# RIKEI CORPORATION: 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) (S100YK3T)
> Page: https://vizora.meequs.com/en/company/rikei
> Retrieved: 2026-09-30T19:07:32.233Z

## Company

Rikei, founded in 1957, is a company in IT Services & System Integration listed on TSE Standard. It has 179 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RIKEI CORPORATION |
| Ticker | 8226 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8226.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿三丁目2番11号 |
| Representative (per filing) | 代表取締役社長 猪坂哲 |
| Founded | Jun 1957 |
| Share capital | ¥3.43B |
| Employees (consolidated) | 179 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.rikei.co.jp (https://www.rikei.co.jp/) |
| Corporate number | 8011101022577 |
| EDINET | E02699 |
| Industries (Vizora) | IT Services & System Integration, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YK3T, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93 | 179 |
| Profitability | 85.1 | 185 |
| Cash conversion | 41.6 | 179 |
| Efficiency | 57 | 185 |

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 72% of Rikei's sales come from Electronic Components and Instruments, with System Solutions and Network Solutions making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +4.3% from the prior year, operating profit +11.0%.

## Company structure

- Segment revenue mix: Electronic Components and Instruments 71.6%、System Solutions 19.3%、Network Solutions 9.1%
- Revenue → net income: ¥19535970000 → ¥759729000
- Net income → operating cash flow: ¥759729000 → ¥1068246000（difference ¥308517000）
- Main uses of operating cash flow: CapEx ¥58354000 / dividends ¥90061000 / buybacks —
- Change in cash: ¥1036193000
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 | ¥19.5B |  |
| Operating income | ¥1.24B | Margin 6.3% |
| Net income | ¥746.5M | Margin 3.8% |
| Free cash flow | ¥1.01B |  |
| Largest business | Electronic Components and Instruments | of segment revenue 71.6% |
| Employees (consolidated) | 179 |  |
| EPS | ¥31.93 |  |
| Book value per share | ¥328.65 |  |
| Equity ratio | 46.5% |  |
| Shares outstanding | 15,514,721 |  |
| Treasury shares | 395,300 |  |
| Shareholders | 15,802 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 31.8% | Cash ÷ revenue 21.0% |
| Vs. industry median margin | +3.5 pp | Specialty Trading & Wholesale |
| ROE | 13.1% | Derived from disclosed figures |
| ROA | 6.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 84% of positive segment profit
- FY2026, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10139521000 | ¥19535970000 | +92.7% |
| Operating income | ¥216125000 | ¥1236899000 | +472.3% |
| Operating margin | 2.1% | 6.3% | +4.2 pp |
| Employees | 162 people | 179 people | +10.5% |
| Cash and equivalents | ¥3015214000 | ¥4111943000 | +36.4% |

### 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 |
| --- | ---: |
| システムソリューション → システムソリューション | 19.3% |
| システムソリューション → 事業再編・廃止 | 21.0% |
| ネットワークソリューション → ネットワークソリューション | 9.1% |
| ネットワークソリューション → 事業再編・廃止 | 1.7% |
| 電子部品及び機器 → 電子部品及び機器 | 48.9% |
| 新設・再編 → 電子部品及び機器 | 22.7% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electronic Components and Instruments | 5 years | +23.1% | ¥13985460000 | 7.4% | 2 |
| System Solutions | 5 years | -1.6% | ¥3777262000 | 4.8% | 2 |
| Network Solutions | 5 years | +10.2% | ¥1773247000 | 1.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,536 | 100.0% | S100YK3T |
| Cost of revenue | 15,809 | 80.9% | S100YK3T |
| Gross profit | 3,727 | 19.1% | S100YK3T |
| SG&A | 2,490 | 12.7% | S100YK3T |
| Operating income | 1,237 | 6.3% | S100YK3T |
| Ordinary income | 1,079 | 5.5% | S100YK3T |
| Pretax income | 1,079 | 5.5% | S100YK3T |
| Income tax | 319 | 1.6% | S100YK3T |
| Net income | 760 | 3.9% | S100YK3T |
| Net income attributable to owners | 746 | 3.8% | S100YK3T |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 13 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 19.1% → Operating margin 6.3% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.3%; Core profit growth: +11.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.54×
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 | 18,726 | 19,536 | 810 | +4.3% |
| Gross profit | 3,532 | 3,727 | 195 | +5.5% |
| Operating income | 1,114 | 1,237 | 123 | +11.0% |
| Net income attributable to owners | 661 | 746 | 85 | +12.9% |
| Operating cash flow | -322 | 1,068 | 1,390 | — |
| Free cash flow | -366 | 1,010 | 1,376 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,276 | 55 | 0.5% | 42 | 32 | 19 | S100LUIA |
| FY ending Mar 2021 | 10,140 | 216 | 2.1% | 158 | 297 | 283 | S100OIGO |
| FY ending Mar 2022 | 10,863 | 249 | 2.3% | 140 | -67 | -142 | S100R8JC |
| FY ending Mar 2023 | 10,285 | 220 | 2.1% | 67 | -962 | -969 | S100TVH1 |
| FY ending Mar 2024 | 12,132 | 568 | 4.7% | 383 | -983 | -1,017 | S100W7TQ |
| FY ending Mar 2025 | 18,726 | 1,114 | 6.0% | 661 | -322 | -366 | S100YK3T |
| FY ending Mar 2026 | 19,536 | 1,237 | 6.3% | 746 | 1,068 | 1,010 | S100YK3T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥109.1M |
| Operating income per employee (consolidated) | ¥6.9M |
| Net income per employee (consolidated) | ¥4.2M |

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) | 168 | 167 | 165 | 174 | 179 |
| Average salary (parent company) | ¥5.9M | ¥6.1M | ¥6.1M | ¥6.4M | ¥6.5M |
| Average age (parent company) | 45.8 years | 46.1 years | 47.1 years | 47.6 years | 47.7 years |
| Average tenure (parent company) | 17.9 years | 17.9 years | 17.5 years | 16.8 years | 16.2 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +4.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| System Solutions | 3,777 | 19.3% | 183 | 4.8% |
| Network Solutions | 1,773 | 9.1% | 17 | 1.0% |
| Electronic Components and Instruments | 13,985 | 71.6% | 1,037 | 7.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| System Solutions | 19.3% | 14.8% | -4.5 | 4.8% |
| Network Solutions | 9.1% | 1.4% | -7.7 | 1.0% |
| Electronic Components and Instruments | 71.6% | 83.8% | 12.2 | 7.4% |

Segment → industry: Network Solutions → IT Services & System Integration / System Solutions → IT Services & System Integration / Electronic Components and Instruments → Specialty Trading & Wholesale / Network Solutions → Specialty Trading & Wholesale

## 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 | 1,068 | 5.5% | S100YK3T |
| Capital expenditure | 58 | 0.3% | S100YK3T |
| Free cash flow | 1,010 | 5.2% | 算出 |
| Investing cash flow | -60 | -0.3% | S100YK3T |
| Financing cash flow | 27 | 0.1% | S100YK3T |
| Dividends paid | 90 | 0.5% | S100YK3T |
| Change in cash | 1,036 | 5.3% | S100YK3T |
| Cash and equivalents | 4,112 | 21.0% | S100YK3T |

## 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 | 2,907 | 2,249 | 3,062 | 3,076 | 4,112 | S100TVH1, S100W7TQ, S100YK3T |
| Total assets | 7,123 | 7,288 | 10,305 | 11,084 | 12,944 | S100R8JC, S100TVH1, S100W7TQ, S100YK3T |
| Net assets | 4,433 | 4,447 | 4,809 | 5,386 | 6,058 | S100TVH1, S100W7TQ, S100YK3T |
| Share capital | 3,427 | 3,427 | 3,427 | 3,427 | 3,427 | S100R8JC, S100TVH1, S100W7TQ, S100YK3T |
| Property, plant and equipment | 415 | 425 | 412 | 431 | 430 | S100R8JC, S100TVH1, S100W7TQ, S100YK3T |
| Intangible assets excluding goodwill | 32 | 14 | 15 | 22 | 36 | S100R8JC, S100TVH1, S100W7TQ, S100YK3T |
| Goodwill | 19 | — | — | — | — | S100R8JC |
| Investment securities | 117 | 36 | 56 | 32 | 32 | S100R8JC, S100TVH1, S100W7TQ, S100YK3T |
| Current assets | 6,273 | 6,562 | 9,573 | 10,292 | 12,153 | S100R8JC, S100TVH1, S100W7TQ, S100YK3T |
| Current liabilities | 2,401 | 2,469 | 5,171 | 5,389 | 6,175 | S100R8JC, S100TVH1, S100W7TQ, S100YK3T |
| Trade payables | 1,155 | 1,136 | 1,680 | 1,073 | 2,156 | S100R8JC, S100TVH1, S100W7TQ, S100YK3T |
| Short-term borrowings | 360 | 530 | 2,450 | 2,983 | 2,620 | S100R8JC, S100TVH1, S100W7TQ, S100YK3T |
| Long-term borrowings | — | 129 | 88 | 48 | 487 | S100TVH1, S100W7TQ, S100YK3T |
| Total liabilities | 2,690 | 2,841 | 5,496 | 5,699 | 6,886 | S100R8JC, S100TVH1, S100W7TQ, S100YK3T |
| Non-controlling interests | — | — | — | 27 | 33 | S100YK3T |
| Equity attributable to owners of parent | 4,436 | 4,458 | 4,795 | 5,371 | 6,028 | S100R8JC, S100TVH1, S100W7TQ, S100YK3T |
| Retained earnings | 506 | 528 | 865 | 1,451 | 2,107 | S100R8JC, S100TVH1, S100W7TQ, S100YK3T |
| Treasury stock | -112 | -112 | -112 | -112 | -112 | S100R8JC, S100TVH1, S100W7TQ, S100YK3T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100YK3T |
| Property, plant and equipment | 3% | S100YK3T |
| Intangibles and goodwill | 0% | S100YK3T |
| Investment securities | 0% | S100YK3T |
| Other assets | 65% | S100YK3T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 17% | S100YK3T |
| Other liabilities | 36% | S100YK3T |
| Equity | 47% | S100YK3T |
| Other liabilities | 0% | S100YK3T |

### 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 | 7,123 | 7,288 | 10,305 | 11,084 | 12,944 |
| Equity | 4,433 | 4,447 | 4,809 | 5,386 | 6,058 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,907 | 2,249 | 3,062 | 3,076 | 4,112 |

## 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) | 2.2% | S100YK3T |
| Fixed assets ÷ total assets | 3.3% | S100YK3T |
| Goodwill ÷ parent equity | — | —, S100YK3T |

### 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) | 31.8% |
| Cash ÷ revenue | 21.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 86.4% |
| Cash vs. profit gap | 322 JPY mn (of net income 43.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.1% |
| Shareholder payments — dividends / FCF | 8.9% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 5.6% |

## 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 | 1.3% | 1.53× | 2.0% | 1.61× | 3.1% | S100R8JC |
| 2023 | 0.7% | 1.43× | 0.9% | 1.62× | 1.5% | S100TVH1 |
| 2024 | 3.2% | 1.38× | 4.4% | 1.90× | 8.3% | S100W7TQ |
| 2025 | 3.5% | 1.75× | 6.2% | 2.10× | 13.0% | S100YK3T |
| 2026 | 3.8% | 1.63× | 6.2% | 2.11× | 13.1% | S100YK3T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 石川 大樹 | Major shareholder | 8.6% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 4.8% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 3.1% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.7% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.7% | 2026-03-31 |
| 東海東京証券株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 猪坂 哲 | Major shareholder | 1.1% | 2026-03-31 |
| 古畑 直樹 | Major shareholder | 0.8% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人株式会社三菱UFJ銀行） | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/04/01－2026/03/31) | S100YK3T | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK3T,, |
| 有価証券報告書－第68期(2024/04/01－2025/03/31) | S100W7TQ | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7TQ,, |
| 有価証券報告書－第67期(2023/04/01－2024/03/31) | S100TVH1 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVH1,, |
| 有価証券報告書－第66期(2022/04/01－2023/03/31) | S100R8JC | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8JC,, |
| 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) | S100OIGO | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIGO,, |
| 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) | S100LUIA | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUIA,, |

## 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).