# YOKOGAWA ELECTRIC CORPORATION: 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150期(2025/04/01－2026/03/31) (S100YE3H)
> Page: https://vizora.meequs.com/en/company/yokogawa-electric
> Retrieved: 2026-09-30T21:51:53.834Z

## Company

Yokogawa Electric, founded in 1920, is a company in Robots & Factory Automation listed on TSE Prime. It has 18,313 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Yokogawa Electric Corporation |
| Ticker | 6841 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6841.T) |
| Listing | TSE Prime |
| Head office | 東京都武蔵野市中町二丁目9番32号 |
| Representative (per filing) | 取締役 代表執行役社長 重野 邦正 |
| Founded | Dec 1920 |
| Share capital | ¥43.4B |
| Employees (consolidated) | 18,313 |
| Average salary (parent only) | ¥9.5M |
| Fiscal year end | March |
| Website | www.yokogawa.co.jp (https://www.yokogawa.co.jp/) |
| Corporate number | 4012401012569 |
| EDINET | E01878 |
| Industries (Vizora) | Robots & Factory Automation |

> Profile source: annual securities report (S100YE3H, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.3 | 33 |
| Profitability | 66.2 | 34 |
| Cash conversion | 51.6 | 32 |
| Efficiency | 67.1 | 35 |

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 94% of Yokogawa Electric's sales come from Industrial automation and control, with Test and measurement and new bussinesses, other making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +7.5% from the prior year, operating profit -1.2%.

## Company structure

- Segment revenue mix: Industrial automation and control 93.5%、Test and measurement 5.6%、new bussinesses, other 0.9%
- Revenue → net income: ¥604829000000 → ¥60967000000
- Net income → operating cash flow: ¥60967000000 → ¥85951000000（difference ¥24984000000）
- Main uses of operating cash flow: CapEx ¥27682000000 / dividends ¥15646000000 / buybacks ¥13022000000
- Change in cash: ¥29283000000
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 | ¥604.8B |  |
| Operating income | ¥82.6B | Margin 13.6% |
| Net income | ¥58.1B | Margin 9.6% |
| Free cash flow | ¥58.3B |  |
| Largest business | Industrial automation and control | of segment revenue 93.5% |
| Employees (consolidated) | 18,313 |  |
| EPS | ¥160.95 |  |
| Book value per share | ¥1129.83 |  |
| Equity ratio | 65.4% |  |
| Shares outstanding | 257,201,000 |  |
| Treasury shares | 2,572,800 |  |
| Shareholders | 13,330 |  |
| Average salary (parent only) | ¥9.5M | Filing company only |
| Cash ratio | 26.2% | Cash ÷ revenue 34.5% |
| Vs. industry median margin | +1.9 pp | Robots & Factory Automation |
| ROE | 13.5% | Derived from disclosed figures |
| ROA | 7.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 91% of positive segment profit
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥374206000000 | ¥604829000000 | +61.6% |
| Operating income | ¥31599000000 | ¥82555000000 | +161.3% |
| Operating margin | 8.4% | 13.6% | +5.2 pp |
| Employees | 17,715 people | 18,313 people | +3.4% |
| Cash and equivalents | ¥101204000000 | ¥208540000000 | +106.1% |

### 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 |
| --- | ---: |
| 制御 → 制御 | 91.4% |
| 測定器 → 測定器 | 5.6% |
| 測定器 → 事業再編・廃止 | 1.3% |
| 航機その他 → 事業再編・廃止 | 1.7% |
| 新設・再編 → 制御 | 2.1% |
| 新設・再編 → 新事業他 | 0.9% |

Segment revenue source references: 6 (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 automation and control | 5 years | +10.6% | ¥565523000000 | 13.3% | 2 |
| Test and measurement | 5 years | +5.7% | ¥34006000000 | 22.9% | 2 |
| new bussinesses, other | 3 years | +11.3% | ¥5300000000 | -7.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 604,829 | 100.0% | S100YE3H |
| Cost of revenue | 328,436 | 54.3% | S100YE3H |
| Gross profit | 276,392 | 45.7% | S100YE3H |
| SG&A | 193,836 | 32.0% | S100YE3H |
| Operating income | 82,555 | 13.6% | S100YE3H |
| Ordinary income | 84,259 | 13.9% | S100YE3H |
| Pretax income | 78,929 | 13.0% | S100YE3H |
| Income tax | 17,961 | 3.0% | S100YE3H |
| Net income | 60,967 | 10.1% | S100YE3H |
| Net income attributable to owners | 58,113 | 9.6% | S100YE3H |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 32 |
| Operating income | 14 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 45.7% → Operating margin 13.6% → Net margin 9.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +7.5%; Core profit growth: -1.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.15×
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 | 562,404 | 604,829 | 42,425 | +7.5% |
| Gross profit | 267,444 | 276,392 | 8,948 | +3.3% |
| Operating income | 83,523 | 82,555 | -968 | -1.2% |
| Net income attributable to owners | 52,123 | 58,113 | 5,990 | +11.5% |
| Operating cash flow | 99,025 | 85,951 | -13,074 | -13.2% |
| Free cash flow | 72,111 | 58,269 | -13,842 | -19.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 404,432 | 35,588 | 8.8% | 14,686 | 31,132 | 14,117 | S100LIZL |
| FY ending Mar 2021 | 374,206 | 31,599 | 8.4% | 19,219 | 32,842 | 16,326 | S100O7MY |
| FY ending Mar 2022 | 389,901 | 30,668 | 7.9% | 21,267 | 51,644 | 33,525 | S100RV58 |
| FY ending Mar 2023 | 456,479 | 44,409 | 9.7% | 38,920 | 40,422 | 19,580 | S100TN0N |
| FY ending Mar 2024 | 540,152 | 78,800 | 14.6% | 61,685 | 63,833 | 39,705 | S100VY8X |
| FY ending Mar 2025 | 562,404 | 83,523 | 14.9% | 52,123 | 99,025 | 72,111 | S100YE3H |
| FY ending Mar 2026 | 604,829 | 82,555 | 13.6% | 58,113 | 85,951 | 58,269 | S100YE3H |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33M |
| Operating income per employee (consolidated) | ¥4.5M |
| 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) | 17,258 | 17,084 | 17,365 | 17,670 | 18,313 |
| Average salary (parent company) | ¥8.8M | ¥8.9M | ¥9.2M | ¥9.3M | ¥9.5M |
| Average age (parent company) | 44.9 years | 45.4 years | 44.9 years | 44.6 years | 44.0 years |
| Average tenure (parent company) | 18.5 years | 18.4 years | 18.0 years | 17.1 years | 16.0 years |

Year over year: Employees (consolidated) +3.6% · Revenue (consolidated) +7.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Industrial automation and control | 565,523 | 93.5% | 75,155 | 13.3% |
| Test and measurement | 34,006 | 5.6% | 7,792 | 22.9% |
| new bussinesses, other | 5,300 | 0.9% | -391 | -7.4% |

### 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 automation and control | 93.5% | 90.6% | -2.9 | 13.3% |
| Test and measurement | 5.6% | 9.4% | 3.8 | 22.9% |
| new bussinesses, other | 0.9% | — | — | -7.4% |

Loss-making segment (excluded from profit shares): new bussinesses, other -391 JPY mn

Segment → industry: Test and measurement → Robots & Factory Automation / Industrial automation and control → Robots & Factory Automation

## 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 | 85,951 | 14.2% | S100YE3H |
| Capital expenditure | 27,682 | 4.6% | S100YE3H |
| Free cash flow | 58,269 | 9.6% | 算出 |
| Investing cash flow | -33,127 | -5.5% | S100YE3H |
| Financing cash flow | -35,175 | -5.8% | S100YE3H |
| Dividends paid | 15,646 | 2.6% | S100YE3H |
| Share buyback | 13,022 | 2.2% | S100YE3H |
| Change in cash | 29,283 | 4.8% | S100YE3H |
| Cash and equivalents | 208,540 | 34.5% | S100YE3H |

## 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 | 115,541 | 116,378 | 134,428 | 179,257 | 208,540 | S100TN0N, S100VY8X, S100YE3H |
| Total assets | 555,968 | 618,637 | 672,866 | 718,285 | 795,618 | S100RV58, S100TN0N, S100VY8X, S100YE3H |
| Net assets | 340,340 | 386,825 | 444,763 | 475,721 | 529,894 | S100TN0N, S100VY8X, S100YE3H |
| Share capital | 43,401 | 43,401 | 43,401 | 43,401 | 43,401 | S100RV58, S100TN0N, S100VY8X, S100YE3H |
| Property, plant and equipment | 86,943 | 87,559 | 91,038 | 87,732 | 91,995 | S100RV58, S100TN0N, S100VY8X, S100YE3H |
| Intangible assets excluding goodwill | 38,463 | 48,534 | 43,767 | 53,068 | 63,993 | S100RV58, S100TN0N, S100VY8X, S100YE3H |
| Goodwill | 11,993 | 14,614 | 5,971 | 6,563 | 12,987 | S100RV58, S100TN0N, S100VY8X, S100YE3H |
| Investment securities | 53,241 | 70,786 | 65,615 | 64,290 | 70,796 | S100RV58, S100TN0N, S100VY8X, S100YE3H |
| Current assets | 364,195 | 397,261 | 455,173 | 496,313 | 551,595 | S100RV58, S100TN0N, S100VY8X, S100YE3H |
| Current liabilities | 177,192 | 213,097 | 186,534 | 197,784 | 241,370 | S100RV58, S100TN0N, S100VY8X, S100YE3H |
| Trade payables | 26,590 | 31,226 | 31,818 | 34,730 | 41,446 | S100RV58, S100TN0N, S100VY8X, S100YE3H |
| Short-term borrowings | 1,576 | 20,475 | 295 | 327 | 24,318 | S100RV58, S100TN0N, S100VY8X, S100YE3H |
| Long-term borrowings | 24,095 | 4,087 | 24,000 | 24,025 | 18 | S100RV58, S100TN0N, S100VY8X, S100YE3H |
| Total liabilities | 215,628 | 231,811 | 228,103 | 242,564 | 265,723 | S100RV58, S100TN0N, S100VY8X, S100YE3H |
| Non-controlling interests | 6,769 | 7,200 | 8,120 | 7,865 | 9,878 | S100RV58, S100TN0N, S100VY8X, S100YE3H |
| Equity attributable to owners of parent | 317,817 | 347,660 | 382,487 | 417,298 | 446,738 | S100RV58, S100TN0N, S100VY8X, S100YE3H |
| Retained earnings | 221,431 | 251,277 | 303,979 | 342,573 | 373,700 | S100RV58, S100TN0N, S100VY8X, S100YE3H |
| Treasury stock | -1,407 | -1,410 | -19,357 | -23,251 | -6,668 | S100RV58, S100TN0N, S100VY8X, S100YE3H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YE3H |
| Property, plant and equipment | 11% | S100YE3H |
| Intangibles and goodwill | 10% | S100YE3H |
| Investment securities | 9% | S100YE3H |
| Other assets | 44% | S100YE3H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YE3H |
| Other liabilities | 28% | S100YE3H |
| Equity | 67% | S100YE3H |
| Other liabilities | 0% | S100YE3H |

### 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 | 555,968 | 618,637 | 672,866 | 718,285 | 795,618 |
| Equity | 340,340 | 386,825 | 444,763 | 475,721 | 529,894 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 115,541 | 116,378 | 134,428 | 179,257 | 208,540 |

## 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) | 15.2% | S100YE3H |
| Fixed assets ÷ total assets | 11.6% | S100YE3H |
| Goodwill ÷ parent equity | 2.9% | S100YE3H |

Goodwill over 4 years: 11,993 → 12,987 JPY; total investing cash flow: -120,379 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) | 26.2% |
| Cash ÷ revenue | 34.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 104.1% |
| Cash vs. profit gap | 27,838 JPY mn (of net income 47.9%) |
| Shareholder returns / net income | 49.3% |
| Shareholder returns / FCF | 49.2% |
| Shareholder payments — dividends / net income | 26.9% |
| Shareholder payments — dividends / FCF | 26.9% |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| Investing CF relative to operating CF | 38.5% |

## 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% | 0.70× | 3.8% | 1.75× | 6.7% | S100RV58 |
| 2023 | 8.5% | 0.78× | 6.6% | 1.77× | 11.7% | S100TN0N |
| 2024 | 11.4% | 0.84× | 9.6% | 1.77× | 16.9% | S100VY8X |
| 2025 | 9.3% | 0.81× | 7.5% | 1.74× | 13.0% | S100YE3H |
| 2026 | 9.6% | 0.80× | 7.7% | 1.75× | 13.5% | S100YE3H |

## 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 | 19.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.4% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 5.3% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 2.4% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505038 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.3% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.2% | 2026-03-31 |
| 横河電機持株会 | Major shareholder | 1.5% | 2026-03-31 |
| ジェーピー モルガン チェース バンク 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| エイチエスビーシー ホンコン トレジャリー サービシィズ アカウント アジアン エキュイティーズ デリバティブス （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.2% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 rose 7.5% to ¥604.8B, up from ¥562.4B a year earlier.
- Operating income, however, dipped 1.2% to ¥82.6B, so higher sales did not lift core profit.
- Net income attributable to owners grew 11.5% to ¥58.1B.
- Operating cash flow fell 13.2% to ¥86B, and free cash flow came down to ¥58.3B.

### Drivers

- Orders grew thanks to several large control-system projects backed by steady energy demand, and to rising demand tied to AI data centers in test and measurement.
- Currency movements and revenue from projects won in earlier years pushed sales up.
- Gross profit rose, but a weaker gross margin in the control business, partly from one-off factors, held operating income back.

### Risks

- Sharp currency swings could hurt product competitiveness and raise procurement costs.
- Competition for plant projects is getting tougher, and resource-rich and emerging countries increasingly want local production and hiring; failing to meet cost demands could mean lost orders.
- Acquired businesses may be slow to take off, or integration may fail, leaving expected results unmet.

Cited: Annual Securities Report (150th fiscal term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (150th fiscal term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第150期(2025/04/01－2026/03/31) | S100YE3H | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE3H,, |
| 有価証券報告書－第149期(2024/04/01－2025/03/31) | S100VY8X | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY8X,, |
| 有価証券報告書－第148期(2023/04/01－2024/03/31) | S100TN0N | 2024-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN0N,, |
| 訂正有価証券報告書－第147期(2022/04/01－2023/03/31) | S100RV58 | 2023-09-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RV58,, |
| 有価証券報告書－第146期(令和3年4月1日－令和4年3月31日) | S100O7MY | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O7MY,, |
| 有価証券報告書－第145期(令和2年4月1日－令和3年3月31日) | S100LIZL | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LIZL,, |

## 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).