# TERASAKI 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46期(2025/04/01－2026/03/31) (S100YKLJ)
> Page: https://vizora.meequs.com/en/company/terasaki-electric
> Retrieved: 2026-09-30T23:26:55.227Z

## Company

Terasaki Electric, founded in 1980, is a company in Electrical Equipment listed on TSE Standard. It has 2,219 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TERASAKI ELECTRIC CO.,LTD. |
| Ticker | 6637 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6637.T) |
| Listing | TSE Standard |
| Head office | 大阪市平野区加美東六丁目13番47号 |
| Representative (per filing) | 代表取締役 社長執行役員 寺崎 泰造 |
| Founded | Apr 1980 |
| Share capital | ¥1.24B |
| Employees (consolidated) | 2,219 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.terasaki.co.jp (https://www.terasaki.co.jp/) |
| Corporate number | 6120001005889 |
| EDINET | E01764 |
| Industries (Vizora) | Electrical Equipment |

> Profile source: annual securities report (S100YKLJ, filed 2026-06-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.9 | 24 |
| Profitability | 60.4 | 24 |
| Cash conversion | 15.2 | 23 |
| Efficiency | 58 | 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 45% of Terasaki Electric's sales come from Japan, with Asia and Europe making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +11.4% from the prior year, operating profit +10.3%.

## Company structure

- Segment revenue mix: Japan 45.4%、Asia 43.3%、Europe 11.3%
- Revenue → net income: ¥62858758000 → ¥4188625000
- Net income → operating cash flow: ¥4188625000 → ¥1170506000（difference ¥-3018119000）
- Main uses of operating cash flow: CapEx ¥2678671000 / dividends ¥651441000 / buybacks ¥3499930000
- Change in cash: ¥-3685575000
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 | ¥62.9B |  |
| Operating income | ¥6.2B | Margin 9.9% |
| Net income | ¥4.19B | Margin 6.7% |
| Free cash flow | -¥1.51B |  |
| Largest business | Japan | of segment revenue 45.4% |
| Employees (consolidated) | 2,219 |  |
| EPS | ¥281.74 |  |
| Book value per share | ¥1756.83 |  |
| Equity ratio | 68.1% |  |
| Shares outstanding | 13,030,000 |  |
| Treasury shares | 765,300 |  |
| Shareholders | 2,406 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 17.1% | Cash ÷ revenue 22.2% |
| Vs. industry median margin | +1.4 pp | Electrical Equipment |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 5.4× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34724283000 | ¥62858758000 | +81.0% |
| Operating income | ¥2297350000 | ¥6197052000 | +169.7% |
| Operating margin | 6.6% | 9.9% | +3.2 pp |
| Employees | 1,999 people | 2,219 people | +11.0% |
| Cash and equivalents | ¥13025478000 | ¥13929208000 | +6.9% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 45.4% |
| 日本 → 事業再編・廃止 | 17.8% |
| アジア → アジア | 23.9% |
| ヨーロッパ → ヨーロッパ | 11.3% |
| ヨーロッパ → 事業再編・廃止 | 1.6% |
| 新設・再編 → アジア | 19.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +5.4% | ¥28534301000 | 15.2% | 2 |
| Asia | 5 years | +26.8% | ¥27210485000 | 9.0% | 2 |
| Europe | 5 years | +9.6% | ¥7113971000 | 9.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 62,859 | 100.0% | S100YKLJ |
| Cost of revenue | 45,459 | 72.3% | S100YKLJ |
| Gross profit | 17,399 | 27.7% | S100YKLJ |
| SG&A | 11,202 | 17.8% | S100YKLJ |
| Operating income | 6,197 | 9.9% | S100YKLJ |
| Ordinary income | 6,516 | 10.4% | S100YKLJ |
| Pretax income | 6,524 | 10.4% | S100YKLJ |
| Income tax | 2,335 | 3.7% | S100YKLJ |
| Net income | 4,189 | 6.7% | S100YKLJ |
| Net income attributable to owners | 4,189 | 6.7% | S100YKLJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 18 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 27.7% → Operating margin 9.9% → Net margin 6.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.4%; Core profit growth: +10.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.90×
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 | 56,405 | 62,859 | 6,454 | +11.4% |
| Gross profit | 16,027 | 17,399 | 1,372 | +8.6% |
| Operating income | 5,618 | 6,197 | 579 | +10.3% |
| Net income attributable to owners | 4,452 | 4,189 | -263 | -5.9% |
| Operating cash flow | 8,327 | 1,171 | -7,157 | -85.9% |
| Free cash flow | 5,483 | -1,508 | -6,992 | -127.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 36,701 | 2,411 | 6.6% | 2,035 | 2,047 | 1,075 | S100LTZW |
| FY ending Mar 2021 | 34,724 | 2,297 | 6.6% | 2,193 | 3,420 | 2,548 | S100OL2F |
| FY ending Mar 2022 | 37,856 | 1,638 | 4.3% | 1,276 | 40 | -807 | S100RA1O |
| FY ending Mar 2023 | 44,253 | 2,869 | 6.5% | 2,345 | -664 | -2,085 | S100TW71 |
| FY ending Mar 2024 | 52,066 | 4,922 | 9.5% | 4,015 | 3,820 | 1,421 | S100W8UK |
| FY ending Mar 2025 | 56,405 | 5,618 | 10.0% | 4,452 | 8,327 | 5,483 | S100YKLJ |
| FY ending Mar 2026 | 62,859 | 6,197 | 9.9% | 4,189 | 1,171 | -1,508 | S100YKLJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.3M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 1,994 | 2,039 | 2,115 | 2,198 | 2,219 |
| Average salary (parent company) | ¥5.4M | ¥5.5M | ¥5.6M | ¥5.9M | ¥5.9M |
| Average age (parent company) | 41.0 years | 41.1 years | 40.8 years | 40.7 years | 39.6 years |
| Average tenure (parent company) | 18.5 years | 17.9 years | 17.6 years | 17.4 years | 16.7 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) +11.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 28,534 | 45.4% | 4,330 | 15.2% |
| Asia | 27,210 | 43.3% | 2,455 | 9.0% |
| Europe | 7,114 | 11.3% | 670 | 9.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 45.4% | 58.1% | 12.7 | 15.2% |
| Asia | 43.3% | 32.9% | -10.4 | 9.0% |
| Europe | 11.3% | 9.0% | -2.3 | 9.4% |

Segment → industry: Europe → Electrical Equipment / Asia → Electrical Equipment / Japan → 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 | 1,171 | 1.9% | S100YKLJ |
| Capital expenditure | 2,679 | 4.3% | S100YKLJ |
| Free cash flow | -1,508 | -2.4% | 算出 |
| Investing cash flow | -2,891 | -4.6% | S100YKLJ |
| Financing cash flow | -2,977 | -4.7% | S100YKLJ |
| Dividends paid | 651 | 1.0% | S100YKLJ |
| Share buyback | 3,500 | 5.6% | S100YKLJ |
| Change in cash | -3,686 | -5.9% | S100YKLJ |
| Cash and equivalents | 13,929 | 22.2% | S100YKLJ |

## 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 | 11,771 | 11,357 | 13,210 | 17,615 | 13,929 | S100TW71, S100W8UK, S100YKLJ |
| Total assets | 52,418 | 59,943 | 68,044 | 73,896 | 81,427 | S100RA1O, S100TW71, S100W8UK, S100YKLJ |
| Net assets | 37,868 | 40,630 | 46,792 | 51,432 | 55,451 | S100TW71, S100W8UK, S100YKLJ |
| Share capital | 1,237 | 1,237 | 1,237 | 1,237 | 1,237 | S100RA1O, S100TW71, S100W8UK, S100YKLJ |
| Property, plant and equipment | 9,788 | 11,180 | 12,405 | 14,074 | 15,418 | S100RA1O, S100TW71, S100W8UK, S100YKLJ |
| Intangible assets excluding goodwill | 148 | 142 | 126 | 160 | 171 | S100RA1O, S100TW71, S100W8UK, S100YKLJ |
| Investment securities | 407 | 444 | 956 | 1,143 | 1,943 | S100RA1O, S100TW71, S100W8UK, S100YKLJ |
| Current assets | 36,614 | 42,894 | 48,382 | 51,199 | 55,077 | S100RA1O, S100TW71, S100W8UK, S100YKLJ |
| Current liabilities | 11,437 | 14,065 | 15,302 | 16,608 | 18,441 | S100RA1O, S100TW71, S100W8UK, S100YKLJ |
| Trade payables | 3,337 | 4,284 | 4,571 | 4,457 | 5,749 | S100RA1O, S100TW71, S100W8UK, S100YKLJ |
| Short-term borrowings | 480 | 480 | 480 | 180 | 430 | S100RA1O, S100TW71, S100W8UK, S100YKLJ |
| Long-term borrowings | 428 | 1,513 | 1,939 | 1,879 | 2,618 | S100RA1O, S100TW71, S100W8UK, S100YKLJ |
| Total liabilities | 14,550 | 19,313 | 21,252 | 22,464 | 25,976 | S100RA1O, S100TW71, S100W8UK, S100YKLJ |
| Non-controlling interests | 38 | 45 | — | — | — | S100RA1O, S100TW71 |
| Equity attributable to owners of parent | 34,227 | 36,338 | 40,066 | 44,048 | 44,085 | S100RA1O, S100TW71, S100W8UK, S100YKLJ |
| Retained earnings | 30,747 | 32,858 | 36,586 | 40,569 | 44,106 | S100RA1O, S100TW71, S100W8UK, S100YKLJ |
| Treasury stock | -1 | -1 | -2 | -2 | -3,502 | S100RA1O, S100TW71, S100W8UK, S100YKLJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YKLJ |
| Property, plant and equipment | 19% | S100YKLJ |
| Intangibles and goodwill | 0% | S100YKLJ |
| Investment securities | 3% | S100YKLJ |
| Other assets | 61% | S100YKLJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YKLJ |
| Other liabilities | 25% | S100YKLJ |
| Equity | 68% | S100YKLJ |
| Other liabilities | 0% | S100YKLJ |

### 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 | 52,418 | 59,943 | 68,044 | 73,896 | 81,427 |
| Equity | 37,868 | 40,630 | 46,792 | 51,432 | 55,451 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,771 | 11,357 | 13,210 | 17,615 | 13,929 |

## 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) | 24.5% | S100YKLJ |
| Fixed assets ÷ total assets | 18.9% | S100YKLJ |
| Goodwill ÷ parent equity | — | —, S100YKLJ |

### 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) | 17.1% |
| Cash ÷ revenue | 22.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 18.9% |
| Cash vs. profit gap | -3,018 JPY mn (of net income -72.1%) |
| Shareholder returns / net income | 99.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 15.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.3% |
| Investing CF relative to operating CF | 247.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.4% | 0.72× | 2.4% | 1.53× | 3.7% | S100RA1O |
| 2023 | 5.3% | 0.79× | 4.2% | 1.59× | 6.6% | S100TW71 |
| 2024 | 7.7% | 0.81× | 6.3% | 1.68× | 10.5% | S100W8UK |
| 2025 | 7.9% | 0.79× | 6.3% | 1.69× | 10.6% | S100YKLJ |
| 2026 | 6.7% | 0.81× | 5.4% | 1.76× | 9.5% | S100YKLJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社寺崎 | Major shareholder | 17.9% | 2026-03-31 |
| 寺崎泰造 | Major shareholder | 9.4% | 2026-03-31 |
| 荒巻かおり | Major shareholder | 6.0% | 2026-03-31 |
| 寺崎雄造 | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社芳山社 | Major shareholder | 5.3% | 2026-03-31 |
| テラサキ共栄会 | Major shareholder | 4.0% | 2026-03-31 |
| テラサキ従業員持株会 | Major shareholder | 3.9% | 2026-03-31 |
| 有限会社アーク | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.9% | 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 | 2.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2025/04/01－2026/03/31) | S100YKLJ | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKLJ,, |
| 有価証券報告書－第45期(2024/04/01－2025/03/31) | S100W8UK | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8UK,, |
| 有価証券報告書－第44期(2023/04/01－2024/03/31) | S100TW71 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW71,, |
| 有価証券報告書－第43期(2022/04/01－2023/03/31) | S100RA1O | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA1O,, |
| 有価証券報告書－第42期(令和3年4月1日－令和4年3月31日) | S100OL2F | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL2F,, |
| 有価証券報告書－第41期(令和2年4月1日－令和3年3月31日) | S100LTZW | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTZW,, |

## 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).