# MORIO DENKI 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94期(2025/04/01－2026/03/31) (S100YJH1)
> Page: https://vizora.meequs.com/en/company/morio
> Retrieved: 2026-09-30T18:07:25.572Z

## Company

Morio Denki, founded in 1936, is a company in Electrical Equipment listed on TSE Standard. It has 218 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MORIO DENKI CO., LTD. |
| Ticker | 6647 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6647.T) |
| Listing | TSE Standard |
| Head office | 東京都葛飾区立石四丁目34番1号 |
| Representative (per filing) | 代表取締役社長 菊地裕之 |
| Founded | Dec 1936 |
| Share capital | ¥1.05B |
| Employees (consolidated) | 218 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | morio.co.jp (https://morio.co.jp/) |
| Corporate number | 5011801004902 |
| EDINET | E01912 |
| Industries (Vizora) | Electrical Equipment, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YJH1, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Electrical Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.3 | 24 |
| Profitability | 64.6 | 24 |
| Cash conversion | 10.9 | 23 |
| Efficiency | 74 | 25 |

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 98% of Morio Denki's sales come from Electrical Equipment Manufacturing and Sales Businesses, with Real estate related making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed -6.2% from the prior year, operating profit +16.4%.

## Company structure

- Segment revenue mix: Electrical Equipment Manufacturing and Sales Businesses 98.2%、Real estate related 1.8%
- Revenue → net income: ¥8638977000 → ¥648521000
- Net income → operating cash flow: ¥648521000 → ¥45508000（difference ¥-603013000）
- Main uses of operating cash flow: CapEx ¥226649000 / dividends ¥80169000 / buybacks ¥41620000
- Change in cash: ¥-32747000
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 | ¥8.64B |  |
| Operating income | ¥856.3M | Margin 9.9% |
| Net income | ¥648.5M | Margin 7.5% |
| Free cash flow | -¥181.1M |  |
| Largest business | Electrical Equipment Manufacturing and Sales Businesses | of segment revenue 98.2% |
| Employees (consolidated) | 218 |  |
| EPS | ¥333.26 |  |
| Book value per share | ¥4425.07 |  |
| Equity ratio | 63.5% |  |
| Shares outstanding | 1,425,000 |  |
| Treasury shares | 101,600 |  |
| Shareholders | 840 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 6.9% | Cash ÷ revenue 7.7% |
| Vs. industry median margin | +1.5 pp | Electrical Equipment |
| ROE | 13.6% | Derived from disclosed figures |
| ROA | 7.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 92% of positive segment profit
- FY2026, employees -5% while operating income rose 16%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9591100000 | ¥8638977000 | -9.9% |
| Operating income | ¥329097000 | ¥856261000 | +160.2% |
| Operating margin | 3.4% | 9.9% | +6.5 pp |
| Employees | 237 people | 218 people | -8.0% |
| Cash and equivalents | ¥905206000 | ¥660986000 | -27.0% |

### 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 |
| --- | ---: |
| 電気機器製造販売事業 → 電気機器製造販売事業 | 98.2% |
| 電気機器製造販売事業 → 事業再編・廃止 | 0.2% |
| 不動産関連事業 → 不動産関連事業 | 1.5% |
| 新設・再編 → 不動産関連事業 | 0.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,639 | 100.0% | S100YJH1 |
| Cost of revenue | 6,630 | 76.7% | S100YJH1 |
| Gross profit | 2,009 | 23.3% | S100YJH1 |
| SG&A | 1,153 | 13.3% | S100YJH1 |
| Operating income | 856 | 9.9% | S100YJH1 |
| Ordinary income | 872 | 10.1% | S100YJH1 |
| Pretax income | 871 | 10.1% | S100YJH1 |
| Income tax | 223 | 2.6% | S100YJH1 |
| Net income | 649 | 7.5% | S100YJH1 |
| Net income attributable to owners | 649 | 7.5% | S100YJH1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 13 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 23.3% → Operating margin 9.9% → Net margin 7.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -6.2%; Core profit growth: +16.4%
Operating leverage (core profit growth ÷ revenue growth): -2.63×
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 | 9,213 | 8,639 | -574 | -6.2% |
| Gross profit | 1,865 | 2,009 | 144 | +7.7% |
| Operating income | 736 | 856 | 121 | +16.4% |
| Net income attributable to owners | 569 | 649 | 80 | +14.0% |
| Operating cash flow | -92 | 46 | 137 | — |
| Free cash flow | -201 | -181 | 20 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,867 | 528 | 5.3% | 281 | -353 | -585 | S100LRJB |
| FY ending Mar 2021 | 9,591 | 329 | 3.4% | 205 | 1,178 | 1,001 | S100OIMW |
| FY ending Mar 2022 | 8,506 | 452 | 5.3% | 270 | 731 | 590 | S100R650 |
| FY ending Mar 2023 | 7,900 | 275 | 3.5% | 149 | 244 | 146 | S100TSC4 |
| FY ending Mar 2024 | 7,448 | 342 | 4.6% | 212 | 604 | 383 | S100W5YG |
| FY ending Mar 2025 | 9,213 | 736 | 8.0% | 569 | -92 | -201 | S100YJH1 |
| FY ending Mar 2026 | 8,639 | 856 | 9.9% | 649 | 46 | -181 | S100YJH1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.6M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥3M |

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) | 236 | 238 | 232 | 229 | 218 |
| Average salary (parent company) | ¥4.8M | ¥4.7M | ¥4.8M | ¥5.1M | ¥5.6M |
| Average age (parent company) | 39.0 years | 39.6 years | 40.4 years | 40.7 years | 41.6 years |
| Average tenure (parent company) | 16.3 years | 17.0 years | 17.9 years | 18.1 years | 18.9 years |

Year over year: Employees (consolidated) -4.8% · Revenue (consolidated) -6.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electrical Equipment Manufacturing and Sales Businesses | 8,486 | 98.2% | 902 | 10.6% |
| Real estate related | 153 | 1.8% | 81 | 52.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electrical Equipment Manufacturing and Sales Businesses | 98.2% | 91.8% | -6.4 | 10.6% |
| Real estate related | 1.8% | 8.2% | 6.4 | 52.7% |

Segment → industry: Electrical Equipment Manufacturing and Sales Businesses → Electrical Equipment / Real estate related → Real Estate Development & Leasing

## 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 | 46 | 0.5% | S100YJH1 |
| Capital expenditure | 227 | 2.6% | S100YJH1 |
| Free cash flow | -181 | -2.1% | 算出 |
| Investing cash flow | -229 | -2.7% | S100YJH1 |
| Financing cash flow | 146 | 1.7% | S100YJH1 |
| Dividends paid | 80 | 0.9% | S100YJH1 |
| Share buyback | 42 | 0.5% | S100YJH1 |
| Change in cash | -33 | -0.4% | S100YJH1 |
| Cash and equivalents | 661 | 7.7% | S100YJH1 |

## 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 | 590 | 666 | 739 | 694 | 661 | S100TSC4, S100W5YG, S100YJH1 |
| Total assets | 7,945 | 7,774 | 8,220 | 8,905 | 9,548 | S100R650, S100TSC4, S100W5YG, S100YJH1 |
| Net assets | 4,210 | 4,352 | 4,733 | 5,159 | 6,060 | S100TSC4, S100W5YG, S100YJH1 |
| Share capital | 1,049 | 1,049 | 1,049 | 1,049 | 1,049 | S100R650, S100TSC4, S100W5YG, S100YJH1 |
| Property, plant and equipment | 1,562 | 1,517 | 1,631 | 1,600 | 1,550 | S100R650, S100TSC4, S100W5YG, S100YJH1 |
| Intangible assets excluding goodwill | 194 | 144 | 129 | 102 | 94 | S100R650, S100TSC4, S100W5YG, S100YJH1 |
| Investment securities | 964 | 1,029 | 1,299 | 1,280 | 1,790 | S100R650, S100TSC4, S100W5YG, S100YJH1 |
| Current assets | 5,164 | 5,038 | 5,107 | 5,735 | 5,949 | S100R650, S100TSC4, S100W5YG, S100YJH1 |
| Current liabilities | 2,859 | 2,692 | 2,773 | 3,143 | 2,805 | S100R650, S100TSC4, S100W5YG, S100YJH1 |
| Trade payables | 887 | 645 | 703 | 566 | 558 | S100R650, S100TSC4, S100W5YG, S100YJH1 |
| Short-term borrowings | 300 | 550 | 527 | 934 | 1,312 | S100R650, S100TSC4, S100W5YG, S100YJH1 |
| Long-term borrowings | 576 | 434 | 360 | 320 | 280 | S100R650, S100TSC4, S100W5YG, S100YJH1 |
| Total liabilities | 3,735 | 3,422 | 3,487 | 3,746 | 3,489 | S100R650, S100TSC4, S100W5YG, S100YJH1 |
| Equity attributable to owners of parent | 3,797 | 3,877 | 4,048 | 4,496 | 5,023 | S100R650, S100TSC4, S100W5YG, S100YJH1 |
| Retained earnings | 1,922 | 2,002 | 2,173 | 2,673 | 3,240 | S100R650, S100TSC4, S100W5YG, S100YJH1 |
| Treasury stock | -71 | -71 | -71 | -122 | -164 | S100R650, S100TSC4, S100W5YG, S100YJH1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YJH1 |
| Property, plant and equipment | 16% | S100YJH1 |
| Intangibles and goodwill | 1% | S100YJH1 |
| Investment securities | 19% | S100YJH1 |
| Other assets | 57% | S100YJH1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YJH1 |
| Other liabilities | 31% | S100YJH1 |
| Equity | 63% | S100YJH1 |
| Other liabilities | 0% | S100YJH1 |

### 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 | 7,945 | 7,774 | 8,220 | 8,905 | 9,548 |
| Equity | 4,210 | 4,352 | 4,733 | 5,159 | 6,060 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 590 | 666 | 739 | 694 | 661 |

## 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) | 17.9% | S100YJH1 |
| Fixed assets ÷ total assets | 16.2% | S100YJH1 |
| Goodwill ÷ parent equity | — | —, S100YJH1 |

### 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) | 6.9% |
| Cash ÷ revenue | 7.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 5.3% |
| Cash vs. profit gap | -603 JPY mn (of net income -93.0%) |
| Shareholder returns / net income | 18.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 504.0% |

## 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 | 3.2% | 1.07× | 3.4% | 2.09× | 7.1% | S100R650 |
| 2023 | 1.9% | 1.01× | 1.9% | 2.05× | 3.9% | S100TSC4 |
| 2024 | 2.8% | 0.93× | 2.6% | 2.02× | 5.3% | S100W5YG |
| 2025 | 6.2% | 1.08× | 6.6% | 2.00× | 13.3% | S100YJH1 |
| 2026 | 7.5% | 0.94× | 7.0% | 1.94× | 13.6% | S100YJH1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社トーヨーコーポレーション | Major shareholder | 10.1% | 2026-03-31 |
| 有限会社森尾商会 | Major shareholder | 9.1% | 2026-03-31 |
| 川崎車両株式会社 | Major shareholder | 6.8% | 2026-03-31 |
| 森尾電機さつき会 | Major shareholder | 6.5% | 2026-03-31 |
| 日本車輌製造株式会社 | Major shareholder | 5.7% | 2026-03-31 |
| 株式会社きらぼし銀行 | Major shareholder | 5.0% | 2026-03-31 |
| セントラル警備保障株式会社 | Major shareholder | 4.9% | 2026-03-31 |
| 森尾電機自社株投資会 | Major shareholder | 4.4% | 2026-03-31 |
| 中西電機工業株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社金子工務店 | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第94期(2025/04/01－2026/03/31) | S100YJH1 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJH1,, |
| 有価証券報告書－第93期(2024/04/01－2025/03/31) | S100W5YG | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5YG,, |
| 有価証券報告書－第92期(2023/04/01－2024/03/31) | S100TSC4 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSC4,, |
| 有価証券報告書－第91期(2022/04/01－2023/03/31) | S100R650 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R650,, |
| 有価証券報告書－第90期(令和3年4月1日－令和4年3月31日) | S100OIMW | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIMW,, |
| 有価証券報告書－第89期(令和2年4月1日－令和3年3月31日) | S100LRJB | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRJB,, |

## 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).