# SENSHU ELECTRIC CO.,LTD.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第76期(2024/11/01－2025/10/31) (S100XHVV)
> Page: https://vizora.meequs.com/en/company/senshu-electric
> Retrieved: 2026-09-30T18:26:16.938Z

## Company

Senshu Electric, founded in 1949, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 838 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SENSHU ELECTRIC CO.,LTD. |
| Ticker | 9824 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9824.T) |
| Listing | TSE Prime |
| Head office | 大阪府吹田市南金田一丁目4番21号 |
| Representative (per filing) | 代表取締役社長 西村 元秀 |
| Founded | Nov 1949 |
| Share capital | ¥2.58B |
| Employees (consolidated) | 838 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | October |
| Website | www.senden.co.jp (https://www.senden.co.jp/) |
| Corporate number | 2120001066027 |
| EDINET | E02742 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XHVV, filed 2026-01-28). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.3 | 179 |
| Profitability | 86.2 | 185 |
| Cash conversion | 55 | 179 |
| Efficiency | 25.7 | 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)

- Senshu Electric brought in ¥135.6B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -0.4% from the prior year, operating profit -13.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥135591000000 → ¥6749000000
- Net income → operating cash flow: ¥6749000000 → ¥9436000000（difference ¥2687000000）
- Main uses of operating cash flow: CapEx ¥1217000000 / dividends ¥2432000000 / buybacks ¥1337000000
- Change in cash: ¥1850000000
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 | ¥135.6B |  |
| Operating income | ¥8.95B | Margin 6.6% |
| Net income | ¥6.72B | Margin 5.0% |
| Free cash flow | ¥8.22B |  |
| Employees (consolidated) | 838 |  |
| EPS | ¥358.13 |  |
| Diluted EPS | ¥357.91 |  |
| Book value per share | ¥3176.77 |  |
| Equity ratio | 52.7% |  |
| Shares outstanding | 18,000,000 |  |
| Treasury shares | 843,400 |  |
| Shareholders | 15,882 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 28.2% | Cash ÷ revenue 23.1% |
| Vs. industry median margin | +3.7 pp | Specialty Trading & Wholesale |
| ROE | 12.3% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥74288000000 | ¥135591000000 | +82.5% |
| Operating income | ¥3124000000 | ¥8952000000 | +186.6% |
| Operating margin | 4.2% | 6.6% | +2.4 pp |
| Employees | 712 people | 838 people | +17.7% |
| Cash and equivalents | ¥17721000000 | ¥31357000000 | +76.9% |

### Change in segment revenue mix

Span: FY ending Oct 2020 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 135,591 | 100.0% | S100XHVV |
| Cost of revenue | 115,100 | 84.9% | S100XHVV |
| Gross profit | 20,491 | 15.1% | S100XHVV |
| SG&A | 11,538 | 8.5% | S100XHVV |
| Operating income | 8,952 | 6.6% | S100XHVV |
| Ordinary income | 9,272 | 6.8% | S100XHVV |
| Pretax income | 9,829 | 7.2% | S100XHVV |
| Income tax | 3,080 | 2.3% | S100XHVV |
| Net income | 6,749 | 5.0% | S100XHVV |
| Net income attributable to owners | 6,717 | 5.0% | S100XHVV |

## Per ¥100 of revenue（FY ending Oct 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 8 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 15.1% → Operating margin 6.6% → Net margin 5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.4%; Core profit growth: -13.5%
Operating leverage (core profit growth ÷ revenue growth): 32.70×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Oct 2024 → FY ending Oct 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 136,153 | 135,591 | -562 | -0.4% |
| Gross profit | 21,145 | 20,491 | -654 | -3.1% |
| Operating income | 10,349 | 8,952 | -1,397 | -13.5% |
| Net income attributable to owners | 7,578 | 6,717 | -861 | -11.4% |
| Operating cash flow | 8,239 | 9,436 | 1,197 | +14.5% |
| Free cash flow | 6,357 | 8,219 | 1,862 | +29.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 83,676 | 3,979 | 4.8% | 2,714 | 3,349 | 1,698 | S100KLQ7 |
| FY ending Oct 2020 | 74,288 | 3,124 | 4.2% | 2,351 | 4,451 | 4,299 | S100NAGZ |
| FY ending Oct 2021 | 92,463 | 4,743 | 5.1% | 3,583 | 9,397 | 9,034 | S100Q10E |
| FY ending Oct 2022 | 113,633 | 7,464 | 6.6% | 5,314 | 6,335 | 5,922 | S100SOQ6 |
| FY ending Oct 2023 | 124,967 | 8,366 | 6.7% | 5,920 | 6,940 | 3,883 | S100V5YM |
| FY ending Oct 2024 | 136,153 | 10,349 | 7.6% | 7,578 | 8,239 | 6,357 | S100XHVV |
| FY ending Oct 2025 | 135,591 | 8,952 | 6.6% | 6,717 | 9,436 | 8,219 | S100XHVV |

## People and productivity（FY ending Oct 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥161.8M |
| Operating income per employee (consolidated) | ¥10.7M |
| Net income per employee (consolidated) | ¥8M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 712 | 796 | 819 | 825 | 838 |
| Average salary (parent company) | ¥6.1M | ¥6.4M | ¥6.5M | ¥6.9M | ¥7.1M |
| Average age (parent company) | 39.1 years | 39.4 years | 39.4 years | 39.6 years | 39.3 years |
| Average tenure (parent company) | 15.4 years | 15.6 years | 15.2 years | 15.3 years | 15.0 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) -0.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 9,436 | 7.0% | S100XHVV |
| Capital expenditure | 1,217 | 0.9% | S100XHVV |
| Free cash flow | 8,219 | 6.1% | 算出 |
| Investing cash flow | -3,859 | -2.8% | S100XHVV |
| Financing cash flow | -3,755 | -2.8% | S100XHVV |
| Dividends paid | 2,432 | 1.8% | S100XHVV |
| Share buyback | 1,337 | 1.0% | S100XHVV |
| Change in cash | 1,850 | 1.4% | S100XHVV |
| Cash and equivalents | 31,357 | 23.1% | S100XHVV |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 25,496 | 26,181 | 27,654 | 29,506 | 31,357 | S100SOQ6, S100V5YM, S100XHVV |
| Total assets | 83,990 | 95,381 | 101,367 | 112,457 | 111,002 | S100Q10E, S100SOQ6, S100V5YM, S100XHVV |
| Net assets | 42,886 | 46,399 | 50,714 | 55,601 | 58,923 | S100SOQ6, S100V5YM, S100XHVV |
| Share capital | 2,575 | 2,575 | 2,575 | 2,575 | 2,575 | S100Q10E, S100SOQ6, S100V5YM, S100XHVV |
| Trade receivables | 21,291 | 22,572 | 23,313 | 26,451 | 22,029 | S100Q10E, S100SOQ6, S100V5YM, S100XHVV |
| Property, plant and equipment | 17,287 | 17,779 | 20,355 | 21,887 | 22,241 | S100Q10E, S100SOQ6, S100V5YM, S100XHVV |
| Intangible assets excluding goodwill | 110 | 339 | 303 | 245 | 130 | S100Q10E, S100SOQ6, S100V5YM, S100XHVV |
| Goodwill | — | 156 | 122 | 87 | — | S100SOQ6, S100V5YM, S100XHVV |
| Investment securities | 1,848 | 1,695 | 2,310 | 3,139 | 3,523 | S100Q10E, S100SOQ6, S100V5YM, S100XHVV |
| Current assets | 60,333 | 67,910 | 70,830 | 79,442 | 76,294 | S100Q10E, S100SOQ6, S100V5YM, S100XHVV |
| Current liabilities | 38,426 | 45,922 | 47,713 | 53,920 | 49,323 | S100Q10E, S100SOQ6, S100V5YM, S100XHVV |
| Trade payables | 35,628 | 41,214 | 43,050 | 48,676 | 45,261 | S100Q10E, S100SOQ6, S100V5YM, S100XHVV |
| Short-term borrowings | 105 | 631 | 691 | 381 | 461 | S100Q10E, S100SOQ6, S100V5YM, S100XHVV |
| Long-term borrowings | — | 60 | 54 | — | — | S100SOQ6, S100V5YM |
| Bonds | — | 107 | 42 | 28 | 14 | S100SOQ6, S100V5YM, S100XHVV |
| Interest-bearing debt | — | 798 | 787 | — | — | 算出 |
| Total liabilities | 41,104 | 48,982 | 50,652 | 56,856 | 52,079 | S100Q10E, S100SOQ6, S100V5YM, S100XHVV |
| Non-controlling interests | 160 | 237 | 326 | 368 | 427 | S100Q10E, S100SOQ6, S100V5YM, S100XHVV |
| Equity attributable to owners of parent | 41,818 | 45,066 | 48,764 | 53,038 | 56,051 | S100Q10E, S100SOQ6, S100V5YM, S100XHVV |
| Retained earnings | 40,032 | 44,255 | 48,574 | 53,760 | 55,036 | S100Q10E, S100SOQ6, S100V5YM, S100XHVV |
| Treasury stock | -4,201 | -4,454 | -5,142 | -3,997 | -2,260 | S100Q10E, S100SOQ6, S100V5YM, S100XHVV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100XHVV |
| Receivables | 20% | S100XHVV |
| Property, plant and equipment | 20% | S100XHVV |
| Intangibles and goodwill | 0% | S100XHVV |
| Investment securities | 3% | S100XHVV |
| Other assets | 29% | S100XHVV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 41% | S100XHVV |
| Other liabilities | 6% | S100XHVV |
| Equity | 53% | S100XHVV |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 83,990 | 95,381 | 101,367 | 112,457 | 111,002 |
| Equity | 42,886 | 46,399 | 50,714 | 55,601 | 58,923 |
| Interest-bearing debt | — | 798 | 787 | — | — |
| Cash | 25,496 | 26,181 | 27,654 | 29,506 | 31,357 |

## 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) | 16.4% | S100XHVV |
| Fixed assets ÷ total assets | 20.0% | S100XHVV |
| Goodwill ÷ parent equity | — | —, S100XHVV |

### 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) | 28.2% |
| Cash ÷ revenue | 23.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 105.4% |
| Cash vs. profit gap | 2,719 JPY mn (of net income 40.5%) |
| Shareholder returns / net income | 56.1% |
| Shareholder returns / FCF | 45.9% |
| Shareholder payments — dividends / net income | 36.2% |
| Shareholder payments — dividends / FCF | 29.6% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 40.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.9% | 1.10× | 4.3% | 2.01× | 8.6% | S100Q10E |
| 2022 | 4.7% | 1.27× | 5.9% | 2.06× | 12.2% | S100SOQ6 |
| 2023 | 4.7% | 1.27× | 6.0% | 2.10× | 12.6% | S100V5YM |
| 2024 | 5.6% | 1.27× | 7.1% | 2.10× | 14.9% | S100XHVV |
| 2025 | 5.0% | 1.21× | 6.0% | 2.05× | 12.3% | S100XHVV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 西村 元秀 | Major shareholder | 9.3% | 2025-10-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.3% | 2025-10-31 |
| 西村 陽子 | Major shareholder | 5.5% | 2025-10-31 |
| 高橋 京子 | Major shareholder | 2.6% | 2025-10-31 |
| 泉州電業従業員持株会 | Major shareholder | 2.5% | 2025-10-31 |
| 泉州産業株式会社 | Major shareholder | 2.4% | 2025-10-31 |
| ビービーエイチ フォー フィデリティー ロープライス ストック ファンド (常任代理人 株式会社三菱UFJ銀行決済事業部) | Major shareholder | 2.4% | 2025-10-31 |
| THE NOMURA TRUST AND BANKING CO., LTD. AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 2.0% | 2025-10-31 |
| 上嶋 明子 | Major shareholder | 1.8% | 2025-10-31 |
| 熊代 佳子 | Major shareholder | 1.8% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2024/11/01－2025/10/31) | S100XHVV | 2026-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHVV,, |
| 有価証券報告書－第75期(2023/11/01－2024/10/31) | S100V5YM | 2025-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5YM,, |
| 有価証券報告書－第74期(2022/11/01－2023/10/31) | S100SOQ6 | 2024-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOQ6,, |
| 有価証券報告書－第73期(2021/11/01－2022/10/31) | S100Q10E | 2023-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q10E,, |
| 有価証券報告書－第72期(令和2年11月1日－令和3年10月31日) | S100NAGZ | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NAGZ,, |
| 有価証券報告書－第71期(令和1年11月1日－令和2年10月31日) | S100KLQ7 | 2021-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KLQ7,, |

## 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).