |
| Total assets | 5,728 | 5,410 | 4,632 | 4,531 | 4,882 | S100RAVB, S100TYBZ, S100W9EN, S100YPAA |
| Net assets | 4,707 | 4,076 | 3,359 | 3,203 | 3,626 | S100TYBZ, S100W9EN, S100YPAA |
| Share capital | 1,329 | 1,332 | 1,336 | 1,342 | 1,342 | S100RAVB, S100TYBZ, S100W9EN, S100YPAA |
| Property, plant and equipment | 637 | 504 | 483 | 446 | 472 | S100RAVB, S100TYBZ, S100W9EN, S100YPAA |
| Intangible assets excluding goodwill | 395 | 39 | 31 | 43 | 197 | S100RAVB, S100TYBZ, S100W9EN, S100YPAA |
| Goodwill | 253 | — | — | — | 151 | S100RAVB, S100YPAA |
| Investment securities | 88 | 120 | 169 | 156 | 205 | S100RAVB, S100TYBZ, S100W9EN, S100YPAA |
| Current assets | 4,260 | 4,418 | 3,389 | 3,571 | 3,677 | S100RAVB, S100TYBZ, S100W9EN, S100YPAA |
| Current liabilities | 562 | 841 | 766 | 861 | 683 | S100RAVB, S100TYBZ, S100W9EN, S100YPAA |
| Short-term borrowings | 7 | 34 | 7 | 221 | — | S100RAVB, S100TYBZ, S100W9EN, S100YPAA |
| Long-term borrowings | 18 | 13 | 9 | 3 | — | S100RAVB, S100TYBZ, S100W9EN, S100YPAA |
| Total liabilities | 1,021 | 1,333 | 1,273 | 1,328 | 1,256 | S100RAVB, S100TYBZ, S100W9EN, S100YPAA |
| Equity attributable to owners of parent | 4,822 | 4,138 | 3,470 | 3,247 | 3,717 | S100RAVB, S100TYBZ, S100W9EN, S100YPAA |
| Retained earnings | 1,624 | 935 | 1,028 | 792 | 1,073 | S100RAVB, S100TYBZ, S100W9EN, S100YPAA |
| Treasury stock | -0 | -0 | -770 | -770 | -156 | S100RAVB, S100TYBZ, S100W9EN, S100YPAA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100YPAA |
| Property, plant and equipment | 10% | S100YPAA |
| Intangibles and goodwill | 7% | S100YPAA |
| Investment securities | 4% | S100YPAA |
| Other assets | 52% | S100YPAA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100YPAA |
| Equity | 74% | S100YPAA |
| Other liabilities | 0% | S100YPAA |

### 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 | 5,728 | 5,410 | 4,632 | 4,531 | 4,882 |
| Equity | 4,707 | 4,076 | 3,359 | 3,203 | 3,626 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,705 | 2,128 | 1,364 | 1,229 | 1,311 |

## 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) | 11.1% | S100YPAA |
| Fixed assets ÷ total assets | 9.7% | S100YPAA |
| Goodwill ÷ parent equity | 4.1% | S100YPAA |

Goodwill over 4 years: 253 → 151 JPY; total investing cash flow: -67 JPY. This does not imply causation.

### 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) | 26.8% |
| Cash ÷ revenue | 30.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 785.3% |
| Cash vs. profit gap | 140 JPY mn (of net income 194.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 71.0% |
| Shareholder payments — dividends / FCF | 35.5% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 119.0% |

## 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 | 3.1% | 0.66× | 2.0% | 1.19× | 2.4% | S100RAVB |
| 2023 | — | —× | -11.6% | —× | — | S100TYBZ |
| 2024 | 3.0% | 0.91× | 2.7% | 1.32× | 3.6% | S100W9EN |
| 2025 | — | —× | -4.0% | —× | — | S100YPAA |
| 2026 | 1.7% | 0.90× | 1.5% | 1.35× | 2.1% | S100YPAA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| IOCグロース１号投資事業有限責任組合 無限責任組合員 アイ・オー・キャピタル株式会社 | Major shareholder | 19.8% | 2026-03-31 |
| リーダー電子取引先持株会 | Major shareholder | 4.3% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 永井 詳二 | Major shareholder | 3.1% | 2026-03-31 |
| 斉藤 博久 | Major shareholder | 2.9% | 2026-03-31 |
| INTERACTIVE BROKERS LLC 常任代理人 インタラクティブ・ブローカーズ証券会社 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.8% | 2026-03-31 |
| 神山 友央 | Major shareholder | 1.7% | 2026-03-31 |
| ニチエイ電子株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第72期(2025/04/01－2026/03/31) | S100YPAA | 2026-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YPAA,, |
| 有価証券報告書－第71期(2024/04/01－2025/03/31) | S100W9EN | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9EN,, |
| 有価証券報告書－第70期(2023/04/01－2024/03/31) | S100TYBZ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TYBZ,, |
| 有価証券報告書－第69期(2022/04/01－2023/03/31) | S100RAVB | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAVB,, |
| 有価証券報告書－第68期(令和3年4月1日－令和4年3月31日) | S100OLUN | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLUN,, |
| 有価証券報告書－第67期(令和2年4月1日－令和3年3月31日) | S100LUZJ | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUZJ,, |

## 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).