# YOKOWO 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88期(2025/04/01－2026/03/31) (S100YI9J)
> Page: https://vizora.meequs.com/en/company/yokowo
> Retrieved: 2026-09-30T18:31:47.937Z

## Company

Yokowo is a company in Auto Parts listed on TSE Prime. It has 7,624 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YOKOWO CO.,LTD. |
| Ticker | 6800 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6800.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区神田須田町一丁目25番地 JR神田万世橋ビル14階 |
| Representative (per filing) | 代表取締役兼執行役員社長 柳澤 勝平 |
| Share capital | ¥7.82B |
| Employees (consolidated) | 7,624 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.yokowo.co.jp (https://www.yokowo.co.jp/) |
| Corporate number | 4011501004889 |
| EDINET | E01808 |
| Industries (Vizora) | Auto Parts, Medical Devices, Semiconductor Equipment, Electronic Components |

> Profile source: annual securities report (S100YI9J, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.7 | 110 |
| Profitability | 61.7 | 111 |
| Cash conversion | 10.6 | 108 |
| Efficiency | 67.1 | 111 |

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 62% of Yokowo's sales come from Vehicle Communication Systems (VCCS), with Circuit Testing Connectors (CTC) and Fine Connectors and Medical Devices (FC/MD) making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +8.7% from the prior year, operating profit +18.7%.

## Company structure

- Segment revenue mix: Vehicle Communication Systems (VCCS) 62.3%、Circuit Testing Connectors (CTC) 21.8%、Fine Connectors and Medical Devices (FC/MD) 12.7%、Incubation Center 3.2%、Other 0.0%
- Revenue → net income: ¥90090000000 → ¥3901000000
- Net income → operating cash flow: ¥3901000000 → ¥4319000000（difference ¥418000000）
- Main uses of operating cash flow: CapEx ¥3542000000 / dividends ¥1139000000 / buybacks ¥720000000
- Change in cash: ¥1052000000
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 | ¥90.1B |  |
| Operating income | ¥5.02B | Margin 5.6% |
| Net income | ¥3.89B | Margin 4.3% |
| Free cash flow | ¥777M |  |
| Largest business | Vehicle Communication Systems (VCCS) | of segment revenue 62.3% |
| Employees (consolidated) | 7,624 |  |
| EPS | ¥128.8 |  |
| Book value per share | ¥1381.41 |  |
| Equity ratio | 67.4% |  |
| Shares outstanding | 23,849,878 |  |
| Treasury shares | 262,600 |  |
| Shareholders | 5,083 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 20.3% | Cash ÷ revenue 20.2% |
| Vs. industry median margin | +0.8 pp | Auto Parts |
| ROE | 8.5% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 30 points
- FY2026, employees -1% while operating income rose 19%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥59976000000 | ¥90090000000 | +50.2% |
| Operating income | ¥5179000000 | ¥5016000000 | -3.1% |
| Operating margin | 8.6% | 5.6% | -3.1 pp |
| Employees | 8,238 people | 7,624 people | -7.5% |
| Cash and equivalents | ¥15295000000 | ¥18174000000 | +18.8% |

### 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 |
| --- | ---: |
| 車載通信機器 → 事業再編・廃止 | 62.2% |
| 回路検査用コネクタ → 事業再編・廃止 | 22.1% |
| 無線通信機器 → 事業再編・廃止 | 15.7% |
| 新設・再編 → VCCS | 62.3% |
| 新設・再編 → CTC | 21.8% |
| 新設・再編 → FCMD | 12.7% |
| 新設・再編 → インキュベーションセンター | 3.2% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Vehicle Communication Systems (VCCS) | 2 years | +0.5% | ¥56096000000 | 3.9% | 2 |
| Circuit Testing Connectors (CTC) | 2 years | +24.8% | ¥19610000000 | 14.9% | 2 |
| Fine Connectors and Medical Devices (FC/MD) | 2 years | +17.0% | ¥11458000000 | 4.8% | 2 |
| Incubation Center | 3 years | +89.4% | ¥2920000000 | -23.6% | 2 |
| Other | 3 years | -37.0% | ¥4000000 | 0.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 90,090 | 100.0% | S100YI9J |
| Cost of revenue | 72,271 | 80.2% | S100YI9J |
| Gross profit | 17,818 | 19.8% | S100YI9J |
| SG&A | 12,802 | 14.2% | S100YI9J |
| Operating income | 5,016 | 5.6% | S100YI9J |
| Ordinary income | 5,528 | 6.1% | S100YI9J |
| Pretax income | 4,939 | 5.5% | S100YI9J |
| Income tax | 1,038 | 1.2% | S100YI9J |
| Net income | 3,901 | 4.3% | S100YI9J |
| Net income attributable to owners | 3,886 | 4.3% | S100YI9J |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 14 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 19.8% → Operating margin 5.6% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.7%; Core profit growth: +18.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.15×
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 | 82,884 | 90,090 | 7,206 | +8.7% |
| Gross profit | 15,705 | 17,818 | 2,113 | +13.5% |
| Operating income | 4,226 | 5,016 | 790 | +18.7% |
| Net income attributable to owners | 2,227 | 3,886 | 1,659 | +74.5% |
| Operating cash flow | 7,239 | 4,319 | -2,920 | -40.3% |
| Free cash flow | 3,180 | 777 | -2,403 | -75.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 60,595 | 4,916 | 8.1% | 3,440 | 6,490 | 2,949 | S100LOWL |
| FY ending Mar 2021 | 59,976 | 5,179 | 8.6% | 3,818 | 5,139 | 771 | S100OMTC |
| FY ending Mar 2022 | 66,848 | 4,684 | 7.0% | 4,663 | 3,677 | -1,592 | S100R2UE |
| FY ending Mar 2023 | 77,962 | 4,739 | 6.1% | 3,147 | 7,312 | 2,076 | S100TTKS |
| FY ending Mar 2024 | 76,895 | 1,617 | 2.1% | 1,511 | 4,823 | 41 | S100W2TG |
| FY ending Mar 2025 | 82,884 | 4,226 | 5.1% | 2,227 | 7,239 | 3,180 | S100YI9J |
| FY ending Mar 2026 | 90,090 | 5,016 | 5.6% | 3,886 | 4,319 | 777 | S100YI9J |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11.8M |
| Operating income per employee (consolidated) | ¥657.9K |
| Net income per employee (consolidated) | ¥509.7K |

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) | 8,306 | 7,895 | 8,055 | 7,733 | 7,624 |
| Average salary (parent company) | — | ¥7.5M | ¥7.7M | ¥7.8M | ¥8.2M |
| Average age (parent company) | 40.7 years | 40.7 years | 41.1 years | 40.7 years | 40.7 years |
| Average tenure (parent company) | 11.9 years | 12.2 years | 11.8 years | 11.5 years | 10.8 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) +8.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Vehicle Communication Systems (VCCS) | 56,096 | 62.3% | 2,198 | 3.9% |
| Circuit Testing Connectors (CTC) | 19,610 | 21.8% | 2,931 | 14.9% |
| Fine Connectors and Medical Devices (FC/MD) | 11,458 | 12.7% | 551 | 4.8% |
| Incubation Center | 2,920 | 3.2% | -690 | -23.6% |
| Other | 4 | 0.0% | 0 | 0.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Vehicle Communication Systems (VCCS) | 62.3% | 38.7% | -23.6 | 3.9% |
| Circuit Testing Connectors (CTC) | 21.8% | 51.6% | 29.8 | 14.9% |
| Fine Connectors and Medical Devices (FC/MD) | 12.7% | 9.7% | -3.0 | 4.8% |
| Incubation Center | 3.2% | — | — | -23.6% |
| Other | 0.0% | 0.0% | -0.0 | 0.0% |

Loss-making segment (excluded from profit shares): Incubation Center -690 JPY mn

Segment → industry: Vehicle Communication Systems (VCCS) → Auto Parts / Fine Connectors and Medical Devices (FC/MD) → Medical Devices / Circuit Testing Connectors (CTC) → Semiconductor Equipment / Fine Connectors and Medical Devices (FC/MD) → Electronic Components

## 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 | 4,319 | 4.8% | S100YI9J |
| Capital expenditure | 3,542 | 3.9% | S100YI9J |
| Free cash flow | 777 | 0.9% | 算出 |
| Investing cash flow | -4,420 | -4.9% | S100YI9J |
| Financing cash flow | -174 | -0.2% | S100YI9J |
| Dividends paid | 1,139 | 1.3% | S100YI9J |
| Share buyback | 720 | 0.8% | S100YI9J |
| Change in cash | 1,052 | 1.2% | S100YI9J |
| Cash and equivalents | 18,174 | 20.2% | S100YI9J |

## 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 | 13,816 | 17,687 | 18,702 | 17,122 | 18,174 | S100TTKS, S100W2TG, S100YI9J |
| Total assets | 66,870 | 70,656 | 76,408 | 76,278 | 89,358 | S100R2UE, S100TTKS, S100W2TG, S100YI9J |
| Net assets | 44,328 | 47,224 | 50,384 | 52,030 | 60,341 | S100TTKS, S100W2TG, S100YI9J |
| Share capital | 7,819 | 7,819 | 7,819 | 7,819 | 7,819 | S100R2UE, S100TTKS, S100W2TG, S100YI9J |
| Trade receivables | 13,057 | 12,350 | 13,129 | 13,835 | 18,383 | S100R2UE, S100TTKS, S100W2TG, S100YI9J |
| Property, plant and equipment | 16,544 | 18,077 | 19,754 | 18,908 | 19,399 | S100R2UE, S100TTKS, S100W2TG, S100YI9J |
| Intangible assets excluding goodwill | 1,162 | 1,210 | 1,642 | 2,650 | 2,350 | S100R2UE, S100TTKS, S100W2TG, S100YI9J |
| Goodwill | — | — | — | 144 | 110 | S100YI9J |
| Investment securities | 1,587 | 1,979 | 2,673 | 2,813 | 4,305 | S100R2UE, S100TTKS, S100W2TG, S100YI9J |
| Current assets | 44,540 | 46,355 | 49,169 | 47,556 | 55,112 | S100R2UE, S100TTKS, S100W2TG, S100YI9J |
| Current liabilities | 20,184 | 17,890 | 19,625 | 19,100 | 19,655 | S100R2UE, S100TTKS, S100W2TG, S100YI9J |
| Trade payables | 7,991 | 6,483 | 6,310 | 6,138 | 7,515 | S100R2UE, S100TTKS, S100W2TG, S100YI9J |
| Short-term borrowings | 5,570 | 5,804 | 6,158 | 3,447 | 3,209 | S100R2UE, S100TTKS, S100W2TG, S100YI9J |
| Long-term borrowings | 1,600 | 4,600 | 4,500 | 3,100 | 6,176 | S100R2UE, S100TTKS, S100W2TG, S100YI9J |
| Total liabilities | 22,541 | 23,431 | 26,023 | 24,248 | 29,016 | S100R2UE, S100TTKS, S100W2TG, S100YI9J |
| Non-controlling interests | 56 | 68 | 80 | 91 | 113 | S100R2UE, S100TTKS, S100W2TG, S100YI9J |
| Equity attributable to owners of parent | 40,939 | 42,990 | 43,407 | 44,562 | 47,306 | S100R2UE, S100TTKS, S100W2TG, S100YI9J |
| Retained earnings | 25,950 | 28,001 | 28,418 | 29,573 | 32,318 | S100R2UE, S100TTKS, S100W2TG, S100YI9J |
| Treasury stock | -634 | -634 | -635 | -635 | -1,029 | S100R2UE, S100TTKS, S100W2TG, S100YI9J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YI9J |
| Receivables | 20% | S100YI9J |
| Property, plant and equipment | 22% | S100YI9J |
| Intangibles and goodwill | 3% | S100YI9J |
| Investment securities | 5% | S100YI9J |
| Other assets | 30% | S100YI9J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YI9J |
| Other liabilities | 24% | S100YI9J |
| Equity | 68% | S100YI9J |
| Other liabilities | 0% | S100YI9J |

### 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 | 66,870 | 70,656 | 76,408 | 76,278 | 89,358 |
| Equity | 44,328 | 47,224 | 50,384 | 52,030 | 60,341 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,816 | 17,687 | 18,702 | 17,122 | 18,174 |

## 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) | 21.5% | S100YI9J |
| Fixed assets ÷ total assets | 21.7% | S100YI9J |
| Goodwill ÷ parent equity | 0.2% | S100YI9J |

### 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) | 20.3% |
| Cash ÷ revenue | 20.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 86.1% |
| Cash vs. profit gap | 433 JPY mn (of net income 11.1%) |
| Shareholder returns / net income | 47.8% |
| Shareholder returns / FCF | 239.3% |
| Shareholder payments — dividends / net income | 29.3% |
| Shareholder payments — dividends / FCF | 146.6% |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 102.3% |

## 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 | 7.0% | 1.00× | 7.0% | 1.63× | 11.4% | S100R2UE |
| 2023 | 4.0% | 1.13× | 4.6% | 1.64× | 7.5% | S100TTKS |
| 2024 | 2.0% | 1.05× | 2.1% | 1.70× | 3.5% | S100W2TG |
| 2025 | 2.7% | 1.09× | 2.9% | 1.74× | 5.1% | S100YI9J |
| 2026 | 4.3% | 1.09× | 4.7% | 1.80× | 8.5% | S100YI9J |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 13.7% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 6.1% | 2026-03-31 |
| 株式会社群馬銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 4.2% | 2026-03-31 |
| SILVERCAPE INVESTMENTS LIMITED(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 3.6% | 2026-03-31 |
| ヨコオ取引先持株会 | Major shareholder | 3.3% | 2026-03-31 |
| 三菱UFJ信託銀行株式会社(常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 2.5% | 2026-03-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS(常任代理人 香港上海銀行東京支店) | Major shareholder | 2.3% | 2026-03-31 |
| ヨコオ自社株投資会 | Major shareholder | 2.1% | 2026-03-31 |
| 第一生命保険株式会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第88期(2025/04/01－2026/03/31) | S100YI9J | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI9J,, |
| 有価証券報告書－第87期(2024/04/01－2025/03/31) | S100W2TG | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2TG,, |
| 有価証券報告書－第86期(2023/04/01－2024/03/31) | S100TTKS | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTKS,, |
| 有価証券報告書－第85期(2022/04/01－2023/03/31) | S100R2UE | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2UE,, |
| 訂正有価証券報告書－第84期(令和3年4月1日－令和4年3月31日) | S100OMTC | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMTC,, |
| 有価証券報告書－第83期(令和2年4月1日－令和3年3月31日) | S100LOWL | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOWL,, |

## 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).