# TOKYO KEIKI INC.: 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95期(2025/04/01－2026/03/31) (S100YMS0)
> Page: https://vizora.meequs.com/en/company/tokyo-keiki
> Retrieved: 2026-09-30T23:26:58.251Z

## Company

Tokyo Keiki, founded in 1896, is a company in Robots & Factory Automation listed on TSE Prime. It has 1,768 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKYO KEIKI INC. |
| Ticker | 7721 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7721.T) |
| Listing | TSE Prime |
| Head office | 東京都大田区羽田空港一丁目1番4号 (2026年3月から本店所在地 東京都大田区南蒲田2丁目16番46号が上記のように移転しております。) |
| Representative (per filing) | 代表取締役社長執行役員 安藤 毅 |
| Founded | May 1896 |
| Share capital | ¥7.22B |
| Employees (consolidated) | 1,768 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | tokyokeiki.premium-yutaiclub.jp (https://tokyokeiki.premium-yutaiclub.jp/) |
| Corporate number | 3010801008436 |
| EDINET | E02266 |
| Industries (Vizora) | Robots & Factory Automation, Shipbuilding, Electrical Equipment, Defense, Industrial Machinery |

> Profile source: annual securities report (S100YMS0, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Defense (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70 | 5 |
| Profitability | 70 | 5 |
| Cash conversion | 30 | 5 |
| Efficiency | 70 | 5 |

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 43% of Tokyo Keiki's sales come from Defense Systems And Information And Communications, with Marine and Hydraulic Equipment making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +6.1% from the prior year, operating profit +10.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥61.2B |  |
| Operating income | ¥5.36B | Margin 8.8% |
| Net income | ¥4B | Margin 6.5% |
| Free cash flow | -¥4.81B |  |
| Largest business | Defense Systems And Information And Communications | of segment revenue 42.5% |
| Employees (consolidated) | 1,768 |  |
| EPS | ¥215.05 |  |
| Book value per share | ¥2174.03 |  |
| Equity ratio | 53.7% |  |
| Shares outstanding | 17,076,439 |  |
| Treasury shares | 643,400 |  |
| Shareholders | 11,388 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 4.7% | Cash ÷ revenue 6.5% |
| Vs. industry median margin | +1.7 pp | Defense |
| ROE | 10.6% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 5% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥42081000000 | ¥61186000000 | +45.4% |
| Operating income | ¥1250000000 | ¥5362000000 | +329.0% |
| Operating margin | 3.0% | 8.8% | +5.8 pp |
| Employees | 1,672 people | 1,768 people | +5.7% |
| Cash and equivalents | ¥11588000000 | ¥3954000000 | -65.9% |

### 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 |
| --- | ---: |
| 船舶港湾機器事業 → 船舶港湾機器事業 | 20.3% |
| 油空圧機器事業 → 油空圧機器事業 | 19.3% |
| 油空圧機器事業 → 事業再編・廃止 | 5.3% |
| 流体機器事業 → 流体機器事業 | 8.8% |
| 流体機器事業 → 事業再編・廃止 | 0.7% |
| 防衛・通信機器事業 → 防衛・通信機器事業 | 38.7% |
| その他 → その他 | 6.9% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 船舶港湾機器事業 | 2.1% |
| 新設・再編 → 防衛・通信機器事業 | 3.8% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Defense Systems And Information And Communications | 5 years | +9.8% | ¥26015000000 | 9.0% | 2 |
| Marine | 5 years | +9.9% | ¥13675000000 | 9.6% | 2 |
| Hydraulic Equipment | 5 years | +2.7% | ¥11836000000 | 1.9% | 2 |
| Flow Meters | 5 years | +6.2% | ¥5410000000 | 16.1% | 2 |
| Other | 5 years | +7.8% | ¥4249000000 | 16.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 61,186 | 100.0% | S100YMS0 |
| Cost of revenue | 43,902 | 71.8% | S100YMS0 |
| Gross profit | 17,284 | 28.2% | S100YMS0 |
| SG&A | 11,922 | 19.5% | S100YMS0 |
| Operating income | 5,362 | 8.8% | S100YMS0 |
| Ordinary income | 5,492 | 9.0% | S100YMS0 |
| Pretax income | 5,262 | 8.6% | S100YMS0 |
| Income tax | 1,189 | 1.9% | S100YMS0 |
| Net income | 4,073 | 6.7% | S100YMS0 |
| Net income attributable to owners | 4,005 | 6.5% | S100YMS0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 19 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 28.2% → Operating margin 8.8% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.1%; Core profit growth: +10.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.70×
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 | 57,650 | 61,186 | 3,536 | +6.1% |
| Gross profit | 15,827 | 17,284 | 1,457 | +9.2% |
| Operating income | 4,856 | 5,362 | 506 | +10.4% |
| Net income attributable to owners | 3,797 | 4,005 | 208 | +5.5% |
| Operating cash flow | -455 | -160 | 295 | — |
| Free cash flow | -4,288 | -4,806 | -518 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 47,440 | 1,875 | 4.0% | 1,425 | 2,915 | 1,781 | S100LTDT |
| FY ending Mar 2021 | 42,081 | 1,250 | 3.0% | 945 | 7,068 | 6,054 | S100OGBU |
| FY ending Mar 2022 | 41,510 | 1,635 | 3.9% | 1,493 | 2,256 | 1,470 | S100RA6D |
| FY ending Mar 2023 | 44,296 | 1,312 | 3.0% | 873 | -2,829 | -3,720 | S100TVZY |
| FY ending Mar 2024 | 47,166 | 2,768 | 5.9% | 2,277 | -2,835 | -5,414 | S100W7Z5 |
| FY ending Mar 2025 | 57,650 | 4,856 | 8.4% | 3,797 | -455 | -4,288 | S100YMS0 |
| FY ending Mar 2026 | 61,186 | 5,362 | 8.8% | 4,005 | -160 | -4,806 | S100YMS0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.6M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥2.3M |

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) | 1,696 | 1,676 | 1,692 | 1,720 | 1,768 |
| Average salary (parent company) | ¥6M | ¥6.2M | ¥6.2M | ¥6.6M | ¥6.9M |
| Average age (parent company) | 43.7 years | 43.5 years | 43.2 years | 42.8 years | 43.0 years |
| Average tenure (parent company) | 17.2 years | 16.8 years | 16.2 years | 15.8 years | 15.2 years |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) +6.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marine | 13,675 | 22.4% | 1,317 | 9.6% |
| Hydraulic Equipment | 11,836 | 19.3% | 222 | 1.9% |
| Flow Meters | 5,410 | 8.8% | 873 | 16.1% |
| Defense Systems And Information And Communications | 26,015 | 42.5% | 2,344 | 9.0% |
| Other | 4,249 | 6.9% | 684 | 16.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Marine | 22.4% | 24.2% | 1.9 | 9.6% |
| Hydraulic Equipment | 19.3% | 4.1% | -15.3 | 1.9% |
| Flow Meters | 8.8% | 16.0% | 7.2 | 16.1% |
| Defense Systems And Information And Communications | 42.5% | 43.1% | 0.6 | 9.0% |
| Other | 6.9% | 12.6% | 5.6 | 16.1% |

Segment → industry: Flow Meters → Robots & Factory Automation / Marine → Shipbuilding / Other → Electrical Equipment / Defense Systems And Information And Communications → Defense / Hydraulic Equipment → 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 | -160 | -0.3% | S100YMS0 |
| Capital expenditure | 4,646 | 7.6% | S100YMS0 |
| Free cash flow | -4,806 | -7.9% | 算出 |
| Investing cash flow | -5,153 | -8.4% | S100YMS0 |
| Financing cash flow | 1,708 | 2.8% | S100YMS0 |
| Dividends paid | 575 | 0.9% | S100YMS0 |
| Share buyback | 3 | 0.0% | S100YMS0 |
| Change in cash | -3,599 | -5.9% | S100YMS0 |
| Cash and equivalents | 3,954 | 6.5% | S100YMS0 |

## 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 | 12,208 | 8,671 | 7,796 | 7,553 | 3,954 | S100TVZY, S100W7Z5, S100YMS0 |
| Total assets | 56,018 | 56,624 | 66,978 | 76,497 | 84,781 | S100RA6D, S100TVZY, S100W7Z5, S100YMS0 |
| Net assets | 33,348 | 33,451 | 37,369 | 41,007 | 46,155 | S100TVZY, S100W7Z5, S100YMS0 |
| Share capital | 7,218 | 7,218 | 7,218 | 7,218 | 7,218 | S100RA6D, S100TVZY, S100W7Z5, S100YMS0 |
| Property, plant and equipment | 6,617 | 5,458 | 7,025 | 9,709 | 12,950 | S100RA6D, S100TVZY, S100W7Z5, S100YMS0 |
| Intangible assets excluding goodwill | 94 | 137 | 185 | 223 | 425 | S100RA6D, S100TVZY, S100W7Z5, S100YMS0 |
| Goodwill | — | — | — | — | 8 | S100YMS0 |
| Investment securities | 3,956 | 3,440 | 4,615 | 4,577 | 5,909 | S100RA6D, S100TVZY, S100W7Z5, S100YMS0 |
| Current assets | 43,102 | 44,814 | 50,863 | 56,190 | 57,578 | S100RA6D, S100TVZY, S100W7Z5, S100YMS0 |
| Current liabilities | 19,031 | 21,385 | 21,781 | 24,060 | 26,973 | S100RA6D, S100TVZY, S100W7Z5, S100YMS0 |
| Trade payables | 6,565 | 6,824 | 7,022 | 5,951 | 6,202 | S100RA6D, S100TVZY, S100W7Z5, S100YMS0 |
| Short-term borrowings | 8,102 | 9,951 | 8,954 | 10,417 | 13,495 | S100RA6D, S100TVZY, S100W7Z5, S100YMS0 |
| Long-term borrowings | 2,136 | — | 5,808 | 9,062 | 8,291 | S100RA6D, S100W7Z5, S100YMS0 |
| Total liabilities | 22,671 | 23,172 | 29,609 | 35,490 | 38,625 | S100RA6D, S100TVZY, S100W7Z5, S100YMS0 |
| Non-controlling interests | 460 | 525 | 520 | 589 | 635 | S100RA6D, S100TVZY, S100W7Z5, S100YMS0 |
| Equity attributable to owners of parent | 30,708 | 31,104 | 32,901 | 36,180 | 39,626 | S100RA6D, S100TVZY, S100W7Z5, S100YMS0 |
| Retained earnings | 24,152 | 24,532 | 26,316 | 29,580 | 33,010 | S100RA6D, S100TVZY, S100W7Z5, S100YMS0 |
| Treasury stock | -675 | -663 | -653 | -649 | -648 | S100RA6D, S100TVZY, S100W7Z5, S100YMS0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YMS0 |
| Property, plant and equipment | 15% | S100YMS0 |
| Intangibles and goodwill | 0% | S100YMS0 |
| Investment securities | 7% | S100YMS0 |
| Other assets | 73% | S100YMS0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YMS0 |
| Other liabilities | 38% | S100YMS0 |
| Equity | 55% | S100YMS0 |
| Other liabilities | 0% | S100YMS0 |

### 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 | 56,018 | 56,624 | 66,978 | 76,497 | 84,781 |
| Equity | 33,348 | 33,451 | 37,369 | 41,007 | 46,155 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,208 | 8,671 | 7,796 | 7,553 | 3,954 |

## 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) | 21.2% | S100YMS0 |
| Fixed assets ÷ total assets | 15.3% | S100YMS0 |
| Goodwill ÷ parent equity | 0.0% | S100YMS0 |

### 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) | 4.7% |
| Cash ÷ revenue | 6.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -3.0% |
| Cash vs. profit gap | -4,165 JPY mn (of net income -104.0%) |
| Shareholder returns / net income | 14.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 14.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.6% |
| Investing CF relative to operating CF | — |

## 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 | 3.6% | 0.74× | 2.7% | 1.82× | 4.9% | S100RA6D |
| 2023 | 2.0% | 0.79× | 1.6% | 1.82× | 2.8% | S100TVZY |
| 2024 | 4.8% | 0.76× | 3.7% | 1.93× | 7.1% | S100W7Z5 |
| 2025 | 6.6% | 0.80× | 5.3% | 2.08× | 11.0% | S100YMS0 |
| 2026 | 6.5% | 0.76× | 5.0% | 2.13× | 10.6% | S100YMS0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.2% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社横浜銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社ＫＯＤＥＮホールディングス | Major shareholder | 2.2% | 2026-03-31 |
| 東京計器従業員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 高橋 慧 | Major shareholder | 1.8% | 2026-03-31 |
| 長野計器株式会社 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第95期(2025/04/01－2026/03/31) | S100YMS0 | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMS0,, |
| 有価証券報告書－第94期(2024/04/01－2025/03/31) | S100W7Z5 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7Z5,, |
| 有価証券報告書－第93期(2023/04/01－2024/03/31) | S100TVZY | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVZY,, |
| 有価証券報告書－第92期(2022/04/01－2023/03/31) | S100RA6D | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA6D,, |
| 有価証券報告書－第91期(令和3年4月1日－令和4年3月31日) | S100OGBU | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGBU,, |
| 有価証券報告書－第90期(令和2年4月1日－令和3年3月31日) | S100LTDT | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTDT,, |

## 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).