# RIVER ELETEC 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81期(2025/04/01－2026/03/31) (S100YJ84)
> Page: https://vizora.meequs.com/en/company/river-eletec
> Retrieved: 2026-09-30T20:58:26.327Z

## Company

River Eletec, founded in 1975, is a company in Electronic Components listed on TSE Standard. It has 217 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RIVER ELETEC CORPORATION |
| Ticker | 6666 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6666.T) |
| Listing | TSE Standard |
| Head office | 山梨県韮崎市富士見ヶ丘二丁目1番11号 |
| Representative (per filing) | 代表取締役社長 萩原 義久 |
| Founded | Nov 1975 |
| Share capital | ¥1.68B |
| Employees (consolidated) | 217 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.river-ele.co.jp (https://www.river-ele.co.jp/) |
| Corporate number | 4090001011240 |
| EDINET | E02093 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YJ84, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.8 | 53 |
| Profitability | 11.6 | 56 |
| Efficiency | 20.5 | 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)

- River Eletec brought in ¥5.78B in revenue.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed +1.5% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥5.78B |  |
| Operating income | -¥70.8M | Margin -1.2% |
| Net income | -¥12.2M | Margin -0.2% |
| Free cash flow | -¥124.4M |  |
| Employees (consolidated) | 217 |  |
| EPS | ¥-1.15 |  |
| Book value per share | ¥394.64 |  |
| Equity ratio | 42.8% |  |
| Shares outstanding | 8,692,000 |  |
| Treasury shares | 462,600 |  |
| Shareholders | 5,521 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 20.4% | Cash ÷ revenue 37.7% |
| Vs. industry median margin | -7.1 pp | Electronic Components |
| ROA | -0.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5458215000 | ¥5784902000 | +6.0% |
| Operating income | ¥577085000 | ¥-70766000 | -112.3% |
| Operating margin | 10.6% | -1.2% | -11.8 pp |
| Employees | 196 people | 217 people | +10.7% |
| Cash and equivalents | ¥1135382000 | ¥2182830000 | +92.3% |

### 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 |
| --- | ---: |
| 水晶製品 → 事業再編・廃止 | 99.3% |
| その他の電子部品 → 事業再編・廃止 | 0.7% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,785 | 100.0% | S100YJ84 |
| Cost of revenue | 4,544 | 78.5% | S100YJ84 |
| Gross profit | 1,241 | 21.5% | S100YJ84 |
| SG&A | 1,312 | 22.7% | S100YJ84 |
| Operating income | -71 | -1.2% | S100YJ84 |
| Ordinary income | -55 | -0.9% | S100YJ84 |
| Pretax income | 34 | 0.6% | S100YJ84 |
| Income tax | 46 | 0.8% | S100YJ84 |
| Net income | -12 | -0.2% | S100YJ84 |
| Net income attributable to owners | -12 | -0.2% | S100YJ84 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 23 |
| Operating income | -1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 21.5% → Operating margin -1.2% → Net margin -0.2%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,699 | 5,785 | 86 | +1.5% |
| Gross profit | 1,262 | 1,241 | -21 | -1.7% |
| Operating income | -76 | -71 | 5 | — |
| Net income attributable to owners | -79 | -12 | 67 | — |
| Operating cash flow | 186 | 315 | 129 | +69.4% |
| Free cash flow | -830 | -124 | 706 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,480 | 6 | 0.1% | 88 | 412 | 289 | S100LVL9 |
| FY ending Mar 2021 | 5,458 | 577 | 10.6% | 559 | 592 | 101 | S100OKLN |
| FY ending Mar 2022 | 7,417 | 1,244 | 16.8% | 1,111 | 1,113 | -22 | S100R8PG |
| FY ending Mar 2023 | 6,856 | 1,125 | 16.4% | 894 | 1,254 | 306 | S100TVQE |
| FY ending Mar 2024 | 5,454 | 9 | 0.2% | -133 | 974 | 358 | S100W6CY |
| FY ending Mar 2025 | 5,699 | -76 | -1.3% | -79 | 186 | -830 | S100YJ84 |
| FY ending Mar 2026 | 5,785 | -71 | -1.2% | -12 | 315 | -124 | S100YJ84 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.7M |
| Operating income per employee (consolidated) | -¥326.1K |
| Net income per employee (consolidated) | -¥56.1K |

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) | 194 | 221 | 208 | 211 | 217 |
| Average salary (parent company) | ¥6M | ¥6.1M | ¥5.6M | ¥5.8M | ¥5.7M |
| Average age (parent company) | 45.8 years | 43.0 years | 42.6 years | 41.5 years | 41.4 years |
| Average tenure (parent company) | 19.0 years | 17.1 years | 16.5 years | 15.4 years | 15.5 years |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) +1.5%

## 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 | 315 | 5.4% | S100YJ84 |
| Capital expenditure | 440 | 7.6% | S100YJ84 |
| Free cash flow | -124 | -2.1% | 算出 |
| Investing cash flow | -128 | -2.2% | S100YJ84 |
| Financing cash flow | -176 | -3.0% | S100YJ84 |
| Dividends paid | 82 | 1.4% | S100YJ84 |
| Change in cash | -12 | -0.2% | S100YJ84 |
| Cash and equivalents | 2,183 | 37.7% | S100YJ84 |

## 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 | 1,308 | 1,826 | 2,012 | 2,195 | 2,183 | S100TVQE, S100W6CY, S100YJ84 |
| Total assets | 9,142 | 10,126 | 10,179 | 10,790 | 10,710 | S100R8PG, S100TVQE, S100W6CY, S100YJ84 |
| Net assets | 3,905 | 4,805 | 4,448 | 4,498 | 4,587 | S100TVQE, S100W6CY, S100YJ84 |
| Share capital | 1,682 | 1,682 | 1,682 | 1,682 | 1,682 | S100R8PG, S100TVQE, S100W6CY, S100YJ84 |
| Trade receivables | 1,666 | 1,062 | 868 | 1,241 | 1,309 | S100R8PG, S100TVQE, S100W6CY, S100YJ84 |
| Property, plant and equipment | 3,320 | 3,770 | 3,863 | 4,045 | 3,722 | S100R8PG, S100TVQE, S100W6CY, S100YJ84 |
| Intangible assets excluding goodwill | 16 | 14 | 14 | 34 | 29 | S100R8PG, S100TVQE, S100W6CY, S100YJ84 |
| Investment securities | 69 | 82 | 123 | 165 | 250 | S100R8PG, S100TVQE, S100W6CY, S100YJ84 |
| Current assets | 5,327 | 6,030 | 6,022 | 6,418 | 6,600 | S100R8PG, S100TVQE, S100W6CY, S100YJ84 |
| Current liabilities | 3,081 | 2,839 | 2,991 | 2,832 | 2,619 | S100R8PG, S100TVQE, S100W6CY, S100YJ84 |
| Trade payables | 388 | 187 | 223 | 249 | 313 | S100R8PG, S100TVQE, S100W6CY, S100YJ84 |
| Short-term borrowings | 664 | 806 | 458 | 401 | 349 | S100R8PG, S100TVQE, S100W6CY, S100YJ84 |
| Long-term borrowings | 1,663 | 1,972 | 2,200 | 2,928 | 2,912 | S100R8PG, S100TVQE, S100W6CY, S100YJ84 |
| Total liabilities | 5,237 | 5,321 | 5,731 | 6,292 | 6,123 | S100R8PG, S100TVQE, S100W6CY, S100YJ84 |
| Equity attributable to owners of parent | 3,947 | 4,729 | 4,244 | 4,082 | 3,988 | S100R8PG, S100TVQE, S100W6CY, S100YJ84 |
| Retained earnings | 1,631 | 2,412 | 2,169 | 2,007 | 1,913 | S100R8PG, S100TVQE, S100W6CY, S100YJ84 |
| Treasury stock | -9 | -9 | -250 | -250 | -250 | S100R8PG, S100TVQE, S100W6CY, S100YJ84 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YJ84 |
| Receivables | 12% | S100YJ84 |
| Property, plant and equipment | 35% | S100YJ84 |
| Intangibles and goodwill | 0% | S100YJ84 |
| Investment securities | 2% | S100YJ84 |
| Other assets | 30% | S100YJ84 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YJ84 |
| Other liabilities | 54% | S100YJ84 |
| Equity | 43% | S100YJ84 |

### 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 | 9,142 | 10,126 | 10,179 | 10,790 | 10,710 |
| Equity | 3,905 | 4,805 | 4,448 | 4,498 | 4,587 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,308 | 1,826 | 2,012 | 2,195 | 2,183 |

## 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) | 64.3% | S100YJ84 |
| Fixed assets ÷ total assets | 34.8% | S100YJ84 |
| Goodwill ÷ parent equity | — | —, S100YJ84 |

### 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) | 20.4% |
| Cash ÷ revenue | 37.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 327 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.6% |
| Investing CF relative to operating CF | 40.7% |

## 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 | 15.0% | 0.81× | 12.2% | 2.32× | 28.2% | S100R8PG |
| 2023 | 13.0% | 0.71× | 9.3% | 2.22× | 20.6% | S100TVQE |
| 2024 | — | —× | -1.3% | —× | — | S100W6CY |
| 2025 | — | —× | -0.8% | —× | — | S100YJ84 |
| 2026 | — | —× | -0.1% | —× | — | S100YJ84 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 若光株式会社 | Major shareholder | 14.9% | 2026-03-31 |
| 若尾 富士男 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社山梨中央銀行 | Major shareholder | 3.3% | 2026-03-31 |
| 若尾 磯男 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社３７６ | Major shareholder | 2.3% | 2026-03-31 |
| 若尾 政男 | Major shareholder | 1.9% | 2026-03-31 |
| 丸谷 和徳 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 1.5% | 2026-03-31 |
| 織田 邦夫 | Major shareholder | 1.3% | 2026-03-31 |
| リバー従業員持株会 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第81期(2025/04/01－2026/03/31) | S100YJ84 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ84,, |
| 有価証券報告書－第80期(2024/04/01－2025/03/31) | S100W6CY | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6CY,, |
| 有価証券報告書－第79期(2023/04/01－2024/03/31) | S100TVQE | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVQE,, |
| 有価証券報告書－第78期(2022/04/01－2023/03/31) | S100R8PG | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8PG,, |
| 有価証券報告書－第77期(令和3年4月1日－令和4年3月31日) | S100OKLN | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKLN,, |
| 有価証券報告書－第76期(令和2年4月1日－令和3年3月31日) | S100LVL9 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVL9,, |

## 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).