# MANSEI CORPORATION: 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80期(2025/04/01－2026/03/31) (S100YLNO)
> Page: https://vizora.meequs.com/en/company/mansei
> Retrieved: 2026-09-30T19:00:26.176Z

## Company

Mansei, founded in 1947, is a company in Electric Power & Gas listed on TSE Standard. It has 188 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MANSEI CORPORATION |
| Ticker | 7565 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7565.T) |
| Listing | TSE Standard |
| Head office | 大阪市福島区福島7丁目15番5号 |
| Representative (per filing) | 代表取締役社長 占部 正浩 |
| Founded | May 1947 |
| Share capital | ¥1B |
| Employees (consolidated) | 188 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.mansei.co.jp (https://www.mansei.co.jp/) |
| Corporate number | 2120001036483 |
| EDINET | E02875 |
| Industries (Vizora) | Electric Power & Gas, Plant Engineering & Building Services, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YLNO, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.1 | 179 |
| Profitability | 83 | 185 |
| Cash conversion | 78.5 | 179 |
| Efficiency | 24.6 | 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 45% of Mansei's sales come from Electrical machinery and apparatus and an industrial system, with An electronic devide and information-and-telecommunications apparatus and Equipment item making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +10.5% from the prior year, operating profit +38.6%.

## Company structure

- Segment revenue mix: Electrical machinery and apparatus and an industrial system 44.5%、An electronic devide and information-and-telecommunications apparatus 31.2%、Equipment item 23.9%、Photovoltaic power generation 0.4%
- Revenue → net income: ¥26992825000 → ¥1114379000
- Net income → operating cash flow: ¥1114379000 → ¥2503820000（difference ¥1389441000）
- Main uses of operating cash flow: CapEx ¥22019000 / dividends ¥227328000 / buybacks ¥589000
- Change in cash: ¥958554000
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 | ¥27B |  |
| Operating income | ¥1.57B | Margin 5.8% |
| Net income | ¥1.11B | Margin 4.1% |
| Free cash flow | ¥2.48B |  |
| Largest business | Electrical machinery and apparatus and an industrial system | of segment revenue 44.5% |
| Employees (consolidated) | 188 |  |
| EPS | ¥640.13 |  |
| Book value per share | ¥7605.62 |  |
| Equity ratio | 53.5% |  |
| Shares outstanding | 1,636,000 |  |
| Treasury shares | 12,500 |  |
| Shareholders | 545 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 23.0% | Cash ÷ revenue 20.9% |
| Vs. industry median margin | +2.9 pp | Specialty Trading & Wholesale |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20074642000 | ¥26992825000 | +34.5% |
| Operating income | ¥623136000 | ¥1572230000 | +152.3% |
| Operating margin | 3.1% | 5.8% | +2.7 pp |
| Employees | 185 people | 188 people | +1.6% |
| Cash and equivalents | ¥3968539000 | ¥5653545000 | +42.5% |

### 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 |
| --- | ---: |
| 電気機器・産業用システム → 電気機器・産業用システム | 44.5% |
| 電気機器・産業用システム → 事業再編・廃止 | 8.1% |
| 電子デバイス・情報通信機器 → 電子デバイス・情報通信機器 | 26.4% |
| 設備機器 → 設備機器 | 20.5% |
| 太陽光発電 → 太陽光発電 | 0.4% |
| 太陽光発電 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 電子デバイス・情報通信機器 | 4.9% |
| 新設・再編 → 設備機器 | 3.4% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electrical machinery and apparatus and an industrial system | 5 years | +2.6% | ¥12017917000 | 6.2% | 2 |
| An electronic devide and information-and-telecommunications apparatus | 5 years | +9.8% | ¥8428557000 | 5.2% | 2 |
| Equipment item | 5 years | +9.4% | ¥6444715000 | 7.5% | 2 |
| Photovoltaic power generation | 5 years | -2.1% | ¥101634000 | 46.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 26,993 | 100.0% | S100YLNO |
| Cost of revenue | 22,780 | 84.4% | S100YLNO |
| Gross profit | 4,212 | 15.6% | S100YLNO |
| SG&A | 2,640 | 9.8% | S100YLNO |
| Operating income | 1,572 | 5.8% | S100YLNO |
| Ordinary income | 1,610 | 6.0% | S100YLNO |
| Pretax income | 1,606 | 5.9% | S100YLNO |
| Income tax | 492 | 1.8% | S100YLNO |
| Net income | 1,114 | 4.1% | S100YLNO |
| Net income attributable to owners | 1,114 | 4.1% | S100YLNO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 10 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 15.6% → Operating margin 5.8% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.5%; Core profit growth: +38.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.67×
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 | 24,423 | 26,993 | 2,570 | +10.5% |
| Gross profit | 3,626 | 4,212 | 586 | +16.2% |
| Operating income | 1,135 | 1,572 | 438 | +38.6% |
| Net income attributable to owners | 873 | 1,114 | 241 | +27.6% |
| Operating cash flow | 2,330 | 2,504 | 174 | +7.5% |
| Free cash flow | 1,940 | 2,482 | 541 | +27.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 22,484 | 744 | 3.3% | 472 | 475 | 273 | S100LU8I |
| FY ending Mar 2021 | 20,075 | 623 | 3.1% | 430 | 48 | 13 | S100OFKR |
| FY ending Mar 2022 | 18,656 | 549 | 2.9% | 396 | 864 | 848 | S100R6K0 |
| FY ending Mar 2023 | 23,121 | 1,102 | 4.8% | 600 | -1,357 | -1,363 | S100TTKI |
| FY ending Mar 2024 | 26,151 | 1,485 | 5.7% | 1,071 | 2,045 | 2,039 | S100W6SN |
| FY ending Mar 2025 | 24,423 | 1,135 | 4.6% | 873 | 2,330 | 1,940 | S100YLNO |
| FY ending Mar 2026 | 26,993 | 1,572 | 5.8% | 1,114 | 2,504 | 2,482 | S100YLNO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥143.6M |
| Operating income per employee (consolidated) | ¥8.4M |
| Net income per employee (consolidated) | ¥5.9M |

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) | 183 | 186 | 185 | 181 | 188 |
| Average salary (parent company) | ¥5.7M | ¥6M | ¥6.2M | ¥6.2M | ¥6.9M |
| Average age (parent company) | 41.9 years | 41.3 years | 41.5 years | 40.9 years | 40.9 years |
| Average tenure (parent company) | 17.6 years | 17.1 years | 16.6 years | 15.9 years | 16.1 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) +10.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electrical machinery and apparatus and an industrial system | 12,018 | 44.5% | 748 | 6.2% |
| An electronic devide and information-and-telecommunications apparatus | 8,429 | 31.2% | 436 | 5.2% |
| Equipment item | 6,445 | 23.9% | 485 | 7.5% |
| Photovoltaic power generation | 102 | 0.4% | 47 | 46.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electrical machinery and apparatus and an industrial system | 44.5% | 43.6% | -0.9 | 6.2% |
| An electronic devide and information-and-telecommunications apparatus | 31.2% | 25.4% | -5.8 | 5.2% |
| Equipment item | 23.9% | 28.2% | 4.4 | 7.5% |
| Photovoltaic power generation | 0.4% | 2.8% | 2.4 | 46.7% |

Segment → industry: Photovoltaic power generation → Electric Power & Gas / Equipment item → Plant Engineering & Building Services / Equipment item → Specialty Trading & Wholesale / An electronic devide and information-and-telecommunications apparatus → Specialty Trading & Wholesale / Electrical machinery and apparatus and an industrial system → Specialty Trading & Wholesale

## 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 | 2,504 | 9.3% | S100YLNO |
| Capital expenditure | 22 | 0.1% | S100YLNO |
| Free cash flow | 2,482 | 9.2% | 算出 |
| Investing cash flow | -1,325 | -4.9% | S100YLNO |
| Financing cash flow | -235 | -0.9% | S100YLNO |
| Dividends paid | 227 | 0.8% | S100YLNO |
| Share buyback | 1 | 0.0% | S100YLNO |
| Change in cash | 959 | 3.6% | S100YLNO |
| Cash and equivalents | 5,654 | 20.9% | S100YLNO |

## 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 | 4,649 | 2,949 | 4,864 | 4,695 | 5,654 | S100TTKI, S100W6SN, S100YLNO |
| Total assets | 18,433 | 21,290 | 23,959 | 20,403 | 24,560 | S100R6K0, S100TTKI, S100W6SN, S100YLNO |
| Net assets | 11,866 | 12,334 | 13,544 | 11,730 | 13,134 | S100TTKI, S100W6SN, S100YLNO |
| Share capital | 1,005 | 1,005 | 1,005 | 1,005 | 1,005 | S100R6K0, S100TTKI, S100W6SN, S100YLNO |
| Property, plant and equipment | 1,820 | 1,713 | 1,602 | 1,749 | 1,637 | S100R6K0, S100TTKI, S100W6SN, S100YLNO |
| Intangible assets excluding goodwill | 153 | 112 | 71 | 35 | 1,226 | S100R6K0, S100TTKI, S100W6SN, S100YLNO |
| Goodwill | — | — | — | — | 1,200 | S100YLNO |
| Investment securities | 815 | 847 | 1,165 | 1,259 | 1,912 | S100R6K0, S100TTKI, S100W6SN, S100YLNO |
| Current assets | 15,566 | 18,534 | 20,964 | 17,177 | 19,509 | S100R6K0, S100TTKI, S100W6SN, S100YLNO |
| Current liabilities | 5,980 | 8,402 | 9,785 | 7,965 | 10,537 | S100R6K0, S100TTKI, S100W6SN, S100YLNO |
| Trade payables | 5,170 | 7,292 | 8,300 | 6,829 | 9,186 | S100R6K0, S100TTKI, S100W6SN, S100YLNO |
| Short-term borrowings | 300 | 300 | 300 | 300 | 300 | S100R6K0, S100TTKI, S100W6SN, S100YLNO |
| Total liabilities | 6,567 | 8,955 | 10,415 | 8,672 | 11,426 | S100R6K0, S100TTKI, S100W6SN, S100YLNO |
| Equity attributable to owners of parent | 11,576 | 12,024 | 12,940 | 11,061 | 11,948 | S100R6K0, S100TTKI, S100W6SN, S100YLNO |
| Retained earnings | 9,748 | 10,197 | 11,113 | 9,234 | 10,122 | S100R6K0, S100TTKI, S100W6SN, S100YLNO |
| Treasury stock | -16 | -16 | -17 | -17 | -17 | S100R6K0, S100TTKI, S100W6SN, S100YLNO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YLNO |
| Property, plant and equipment | 7% | S100YLNO |
| Intangibles and goodwill | 10% | S100YLNO |
| Investment securities | 8% | S100YLNO |
| Other assets | 52% | S100YLNO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 37% | S100YLNO |
| Other liabilities | 9% | S100YLNO |
| Equity | 54% | S100YLNO |
| Other liabilities | 0% | S100YLNO |

### 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 | 18,433 | 21,290 | 23,959 | 20,403 | 24,560 |
| Equity | 11,866 | 12,334 | 13,544 | 11,730 | 13,134 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,649 | 2,949 | 4,864 | 4,695 | 5,654 |

## 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) | 6.1% | S100YLNO |
| Fixed assets ÷ total assets | 6.7% | S100YLNO |
| Goodwill ÷ parent equity | 10.0% | S100YLNO |

### 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) | 23.0% |
| Cash ÷ revenue | 20.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 159.3% |
| Cash vs. profit gap | 1,389 JPY mn (of net income 124.7%) |
| Shareholder returns / net income | 20.5% |
| Shareholder returns / FCF | 9.2% |
| Shareholder payments — dividends / net income | 20.4% |
| Shareholder payments — dividends / FCF | 9.2% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 52.9% |

## 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 | 2.1% | 1.01× | 2.1% | 1.59× | 3.4% | S100R6K0 |
| 2023 | 2.6% | 1.16× | 3.0% | 1.68× | 5.1% | S100TTKI |
| 2024 | 4.1% | 1.16× | 4.7% | 1.81× | 8.6% | S100W6SN |
| 2025 | 3.6% | 1.10× | 3.9% | 1.85× | 7.3% | S100YLNO |
| 2026 | 4.1% | 1.20× | 5.0% | 1.95× | 9.7% | S100YLNO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱電機株式会社 | Major shareholder | 21.6% | 2026-03-31 |
| 日光産業株式会社 | Major shareholder | 9.2% | 2026-03-31 |
| 株式会社サンセイテクノス | Major shareholder | 3.7% | 2026-03-31 |
| 占部正浩 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.4% | 2026-03-31 |
| 東洋電機製造株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 占部弘晃 | Major shareholder | 2.5% | 2026-03-31 |
| 萬世電機従業員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| 占部朋子 | Major shareholder | 2.3% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YLNO | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLNO,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W6SN | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6SN,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TTKI | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTKI,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R6K0 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6K0,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OFKR | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFKR,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LU8I | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU8I,, |

## 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).