# MEIJI ELECTRIC INDUSTRIES 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70期(2025/04/01－2026/03/31) (S100YKYA)
> Page: https://vizora.meequs.com/en/company/meiji-electric-industries
> Retrieved: 2026-09-30T19:14:54.942Z

## Company

Meiji Electric Industries, founded in 1920, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 709 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MEIJI ELECTRIC INDUSTRIES CO.,LTD. |
| Ticker | 3388 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3388.T) |
| Listing | TSE Prime |
| Head office | 名古屋市中村区亀島二丁目13番8号 |
| Representative (per filing) | 代表取締役社長 杉脇 弘基 |
| Founded | Jul 1920 |
| Share capital | ¥1.66B |
| Employees (consolidated) | 709 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.meijidenki.co.jp (https://www.meijidenki.co.jp/) |
| Corporate number | 6180001033042 |
| EDINET | E02992 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YKYA, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35.5 | 179 |
| Profitability | 75.9 | 185 |
| Cash conversion | 90.2 | 179 |
| Efficiency | 40.8 | 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)

- Meiji Electric Industries brought in ¥76.4B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -2.9% from the prior year, operating profit +11.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥76360006000 → ¥2880729000
- Net income → operating cash flow: ¥2880729000 → ¥8398635000（difference ¥5517906000）
- Main uses of operating cash flow: CapEx ¥687710000 / dividends ¥942134000 / buybacks ¥121000
- Change in cash: ¥6874114000
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 | ¥76.4B |  |
| Operating income | ¥3.67B | Margin 4.8% |
| Net income | ¥2.84B | Margin 3.7% |
| Free cash flow | ¥7.71B |  |
| Employees (consolidated) | 709 |  |
| EPS | ¥203.48 |  |
| Book value per share | ¥2531.93 |  |
| Equity ratio | 66.3% |  |
| Shares outstanding | 12,765,820 |  |
| Treasury shares | 14,100 |  |
| Shareholders | 5,537 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 25.9% | Cash ÷ revenue 19.4% |
| Vs. industry median margin | +1.9 pp | Specialty Trading & Wholesale |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.0× net income
- FY2026, employees -2% while operating income rose 11%
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥63910429000 | ¥76360006000 | +19.5% |
| Operating income | ¥1893474000 | ¥3670109000 | +93.8% |
| Operating margin | 3.0% | 4.8% | +1.8 pp |
| Employees | 702 people | 709 people | +1.0% |
| Cash and equivalents | ¥6685308000 | ¥14779964000 | +121.1% |

### 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 | 76,360 | 100.0% | S100YKYA |
| Cost of revenue | 63,972 | 83.8% | S100YKYA |
| Gross profit | 12,388 | 16.2% | S100YKYA |
| SG&A | 8,718 | 11.4% | S100YKYA |
| Operating income | 3,670 | 4.8% | S100YKYA |
| Ordinary income | 4,090 | 5.4% | S100YKYA |
| Pretax income | 4,079 | 5.3% | S100YKYA |
| Income tax | 1,199 | 1.6% | S100YKYA |
| Net income | 2,881 | 3.8% | S100YKYA |
| Net income attributable to owners | 2,844 | 3.7% | S100YKYA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 11 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 16.2% → Operating margin 4.8% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.9%; Core profit growth: +11.4%
Operating leverage (core profit growth ÷ revenue growth): -3.87×
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 | 78,673 | 76,360 | -2,313 | -2.9% |
| Gross profit | 11,795 | 12,388 | 594 | +5.0% |
| Operating income | 3,295 | 3,670 | 375 | +11.4% |
| Net income attributable to owners | 2,436 | 2,844 | 409 | +16.8% |
| Operating cash flow | 1,610 | 8,399 | 6,789 | +421.7% |
| Free cash flow | 1,287 | 7,711 | 6,424 | +499.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 80,408 | 3,916 | 4.9% | 2,759 | 3,080 | 2,958 | S100LOZ7 |
| FY ending Mar 2021 | 63,910 | 1,893 | 3.0% | 1,515 | 3,452 | 2,618 | S100OFPG |
| FY ending Mar 2022 | 67,749 | 2,009 | 3.0% | 1,781 | 1,137 | 351 | S100RC0M |
| FY ending Mar 2023 | 70,947 | 2,724 | 3.8% | 2,192 | -3,820 | -4,866 | S100TUHW |
| FY ending Mar 2024 | 74,581 | 2,914 | 3.9% | 2,426 | 5,734 | 5,326 | S100W7AD |
| FY ending Mar 2025 | 78,673 | 3,295 | 4.2% | 2,436 | 1,610 | 1,287 | S100YKYA |
| FY ending Mar 2026 | 76,360 | 3,670 | 4.8% | 2,844 | 8,399 | 7,711 | S100YKYA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥107.7M |
| Operating income per employee (consolidated) | ¥5.2M |
| Net income per employee (consolidated) | ¥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) | 698 | 698 | 709 | 720 | 709 |
| Average salary (parent company) | ¥6.1M | ¥6M | ¥6.3M | ¥6.5M | ¥6.7M |
| Average age (parent company) | 40.6 years | 40.9 years | 40.9 years | 41.2 years | 41.2 years |
| Average tenure (parent company) | 16.9 years | 17.1 years | 17.1 years | 17.0 years | 16.8 years |

Year over year: Employees (consolidated) -1.5% · Revenue (consolidated) -2.9%

## 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 | 8,399 | 11.0% | S100YKYA |
| Capital expenditure | 688 | 0.9% | S100YKYA |
| Free cash flow | 7,711 | 10.1% | 算出 |
| Investing cash flow | -682 | -0.9% | S100YKYA |
| Financing cash flow | -942 | -1.2% | S100YKYA |
| Dividends paid | 942 | 1.2% | S100YKYA |
| Share buyback | 0 | 0.0% | S100YKYA |
| Change in cash | 6,874 | 9.0% | S100YKYA |
| Cash and equivalents | 14,780 | 19.4% | S100YKYA |

## 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 | 7,749 | 4,876 | 7,333 | 7,906 | 14,780 | S100TUHW, S100W7AD, S100YKYA |
| Total assets | 44,666 | 51,351 | 52,148 | 54,209 | 57,099 | S100RC0M, S100TUHW, S100W7AD, S100YKYA |
| Net assets | 27,328 | 29,411 | 33,064 | 34,771 | 38,327 | S100TUHW, S100W7AD, S100YKYA |
| Share capital | 1,625 | 1,625 | 1,658 | 1,658 | 1,658 | S100RC0M, S100TUHW, S100W7AD, S100YKYA |
| Trade receivables | 16,253 | 19,928 | 17,773 | 19,104 | 17,081 | S100RC0M, S100TUHW, S100W7AD, S100YKYA |
| Property, plant and equipment | 3,663 | 4,169 | 4,212 | 4,452 | 4,742 | S100RC0M, S100TUHW, S100W7AD, S100YKYA |
| Intangible assets excluding goodwill | 241 | 591 | 699 | 522 | 393 | S100RC0M, S100TUHW, S100W7AD, S100YKYA |
| Investment securities | 2,787 | 3,001 | 4,137 | 3,980 | 5,406 | S100RC0M, S100TUHW, S100W7AD, S100YKYA |
| Current assets | 37,490 | 43,040 | 41,412 | 43,673 | 44,026 | S100RC0M, S100TUHW, S100W7AD, S100YKYA |
| Current liabilities | 16,957 | 21,426 | 17,973 | 18,355 | 17,065 | S100RC0M, S100TUHW, S100W7AD, S100YKYA |
| Trade payables | 8,756 | 10,303 | 8,859 | 9,012 | 8,584 | S100RC0M, S100TUHW, S100W7AD, S100YKYA |
| Short-term borrowings | 226 | 2,496 | 26 | — | — | S100RC0M, S100TUHW, S100W7AD |
| Total liabilities | 17,338 | 21,940 | 19,084 | 19,438 | 18,773 | S100RC0M, S100TUHW, S100W7AD, S100YKYA |
| Non-controlling interests | 196 | 231 | 285 | 378 | 445 | S100RC0M, S100TUHW, S100W7AD, S100YKYA |
| Equity attributable to owners of parent | 25,754 | 27,351 | 29,212 | 30,817 | 32,752 | S100RC0M, S100TUHW, S100W7AD, S100YKYA |
| Retained earnings | 22,204 | 23,801 | 25,569 | 27,140 | 29,041 | S100RC0M, S100TUHW, S100W7AD, S100YKYA |
| Treasury stock | -33 | -33 | -24 | -15 | -6 | S100RC0M, S100TUHW, S100W7AD, S100YKYA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YKYA |
| Receivables | 30% | S100YKYA |
| Property, plant and equipment | 8% | S100YKYA |
| Intangibles and goodwill | 1% | S100YKYA |
| Investment securities | 9% | S100YKYA |
| Other assets | 26% | S100YKYA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 15% | S100YKYA |
| Other liabilities | 18% | S100YKYA |
| Equity | 67% | S100YKYA |

### 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 | 44,666 | 51,351 | 52,148 | 54,209 | 57,099 |
| Equity | 27,328 | 29,411 | 33,064 | 34,771 | 38,327 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,749 | 4,876 | 7,333 | 7,906 | 14,780 |

## 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) | 6.2% | S100YKYA |
| Fixed assets ÷ total assets | 8.3% | S100YKYA |
| Goodwill ÷ parent equity | — | —, S100YKYA |

### 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) | 25.9% |
| Cash ÷ revenue | 19.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 228.8% |
| Cash vs. profit gap | 5,554 JPY mn (of net income 195.3%) |
| Shareholder returns / net income | 33.1% |
| Shareholder returns / FCF | 12.2% |
| Shareholder payments — dividends / net income | 33.1% |
| Shareholder payments — dividends / FCF | 12.2% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 8.1% |

## 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 | 2.6% | 1.52× | 4.0% | 1.73× | 6.9% | S100RC0M |
| 2023 | 3.1% | 1.48× | 4.6% | 1.81× | 8.3% | S100TUHW |
| 2024 | 3.3% | 1.44× | 4.7% | 1.83× | 8.6% | S100W7AD |
| 2025 | 3.1% | 1.48× | 4.6% | 1.77× | 8.1% | S100YKYA |
| 2026 | 3.7% | 1.37× | 5.1% | 1.75× | 8.9% | S100YKYA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 14.2% | 2026-03-31 |
| 合同会社ワイコーポレーション | Major shareholder | 9.6% | 2026-03-31 |
| 明治電機工業従業員持株会 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.6% | 2026-03-31 |
| 林 正弘 | Major shareholder | 2.8% | 2026-03-31 |
| 吉田 年章 | Major shareholder | 2.8% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 安井 博子 | Major shareholder | 2.3% | 2026-03-31 |
| 森田 操 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第70期(2025/04/01－2026/03/31) | S100YKYA | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKYA,, |
| 有価証券報告書－第69期(2024/04/01－2025/03/31) | S100W7AD | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7AD,, |
| 有価証券報告書－第68期(2023/04/01－2024/03/31) | S100TUHW | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUHW,, |
| 訂正有価証券報告書－第67期(2022/04/01－2023/03/31) | S100RC0M | 2023-07-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RC0M,, |
| 有価証券報告書－第66期(令和3年4月1日－令和4年3月31日) | S100OFPG | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFPG,, |
| 有価証券報告書－第65期(令和2年4月1日－令和3年3月31日) | S100LOZ7 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOZ7,, |

## 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).