# TSUZUKI DENKI 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86期(2025/04/01－2026/03/31) (S100YE5P)
> Page: https://vizora.meequs.com/en/company/tsuzuki-denki
> Retrieved: 2026-09-30T18:28:08.520Z

## Company

Tsuzuki Denki, founded in 1932, is a company in IT Services & System Integration listed on TSE Prime. It has 2,040 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TSUZUKI DENKI CO., LTD. |
| Ticker | 8157 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8157.T) |
| Listing | TSE Prime |
| Head office | 東京都港区新橋六丁目19番15号 |
| Representative (per filing) | 代表取締役社長 吉田 克之 |
| Founded | May 1932 |
| Share capital | ¥9.81B |
| Employees (consolidated) | 2,040 |
| Average salary (parent only) | ¥9.4M |
| Fiscal year end | March |
| Corporate number | 9010401054908 |
| EDINET | E00157 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YE5P, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.5 | 157 |
| Profitability | 40.6 | 196 |
| Cash conversion | 41.4 | 185 |
| Efficiency | 48.2 | 196 |

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)

- Tsuzuki Denki brought in ¥103.7B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +5.6% from the prior year, operating profit +26.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥103728000000 → ¥6612000000
- Net income → operating cash flow: ¥6612000000 → ¥6322000000（difference ¥-290000000）
- Main uses of operating cash flow: CapEx ¥1303000000 / dividends ¥1952000000 / buybacks ¥0
- Change in cash: ¥4763000000
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 | ¥103.7B |  |
| Operating income | ¥8.18B | Margin 7.9% |
| Net income | ¥6.47B | Margin 6.2% |
| Free cash flow | ¥5.02B |  |
| Employees (consolidated) | 2,040 |  |
| EPS | ¥339.2 |  |
| Book value per share | ¥2495.36 |  |
| Equity ratio | 55.1% |  |
| Shares outstanding | 18,977,000 |  |
| Treasury shares | 203,800 |  |
| Shareholders | 8,235 |  |
| Average salary (parent only) | ¥9.4M | Filing company only |
| Cash ratio | 49.6% | Cash ÷ revenue 41.9% |
| Vs. industry median margin | -1 pp | IT Services & System Integration |
| ROE | 14.2% | Derived from disclosed figures |
| ROA | 7.7% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 50% of total assets
- FY2026, employees -1% while operating income rose 26%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥120004000000 | ¥103728000000 | -13.6% |
| Operating income | ¥3202000000 | ¥8178000000 | +155.4% |
| Operating margin | 2.7% | 7.9% | +5.2 pp |
| Employees | 2,408 people | 2,040 people | -15.3% |
| Cash and equivalents | ¥15927000000 | ¥43467000000 | +172.9% |

### 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 |
| --- | ---: |
| 情報ネットワークソリューションサービス → 事業再編・廃止 | 81.5% |
| 電子デバイス → 事業再編・廃止 | 18.5% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 103,728 | 100.0% | S100YE5P |
| Cost of revenue | 78,762 | 75.9% | S100YE5P |
| Gross profit | 24,965 | 24.1% | S100YE5P |
| SG&A | 16,787 | 16.2% | S100YE5P |
| Operating income | 8,178 | 7.9% | S100YE5P |
| Ordinary income | 8,320 | 8.0% | S100YE5P |
| Pretax income | 9,391 | 9.1% | S100YE5P |
| Income tax | 2,778 | 2.7% | S100YE5P |
| Net income | 6,612 | 6.4% | S100YE5P |
| Net income attributable to owners | 6,472 | 6.2% | S100YE5P |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 16 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 24.1% → Operating margin 7.9% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.6%; Core profit growth: +26.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.71×
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 | 98,263 | 103,728 | 5,465 | +5.6% |
| Gross profit | 22,665 | 24,965 | 2,300 | +10.1% |
| Operating income | 6,481 | 8,178 | 1,697 | +26.2% |
| Net income attributable to owners | 4,764 | 6,472 | 1,708 | +35.9% |
| Operating cash flow | 3,407 | 6,322 | 2,915 | +85.6% |
| Free cash flow | 2,104 | 5,019 | 2,915 | +138.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 125,366 | 4,457 | 3.6% | 3,155 | 8,025 | 5,850 | S100LQOK |
| FY ending Mar 2021 | 120,004 | 3,202 | 2.7% | 2,346 | 749 | -1,441 | S100OJEQ |
| FY ending Mar 2022 | 119,316 | 4,012 | 3.4% | 2,798 | 5,560 | 3,687 | S100R57I |
| FY ending Mar 2023 | 123,899 | 5,118 | 4.1% | 3,521 | 4,263 | 3,173 | S100TRL8 |
| FY ending Mar 2024 | 124,856 | 6,439 | 5.2% | 5,477 | 4,954 | 4,008 | S100W41O |
| FY ending Mar 2025 | 98,263 | 6,481 | 6.6% | 4,764 | 3,407 | 2,104 | S100YE5P |
| FY ending Mar 2026 | 103,728 | 8,178 | 7.9% | 6,472 | 6,322 | 5,019 | S100YE5P |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.8M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 2,382 | 2,328 | 2,094 | 2,061 | 2,040 |
| Average salary (parent company) | ¥8.9M | ¥8.7M | ¥9.1M | ¥9.4M | ¥9.4M |
| Average age (parent company) | 43.7 years | 43.5 years | 43.5 years | 43.2 years | 43.2 years |
| Average tenure (parent company) | 19.2 years | 19.0 years | 18.9 years | 18.5 years | 17.9 years |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) +5.6%

## 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 | 6,322 | 6.1% | S100YE5P |
| Capital expenditure | 1,303 | 1.3% | S100YE5P |
| Free cash flow | 5,019 | 4.8% | 算出 |
| Investing cash flow | 1,711 | 1.6% | S100YE5P |
| Financing cash flow | -3,269 | -3.2% | S100YE5P |
| Dividends paid | 1,952 | 1.9% | S100YE5P |
| Share buyback | 0 | 0.0% | S100YE5P |
| Change in cash | 4,763 | 4.6% | S100YE5P |
| Cash and equivalents | 43,467 | 41.9% | S100YE5P |

## 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 | 19,130 | 20,845 | 38,684 | 38,703 | 43,467 | S100TRL8, S100W41O, S100YE5P |
| Total assets | 79,226 | 83,207 | 81,066 | 80,063 | 87,630 | S100R57I, S100TRL8, S100W41O, S100YE5P |
| Net assets | 33,199 | 35,387 | 40,864 | 44,629 | 48,837 | S100TRL8, S100W41O, S100YE5P |
| Share capital | 9,812 | 9,812 | 9,812 | 9,812 | 9,812 | S100R57I, S100TRL8, S100W41O, S100YE5P |
| Inventories | 7,483 | 11,683 | 3,649 | 2,601 | 4,259 | S100R57I, S100TRL8, S100W41O, S100YE5P |
| Property, plant and equipment | 5,428 | 4,504 | 2,187 | 1,974 | 1,814 | S100R57I, S100TRL8, S100W41O, S100YE5P |
| Intangible assets excluding goodwill | 3,072 | 2,610 | 2,286 | 2,541 | 2,005 | S100R57I, S100TRL8, S100W41O, S100YE5P |
| Goodwill | 135 | 45 | — | — | — | S100R57I, S100TRL8 |
| Investment securities | 4,096 | 3,471 | 4,092 | 4,538 | 2,383 | S100R57I, S100TRL8, S100W41O, S100YE5P |
| Current assets | 61,195 | 67,196 | 65,929 | 65,063 | 74,232 | S100R57I, S100TRL8, S100W41O, S100YE5P |
| Current liabilities | 34,886 | 33,060 | 28,462 | 29,209 | 29,186 | S100R57I, S100TRL8, S100W41O, S100YE5P |
| Trade payables | 15,307 | 17,144 | 11,637 | 11,560 | 13,840 | S100R57I, S100TRL8, S100W41O, S100YE5P |
| Short-term borrowings | 5,137 | 4,853 | 4,747 | 4,607 | 3,751 | S100R57I, S100TRL8, S100W41O, S100YE5P |
| Long-term borrowings | 152 | 4,111 | 4,104 | — | 4,100 | S100R57I, S100TRL8, S100W41O, S100YE5P |
| Total liabilities | 46,026 | 47,820 | 40,202 | 35,433 | 38,792 | S100R57I, S100TRL8, S100W41O, S100YE5P |
| Non-controlling interests | 352 | 441 | 462 | 473 | 522 | S100R57I, S100TRL8, S100W41O, S100YE5P |
| Equity attributable to owners of parent | 33,155 | 36,022 | 40,230 | 43,309 | 47,948 | S100R57I, S100TRL8, S100W41O, S100YE5P |
| Retained earnings | 23,018 | 25,607 | 29,705 | 31,901 | 36,421 | S100R57I, S100TRL8, S100W41O, S100YE5P |
| Treasury stock | -2,257 | -1,979 | -2,043 | -985 | -867 | S100R57I, S100TRL8, S100W41O, S100YE5P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100YE5P |
| Inventories | 5% | S100YE5P |
| Property, plant and equipment | 2% | S100YE5P |
| Intangibles and goodwill | 2% | S100YE5P |
| Investment securities | 3% | S100YE5P |
| Other assets | 38% | S100YE5P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 16% | S100YE5P |
| Other liabilities | 28% | S100YE5P |
| Equity | 56% | S100YE5P |
| Other liabilities | 0% | S100YE5P |

### 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 | 79,226 | 83,207 | 81,066 | 80,063 | 87,630 |
| Equity | 33,199 | 35,387 | 40,864 | 44,629 | 48,837 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,130 | 20,845 | 38,684 | 38,703 | 43,467 |

## 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) | 1.7% | S100YE5P |
| Fixed assets ÷ total assets | 2.1% | S100YE5P |
| Goodwill ÷ parent equity | — | —, S100YE5P |

### 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) | 49.6% |
| Cash ÷ revenue | 41.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.3% |
| Cash vs. profit gap | -150 JPY mn (of net income -2.3%) |
| Shareholder returns / net income | 30.2% |
| Shareholder returns / FCF | 38.9% |
| Shareholder payments — dividends / net income | 30.2% |
| Shareholder payments — dividends / FCF | 38.9% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 27.1% |

## 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% | 1.51× | 3.5% | 2.39× | 8.4% | S100R57I |
| 2023 | 2.8% | 1.53× | 4.3% | 2.35× | 10.2% | S100TRL8 |
| 2024 | 4.4% | 1.52× | 6.7% | 2.15× | 14.4% | S100W41O |
| 2025 | 4.8% | 1.22× | 5.9% | 1.93× | 11.4% | S100YE5P |
| 2026 | 6.2% | 1.24× | 7.7% | 1.84× | 14.2% | S100YE5P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社麻生 | Major shareholder | 24.0% | 2026-03-31 |
| 富士通株式会社 | Major shareholder | 12.8% | 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 | 9.0% | 2026-03-31 |
| 扶桑電通株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.3% | 2026-03-31 |
| 都築電気従業員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505019（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |
| CACEIS BANK， LUXEMBOURG BRANCH ／ UCITS －FULL TAX（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.4% | 2026-03-31 |
| HTホールディングス株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 丸三証券株式会社 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第86期(2025/04/01－2026/03/31) | S100YE5P | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE5P,, |
| 有価証券報告書－第85期(2024/04/01－2025/03/31) | S100W41O | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W41O,, |
| 有価証券報告書－第84期(2023/04/01－2024/03/31) | S100TRL8 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRL8,, |
| 有価証券報告書－第83期(2022/04/01－2023/03/31) | S100R57I | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R57I,, |
| 有価証券報告書－第82期(令和3年4月1日－令和4年3月31日) | S100OJEQ | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJEQ,, |
| 有価証券報告書－第81期(令和2年4月1日－令和3年3月31日) | S100LQOK | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQOK,, |

## 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).