# Stanley Electric 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121期(2025/04/01－2026/03/31) (S100YERJ)
> Page: https://vizora.meequs.com/en/company/stanley-electric
> Retrieved: 2026-09-30T17:49:32.472Z

## Company

Stanley Electric, founded in 1920, is a company in Auto Parts listed on TSE Prime. It has 18,230 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Stanley Electric Co.,Ltd. |
| Ticker | 6923 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6923.T) |
| Listing | TSE Prime |
| Head office | 東京都目黒区中目黒2丁目9番13号 |
| Representative (per filing) | 代表取締役社長執行役員 貝住泰昭 |
| Founded | Dec 1920 |
| Share capital | ¥30.5B |
| Employees (consolidated) | 18,230 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.stanley-electric.com (https://www.stanley-electric.com/) |
| Corporate number | 2013201003041 |
| EDINET | E01880 |
| Industries (Vizora) | Auto Parts, Electronic Components |

> Profile source: annual securities report (S100YERJ, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.6 | 110 |
| Profitability | 87.8 | 111 |
| Cash conversion | 56 | 108 |
| Efficiency | 8.6 | 111 |

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 86% of Stanley Electric's sales come from Automotive Equipment business, with Applied Electronic Products Bisiness and Electric Components business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +1.7% from the prior year, operating profit -12.9%.

## Company structure

- Segment revenue mix: Automotive Equipment business 85.9%、Applied Electronic Products Bisiness 10.2%、Electric Components business 3.9%
- Revenue → net income: ¥518456000000 → ¥42279000000
- Net income → operating cash flow: ¥42279000000 → ¥78344000000（difference ¥36065000000）
- Main uses of operating cash flow: CapEx ¥57606000000 / dividends ¥12366000000 / buybacks ¥80004000000
- Change in cash: ¥7482000000
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 | ¥518.5B |  |
| Operating income | ¥42.7B | Margin 8.2% |
| Net income | ¥32.8B | Margin 6.3% |
| Free cash flow | ¥20.7B |  |
| Largest business | Automotive Equipment business | of segment revenue 85.9% |
| Employees (consolidated) | 18,230 |  |
| EPS | ¥304.63 |  |
| Diluted EPS | ¥304.55 |  |
| Book value per share | ¥1321.47 |  |
| Equity ratio | 56.1% |  |
| Shares outstanding | 126,000,000 |  |
| Treasury shares | 3,089,600 |  |
| Shareholders | 6,694 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 16.8% | Cash ÷ revenue 26.2% |
| Vs. industry median margin | +3.5 pp | Auto Parts |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 6.5× dividends
- FY2026, operating cash flow is 2.4× net income
- FY2026, one segment accounts for 79% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥359710000000 | ¥518456000000 | +44.1% |
| Operating income | ¥35903000000 | ¥42674000000 | +18.9% |
| Operating margin | 10.0% | 8.2% | -1.8 pp |
| Employees | 17,589 people | 18,230 people | +3.6% |
| Cash and equivalents | ¥101399000000 | ¥135925000000 | +34.0% |

### 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 |
| --- | ---: |
| 自動車機器事業 → 自動車機器事業 | 79.2% |
| コンポーネンツ事業 → コンポーネンツ事業 | 3.9% |
| コンポーネンツ事業 → 事業再編・廃止 | 3.1% |
| 電子応用製品事業 → 電子応用製品事業 | 10.2% |
| 電子応用製品事業 → 事業再編・廃止 | 3.6% |
| 新設・再編 → 自動車機器事業 | 6.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automotive Equipment business | 5 years | +9.4% | ¥445215000000 | 10.1% | 2 |
| Applied Electronic Products Bisiness | 5 years | +1.3% | ¥52879000000 | 17.6% | 2 |
| Electric Components business | 5 years | -4.2% | ¥20356000000 | 14.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 518,456 | 100.0% | S100YERJ |
| Cost of revenue | 410,581 | 79.2% | S100YERJ |
| Gross profit | 107,874 | 20.8% | S100YERJ |
| SG&A | 65,199 | 12.6% | S100YERJ |
| Operating income | 42,674 | 8.2% | S100YERJ |
| Ordinary income | 50,853 | 9.8% | S100YERJ |
| Pretax income | 56,204 | 10.8% | S100YERJ |
| Income tax | 13,925 | 2.7% | S100YERJ |
| Net income | 42,279 | 8.2% | S100YERJ |
| Net income attributable to owners | 32,813 | 6.3% | S100YERJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 13 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 20.8% → Operating margin 8.2% → Net margin 6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.7%; Core profit growth: -12.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -7.40×
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 | 509,565 | 518,456 | 8,891 | +1.7% |
| Gross profit | 105,672 | 107,874 | 2,202 | +2.1% |
| Operating income | 49,002 | 42,674 | -6,328 | -12.9% |
| Net income attributable to owners | 32,058 | 32,813 | 755 | +2.4% |
| Operating cash flow | 66,577 | 78,344 | 11,767 | +17.7% |
| Free cash flow | 20,955 | 20,738 | -217 | -1.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 391,622 | 24,833 | 6.3% | 18,550 | 63,211 | 21,190 | S100LJ87 |
| FY ending Mar 2021 | 359,710 | 35,903 | 10.0% | 22,918 | 46,643 | 15,451 | S100OB3D |
| FY ending Mar 2022 | 382,561 | 27,743 | 7.3% | 21,445 | 36,881 | 7,977 | S100R2Y2 |
| FY ending Mar 2023 | 439,574 | 36,710 | 8.4% | 26,496 | 76,275 | 40,010 | S100TO02 |
| FY ending Mar 2024 | 472,397 | 35,834 | 7.6% | 26,497 | 65,552 | 38,454 | S100W0LQ |
| FY ending Mar 2025 | 509,565 | 49,002 | 9.6% | 32,058 | 66,577 | 20,955 | S100YERJ |
| FY ending Mar 2026 | 518,456 | 42,674 | 8.2% | 32,813 | 78,344 | 20,738 | S100YERJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.4M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 17,022 | 16,964 | 16,778 | 18,581 | 18,230 |
| Average salary (parent company) | ¥6.1M | ¥6M | ¥6M | ¥6.4M | ¥6.6M |
| Average age (parent company) | 40.7 years | 40.8 years | 41.1 years | 41.2 years | 41.4 years |
| Average tenure (parent company) | 15.8 years | 15.8 years | 15.8 years | 16.1 years | 15.5 years |

Year over year: Employees (consolidated) -1.9% · Revenue (consolidated) +1.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automotive Equipment business | 445,215 | 85.9% | 44,937 | 10.1% |
| Electric Components business | 20,356 | 3.9% | 2,884 | 14.2% |
| Applied Electronic Products Bisiness | 52,879 | 10.2% | 9,302 | 17.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Automotive Equipment business | 85.9% | 78.7% | -7.2 | 10.1% |
| Electric Components business | 3.9% | 5.0% | 1.1 | 14.2% |
| Applied Electronic Products Bisiness | 10.2% | 16.3% | 6.1 | 17.6% |

Segment → industry: Automotive Equipment business → Auto Parts / Applied Electronic Products Bisiness → Electronic Components / Electric Components business → 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 | 78,344 | 15.1% | S100YERJ |
| Capital expenditure | 57,606 | 11.1% | S100YERJ |
| Free cash flow | 20,738 | 4.0% | 算出 |
| Investing cash flow | -48,901 | -9.4% | S100YERJ |
| Financing cash flow | -31,712 | -6.1% | S100YERJ |
| Dividends paid | 12,366 | 2.4% | S100YERJ |
| Share buyback | 80,004 | 15.4% | S100YERJ |
| Change in cash | 7,482 | 1.4% | S100YERJ |
| Cash and equivalents | 135,925 | 26.2% | S100YERJ |

## 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 | 112,004 | 130,881 | 147,130 | 128,442 | 135,925 | S100TO02, S100W0LQ, S100YERJ |
| Total assets | 585,382 | 629,611 | 708,264 | 749,605 | 809,264 | S100R2Y2, S100TO02, S100W0LQ, S100YERJ |
| Net assets | 488,962 | 536,128 | 589,362 | 598,906 | 571,938 | S100TO02, S100W0LQ, S100YERJ |
| Share capital | 30,514 | 30,514 | 30,514 | 30,514 | 30,514 | S100R2Y2, S100TO02, S100W0LQ, S100YERJ |
| Trade receivables | 68,027 | 70,317 | 75,060 | 77,368 | 84,360 | S100R2Y2, S100TO02, S100W0LQ, S100YERJ |
| Inventories | 49,308 | 46,226 | 55,521 | 55,498 | 56,341 | S100R2Y2, S100TO02, S100W0LQ, S100YERJ |
| Property, plant and equipment | 194,890 | 194,889 | 190,840 | 235,606 | 263,285 | S100R2Y2, S100TO02, S100W0LQ, S100YERJ |
| Intangible assets excluding goodwill | 8,930 | 8,069 | 8,825 | 10,003 | 12,293 | S100R2Y2, S100TO02, S100W0LQ, S100YERJ |
| Goodwill | 748 | 704 | 673 | 5,258 | 5,242 | S100R2Y2, S100TO02, S100W0LQ, S100YERJ |
| Investment securities | 74,681 | 98,863 | 130,901 | 77,828 | 71,740 | S100R2Y2, S100TO02, S100W0LQ, S100YERJ |
| Current assets | 299,295 | 321,435 | 358,610 | 390,038 | 411,055 | S100R2Y2, S100TO02, S100W0LQ, S100YERJ |
| Current liabilities | 74,641 | 69,849 | 97,708 | 91,015 | 176,302 | S100R2Y2, S100TO02, S100W0LQ, S100YERJ |
| Trade payables | 39,246 | 37,902 | 40,575 | 40,995 | 40,598 | S100R2Y2, S100TO02, S100W0LQ, S100YERJ |
| Short-term borrowings | — | — | — | — | 76,700 | S100YERJ |
| Bonds | 10,000 | 10,000 | — | 40,000 | 40,000 | S100R2Y2, S100TO02, S100YERJ |
| Total liabilities | 96,420 | 93,483 | 118,901 | 150,698 | 237,325 | S100R2Y2, S100TO02, S100W0LQ, S100YERJ |
| Non-controlling interests | 54,022 | 59,485 | 64,564 | 113,014 | 117,410 | S100R2Y2, S100TO02, S100W0LQ, S100YERJ |
| Equity attributable to owners of parent | 382,854 | 415,111 | 418,194 | 400,316 | 341,173 | S100R2Y2, S100TO02, S100W0LQ, S100YERJ |
| Retained earnings | 354,782 | 373,682 | 386,872 | 358,372 | 300,711 | S100R2Y2, S100TO02, S100W0LQ, S100YERJ |
| Treasury stock | -32,313 | -18,938 | -28,862 | -7,668 | -9,282 | S100R2Y2, S100TO02, S100W0LQ, S100YERJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YERJ |
| Receivables | 10% | S100YERJ |
| Inventories | 7% | S100YERJ |
| Property, plant and equipment | 33% | S100YERJ |
| Intangibles and goodwill | 2% | S100YERJ |
| Investment securities | 9% | S100YERJ |
| Other assets | 22% | S100YERJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YERJ |
| Other liabilities | 24% | S100YERJ |
| Equity | 71% | S100YERJ |
| Other liabilities | 0% | S100YERJ |

### 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 | 585,382 | 629,611 | 708,264 | 749,605 | 809,264 |
| Equity | 488,962 | 536,128 | 589,362 | 598,906 | 571,938 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 112,004 | 130,881 | 147,130 | 128,442 | 135,925 |

## 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) | 50.8% | S100YERJ |
| Fixed assets ÷ total assets | 32.5% | S100YERJ |
| Goodwill ÷ parent equity | 1.5% | S100YERJ |

Goodwill over 4 years: 748 → 5,242 JPY; total investing cash flow: -222,014 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) | 16.8% |
| Cash ÷ revenue | 26.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 183.6% |
| Cash vs. profit gap | 45,531 JPY mn (of net income 138.8%) |
| Shareholder returns / net income | 281.5% |
| Shareholder returns / FCF | 445.4% |
| Shareholder payments — dividends / net income | 37.7% |
| Shareholder payments — dividends / FCF | 59.6% |
| CapEx intensity (capex ÷ revenue) | 11.1% |
| Investing CF relative to operating CF | 62.4% |

## 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 | 5.6% | 0.65× | 3.7% | 1.53× | 5.6% | S100R2Y2 |
| 2023 | 6.0% | 0.72× | 4.4% | 1.52× | 6.6% | S100TO02 |
| 2024 | 5.6% | 0.71× | 4.0% | 1.61× | 6.4% | S100W0LQ |
| 2025 | 6.3% | 0.70× | 4.4% | 1.78× | 7.8% | S100YERJ |
| 2026 | 6.3% | 0.67× | 4.2% | 2.10× | 8.9% | S100YERJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 本田技研工業株式会社 | Major shareholder | 13.6% | 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 | 12.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.1% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 5.6% | 2026-03-31 |
| STATE STREET BANK ANDTRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社シティインデックスイレブンス | Major shareholder | 3.1% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 全国共済農業協同組合連合会（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.3% | 2026-03-31 |
| STATE STREET BANK ANDTRUST COMPANY 505103（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.3% | 2026-03-31 |
| BNYMSANV AS AGENT/CLIENTS LUX UCITS NON TREATY 1（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥518.5B, up +1.7% from ¥509.6B.
- Operating income dropped -12.9%, from ¥49B to ¥42.7B.
- Net income still edged up +2.4% to ¥32.8B.
- Operating cash flow grew +17.7% to ¥78.3B, while free cash flow stayed close to last year at ¥20.7B (-1.0%).

### Drivers

- A tough market in China and the rest of Asia, US tariffs, chip shortages and costs tied to quality problems weighed on profit in the automotive business.
- A South American company, Stanley-Angstrom Electric da Amazonia, which became a subsidiary partway through the prior year, added a full year of sales.
- Smaller foreign exchange losses and gains such as sales of investment securities lifted net income even as operating income fell.

### Risks

- Automotive products make up most of sales, so results move with the car industry.
- Shortages or price rises in materials such as resin and in parts such as chips could push up costs.
- A product defect that leads to a large recall would hurt results.

Cited: Annual Securities Report (121st term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (121st term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第121期(2025/04/01－2026/03/31) | S100YERJ | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YERJ,, |
| 有価証券報告書－第120期(2024/04/01－2025/03/31) | S100W0LQ | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0LQ,, |
| 有価証券報告書－第119期(2023/04/01－2024/03/31) | S100TO02 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO02,, |
| 有価証券報告書－第118期(2022/04/01－2023/03/31) | S100R2Y2 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2Y2,, |
| 有価証券報告書－第117期(令和3年4月1日－令和4年3月31日) | S100OB3D | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OB3D,, |
| 有価証券報告書－第116期(令和2年4月1日－令和3年3月31日) | S100LJ87 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ87,, |

## 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).