# Yashima 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82期(2025/04/01－2026/03/31) (S100YE8H)
> Page: https://vizora.meequs.com/en/company/yashima-denki
> Retrieved: 2026-09-30T21:03:10.851Z

## Company

Yashima Denki, founded in 1976, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 1,062 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Yashima Denki Co.,Ltd. |
| Ticker | 3153 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3153.T) |
| Listing | TSE Prime |
| Head office | 東京都港区新橋三丁目1番1号 |
| Representative (per filing) | 代表取締役社長兼グループCOO 清宮茂樹 |
| Founded | Sep 1976 |
| Share capital | ¥1.58B |
| Employees (consolidated) | 1,062 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.yashimadenki.co.jp (https://www.yashimadenki.co.jp/) |
| Corporate number | 9010401029819 |
| EDINET | E02812 |
| Industries (Vizora) | Plant Engineering & Building Services, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YE8H, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.6 | 72 |
| Profitability | 55.9 | 76 |
| Cash conversion | 57.4 | 74 |
| Efficiency | 61.2 | 76 |

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 Yashima Denki's sales come from PublicFacility, with Plant Systems and Transportation making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +12.9% from the prior year, operating profit +38.8%.

## Company structure

- Segment revenue mix: PublicFacility 43.1%、Plant Systems 35.3%、Transportation 21.6%
- Revenue → net income: ¥74569000000 → ¥5182000000
- Net income → operating cash flow: ¥5182000000 → ¥6206000000（difference ¥1024000000）
- Main uses of operating cash flow: CapEx ¥1722000000 / dividends ¥764000000 / buybacks ¥0
- Change in cash: ¥1560000000
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 | ¥74.6B |  |
| Operating income | ¥7.29B | Margin 9.8% |
| Net income | ¥5.14B | Margin 6.9% |
| Free cash flow | ¥4.48B |  |
| Largest business | PublicFacility | of segment revenue 43.1% |
| Employees (consolidated) | 1,062 |  |
| EPS | ¥186.19 |  |
| Book value per share | ¥1326.49 |  |
| Equity ratio | 49.5% |  |
| Shares outstanding | 21,782,000 |  |
| Treasury shares | 374,200 |  |
| Shareholders | 24,519 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 22.6% | Cash ÷ revenue 22.0% |
| Vs. industry median margin | +0.7 pp | Plant Engineering & Building Services |
| ROE | 15.9% | Derived from disclosed figures |
| ROA | 7.5% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥59194000000 | ¥74569000000 | +26.0% |
| Operating income | ¥2172000000 | ¥7289000000 | +235.6% |
| Operating margin | 3.7% | 9.8% | +6.1 pp |
| Employees | 1,004 people | 1,062 people | +5.8% |
| Cash and equivalents | ¥9904000000 | ¥16434000000 | +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 |
| --- | ---: |
| プラント事業 → プラント事業 | 30.8% |
| 産業・交通事業 → 事業再編・廃止 | 69.2% |
| 新設・再編 → プラント事業 | 4.5% |
| 新設・再編 → 公共・設備事業 | 43.1% |
| 新設・再編 → 交通事業 | 21.6% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| PublicFacility | — | — | ¥32137000000 | 11.6% | 2 |
| Plant Systems | 5 years | +7.6% | ¥26341000000 | 19.0% | 2 |
| Transportation | 4 years | +4.9% | ¥16089000000 | 9.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 74,569 | 100.0% | S100YE8H |
| Cost of revenue | 56,415 | 75.7% | S100YE8H |
| Gross profit | 18,153 | 24.3% | S100YE8H |
| SG&A | 10,864 | 14.6% | S100YE8H |
| Operating income | 7,289 | 9.8% | S100YE8H |
| Ordinary income | 7,437 | 10.0% | S100YE8H |
| Pretax income | 7,416 | 9.9% | S100YE8H |
| Income tax | 2,234 | 3.0% | S100YE8H |
| Net income | 5,182 | 6.9% | S100YE8H |
| Net income attributable to owners | 5,145 | 6.9% | S100YE8H |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 14 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 24.3% → Operating margin 9.8% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.9%; Core profit growth: +38.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.02×
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 | 66,075 | 74,569 | 8,494 | +12.9% |
| Gross profit | 14,690 | 18,153 | 3,463 | +23.6% |
| Operating income | 5,253 | 7,289 | 2,036 | +38.8% |
| Net income attributable to owners | 4,011 | 5,145 | 1,134 | +28.3% |
| Operating cash flow | 3,484 | 6,206 | 2,722 | +78.1% |
| Free cash flow | 2,228 | 4,484 | 2,256 | +101.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 70,190 | 2,509 | 3.6% | 1,394 | 3,555 | 1,582 | S100LO3J |
| FY ending Mar 2021 | 59,194 | 2,172 | 3.7% | 1,571 | 532 | -760 | S100OD93 |
| FY ending Mar 2022 | 60,038 | 2,123 | 3.5% | 1,527 | 1,721 | 817 | S100R4QK |
| FY ending Mar 2023 | 60,270 | 2,794 | 4.6% | 1,916 | 2,916 | 2,784 | S100TRJX |
| FY ending Mar 2024 | 64,862 | 3,894 | 6.0% | 2,657 | 809 | 581 | S100W4RT |
| FY ending Mar 2025 | 66,075 | 5,253 | 8.0% | 4,011 | 3,484 | 2,228 | S100YE8H |
| FY ending Mar 2026 | 74,569 | 7,289 | 9.8% | 5,145 | 6,206 | 4,484 | S100YE8H |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥70.2M |
| Operating income per employee (consolidated) | ¥6.9M |
| Net income per employee (consolidated) | ¥4.8M |

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) | 990 | 980 | 985 | 1,026 | 1,062 |
| Average salary (parent company) | ¥6.8M | ¥7.2M | ¥7.6M | ¥8M | ¥8.2M |
| Average age (parent company) | 44.3 years | 44.7 years | 45.1 years | 45.3 years | 41.8 years |
| Average tenure (parent company) | 18.4 years | 19.1 years | 19.3 years | 19.0 years | 17.1 years |

Year over year: Employees (consolidated) +3.5% · Revenue (consolidated) +12.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Plant Systems | 26,341 | 35.3% | 5,014 | 19.0% |
| PublicFacility | 32,137 | 43.1% | 3,734 | 11.6% |
| Transportation | 16,089 | 21.6% | 1,573 | 9.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Plant Systems | 35.3% | 48.6% | 13.3 | 19.0% |
| PublicFacility | 43.1% | 36.2% | -6.9 | 11.6% |
| Transportation | 21.6% | 15.2% | -6.3 | 9.8% |

Segment → industry: Transportation → Plant Engineering & Building Services / PublicFacility → Plant Engineering & Building Services / Plant Systems → Plant Engineering & Building Services / Transportation → Specialty Trading & Wholesale / PublicFacility → Specialty Trading & Wholesale / Plant Systems → 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 | 6,206 | 8.3% | S100YE8H |
| Capital expenditure | 1,722 | 2.3% | S100YE8H |
| Free cash flow | 4,484 | 6.0% | 算出 |
| Investing cash flow | -3,827 | -5.1% | S100YE8H |
| Financing cash flow | -818 | -1.1% | S100YE8H |
| Dividends paid | 764 | 1.0% | S100YE8H |
| Share buyback | 0 | 0.0% | S100YE8H |
| Change in cash | 1,560 | 2.1% | S100YE8H |
| Cash and equivalents | 16,434 | 22.0% | S100YE8H |

## 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 | 10,567 | 11,332 | 12,142 | 14,874 | 16,434 | S100TRJX, S100W4RT, S100YE8H |
| Total assets | 50,934 | 58,738 | 60,430 | 64,141 | 72,871 | S100R4QK, S100TRJX, S100W4RT, S100YE8H |
| Net assets | 23,046 | 24,392 | 27,498 | 30,830 | 36,342 | S100TRJX, S100W4RT, S100YE8H |
| Share capital | 1,585 | 1,585 | 1,585 | 1,585 | 1,585 | S100R4QK, S100TRJX, S100W4RT, S100YE8H |
| Property, plant and equipment | 8,614 | 8,306 | 8,098 | 6,821 | 6,589 | S100R4QK, S100TRJX, S100W4RT, S100YE8H |
| Intangible assets excluding goodwill | 274 | 216 | 184 | 2,006 | 2,564 | S100R4QK, S100TRJX, S100W4RT, S100YE8H |
| Goodwill | 43 | 21 | — | 419 | 346 | S100R4QK, S100TRJX, S100YE8H |
| Investment securities | 2,332 | 3,769 | 3,345 | 3,353 | 4,081 | S100R4QK, S100TRJX, S100W4RT, S100YE8H |
| Current assets | 39,071 | 45,872 | 48,229 | 51,370 | 57,224 | S100R4QK, S100TRJX, S100W4RT, S100YE8H |
| Current liabilities | 26,089 | 32,881 | 32,334 | 32,760 | 35,926 | S100R4QK, S100TRJX, S100W4RT, S100YE8H |
| Trade payables | 19,163 | 23,592 | 22,988 | 22,341 | 22,124 | S100R4QK, S100TRJX, S100W4RT, S100YE8H |
| Short-term borrowings | 990 | 1,040 | 790 | 690 | 700 | S100R4QK, S100TRJX, S100W4RT, S100YE8H |
| Long-term borrowings | 230 | 170 | 110 | 50 | — | S100R4QK, S100TRJX, S100W4RT, S100YE8H |
| Total liabilities | 27,888 | 34,346 | 32,931 | 33,311 | 36,528 | S100R4QK, S100TRJX, S100W4RT, S100YE8H |
| Non-controlling interests | 202 | 189 | 218 | 216 | 248 | S100R4QK, S100TRJX, S100W4RT, S100YE8H |
| Equity attributable to owners of parent | 22,946 | 24,258 | 26,441 | 29,912 | 34,655 | S100R4QK, S100TRJX, S100W4RT, S100YE8H |
| Retained earnings | 20,734 | 22,180 | 24,308 | 27,725 | 32,106 | S100R4QK, S100TRJX, S100W4RT, S100YE8H |
| Treasury stock | -424 | -562 | -523 | -495 | -358 | S100R4QK, S100TRJX, S100W4RT, S100YE8H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YE8H |
| Property, plant and equipment | 9% | S100YE8H |
| Intangibles and goodwill | 4% | S100YE8H |
| Investment securities | 6% | S100YE8H |
| Other assets | 59% | S100YE8H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 30% | S100YE8H |
| Other liabilities | 20% | S100YE8H |
| Equity | 50% | S100YE8H |
| Other liabilities | 0% | S100YE8H |

### 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 | 50,934 | 58,738 | 60,430 | 64,141 | 72,871 |
| Equity | 23,046 | 24,392 | 27,498 | 30,830 | 36,342 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,567 | 11,332 | 12,142 | 14,874 | 16,434 |

## 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) | 8.8% | S100YE8H |
| Fixed assets ÷ total assets | 9.0% | S100YE8H |
| Goodwill ÷ parent equity | 1.0% | S100YE8H |

Goodwill over 4 years: 43 → 346 JPY; total investing cash flow: -5,215 JPY. This does not imply causation.

### 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) | 22.6% |
| Cash ÷ revenue | 22.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 85.1% |
| Cash vs. profit gap | 1,061 JPY mn (of net income 20.6%) |
| Shareholder returns / net income | 14.8% |
| Shareholder returns / FCF | 17.0% |
| Shareholder payments — dividends / net income | 14.8% |
| Shareholder payments — dividends / FCF | 17.0% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 61.7% |

## 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 | 2.5% | 1.18× | 3.0% | 2.22× | 6.7% | S100R4QK |
| 2023 | 3.2% | 1.10× | 3.5% | 2.32× | 8.1% | S100TRJX |
| 2024 | 4.1% | 1.09× | 4.5% | 2.35× | 10.5% | S100W4RT |
| 2025 | 6.1% | 1.06× | 6.4% | 2.21× | 14.2% | S100YE8H |
| 2026 | 6.9% | 1.09× | 7.5% | 2.12× | 15.9% | S100YE8H |

## 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 | 8.5% | 2026-03-31 |
| 公益財団法人八洲環境技術振興財団 | Major shareholder | 6.7% | 2026-03-31 |
| 八洲電機従業員持株会 | Major shareholder | 2.9% | 2026-03-31 |
| 日立グローバルライフソリューションズ株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社日立産機システム | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社伊予銀行（常任代理人株式会社日本カストディ銀行） | Major shareholder | 1.6% | 2026-03-31 |
| 落合 純子 | Major shareholder | 1.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第82期(2025/04/01－2026/03/31) | S100YE8H | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE8H,, |
| 有価証券報告書－第81期(2024/04/01－2025/03/31) | S100W4RT | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4RT,, |
| 有価証券報告書－第80期(2023/04/01－2024/03/31) | S100TRJX | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRJX,, |
| 有価証券報告書－第79期(2022/04/01－2023/03/31) | S100R4QK | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4QK,, |
| 有価証券報告書－第78期(令和3年4月1日－令和4年3月31日) | S100OD93 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD93,, |
| 有価証券報告書－第77期(令和2年4月1日－令和3年3月31日) | S100LO3J | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO3J,, |

## 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).