# Togami Electric Mfg. 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151期(2025/04/01－2026/03/31) (S100YJNT)
> Page: https://vizora.meequs.com/en/company/togami-electric-mfg
> Retrieved: 2026-09-30T17:56:57.557Z

## Company

Togami Electric Mfg., founded in 2007, is a company in Auto Parts listed on TSE Standard. It has 1,105 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Togami Electric Mfg. Co., Ltd. |
| Ticker | 6643 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6643.T) |
| Listing | TSE Standard |
| Head office | 佐賀市大財北町1番1号 |
| Representative (per filing) | 代表取締役社長 戸上 信一 |
| Founded | Aug 2007 |
| Share capital | ¥2.9B |
| Employees (consolidated) | 1,105 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.togami-elec.co.jp (https://www.togami-elec.co.jp/) |
| Corporate number | 5300001000526 |
| EDINET | E01747 |
| Industries (Vizora) | Auto Parts, Electrical Equipment, Industrial Machinery |

> Profile source: annual securities report (S100YJNT, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 60.4 | 24 |
| Profitability | 85.4 | 24 |
| Cash conversion | 32.6 | 23 |
| Efficiency | 70 | 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 83% of Togami Electric Mfg.'s sales come from Industrial electrical power distribution equipment business, with Plastic molding business and Metal processing business making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +11.2% from the prior year, operating profit +11.2%.

## Company structure

- Segment revenue mix: Industrial electrical power distribution equipment business 83.4%、Plastic molding business 12.3%、Metal processing business 4.0%、Other 0.3%
- Revenue → net income: ¥30746068000 → ¥2704932000
- Net income → operating cash flow: ¥2704932000 → ¥2424678000（difference ¥-280254000）
- Main uses of operating cash flow: CapEx ¥891657000 / dividends ¥718125000 / buybacks ¥900445000
- Change in cash: ¥-479165000
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 | ¥30.7B |  |
| Operating income | ¥3.75B | Margin 12.2% |
| Net income | ¥2.68B | Margin 8.7% |
| Free cash flow | ¥1.53B |  |
| Largest business | Industrial electrical power distribution equipment business | of segment revenue 83.4% |
| Employees (consolidated) | 1,105 |  |
| EPS | ¥464.59 |  |
| Book value per share | ¥3774.37 |  |
| Equity ratio | 72.2% |  |
| Shares outstanding | 4,795,000 |  |
| Treasury shares | 158,800 |  |
| Shareholders | 2,804 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 20.8% | Cash ÷ revenue 22.6% |
| Vs. industry median margin | +3.8 pp | Electrical Equipment |
| ROE | 12.2% | Derived from disclosed figures |
| ROA | 8.1% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.3× dividends
- FY2026, one segment accounts for 93% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22593955000 | ¥30746068000 | +36.1% |
| Operating income | ¥1549593000 | ¥3748377000 | +141.9% |
| Operating margin | 6.9% | 12.2% | +5.3 pp |
| Employees | 1,051 people | 1,105 people | +5.1% |
| Cash and equivalents | ¥6367589000 | ¥6941741000 | +9.0% |

### 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 |
| --- | ---: |
| 産業用配電機器事業 → 産業用配電機器事業 | 78.4% |
| プラスチック成形加工事業 → プラスチック成形加工事業 | 12.3% |
| プラスチック成形加工事業 → 事業再編・廃止 | 3.4% |
| 金属加工事業 → 金属加工事業 | 4.0% |
| 金属加工事業 → 事業再編・廃止 | 1.3% |
| その他 → その他 | 0.3% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 産業用配電機器事業 | 5.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industrial electrical power distribution equipment business | 5 years | +7.7% | ¥25629261000 | 18.6% | 2 |
| Plastic molding business | 5 years | +1.2% | ¥3784648000 | 4.1% | 2 |
| Metal processing business | 5 years | +0.4% | ¥1244591000 | 13.6% | 2 |
| Other | 5 years | -5.5% | ¥87567000 | 18.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 30,746 | 100.0% | S100YJNT |
| Cost of revenue | 22,942 | 74.6% | S100YJNT |
| Gross profit | 7,804 | 25.4% | S100YJNT |
| SG&A | 4,055 | 13.2% | S100YJNT |
| Operating income | 3,748 | 12.2% | S100YJNT |
| Ordinary income | 3,988 | 13.0% | S100YJNT |
| Pretax income | 3,788 | 12.3% | S100YJNT |
| Income tax | 1,083 | 3.5% | S100YJNT |
| Net income | 2,705 | 8.8% | S100YJNT |
| Net income attributable to owners | 2,676 | 8.7% | S100YJNT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 13 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 25.4% → Operating margin 12.2% → Net margin 8.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.2%; Core profit growth: +11.2%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.00×
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 | 27,648 | 30,746 | 3,098 | +11.2% |
| Gross profit | 7,174 | 7,804 | 630 | +8.8% |
| Operating income | 3,370 | 3,748 | 379 | +11.2% |
| Net income attributable to owners | 2,393 | 2,676 | 282 | +11.8% |
| Operating cash flow | 2,812 | 2,425 | -388 | -13.8% |
| Free cash flow | 954 | 1,533 | 579 | +60.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 22,552 | 1,548 | 6.9% | 1,159 | 2,209 | 1,145 | S100LT2P |
| FY ending Mar 2021 | 22,594 | 1,550 | 6.9% | 1,335 | 1,907 | 1,327 | S100OKOU |
| FY ending Mar 2022 | 23,575 | 1,478 | 6.3% | 1,289 | 1,803 | 978 | S100R8GX |
| FY ending Mar 2023 | 24,805 | 1,762 | 7.1% | 1,433 | 1,497 | 720 | S100TV2K |
| FY ending Mar 2024 | 26,731 | 2,694 | 10.1% | 2,090 | 2,148 | 642 | S100W8GJ |
| FY ending Mar 2025 | 27,648 | 3,370 | 12.2% | 2,393 | 2,812 | 954 | S100YJNT |
| FY ending Mar 2026 | 30,746 | 3,748 | 12.2% | 2,676 | 2,425 | 1,533 | S100YJNT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.8M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 1,084 | 1,094 | 1,083 | 1,094 | 1,105 |
| Average salary (parent company) | ¥5.7M | ¥5.9M | ¥5.9M | ¥6.4M | ¥6.7M |
| Average age (parent company) | 38.6 years | 39.0 years | 38.7 years | 39.0 years | 39.0 years |
| Average tenure (parent company) | 15.4 years | 15.8 years | 15.6 years | 15.4 years | 15.2 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) +11.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Industrial electrical power distribution equipment business | 25,629 | 83.4% | 4,773 | 18.6% |
| Plastic molding business | 3,785 | 12.3% | 155 | 4.1% |
| Metal processing business | 1,245 | 4.0% | 170 | 13.6% |
| Other | 88 | 0.3% | 16 | 18.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Industrial electrical power distribution equipment business | 83.4% | 93.3% | 10.0 | 18.6% |
| Plastic molding business | 12.3% | 3.0% | -9.3 | 4.1% |
| Metal processing business | 4.0% | 3.3% | -0.7 | 13.6% |
| Other | 0.3% | 0.3% | 0.0 | 18.8% |

Segment → industry: Plastic molding business → Auto Parts / Industrial electrical power distribution equipment business → Electrical Equipment / Metal processing business → Industrial Machinery

## 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 | 2,425 | 7.9% | S100YJNT |
| Capital expenditure | 892 | 2.9% | S100YJNT |
| Free cash flow | 1,533 | 5.0% | 算出 |
| Investing cash flow | -1,233 | -4.0% | S100YJNT |
| Financing cash flow | -1,733 | -5.6% | S100YJNT |
| Dividends paid | 718 | 2.3% | S100YJNT |
| Share buyback | 900 | 2.9% | S100YJNT |
| Change in cash | -479 | -1.6% | S100YJNT |
| Cash and equivalents | 6,942 | 22.6% | S100YJNT |

## 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 | 6,325 | 6,578 | 6,891 | 7,421 | 6,942 | S100TV2K, S100W8GJ, S100YJNT |
| Total assets | 26,827 | 28,820 | 31,399 | 32,402 | 33,428 | S100R8GX, S100TV2K, S100W8GJ, S100YJNT |
| Net assets | 17,667 | 18,911 | 21,101 | 22,653 | 24,433 | S100TV2K, S100W8GJ, S100YJNT |
| Share capital | 2,900 | 2,900 | 2,900 | 2,900 | 2,900 | S100R8GX, S100TV2K, S100W8GJ, S100YJNT |
| Property, plant and equipment | 5,035 | 5,039 | 5,926 | 7,033 | 7,037 | S100R8GX, S100TV2K, S100W8GJ, S100YJNT |
| Intangible assets excluding goodwill | 320 | 383 | 454 | 407 | 380 | S100R8GX, S100TV2K, S100W8GJ, S100YJNT |
| Investment securities | 1,464 | 1,616 | 2,214 | 1,879 | 2,879 | S100R8GX, S100TV2K, S100W8GJ, S100YJNT |
| Current assets | 17,777 | 19,685 | 20,768 | 20,808 | 21,037 | S100R8GX, S100TV2K, S100W8GJ, S100YJNT |
| Current liabilities | 6,112 | 6,970 | 7,372 | 6,540 | 5,976 | S100R8GX, S100TV2K, S100W8GJ, S100YJNT |
| Trade payables | 2,131 | 2,741 | 2,195 | 1,517 | 1,763 | S100R8GX, S100TV2K, S100W8GJ, S100YJNT |
| Short-term borrowings | 345 | 336 | 328 | 400 | 381 | S100R8GX, S100TV2K, S100W8GJ, S100YJNT |
| Long-term borrowings | 8 | — | — | 300 | 219 | S100R8GX, S100YJNT |
| Total liabilities | 9,159 | 9,909 | 10,297 | 9,750 | 8,996 | S100R8GX, S100TV2K, S100W8GJ, S100YJNT |
| Non-controlling interests | 165 | 182 | 224 | 249 | 285 | S100R8GX, S100TV2K, S100W8GJ, S100YJNT |
| Equity attributable to owners of parent | 17,267 | 18,303 | 19,971 | 21,326 | 22,384 | S100R8GX, S100TV2K, S100W8GJ, S100YJNT |
| Retained earnings | 13,859 | 14,896 | 16,565 | 18,018 | 19,648 | S100R8GX, S100TV2K, S100W8GJ, S100YJNT |
| Treasury stock | -71 | -72 | -73 | -172 | -744 | S100R8GX, S100TV2K, S100W8GJ, S100YJNT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YJNT |
| Property, plant and equipment | 21% | S100YJNT |
| Intangibles and goodwill | 1% | S100YJNT |
| Investment securities | 9% | S100YJNT |
| Other assets | 48% | S100YJNT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YJNT |
| Other liabilities | 22% | S100YJNT |
| Equity | 73% | S100YJNT |
| Other liabilities | 0% | S100YJNT |

### 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 | 26,827 | 28,820 | 31,399 | 32,402 | 33,428 |
| Equity | 17,667 | 18,911 | 21,101 | 22,653 | 24,433 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,325 | 6,578 | 6,891 | 7,421 | 6,942 |

## 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) | 22.9% | S100YJNT |
| Fixed assets ÷ total assets | 21.1% | S100YJNT |
| Goodwill ÷ parent equity | — | —, S100YJNT |

### 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) | 20.8% |
| Cash ÷ revenue | 22.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 64.7% |
| Cash vs. profit gap | -251 JPY mn (of net income -9.4%) |
| Shareholder returns / net income | 60.5% |
| Shareholder returns / FCF | 105.6% |
| Shareholder payments — dividends / net income | 26.8% |
| Shareholder payments — dividends / FCF | 46.8% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 50.9% |

## 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 | 5.5% | 0.88× | 4.8% | 1.55× | 7.5% | S100R8GX |
| 2023 | 5.8% | 0.89× | 5.2% | 1.56× | 8.1% | S100TV2K |
| 2024 | 7.8% | 0.89× | 6.9% | 1.57× | 10.9% | S100W8GJ |
| 2025 | 8.7% | 0.87× | 7.5% | 1.54× | 11.6% | S100YJNT |
| 2026 | 8.7% | 0.93× | 8.1% | 1.51× | 12.2% | S100YJNT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社戸上ビル | Major shareholder | 10.3% | 2026-03-31 |
| 戸上電機取引先持株会 | Major shareholder | 6.6% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社佐賀銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 戸上 信一 | Major shareholder | 4.3% | 2026-03-31 |
| 戸上電機製作所従業員持株会 | Major shareholder | 4.2% | 2026-03-31 |
| 戸上 鴻太朗 | Major shareholder | 3.0% | 2026-03-31 |
| 戸上 千裕 | Major shareholder | 2.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.6% | 2026-03-31 |
| 戸上 孝弘 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第151期(2025/04/01－2026/03/31) | S100YJNT | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJNT,, |
| 有価証券報告書－第150期(2024/04/01－2025/03/31) | S100W8GJ | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8GJ,, |
| 有価証券報告書－第149期(2023/04/01－2024/03/31) | S100TV2K | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV2K,, |
| 有価証券報告書－第148期(2022/04/01－2023/03/31) | S100R8GX | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8GX,, |
| 有価証券報告書－第147期(令和3年4月1日－令和4年3月31日) | S100OKOU | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKOU,, |
| 有価証券報告書－第146期(令和2年4月1日－令和3年3月31日) | S100LT2P | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT2P,, |

## 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).