# TOKAI ELECTRONICS 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71期(2025/04/01－2026/03/31) (S100YIEJ)
> Page: https://vizora.meequs.com/en/company/tokai-electronics
> Retrieved: 2026-09-30T21:33:02.069Z

## Company

Tokai Electronics, founded in 1955, is a company in IT Services & System Integration listed on Nagoya. It has 350 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKAI ELECTRONICS CO.,LTD. |
| Ticker | 8071 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8071.T) |
| Listing | Nagoya |
| Head office | 名古屋市中区栄三丁目34番14号 |
| Representative (per filing) | 代表取締役社長 大倉 慎 |
| Founded | May 1955 |
| Share capital | ¥3.08B |
| Employees (consolidated) | 350 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.tokai-ele.com (https://www.tokai-ele.com/) |
| Corporate number | 4180001038563 |
| EDINET | E02684 |
| Industries (Vizora) | IT Services & System Integration, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YIEJ, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.4 | 179 |
| Profitability | 34.3 | 185 |
| Cash conversion | 99.2 | 179 |
| Efficiency | 36.5 | 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 35% of Tokai Electronics's sales come from Overseas solution company, with Chubu and Kansai 2nd company and Chubu and Kansai 1st company making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -30.9% from the prior year, operating profit -27.1%.

## Company structure

- Segment revenue mix: Overseas solution company 34.6%、Chubu and Kansai 2nd company 30.5%、Chubu and Kansai 1st company 20.3%、Kanto and Koshinetsu company 9.5%、System solution company 5.1%
- Revenue → net income: ¥39362026000 → ¥396280000
- Net income → operating cash flow: ¥396280000 → ¥10025160000（difference ¥9628880000）
- Main uses of operating cash flow: CapEx ¥52581000 / dividends ¥241897000 / buybacks ¥153000
- Change in cash: ¥8692019000
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 | ¥39.4B |  |
| Operating income | ¥801.5M | Margin 2.0% |
| Net income | ¥396.3M | Margin 1.0% |
| Free cash flow | ¥9.97B |  |
| Largest business | Overseas solution company | of segment revenue 34.6% |
| Employees (consolidated) | 350 |  |
| EPS | ¥315.75 |  |
| Diluted EPS | ¥307.35 |  |
| Book value per share | ¥6941.18 |  |
| Equity ratio | 62.7% |  |
| Shares outstanding | 2,360,263 |  |
| Treasury shares | 245,100 |  |
| Shareholders | 1,675 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 40.2% | Cash ÷ revenue 30.3% |
| Vs. industry median margin | -0.8 pp | Specialty Trading & Wholesale |
| ROE | 2.5% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 25.3× net income
- FY2026, segment profit share differs by 34 points
- FY2026, cash is 40% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥46676231000 | ¥39362026000 | -15.7% |
| Operating income | ¥817662000 | ¥801497000 | -2.0% |
| Operating margin | 1.8% | 2.0% | +0.3 pp |
| Employees | 365 people | 350 people | -4.1% |
| Cash and equivalents | ¥2344704000 | ¥11946209000 | +409.5% |

### 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 |
| --- | ---: |
| 関東・甲信越カンパニー → 関東・甲信越カンパニー | 6.4% |
| 中部・関西第1カンパニー → 中部・関西第1カンパニー | 14.4% |
| 中部・関西第2カンパニー → 中部・関西第2カンパニー | 9.2% |
| 中部・関西第3カンパニー → 事業再編・廃止 | 46.6% |
| オーバーシーズ・ソリューションカンパニー → オーバーシーズ・ソリューションカンパニー | 18.7% |
| システム・ソリューションカンパニー → システム・ソリューションカンパニー | 4.6% |
| 新設・再編 → 関東・甲信越カンパニー | 3.2% |
| 新設・再編 → 中部・関西第1カンパニー | 5.9% |
| 新設・再編 → 中部・関西第2カンパニー | 21.2% |
| 新設・再編 → オーバーシーズ・ソリューションカンパニー | 15.9% |
| 新設・再編 → システム・ソリューションカンパニー | 0.5% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Overseas solution company | 5 years | +9.3% | ¥13601557000 | -0.3% | 2 |
| Chubu and Kansai 2nd company | 5 years | +22.7% | ¥11998161000 | 5.5% | 2 |
| Chubu and Kansai 1st company | 5 years | +3.5% | ¥7999981000 | 3.2% | 2 |
| Kanto and Koshinetsu company | 5 years | +4.8% | ¥3753546000 | 2.1% | 2 |
| System solution company | 5 years | -1.5% | ¥2008779000 | 32.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 39,362 | 100.0% | S100YIEJ |
| Cost of revenue | 33,023 | 83.9% | S100YIEJ |
| Gross profit | 6,339 | 16.1% | S100YIEJ |
| SG&A | 5,538 | 14.1% | S100YIEJ |
| Operating income | 801 | 2.0% | S100YIEJ |
| Ordinary income | 950 | 2.4% | S100YIEJ |
| Pretax income | 905 | 2.3% | S100YIEJ |
| Income tax | 509 | 1.3% | S100YIEJ |
| Net income | 396 | 1.0% | S100YIEJ |
| Net income attributable to owners | 396 | 1.0% | S100YIEJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 14 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 16.1% → Operating margin 2.0% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -30.9%; Core profit growth: -27.1%
Operating leverage (core profit growth ÷ revenue growth): 0.88×
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 | 56,999 | 39,362 | -17,637 | -30.9% |
| Gross profit | 6,579 | 6,339 | -240 | -3.6% |
| Operating income | 1,100 | 801 | -298 | -27.1% |
| Net income attributable to owners | 642 | 396 | -246 | -38.3% |
| Operating cash flow | -761 | 10,025 | 10,786 | — |
| Free cash flow | -830 | 9,973 | 10,802 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 37,846 | 385 | 1.0% | 210 | -10 | -89 | S100LSOR |
| FY ending Mar 2021 | 46,676 | 818 | 1.8% | 547 | -214 | -288 | S100OI51 |
| FY ending Mar 2022 | 60,759 | 1,966 | 3.2% | 1,404 | 597 | 494 | S100R62W |
| FY ending Mar 2023 | 64,495 | 1,533 | 2.4% | 1,042 | -761 | -850 | S100TUBJ |
| FY ending Mar 2024 | 60,833 | 1,604 | 2.6% | 492 | 3,621 | 3,588 | S100W3QK |
| FY ending Mar 2025 | 56,999 | 1,100 | 1.9% | 642 | -761 | -830 | S100YIEJ |
| FY ending Mar 2026 | 39,362 | 801 | 2.0% | 396 | 10,025 | 9,973 | S100YIEJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥112.5M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 358 | 373 | 380 | 360 | 350 |
| Average salary (parent company) | ¥6.6M | ¥6.6M | ¥6.8M | ¥7M | ¥7.3M |
| Average age (parent company) | 44.9 years | 44.9 years | 44.8 years | 44.7 years | 45.4 years |
| Average tenure (parent company) | 14.1 years | 14.3 years | 14.0 years | 14.8 years | 15.5 years |

Year over year: Employees (consolidated) -2.8% · Revenue (consolidated) -30.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Kanto and Koshinetsu company | 3,754 | 9.5% | 81 | 2.1% |
| Chubu and Kansai 1st company | 8,000 | 20.3% | 259 | 3.2% |
| Chubu and Kansai 2nd company | 11,998 | 30.5% | 659 | 5.5% |
| Overseas solution company | 13,602 | 34.6% | -36 | -0.3% |
| System solution company | 2,009 | 5.1% | 643 | 32.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Kanto and Koshinetsu company | 9.5% | 4.9% | -4.6 | 2.1% |
| Chubu and Kansai 1st company | 20.3% | 15.8% | -4.5 | 3.2% |
| Chubu and Kansai 2nd company | 30.5% | 40.1% | 9.6 | 5.5% |
| Overseas solution company | 34.6% | — | — | -0.3% |
| System solution company | 5.1% | 39.2% | 34.1 | 32.0% |

Loss-making segment (excluded from profit shares): Overseas solution company -36 JPY mn

Segment → industry: System solution company → IT Services & System Integration / Overseas solution company → Specialty Trading & Wholesale / Chubu and Kansai 2nd company → Specialty Trading & Wholesale / Chubu and Kansai 1st company → Specialty Trading & Wholesale / Kanto and Koshinetsu company → 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 | 10,025 | 25.5% | S100YIEJ |
| Capital expenditure | 53 | 0.1% | S100YIEJ |
| Free cash flow | 9,973 | 25.3% | 算出 |
| Investing cash flow | -18 | -0.0% | S100YIEJ |
| Financing cash flow | -1,477 | -3.8% | S100YIEJ |
| Dividends paid | 242 | 0.6% | S100YIEJ |
| Share buyback | 0 | 0.0% | S100YIEJ |
| Change in cash | 8,692 | 22.1% | S100YIEJ |
| Cash and equivalents | 11,946 | 30.3% | S100YIEJ |

## 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 | 2,365 | 2,373 | 4,268 | 3,254 | 11,946 | S100TUBJ, S100W3QK, S100YIEJ |
| Total assets | 29,567 | 30,572 | 30,798 | 29,056 | 29,745 | S100R62W, S100TUBJ, S100W3QK, S100YIEJ |
| Net assets | 14,729 | 15,929 | 17,017 | 17,496 | 18,757 | S100TUBJ, S100W3QK, S100YIEJ |
| Share capital | 3,075 | 3,075 | 3,075 | 3,075 | 3,075 | S100R62W, S100TUBJ, S100W3QK, S100YIEJ |
| Inventories | 7,387 | 10,701 | 10,068 | 8,741 | 4,756 | S100R62W, S100TUBJ, S100W3QK, S100YIEJ |
| Property, plant and equipment | 2,612 | 2,637 | 2,520 | 2,499 | 2,471 | S100R62W, S100TUBJ, S100W3QK, S100YIEJ |
| Intangible assets excluding goodwill | 806 | 581 | 57 | 46 | 36 | S100R62W, S100TUBJ, S100W3QK, S100YIEJ |
| Goodwill | 580 | 387 | — | — | — | S100R62W, S100TUBJ |
| Investment securities | 1,113 | 1,248 | 1,713 | 1,867 | 2,528 | S100R62W, S100TUBJ, S100W3QK, S100YIEJ |
| Current assets | 24,321 | 25,448 | 25,482 | 23,500 | 23,709 | S100R62W, S100TUBJ, S100W3QK, S100YIEJ |
| Current liabilities | 10,606 | 10,385 | 13,059 | 7,679 | 9,807 | S100R62W, S100TUBJ, S100W3QK, S100YIEJ |
| Trade payables | 6,812 | 5,962 | 5,552 | 4,082 | 4,017 | S100R62W, S100TUBJ, S100W3QK, S100YIEJ |
| Short-term borrowings | — | 1,100 | — | 1,150 | — | S100TUBJ, S100YIEJ |
| Long-term borrowings | 3,800 | 3,800 | — | 3,000 | — | S100R62W, S100TUBJ, S100YIEJ |
| Total liabilities | 14,838 | 14,643 | 13,782 | 11,560 | 10,987 | S100R62W, S100TUBJ, S100W3QK, S100YIEJ |
| Equity attributable to owners of parent | 14,574 | 15,385 | 15,656 | 16,058 | 16,220 | S100R62W, S100TUBJ, S100W3QK, S100YIEJ |
| Retained earnings | 9,526 | 10,337 | 10,587 | 10,989 | 11,144 | S100R62W, S100TUBJ, S100W3QK, S100YIEJ |
| Treasury stock | -539 | -539 | -517 | -517 | -510 | S100R62W, S100TUBJ, S100W3QK, S100YIEJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100YIEJ |
| Inventories | 16% | S100YIEJ |
| Property, plant and equipment | 8% | S100YIEJ |
| Intangibles and goodwill | 0% | S100YIEJ |
| Investment securities | 9% | S100YIEJ |
| Other assets | 27% | S100YIEJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 14% | S100YIEJ |
| Other liabilities | 23% | S100YIEJ |
| Equity | 63% | S100YIEJ |

### 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 | 29,567 | 30,572 | 30,798 | 29,056 | 29,745 |
| Equity | 14,729 | 15,929 | 17,017 | 17,496 | 18,757 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,365 | 2,373 | 4,268 | 3,254 | 11,946 |

## 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) | 6.3% | S100YIEJ |
| Fixed assets ÷ total assets | 8.3% | S100YIEJ |
| Goodwill ÷ parent equity | — | —, S100YIEJ |

### 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) | 40.2% |
| Cash ÷ revenue | 30.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 1250.8% |
| Cash vs. profit gap | 9,629 JPY mn (of net income 2429.8%) |
| Shareholder returns / net income | 61.1% |
| Shareholder returns / FCF | 2.4% |
| Shareholder payments — dividends / net income | 61.0% |
| Shareholder payments — dividends / FCF | 2.4% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 0.2% |

## 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 | 2.3% | 2.05× | 4.7% | 2.03× | 9.6% | S100R62W |
| 2023 | 1.6% | 2.14× | 3.5% | 2.01× | 7.0% | S100TUBJ |
| 2024 | 0.8% | 1.98× | 1.6% | 1.98× | 3.2% | S100W3QK |
| 2025 | 1.1% | 1.90× | 2.1% | 1.89× | 4.1% | S100YIEJ |
| 2026 | 1.0% | 1.34× | 1.3% | 1.82× | 2.5% | S100YIEJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＯＫＵＲＡ株式会社 | Major shareholder | 15.0% | 2026-03-31 |
| 牧 三枝 | Major shareholder | 9.3% | 2026-03-31 |
| 江口由江 | Major shareholder | 6.9% | 2026-03-31 |
| ＨＡＲＵＫＡＺ株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| 東海エレクトロニクス従業員持株会 | Major shareholder | 3.1% | 2026-03-31 |
| ＩＮＴＥＲＴＲＵＳＴ ＴＲＵＳＴＥＥＳ （ＣＡＹＭＡＮ） ＬＩＭＩＴＥＤ ＡＳ ＴＲＵＳＴＥＥ ＯＦ ＴＨＥ ＵＢＩＱＵＩＴＯＵＳ ＭＡＳＴＥＲ ＳＥＲＩＥＳ ＴＲＵＳＴ ＭＥＬＣＯ ＧＲＯＵＰ ＭＡＳＴＥＲ ＦＵＮＤ （常任代理人 立花証券株式会社） | Major shareholder | 2.9% | 2026-03-31 |
| 大倉一枝 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.5% | 2026-03-31 |
| 山本知宏 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社あいち銀行 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第71期(2025/04/01－2026/03/31) | S100YIEJ | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIEJ,, |
| 有価証券報告書－第70期(2024/04/01－2025/03/31) | S100W3QK | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3QK,, |
| 有価証券報告書－第69期(2023/04/01－2024/03/31) | S100TUBJ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUBJ,, |
| 有価証券報告書－第68期(2022/04/01－2023/03/31) | S100R62W | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R62W,, |
| 有価証券報告書－第67期(令和3年4月1日－令和4年3月31日) | S100OI51 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI51,, |
| 有価証券報告書－第66期(令和2年4月1日－令和3年3月31日) | S100LSOR | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSOR,, |

## 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).