# SPK 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155期(2025/04/01－2026/03/31) (S100YCR6)
> Page: https://vizora.meequs.com/en/company/spk
> Retrieved: 2026-09-30T18:10:40.961Z

## Company

SPK, founded in 1990, is a company in Car Accessories listed on TSE Prime. It has 646 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SPK CORPORATION |
| Ticker | 7466 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7466.T) |
| Listing | TSE Prime |
| Head office | 大阪市福島区福島五丁目6番28号 |
| Representative (per filing) | 代表取締役社長 グループCEO・CIO 沖 恭一郎 |
| Founded | May 1990 |
| Share capital | ¥898M |
| Employees (consolidated) | 646 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.spk.co.jp (https://www.spk.co.jp/) |
| Corporate number | 9120001034407 |
| EDINET | E02827 |
| Industries (Vizora) | Car Accessories, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YCR6, filed 2026-06-18). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 89.7 | 179 |
| Profitability | 75.4 | 185 |
| Cash conversion | 30.4 | 179 |
| Efficiency | 57.6 | 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 43% of SPK's sales come from Domestic sales Division, with International Trade Division and Machinery Equipment Division making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +9.5% from the prior year, operating profit +8.3%.

## Company structure

- Segment revenue mix: Domestic sales Division 42.6%、International Trade Division 37.2%、Machinery Equipment Division 10.6%、CUSPA Division 9.6%
- Revenue → net income: ¥75246000000 → ¥2706000000
- Net income → operating cash flow: ¥2706000000 → ¥2556000000（difference ¥-150000000）
- Main uses of operating cash flow: CapEx ¥501000000 / dividends ¥656000000 / buybacks —
- Change in cash: ¥1721000000
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 | ¥75.2B |  |
| Operating income | ¥3.59B | Margin 4.8% |
| Net income | ¥2.69B | Margin 3.6% |
| Free cash flow | ¥2.06B |  |
| Largest business | Domestic sales Division | of segment revenue 42.6% |
| Employees (consolidated) | 646 |  |
| EPS | ¥112.58 |  |
| Book value per share | ¥1113.89 |  |
| Equity ratio | 61.0% |  |
| Shares outstanding | 10,453,000 |  |
| Treasury shares | 357,100 |  |
| Shareholders | 12,931 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 19.8% | Cash ÷ revenue 12.6% |
| Vs. industry median margin | +1.9 pp | Specialty Trading & Wholesale |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 5.9% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥41902143000 | ¥75246000000 | +79.6% |
| Operating income | ¥2044007000 | ¥3587000000 | +75.5% |
| Operating margin | 4.9% | 4.8% | -0.1 pp |
| Employees | 389 people | 646 people | +66.1% |
| Cash and equivalents | ¥7254216000 | ¥9478000000 | +30.7% |

### 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 |
| --- | ---: |
| 国内営業本部 → 国内営業本部 | 42.6% |
| 国内営業本部 → 事業再編・廃止 | 15.3% |
| 海外営業本部 → 海外営業本部 | 26.8% |
| 工機営業本部 → 工機営業本部 | 10.1% |
| CUSPA営業本部 → CUSPA営業本部 | 5.1% |
| 新設・再編 → 海外営業本部 | 10.4% |
| 新設・再編 → 工機営業本部 | 0.5% |
| 新設・再編 → CUSPA営業本部 | 4.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic sales Division | 5 years | +5.7% | ¥32076000000 | 4.7% | 2 |
| International Trade Division | 5 years | +20.0% | ¥27979000000 | 3.5% | 2 |
| Machinery Equipment Division | 5 years | +13.5% | ¥7988000000 | 7.1% | 2 |
| CUSPA Division | 5 years | +27.4% | ¥7202000000 | 5.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 75,246 | 100.0% | S100YCR6 |
| Cost of revenue | 60,809 | 80.8% | S100YCR6 |
| Gross profit | 14,437 | 19.2% | S100YCR6 |
| SG&A | 10,849 | 14.4% | S100YCR6 |
| Operating income | 3,587 | 4.8% | S100YCR6 |
| Ordinary income | 3,889 | 5.2% | S100YCR6 |
| Pretax income | 3,899 | 5.2% | S100YCR6 |
| Income tax | 1,193 | 1.6% | S100YCR6 |
| Net income | 2,706 | 3.6% | S100YCR6 |
| Net income attributable to owners | 2,692 | 3.6% | S100YCR6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 14 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 19.2% → Operating margin 4.8% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.5%; Core profit growth: +8.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.88×
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 | 68,720 | 75,246 | 6,526 | +9.5% |
| Gross profit | 12,871 | 14,437 | 1,566 | +12.2% |
| Operating income | 3,311 | 3,587 | 276 | +8.3% |
| Net income attributable to owners | 2,497 | 2,692 | 195 | +7.8% |
| Operating cash flow | 1,192 | 2,556 | 1,364 | +114.4% |
| Free cash flow | 274 | 2,055 | 1,781 | +650.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 43,860 | 1,945 | 4.4% | 1,553 | 1,083 | 871 | S100LLD7 |
| FY ending Mar 2021 | 41,902 | 2,044 | 4.9% | 1,383 | 2,350 | 1,970 | S100OCTV |
| FY ending Mar 2022 | 47,687 | 2,035 | 4.3% | 1,625 | 536 | 11 | S100R0XT |
| FY ending Mar 2023 | 54,696 | 2,720 | 5.0% | 2,060 | 838 | 160 | S100TSBB |
| FY ending Mar 2024 | 63,302 | 3,145 | 5.0% | 2,392 | 1,836 | 669 | S100W57C |
| FY ending Mar 2025 | 68,720 | 3,311 | 4.8% | 2,497 | 1,192 | 274 | S100YCR6 |
| FY ending Mar 2026 | 75,246 | 3,587 | 4.8% | 2,692 | 2,556 | 2,055 | S100YCR6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥116.5M |
| Operating income per employee (consolidated) | ¥5.6M |
| Net income per employee (consolidated) | ¥4.2M |

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) | 429 | 456 | 566 | 638 | 646 |
| Average salary (parent company) | ¥6M | ¥6.1M | ¥6.7M | ¥7M | ¥7.2M |
| Average age (parent company) | 42.2 years | 42.6 years | 42.5 years | 42.3 years | 42.2 years |
| Average tenure (parent company) | 14.6 years | 14.4 years | 13.9 years | 12.8 years | 12.5 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +9.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic sales Division | 32,076 | 42.6% | 1,520 | 4.7% |
| International Trade Division | 27,979 | 37.2% | 979 | 3.5% |
| Machinery Equipment Division | 7,988 | 10.6% | 570 | 7.1% |
| CUSPA Division | 7,202 | 9.6% | 415 | 5.8% |

### 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 |
| --- | ---: |
| Domestic sales Division | 42.6% |
| International Trade Division | 37.2% |
| Machinery Equipment Division | 10.6% |
| CUSPA Division | 9.6% |

Segment → industry: CUSPA Division → Car Accessories / CUSPA Division → Specialty Trading & Wholesale / Machinery Equipment Division → Specialty Trading & Wholesale / International Trade Division → Specialty Trading & Wholesale / Domestic sales Division → 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 | 2,556 | 3.4% | S100YCR6 |
| Capital expenditure | 501 | 0.7% | S100YCR6 |
| Free cash flow | 2,055 | 2.7% | 算出 |
| Investing cash flow | -778 | -1.0% | S100YCR6 |
| Financing cash flow | -88 | -0.1% | S100YCR6 |
| Dividends paid | 656 | 0.9% | S100YCR6 |
| Change in cash | 1,721 | 2.3% | S100YCR6 |
| Cash and equivalents | 9,478 | 12.6% | S100YCR6 |

## 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 | 6,047 | 6,514 | 6,852 | 7,757 | 9,478 | S100TSBB, S100W57C, S100YCR6 |
| Total assets | 30,015 | 34,352 | 38,642 | 44,172 | 47,797 | S100R0XT, S100TSBB, S100W57C, S100YCR6 |
| Net assets | 20,224 | 22,176 | 24,591 | 27,062 | 29,332 | S100TSBB, S100W57C, S100YCR6 |
| Share capital | 899 | 899 | 899 | 898 | 898 | S100R0XT, S100TSBB, S100W57C, S100YCR6 |
| Trade receivables | 9,146 | 10,110 | 10,377 | 11,656 | 10,223 | S100R0XT, S100TSBB, S100W57C, S100YCR6 |
| Inventories | 6,570 | 8,479 | 10,058 | 11,114 | 12,641 | S100R0XT, S100TSBB, S100W57C, S100YCR6 |
| Property, plant and equipment | 4,109 | 4,581 | 5,563 | 6,203 | 6,276 | S100R0XT, S100TSBB, S100W57C, S100YCR6 |
| Intangible assets excluding goodwill | 665 | 678 | 822 | 2,140 | 1,946 | S100R0XT, S100TSBB, S100W57C, S100YCR6 |
| Goodwill | 400 | 335 | 414 | 917 | 666 | S100R0XT, S100TSBB, S100W57C, S100YCR6 |
| Investment securities | 226 | 275 | 496 | 430 | 866 | S100R0XT, S100TSBB, S100W57C, S100YCR6 |
| Current assets | 24,100 | 27,677 | 30,625 | 34,296 | 37,527 | S100R0XT, S100TSBB, S100W57C, S100YCR6 |
| Current liabilities | 7,920 | 9,751 | 10,734 | 11,476 | 14,986 | S100R0XT, S100TSBB, S100W57C, S100YCR6 |
| Trade payables | 4,986 | 5,339 | 5,804 | 5,380 | 5,197 | S100R0XT, S100TSBB, S100W57C, S100YCR6 |
| Short-term borrowings | 764 | 1,013 | 821 | 555 | 3,864 | S100R0XT, S100TSBB, S100W57C, S100YCR6 |
| Long-term borrowings | 898 | 1,401 | 2,330 | 4,571 | 2,249 | S100R0XT, S100TSBB, S100W57C, S100YCR6 |
| Bonds | 160 | 140 | 120 | — | — | S100R0XT, S100TSBB, S100W57C |
| Interest-bearing debt | 1,822 | 2,554 | 3,271 | — | — | 算出 |
| Total liabilities | 9,791 | 12,176 | 14,050 | 17,110 | 18,464 | S100R0XT, S100TSBB, S100W57C, S100YCR6 |
| Non-controlling interests | — | — | 109 | 131 | 156 | S100W57C, S100YCR6 |
| Equity attributable to owners of parent | 20,024 | 21,662 | 23,643 | 25,695 | 27,745 | S100R0XT, S100TSBB, S100W57C, S100YCR6 |
| Retained earnings | 18,599 | 20,238 | 22,219 | 24,162 | 26,198 | S100R0XT, S100TSBB, S100W57C, S100YCR6 |
| Treasury stock | -435 | -435 | -435 | -384 | -377 | S100R0XT, S100TSBB, S100W57C, S100YCR6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YCR6 |
| Receivables | 21% | S100YCR6 |
| Inventories | 26% | S100YCR6 |
| Property, plant and equipment | 13% | S100YCR6 |
| Intangibles and goodwill | 6% | S100YCR6 |
| Investment securities | 2% | S100YCR6 |
| Other assets | 12% | S100YCR6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YCR6 |
| Other liabilities | 28% | S100YCR6 |
| Equity | 61% | S100YCR6 |
| Other liabilities | 0% | S100YCR6 |

### 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 | 30,015 | 34,352 | 38,642 | 44,172 | 47,797 |
| Equity | 20,224 | 22,176 | 24,591 | 27,062 | 29,332 |
| Interest-bearing debt | 1,822 | 2,554 | 3,271 | — | — |
| Cash | 6,047 | 6,514 | 6,852 | 7,757 | 9,478 |

## 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) | 8.3% | S100YCR6 |
| Fixed assets ÷ total assets | 13.1% | S100YCR6 |
| Goodwill ÷ parent equity | 2.4% | S100YCR6 |

Goodwill over 4 years: 400 → 666 JPY; total investing cash flow: -6,935 JPY. This does not imply causation.

### 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) | 19.8% |
| Cash ÷ revenue | 12.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 71.3% |
| Cash vs. profit gap | -136 JPY mn (of net income -5.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.4% |
| Shareholder payments — dividends / FCF | 31.9% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 30.4% |

## 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 | 3.4% | 1.59× | 5.4% | 1.50× | 8.1% | S100R0XT |
| 2023 | 3.8% | 1.70× | 6.4% | 1.54× | 9.9% | S100TSBB |
| 2024 | 3.8% | 1.73× | 6.6% | 1.61× | 10.6% | S100W57C |
| 2025 | 3.6% | 1.66× | 6.0% | 1.68× | 10.1% | S100YCR6 |
| 2026 | 3.6% | 1.64× | 5.9% | 1.72× | 10.1% | S100YCR6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.5% | 2026-03-31 |
| UH Partners 2 投資事業有限責任組合 | Major shareholder | 7.4% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.5% | 2026-03-31 |
| SPK社員持株会 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社UH Partners 3 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.1% | 2026-03-31 |
| 渡部 和子 | Major shareholder | 3.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.3% | 2026-03-31 |
| BNYM RE BNYMLB RE GPP CLIENT MONEY AND ASSETS AC (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.9% | 2026-03-31 |
| ミヤコ自動車工業株式会社 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第155期(2025/04/01－2026/03/31) | S100YCR6 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCR6,, |
| 有価証券報告書－第154期(2024/04/01－2025/03/31) | S100W57C | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W57C,, |
| 有価証券報告書－第153期(2023/04/01－2024/03/31) | S100TSBB | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSBB,, |
| 有価証券報告書－第152期(2022/04/01－2023/03/31) | S100R0XT | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0XT,, |
| 有価証券報告書－第151期(令和3年4月1日－令和4年3月31日) | S100OCTV | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCTV,, |
| 有価証券報告書－第150期(令和2年4月1日－令和3年3月31日) | S100LLD7 | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLD7,, |

## 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).