# Shindengen Electric Manufacturing Co.,Ltd.: 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103期(2025/04/01－2026/03/31) (S100YHJ7)
> Page: https://vizora.meequs.com/en/company/shindengen-electric-manufacturing
> Retrieved: 2026-09-30T21:11:11.950Z

## Company

Shindengen Electric Manufacturing, founded in 1949, is a company in Auto Parts listed on TSE Prime. It has 5,091 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Shindengen Electric Manufacturing Co.,Ltd. |
| Ticker | 6844 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6844.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町二丁目2番1号 (同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 田中 信吉 |
| Founded | Aug 1949 |
| Share capital | ¥17.8B |
| Employees (consolidated) | 5,091 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.shindengen.co.jp (https://www.shindengen.co.jp/) |
| Corporate number | 5010001008697 |
| EDINET | E01887 |
| Industries (Vizora) | Auto Parts, Electrical Equipment, Semiconductors |

> Profile source: annual securities report (S100YHJ7, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55.9 | 110 |
| Profitability | 32.9 | 111 |
| Cash conversion | 44 | 108 |
| Efficiency | 25.7 | 111 |
| Financial strength | 39.3 | 14 |

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 64% of Shindengen Electric Manufacturing's sales come from Power unit business, with Power device business and Power systems business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +7.6% from the prior year, operating profit +2906.3%.

## Company structure

- Segment revenue mix: Power unit business 64.0%、Power device business 29.4%、Power systems business 6.5%、Other 0.1%
- Revenue → net income: ¥113836000000 → ¥5655000000
- Net income → operating cash flow: ¥5655000000 → ¥6318000000（difference ¥663000000）
- Main uses of operating cash flow: CapEx ¥5619000000 / dividends ¥670000000 / buybacks ¥535000000
- Change in cash: ¥6524000000
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 | ¥113.8B |  |
| Operating income | ¥3.85B | Margin 3.4% |
| Net income | ¥5.66B | Margin 5.0% |
| Free cash flow | ¥699M |  |
| Largest business | Power unit business | of segment revenue 64.0% |
| Employees (consolidated) | 5,091 |  |
| EPS | ¥544.06 |  |
| Book value per share | ¥3974.86 |  |
| Equity ratio | 50.2% |  |
| Shares outstanding | 10,338,884 |  |
| Treasury shares | 157,900 |  |
| Shareholders | 7,211 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 18.6% | Net cash -¥16.2B · Cash ÷ revenue 23.6% |
| Vs. industry median margin | -1.4 pp | Auto Parts |
| ROE | 10.8% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -3% while operating income rose 2906%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥80437000000 | ¥113836000000 | +41.5% |
| Operating income | ¥-1080000000 | ¥3848000000 | — |
| Operating margin | -1.3% | 3.4% | +4.7 pp |
| Employees | 5,101 people | 5,091 people | -0.2% |
| Cash and equivalents | ¥26646000000 | ¥26922000000 | +1.0% |

### 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 |
| --- | ---: |
| デバイス事業 → 事業再編・廃止 | 32.8% |
| 電装事業 → 事業再編・廃止 | 46.7% |
| エネルギーシステム事業 → 事業再編・廃止 | 9.8% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 10.6% |
| 新設・再編 → パワーデバイス事業 | 29.4% |
| 新設・再編 → パワーユニット事業 | 64.0% |
| 新設・再編 → パワーシステム事業 | 6.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Power unit business | — | — | ¥72806000000 | 5.3% | 2 |
| Power device business | — | — | ¥33490000000 | 7.6% | 2 |
| Power systems business | — | — | ¥7410000000 | 16.3% | 2 |
| Other | 5 years | -57.8% | ¥129000000 | -10.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 113,836 | 100.0% | S100YHJ7 |
| Cost of revenue | 96,168 | 84.5% | S100YHJ7 |
| Gross profit | 17,668 | 15.5% | S100YHJ7 |
| SG&A | 13,820 | 12.1% | S100YHJ7 |
| Operating income | 3,848 | 3.4% | S100YHJ7 |
| Ordinary income | 4,577 | 4.0% | S100YHJ7 |
| Pretax income | 6,727 | 5.9% | S100YHJ7 |
| Income tax | 1,072 | 0.9% | S100YHJ7 |
| Net income | 5,655 | 5.0% | S100YHJ7 |
| Net income attributable to owners | 5,655 | 5.0% | S100YHJ7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 12 |
| Operating income | 3 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 15.5% → Operating margin 3.4% → Net margin 5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.6%; Core profit growth: +2906.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 384.17×
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 | 105,830 | 113,836 | 8,006 | +7.6% |
| Gross profit | 14,352 | 17,668 | 3,316 | +23.1% |
| Operating income | 128 | 3,848 | 3,720 | +2906.3% |
| Net income attributable to owners | -2,436 | 5,655 | 8,091 | — |
| Operating cash flow | -2,179 | 6,318 | 8,497 | — |
| Free cash flow | -6,939 | 699 | 7,638 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 92,965 | 1,757 | 1.9% | -4,156 | 5,828 | -3,432 | S100LUY5 |
| FY ending Mar 2021 | 80,437 | -1,080 | -1.3% | -5,561 | -3,618 | -9,999 | S100QO13 |
| FY ending Mar 2022 | 92,168 | 5,562 | 6.0% | 5,902 | 8,290 | -796 | S100RA4A |
| FY ending Mar 2023 | 101,007 | 3,621 | 3.6% | 1,644 | 2,736 | -2,183 | S100TWVW |
| FY ending Mar 2024 | 102,261 | 1,278 | 1.2% | -712 | 2,206 | -2,241 | S100W8PC |
| FY ending Mar 2025 | 105,830 | 128 | 0.1% | -2,436 | -2,179 | -6,939 | S100YHJ7 |
| FY ending Mar 2026 | 113,836 | 3,848 | 3.4% | 5,655 | 6,318 | 699 | S100YHJ7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.4M |
| Operating income per employee (consolidated) | ¥755.8K |
| Net income per employee (consolidated) | ¥1.1M |

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) | 5,268 | 5,364 | 5,276 | 5,251 | 5,091 |
| Average salary (parent company) | ¥7.3M | ¥7.4M | ¥7.5M | ¥7.2M | ¥7.5M |
| Average age (parent company) | 42.9 years | 43.0 years | 43.1 years | 43.0 years | 42.8 years |
| Average tenure (parent company) | 17.8 years | 17.9 years | 17.0 years | 17.2 years | 17.0 years |

Year over year: Employees (consolidated) -3.0% · Revenue (consolidated) +7.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Power device business | 33,490 | 29.4% | 2,533 | 7.6% |
| Power unit business | 72,806 | 64.0% | 3,847 | 5.3% |
| Power systems business | 7,410 | 6.5% | 1,209 | 16.3% |
| Other | 129 | 0.1% | -14 | -10.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Power device business | 29.4% | 33.4% | 4.0 | 7.6% |
| Power unit business | 64.0% | 50.7% | -13.3 | 5.3% |
| Power systems business | 6.5% | 15.9% | 9.4 | 16.3% |
| Other | 0.1% | — | — | -10.9% |

Loss-making segment (excluded from profit shares): Other -14 JPY mn

Segment → industry: Power unit business → Auto Parts / Power systems business → Electrical Equipment / Power device business → Semiconductors

## 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 | 6,318 | 5.6% | S100YHJ7 |
| Capital expenditure | 5,619 | 4.9% | S100YHJ7 |
| Free cash flow | 699 | 0.6% | 算出 |
| Investing cash flow | -2,117 | -1.9% | S100YHJ7 |
| Financing cash flow | 1,900 | 1.7% | S100YHJ7 |
| Dividends paid | 670 | 0.6% | S100YHJ7 |
| Share buyback | 535 | 0.5% | S100YHJ7 |
| Change in cash | 6,524 | 5.7% | S100YHJ7 |
| Cash and equivalents | 26,922 | 23.6% | S100YHJ7 |

## 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 | 29,161 | 25,147 | 26,340 | 20,397 | 26,922 | S100TWVW, S100W8PC, S100YHJ7 |
| Total assets | 135,041 | 138,092 | 144,669 | 136,496 | 144,652 | S100RA4A, S100TWVW, S100W8PC, S100YHJ7 |
| Net assets | 57,229 | 62,539 | 70,917 | 66,144 | 72,561 | S100TWVW, S100W8PC, S100YHJ7 |
| Share capital | 17,823 | 17,823 | 17,823 | 17,823 | 17,823 | S100RA4A, S100TWVW, S100W8PC, S100YHJ7 |
| Trade receivables | 18,919 | 19,421 | 18,066 | 18,949 | 20,203 | S100RA4A, S100TWVW, S100W8PC, S100YHJ7 |
| Property, plant and equipment | 36,073 | 35,553 | 35,121 | 35,150 | 36,406 | S100RA4A, S100TWVW, S100W8PC, S100YHJ7 |
| Intangible assets excluding goodwill | 747 | 684 | 614 | 548 | 623 | S100RA4A, S100TWVW, S100W8PC, S100YHJ7 |
| Investment securities | 14,807 | 14,876 | 18,473 | 14,913 | 11,454 | S100RA4A, S100TWVW, S100W8PC, S100YHJ7 |
| Current assets | 81,958 | 85,440 | 89,095 | 84,189 | 93,480 | S100RA4A, S100TWVW, S100W8PC, S100YHJ7 |
| Current liabilities | 29,813 | 32,462 | 31,110 | 30,920 | 32,873 | S100RA4A, S100TWVW, S100W8PC, S100YHJ7 |
| Trade payables | 16,657 | 17,668 | 16,402 | 13,844 | 14,005 | S100RA4A, S100TWVW, S100W8PC, S100YHJ7 |
| Short-term borrowings | 5,100 | 5,895 | 6,355 | 9,260 | 11,896 | S100RA4A, S100TWVW, S100W8PC, S100YHJ7 |
| Long-term borrowings | 28,275 | 26,780 | 29,225 | 28,825 | 30,874 | S100RA4A, S100TWVW, S100W8PC, S100YHJ7 |
| Bonds | 3,850 | 2,350 | 1,325 | 800 | 400 | S100RA4A, S100TWVW, S100W8PC, S100YHJ7 |
| Interest-bearing debt | 37,225 | 35,025 | 36,905 | 38,885 | 43,170 | 算出 |
| Total liabilities | 77,812 | 75,553 | 73,752 | 70,352 | 72,090 | S100RA4A, S100TWVW, S100W8PC, S100YHJ7 |
| Equity attributable to owners of parent | 55,388 | 56,010 | 53,970 | 50,205 | 54,664 | S100RA4A, S100TWVW, S100W8PC, S100YHJ7 |
| Retained earnings | 29,949 | 30,563 | 28,510 | 24,733 | 29,718 | S100RA4A, S100TWVW, S100W8PC, S100YHJ7 |
| Treasury stock | -117 | -109 | -95 | -80 | -599 | S100RA4A, S100TWVW, S100W8PC, S100YHJ7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YHJ7 |
| Receivables | 14% | S100YHJ7 |
| Property, plant and equipment | 25% | S100YHJ7 |
| Intangibles and goodwill | 0% | S100YHJ7 |
| Investment securities | 8% | S100YHJ7 |
| Other assets | 34% | S100YHJ7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YHJ7 |
| Interest-bearing debt | 30% | 算出 |
| Other liabilities | 10% | S100YHJ7 |
| Equity | 50% | S100YHJ7 |
| Other liabilities | 0% | S100YHJ7 |

### 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 | 135,041 | 138,092 | 144,669 | 136,496 | 144,652 |
| Equity | 57,229 | 62,539 | 70,917 | 66,144 | 72,561 |
| Interest-bearing debt | 37,225 | 35,025 | 36,905 | 38,885 | 43,170 |
| Cash | 29,161 | 25,147 | 26,340 | 20,397 | 26,922 |

## 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) | 32.0% | S100YHJ7 |
| Fixed assets ÷ total assets | 25.2% | S100YHJ7 |
| Goodwill ÷ parent equity | — | —, S100YHJ7 |

### 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) | 18.6% |
| Cash ÷ revenue | 23.6% |
| Net cash (cash − interest-bearing debt) | -¥16.2B |
| Net debt ÷ operating cash flow | 2.57× |
| Cash conversion (operating CF ÷ operating income) | 164.2% |
| Cash vs. profit gap | 663 JPY mn (of net income 11.7%) |
| Shareholder returns / net income | 21.3% |
| Shareholder returns / FCF | 172.4% |
| Shareholder payments — dividends / net income | 11.8% |
| Shareholder payments — dividends / FCF | 95.9% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 33.5% |

## 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 | 6.4% | 0.68× | 4.4% | 2.44× | 10.7% | S100RA4A |
| 2023 | 1.6% | 0.74× | 1.2% | 2.45× | 3.0% | S100TWVW |
| 2024 | — | —× | -0.5% | —× | — | S100W8PC |
| 2025 | — | —× | -1.7% | —× | — | S100YHJ7 |
| 2026 | 5.0% | 0.81× | 4.0% | 2.68× | 10.8% | S100YHJ7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 本田技研工業株式会社 | Major shareholder | 11.7% | 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 | 9.8% | 2026-03-31 |
| 中央日本土地建物株式会社 | Major shareholder | 4.9% | 2026-03-31 |
| 朝日生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.0% | 2026-03-31 |
| みずほ信託銀行株式会社 退職 給付信託 みずほ銀行口 再信 託受託者 株式会社日本カストディ銀行 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.2% | 2026-03-31 |
| 新電元工業協力会社持株会 | Major shareholder | 3.0% | 2026-03-31 |
| 新電元工業従業員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社埼玉りそな銀行 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YHJ7 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHJ7,, |
| 有価証券報告書－第102期(2024/04/01－2025/03/31) | S100W8PC | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8PC,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TWVW | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWVW,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100RA4A | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA4A,, |
| 訂正有価証券報告書－第99期(2021/04/01－2022/03/31) | S100QO13 | 2023-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QO13,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LUY5 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUY5,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 加賀電子 | Supply/OEM | 新電元工業の製品を加賀電子が販売（販売特約店契約） | S100YNQJ |

## 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).