# Mitsubishi Electric Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第155期(2025/04/01－2026/03/31) (S100YD3V)
> Page: https://vizora.meequs.com/en/company/mitsubishi-electric
> Retrieved: 2026-09-30T22:25:30.353Z

## Company

Mitsubishi Electric, founded in 1921, is a company in Electrical Equipment listed on TSE Prime. It has 150,386 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mitsubishi Electric Corporation |
| Ticker | 6503 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6503.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内二丁目7番3号 |
| Representative (per filing) | 執行役社長 漆間 啓 |
| Founded | Jan 1921 |
| Share capital | ¥175.8B |
| Employees (consolidated) | 150,386 |
| Average salary (parent only) | ¥9.1M |
| Fiscal year end | March |
| Website | www.mitsubishielectric.co.jp (https://www.mitsubishielectric.co.jp/) |
| Corporate number | 4010001008772 |
| EDINET | E01739 |
| Industries (Vizora) | Electrical Equipment, Robots & Factory Automation, Auto Parts, Air Conditioning, Home Appliances, IT Services & System Integration, Semiconductors, Electronic Components |

> Profile source: annual securities report (S100YD3V, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Air Conditioning (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.9 | 11 |
| Profitability | 13.6 | 11 |
| Cash conversion | 86.4 | 11 |
| Efficiency | 68.2 | 11 |

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 40% of Mitsubishi Electric's sales come from Life, with Industry and Mobility and Infrastructure making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +6.8% from the prior year, operating profit +10.5%.

## Company structure

- Segment revenue mix: Life 39.9%、Industry and Mobility 28.8%、Infrastructure 25.3%、Semiconductor and Device 4.5%、Digital Innovation 1.5%
- Revenue → net income: ¥5894747000000 → ¥433770000000
- Net income → operating cash flow: ¥433770000000 → ¥575993000000（difference ¥142223000000）
- Main uses of operating cash flow: CapEx ¥242437000000 / dividends ¥113621000000 / buybacks ¥101426000000
- Change in cash: ¥-25722000000
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 | ¥5.89T |  |
| Operating income | ¥433.1B | Margin 7.3% |
| Net income | ¥407.8B | Margin 6.9% |
| Free cash flow | ¥333.6B |  |
| Largest business | Life | of segment revenue 39.9% |
| Employees (consolidated) | 150,386 |  |
| EPS | ¥198.31 |  |
| Diluted EPS | ¥198.31 |  |
| Book value per share | ¥942.75 |  |
| Equity ratio | 60.9% | Derived from disclosed figures |
| Shares outstanding | 2,113,201,000 |  |
| Treasury shares | 65,467,400 |  |
| Shareholders | 145,852 |  |
| Average salary (parent only) | ¥9.1M | Filing company only |
| Cash ratio | 9.9% | Cash ÷ revenue 12.4% |
| Vs. industry median margin | -3.3 pp | Air Conditioning |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 5.9% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4191433000000 | ¥5894747000000 | +40.6% |
| Operating income | ¥230195000000 | ¥433095000000 | +88.1% |
| Operating margin | 5.5% | 7.3% | +1.9 pp |
| Employees | 145,653 people | 150,386 people | +3.2% |
| Cash and equivalents | ¥767406000000 | ¥731609000000 | -4.7% |

### 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 |
| --- | ---: |
| 重電システム → 事業再編・廃止 | 31.3% |
| 産業メカトロニクス → 事業再編・廃止 | 30.7% |
| 情報通信システム → 事業再編・廃止 | 8.5% |
| 電子デバイス → 事業再編・廃止 | 4.0% |
| 家庭電器 → 事業再編・廃止 | 25.4% |
| 新設・再編 → インフラ | 25.3% |
| 新設・再編 → インダストリー・モビリティ | 28.8% |
| 新設・再編 → ライフ | 39.9% |
| 新設・再編 → デジタルイノベーション | 1.5% |
| 新設・再編 → セミコンダクター・デバイス | 4.5% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Life | 4 years | +8.4% | ¥2286554000000 | 7.5% | 2 |
| Industry and Mobility | 4 years | +3.1% | ¥1654855000000 | 7.9% | 2 |
| Infrastructure | 4 years | +11.6% | ¥1451423000000 | 10.7% | 2 |
| Semiconductor and Device | 3 years | +3.4% | ¥258927000000 | 18.4% | 2 |
| Digital Innovation | — | — | ¥85258000000 | 14.0% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,894,747 | 100.0% | S100YD3V |
| Cost of revenue | 4,005,249 | 67.9% | S100YD3V |
| Gross profit | 1,889,498 | 32.1% | 算出 |
| SG&A | 1,388,289 | 23.6% | S100YD3V |
| Operating income | 433,095 | 7.3% | S100YD3V |
| Pretax income | 526,077 | 8.9% | S100YD3V |
| Income tax | 92,307 | 1.6% | S100YD3V |
| Net income | 433,770 | 7.4% | S100YD3V |
| Net income attributable to owners | 407,758 | 6.9% | S100YD3V |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 24 |
| Other operating | 1 |
| Operating income | 7 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 32.1% → Operating margin 7.3% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.8%; Core profit growth: +10.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.56×
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 | 5,521,711 | 5,894,747 | 373,036 | +6.8% |
| Gross profit | 1,692,215 | 1,889,498 | 197,283 | +11.7% |
| Operating income | 391,850 | 433,095 | 41,245 | +10.5% |
| Net income attributable to owners | 324,084 | 407,758 | 83,674 | +25.8% |
| Operating cash flow | 455,905 | 575,993 | 120,088 | +26.3% |
| Free cash flow | 229,834 | 333,556 | 103,722 | +45.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 4,238,666 | — | — | 210,493 | 365,950 | — | S100LPLG |
| FY ending Mar 2018 | 4,444,424 | — | — | 255,755 | 265,768 | — | S100OEWH |
| FY ending Mar 2019 | 4,519,921 | — | — | 226,648 | 239,817 | — | S100R4YQ |
| FY ending Mar 2020 | 4,462,509 | 259,661 | 5.8% | 221,834 | 395,834 | 178,637 | S100LPLG |
| FY ending Mar 2021 | 4,191,433 | 230,195 | 5.5% | 193,132 | 542,119 | 353,760 | S100OEWH |
| FY ending Mar 2022 | 4,476,758 | 252,051 | 5.6% | 203,482 | 282,371 | 126,309 | S100R4YQ |
| FY ending Mar 2023 | 5,003,694 | 262,352 | 5.2% | 213,908 | 166,711 | -8,845 | S100TOGW |
| FY ending Mar 2024 | 5,257,914 | 328,525 | 6.2% | 284,949 | 415,479 | 206,475 | S100W0EM |
| FY ending Mar 2025 | 5,521,711 | 391,850 | 7.1% | 324,084 | 455,905 | 229,834 | S100YD3V |
| FY ending Mar 2026 | 5,894,747 | 433,095 | 7.3% | 407,758 | 575,993 | 333,556 | S100YD3V |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.2M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 145,696 | 149,655 | 149,134 | 149,914 | 150,386 |
| Average salary (parent company) | ¥8.1M | ¥8.3M | ¥8.3M | ¥8.7M | ¥9.1M |
| Average age (parent company) | 41.1 years | 41.3 years | 41.4 years | 41.3 years | 40.5 years |
| Average tenure (parent company) | 16.9 years | 16.9 years | 16.7 years | 16.3 years | 15.3 years |

Year over year: Employees (consolidated) +0.3% · Revenue (consolidated) +6.8%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Infrastructure | 1,451,423 | 25.3% | 154,731 | 10.7% |
| Industry and Mobility | 1,654,855 | 28.8% | 131,071 | 7.9% |
| Life | 2,286,554 | 39.9% | 170,572 | 7.5% |
| Digital Innovation | 85,258 | 1.5% | 11,957 | 14.0% |
| Semiconductor and Device | 258,927 | 4.5% | 47,540 | 18.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Infrastructure | 25.3% | 30.0% | 4.7 | 10.7% |
| Industry and Mobility | 28.8% | 25.4% | -3.4 | 7.9% |
| Life | 39.9% | 33.1% | -6.8 | 7.5% |
| Digital Innovation | 1.5% | 2.3% | 0.8 | 14.0% |
| Semiconductor and Device | 4.5% | 9.2% | 4.7 | 18.4% |

Segment → industry: Infrastructure → Electrical Equipment / Industry and Mobility → Robots & Factory Automation / Industry and Mobility → Auto Parts / Life → Air Conditioning / Life → Home Appliances / Digital Innovation → IT Services & System Integration / Semiconductor and Device → Semiconductors / Semiconductor and Device → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 575,993 | 9.8% | S100YD3V |
| Capital expenditure | 242,437 | 4.1% | S100YD3V |
| Free cash flow | 333,556 | 5.7% | 算出 |
| Investing cash flow | -344,407 | -5.8% | S100YD3V |
| Financing cash flow | -304,817 | -5.2% | S100YD3V |
| Dividends paid | 113,621 | 1.9% | S100YD3V |
| Share buyback | 101,426 | 1.7% | S100YD3V |
| Change in cash | -25,722 | -0.4% | S100YD3V |
| Cash and equivalents | 731,609 | 12.4% | S100YD3V |

## 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 | 727,179 | 645,870 | 765,384 | 757,331 | 731,609 | S100TOGW, S100W0EM, S100YD3V |
| Total assets | 5,107,973 | 5,582,519 | 6,167,340 | 6,375,680 | 7,357,512 | S100R4YQ, S100TOGW, S100W0EM, S100YD3V |
| Net assets | 3,097,397 | 3,363,224 | 3,866,418 | 4,076,366 | 4,629,993 | S100TOGW, S100W0EM, S100YD3V |
| Share capital | 175,820 | 175,820 | 175,820 | 175,820 | 175,820 | S100R4YQ, S100TOGW, S100W0EM, S100YD3V |
| Property, plant and equipment | 855,746 | 896,313 | 962,608 | 958,458 | 1,078,137 | S100R4YQ, S100TOGW, S100W0EM, S100YD3V |
| Goodwill | 69,123 | 90,703 | 99,426 | 104,647 | 300,826 | S100R4YQ, S100TOGW, S100W0EM, S100YD3V |
| Current assets | 3,090,296 | 3,388,187 | 3,625,236 | 3,747,535 | 4,027,161 | S100R4YQ, S100TOGW, S100W0EM, S100YD3V |
| Total liabilities | 2,010,576 | 2,219,295 | 2,300,922 | 2,299,314 | 2,727,519 | S100R4YQ, S100TOGW, S100W0EM, S100YD3V |
| Equity attributable to owners of parent | 2,975,941 | 3,239,027 | 3,739,324 | 3,949,678 | 4,484,266 | S100R4YQ, S100TOGW, S100W0EM, S100YD3V |
| Retained earnings | 2,464,966 | 2,636,136 | 3,102,755 | 3,304,481 | 3,808,789 | S100R4YQ, S100TOGW, S100W0EM, S100YD3V |
| Treasury stock | -52,068 | -52,715 | -98,040 | -71,823 | -171,089 | S100R4YQ, S100TOGW, S100W0EM, S100YD3V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YD3V |
| Property, plant and equipment | 15% | S100YD3V |
| Intangibles and goodwill | 4% | — |
| Other assets | 71% | S100YD3V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100YD3V |
| Equity | 63% | S100YD3V |

### 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 | 5,107,973 | 5,582,519 | 6,167,340 | 6,375,680 | 7,357,512 |
| Equity | 3,097,397 | 3,363,224 | 3,866,418 | 4,076,366 | 4,629,993 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 727,179 | 645,870 | 765,384 | 757,331 | 731,609 |

## 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) | 18.3% | S100YD3V |
| Fixed assets ÷ total assets | 14.7% | S100YD3V |
| Goodwill ÷ parent equity | 6.7% | S100YD3V |

Goodwill over 4 years: 69,123 → 300,826 JPY; total investing cash flow: -893,676 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) | 9.9% |
| Cash ÷ revenue | 12.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 133.0% |
| Cash vs. profit gap | 168,235 JPY mn (of net income 41.3%) |
| Shareholder returns / net income | 52.7% |
| Shareholder returns / FCF | 64.5% |
| Shareholder payments — dividends / net income | 27.9% |
| Shareholder payments — dividends / FCF | 34.1% |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 59.8% |

## 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 | 4.5% | 0.88× | 4.0% | 1.72× | 6.8% | S100R4YQ |
| 2023 | 4.3% | 0.94× | 4.0% | 1.72× | 6.9% | S100TOGW |
| 2024 | 5.4% | 0.89× | 4.9% | 1.68× | 8.2% | S100W0EM |
| 2025 | 5.9% | 0.88× | 5.2% | 1.63× | 8.4% | S100YD3V |
| 2026 | 6.9% | 0.86× | 5.9% | 1.63× | 9.7% | S100YD3V |

## 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 | 16.2% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 5.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 4.5% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 4.0% | 2026-03-31 |
| THE CHASE MANHATTAN BANK，N．A．LONDONSECS LENDING OMNIBUS ACCOUNT (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.4% | 2026-03-31 |
| 三菱電機グループ社員持株会 | Major shareholder | 1.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.9% | 2026-03-31 |
| GOVERNMENT OF NORWAY (シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.6% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.5% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.5% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥5.89T, up +6.8% from ¥5.52T a year earlier.
- Profit grew faster than sales: operating income rose +10.5% to ¥433.1B and net income rose +25.8% to ¥407.8B.
- Cash generation improved as well, with operating cash flow up +26.3% to ¥576B and free cash flow up +45.1% to ¥333.6B.

### Drivers

- A weaker yen and price increases lifted sales.
- In Infrastructure, large defense orders, power transmission and distribution at home and abroad, and domestic rail work drove a big jump in operating income.
- Factory automation grew on smartphone and AI-related equipment spending, while automotive equipment sales fell, partly because Japanese carmakers sold fewer vehicles in China.

### Risks

- US tariffs, export controls and tension in the Middle East could hurt demand for its products.
- Supply chain disruption, such as broken logistics routes or swings in raw material prices, could weigh on results.
- Sharp moves in exchange rates away from the company's assumptions could affect earnings.

Cited: Annual Securities Report (155th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (155th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第155期(2025/04/01－2026/03/31) | S100YD3V | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD3V,, |
| 有価証券報告書－第154期(2024/04/01－2025/03/31) | S100W0EM | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0EM,, |
| 有価証券報告書－第153期(2023/04/01－2024/03/31) | S100TOGW | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOGW,, |
| 有価証券報告書－第152期(2022/04/01－2023/03/31) | S100R4YQ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4YQ,, |
| 有価証券報告書－第151期(令和3年4月1日－令和4年3月31日) | S100OEWH | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEWH,, |
| 有価証券報告書－第150期(令和2年4月1日－令和3年3月31日) | S100LPLG | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPLG,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 加賀電子 | Supply/OEM | 三菱電機の半導体を加賀デバイスが販売（代理店契約） | S100YNQJ |
| ローム | Alliance | パワーデバイス事業の事業・経営統合に向けた協議開始の基本合意 | S100YF41 |

## 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).