# Mitsui High-tec, Inc.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第92期(2025/02/01－2026/01/31) (S100XZDC)
> Page: https://vizora.meequs.com/en/company/mitsui-high-tec
> Retrieved: 2026-09-30T20:59:05.140Z

## Company

Mitsui High-tec, founded in 1957, is a company in Auto Parts listed on TSE Prime. It has 4,858 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mitsui High-tec,Inc. |
| Ticker | 6966 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6966.T) |
| Listing | TSE Prime |
| Head office | 福岡県北九州市八幡西区小嶺二丁目10番1号 |
| Representative (per filing) | 代表取締役社長 三井 康誠 |
| Founded | Apr 1957 |
| Share capital | ¥16.4B |
| Employees (consolidated) | 4,858 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | January |
| Website | www.mitsui-high-tec.com (https://www.mitsui-high-tec.com/) |
| Corporate number | 6290801010667 |
| EDINET | E02293 |
| Industries (Vizora) | Auto Parts, Machine Tools, Semiconductor Materials, Electronic Components |

> Profile source: annual securities report (S100XZDC, filed 2026-04-17). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.8 | 110 |
| Profitability | 65.3 | 111 |
| Cash conversion | 58.8 | 108 |
| Efficiency | 39.2 | 111 |

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 71% of Mitsui High-tec's sales come from Electrical Parts, with Electronic Parts and Tooling,Machinery making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +1.6% from the prior year, operating profit -21.0%.

## Company structure

- Segment revenue mix: Electrical Parts 70.8%、Electronic Parts 27.3%、Tooling,Machinery 1.9%
- Revenue → net income: ¥218329000000 → ¥3173000000
- Net income → operating cash flow: ¥3173000000 → ¥24135000000（difference ¥20962000000）
- Main uses of operating cash flow: CapEx ¥28790000000 / dividends ¥3294000000 / buybacks ¥0
- Change in cash: ¥3137000000
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 | ¥218.3B |  |
| Operating income | ¥12.7B | Margin 5.8% |
| Net income | ¥3.15B | Margin 1.4% |
| Free cash flow | -¥4.66B |  |
| Largest business | Electrical Parts | of segment revenue 70.8% |
| Employees (consolidated) | 4,858 |  |
| EPS | ¥1.64 |  |
| Book value per share | ¥396.7 |  |
| Equity ratio | 47.0% |  |
| Shares outstanding | 197,334,325 |  |
| Treasury shares | 14,307,400 |  |
| Shareholders | 27,624 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 21.9% | Cash ÷ revenue 24.2% |
| Vs. industry median margin | +1 pp | Auto Parts |
| ROE | 3.2% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 7.7× net income
- FY2026, one segment accounts for 69% of positive segment profit

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥97351000000 | ¥218329000000 | +124.3% |
| Operating income | ¥3790000000 | ¥12651000000 | +233.8% |
| Operating margin | 3.9% | 5.8% | +1.9 pp |
| Employees | 3,602 people | 4,858 people | +34.9% |
| Cash and equivalents | ¥17373000000 | ¥52742000000 | +203.6% |

### Change in segment revenue mix

Span: FY ending Jan 2021 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 金型 → 事業再編・廃止 | 3.9% |
| 電子部品 → 電子部品 | 27.3% |
| 電子部品 → 事業再編・廃止 | 13.7% |
| 電機部品 → 電機部品 | 54.4% |
| 工作機械 → 事業再編・廃止 | 0.7% |
| 新設・再編 → 金型・工作機械 | 1.9% |
| 新設・再編 → 電機部品 | 16.4% |

Segment revenue source references: 7 (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 Parts | 5 years | +23.9% | ¥154649000000 | 6.4% | 2 |
| Electronic Parts | 5 years | +8.3% | ¥59567000000 | 6.8% | 2 |
| Tooling,Machinery | 4 years | -3.8% | ¥4112000000 | 6.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 218,329 | 100.0% | S100XZDC |
| Cost of revenue | 186,141 | 85.3% | S100XZDC |
| Gross profit | 32,187 | 14.7% | S100XZDC |
| SG&A | 19,536 | 8.9% | S100XZDC |
| Operating income | 12,651 | 5.8% | S100XZDC |
| Ordinary income | 13,815 | 6.3% | S100XZDC |
| Pretax income | 7,212 | 3.3% | S100XZDC |
| Income tax | 4,038 | 1.8% | S100XZDC |
| Net income | 3,173 | 1.5% | S100XZDC |
| Net income attributable to owners | 3,151 | 1.4% | S100XZDC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 9 |
| Operating income | 6 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 14.7% → Operating margin 5.8% → Net margin 1.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.6%; Core profit growth: -21.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -13.13×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jan 2025 → FY ending Jan 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 214,890 | 218,329 | 3,439 | +1.6% |
| Gross profit | 32,380 | 32,187 | -193 | -0.6% |
| Operating income | 16,017 | 12,651 | -3,366 | -21.0% |
| Net income attributable to owners | 12,219 | 3,151 | -9,068 | -74.2% |
| Operating cash flow | 24,368 | 24,135 | -233 | -1.0% |
| Free cash flow | -1,989 | -4,655 | -2,666 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 86,970 | 19 | 0.0% | -624 | 6,453 | -3,670 | S100L7WP |
| FY ending Jan 2021 | 97,351 | 3,790 | 3.9% | 2,592 | 8,957 | -3,547 | S100NXLH |
| FY ending Jan 2022 | 139,429 | 14,959 | 10.7% | 11,778 | 18,129 | -166 | S100QMW3 |
| FY ending Jan 2023 | 174,615 | 22,586 | 12.9% | 17,581 | 22,082 | 105 | S100TAPP |
| FY ending Jan 2024 | 195,881 | 18,119 | 9.3% | 15,545 | 31,676 | -4,781 | S100VN2Y |
| FY ending Jan 2025 | 214,890 | 16,017 | 7.5% | 12,219 | 24,368 | -1,989 | S100XZDC |
| FY ending Jan 2026 | 218,329 | 12,651 | 5.8% | 3,151 | 24,135 | -4,655 | S100XZDC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.9M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥648.6K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,803 | 4,084 | 4,282 | 4,609 | 4,858 |
| Average salary (parent company) | ¥6.3M | ¥6.2M | ¥6.4M | ¥6.9M | ¥7.1M |
| Average age (parent company) | 40.0 years | 39.9 years | 39.0 years | 39.1 years | 38.9 years |
| Average tenure (parent company) | 15.8 years | 15.2 years | 14.1 years | 13.4 years | 12.9 years |

Year over year: Employees (consolidated) +5.4% · Revenue (consolidated) +1.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Tooling,Machinery | 4,112 | 1.9% | 272 | 6.6% |
| Electronic Parts | 59,567 | 27.3% | 4,046 | 6.8% |
| Electrical Parts | 154,649 | 70.8% | 9,821 | 6.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Tooling,Machinery | 1.9% | 1.9% | 0.0 | 6.6% |
| Electronic Parts | 27.3% | 28.6% | 1.3 | 6.8% |
| Electrical Parts | 70.8% | 69.5% | -1.4 | 6.4% |

Segment → industry: Electrical Parts → Auto Parts / Tooling,Machinery → Machine Tools / Electronic Parts → Semiconductor Materials / Electronic Parts → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 24,135 | 11.1% | S100XZDC |
| Capital expenditure | 28,790 | 13.2% | S100XZDC |
| Free cash flow | -4,655 | -2.1% | 算出 |
| Investing cash flow | -28,773 | -13.2% | S100XZDC |
| Financing cash flow | 7,117 | 3.3% | S100XZDC |
| Dividends paid | 3,294 | 1.5% | S100XZDC |
| Share buyback | 0 | 0.0% | S100XZDC |
| Change in cash | 3,137 | 1.4% | S100XZDC |
| Cash and equivalents | 52,742 | 24.2% | S100XZDC |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 31,140 | 33,883 | 39,192 | 49,604 | 52,742 | S100TAPP, S100VN2Y, S100XZDC |
| Total assets | 134,036 | 159,803 | 195,696 | 223,698 | 240,994 | S100QMW3, S100TAPP, S100VN2Y, S100XZDC |
| Net assets | 61,383 | 80,607 | 96,993 | 110,327 | 113,614 | S100TAPP, S100VN2Y, S100XZDC |
| Share capital | 16,403 | 16,403 | 16,403 | 16,403 | 16,403 | S100QMW3, S100TAPP, S100VN2Y, S100XZDC |
| Trade receivables | 22,717 | — | — | — | — | S100QMW3 |
| Property, plant and equipment | 58,353 | 69,405 | 98,290 | 110,282 | 125,252 | S100QMW3, S100TAPP, S100VN2Y, S100XZDC |
| Intangible assets excluding goodwill | 844 | 1,148 | 1,524 | 1,643 | 2,286 | S100QMW3, S100TAPP, S100VN2Y, S100XZDC |
| Investment securities | 1,160 | 1,130 | 1,451 | 1,548 | 2,006 | S100QMW3, S100TAPP, S100VN2Y, S100XZDC |
| Current assets | 72,418 | 85,139 | 92,089 | 108,220 | 108,787 | S100QMW3, S100TAPP, S100VN2Y, S100XZDC |
| Current liabilities | 30,198 | 37,334 | 46,733 | 44,327 | 54,862 | S100QMW3, S100TAPP, S100VN2Y, S100XZDC |
| Short-term borrowings | — | — | 4,000 | — | — | S100VN2Y |
| Long-term borrowings | 41,623 | 39,402 | 48,726 | 65,925 | 68,340 | S100QMW3, S100TAPP, S100VN2Y, S100XZDC |
| Total liabilities | 72,653 | 79,196 | 98,703 | 113,371 | 127,379 | S100QMW3, S100TAPP, S100VN2Y, S100XZDC |
| Non-controlling interests | 265 | 300 | 359 | 342 | 363 | S100QMW3, S100TAPP, S100VN2Y, S100XZDC |
| Equity attributable to owners of parent | 59,980 | 75,584 | 88,630 | 98,066 | 97,923 | S100QMW3, S100TAPP, S100VN2Y, S100XZDC |
| Retained earnings | 31,962 | 47,575 | 60,631 | 70,068 | 69,925 | S100QMW3, S100TAPP, S100VN2Y, S100XZDC |
| Treasury stock | -3,047 | -3,646 | -3,655 | -3,657 | -3,657 | S100QMW3, S100TAPP, S100VN2Y, S100XZDC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100XZDC |
| Property, plant and equipment | 52% | S100XZDC |
| Intangibles and goodwill | 1% | S100XZDC |
| Investment securities | 1% | S100XZDC |
| Other assets | 24% | S100XZDC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100XZDC |
| Equity | 47% | S100XZDC |
| Other liabilities | 0% | S100XZDC |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 134,036 | 159,803 | 195,696 | 223,698 | 240,994 |
| Equity | 61,383 | 80,607 | 96,993 | 110,327 | 113,614 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 31,140 | 33,883 | 39,192 | 49,604 | 52,742 |

## 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) | 57.4% | S100XZDC |
| Fixed assets ÷ total assets | 52.0% | S100XZDC |
| Goodwill ÷ parent equity | — | —, S100XZDC |

### 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) | 21.9% |
| Cash ÷ revenue | 24.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 190.8% |
| Cash vs. profit gap | 20,984 JPY mn (of net income 665.9%) |
| Shareholder returns / net income | 104.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 104.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.2% |
| Investing CF relative to operating CF | 119.2% |

## 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 | 8.4% | 1.04× | 8.8% | 2.23× | 19.6% | S100QMW3 |
| 2023 | 10.1% | 1.19× | 12.0% | 2.17× | 25.9% | S100TAPP |
| 2024 | 7.9% | 1.10× | 8.7% | 2.16× | 18.9% | S100VN2Y |
| 2025 | 5.7% | 1.02× | 5.8% | 2.25× | 13.1% | S100XZDC |
| 2026 | 1.4% | 0.94× | 1.4% | 2.37× | 3.2% | S100XZDC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱三井クリエイト | Major shareholder | 32.7% | 2026-01-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 6.6% | 2026-01-31 |
| ㈱福岡銀行 | Major shareholder | 4.2% | 2026-01-31 |
| 公益財団法人三井金型振興財団 | Major shareholder | 4.0% | 2026-01-31 |
| 三井 康誠 | Major shareholder | 3.2% | 2026-01-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 3.2% | 2026-01-31 |
| 三井 宏蔵 | Major shareholder | 2.6% | 2026-01-31 |
| トヨタ自動車㈱ | Major shareholder | 2.5% | 2026-01-31 |
| 日本生命保険相互会社 | Major shareholder | 1.7% | 2026-01-31 |
| State Street Bank and Trust Company 505223 （常任代理人 ㈱みずほ銀行） | Major shareholder | 1.3% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第92期(2025/02/01－2026/01/31) | S100XZDC | 2026-04-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XZDC,, |
| 有価証券報告書－第91期(2024/02/01－2025/01/31) | S100VN2Y | 2025-04-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VN2Y,, |
| 有価証券報告書－第90期(2023/02/01－2024/01/31) | S100TAPP | 2024-04-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TAPP,, |
| 有価証券報告書－第89期(2022/02/01－2023/01/31) | S100QMW3 | 2023-04-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QMW3,, |
| 有価証券報告書－第88期(令和3年2月1日－令和4年1月31日) | S100NXLH | 2022-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NXLH,, |
| 有価証券報告書－第87期(令和2年2月1日－令和3年1月31日) | S100L7WP | 2021-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L7WP,, |

## 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).