# RYODEN 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86期(2025/04/01－2026/03/31) (S100YGNM)
> Page: https://vizora.meequs.com/en/company/ryoden
> Retrieved: 2026-09-30T21:31:54.188Z

## Company

Ryoden, founded in 1947, is a company in Agriculture & Seeds listed on TSE Prime. It has 1,555 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RYODEN CORPORATION |
| Ticker | 8084 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8084.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区麹町五丁目1番地(注)2025年12月15日より東京都豊島区東池袋三丁目15番15号から上 記に移転しております。 |
| Representative (per filing) | 代表取締役 富澤克行 |
| Founded | Apr 1947 |
| Share capital | ¥10.3B |
| Employees (consolidated) | 1,555 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.ryoden.co.jp (https://www.ryoden.co.jp/) |
| Corporate number | 8013301012440 |
| EDINET | E02518 |
| Industries (Vizora) | Agriculture & Seeds, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YGNM, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.7 | 179 |
| Profitability | 43 | 185 |
| Cash conversion | 59.5 | 179 |
| Efficiency | 42.4 | 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 55% of Ryoden's sales come from Electronics, with FA systems and Cooling and heating / building systems making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -1.4% from the prior year, operating profit -4.4%.

## Company structure

- Segment revenue mix: Electronics 55.2%、FA systems 23.5%、Cooling and heating / building systems 17.3%、X-Tech 4.0%
- Revenue → net income: ¥212772000000 → ¥5280000000
- Net income → operating cash flow: ¥5280000000 → ¥6067000000（difference ¥787000000）
- Main uses of operating cash flow: CapEx ¥4403000000 / dividends ¥2600000000 / buybacks ¥1000000
- Change in cash: ¥151000000
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 | ¥212.8B |  |
| Operating income | ¥5.24B | Margin 2.5% |
| Net income | ¥5.28B | Margin 2.5% |
| Free cash flow | ¥1.66B |  |
| Largest business | Electronics | of segment revenue 55.2% |
| Employees (consolidated) | 1,555 |  |
| EPS | ¥239.72 |  |
| Diluted EPS | ¥239.06 |  |
| Book value per share | ¥3584.15 |  |
| Equity ratio | 61.2% |  |
| Shares outstanding | 21,612,000 |  |
| Treasury shares | 55,000 |  |
| Shareholders | 37,629 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 21.7% | Cash ÷ revenue 15.7% |
| Vs. industry median margin | -0.4 pp | Specialty Trading & Wholesale |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥196841000000 | ¥212772000000 | +8.1% |
| Operating income | ¥3415000000 | ¥5244000000 | +53.6% |
| Operating margin | 1.7% | 2.5% | +0.7 pp |
| Employees | 1,289 people | 1,555 people | +20.6% |
| Cash and equivalents | ¥21120000000 | ¥33457000000 | +58.4% |

### 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 |
| --- | ---: |
| ＦＡシステム → ＦＡシステム | 18.1% |
| 冷熱ビルシステム → 冷熱ビルシステム | 13.9% |
| ICTシステム → 事業再編・廃止 | 3.9% |
| エレクトロニクス → エレクトロニクス | 55.2% |
| エレクトロニクス → 事業再編・廃止 | 8.9% |
| 新設・再編 → ＦＡシステム | 5.4% |
| 新設・再編 → 冷熱ビルシステム | 3.4% |
| 新設・再編 → X-Tech | 4.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electronics | 5 years | -1.4% | ¥117471000000 | 2.8% | 2 |
| FA systems | 5 years | +7.0% | ¥50023000000 | 1.9% | 2 |
| Cooling and heating / building systems | 5 years | +6.2% | ¥36779000000 | 6.6% | 2 |
| X-Tech | 4 years | +5.0% | ¥8496000000 | 1.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 212,772 | 100.0% | S100YGNM |
| Cost of revenue | 183,016 | 86.0% | S100YGNM |
| Gross profit | 29,756 | 14.0% | S100YGNM |
| SG&A | 24,511 | 11.5% | S100YGNM |
| Operating income | 5,244 | 2.5% | S100YGNM |
| Ordinary income | 5,767 | 2.7% | S100YGNM |
| Pretax income | 7,314 | 3.4% | S100YGNM |
| Income tax | 2,034 | 1.0% | S100YGNM |
| Net income | 5,280 | 2.5% | S100YGNM |
| Net income attributable to owners | 5,275 | 2.5% | S100YGNM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 12 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 14.0% → Operating margin 2.5% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.4%; Core profit growth: -4.4%
Operating leverage (core profit growth ÷ revenue growth): 3.12×
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 | 215,790 | 212,772 | -3,018 | -1.4% |
| Gross profit | 27,543 | 29,756 | 2,213 | +8.0% |
| Operating income | 5,483 | 5,244 | -239 | -4.4% |
| Net income attributable to owners | 4,700 | 5,275 | 575 | +12.2% |
| Operating cash flow | 18,453 | 6,067 | -12,386 | -67.1% |
| Free cash flow | 17,291 | 1,664 | -15,627 | -90.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 230,087 | 5,559 | 2.4% | 3,860 | 5,938 | 5,616 | S100LI23 |
| FY ending Mar 2021 | 196,841 | 3,415 | 1.7% | 2,343 | 1,939 | 1,703 | S100O97P |
| FY ending Mar 2022 | 229,126 | 7,062 | 3.1% | 5,004 | -7,623 | -8,062 | S100R0Y9 |
| FY ending Mar 2023 | 260,303 | 9,380 | 3.6% | 5,366 | -199 | -2,749 | S100TOQI |
| FY ending Mar 2024 | 259,008 | 8,326 | 3.2% | 5,736 | 9,942 | 9,412 | S100W1PN |
| FY ending Mar 2025 | 215,790 | 5,483 | 2.5% | 4,700 | 18,453 | 17,291 | S100YGNM |
| FY ending Mar 2026 | 212,772 | 5,244 | 2.5% | 5,275 | 6,067 | 1,664 | S100YGNM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥136.8M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥3.4M |

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) | 1,214 | 1,242 | 1,360 | 1,451 | 1,555 |
| Average salary (parent company) | ¥6.7M | ¥7.1M | ¥6.7M | ¥7.4M | ¥7.8M |
| Average age (parent company) | 43.8 years | 44.2 years | 44.2 years | 44.1 years | 43.8 years |
| Average tenure (parent company) | 17.3 years | 17.8 years | 17.7 years | 16.6 years | 15.7 years |

Year over year: Employees (consolidated) +7.2% · Revenue (consolidated) -1.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| FA systems | 50,023 | 23.5% | 963 | 1.9% |
| Cooling and heating / building systems | 36,779 | 17.3% | 2,418 | 6.6% |
| X-Tech | 8,496 | 4.0% | 122 | 1.4% |
| Electronics | 117,471 | 55.2% | 3,345 | 2.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| FA systems | 23.5% | 14.1% | -9.4 | 1.9% |
| Cooling and heating / building systems | 17.3% | 35.3% | 18.0 | 6.6% |
| X-Tech | 4.0% | 1.8% | -2.2 | 1.4% |
| Electronics | 55.2% | 48.8% | -6.4 | 2.8% |

Segment → industry: X-Tech → Agriculture & Seeds / Electronics → Specialty Trading & Wholesale / Cooling and heating / building systems → Specialty Trading & Wholesale / FA systems → 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 | 6,067 | 2.9% | S100YGNM |
| Capital expenditure | 4,403 | 2.1% | S100YGNM |
| Free cash flow | 1,664 | 0.8% | 算出 |
| Investing cash flow | -2,985 | -1.4% | S100YGNM |
| Financing cash flow | -3,003 | -1.4% | S100YGNM |
| Dividends paid | 2,600 | 1.2% | S100YGNM |
| Share buyback | 1 | 0.0% | S100YGNM |
| Change in cash | 151 | 0.1% | S100YGNM |
| Cash and equivalents | 33,457 | 15.7% | S100YGNM |

## 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 | 11,577 | 11,091 | 18,422 | 33,305 | 33,457 | S100TOQI, S100W1PN, S100YGNM |
| Total assets | 140,970 | 151,049 | 156,027 | 141,995 | 154,303 | S100R0Y9, S100TOQI, S100W1PN, S100YGNM |
| Net assets | 74,766 | 79,898 | 87,083 | 89,213 | 94,533 | S100TOQI, S100W1PN, S100YGNM |
| Share capital | 10,334 | 10,334 | 10,334 | 10,334 | 10,334 | S100R0Y9, S100TOQI, S100W1PN, S100YGNM |
| Property, plant and equipment | 3,764 | 5,438 | 5,465 | 5,197 | 5,946 | S100R0Y9, S100TOQI, S100W1PN, S100YGNM |
| Intangible assets excluding goodwill | 806 | 917 | 1,038 | 1,979 | 5,155 | S100R0Y9, S100TOQI, S100W1PN, S100YGNM |
| Investment securities | 7,305 | 6,367 | 7,583 | 6,850 | 7,206 | S100R0Y9, S100TOQI, S100W1PN, S100YGNM |
| Current assets | 126,093 | 136,326 | 140,172 | 125,802 | 131,855 | S100R0Y9, S100TOQI, S100W1PN, S100YGNM |
| Current liabilities | 62,585 | 65,551 | 65,070 | 49,296 | 55,629 | S100R0Y9, S100TOQI, S100W1PN, S100YGNM |
| Trade payables | 40,117 | 41,732 | 27,600 | 25,722 | 30,709 | S100R0Y9, S100TOQI, S100W1PN, S100YGNM |
| Short-term borrowings | 822 | 1,633 | 1,443 | 1,148 | 987 | S100R0Y9, S100TOQI, S100W1PN, S100YGNM |
| Long-term borrowings | — | 1,785 | 1,773 | 1,468 | 1,255 | S100TOQI, S100W1PN, S100YGNM |
| Total liabilities | 66,204 | 71,150 | 68,944 | 52,782 | 59,770 | S100R0Y9, S100TOQI, S100W1PN, S100YGNM |
| Non-controlling interests | — | 2 | 8 | 10 | 15 | S100TOQI, S100W1PN, S100YGNM |
| Equity attributable to owners of parent | 72,442 | 76,488 | 80,358 | 81,721 | 84,502 | S100R0Y9, S100TOQI, S100W1PN, S100YGNM |
| Retained earnings | 55,458 | 59,391 | 63,226 | 64,160 | 66,829 | S100R0Y9, S100TOQI, S100W1PN, S100YGNM |
| Treasury stock | -800 | -742 | -726 | -128 | -71 | S100R0Y9, S100TOQI, S100W1PN, S100YGNM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YGNM |
| Property, plant and equipment | 4% | S100YGNM |
| Intangibles and goodwill | 3% | S100YGNM |
| Investment securities | 5% | S100YGNM |
| Other assets | 66% | S100YGNM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 20% | S100YGNM |
| Other liabilities | 19% | S100YGNM |
| Equity | 61% | S100YGNM |

### 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 | 140,970 | 151,049 | 156,027 | 141,995 | 154,303 |
| Equity | 74,766 | 79,898 | 87,083 | 89,213 | 94,533 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,577 | 11,091 | 18,422 | 33,305 | 33,457 |

## 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) | 2.8% | S100YGNM |
| Fixed assets ÷ total assets | 3.9% | S100YGNM |
| Goodwill ÷ parent equity | — | —, S100YGNM |

### 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) | 21.7% |
| Cash ÷ revenue | 15.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 115.7% |
| Cash vs. profit gap | 792 JPY mn (of net income 15.0%) |
| Shareholder returns / net income | 49.3% |
| Shareholder returns / FCF | 156.3% |
| Shareholder payments — dividends / net income | 49.3% |
| Shareholder payments — dividends / FCF | 156.3% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 49.2% |

## 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 | 2.2% | 1.63× | 3.5% | 1.95× | 6.9% | S100R0Y9 |
| 2023 | 2.1% | 1.78× | 3.7% | 1.96× | 7.2% | S100TOQI |
| 2024 | 2.2% | 1.69× | 3.7% | 1.96× | 7.3% | S100W1PN |
| 2025 | 2.2% | 1.45× | 3.2% | 1.84× | 5.8% | S100YGNM |
| 2026 | 2.5% | 1.44× | 3.6% | 1.78× | 6.3% | S100YGNM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱電機株式会社 | Major shareholder | 36.0% | 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 | 6.7% | 2026-03-31 |
| RYODEN従業員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| シチズン時計株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| BBH BOSTON FOR NOMURA JAPAN SMALLER CAPITALIZATION FUND 620065 (常任代理人 株式会社みずほ銀行） | Major shareholder | 1.8% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 無限責任組合員 光通信株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.5% | 2026-03-31 |
| THE BANK OF NEW YORK, TREATY JASDEC ACCOUNT（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.0% | 2026-03-31 |
| BNYMSANV RE BNYMIL RE WS MORANT WRIGHT NIPPON YIELD FUND(常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.0% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行） | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第86期(2025/04/01－2026/03/31) | S100YGNM | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGNM,, |
| 有価証券報告書－第85期(2024/04/01－2025/03/31) | S100W1PN | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1PN,, |
| 有価証券報告書－第84期(2023/04/01－2024/03/31) | S100TOQI | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOQI,, |
| 有価証券報告書－第83期(2022/04/01－2023/03/31) | S100R0Y9 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0Y9,, |
| 有価証券報告書－第82期(令和3年4月1日－令和4年3月31日) | S100O97P | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O97P,, |
| 有価証券報告書－第81期(令和2年4月1日－令和3年3月31日) | S100LI23 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LI23,, |

## 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).