# Meiko Electronics 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51期(2025/04/01－2026/03/31) (S100YIE8)
> Page: https://vizora.meequs.com/en/company/meiko-electronics
> Retrieved: 2026-09-30T21:37:56.857Z

## Company

Meiko Electronics, founded in 1975, is a company in Electronic Components listed on TSE Prime. It has 14,332 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Meiko Electronics Co., Ltd. |
| Ticker | 6787 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6787.T) |
| Listing | TSE Prime |
| Head office | 神奈川県綾瀬市大上五丁目14番15号 |
| Representative (per filing) | 代表取締役社長執行役員 名屋 佑一郎 |
| Founded | Nov 1975 |
| Share capital | ¥12.9B |
| Employees (consolidated) | 14,332 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.meiko-elec.com (https://www.meiko-elec.com/) |
| Corporate number | 3021001027639 |
| EDINET | E02056 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YIE8, filed 2026-06-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.2 | 53 |
| Profitability | 75.9 | 56 |
| Cash conversion | 38.5 | 48 |
| Efficiency | 56.3 | 56 |

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)

- Meiko Electronics brought in ¥240.6B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +16.3% from the prior year, operating profit +28.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥240574000000 → ¥19953000000
- Net income → operating cash flow: ¥19953000000 → ¥27534000000（difference ¥7581000000）
- Main uses of operating cash flow: CapEx ¥50013000000 / dividends ¥2732000000 / buybacks ¥0
- Change in cash: ¥3554000000
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 | ¥240.6B |  |
| Operating income | ¥24.6B | Margin 10.2% |
| Net income | ¥19.8B | Margin 8.2% |
| Free cash flow | -¥22.5B |  |
| Employees (consolidated) | 14,332 |  |
| EPS | ¥324.57 |  |
| Book value per share | ¥1527.09 |  |
| Equity ratio | 40.6% |  |
| Shares outstanding | 26,803,320 |  |
| Treasury shares | 802,700 |  |
| Shareholders | 3,011 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 7.9% | Cash ÷ revenue 11.0% |
| Vs. industry median margin | +4.3 pp | Electronic Components |
| ROE | 21.9% | Derived from disclosed figures |
| ROA | 6.7% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥119257000000 | ¥240574000000 | +101.7% |
| Operating income | ¥6657000000 | ¥24572000000 | +269.1% |
| Operating margin | 5.6% | 10.2% | +4.6 pp |
| Employees | 13,721 people | 14,332 people | +4.5% |
| Cash and equivalents | ¥12121000000 | ¥26467000000 | +118.4% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 240,574 | 100.0% | S100YIE8 |
| Cost of revenue | 190,144 | 79.0% | S100YIE8 |
| Gross profit | 50,430 | 21.0% | S100YIE8 |
| SG&A | 25,857 | 10.7% | S100YIE8 |
| Operating income | 24,572 | 10.2% | S100YIE8 |
| Ordinary income | 26,488 | 11.0% | S100YIE8 |
| Pretax income | 27,410 | 11.4% | S100YIE8 |
| Income tax | 7,457 | 3.1% | S100YIE8 |
| Net income | 19,953 | 8.3% | S100YIE8 |
| Net income attributable to owners | 19,782 | 8.2% | S100YIE8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 11 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 21.0% → Operating margin 10.2% → Net margin 8.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.3%; Core profit growth: +28.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.76×
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 | 206,806 | 240,574 | 33,768 | +16.3% |
| Gross profit | 39,775 | 50,430 | 10,655 | +26.8% |
| Operating income | 19,083 | 24,572 | 5,489 | +28.8% |
| Net income attributable to owners | 14,924 | 19,782 | 4,858 | +32.6% |
| Operating cash flow | 21,655 | 27,534 | 5,879 | +27.1% |
| Free cash flow | -2,918 | -22,479 | -19,561 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 115,479 | 5,189 | 4.5% | 2,586 | 11,240 | -2,510 | S100LN8T |
| FY ending Mar 2021 | 119,257 | 6,657 | 5.6% | 4,640 | 7,853 | -2,103 | S100OD70 |
| FY ending Mar 2022 | 151,275 | 13,255 | 8.8% | 11,451 | 13,975 | 2,003 | S100R54V |
| FY ending Mar 2023 | 167,276 | 9,575 | 5.7% | 8,847 | 15,714 | -3,391 | S100TQVT |
| FY ending Mar 2024 | 179,458 | 11,660 | 6.5% | 11,310 | 23,357 | 1,679 | S100W363 |
| FY ending Mar 2025 | 206,806 | 19,083 | 9.2% | 14,924 | 21,655 | -2,918 | S100YIE8 |
| FY ending Mar 2026 | 240,574 | 24,572 | 10.2% | 19,782 | 27,534 | -22,479 | S100YIE8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.8M |
| Operating income per employee (consolidated) | ¥1.7M |
| 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 13,637 | 11,889 | 11,912 | 12,706 | 14,332 |
| Average salary (parent company) | ¥6.3M | ¥6.3M | ¥6.2M | ¥6.6M | ¥7.1M |
| Average age (parent company) | 45.9 years | 45.1 years | 45.1 years | 45.9 years | 45.6 years |
| Average tenure (parent company) | 15.7 years | 15.1 years | 15.4 years | 15.6 years | 15.4 years |

Year over year: Employees (consolidated) +12.8% · Revenue (consolidated) +16.3%

## 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 | 27,534 | 11.4% | S100YIE8 |
| Capital expenditure | 50,013 | 20.8% | S100YIE8 |
| Free cash flow | -22,479 | -9.3% | 算出 |
| Investing cash flow | -55,483 | -23.1% | S100YIE8 |
| Financing cash flow | 30,080 | 12.5% | S100YIE8 |
| Dividends paid | 2,732 | 1.1% | S100YIE8 |
| Share buyback | 0 | 0.0% | S100YIE8 |
| Change in cash | 3,554 | 1.5% | S100YIE8 |
| Cash and equivalents | 26,467 | 11.0% | S100YIE8 |

## 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 | 10,450 | 17,334 | 21,363 | 22,913 | 26,467 | S100TQVT, S100W363, S100YIE8 |
| Total assets | 168,328 | 202,394 | 229,960 | 256,366 | 335,291 | S100R54V, S100TQVT, S100W363, S100YIE8 |
| Net assets | 58,686 | 84,475 | 105,458 | 115,605 | 143,807 | S100TQVT, S100W363, S100YIE8 |
| Share capital | 12,888 | 12,888 | 12,888 | 12,888 | 12,888 | S100R54V, S100TQVT, S100W363, S100YIE8 |
| Property, plant and equipment | 82,562 | 95,537 | 112,065 | 129,570 | 174,893 | S100R54V, S100TQVT, S100W363, S100YIE8 |
| Intangible assets excluding goodwill | 954 | 6,999 | 6,418 | 5,696 | 5,029 | S100R54V, S100TQVT, S100W363, S100YIE8 |
| Goodwill | 304 | 6,303 | 5,627 | 4,951 | 4,274 | S100R54V, S100TQVT, S100W363, S100YIE8 |
| Investment securities | 2,554 | 3,038 | 2,986 | 2,145 | 6,799 | S100R54V, S100TQVT, S100W363, S100YIE8 |
| Current assets | 78,367 | 91,905 | 102,839 | 114,112 | 142,528 | S100R54V, S100TQVT, S100W363, S100YIE8 |
| Current liabilities | 73,027 | 73,672 | 81,714 | 100,257 | 128,294 | S100R54V, S100TQVT, S100W363, S100YIE8 |
| Trade payables | 24,319 | 22,794 | 27,032 | 29,598 | 39,036 | S100R54V, S100TQVT, S100W363, S100YIE8 |
| Short-term borrowings | 28,166 | 29,663 | 32,212 | 40,366 | 42,976 | S100R54V, S100TQVT, S100W363, S100YIE8 |
| Long-term borrowings | 32,266 | 38,466 | 37,250 | 34,700 | 57,642 | S100R54V, S100TQVT, S100W363, S100YIE8 |
| Total liabilities | 109,642 | 117,919 | 124,501 | 140,760 | 191,484 | S100R54V, S100TQVT, S100W363, S100YIE8 |
| Non-controlling interests | 197 | 7,154 | 7,274 | 7,367 | 7,538 | S100R54V, S100TQVT, S100W363, S100YIE8 |
| Equity attributable to owners of parent | 45,464 | 59,981 | 69,566 | 81,691 | 98,765 | S100R54V, S100TQVT, S100W363, S100YIE8 |
| Retained earnings | 28,061 | 35,568 | 45,146 | 57,649 | 74,698 | S100R54V, S100TQVT, S100W363, S100YIE8 |
| Treasury stock | -2,186 | -2,176 | -2,710 | -2,666 | -2,641 | S100R54V, S100TQVT, S100W363, S100YIE8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YIE8 |
| Property, plant and equipment | 52% | S100YIE8 |
| Intangibles and goodwill | 3% | S100YIE8 |
| Investment securities | 2% | S100YIE8 |
| Other assets | 35% | S100YIE8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YIE8 |
| Other liabilities | 45% | S100YIE8 |
| Equity | 43% | S100YIE8 |

### 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 | 168,328 | 202,394 | 229,960 | 256,366 | 335,291 |
| Equity | 58,686 | 84,475 | 105,458 | 115,605 | 143,807 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,450 | 17,334 | 21,363 | 22,913 | 26,467 |

## 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) | 72.7% | S100YIE8 |
| Fixed assets ÷ total assets | 52.2% | S100YIE8 |
| Goodwill ÷ parent equity | 4.3% | S100YIE8 |

Goodwill over 4 years: 304 → 4,274 JPY; total investing cash flow: -142,223 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) | 7.9% |
| Cash ÷ revenue | 11.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 112.1% |
| Cash vs. profit gap | 7,752 JPY mn (of net income 39.2%) |
| Shareholder returns / net income | 13.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 13.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 20.8% |
| Investing CF relative to operating CF | 201.5% |

## 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 | 7.6% | 0.90× | 6.8% | 3.70× | 25.2% | S100R54V |
| 2023 | 5.3% | 0.90× | 4.8% | 3.52× | 16.8% | S100TQVT |
| 2024 | 6.3% | 0.83× | 5.2% | 3.34× | 17.5% | S100W363 |
| 2025 | 7.2% | 0.85× | 6.1% | 3.22× | 19.7% | S100YIE8 |
| 2026 | 8.2% | 0.81× | 6.7% | 3.28× | 21.9% | S100YIE8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 名屋 佑一郎 | Major shareholder | 18.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 11.9% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 7.1% | 2026-03-31 |
| CLEARSTREAM BANKING S. A.(常任代理人 香港上海銀行東京支店セキュリティーズ・サービシズ・オペレーションズ) | Major shareholder | 3.8% | 2026-03-31 |
| MSIP CLIENT SECURITIES(常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社) | Major shareholder | 3.2% | 2026-03-31 |
| 名幸興産株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| HSBC-FUND SERVICES HSBC-006 MF EFM(常任代理人 香港上海銀行東京支店セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 2.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505329(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.1% | 2026-03-31 |
| JP JPMSE LUX RE UBS AG LONDON BRANCH EQ CO(常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 2.1% | 2026-03-31 |
| 有限会社ユーホー | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2025/04/01－2026/03/31) | S100YIE8 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIE8,, |
| 有価証券報告書－第50期(2024/04/01－2025/03/31) | S100W363 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W363,, |
| 有価証券報告書－第49期(2023/04/01－2024/03/31) | S100TQVT | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQVT,, |
| 有価証券報告書－第48期(2022/04/01－2023/03/31) | S100R54V | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R54V,, |
| 有価証券報告書－第47期(令和3年4月1日－令和4年3月31日) | S100OD70 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD70,, |
| 有価証券報告書－第46期(令和2年4月1日－令和3年3月31日) | S100LN8T | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN8T,, |

## 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).