# SWCC 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130期(2025/04/01－2026/03/31) (S100YE42)
> Page: https://vizora.meequs.com/en/company/swcc
> Retrieved: 2026-09-30T19:05:57.087Z

## Company

Swcc, founded in 1936, is a company in Non-ferrous Metals & Wires listed on TSE Prime. It has 4,813 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SWCC Corporation |
| Ticker | 5805 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5805.T) |
| Listing | TSE Prime |
| Head office | 川崎市川崎区日進町1番14号 |
| Representative (per filing) | 代表取締役 小又哲夫 |
| Founded | May 1936 |
| Share capital | ¥24.2B |
| Employees (consolidated) | 4,813 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.swcc.co.jp (https://www.swcc.co.jp/) |
| Corporate number | 7010401061336 |
| EDINET | E01336 |
| Industries (Vizora) | Non-ferrous Metals & Wires, Electrical Equipment |

> Profile source: annual securities report (S100YE42, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Non-ferrous Metals & Wires (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 25 |
| Profitability | 75 | 26 |
| Cash conversion | 38 | 25 |
| Efficiency | 79.6 | 27 |

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 Swcc's sales come from Communication and Components operations, with Energy and Infrastructure operations and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +16.8% from the prior year, operating profit +30.5%.

## Company structure

- Segment revenue mix: Communication and Components operations 49.8%、Energy and Infrastructure operations 47.5%、Other 2.7%
- Revenue → net income: ¥277736000000 → ¥20168000000
- Net income → operating cash flow: ¥20168000000 → ¥16230000000（difference ¥-3938000000）
- Main uses of operating cash flow: CapEx ¥7031000000 / dividends ¥5228000000 / buybacks ¥5000000
- Change in cash: ¥-8545000000
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 | ¥277.7B |  |
| Operating income | ¥27.3B | Margin 9.8% |
| Net income | ¥18.8B | Margin 6.8% |
| Free cash flow | ¥9.2B |  |
| Largest business | Communication and Components operations | of segment revenue 49.8% |
| Employees (consolidated) | 4,813 |  |
| EPS | ¥547.36 |  |
| Book value per share | ¥2451.81 |  |
| Equity ratio | 47.6% |  |
| Shares outstanding | 30,826,000 |  |
| Treasury shares | 1,107,100 |  |
| Shareholders | 9,599 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 5.1% | Cash ÷ revenue 3.8% |
| Vs. industry median margin | +4.2 pp | Non-ferrous Metals & Wires |
| ROE | 24.3% | Derived from disclosed figures |
| ROA | 9.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 71% of positive segment profit
- FY2026, employees -3% while operating income rose 30%
- FY2026, segment profit share differs by -26 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥161697000000 | ¥277736000000 | +71.8% |
| Operating income | ¥7590000000 | ¥27320000000 | +259.9% |
| Operating margin | 4.7% | 9.8% | +5.1 pp |
| Employees | 4,319 people | 4,813 people | +11.4% |
| Cash and equivalents | ¥4086000000 | ¥10607000000 | +159.6% |

### 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 |
| --- | ---: |
| エネルギー・インフラ事業 → 事業再編・廃止 | 53.5% |
| 通信・産業用デバイス事業 → 事業再編・廃止 | 16.7% |
| その他 → その他 | 2.7% |
| その他 → 事業再編・廃止 | 0.5% |
| 電装・コンポーネンツ事業 → 事業再編・廃止 | 26.6% |
| 新設・再編 → エネルギー・インフラ事業 | 47.5% |
| 新設・再編 → 通信・コンポーネンツ事業 | 49.8% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Communication and Components operations | — | — | ¥138367000000 | 5.0% | 2 |
| Energy and Infrastructure operations | 4 years | +5.4% | ¥131944000000 | 15.5% | 2 |
| Other | 5 years | +7.6% | ¥7424000000 | 17.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 277,736 | 100.0% | S100YE42 |
| Cost of revenue | 227,113 | 81.8% | S100YE42 |
| Gross profit | 50,622 | 18.2% | S100YE42 |
| SG&A | 23,302 | 8.4% | S100YE42 |
| Operating income | 27,320 | 9.8% | S100YE42 |
| Ordinary income | 26,130 | 9.4% | S100YE42 |
| Pretax income | 28,703 | 10.3% | S100YE42 |
| Income tax | 8,535 | 3.1% | S100YE42 |
| Net income | 20,168 | 7.3% | S100YE42 |
| Net income attributable to owners | 18,840 | 6.8% | S100YE42 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 8 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 18.2% → Operating margin 9.8% → Net margin 6.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.8%; Core profit growth: +30.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.82×
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 | 237,862 | 277,736 | 39,874 | +16.8% |
| Gross profit | 38,643 | 50,622 | 11,979 | +31.0% |
| Operating income | 20,935 | 27,320 | 6,385 | +30.5% |
| Net income attributable to owners | 11,400 | 18,840 | 7,440 | +65.3% |
| Operating cash flow | 13,112 | 16,230 | 3,118 | +23.8% |
| Free cash flow | 5,522 | 9,199 | 3,677 | +66.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 171,142 | 8,609 | 5.0% | 5,465 | 8,696 | 5,039 | S100LOEE |
| FY ending Mar 2021 | 161,697 | 7,590 | 4.7% | 4,966 | 8,882 | 5,366 | S100OEYY |
| FY ending Mar 2022 | 199,194 | 10,039 | 5.0% | 9,353 | 428 | -4,439 | S100R5TK |
| FY ending Mar 2023 | 209,111 | 10,474 | 5.0% | 9,410 | 4,163 | -767 | S100TROK |
| FY ending Mar 2024 | 213,904 | 12,824 | 6.0% | 8,838 | 17,740 | 13,689 | S100W4C3 |
| FY ending Mar 2025 | 237,862 | 20,935 | 8.8% | 11,400 | 13,112 | 5,522 | S100YE42 |
| FY ending Mar 2026 | 277,736 | 27,320 | 9.8% | 18,840 | 16,230 | 9,199 | S100YE42 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.7M |
| Operating income per employee (consolidated) | ¥5.7M |
| Net income per employee (consolidated) | ¥3.9M |

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) | 4,280 | 4,201 | 4,054 | 4,945 | 4,813 |
| Average salary (parent company) | ¥7.3M | ¥7.3M | ¥6.3M | ¥6.7M | ¥7.2M |
| Average age (parent company) | 50.0 years | 50.2 years | 44.4 years | 44.5 years | 44.7 years |
| Average tenure (parent company) | 18.8 years | 19.3 years | 16.8 years | 16.8 years | 16.9 years |

Year over year: Employees (consolidated) -2.7% · Revenue (consolidated) +16.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Energy and Infrastructure operations | 131,944 | 47.5% | 20,432 | 15.5% |
| Communication and Components operations | 138,367 | 49.8% | 6,925 | 5.0% |
| Other | 7,424 | 2.7% | 1,301 | 17.5% |

### 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 and Infrastructure operations | 47.5% | 71.3% | 23.8 | 15.5% |
| Communication and Components operations | 49.8% | 24.2% | -25.7 | 5.0% |
| Other | 2.7% | 4.5% | 1.9 | 17.5% |

Segment → industry: Communication and Components operations → Non-ferrous Metals & Wires / Energy and Infrastructure operations → Non-ferrous Metals & Wires / Energy and Infrastructure operations → Electrical Equipment

## 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 | 16,230 | 5.8% | S100YE42 |
| Capital expenditure | 7,031 | 2.5% | S100YE42 |
| Free cash flow | 9,199 | 3.3% | 算出 |
| Investing cash flow | -2,482 | -0.9% | S100YE42 |
| Financing cash flow | -22,348 | -8.0% | S100YE42 |
| Dividends paid | 5,228 | 1.9% | S100YE42 |
| Share buyback | 5 | 0.0% | S100YE42 |
| Change in cash | -8,545 | -3.1% | S100YE42 |
| Cash and equivalents | 10,607 | 3.8% | S100YE42 |

## 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 | 3,279 | 3,958 | 7,227 | 19,153 | 10,607 | S100TROK, S100W4C3, S100YE42 |
| Total assets | 147,356 | 156,650 | 161,583 | 210,970 | 206,878 | S100R5TK, S100TROK, S100W4C3, S100YE42 |
| Net assets | 58,932 | 68,390 | 77,126 | 92,130 | 106,012 | S100TROK, S100W4C3, S100YE42 |
| Share capital | 24,221 | 24,221 | 24,221 | 24,221 | 24,221 | S100R5TK, S100TROK, S100W4C3, S100YE42 |
| Property, plant and equipment | 41,428 | 41,733 | 43,893 | 55,231 | 54,622 | S100R5TK, S100TROK, S100W4C3, S100YE42 |
| Intangible assets excluding goodwill | 1,340 | 1,488 | 1,516 | 30,815 | 30,254 | S100R5TK, S100TROK, S100W4C3, S100YE42 |
| Goodwill | — | — | — | 7,583 | 7,161 | S100YE42 |
| Investment securities | 7,790 | 16,297 | 14,541 | 6,207 | 5,298 | S100R5TK, S100TROK, S100W4C3, S100YE42 |
| Current assets | 88,693 | 92,032 | 94,421 | 110,518 | 106,409 | S100R5TK, S100TROK, S100W4C3, S100YE42 |
| Current liabilities | 70,339 | 69,040 | 64,612 | 98,075 | 71,091 | S100R5TK, S100TROK, S100W4C3, S100YE42 |
| Trade payables | 26,674 | 24,858 | 21,816 | 23,913 | 25,076 | S100R5TK, S100TROK, S100W4C3, S100YE42 |
| Short-term borrowings | 26,189 | 28,549 | 16,913 | 46,965 | 23,000 | S100R5TK, S100TROK, S100W4C3, S100YE42 |
| Long-term borrowings | 12,011 | 11,885 | 12,837 | 7,199 | 16,484 | S100R5TK, S100TROK, S100W4C3, S100YE42 |
| Bonds | 90 | 30 | — | — | — | S100R5TK, S100TROK |
| Interest-bearing debt | 38,290 | 40,464 | — | — | — | 算出 |
| Total liabilities | 88,424 | 88,260 | 84,456 | 118,840 | 100,865 | S100R5TK, S100TROK, S100W4C3, S100YE42 |
| Non-controlling interests | 658 | 885 | 1,221 | 8,470 | 7,617 | S100R5TK, S100TROK, S100W4C3, S100YE42 |
| Equity attributable to owners of parent | 47,347 | 55,483 | 60,553 | 70,571 | 84,791 | S100R5TK, S100TROK, S100W4C3, S100YE42 |
| Retained earnings | 18,321 | 26,239 | 32,238 | 42,088 | 55,700 | S100R5TK, S100TROK, S100W4C3, S100YE42 |
| Treasury stock | -900 | -865 | -2,084 | -1,972 | -1,878 | S100R5TK, S100TROK, S100W4C3, S100YE42 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YE42 |
| Property, plant and equipment | 26% | S100YE42 |
| Intangibles and goodwill | 18% | S100YE42 |
| Investment securities | 3% | S100YE42 |
| Other assets | 48% | S100YE42 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YE42 |
| Other liabilities | 37% | S100YE42 |
| Equity | 51% | S100YE42 |
| Other liabilities | 0% | S100YE42 |

### 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 | 147,356 | 156,650 | 161,583 | 210,970 | 206,878 |
| Equity | 58,932 | 68,390 | 77,126 | 92,130 | 106,012 |
| Interest-bearing debt | 38,290 | 40,464 | — | — | — |
| Cash | 3,279 | 3,958 | 7,227 | 19,153 | 10,607 |

## 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) | 19.7% | S100YE42 |
| Fixed assets ÷ total assets | 26.4% | S100YE42 |
| Goodwill ÷ parent equity | 8.4% | S100YE42 |

### 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) | 5.1% |
| Cash ÷ revenue | 3.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 59.4% |
| Cash vs. profit gap | -2,610 JPY mn (of net income -13.9%) |
| Shareholder returns / net income | 27.8% |
| Shareholder returns / FCF | 56.9% |
| Shareholder payments — dividends / net income | 27.7% |
| Shareholder payments — dividends / FCF | 56.8% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 15.3% |

## 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 | 4.7% | 1.35× | 6.3% | 3.11× | 19.8% | S100R5TK |
| 2023 | 4.5% | 1.38× | 6.2% | 2.96× | 18.3% | S100TROK |
| 2024 | 4.1% | 1.34× | 5.6% | 2.74× | 15.2% | S100W4C3 |
| 2025 | 4.8% | 1.28× | 6.1% | 2.84× | 17.4% | S100YE42 |
| 2026 | 6.8% | 1.33× | 9.0% | 2.69× | 24.3% | S100YE42 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 19.1% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 11.2% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１ （常任代理人 ㈱みずほ銀行） | Major shareholder | 9.7% | 2026-03-31 |
| ＪＸ金属㈱ | Major shareholder | 3.3% | 2026-03-31 |
| 富国生命保険（相） | Major shareholder | 3.0% | 2026-03-31 |
| Ｊ．Ｐ． ＭＯＲＧＡＮ ＢＡＮＫ ＬＵＸＥＭＢＯＵＲＧ Ｓ．Ａ． ３８５５９８ （常任代理人 ㈱みずほ銀行） | Major shareholder | 2.6% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１ （常任代理人 ㈱みずほ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| ＢＮＹＭ ＡＳ ＡＧＴ／ＣＬＴＳ １０ ＰＥＲＣＥＮＴ （常任代理人 ㈱三菱ＵＦＪ銀行） | Major shareholder | 1.3% | 2026-03-31 |
| 野村信託銀行㈱（投信口） | Major shareholder | 1.3% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３ （常任代理人 ㈱みずほ銀行） | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第130期(2025/04/01－2026/03/31) | S100YE42 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE42,, |
| 有価証券報告書－第129期(2024/04/01－2025/03/31) | S100W4C3 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4C3,, |
| 有価証券報告書－第128期(2023/04/01－2024/03/31) | S100TROK | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TROK,, |
| 有価証券報告書－第127期(2022/04/01－2023/03/31) | S100R5TK | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5TK,, |
| 有価証券報告書－第126期(令和3年4月1日－令和4年3月31日) | S100OEYY | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEYY,, |
| 有価証券報告書－第125期(令和2年4月1日－令和3年3月31日) | S100LOEE | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOEE,, |

## 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).