# NAGOYA ELECTRIC WORKS 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69期(2025/04/01－2026/03/31) (S100YEDT)
> Page: https://vizora.meequs.com/en/company/nagoya-electric-works
> Retrieved: 2026-09-30T23:17:45.502Z

## Company

Nagoya Electric Works, founded in 1958, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Standard. It has 409 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NAGOYA ELECTRIC WORKS CO.,LTD. |
| Ticker | 6797 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6797.T) |
| Listing | TSE Standard |
| Head office | 愛知県あま市篠田面徳29-1 |
| Representative (per filing) | 代表取締役社長 服部 高明 |
| Founded | May 1958 |
| Share capital | ¥1.18B |
| Employees (consolidated) | 409 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | nagoya-denki.co.jp (https://nagoya-denki.co.jp/) |
| Corporate number | 7180001020428 |
| EDINET | E02055 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100YEDT, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.3 | 35 |
| Profitability | 61.3 | 40 |
| Cash conversion | 98.7 | 38 |
| Efficiency | 8.8 | 40 |

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)

- Nagoya Electric Works brought in ¥17.3B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +0.3% from the prior year, operating profit -36.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥17307382000 → ¥1518232000
- Net income → operating cash flow: ¥1518232000 → ¥3872038000（difference ¥2353806000）
- Main uses of operating cash flow: CapEx ¥359796000 / dividends ¥498958000 / buybacks —
- Change in cash: ¥3096637000
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 | ¥17.3B |  |
| Operating income | ¥1.75B | Margin 10.1% |
| Net income | ¥1.52B | Margin 8.8% |
| Free cash flow | ¥3.51B |  |
| Employees (consolidated) | 409 |  |
| EPS | ¥128.82 |  |
| Book value per share | ¥1969.09 |  |
| Equity ratio | 82.1% |  |
| Shares outstanding | 12,844,000 |  |
| Treasury shares | 668,100 |  |
| Shareholders | 3,475 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 25.8% | Cash ÷ revenue 43.6% |
| Vs. industry median margin | +1.4 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 6.8% | Derived from disclosed figures |
| ROA | 5.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21586662000 | ¥17307382000 | -19.8% |
| Operating income | ¥4466412000 | ¥1749358000 | -60.8% |
| Operating margin | 20.7% | 10.1% | -10.6 pp |
| Employees | 462 people | 409 people | -11.5% |
| Cash and equivalents | ¥6240366000 | ¥7539499000 | +20.8% |

### 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 |
| --- | ---: |
| 情報装置事業 → 事業再編・廃止 | 94.7% |
| 検査装置事業 → 事業再編・廃止 | 5.3% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,307 | 100.0% | S100YEDT |
| Cost of revenue | 12,316 | 71.2% | S100YEDT |
| Gross profit | 4,991 | 28.8% | S100YEDT |
| SG&A | 3,242 | 18.7% | S100YEDT |
| Operating income | 1,749 | 10.1% | S100YEDT |
| Ordinary income | 1,794 | 10.4% | S100YEDT |
| Pretax income | 2,108 | 12.2% | S100YEDT |
| Income tax | 590 | 3.4% | S100YEDT |
| Net income | 1,518 | 8.8% | S100YEDT |
| Net income attributable to owners | 1,518 | 8.8% | S100YEDT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 19 |
| Operating income | 10 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 28.8% → Operating margin 10.1% → Net margin 8.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.3%; Core profit growth: -36.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -139.51×
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 | 17,262 | 17,307 | 45 | +0.3% |
| Gross profit | 5,908 | 4,991 | -917 | -15.5% |
| Operating income | 2,752 | 1,749 | -1,003 | -36.4% |
| Net income attributable to owners | 2,207 | 1,518 | -688 | -31.2% |
| Operating cash flow | 433 | 3,872 | 3,439 | +793.4% |
| Free cash flow | -24 | 3,512 | 3,536 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 19,026 | 1,690 | 8.9% | 1,437 | 40 | -194 | S100LNMD |
| FY ending Mar 2021 | 21,587 | 4,466 | 20.7% | 3,212 | 2,226 | 1,975 | S100OCAT |
| FY ending Mar 2022 | 17,380 | 2,620 | 15.1% | 1,990 | 1,456 | 1,212 | S100T083 |
| FY ending Mar 2023 | 18,009 | 2,497 | 13.9% | 1,597 | 617 | -3,159 | S100TQZH |
| FY ending Mar 2024 | 17,582 | 2,345 | 13.3% | 1,680 | 1,410 | 1,198 | S100W0Z2 |
| FY ending Mar 2025 | 17,262 | 2,752 | 15.9% | 2,207 | 433 | -24 | S100YEDT |
| FY ending Mar 2026 | 17,307 | 1,749 | 10.1% | 1,518 | 3,872 | 3,512 | S100YEDT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.3M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥3.7M |

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) | 464 | 431 | 430 | 425 | 409 |
| Average salary (parent company) | ¥6.5M | ¥6.6M | ¥6.2M | ¥6.4M | ¥6.6M |
| Average age (parent company) | 42.5 years | 45.2 years | 45.3 years | 42.3 years | 42.1 years |
| Average tenure (parent company) | 16.5 years | 15.1 years | 14.8 years | 16.9 years | 16.7 years |

Year over year: Employees (consolidated) -3.8% · Revenue (consolidated) +0.3%

## 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 | 3,872 | 22.4% | S100YEDT |
| Capital expenditure | 360 | 2.1% | S100YEDT |
| Free cash flow | 3,512 | 20.3% | 算出 |
| Investing cash flow | -270 | -1.6% | S100YEDT |
| Financing cash flow | -500 | -2.9% | S100YEDT |
| Dividends paid | 499 | 2.9% | S100YEDT |
| Change in cash | 3,097 | 17.9% | S100YEDT |
| Cash and equivalents | 7,539 | 43.6% | S100YEDT |

## 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 | 7,363 | 4,207 | 4,993 | 4,443 | 7,539 | S100TQZH, S100W0Z2, S100YEDT |
| Total assets | 24,797 | 25,693 | 27,241 | 27,537 | 29,237 | S100T083, S100TQZH, S100W0Z2, S100YEDT |
| Net assets | 17,794 | 18,990 | 20,762 | 22,400 | 23,991 | S100TQZH, S100W0Z2, S100YEDT |
| Share capital | 1,185 | 1,185 | 1,185 | 1,185 | 1,185 | S100T083, S100TQZH, S100W0Z2, S100YEDT |
| Property, plant and equipment | 2,437 | 5,844 | 5,681 | 5,740 | 5,619 | S100T083, S100TQZH, S100W0Z2, S100YEDT |
| Intangible assets excluding goodwill | 149 | 108 | 96 | 111 | 158 | S100T083, S100TQZH, S100W0Z2, S100YEDT |
| Goodwill | 45 | 19 | — | — | — | S100T083, S100TQZH |
| Investment securities | 834 | 910 | 1,208 | 1,133 | 1,775 | S100T083, S100TQZH, S100W0Z2, S100YEDT |
| Current assets | 20,482 | 18,034 | 18,974 | 19,147 | 19,801 | S100T083, S100TQZH, S100W0Z2, S100YEDT |
| Current liabilities | 6,957 | 6,464 | 6,033 | 4,881 | 4,664 | S100T083, S100TQZH, S100W0Z2, S100YEDT |
| Trade payables | 718 | 464 | 670 | 487 | 787 | S100T083, S100TQZH, S100W0Z2, S100YEDT |
| Total liabilities | 7,003 | 6,703 | 6,480 | 5,138 | 5,246 | S100T083, S100TQZH, S100W0Z2, S100YEDT |
| Equity attributable to owners of parent | 17,367 | 18,634 | 19,924 | 21,738 | 22,783 | S100T083, S100TQZH, S100W0Z2, S100YEDT |
| Retained earnings | 15,492 | 16,739 | 18,011 | 19,807 | 20,827 | S100T083, S100TQZH, S100W0Z2, S100YEDT |
| Treasury stock | -428 | -419 | -411 | -405 | -736 | S100T083, S100TQZH, S100W0Z2, S100YEDT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YEDT |
| Property, plant and equipment | 19% | S100YEDT |
| Intangibles and goodwill | 1% | S100YEDT |
| Investment securities | 6% | S100YEDT |
| Other assets | 48% | S100YEDT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YEDT |
| Other liabilities | 15% | S100YEDT |
| Equity | 82% | S100YEDT |

### 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 | 24,797 | 25,693 | 27,241 | 27,537 | 29,237 |
| Equity | 17,794 | 18,990 | 20,762 | 22,400 | 23,991 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,363 | 4,207 | 4,993 | 4,443 | 7,539 |

## 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) | 32.5% | S100YEDT |
| Fixed assets ÷ total assets | 19.2% | S100YEDT |
| Goodwill ÷ parent equity | — | —, S100YEDT |

### 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) | 25.8% |
| Cash ÷ revenue | 43.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 221.3% |
| Cash vs. profit gap | 2,354 JPY mn (of net income 155.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.9% |
| Shareholder payments — dividends / FCF | 14.2% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 7.0% |

## 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 | 11.5% | 0.70× | 8.0% | 1.43× | 11.5% | S100T083 |
| 2023 | 8.9% | 0.71× | 6.3% | 1.40× | 8.9% | S100TQZH |
| 2024 | 9.6% | 0.66× | 6.3% | 1.37× | 8.7% | S100W0Z2 |
| 2025 | 12.8% | 0.63× | 8.1% | 1.31× | 10.6% | S100YEDT |
| 2026 | 8.8% | 0.61× | 5.3% | 1.28× | 6.8% | S100YEDT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社名電興産 | Major shareholder | 8.9% | 2026-03-31 |
| 服部哲二 | Major shareholder | 6.7% | 2026-03-31 |
| 名古屋電機工業社員持株会 | Major shareholder | 6.1% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社日本カストディ 銀行(信託口) | Major shareholder | 3.7% | 2026-03-31 |
| 日本信号株式会社 | Major shareholder | 3.6% | 2026-03-31 |
| 福谷曜 | Major shareholder | 2.8% | 2026-03-31 |
| 福谷桂子 | Major shareholder | 2.7% | 2026-03-31 |
| アイコム株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 河田優里 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/04/01－2026/03/31) | S100YEDT | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEDT,, |
| 有価証券報告書－第68期(2024/04/01－2025/03/31) | S100W0Z2 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0Z2,, |
| 有価証券報告書－第67期(2023/04/01－2024/03/31) | S100TQZH | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQZH,, |
| 訂正有価証券報告書－第66期(2022/04/01－2023/03/31) | S100T083 | 2024-03-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T083,, |
| 有価証券報告書－第65期(令和3年4月1日－令和4年3月31日) | S100OCAT | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCAT,, |
| 有価証券報告書－第64期(令和2年4月1日－令和3年3月31日) | S100LNMD | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNMD,, |

## 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).