# Shirai Electronics Indutrial 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57期(2025/04/01－2026/03/31) (S100YEDB)
> Page: https://vizora.meequs.com/en/company/shirai-electronics-indutrial
> Retrieved: 2026-09-30T22:11:30.287Z

## Company

Shirai Electronics Indutrial, founded in 1970, is a company in Robots & Factory Automation listed on TSE Standard. It has 1,211 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Shirai Electronics Industrial Co.,Ltd. |
| Ticker | 6658 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6658.T) |
| Listing | TSE Standard |
| Head office | 京都市南区久世東土川町364番地1(本社業務は下記「最寄りの連絡場所」において行っております。) |
| Representative (per filing) | 代表取締役社長 五藤学 |
| Founded | Jan 1970 |
| Share capital | ¥366M |
| Employees (consolidated) | 1,211 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.shiraidenshi.co.jp (https://www.shiraidenshi.co.jp/) |
| Corporate number | 1130001001041 |
| EDINET | E02109 |
| Industries (Vizora) | Robots & Factory Automation, Electronic Components, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YEDB, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46.2 | 53 |
| Profitability | 56.3 | 56 |
| Cash conversion | 26 | 48 |
| Efficiency | 93.8 | 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)

- About 98% of Shirai Electronics Indutrial's sales come from Printed wiring board, with Inspection machine and solution and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -0.7% from the prior year, operating profit -21.2%.

## Company structure

- Segment revenue mix: Printed wiring board 98.0%、Inspection machine and solution 1.6%、Other 0.4%
- Revenue → net income: ¥29118000000 → ¥1322000000
- Net income → operating cash flow: ¥1322000000 → ¥1965000000（difference ¥643000000）
- Main uses of operating cash flow: CapEx ¥613000000 / dividends ¥452000000 / buybacks ¥93000000
- Change in cash: ¥-104000000
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 | ¥29.1B |  |
| Operating income | ¥2.03B | Margin 7.0% |
| Net income | ¥1.31B | Margin 4.5% |
| Free cash flow | ¥1.35B |  |
| Largest business | Printed wiring board | of segment revenue 98.0% |
| Employees (consolidated) | 1,211 |  |
| EPS | ¥66.52 |  |
| Book value per share | ¥453.99 |  |
| Equity ratio | 57.1% |  |
| Shares outstanding | 15,116,000 |  |
| Treasury shares | 120,100 |  |
| Shareholders | 9,740 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 4.2% | Cash ÷ revenue 2.8% |
| Vs. industry median margin | +1.1 pp | Electronic Components |
| ROE | 12.8% | Derived from disclosed figures |
| ROA | 6.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22355000000 | ¥29118000000 | +30.3% |
| Operating income | ¥119000000 | ¥2030000000 | +1605.9% |
| Operating margin | 0.5% | 7.0% | +6.4 pp |
| Employees | 1,296 people | 1,211 people | -6.6% |
| Cash and equivalents | ¥2065000000 | ¥802000000 | -61.2% |

### 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 |
| --- | ---: |
| プリント配線板事業 → プリント配線板事業 | 96.8% |
| 検査機・ソリューション事業 → 検査機・ソリューション事業 | 1.6% |
| 検査機・ソリューション事業 → 事業再編・廃止 | 1.1% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → プリント配線板事業 | 1.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Printed wiring board | 5 years | +5.7% | ¥28549000000 | 7.1% | 2 |
| Inspection machine and solution | 5 years | -5.1% | ¥466000000 | 1.1% | 2 |
| Other | 5 years | -1.7% | ¥102000000 | 2.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,118 | 100.0% | S100YEDB |
| Cost of revenue | 23,702 | 81.4% | S100YEDB |
| Gross profit | 5,416 | 18.6% | S100YEDB |
| SG&A | 3,386 | 11.6% | S100YEDB |
| Operating income | 2,030 | 7.0% | S100YEDB |
| Ordinary income | 1,822 | 6.3% | S100YEDB |
| Pretax income | 1,736 | 6.0% | S100YEDB |
| Income tax | 414 | 1.4% | S100YEDB |
| Net income | 1,322 | 4.5% | S100YEDB |
| Net income attributable to owners | 1,309 | 4.5% | S100YEDB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 12 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 18.6% → Operating margin 7.0% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.7%; Core profit growth: -21.2%
Operating leverage (core profit growth ÷ revenue growth): 28.39×
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 | 29,337 | 29,118 | -219 | -0.7% |
| Gross profit | 5,942 | 5,416 | -526 | -8.9% |
| Operating income | 2,576 | 2,030 | -546 | -21.2% |
| Net income attributable to owners | 2,075 | 1,309 | -766 | -36.9% |
| Operating cash flow | 2,611 | 1,965 | -646 | -24.7% |
| Free cash flow | 2,056 | 1,352 | -704 | -34.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 26,135 | -98 | -0.4% | -500 | 1,298 | 38 | S100LR5F |
| FY ending Mar 2021 | 22,355 | 119 | 0.5% | -208 | 1,284 | 29 | S100OHVA |
| FY ending Mar 2022 | 29,397 | 1,558 | 5.3% | 1,327 | 2,525 | 1,655 | S100R23U |
| FY ending Mar 2023 | 32,864 | 2,833 | 8.6% | 2,063 | 3,142 | 2,687 | S100V0ZY |
| FY ending Mar 2024 | 28,833 | 2,307 | 8.0% | 1,487 | 3,165 | 2,892 | S100W13C |
| FY ending Mar 2025 | 29,337 | 2,576 | 8.8% | 2,075 | 2,611 | 2,056 | S100YEDB |
| FY ending Mar 2026 | 29,118 | 2,030 | 7.0% | 1,309 | 1,965 | 1,352 | S100YEDB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24M |
| Operating income per employee (consolidated) | ¥1.7M |
| 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) | 1,262 | 1,301 | 1,234 | 1,226 | 1,211 |
| Average salary (parent company) | ¥4.6M | ¥4.9M | ¥5.1M | ¥5.2M | ¥5.4M |
| Average age (parent company) | 44.0 years | 44.8 years | 45.8 years | 45.8 years | 46.6 years |
| Average tenure (parent company) | 18.8 years | 19.4 years | 19.6 years | 20.1 years | 20.5 years |

Year over year: Employees (consolidated) -1.2% · Revenue (consolidated) -0.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Printed wiring board | 28,549 | 98.0% | 2,038 | 7.1% |
| Inspection machine and solution | 466 | 1.6% | 5 | 1.1% |
| Other | 102 | 0.4% | 2 | 2.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Printed wiring board | 98.0% | 99.7% | 1.6 | 7.1% |
| Inspection machine and solution | 1.6% | 0.2% | -1.4 | 1.1% |
| Other | 0.4% | 0.1% | -0.3 | 2.0% |

Segment → industry: Inspection machine and solution → Robots & Factory Automation / Printed wiring board → Electronic Components / Other → Trucking & Parcel Delivery

## 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 | 1,965 | 6.7% | S100YEDB |
| Capital expenditure | 613 | 2.1% | S100YEDB |
| Free cash flow | 1,352 | 4.6% | 算出 |
| Investing cash flow | -636 | -2.2% | S100YEDB |
| Financing cash flow | -1,455 | -5.0% | S100YEDB |
| Dividends paid | 452 | 1.6% | S100YEDB |
| Share buyback | 93 | 0.3% | S100YEDB |
| Change in cash | -104 | -0.4% | S100YEDB |
| Cash and equivalents | 802 | 2.8% | S100YEDB |

## 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 | 1,693 | 731 | 1,603 | 907 | 802 | S100V0ZY, S100W13C, S100YEDB |
| Total assets | 22,340 | 20,628 | 19,696 | 19,454 | 19,185 | S100R23U, S100V0ZY, S100W13C, S100YEDB |
| Net assets | 4,097 | 5,981 | 7,930 | 10,054 | 11,109 | S100V0ZY, S100W13C, S100YEDB |
| Share capital | 90 | 90 | 366 | 366 | 366 | S100R23U, S100V0ZY, S100W13C, S100YEDB |
| Trade receivables | 5,568 | 4,855 | 4,307 | 4,536 | 4,590 | S100R23U, S100V0ZY, S100W13C, S100YEDB |
| Property, plant and equipment | 8,869 | 8,451 | 7,692 | 7,874 | 7,700 | S100R23U, S100V0ZY, S100W13C, S100YEDB |
| Intangible assets excluding goodwill | 180 | 148 | 167 | 170 | 172 | S100R23U, S100V0ZY, S100W13C, S100YEDB |
| Investment securities | 803 | 737 | 698 | 634 | 561 | S100R23U, S100V0ZY, S100W13C, S100YEDB |
| Current assets | 12,068 | 10,938 | 10,853 | 10,439 | 10,452 | S100R23U, S100V0ZY, S100W13C, S100YEDB |
| Current liabilities | 13,460 | 10,196 | 8,352 | 7,739 | 6,877 | S100R23U, S100V0ZY, S100W13C, S100YEDB |
| Trade payables | 4,261 | 3,355 | 2,803 | 2,823 | 3,357 | S100R23U, S100V0ZY, S100W13C, S100YEDB |
| Short-term borrowings | 3,399 | 1,888 | 964 | 987 | 1,013 | S100R23U, S100V0ZY, S100W13C, S100YEDB |
| Long-term borrowings | 4,100 | 3,822 | 2,786 | 1,029 | 572 | S100R23U, S100V0ZY, S100W13C, S100YEDB |
| Total liabilities | 18,243 | 14,647 | 11,766 | 9,399 | 8,075 | S100R23U, S100V0ZY, S100W13C, S100YEDB |
| Non-controlling interests | 161 | 79 | 91 | 126 | 147 | S100R23U, S100V0ZY, S100W13C, S100YEDB |
| Equity attributable to owners of parent | 4,402 | 6,377 | 8,130 | 9,833 | 10,641 | S100R23U, S100V0ZY, S100W13C, S100YEDB |
| Retained earnings | 1,593 | 3,519 | 4,700 | 6,384 | 7,241 | S100R23U, S100V0ZY, S100W13C, S100YEDB |
| Treasury stock | -59 | -43 | -26 | -14 | -65 | S100R23U, S100V0ZY, S100W13C, S100YEDB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YEDB |
| Receivables | 24% | S100YEDB |
| Property, plant and equipment | 40% | S100YEDB |
| Intangibles and goodwill | 1% | S100YEDB |
| Investment securities | 3% | S100YEDB |
| Other assets | 28% | S100YEDB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 17% | S100YEDB |
| Other liabilities | 25% | S100YEDB |
| Equity | 58% | S100YEDB |
| Other liabilities | 0% | S100YEDB |

### 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 | 22,340 | 20,628 | 19,696 | 19,454 | 19,185 |
| Equity | 4,097 | 5,981 | 7,930 | 10,054 | 11,109 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,693 | 731 | 1,603 | 907 | 802 |

## 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) | 26.4% | S100YEDB |
| Fixed assets ÷ total assets | 40.1% | S100YEDB |
| Goodwill ÷ parent equity | — | —, S100YEDB |

### 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) | 4.2% |
| Cash ÷ revenue | 2.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 96.8% |
| Cash vs. profit gap | 656 JPY mn (of net income 50.1%) |
| Shareholder returns / net income | 41.6% |
| Shareholder returns / FCF | 40.3% |
| Shareholder payments — dividends / net income | 34.5% |
| Shareholder payments — dividends / FCF | 33.4% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 32.4% |

## 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 | 4.5% | 1.32× | 5.9% | 5.07× | 30.1% | S100R23U |
| 2023 | 6.3% | 1.53× | 9.6% | 3.99× | 38.3% | S100V0ZY |
| 2024 | 5.2% | 1.43× | 7.4% | 2.78× | 20.5% | S100W13C |
| 2025 | 7.1% | 1.50× | 10.6% | 2.18× | 23.1% | S100YEDB |
| 2026 | 4.5% | 1.51× | 6.8% | 1.89× | 12.8% | S100YEDB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 白井商事株式会社 | Major shareholder | 13.5% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 2.7% | 2026-03-31 |
| 白井 治夫 | Major shareholder | 2.5% | 2026-03-31 |
| シライ電子工業従業員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| INTERACTIVE BROKERS LLC（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 1.6% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC)RE U.S. TAX EXEMPTED PENSION FUNDS SEC LENDING (常任代理人 香港上海銀行東京支店) | Major shareholder | 1.2% | 2026-03-31 |
| 富国生命保険相互会社 | Major shareholder | 1.0% | 2026-03-31 |
| 館農 隆幸 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社タムラ製作所 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/04/01－2026/03/31) | S100YEDB | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEDB,, |
| 有価証券報告書－第56期(2024/04/01－2025/03/31) | S100W13C | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W13C,, |
| 訂正有価証券報告書－第55期(2023/04/01－2024/03/31) | S100V0ZY | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0ZY,, |
| 有価証券報告書－第54期(2022/04/01－2023/03/31) | S100R23U | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R23U,, |
| 有価証券報告書－第53期(令和3年4月1日－令和4年3月31日) | S100OHVA | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHVA,, |
| 有価証券報告書－第52期(令和2年4月1日－令和3年3月31日) | S100LR5F | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR5F,, |

## 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).