# OKAYA ELECTRIC INDUSTRIES 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103期(2025/04/01－2026/03/31) (S100YJ7H)
> Page: https://vizora.meequs.com/en/company/okaya-electric-industries
> Retrieved: 2026-09-30T19:13:09.034Z

## Company

Okaya Electric Industries, founded in 1971, is a company in Electronic Components listed on TSE Standard. It has 1,101 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OKAYA ELECTRIC INDUSTRIES CO.,LTD. |
| Ticker | 6926 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6926.T) |
| Listing | TSE Standard |
| Head office | 東京都世田谷区等々力六丁目16番9号 |
| Representative (per filing) | 代表取締役 社長執行役員 高屋舗 明 |
| Founded | Jul 1971 |
| Share capital | ¥2.3B |
| Employees (consolidated) | 1,101 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Corporate number | 1010901002423 |
| EDINET | E01928 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YJ7H, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10.4 | 53 |
| Profitability | 0.9 | 56 |
| Efficiency | 47.3 | 56 |

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 46% of Okaya Electric Industries's sales come from Noise Products, with Surge Products and Display Products making up much of the rest.
- It lost about ¥17 for every ¥100 of sales at the operating level.
- Revenue changed +6.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥10.2B |  |
| Operating income | -¥1.74B | Margin -17.0% |
| Net income | -¥1.62B | Margin -15.9% |
| Free cash flow | -¥1.35B |  |
| Largest business | Noise Products | of segment revenue 46.1% |
| Employees (consolidated) | 1,101 |  |
| EPS | ¥-81.9 |  |
| Book value per share | ¥162.21 |  |
| Equity ratio | 44.2% |  |
| Shares outstanding | 22,921,562 |  |
| Treasury shares | 207,500 |  |
| Shareholders | 10,691 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 11.9% | Cash ÷ revenue 15.6% |
| Vs. industry median margin | -22.9 pp | Electronic Components |
| ROA | -11.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 83 points
- FY2026, operating loss is 17 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10521773000 | ¥10228629000 | -2.8% |
| Operating income | ¥65706000 | ¥-1738175000 | -2745.4% |
| Operating margin | 0.6% | -17.0% | -17.6 pp |
| Employees | 1,300 people | 1,101 people | -15.3% |
| Cash and equivalents | ¥3782518000 | ¥1591823000 | -57.9% |

### 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 |
| --- | ---: |
| コンデンサ製品 → コンデンサ製品 | 44.1% |
| ノイズ・サージ対策製品 → ノイズ・サージ対策製品 | 33.8% |
| ノイズ・サージ対策製品 → 事業再編・廃止 | 3.8% |
| 表示・照明製品 → 表示・照明製品 | 14.6% |
| センサ製品 → センサ製品 | 3.0% |
| センサ製品 → 事業再編・廃止 | 0.7% |
| 新設・再編 → コンデンサ製品 | 2.0% |
| 新設・再編 → 表示・照明製品 | 2.5% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Noise Products | 5 years | +0.3% | ¥4713794000 | -10.3% | 2 |
| Surge Products | 5 years | -2.6% | ¥3454208000 | -12.2% | 2 |
| Display Products | 5 years | +2.7% | ¥1750140000 | 12.0% | 2 |
| Sensor Products | 5 years | -4.8% | ¥310485000 | -0.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,229 | 100.0% | S100YJ7H |
| Cost of revenue | 9,297 | 90.9% | S100YJ7H |
| Gross profit | 932 | 9.1% | S100YJ7H |
| SG&A | 2,670 | 26.1% | S100YJ7H |
| Operating income | -1,738 | -17.0% | S100YJ7H |
| Ordinary income | -1,772 | -17.3% | S100YJ7H |
| Pretax income | -1,661 | -16.2% | S100YJ7H |
| Income tax | -39 | -0.4% | S100YJ7H |
| Net income | -1,622 | -15.9% | S100YJ7H |
| Net income attributable to owners | -1,622 | -15.9% | S100YJ7H |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 26 |
| Operating income | -17 |
| (Ref.) Net income | -16 |

### Margin funnel

Gross margin 9.1% → Operating margin -17.0% → Net margin -15.9%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,599 | 10,229 | 630 | +6.6% |
| Gross profit | 907 | 932 | 25 | +2.7% |
| Operating income | -1,749 | -1,738 | 11 | — |
| Net income attributable to owners | -1,706 | -1,622 | 84 | — |
| Operating cash flow | -400 | -1,133 | -733 | — |
| Free cash flow | -578 | -1,350 | -772 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11,180 | -203 | -1.8% | -571 | 859 | 408 | S100LKL8 |
| FY ending Mar 2021 | 10,522 | 66 | 0.6% | 3 | 367 | 260 | S100OHAG |
| FY ending Mar 2022 | 13,367 | -453 | -3.4% | -436 | -1,566 | -1,743 | S100R4Z2 |
| FY ending Mar 2023 | 17,109 | 669 | 3.9% | 613 | -53 | -299 | S100TU3W |
| FY ending Mar 2024 | 14,324 | 400 | 2.8% | 121 | 2,103 | 1,705 | S100W3JZ |
| FY ending Mar 2025 | 9,599 | -1,749 | -18.2% | -1,706 | -400 | -578 | S100YJ7H |
| FY ending Mar 2026 | 10,229 | -1,738 | -17.0% | -1,622 | -1,133 | -1,350 | S100YJ7H |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.3M |
| Operating income per employee (consolidated) | -¥1.6M |
| Net income per employee (consolidated) | -¥1.5M |

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) | 1,423 | 1,478 | 1,115 | 1,057 | 1,101 |
| Average salary (parent company) | ¥5.5M | ¥5.6M | ¥5.9M | ¥5.7M | ¥5.4M |
| Average age (parent company) | 43.4 years | 43.0 years | 43.6 years | 44.2 years | 44.9 years |
| Average tenure (parent company) | 16.3 years | 16.2 years | 16.4 years | 16.5 years | 16.9 years |

Year over year: Employees (consolidated) +4.2% · Revenue (consolidated) +6.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Noise Products | 4,714 | 46.1% | -486 | -10.3% |
| Surge Products | 3,454 | 33.8% | -420 | -12.2% |
| Display Products | 1,750 | 17.1% | 209 | 12.0% |
| Sensor Products | 310 | 3.0% | -1 | -0.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Noise Products | 46.1% | — | — | -10.3% |
| Surge Products | 33.8% | — | — | -12.2% |
| Display Products | 17.1% | 100.0% | 82.9 | 12.0% |
| Sensor Products | 3.0% | — | — | -0.4% |

Loss-making segment (excluded from profit shares): Noise Products -486 JPY mn

Loss-making segment (excluded from profit shares): Surge Products -420 JPY mn

Loss-making segment (excluded from profit shares): Sensor Products -1 JPY mn

Segment → industry: Sensor Products → Electronic Components / Display Products → Electronic Components / Surge Products → Electronic Components / Noise Products → Electronic Components

## 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 | -1,133 | -11.1% | S100YJ7H |
| Capital expenditure | 217 | 2.1% | S100YJ7H |
| Free cash flow | -1,350 | -13.2% | 算出 |
| Investing cash flow | 34 | 0.3% | S100YJ7H |
| Financing cash flow | 320 | 3.1% | S100YJ7H |
| Dividends paid | 1 | 0.0% | S100YJ7H |
| Share buyback | 0 | 0.0% | S100YJ7H |
| Change in cash | -707 | -6.9% | S100YJ7H |
| Cash and equivalents | 1,592 | 15.6% | S100YJ7H |

## 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 | 3,330 | 2,490 | 3,888 | 2,299 | 1,592 | S100TU3W, S100W3JZ, S100YJ7H |
| Total assets | 15,999 | 16,789 | 17,059 | 14,045 | 13,402 | S100R4Z2, S100TU3W, S100W3JZ, S100YJ7H |
| Net assets | 7,255 | 8,228 | 9,038 | 7,069 | 5,924 | S100TU3W, S100W3JZ, S100YJ7H |
| Share capital | 2,295 | 2,295 | 2,295 | 2,295 | 2,295 | S100R4Z2, S100TU3W, S100W3JZ, S100YJ7H |
| Trade receivables | 4,523 | 5,106 | 4,559 | 3,091 | 2,819 | S100R4Z2, S100TU3W, S100W3JZ, S100YJ7H |
| Property, plant and equipment | 2,591 | 2,628 | 2,767 | 2,701 | 2,641 | S100R4Z2, S100TU3W, S100W3JZ, S100YJ7H |
| Intangible assets excluding goodwill | 207 | 207 | 204 | 196 | 207 | S100R4Z2, S100TU3W, S100W3JZ, S100YJ7H |
| Investment securities | 1,585 | 1,815 | 2,317 | 2,122 | 2,498 | S100R4Z2, S100TU3W, S100W3JZ, S100YJ7H |
| Current assets | 11,409 | 11,932 | 11,590 | 8,824 | 7,767 | S100R4Z2, S100TU3W, S100W3JZ, S100YJ7H |
| Current liabilities | 4,041 | 3,648 | 4,912 | 3,567 | 4,230 | S100R4Z2, S100TU3W, S100W3JZ, S100YJ7H |
| Trade payables | 1,204 | 1,222 | 719 | 754 | 673 | S100R4Z2, S100TU3W, S100W3JZ, S100YJ7H |
| Short-term borrowings | 912 | 668 | 757 | 598 | 1,300 | S100R4Z2, S100TU3W, S100W3JZ, S100YJ7H |
| Long-term borrowings | 3,435 | 3,565 | 1,715 | 2,110 | 1,819 | S100R4Z2, S100TU3W, S100W3JZ, S100YJ7H |
| Total liabilities | 8,743 | 8,561 | 8,021 | 6,976 | 7,477 | S100R4Z2, S100TU3W, S100W3JZ, S100YJ7H |
| Equity attributable to owners of parent | 5,874 | 6,489 | 6,520 | 4,732 | 3,163 | S100R4Z2, S100TU3W, S100W3JZ, S100YJ7H |
| Retained earnings | 1,836 | 2,449 | 2,480 | 684 | -885 | S100R4Z2, S100TU3W, S100W3JZ, S100YJ7H |
| Treasury stock | -189 | -187 | -187 | -179 | -179 | S100R4Z2, S100TU3W, S100W3JZ, S100YJ7H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YJ7H |
| Receivables | 21% | S100YJ7H |
| Property, plant and equipment | 20% | S100YJ7H |
| Intangibles and goodwill | 1% | S100YJ7H |
| Investment securities | 19% | S100YJ7H |
| Other assets | 27% | S100YJ7H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YJ7H |
| Other liabilities | 51% | S100YJ7H |
| Equity | 44% | S100YJ7H |

### 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 | 15,999 | 16,789 | 17,059 | 14,045 | 13,402 |
| Equity | 7,255 | 8,228 | 9,038 | 7,069 | 5,924 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,330 | 2,490 | 3,888 | 2,299 | 1,592 |

## 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) | 25.8% | S100YJ7H |
| Fixed assets ÷ total assets | 19.7% | S100YJ7H |
| Goodwill ÷ parent equity | — | —, S100YJ7H |

### 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) | 11.9% |
| Cash ÷ revenue | 15.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 489 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -2.7% | —× | — | S100R4Z2 |
| 2023 | 3.6% | 1.04× | 3.7% | 2.65× | 9.9% | S100TU3W |
| 2024 | 0.8% | 0.85× | 0.7% | 2.60× | 1.9% | S100W3JZ |
| 2025 | — | —× | -11.0% | —× | — | S100YJ7H |
| 2026 | — | —× | -11.8% | —× | — | S100YJ7H |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| みずほ信託銀行株式会社 退職給付信託沖電気工業口 | Major shareholder | 15.9% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 9.1% | 2026-03-31 |
| ＴＰＲ株式会社 | Major shareholder | 6.3% | 2026-03-31 |
| 安田不動産株式会社 | Major shareholder | 3.9% | 2026-03-31 |
| 岡谷企業財形会 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.7% | 2026-03-31 |
| みずほ信託銀行株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 岡谷電機産業従業員投資会 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 1.5% | 2026-03-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YJ7H | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ7H,, |
| 有価証券報告書－第102期(2024/04/01－2025/03/31) | S100W3JZ | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3JZ,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TU3W | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU3W,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100R4Z2 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4Z2,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100OHAG | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHAG,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LKL8 | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKL8,, |

## 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).