# MATSUO ELECTRIC CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第77期(2025/04/01－2026/03/31) (S100YD97)
> Page: https://vizora.meequs.com/en/company/matsuo-electric
> Retrieved: 2026-09-30T20:28:37.988Z

## Company

Matsuo Electric, founded in 1949, is a company in Electronic Components listed on TSE Standard. It has 227 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MATSUO ELECTRIC CO.,LTD. |
| Ticker | 6969 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6969.T) |
| Listing | TSE Standard |
| Head office | 大阪府豊中市千成町3丁目5番3号 |
| Representative (per filing) | 代表取締役社長 執行役員 陳怡光 |
| Founded | Dec 1949 |
| Share capital | ¥2.47B |
| Employees (consolidated) | 227 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.ncc-matsuo.co.jp (https://www.ncc-matsuo.co.jp/) |
| Corporate number | 6120901025697 |
| EDINET | E01933 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YD97, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55.7 | 53 |
| Profitability | 77.7 | 56 |
| Cash conversion | 51 | 48 |
| Efficiency | 50.9 | 56 |
| Financial strength | 30 | 5 |

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 62% of Matsuo Electric's sales come from Tantalum capacitor, with Circuit protection element and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +13.1% from the prior year, operating profit +18.4%.

## Company structure

- Segment revenue mix: Tantalum capacitor 61.7%、Circuit protection element 34.5%、Other 3.8%
- Revenue → net income: ¥5141935000 → ¥372450000
- Net income → operating cash flow: ¥372450000 → ¥782538000（difference ¥410088000）
- Main uses of operating cash flow: CapEx ¥225765000 / dividends — / buybacks ¥151000
- Change in cash: ¥370072000
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 | ¥5.14B |  |
| Operating income | ¥581.5M | Margin 11.3% |
| Net income | ¥372.4M | Margin 7.2% |
| Free cash flow | ¥556.8M |  |
| Largest business | Tantalum capacitor | of segment revenue 61.7% |
| Employees (consolidated) | 227 |  |
| EPS | ¥116.14 |  |
| Book value per share | ¥976.5 |  |
| Equity ratio | 45.3% |  |
| Shares outstanding | 3,210,000 |  |
| Treasury shares | 3,000 |  |
| Shareholders | 1,552 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 11.7% | Net cash -¥1.09B · Cash ÷ revenue 15.7% |
| Vs. industry median margin | +5.4 pp | Electronic Components |
| ROE | 12.6% | Derived from disclosed figures |
| ROA | 5.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 81% of positive segment profit
- FY2026, segment profit share differs by 46 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3803820000 | ¥5141935000 | +35.2% |
| Operating income | ¥262007000 | ¥581530000 | +122.0% |
| Operating margin | 6.9% | 11.3% | +4.4 pp |
| Employees | 249 people | 227 people | -8.8% |
| Cash and equivalents | ¥587955000 | ¥807728000 | +37.4% |

### 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 |
| --- | ---: |
| タンタルコンデンサ事業 → タンタルコンデンサ事業 | 61.7% |
| タンタルコンデンサ事業 → 事業再編・廃止 | 12.4% |
| 回路保護素子事業 → 回路保護素子事業 | 20.9% |
| その他 → その他 | 3.8% |
| その他 → 事業再編・廃止 | 1.3% |
| 新設・再編 → 回路保護素子事業 | 13.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Tantalum capacitor | 5 years | +2.4% | ¥3171311000 | 5.6% | 2 |
| Circuit protection element | 5 years | +17.5% | ¥1776175000 | 47.1% | 2 |
| Other | 5 years | +0.2% | ¥194448000 | 12.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,142 | 100.0% | S100YD97 |
| Cost of revenue | 3,520 | 68.5% | S100YD97 |
| Gross profit | 1,622 | 31.5% | S100YD97 |
| SG&A | 1,041 | 20.2% | S100YD97 |
| Operating income | 582 | 11.3% | S100YD97 |
| Ordinary income | 569 | 11.1% | S100YD97 |
| Pretax income | 388 | 7.5% | S100YD97 |
| Income tax | 15 | 0.3% | S100YD97 |
| Net income | 372 | 7.2% | S100YD97 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 20 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 31.5% → Operating margin 11.3% → Net margin 7.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.1%; Core profit growth: +18.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.40×
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 | 4,545 | 5,142 | 597 | +13.1% |
| Gross profit | 1,430 | 1,622 | 192 | +13.5% |
| Operating income | 491 | 582 | 90 | +18.4% |
| Operating cash flow | -85 | 783 | 868 | — |
| Free cash flow | -385 | 557 | 942 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,659 | 26 | 0.7% | -193 | -440 | -602 | S100M8M2 |
| FY ending Mar 2021 | 3,804 | 262 | 6.9% | 134 | -156 | -271 | S100OJWM |
| FY ending Mar 2022 | 4,709 | 642 | 13.6% | -224 | 290 | 88 | S100QN80 |
| FY ending Mar 2023 | 4,649 | 547 | 11.8% | 307 | 244 | -30 | S100TO52 |
| FY ending Mar 2024 | 4,210 | 255 | 6.1% | 29 | 376 | -27 | S100VZO2 |
| FY ending Mar 2025 | 4,545 | 491 | 10.8% | 450 | -85 | -385 | S100YD97 |
| FY ending Mar 2026 | 5,142 | 582 | 11.3% | 372 | 783 | 557 | S100YD97 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.7M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 241 | 239 | 229 | 227 | 227 |
| Average salary (parent company) | ¥4.7M | ¥4.6M | ¥4.8M | ¥5M | ¥5.2M |
| Average age (parent company) | 49.0 years | 49.6 years | 50.1 years | 50.3 years | 50.1 years |
| Average tenure (parent company) | 27.4 years | 27.8 years | 28.2 years | 28.1 years | 27.5 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +13.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Tantalum capacitor | 3,171 | 61.7% | 177 | 5.6% |
| Circuit protection element | 1,776 | 34.5% | 837 | 47.1% |
| Other | 194 | 3.8% | 24 | 12.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Tantalum capacitor | 61.7% | 17.0% | -44.6 | 5.6% |
| Circuit protection element | 34.5% | 80.7% | 46.1 | 47.1% |
| Other | 3.8% | 2.3% | -1.5 | 12.3% |

Segment → industry: Other → Electronic Components / Circuit protection element → Electronic Components / Tantalum capacitor → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 783 | 15.2% | S100YD97 |
| Capital expenditure | 226 | 4.4% | S100YD97 |
| Free cash flow | 557 | 10.8% | 算出 |
| Investing cash flow | -218 | -4.2% | S100YD97 |
| Financing cash flow | -194 | -3.8% | S100YD97 |
| Share buyback | 0 | 0.0% | S100YD97 |
| Change in cash | 370 | 7.2% | S100YD97 |
| Cash and equivalents | 808 | 15.7% | S100YD97 |

## 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 | 1,118 | 1,337 | 1,069 | 438 | 808 | S100TO52, S100VZO2, S100YD97 |
| Total assets | 6,427 | 6,924 | 6,606 | 6,593 | 6,906 | S100QN80, S100TO52, S100VZO2, S100YD97 |
| Net assets | 1,974 | 2,281 | 2,309 | 2,759 | 3,132 | S100TO52, S100VZO2, S100YD97 |
| Share capital | 2,469 | 2,469 | 2,469 | 2,469 | 2,469 | S100QN80, S100TO52, S100VZO2, S100YD97 |
| Property, plant and equipment | 1,542 | 1,756 | 1,929 | 2,071 | 2,199 | S100QN80, S100TO52, S100VZO2, S100YD97 |
| Intangible assets excluding goodwill | 246 | 189 | 135 | 85 | 36 | S100QN80, S100TO52, S100VZO2, S100YD97 |
| Investment securities | 15 | 15 | 15 | 15 | 15 | S100QN80, S100TO52, S100VZO2, S100YD97 |
| Current assets | 4,519 | 4,774 | 4,438 | 4,252 | 4,428 | S100QN80, S100TO52, S100VZO2, S100YD97 |
| Current liabilities | 2,711 | 2,781 | 2,706 | 2,593 | 2,712 | S100QN80, S100TO52, S100VZO2, S100YD97 |
| Short-term borrowings | 1,430 | 1,430 | 1,430 | 1,430 | 1,430 | S100QN80, S100TO52, S100VZO2, S100YD97 |
| Long-term borrowings | 765 | 968 | 772 | 605 | 458 | S100QN80, S100TO52, S100VZO2, S100YD97 |
| Bonds | 99 | 76 | 53 | 31 | 8 | S100QN80, S100TO52, S100VZO2, S100YD97 |
| Interest-bearing debt | 2,294 | 2,474 | 2,256 | 2,066 | 1,897 | 算出 |
| Total liabilities | 4,453 | 4,643 | 4,297 | 3,833 | 3,774 | S100QN80, S100TO52, S100VZO2, S100YD97 |
| Equity attributable to owners of parent | 1,974 | 2,281 | 2,309 | 2,759 | 3,132 | S100QN80, S100TO52, S100VZO2, S100YD97 |
| Retained earnings | -1,046 | -739 | -710 | -260 | 112 | S100QN80, S100TO52, S100VZO2, S100YD97 |
| Treasury stock | -2 | -2 | -2 | -2 | -3 | S100QN80, S100TO52, S100VZO2, S100YD97 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YD97 |
| Property, plant and equipment | 32% | S100YD97 |
| Intangibles and goodwill | 0% | S100YD97 |
| Investment securities | 0% | S100YD97 |
| Other assets | 56% | S100YD97 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 28% | 算出 |
| Other liabilities | 27% | S100YD97 |
| Equity | 45% | S100YD97 |
| Other liabilities | 0% | S100YD97 |

### 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 | 6,427 | 6,924 | 6,606 | 6,593 | 6,906 |
| Equity | 1,974 | 2,281 | 2,309 | 2,759 | 3,132 |
| Interest-bearing debt | 2,294 | 2,474 | 2,256 | 2,066 | 1,897 |
| Cash | 1,118 | 1,337 | 1,069 | 438 | 808 |

## 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) | 42.8% | S100YD97 |
| Fixed assets ÷ total assets | 31.8% | S100YD97 |
| Goodwill ÷ parent equity | — | —, S100YD97 |

### 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) | 11.7% |
| Cash ÷ revenue | 15.7% |
| Net cash (cash − interest-bearing debt) | -¥1.09B |
| Net debt ÷ operating cash flow | 1.39× |
| Cash conversion (operating CF ÷ operating income) | 134.6% |
| Cash vs. profit gap | 410 JPY mn (of net income 110.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| Investing CF relative to operating CF | 27.9% |

## 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 | — | —× | -3.5% | —× | — | S100QN80 |
| 2023 | 6.6% | 0.70× | 4.6% | 3.14× | 14.4% | S100TO52 |
| 2024 | 0.7% | 0.62× | 0.4% | 2.95× | 1.3% | S100VZO2 |
| 2025 | 9.9% | 0.69× | 6.8% | 2.60× | 17.8% | S100YD97 |
| 2026 | 7.2% | 0.76× | 5.5% | 2.29× | 12.6% | S100YD97 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 釜屋電機株式会社 | Major shareholder | 27.3% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 6.5% | 2026-03-31 |
| 松尾電機投資会 | Major shareholder | 4.5% | 2026-03-31 |
| 松尾 浩和 | Major shareholder | 4.3% | 2026-03-31 |
| 松尾電機従業員持株会 | Major shareholder | 3.2% | 2026-03-31 |
| 谷島 公治 | Major shareholder | 3.1% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 後藤 秀彰 | Major shareholder | 2.2% | 2026-03-31 |
| FUBON SECURITIES CO., LTD. CLIENT 30(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.8% | 2026-03-31 |
| INTERACTIVE BROKERS LLC (常任代理人 インタラクティブ・ブローカーズ証券株式会社) | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YD97 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD97,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100VZO2 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZO2,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TO52 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO52,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100QN80 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QN80,, |
| 有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100OJWM | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJWM,, |
| 訂正有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100M8M2 | 2021-08-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M8M2,, |

## 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).