# SUKEGAWA ELECTRIC CO.,LTD: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第88期(2024/10/01－2025/09/30) (S100XAGE)
> Page: https://vizora.meequs.com/en/company/sukegawa-electric
> Retrieved: 2026-09-30T23:08:45.734Z

## Company

Sukegawa Electric, founded in 1949, is a company in Robots & Factory Automation listed on TSE Standard. It has 191 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SUKEGAWA ELECTRIC CO.,LTD. |
| Ticker | 7711 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7711.T) |
| Listing | TSE Standard |
| Head office | 茨城県日立市滑川本町3丁目19番5号 (同所は登記上の本店所在地であり、実際の業務は下記で行っております。) |
| Representative (per filing) | 代表取締役社長 高橋 光俊 |
| Founded | Feb 1949 |
| Share capital | ¥921.1M |
| Employees (consolidated) | 191 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | September |
| Website | www.sukegawadenki.co.jp (https://www.sukegawadenki.co.jp/) |
| Corporate number | 6050001023279 |
| EDINET | E01997 |
| Industries (Vizora) | Robots & Factory Automation, Electrical Equipment, Restaurants & Pubs |

> Profile source: annual securities report (S100XAGE, filed 2025-12-15). As of filing

## Five-axis industry profile

Primary industry: Electrical Equipment (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.8 | 24 |
| Profitability | 97.9 | 24 |
| Cash conversion | 45.7 | 23 |
| Efficiency | 30 | 25 |

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 50% of Sukegawa Electric's sales come from Energy related, with Industrial system related and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +10.1% from the prior year, operating profit +27.1%.

## Company structure

- Segment revenue mix: Energy related 50.5%、Industrial system related 48.9%、Other 0.6%
- Revenue → net income: ¥5467931000 → ¥794456000
- Net income → operating cash flow: ¥794456000 → ¥826877000（difference ¥32421000）
- Main uses of operating cash flow: CapEx ¥61895000 / dividends ¥197194000 / buybacks ¥162000
- Change in cash: ¥283778000
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 | ¥5.47B |  |
| Operating income | ¥1.17B | Margin 21.3% |
| Net income | ¥794.5M | Margin 14.5% |
| Free cash flow | ¥765M |  |
| Largest business | Energy related | of segment revenue 50.5% |
| Employees (consolidated) | 191 |  |
| EPS | ¥144.06 |  |
| Book value per share | ¥886.74 |  |
| Equity ratio | 64.8% |  |
| Shares outstanding | 5,870,000 |  |
| Treasury shares | 355,100 |  |
| Shareholders | 5,947 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 6.8% | Cash ÷ revenue 9.4% |
| Vs. industry median margin | +12.9 pp | Electrical Equipment |
| ROE | 19.2% | Derived from disclosed figures |
| ROA | 10.9% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3123645000 | ¥5467931000 | +75.0% |
| Operating income | ¥-15416000 | ¥1165105000 | — |
| Operating margin | -0.5% | 21.3% | +21.8 pp |
| Employees | 192 people | 191 people | -0.5% |
| Cash and equivalents | ¥659045000 | ¥513472000 | -22.1% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| エネルギー関連 → エネルギー関連 | 42.8% |
| 産業システム関連 → 産業システム関連 | 48.9% |
| 産業システム関連 → 事業再編・廃止 | 3.6% |
| その他 → その他 | 0.6% |
| その他 → 事業再編・廃止 | 4.0% |
| 新設・再編 → エネルギー関連 | 7.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Energy related | 5 years | +15.6% | ¥2758741000 | 30.1% | 2 |
| Industrial system related | 5 years | +10.3% | ¥2674932000 | 26.4% | 2 |
| Other | 5 years | -25.0% | ¥34258000 | -15.4% | 2 |

## Income statement（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,468 | 100.0% | S100XAGE |
| Cost of revenue | 3,481 | 63.7% | S100XAGE |
| Gross profit | 1,987 | 36.3% | S100XAGE |
| SG&A | 822 | 15.0% | S100XAGE |
| Operating income | 1,165 | 21.3% | S100XAGE |
| Ordinary income | 1,178 | 21.5% | S100XAGE |
| Pretax income | 1,138 | 20.8% | S100XAGE |
| Income tax | 344 | 6.3% | S100XAGE |
| Net income | 794 | 14.5% | S100XAGE |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 15 |
| Operating income | 21 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 36.3% → Operating margin 21.3% → Net margin 14.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.1%; Core profit growth: +27.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.68×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,965 | 5,468 | 503 | +10.1% |
| Gross profit | 1,762 | 1,987 | 225 | +12.7% |
| Operating income | 916 | 1,165 | 249 | +27.1% |
| Operating cash flow | 203 | 827 | 624 | +308.2% |
| Free cash flow | 121 | 765 | 644 | +530.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 4,279 | 244 | 5.7% | 173 | -242 | -471 | S100KE3E |
| FY ending Sep 2020 | 3,124 | -15 | -0.5% | -13 | 416 | 203 | S100N2TA |
| FY ending Sep 2021 | 3,698 | 293 | 7.9% | 199 | 633 | 525 | S100PU5E |
| FY ending Sep 2022 | 4,332 | 445 | 10.3% | 325 | 451 | 271 | S100SIL4 |
| FY ending Sep 2023 | 4,577 | 590 | 12.9% | 398 | 66 | 3 | S100UZ9L |
| FY ending Sep 2024 | 4,965 | 916 | 18.5% | 638 | 203 | 121 | S100XAGE |
| FY ending Sep 2025 | 5,468 | 1,165 | 21.3% | 794 | 827 | 765 | S100XAGE |

## People and productivity（FY ending Sep 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.6M |
| Operating income per employee (consolidated) | ¥6.1M |
| 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 197 | 194 | 198 | 191 | 191 |
| Average salary (parent company) | ¥5.9M | ¥6M | ¥5.9M | ¥6M | ¥6M |
| Average age (parent company) | 44.1 years | 44.2 years | 44.4 years | 44.2 years | 44.0 years |
| Average tenure (parent company) | 21.2 years | 21.1 years | 21.2 years | 21.0 years | 21.3 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +10.1%

## Segments（FY ending Sep 2025, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Energy related | 2,759 | 50.5% | 830 | 30.1% |
| Industrial system related | 2,675 | 48.9% | 707 | 26.4% |
| Other | 34 | 0.6% | -5 | -15.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Energy related | 50.5% | 54.0% | 3.6 | 30.1% |
| Industrial system related | 48.9% | 46.0% | -2.9 | 26.4% |
| Other | 0.6% | — | — | -15.4% |

Loss-making segment (excluded from profit shares): Other -5 JPY mn

Segment → industry: Industrial system related → Robots & Factory Automation / Energy related → Electrical Equipment / Other → Restaurants & Pubs

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 827 | 15.1% | S100XAGE |
| Capital expenditure | 62 | 1.1% | S100XAGE |
| Free cash flow | 765 | 14.0% | 算出 |
| Investing cash flow | -207 | -3.8% | S100XAGE |
| Financing cash flow | -336 | -6.2% | S100XAGE |
| Dividends paid | 197 | 3.6% | S100XAGE |
| Share buyback | 0 | 0.0% | S100XAGE |
| Change in cash | 284 | 5.2% | S100XAGE |
| Cash and equivalents | 513 | 9.4% | S100XAGE |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 999 | 1,172 | 454 | 230 | 513 | S100SIL4, S100UZ9L, S100XAGE |
| Total assets | 6,377 | 6,674 | 6,352 | 7,039 | 7,547 | S100PU5E, S100SIL4, S100UZ9L, S100XAGE |
| Net assets | 3,499 | 3,642 | 3,521 | 4,219 | 4,890 | S100SIL4, S100UZ9L, S100XAGE |
| Share capital | 921 | 921 | 921 | 921 | 921 | S100PU5E, S100SIL4, S100UZ9L, S100XAGE |
| Property, plant and equipment | 1,800 | 1,789 | 1,729 | 1,609 | 1,612 | S100PU5E, S100SIL4, S100UZ9L, S100XAGE |
| Intangible assets excluding goodwill | 53 | 45 | 36 | 32 | 3 | S100PU5E, S100SIL4, S100UZ9L, S100XAGE |
| Investment securities | 468 | 396 | 471 | 803 | 920 | S100PU5E, S100SIL4, S100UZ9L, S100XAGE |
| Current assets | 3,684 | 4,074 | 3,834 | 4,413 | 4,687 | S100PU5E, S100SIL4, S100UZ9L, S100XAGE |
| Current liabilities | 1,643 | 1,983 | 1,773 | 1,611 | 1,961 | S100PU5E, S100SIL4, S100UZ9L, S100XAGE |
| Short-term borrowings | 690 | 690 | 590 | 190 | 190 | S100PU5E, S100SIL4, S100UZ9L, S100XAGE |
| Bonds | 716 | 488 | 620 | 792 | 260 | S100PU5E, S100SIL4, S100UZ9L, S100XAGE |
| Total liabilities | 2,878 | 3,033 | 2,831 | 2,820 | 2,656 | S100PU5E, S100SIL4, S100UZ9L, S100XAGE |
| Equity attributable to owners of parent | 3,411 | 3,589 | 3,371 | 3,838 | 4,434 | S100PU5E, S100SIL4, S100UZ9L, S100XAGE |
| Retained earnings | 1,836 | 2,015 | 2,253 | 2,720 | 3,316 | S100PU5E, S100SIL4, S100UZ9L, S100XAGE |
| Treasury stock | -1 | -1 | -457 | -457 | -458 | S100PU5E, S100SIL4, S100UZ9L, S100XAGE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100XAGE |
| Property, plant and equipment | 21% | S100XAGE |
| Intangibles and goodwill | 0% | S100XAGE |
| Investment securities | 12% | S100XAGE |
| Other assets | 60% | S100XAGE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100XAGE |
| Equity | 65% | S100XAGE |
| Other liabilities | 0% | S100XAGE |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,377 | 6,674 | 6,352 | 7,039 | 7,547 |
| Equity | 3,499 | 3,642 | 3,521 | 4,219 | 4,890 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 999 | 1,172 | 454 | 230 | 513 |

## 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) | 29.5% | S100XAGE |
| Fixed assets ÷ total assets | 21.4% | S100XAGE |
| Goodwill ÷ parent equity | — | —, S100XAGE |

### 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) | 6.8% |
| Cash ÷ revenue | 9.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 71.0% |
| Cash vs. profit gap | 32 JPY mn (of net income 4.1%) |
| Shareholder returns / net income | 24.8% |
| Shareholder returns / FCF | 25.8% |
| Shareholder payments — dividends / net income | 24.8% |
| Shareholder payments — dividends / FCF | 25.8% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 25.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.4% | 0.58× | 3.1% | 1.87× | 5.8% | S100PU5E |
| 2022 | 7.5% | 0.66× | 5.0% | 1.86× | 9.3% | S100SIL4 |
| 2023 | 8.7% | 0.70× | 6.1% | 1.87× | 11.4% | S100UZ9L |
| 2024 | 12.8% | 0.74× | 9.5% | 1.86× | 17.7% | S100XAGE |
| 2025 | 14.5% | 0.75× | 10.9% | 1.76× | 19.2% | S100XAGE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ドウメキエンタープライズ | Major shareholder | 17.0% | 2025-09-30 |
| 東京中小企業投資育成株式会社 | Major shareholder | 6.5% | 2025-09-30 |
| 株式会社常陽銀行 | Major shareholder | 4.8% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 2.6% | 2025-09-30 |
| 海藤 美好 | Major shareholder | 1.9% | 2025-09-30 |
| ＳＭＢＣ日興証券株式会社 | Major shareholder | 1.6% | 2025-09-30 |
| 百目鬼 孝一 | Major shareholder | 1.3% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.3% | 2025-09-30 |
| 神谷 信一 | Major shareholder | 1.2% | 2025-09-30 |
| 加藤 健治 | Major shareholder | 1.2% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第88期(2024/10/01－2025/09/30) | S100XAGE | 2025-12-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAGE,, |
| 有価証券報告書－第87期(2023/10/01－2024/09/30) | S100UZ9L | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZ9L,, |
| 有価証券報告書－第86期(2022/10/01－2023/09/30) | S100SIL4 | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIL4,, |
| 有価証券報告書－第85期(令和3年10月1日－令和4年9月30日) | S100PU5E | 2022-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PU5E,, |
| 有価証券報告書－第84期(令和2年10月1日－令和3年9月30日) | S100N2TA | 2021-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2TA,, |
| 有価証券報告書－第83期(令和1年10月1日－令和2年9月30日) | S100KE3E | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KE3E,, |

## 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).