Pulstec IndustrialPULSTEC INDUSTRIAL CO.,LTD.6894東証スタンダード電気機器FY ending Mar 2026, consolidated, J-GAAP

Pulstec Industrial revenue and profit

Out of every ¥100 of sales, about ¥14 is left as operating profit. Revenue changed +2.7% from the prior year, operating profit +6.2%.

Five-year trend

Revenue¥2.55B
FY ending Mar 2022: ¥2.45B¥2.45BFY ending Mar 2023: ¥2.45B¥2.45BFY ending Mar 2024: ¥2.61B¥2.61BFY ending Mar 2025: ¥2.49B¥2.49BFY ending Mar 2026: ¥2.55B¥2.55BFY22FY23FY24FY25FY26
Operating income¥356.9M
FY ending Mar 2022: ¥311.7M¥311.7MFY ending Mar 2023: ¥301.7M¥301.7MFY ending Mar 2024: ¥358.5M¥358.5MFY ending Mar 2025: ¥336.1M¥336.1MFY ending Mar 2026: ¥356.9M¥356.9MFY22FY23FY24FY25FY26
Operating margin14.0%
FY ending Mar 2022: 12.7%12.7%FY ending Mar 2023: 12.3%12.3%FY ending Mar 2024: 13.7%13.7%FY ending Mar 2025: 13.5%13.5%FY ending Mar 2026: 14.0%14.0%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin11.2%
Asset turnover0.51×
ROA5.7%
ROA5.7%
Financial leverage1.29×
ROE7.3%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin11.2%
2022: 13.9%13.9%2023: 9.9%9.9%2024: 12.5%12.5%2025: 14.3%14.3%2026: 11.2%11.2%2223242526
Asset turnover0.51×
2022: 0.53×0.53×2023: 0.53×0.53×2024: 0.54×0.54×2025: 0.49×0.49×2026: 0.51×0.51×2223242526
ROA5.7%
2022: 7.3%7.3%2023: 5.3%5.3%2024: 6.7%6.7%2025: 7.0%7.0%2026: 5.7%5.7%2223242526
Financial leverage1.29×
2022: 1.42×1.42×2023: 1.38×1.38×2024: 1.38×1.38×2025: 1.37×1.37×2026: 1.29×1.29×2223242526
ROE7.3%
2022: 10.4%10.4%2023: 7.3%7.3%2024: 9.3%9.3%2025: 9.6%9.6%2026: 7.3%7.3%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
202213.9%0.53×7.3%1.42×10.4%
20239.9%0.53×5.3%1.38×7.3%
202412.5%0.54×6.7%1.38×9.3%
202514.3%0.49×7.0%1.37×9.6%
202611.2%0.51×5.7%1.29×7.3%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue38.6%
2021: 26.5%26.5%2022: 22.0%22.0%2023: 21.2%21.2%2024: 23.6%23.6%2025: 38.3%38.3%2026: 38.6%38.6%212223242526
PPE ÷ total assets19.6%
2021: 13.8%13.8%2022: 11.5%11.5%2023: 11.5%11.5%2024: 11.9%11.9%2025: 18.9%18.9%2026: 19.6%19.6%212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥29M
2022: ¥16M¥16M2023: ¥70M¥70M2024: ¥70M¥70M2025: ¥34M¥34M2026: ¥29M¥29M212223242526
R&D / revenue1.1%
2022: 0.7%0.7%2023: 2.9%2.9%2024: 2.7%2.7%2025: 1.4%1.4%2026: 1.1%1.1%212223242526
Receivable days—
2021: 107d107d212223242526
Payable days8d
2021: 10d10d2022: 15d15d2023: 12d12d2024: 18d18d2025: 9d9d2026: 8d8d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue2,4452,4492,6122,4872,553
Cost of revenue1,5491,5101,5871,5431,494
Gross profit8979381,0259441,060
SG&A585637667608703
Operating income312302358336357
Pretax income353332426340396
Income tax128999-16110
Net income attributable to owners340243327356286
Operating margin12.7%12.3%13.7%13.5%14.0%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 35%
Property, plant and equipment 20%
0%
1%
Other assets 44%

Funding

1%
Other liabilities 19%
Equity 80%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥2.21B¥1.91B¥2.27B¥1.88B¥1.73B
Total assets¥4.65B¥4.52B¥5.18B¥5.03B¥5.02B
Net assets¥3.27B¥3.42B¥3.67B¥3.86B¥4.01B
Share capital¥1.49B¥1.49B¥1.49B¥1.49B¥1.49B
Property, plant and equipment¥536.8M¥520.3M¥615.5M¥951.4M¥984.3M
Intangible assets excluding goodwill¥22.7M¥13.5M¥5.6M¥1.5M¥926K
Investment securities¥110.1M¥62.1M¥83.7M¥61.9M¥67.2M
Current assets¥3.5B¥3.55B¥4.18B¥3.61B¥3.55B
Current liabilities¥774.3M¥583.4M¥1.04B¥736.3M¥570.4M
Trade payables¥63.6M¥51.3M¥80.4M¥38.5M¥31.2M
Long-term borrowings¥137.4M¥40.7M¥3.7M——
Total liabilities¥1.37B¥1.1B¥1.51B¥1.17B¥1.01B
Equity attributable to owners of parent¥3.26B¥3.39B¥3.62B¥3.83B¥3.96B
Retained earnings¥1.01B¥1.14B¥1.37B¥1.57B¥1.71B
Treasury stock-¥166.2M-¥166.3M-¥166.4M-¥166.6M-¥166.8M

Sources

Show source documents (6)
  • EDINET (FSA Japan)

    有価証券報告書-第57期(2025/04/01-2026/03/31)

    ID S100YDWK2026-06-18Open
  • EDINET (FSA Japan)

    有価証券報告書-第56期(2024/04/01-2025/03/31)

    ID S100W2ND2025-06-23Open
  • EDINET (FSA Japan)

    有価証券報告書-第55期(2023/04/01-2024/03/31)

    ID S100TR652024-06-24Open
  • EDINET (FSA Japan)

    有価証券報告書-第54期(2022/04/01-2023/03/31)

    ID S100R4KE2023-06-26Open
  • EDINET (FSA Japan)

    有価証券報告書-第53期(令和3年4月1日-令和4年3月31日)

    ID S100OHVD2022-06-27Open
  • EDINET (FSA Japan)

    有価証券報告書-第52期(令和2年4月1日-令和3年3月31日)

    ID S100LLDO2021-06-21Open

Extracted from XBRL: 48 / Derived from other figures: 1

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