# TAKAMISAWA CYBERNETICS COMPANY,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57期(2025/04/01－2026/03/31) (S100YEQL)
> Page: https://vizora.meequs.com/en/company/takamisawa-cybernetics
> Retrieved: 2026-09-30T22:27:25.612Z

## Company

Takamisawa Cybernetics Company, founded in 1969, is a company in Electrical Equipment listed on TSE Standard. It has 566 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAKAMISAWA CYBERNETICS COMPANY,LTD. |
| Ticker | 6424 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6424.T) |
| Listing | TSE Standard |
| Head office | 東京都中野区中央2丁目48番5号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 髙見澤 和夫 |
| Founded | Oct 1969 |
| Share capital | ¥700.7M |
| Employees (consolidated) | 566 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.tacy.co.jp (https://www.tacy.co.jp/) |
| Corporate number | 7011201003197 |
| EDINET | E02025 |
| Industries (Vizora) | Electrical Equipment |

> Profile source: annual securities report (S100YEQL, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Electrical Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14.6 | 24 |
| Profitability | 10.4 | 24 |
| Cash conversion | 58.7 | 23 |
| Efficiency | 46 | 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)

- Takamisawa Cybernetics Company brought in ¥12.9B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -16.2% from the prior year, operating profit -55.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥12897950000 → ¥496702000
- Net income → operating cash flow: ¥496702000 → ¥583675000（difference ¥86973000）
- Main uses of operating cash flow: CapEx ¥456594000 / dividends ¥87971000 / buybacks —
- Change in cash: ¥-92725000
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 | ¥12.9B |  |
| Operating income | ¥618.3M | Margin 4.8% |
| Net income | ¥496.7M | Margin 3.9% |
| Free cash flow | ¥127.1M |  |
| Employees (consolidated) | 566 |  |
| EPS | ¥96.19 |  |
| Book value per share | ¥1389.6 |  |
| Equity ratio | 40.4% |  |
| Shares outstanding | 4,525,000 |  |
| Treasury shares | 126,400 |  |
| Shareholders | 2,654 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 16.7% | Net cash -¥1.58B · Cash ÷ revenue 21.2% |
| Vs. industry median margin | -3.6 pp | Electrical Equipment |
| ROE | 8.7% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12749359000 | ¥12897950000 | +1.2% |
| Operating income | ¥943299000 | ¥618252000 | -34.5% |
| Operating margin | 7.4% | 4.8% | -2.6 pp |
| Employees | 585 people | 566 people | -3.2% |
| Cash and equivalents | ¥3052226000 | ¥2737153000 | -10.3% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,898 | 100.0% | S100YEQL |
| Cost of revenue | 9,109 | 70.6% | S100YEQL |
| Gross profit | 3,789 | 29.4% | S100YEQL |
| SG&A | 3,170 | 24.6% | S100YEQL |
| Operating income | 618 | 4.8% | S100YEQL |
| Ordinary income | 599 | 4.6% | S100YEQL |
| Pretax income | 704 | 5.5% | S100YEQL |
| Income tax | 207 | 1.6% | S100YEQL |
| Net income | 497 | 3.9% | S100YEQL |
| Net income attributable to owners | 497 | 3.9% | S100YEQL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 24 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 29.4% → Operating margin 4.8% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -16.2%; Core profit growth: -55.0%
Operating leverage (core profit growth ÷ revenue growth): 3.40×
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 | 15,392 | 12,898 | -2,494 | -16.2% |
| Gross profit | 4,345 | 3,789 | -556 | -12.8% |
| Operating income | 1,374 | 618 | -756 | -55.0% |
| Net income attributable to owners | 1,001 | 497 | -504 | -50.4% |
| Operating cash flow | 936 | 584 | -352 | -37.6% |
| Free cash flow | 523 | 127 | -396 | -75.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 16,481 | 1,241 | 7.5% | 828 | 1,207 | 970 | S100LRLG |
| FY ending Mar 2021 | 12,749 | 943 | 7.4% | 643 | 793 | 663 | S100OFNA |
| FY ending Mar 2022 | 9,914 | 246 | 2.5% | 110 | 754 | 660 | S100R6MD |
| FY ending Mar 2023 | 10,714 | 651 | 6.1% | 451 | 327 | 232 | S100TQ7U |
| FY ending Mar 2024 | 13,050 | 984 | 7.5% | 655 | 348 | 168 | S100W4ME |
| FY ending Mar 2025 | 15,392 | 1,374 | 8.9% | 1,001 | 936 | 523 | S100YEQL |
| FY ending Mar 2026 | 12,898 | 618 | 4.8% | 497 | 584 | 127 | S100YEQL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.8M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥877.6K |

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) | 579 | 559 | 555 | 556 | 566 |
| Average salary (parent company) | ¥5M | ¥5M | ¥5.2M | ¥6.2M | ¥5.9M |
| Average age (parent company) | 45.0 years | 45.4 years | 45.7 years | 45.4 years | 45.1 years |
| Average tenure (parent company) | 21.4 years | 21.8 years | 22.1 years | 21.7 years | 21.3 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) -16.2%

## 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 | 584 | 4.5% | S100YEQL |
| Capital expenditure | 457 | 3.5% | S100YEQL |
| Free cash flow | 127 | 1.0% | 算出 |
| Investing cash flow | -389 | -3.0% | S100YEQL |
| Financing cash flow | -287 | -2.2% | S100YEQL |
| Dividends paid | 88 | 0.7% | S100YEQL |
| Change in cash | -93 | -0.7% | S100YEQL |
| Cash and equivalents | 2,737 | 21.2% | S100YEQL |

## 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 | 3,143 | 2,610 | 2,938 | 2,830 | 2,737 | S100TQ7U, S100W4ME, S100YEQL |
| Total assets | 14,049 | 14,684 | 17,650 | 16,923 | 16,398 | S100R6MD, S100TQ7U, S100W4ME, S100YEQL |
| Net assets | 3,818 | 4,278 | 5,073 | 6,039 | 6,619 | S100TQ7U, S100W4ME, S100YEQL |
| Share capital | 701 | 701 | 701 | 701 | 701 | S100R6MD, S100TQ7U, S100W4ME, S100YEQL |
| Property, plant and equipment | 2,806 | 2,589 | 2,575 | 2,562 | 2,637 | S100R6MD, S100TQ7U, S100W4ME, S100YEQL |
| Intangible assets excluding goodwill | 57 | 102 | 170 | 321 | 665 | S100R6MD, S100TQ7U, S100W4ME, S100YEQL |
| Investment securities | 449 | 633 | 798 | 929 | 1,179 | S100R6MD, S100TQ7U, S100W4ME, S100YEQL |
| Current assets | 9,562 | 10,236 | 12,845 | 11,854 | 10,705 | S100R6MD, S100TQ7U, S100W4ME, S100YEQL |
| Current liabilities | 7,125 | 7,752 | 8,570 | 6,567 | 5,545 | S100R6MD, S100TQ7U, S100W4ME, S100YEQL |
| Trade payables | 1,609 | 2,193 | 3,501 | 2,012 | 1,145 | S100R6MD, S100TQ7U, S100W4ME, S100YEQL |
| Short-term borrowings | 4,420 | 4,255 | 3,206 | 2,490 | 2,545 | S100R6MD, S100TQ7U, S100W4ME, S100YEQL |
| Long-term borrowings | 195 | — | 390 | 330 | 220 | S100R6MD, S100W4ME, S100YEQL |
| Bonds | — | — | 1,100 | 1,550 | 1,550 | S100W4ME, S100YEQL |
| Interest-bearing debt | — | — | 4,696 | 4,370 | 4,315 | 算出 |
| Total liabilities | 10,230 | 10,406 | 12,577 | 10,884 | 9,779 | S100R6MD, S100TQ7U, S100W4ME, S100YEQL |
| Equity attributable to owners of parent | 3,581 | 3,979 | 4,573 | 5,499 | 5,908 | S100R6MD, S100TQ7U, S100W4ME, S100YEQL |
| Retained earnings | 2,255 | 2,653 | 3,247 | 4,173 | 4,582 | S100R6MD, S100TQ7U, S100W4ME, S100YEQL |
| Treasury stock | -97 | -97 | -97 | -97 | -97 | S100R6MD, S100TQ7U, S100W4ME, S100YEQL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YEQL |
| Property, plant and equipment | 16% | S100YEQL |
| Intangibles and goodwill | 4% | S100YEQL |
| Investment securities | 7% | S100YEQL |
| Other assets | 56% | S100YEQL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YEQL |
| Interest-bearing debt | 26% | 算出 |
| Other liabilities | 26% | S100YEQL |
| Equity | 41% | S100YEQL |
| Other liabilities | 0% | S100YEQL |

### 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 | 14,049 | 14,684 | 17,650 | 16,923 | 16,398 |
| Equity | 3,818 | 4,278 | 5,073 | 6,039 | 6,619 |
| Interest-bearing debt | — | — | 4,696 | 4,370 | 4,315 |
| Cash | 3,143 | 2,610 | 2,938 | 2,830 | 2,737 |

## 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) | 20.4% | S100YEQL |
| Fixed assets ÷ total assets | 16.1% | S100YEQL |
| Goodwill ÷ parent equity | — | —, S100YEQL |

### 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) | 16.7% |
| Cash ÷ revenue | 21.2% |
| Net cash (cash − interest-bearing debt) | -¥1.58B |
| Net debt ÷ operating cash flow | 2.70× |
| Cash conversion (operating CF ÷ operating income) | 94.4% |
| Cash vs. profit gap | 87 JPY mn (of net income 17.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.7% |
| Shareholder payments — dividends / FCF | 69.2% |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| Investing CF relative to operating CF | 66.7% |

## 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 | 1.1% | 0.71× | 0.8% | 3.92× | 3.1% | S100R6MD |
| 2023 | 4.2% | 0.75× | 3.1% | 3.80× | 11.9% | S100TQ7U |
| 2024 | 5.0% | 0.81× | 4.1% | 3.78× | 15.3% | S100W4ME |
| 2025 | 6.5% | 0.89× | 5.8% | 3.43× | 19.9% | S100YEQL |
| 2026 | 3.9% | 0.77× | 3.0% | 2.92× | 8.7% | S100YEQL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 富士電機株式会社 | Major shareholder | 14.1% | 2026-03-31 |
| 富士通株式会社 | Major shareholder | 7.1% | 2026-03-31 |
| 富士通フロンテック株式会社 | Major shareholder | 5.7% | 2026-03-31 |
| 高見沢サイバネティックス従業員持株会 | Major shareholder | 4.9% | 2026-03-31 |
| 髙見澤 和夫 | Major shareholder | 4.5% | 2026-03-31 |
| 西川計測株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.0% | 2026-03-31 |
| みずほ信託銀行株式会社退職給付信託富士電機口再信託受託者株式会社日本カストディ銀行 | Major shareholder | 2.9% | 2026-03-31 |
| 飯田通商株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社常陽銀行 | Major shareholder | 2.3% | 2026-03-31 |
| レシップホールディングス株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社巴コーポレーション | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/04/01－2026/03/31) | S100YEQL | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEQL,, |
| 有価証券報告書－第56期(2024/04/01－2025/03/31) | S100W4ME | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4ME,, |
| 有価証券報告書－第55期(2023/04/01－2024/03/31) | S100TQ7U | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ7U,, |
| 有価証券報告書－第54期(2022/04/01－2023/03/31) | S100R6MD | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6MD,, |
| 有価証券報告書－第53期(令和3年4月1日－令和4年3月31日) | S100OFNA | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFNA,, |
| 有価証券報告書－第52期(令和2年4月1日－令和3年3月31日) | S100LRLG | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRLG,, |

## 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).