# SHIZUKI ELECTRIC COMPANY INC.: 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98期(2025/04/01－2026/03/31) (S100YKEP)
> Page: https://vizora.meequs.com/en/company/shizuki-electric
> Retrieved: 2026-09-30T22:13:32.434Z

## Company

Shizuki Electric Company is a company in Electrical Equipment listed on TSE Standard. It has 1,166 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHIZUKI ELECTRIC COMPANY INC. |
| Ticker | 6994 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6994.T) |
| Listing | TSE Standard |
| Head office | 兵庫県西宮市大社町10番45号 |
| Representative (per filing) | 取締役・代表執行役社長 稲垣 裕一 |
| Share capital | ¥5B |
| Employees (consolidated) | 1,166 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.shizuki.co.jp (https://www.shizuki.co.jp/) |
| Corporate number | 9140001069021 |
| EDINET | E01899 |
| Industries (Vizora) | Electrical Equipment, Electronic Components |

> Profile source: annual securities report (S100YKEP, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 42.5 | 53 |
| Profitability | 68.8 | 56 |
| Cash conversion | 76 | 48 |
| Efficiency | 42 | 56 |
| Financial strength | 90 | 5 |

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 Shizuki Electric Company's sales come from Capacitors, with Power Equipment making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +2.4% from the prior year, operating profit +27.1%.

## Company structure

- Segment revenue mix: Capacitors 63.6%、Power Equipment 36.4%
- Revenue → net income: ¥27995716000 → ¥2010420000
- Net income → operating cash flow: ¥2010420000 → ¥5170248000（difference ¥3159828000）
- Main uses of operating cash flow: CapEx ¥1900253000 / dividends ¥530359000 / buybacks ¥302000
- Change in cash: ¥3258148000
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 | ¥28B |  |
| Operating income | ¥2.53B | Margin 9.0% |
| Net income | ¥1.99B | Margin 7.1% |
| Free cash flow | ¥3.27B |  |
| Largest business | Capacitors | of segment revenue 63.6% |
| Employees (consolidated) | 1,166 |  |
| EPS | ¥51.24 |  |
| Book value per share | ¥822.04 |  |
| Equity ratio | 61.0% |  |
| Shares outstanding | 33,061,000 |  |
| Treasury shares | 7,806,100 |  |
| Shareholders | 7,661 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 22.1% | Net cash ¥187.7M · Cash ÷ revenue 32.8% |
| Vs. industry median margin | +3.1 pp | Electronic Components |
| ROE | 9.6% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, one segment accounts for 76% of positive segment profit
- FY2026, segment profit share differs by -40 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21827767000 | ¥27995716000 | +28.3% |
| Operating income | ¥698844000 | ¥2529569000 | +262.0% |
| Operating margin | 3.2% | 9.0% | +5.8 pp |
| Employees | 1,240 people | 1,166 people | -6.0% |
| Cash and equivalents | ¥5682017000 | ¥9187655000 | +61.7% |

### 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 |
| --- | ---: |
| コンデンサ・モジュール → コンデンサ・モジュール | 63.6% |
| コンデンサ・モジュール → 事業再編・廃止 | 7.7% |
| 電力機器システム → 電力機器システム | 28.8% |
| 新設・再編 → 電力機器システム | 7.7% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 27,996 | 100.0% | S100YKEP |
| Cost of revenue | 20,117 | 71.9% | S100YKEP |
| Gross profit | 7,879 | 28.1% | S100YKEP |
| SG&A | 5,349 | 19.1% | S100YKEP |
| Operating income | 2,530 | 9.0% | S100YKEP |
| Ordinary income | 2,961 | 10.6% | S100YKEP |
| Pretax income | 2,961 | 10.6% | S100YKEP |
| Income tax | 951 | 3.4% | S100YKEP |
| Net income | 2,010 | 7.2% | S100YKEP |
| Net income attributable to owners | 1,991 | 7.1% | S100YKEP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 19 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 28.1% → Operating margin 9.0% → Net margin 7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.4%; Core profit growth: +27.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.40×
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 | 27,347 | 27,996 | 649 | +2.4% |
| Gross profit | 7,033 | 7,879 | 845 | +12.0% |
| Operating income | 1,991 | 2,530 | 539 | +27.1% |
| Net income attributable to owners | 1,195 | 1,991 | 796 | +66.6% |
| Operating cash flow | 3,564 | 5,170 | 1,607 | +45.1% |
| Free cash flow | 1,236 | 3,270 | 2,034 | +164.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 23,597 | 1,183 | 5.0% | 705 | 1,581 | -539 | S100LSHJ |
| FY ending Mar 2021 | 21,828 | 699 | 3.2% | 1,158 | 2,523 | 1,140 | S100OE8Q |
| FY ending Mar 2022 | 23,875 | 997 | 4.2% | 947 | 196 | -1,671 | S100R44K |
| FY ending Mar 2023 | 26,128 | 937 | 3.6% | 761 | 2,475 | 1,614 | S100TS0S |
| FY ending Mar 2024 | 26,306 | 1,099 | 4.2% | 182 | -272 | -1,874 | S100WLJZ |
| FY ending Mar 2025 | 27,347 | 1,991 | 7.3% | 1,195 | 3,564 | 1,236 | S100YKEP |
| FY ending Mar 2026 | 27,996 | 2,530 | 9.0% | 1,991 | 5,170 | 3,270 | S100YKEP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 1,266 | 1,278 | 1,280 | 1,209 | 1,166 |
| Average salary (parent company) | ¥5.8M | ¥5.8M | ¥5.9M | ¥6M | ¥6.4M |
| Average age (parent company) | 41.4 years | 40.9 years | 39.8 years | 39.1 years | 39.4 years |
| Average tenure (parent company) | 14.5 years | 13.6 years | 12.6 years | 12.0 years | 12.2 years |

Year over year: Employees (consolidated) -3.6% · Revenue (consolidated) +2.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Capacitors | 17,799 | 63.6% | 968 | 5.4% |
| Power Equipment | 10,197 | 36.4% | 3,088 | 30.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Capacitors | 63.6% | 23.9% | -39.7 | 5.4% |
| Power Equipment | 36.4% | 76.1% | 39.7 | 30.3% |

Segment → industry: Power Equipment → Electrical Equipment / Capacitors → Electronic Components

## 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 | 5,170 | 18.5% | S100YKEP |
| Capital expenditure | 1,900 | 6.8% | S100YKEP |
| Free cash flow | 3,270 | 11.7% | 算出 |
| Investing cash flow | -1,750 | -6.3% | S100YKEP |
| Financing cash flow | -344 | -1.2% | S100YKEP |
| Dividends paid | 530 | 1.9% | S100YKEP |
| Share buyback | 0 | 0.0% | S100YKEP |
| Change in cash | 3,258 | 11.6% | S100YKEP |
| Cash and equivalents | 9,188 | 32.8% | S100YKEP |

## 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 | 4,052 | 9,346 | 4,531 | 5,930 | 9,188 | S100TS0S, S100WLJZ, S100YKEP |
| Total assets | 32,144 | 38,118 | 36,479 | 38,345 | 41,627 | S100R44K, S100TS0S, S100WLJZ, S100YKEP |
| Net assets | 24,965 | 25,737 | 22,772 | 23,747 | 25,791 | S100TS0S, S100WLJZ, S100YKEP |
| Share capital | 5,002 | 5,002 | 5,002 | 5,002 | 5,002 | S100R44K, S100TS0S, S100WLJZ, S100YKEP |
| Trade receivables | 6,658 | 7,133 | 8,303 | 8,184 | 8,094 | S100R44K, S100TS0S, S100WLJZ, S100YKEP |
| Property, plant and equipment | 13,218 | 12,844 | 13,088 | 14,184 | 14,911 | S100R44K, S100TS0S, S100WLJZ, S100YKEP |
| Intangible assets excluding goodwill | 509 | 425 | 414 | 339 | 246 | S100R44K, S100TS0S, S100WLJZ, S100YKEP |
| Investment securities | 1,664 | 1,708 | 1,973 | 1,745 | 2,403 | S100R44K, S100TS0S, S100WLJZ, S100YKEP |
| Current assets | 15,881 | 21,823 | 19,180 | 20,113 | 22,191 | S100R44K, S100TS0S, S100WLJZ, S100YKEP |
| Current liabilities | 3,818 | 3,890 | 5,248 | 6,883 | 6,133 | S100R44K, S100TS0S, S100WLJZ, S100YKEP |
| Short-term borrowings | 500 | — | 1,500 | 2,900 | 1,300 | S100R44K, S100WLJZ, S100YKEP |
| Long-term borrowings | 1,800 | 5,300 | 5,100 | 4,400 | 6,200 | S100R44K, S100TS0S, S100WLJZ, S100YKEP |
| Bonds | — | 1,500 | 1,500 | 1,500 | 1,500 | S100TS0S, S100WLJZ, S100YKEP |
| Interest-bearing debt | — | — | 8,100 | 8,800 | 9,000 | 算出 |
| Total liabilities | 7,180 | 12,380 | 13,707 | 14,598 | 15,836 | S100R44K, S100TS0S, S100WLJZ, S100YKEP |
| Non-controlling interests | 382 | 416 | 483 | 363 | 411 | S100R44K, S100TS0S, S100WLJZ, S100YKEP |
| Equity attributable to owners of parent | 22,137 | 22,584 | 18,926 | 19,932 | 21,392 | S100R44K, S100TS0S, S100WLJZ, S100YKEP |
| Retained earnings | 12,881 | 13,328 | 13,269 | 14,249 | 15,710 | S100R44K, S100TS0S, S100WLJZ, S100YKEP |
| Treasury stock | -22 | -22 | -3,621 | -3,621 | -3,621 | S100R44K, S100TS0S, S100WLJZ, S100YKEP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YKEP |
| Receivables | 19% | S100YKEP |
| Property, plant and equipment | 36% | S100YKEP |
| Intangibles and goodwill | 1% | S100YKEP |
| Investment securities | 6% | S100YKEP |
| Other assets | 16% | S100YKEP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 22% | 算出 |
| Other liabilities | 16% | S100YKEP |
| Equity | 62% | S100YKEP |
| Other liabilities | 0% | S100YKEP |

### 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 | 32,144 | 38,118 | 36,479 | 38,345 | 41,627 |
| Equity | 24,965 | 25,737 | 22,772 | 23,747 | 25,791 |
| Interest-bearing debt | — | — | 8,100 | 8,800 | 9,000 |
| Cash | 4,052 | 9,346 | 4,531 | 5,930 | 9,188 |

## 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) | 53.3% | S100YKEP |
| Fixed assets ÷ total assets | 35.8% | S100YKEP |
| Goodwill ÷ parent equity | — | —, S100YKEP |

### 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) | 22.1% |
| Cash ÷ revenue | 32.8% |
| Net cash (cash − interest-bearing debt) | ¥187.7M |
| Net debt ÷ operating cash flow | -0.04× |
| Cash conversion (operating CF ÷ operating income) | 204.4% |
| Cash vs. profit gap | 3,180 JPY mn (of net income 159.7%) |
| Shareholder returns / net income | 26.7% |
| Shareholder returns / FCF | 16.2% |
| Shareholder payments — dividends / net income | 26.6% |
| Shareholder payments — dividends / FCF | 16.2% |
| CapEx intensity (capex ÷ revenue) | 6.8% |
| Investing CF relative to operating CF | 33.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 4.0% | 0.74× | 2.9% | 1.45× | 4.3% | S100R44K |
| 2023 | 2.9% | 0.74× | 2.2% | 1.57× | 3.4% | S100TS0S |
| 2024 | 0.7% | 0.71× | 0.5% | 1.80× | 0.9% | S100WLJZ |
| 2025 | 4.4% | 0.73× | 3.2% | 1.93× | 6.1% | S100YKEP |
| 2026 | 7.1% | 0.70× | 5.0% | 1.94× | 9.6% | S100YKEP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱電機株式会社 | Major shareholder | 22.9% | 2026-03-31 |
| 株式会社村田製作所 | Major shareholder | 17.7% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 指月協友持株会 | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社みなと銀行 | Major shareholder | 3.7% | 2026-03-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/ FIM/LUXEMBOURG FUNDS/UCITS ASSETS （常任代理人 香港上海銀行東京支店） | 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 | 2.5% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 指月電機製作所自社株投資会 | Major shareholder | 1.5% | 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 | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第98期(2025/04/01－2026/03/31) | S100YKEP | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKEP,, |
| 訂正有価証券報告書－第97期(2024/04/01－2025/03/31) | S100WLJZ | 2025-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLJZ,, |
| 有価証券報告書－第96期(2023/04/01－2024/03/31) | S100TS0S | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS0S,, |
| 有価証券報告書－第95期(2022/04/01－2023/03/31) | S100R44K | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R44K,, |
| 有価証券報告書－第94期(令和3年4月1日－令和4年3月31日) | S100OE8Q | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE8Q,, |
| 有価証券報告書－第93期(令和2年4月1日－令和3年3月31日) | S100LSHJ | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSHJ,, |

## 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).