# NEW COSMOS ELECTRIC 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67期(2025/04/01－2026/03/31) (S100YJBP)
> Page: https://vizora.meequs.com/en/company/new-cosmos-electric
> Retrieved: 2026-09-30T20:00:02.083Z

## Company

NEW Cosmos Electric, founded in 1960, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Standard. It has 1,038 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NEW COSMOS ELECTRIC CO.,LTD. |
| Ticker | 6824 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6824.T) |
| Listing | TSE Standard |
| Head office | 大阪市淀川区三津屋中2丁目5番4号 |
| Representative (per filing) | 代表取締役社長 髙橋 良典 |
| Founded | Jun 1960 |
| Share capital | ¥1.46B |
| Employees (consolidated) | 1,038 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.new-cosmos.co.jp (https://www.new-cosmos.co.jp/) |
| Corporate number | 3120001056043 |
| EDINET | E02027 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100YJBP, filed 2026-06-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90 | 35 |
| Profitability | 86.3 | 40 |
| Cash conversion | 53.9 | 38 |
| Efficiency | 21.3 | 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)

- NEW Cosmos Electric brought in ¥50.1B in revenue.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +18.8% from the prior year, operating profit +42.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥50091543000 → ¥5750653000
- Net income → operating cash flow: ¥5750653000 → ¥5959989000（difference ¥209336000）
- Main uses of operating cash flow: CapEx ¥1539974000 / dividends ¥741429000 / buybacks ¥608445000
- Change in cash: ¥1532827000
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 | ¥50.1B |  |
| Operating income | ¥7.35B | Margin 14.7% |
| Net income | ¥5.21B | Margin 10.4% |
| Free cash flow | ¥4.42B |  |
| Employees (consolidated) | 1,038 |  |
| EPS | ¥199.61 |  |
| Book value per share | ¥2989.04 |  |
| Equity ratio | 72.7% |  |
| Shares outstanding | 12,561,000 |  |
| Treasury shares | 391,900 |  |
| Shareholders | 1,425 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 27.6% | Cash ÷ revenue 40.4% |
| Vs. industry median margin | +5.9 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 11.5% | Derived from disclosed figures |
| ROA | 7.4% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29576806000 | ¥50091543000 | +69.4% |
| Operating income | ¥3446134000 | ¥7351046000 | +113.3% |
| Operating margin | 11.7% | 14.7% | +3 pp |
| Employees | 830 people | 1,038 people | +25.1% |
| Cash and equivalents | ¥14179416000 | ¥20245955000 | +42.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 50,092 | 100.0% | S100YJBP |
| Cost of revenue | 27,251 | 54.4% | S100YJBP |
| Gross profit | 22,840 | 45.6% | S100YJBP |
| SG&A | 15,489 | 30.9% | S100YJBP |
| Operating income | 7,351 | 14.7% | S100YJBP |
| Ordinary income | 7,921 | 15.8% | S100YJBP |
| Pretax income | 7,914 | 15.8% | S100YJBP |
| Income tax | 2,163 | 4.3% | S100YJBP |
| Net income | 5,751 | 11.5% | S100YJBP |
| Net income attributable to owners | 5,209 | 10.4% | S100YJBP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 31 |
| Operating income | 15 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 45.6% → Operating margin 14.7% → Net margin 10.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.8%; Core profit growth: +42.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.26×
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 | 42,154 | 50,092 | 7,938 | +18.8% |
| Gross profit | 19,548 | 22,840 | 3,292 | +16.8% |
| Operating income | 5,155 | 7,351 | 2,196 | +42.6% |
| Net income attributable to owners | 3,377 | 5,209 | 1,832 | +54.2% |
| Operating cash flow | 4,888 | 5,960 | 1,072 | +21.9% |
| Free cash flow | 502 | 4,420 | 3,918 | +780.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 27,774 | 2,148 | 7.7% | 1,476 | 1,880 | 739 | S100LNNK |
| FY ending Mar 2021 | 29,577 | 3,446 | 11.7% | 2,460 | 3,735 | 3,027 | S100OD0T |
| FY ending Mar 2022 | 34,336 | 5,433 | 15.8% | 3,775 | 3,303 | 2,382 | S100R56F |
| FY ending Mar 2023 | 37,207 | 5,693 | 15.3% | 3,737 | 2,620 | 1,087 | S100TTAP |
| FY ending Mar 2024 | 38,546 | 4,086 | 10.6% | 2,959 | 2,549 | 529 | S100W5IX |
| FY ending Mar 2025 | 42,154 | 5,155 | 12.2% | 3,377 | 4,888 | 502 | S100YJBP |
| FY ending Mar 2026 | 50,092 | 7,351 | 14.7% | 5,209 | 5,960 | 4,420 | S100YJBP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.3M |
| Operating income per employee (consolidated) | ¥7.1M |
| Net income per employee (consolidated) | ¥5M |

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) | 855 | 906 | 947 | 987 | 1,038 |
| Average salary (parent company) | ¥7.5M | ¥7.3M | ¥7.6M | ¥7.3M | ¥7.5M |
| Average age (parent company) | 44.2 years | 44.2 years | 44.1 years | 43.5 years | 41.8 years |
| Average tenure (parent company) | 18.2 years | 18.0 years | 17.7 years | 17.1 years | 15.4 years |

Year over year: Employees (consolidated) +5.2% · Revenue (consolidated) +18.8%

## 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 | 5,960 | 11.9% | S100YJBP |
| Capital expenditure | 1,540 | 3.1% | S100YJBP |
| Free cash flow | 4,420 | 8.8% | 算出 |
| Investing cash flow | -2,205 | -4.4% | S100YJBP |
| Financing cash flow | -2,359 | -4.7% | S100YJBP |
| Dividends paid | 741 | 1.5% | S100YJBP |
| Share buyback | 608 | 1.2% | S100YJBP |
| Change in cash | 1,533 | 3.1% | S100YJBP |
| Cash and equivalents | 20,246 | 40.4% | S100YJBP |

## 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 | 14,572 | 15,138 | 19,998 | 18,713 | 20,246 | S100TTAP, S100W5IX, S100YJBP |
| Total assets | 50,182 | 54,930 | 66,838 | 67,288 | 73,444 | S100R56F, S100TTAP, S100W5IX, S100YJBP |
| Net assets | 39,003 | 43,031 | 47,650 | 51,261 | 57,443 | S100TTAP, S100W5IX, S100YJBP |
| Share capital | 1,460 | 1,460 | 1,460 | 1,460 | 1,460 | S100R56F, S100TTAP, S100W5IX, S100YJBP |
| Trade receivables | 7,054 | 6,696 | 7,309 | 7,190 | 7,846 | S100R56F, S100TTAP, S100W5IX, S100YJBP |
| Property, plant and equipment | 7,557 | 8,245 | 9,808 | 11,963 | 11,663 | S100R56F, S100TTAP, S100W5IX, S100YJBP |
| Intangible assets excluding goodwill | 1,470 | 1,440 | 1,372 | 1,479 | 1,387 | S100R56F, S100TTAP, S100W5IX, S100YJBP |
| Goodwill | 1,246 | 1,112 | 977 | 842 | 707 | S100R56F, S100TTAP, S100W5IX, S100YJBP |
| Investment securities | 5,176 | 5,294 | 7,383 | 7,568 | 9,580 | S100R56F, S100TTAP, S100W5IX, S100YJBP |
| Current assets | 33,356 | 37,182 | 45,119 | 42,910 | 46,878 | S100R56F, S100TTAP, S100W5IX, S100YJBP |
| Current liabilities | 8,690 | 9,668 | 11,807 | 9,100 | 9,082 | S100R56F, S100TTAP, S100W5IX, S100YJBP |
| Trade payables | 2,124 | 2,495 | 2,753 | 2,146 | 2,569 | S100R56F, S100TTAP, S100W5IX, S100YJBP |
| Short-term borrowings | 50 | 50 | 50 | 50 | 50 | S100R56F, S100TTAP, S100W5IX, S100YJBP |
| Long-term borrowings | 793 | 448 | 4,841 | 3,971 | 3,233 | S100R56F, S100TTAP, S100W5IX, S100YJBP |
| Total liabilities | 11,179 | 11,899 | 19,188 | 16,027 | 16,001 | S100R56F, S100TTAP, S100W5IX, S100YJBP |
| Non-controlling interests | 2,487 | 2,895 | 3,280 | 3,607 | 4,061 | S100R56F, S100TTAP, S100W5IX, S100YJBP |
| Equity attributable to owners of parent | 34,863 | 38,159 | 40,553 | 43,355 | 47,235 | S100R56F, S100TTAP, S100W5IX, S100YJBP |
| Retained earnings | 32,807 | 36,087 | 38,466 | 41,250 | 45,717 | S100R56F, S100TTAP, S100W5IX, S100YJBP |
| Treasury stock | -346 | -333 | -322 | -310 | -905 | S100R56F, S100TTAP, S100W5IX, S100YJBP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100YJBP |
| Receivables | 11% | S100YJBP |
| Property, plant and equipment | 16% | S100YJBP |
| Intangibles and goodwill | 3% | S100YJBP |
| Investment securities | 13% | S100YJBP |
| Other assets | 30% | S100YJBP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YJBP |
| Other liabilities | 18% | S100YJBP |
| Equity | 78% | S100YJBP |
| Other liabilities | 0% | S100YJBP |

### 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 | 50,182 | 54,930 | 66,838 | 67,288 | 73,444 |
| Equity | 39,003 | 43,031 | 47,650 | 51,261 | 57,443 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,572 | 15,138 | 19,998 | 18,713 | 20,246 |

## 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) | 23.3% | S100YJBP |
| Fixed assets ÷ total assets | 15.9% | S100YJBP |
| Goodwill ÷ parent equity | 1.5% | S100YJBP |

Goodwill over 4 years: 1,246 → 707 JPY; total investing cash flow: -12,947 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) | 27.6% |
| Cash ÷ revenue | 40.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 81.1% |
| Cash vs. profit gap | 751 JPY mn (of net income 14.4%) |
| Shareholder returns / net income | 25.9% |
| Shareholder returns / FCF | 30.5% |
| Shareholder payments — dividends / net income | 14.2% |
| Shareholder payments — dividends / FCF | 16.8% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 37.0% |

## 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 | 11.0% | 0.68× | 7.5% | 1.44× | 10.8% | S100R56F |
| 2023 | 10.0% | 0.71× | 7.1% | 1.44× | 10.2% | S100TTAP |
| 2024 | 7.7% | 0.63× | 4.9% | 1.55× | 7.5% | S100W5IX |
| 2025 | 8.0% | 0.63× | 5.0% | 1.60× | 8.0% | S100YJBP |
| 2026 | 10.4% | 0.71× | 7.4% | 1.55× | 11.5% | S100YJBP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 岩谷産業株式会社 | Major shareholder | 28.4% | 2026-03-31 |
| 有限会社アール・ケイ | Major shareholder | 4.7% | 2026-03-31 |
| 新コスモス電機取引先持株会 | Major shareholder | 4.1% | 2026-03-31 |
| 大阪瓦斯株式会社 | Major shareholder | 3.6% | 2026-03-31 |
| 新コスモス電機従業員持株会 | Major shareholder | 3.6% | 2026-03-31 |
| 齋賀 優子 | Major shareholder | 3.0% | 2026-03-31 |
| 重盛 徹志 | Major shareholder | 2.6% | 2026-03-31 |
| 第一生命保険株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.2% | 2026-03-31 |
| リンナイ株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 国立大学法人大阪大学 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第67期(2025/04/01－2026/03/31) | S100YJBP | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJBP,, |
| 有価証券報告書－第66期(2024/04/01－2025/03/31) | S100W5IX | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5IX,, |
| 有価証券報告書－第65期(2023/04/01－2024/03/31) | S100TTAP | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTAP,, |
| 有価証券報告書－第64期(2022/04/01－2023/03/31) | S100R56F | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R56F,, |
| 有価証券報告書－第63期(令和3年4月1日－令和4年3月31日) | S100OD0T | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD0T,, |
| 有価証券報告書－第62期(令和2年4月1日－令和3年3月31日) | S100LNNK | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNNK,, |

## 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).