# TACHIBANA ELETECH 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97期(2025/04/01－2026/03/31) (S100YG86)
> Page: https://vizora.meequs.com/en/company/tachibana-eletech
> Retrieved: 2026-09-30T19:51:17.389Z

## Company

Tachibana Eletech, founded in 1948, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 1,502 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TACHIBANA ELETECH CO., LTD. |
| Ticker | 8159 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8159.T) |
| Listing | TSE Prime |
| Head office | 大阪市西区西本町1丁目13番25号 |
| Representative (per filing) | 代表取締役社長 布山尚伸 |
| Founded | Jul 1948 |
| Share capital | ¥5.87B |
| Employees (consolidated) | 1,502 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.tachibana.co.jp (https://www.tachibana.co.jp/) |
| Corporate number | 2120001049007 |
| EDINET | E02678 |
| Industries (Vizora) | Plant Engineering & Building Services, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YG86, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.6 | 179 |
| Profitability | 59.2 | 185 |
| Cash conversion | 53.4 | 179 |
| Efficiency | 35.4 | 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 48% of Tachibana Eletech's sales come from FA system, with Semiconductor device and Facilities making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit -8.6%.

## Company structure

- Segment revenue mix: FA system 48.3%、Semiconductor device 39.2%、Facilities 9.5%、Other 3.0%
- Revenue → net income: ¥227511000000 → ¥7422000000
- Net income → operating cash flow: ¥7422000000 → ¥7873000000（difference ¥451000000）
- Main uses of operating cash flow: CapEx ¥1933000000 / dividends ¥2270000000 / buybacks —
- Change in cash: ¥2375000000
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 | ¥227.5B |  |
| Operating income | ¥7.51B | Margin 3.3% |
| Net income | ¥7.42B | Margin 3.3% |
| Free cash flow | ¥5.94B |  |
| Largest business | FA system | of segment revenue 48.3% |
| Employees (consolidated) | 1,502 |  |
| EPS | ¥293.54 |  |
| Book value per share | ¥3462.67 |  |
| Equity ratio | 58.5% |  |
| Shares outstanding | 25,025,000 |  |
| Treasury shares | 3,048,400 |  |
| Shareholders | 14,883 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 12.7% | Cash ÷ revenue 10.0% |
| Vs. industry median margin | +0.4 pp | Specialty Trading & Wholesale |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 67% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥161440000000 | ¥227511000000 | +40.9% |
| Operating income | ¥4033000000 | ¥7511000000 | +86.2% |
| Operating margin | 2.5% | 3.3% | +0.8 pp |
| Employees | 1,426 people | 1,502 people | +5.3% |
| Cash and equivalents | ¥17415000000 | ¥22797000000 | +30.9% |

### 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 |
| --- | ---: |
| FAシステム事業 → FAシステム事業 | 48.3% |
| FAシステム事業 → 事業再編・廃止 | 6.3% |
| 半導体デバイス事業 → 半導体デバイス事業 | 33.7% |
| 施設事業 → 施設事業 | 9.5% |
| その他 → その他 | 2.3% |
| 新設・再編 → 半導体デバイス事業 | 5.5% |
| 新設・再編 → 施設事業 | 0.0% |
| 新設・再編 → その他 | 0.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| FA system | 5 years | +4.5% | ¥109865000000 | 4.6% | 2 |
| Semiconductor device | 5 years | +10.4% | ¥89156000000 | 1.6% | 2 |
| Facilities | 5 years | +7.1% | ¥21720000000 | 4.3% | 2 |
| Other | 5 years | +13.2% | ¥6768000000 | 1.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 227,511 | 100.0% | S100YG86 |
| Cost of revenue | 198,107 | 87.1% | S100YG86 |
| Gross profit | 29,403 | 12.9% | S100YG86 |
| SG&A | 21,892 | 9.6% | S100YG86 |
| Operating income | 7,511 | 3.3% | S100YG86 |
| Ordinary income | 9,117 | 4.0% | S100YG86 |
| Pretax income | 10,855 | 4.8% | S100YG86 |
| Income tax | 3,433 | 1.5% | S100YG86 |
| Net income | 7,422 | 3.3% | S100YG86 |
| Net income attributable to owners | 7,422 | 3.3% | S100YG86 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 10 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 12.9% → Operating margin 3.3% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.4%; Core profit growth: -8.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.57×
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 | 220,112 | 227,511 | 7,399 | +3.4% |
| Gross profit | 29,328 | 29,403 | 75 | +0.3% |
| Operating income | 8,222 | 7,511 | -711 | -8.6% |
| Net income attributable to owners | 7,046 | 7,422 | 376 | +5.3% |
| Operating cash flow | 16,462 | 7,873 | -8,589 | -52.2% |
| Free cash flow | 15,568 | 5,940 | -9,628 | -61.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 170,541 | 6,038 | 3.5% | 4,390 | 5,176 | 4,661 | S100LTD5 |
| FY ending Mar 2021 | 161,440 | 4,033 | 2.5% | 3,457 | 4,948 | 4,348 | S100OLFC |
| FY ending Mar 2022 | 193,431 | 6,710 | 3.5% | 5,144 | -7,595 | -8,375 | S100R8ZR |
| FY ending Mar 2023 | 227,266 | 10,316 | 4.5% | 7,841 | -285 | -681 | S100TVEV |
| FY ending Mar 2024 | 231,042 | 10,764 | 4.7% | 8,471 | 2,126 | 718 | S100W8E7 |
| FY ending Mar 2025 | 220,112 | 8,222 | 3.7% | 7,046 | 16,462 | 15,568 | S100YG86 |
| FY ending Mar 2026 | 227,511 | 7,511 | 3.3% | 7,422 | 7,873 | 5,940 | S100YG86 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥151.5M |
| Operating income per employee (consolidated) | ¥5M |
| Net income per employee (consolidated) | ¥4.9M |

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) | 1,389 | 1,381 | 1,436 | 1,478 | 1,502 |
| Average salary (parent company) | ¥7.1M | ¥7.9M | ¥8.4M | ¥8M | ¥7.5M |
| Average age (parent company) | 43.0 years | 43.6 years | 43.2 years | 43.4 years | 43.4 years |
| Average tenure (parent company) | 17.4 years | 17.8 years | 17.2 years | 17.0 years | 16.7 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +3.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| FA system | 109,865 | 48.3% | 5,042 | 4.6% |
| Semiconductor device | 89,156 | 39.2% | 1,446 | 1.6% |
| Facilities | 21,720 | 9.5% | 934 | 4.3% |
| Other | 6,768 | 3.0% | 88 | 1.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| FA system | 48.3% | 67.1% | 18.8 | 4.6% |
| Semiconductor device | 39.2% | 19.3% | -19.9 | 1.6% |
| Facilities | 9.5% | 12.4% | 2.9 | 4.3% |
| Other | 3.0% | 1.2% | -1.8 | 1.3% |

Segment → industry: Facilities → Plant Engineering & Building Services / Facilities → Specialty Trading & Wholesale / Semiconductor device → Specialty Trading & Wholesale / FA system → 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 | 7,873 | 3.5% | S100YG86 |
| Capital expenditure | 1,933 | 0.8% | S100YG86 |
| Free cash flow | 5,940 | 2.6% | 算出 |
| Investing cash flow | 758 | 0.3% | S100YG86 |
| Financing cash flow | -6,310 | -2.8% | S100YG86 |
| Dividends paid | 2,270 | 1.0% | S100YG86 |
| Change in cash | 2,375 | 1.0% | S100YG86 |
| Cash and equivalents | 22,797 | 10.0% | S100YG86 |

## 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 | 9,958 | 10,571 | 14,037 | 20,422 | 22,797 | S100TVEV, S100W8E7, S100YG86 |
| Total assets | 135,172 | 153,635 | 178,281 | 165,416 | 179,303 | S100R8ZR, S100TVEV, S100W8E7, S100YG86 |
| Net assets | 77,240 | 84,641 | 92,572 | 94,992 | 104,975 | S100TVEV, S100W8E7, S100YG86 |
| Share capital | 5,874 | 5,874 | 5,874 | 5,874 | 5,874 | S100R8ZR, S100TVEV, S100W8E7, S100YG86 |
| Property, plant and equipment | 5,596 | 5,474 | 6,109 | 5,164 | 5,343 | S100R8ZR, S100TVEV, S100W8E7, S100YG86 |
| Intangible assets excluding goodwill | 551 | 649 | 914 | 1,262 | 1,814 | S100R8ZR, S100TVEV, S100W8E7, S100YG86 |
| Investment securities | 20,429 | 20,675 | 26,412 | 25,794 | 36,216 | S100R8ZR, S100TVEV, S100W8E7, S100YG86 |
| Current assets | 106,612 | 124,523 | 141,762 | 130,240 | 131,616 | S100R8ZR, S100TVEV, S100W8E7, S100YG86 |
| Current liabilities | 54,850 | 65,829 | 73,753 | 57,733 | 64,754 | S100R8ZR, S100TVEV, S100W8E7, S100YG86 |
| Trade payables | 42,043 | 49,833 | 56,015 | 44,563 | 47,069 | S100R8ZR, S100TVEV, S100W8E7, S100YG86 |
| Short-term borrowings | 4,944 | 6,792 | 7,784 | 3,267 | 8,815 | S100R8ZR, S100TVEV, S100W8E7, S100YG86 |
| Long-term borrowings | 103 | 89 | 6,816 | 7,250 | 660 | S100R8ZR, S100TVEV, S100W8E7, S100YG86 |
| Total liabilities | 57,932 | 68,994 | 85,709 | 70,423 | 74,327 | S100R8ZR, S100TVEV, S100W8E7, S100YG86 |
| Equity attributable to owners of parent | 70,927 | 77,020 | 80,076 | 82,016 | 84,225 | S100R8ZR, S100TVEV, S100W8E7, S100YG86 |
| Retained earnings | 58,965 | 65,057 | 71,066 | 75,741 | 80,891 | S100R8ZR, S100TVEV, S100W8E7, S100YG86 |
| Treasury stock | -58 | -58 | -3,010 | -5,746 | -8,687 | S100R8ZR, S100TVEV, S100W8E7, S100YG86 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YG86 |
| Property, plant and equipment | 3% | S100YG86 |
| Intangibles and goodwill | 1% | S100YG86 |
| Investment securities | 20% | S100YG86 |
| Other assets | 63% | S100YG86 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 26% | S100YG86 |
| Other liabilities | 15% | S100YG86 |
| Equity | 59% | S100YG86 |
| Other liabilities | 0% | S100YG86 |

### 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 | 135,172 | 153,635 | 178,281 | 165,416 | 179,303 |
| Equity | 77,240 | 84,641 | 92,572 | 94,992 | 104,975 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,958 | 10,571 | 14,037 | 20,422 | 22,797 |

## 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) | 2.3% | S100YG86 |
| Fixed assets ÷ total assets | 3.0% | S100YG86 |
| Goodwill ÷ parent equity | — | —, S100YG86 |

### 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) | 12.7% |
| Cash ÷ revenue | 10.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 104.8% |
| Cash vs. profit gap | 451 JPY mn (of net income 6.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.6% |
| Shareholder payments — dividends / FCF | 38.2% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 9.6% |

## 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 | 2.7% | 1.43× | 3.8% | 1.91× | 7.3% | S100R8ZR |
| 2023 | 3.5% | 1.57× | 5.4% | 1.95× | 10.6% | S100TVEV |
| 2024 | 3.7% | 1.39× | 5.1% | 2.11× | 10.8% | S100W8E7 |
| 2025 | 3.2% | 1.28× | 4.1% | 2.12× | 8.7% | S100YG86 |
| 2026 | 3.3% | 1.32× | 4.3% | 2.07× | 8.9% | S100YG86 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱電機株式会社 | Major shareholder | 8.7% | 2026-03-31 |
| 株式会社サンセイテクノス | Major shareholder | 7.6% | 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 | 6.6% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 立花エレテック従業員持株会 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社きんでん | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社ノーリツ | Major shareholder | 3.4% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社たけびし | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第97期(2025/04/01－2026/03/31) | S100YG86 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG86,, |
| 有価証券報告書－第96期(2024/04/01－2025/03/31) | S100W8E7 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8E7,, |
| 有価証券報告書－第95期(2023/04/01－2024/03/31) | S100TVEV | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVEV,, |
| 有価証券報告書－第94期(2022/04/01－2023/03/31) | S100R8ZR | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8ZR,, |
| 有価証券報告書－第93期(令和3年4月1日－令和4年3月31日) | S100OLFC | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLFC,, |
| 有価証券報告書－第92期(令和2年4月1日－令和3年3月31日) | S100LTD5 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTD5,, |

## 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).