# YONDENKO 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75期(2025/04/01－2026/03/31) (S100YCY4)
> Page: https://vizora.meequs.com/en/company/yondenko
> Retrieved: 2026-09-30T20:22:51.268Z

## Company

Yondenko, founded in 1963, is a company in Electric Power & Gas listed on TSE Prime. It has 2,693 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YONDENKO CORPORATION |
| Ticker | 1939 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1939.T) |
| Listing | TSE Prime |
| Head office | 香川県高松市花ノ宮町2丁目3番9号 |
| Representative (per filing) | 代表取締役 社長 関谷 幸男 |
| Founded | May 1963 |
| Share capital | ¥3.45B |
| Employees (consolidated) | 2,693 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.yondenko.co.jp (https://www.yondenko.co.jp/) |
| Corporate number | 7470001004244 |
| EDINET | E00181 |
| Industries (Vizora) | Electric Power & Gas, Leasing, Plant Engineering & Building Services |

> Profile source: annual securities report (S100YCY4, 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 | 13.2 | 72 |
| Profitability | 48 | 76 |
| Cash conversion | 29.1 | 74 |
| Efficiency | 49.3 | 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 94% of Yondenko's sales come from Equipment work, with Photovoltaic power generation and Leasing 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 +9.3%.

## Company structure

- Segment revenue mix: Equipment work 94.4%、Photovoltaic power generation 2.3%、Leasing 1.8%、Other 1.6%
- Revenue → net income: ¥99448000000 → ¥7532000000
- Net income → operating cash flow: ¥7532000000 → ¥4007000000（difference ¥-3525000000）
- Main uses of operating cash flow: CapEx ¥2037000000 / dividends ¥3163000000 / buybacks ¥3000000
- Change in cash: ¥1266000000
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 | ¥99.4B |  |
| Operating income | ¥8.82B | Margin 8.9% |
| Net income | ¥7.5B | Margin 7.5% |
| Free cash flow | ¥1.97B |  |
| Largest business | Equipment work | of segment revenue 94.4% |
| Employees (consolidated) | 2,693 |  |
| EPS | ¥129.35 |  |
| Book value per share | ¥1254.84 |  |
| Equity ratio | 68.4% |  |
| Shares outstanding | 48,766,410 |  |
| Treasury shares | 1,431,700 |  |
| Shareholders | 12,826 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 16.9% | Cash ÷ revenue 17.7% |
| Vs. industry median margin | -0.2 pp | Plant Engineering & Building Services |
| ROE | 11.8% | Derived from disclosed figures |
| ROA | 7.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 83% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥89629000000 | ¥99448000000 | +11.0% |
| Operating income | ¥5089000000 | ¥8822000000 | +73.4% |
| Operating margin | 5.7% | 8.9% | +3.2 pp |
| Employees | 2,448 people | 2,693 people | +10.0% |
| Cash and equivalents | ¥13318000000 | ¥17575000000 | +32.0% |

### 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 |
| --- | ---: |
| 設備工事業 → 設備工事業 | 91.8% |
| リース事業 → リース事業 | 1.8% |
| リース事業 → 事業再編・廃止 | 0.9% |
| 太陽光発電事業 → 太陽光発電事業 | 2.3% |
| 太陽光発電事業 → 事業再編・廃止 | 0.4% |
| その他 → その他 | 1.6% |
| その他 → 事業再編・廃止 | 1.3% |
| 新設・再編 → 設備工事業 | 2.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Equipment work | 5 years | +2.7% | ¥93860000000 | 7.8% | 2 |
| Photovoltaic power generation | 5 years | -1.3% | ¥2259000000 | 41.5% | 2 |
| Leasing | 5 years | -6.2% | ¥1783000000 | 15.3% | 2 |
| Other | 5 years | -9.3% | ¥1545000000 | 19.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 99,448 | 100.0% | S100YCY4 |
| Cost of revenue | 80,860 | 81.3% | S100YCY4 |
| Gross profit | 18,588 | 18.7% | S100YCY4 |
| SG&A | 9,765 | 9.8% | S100YCY4 |
| Operating income | 8,822 | 8.9% | S100YCY4 |
| Ordinary income | 9,327 | 9.4% | S100YCY4 |
| Pretax income | 10,399 | 10.5% | S100YCY4 |
| Income tax | 2,866 | 2.9% | S100YCY4 |
| Net income | 7,532 | 7.6% | S100YCY4 |
| Net income attributable to owners | 7,500 | 7.5% | S100YCY4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 10 |
| Operating income | 9 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 18.7% → Operating margin 8.9% → Net margin 7.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -6.1%; Core profit growth: +9.3%
Operating leverage (core profit growth ÷ revenue growth): -1.53×
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 | 105,877 | 99,448 | -6,429 | -6.1% |
| Gross profit | 18,383 | 18,588 | 205 | +1.1% |
| Operating income | 8,073 | 8,822 | 749 | +9.3% |
| Net income attributable to owners | 5,173 | 7,500 | 2,327 | +45.0% |
| Operating cash flow | -536 | 4,007 | 4,543 | — |
| Free cash flow | -2,096 | 1,970 | 4,066 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 82,728 | 3,418 | 4.1% | 2,289 | -2,610 | -3,911 | S100LN26 |
| FY ending Mar 2021 | 89,629 | 5,089 | 5.7% | 3,652 | 9,422 | 8,106 | S100OEKI |
| FY ending Mar 2022 | 92,648 | 5,415 | 5.8% | 3,779 | 9,918 | 8,511 | S100R3X1 |
| FY ending Mar 2023 | 89,120 | 4,970 | 5.6% | 3,764 | 3,809 | 2,449 | S100TPVE |
| FY ending Mar 2024 | 92,112 | 6,444 | 7.0% | 4,571 | 6,037 | 4,621 | S100W2DO |
| FY ending Mar 2025 | 105,877 | 8,073 | 7.6% | 5,173 | -536 | -2,096 | S100YCY4 |
| FY ending Mar 2026 | 99,448 | 8,822 | 8.9% | 7,500 | 4,007 | 1,970 | S100YCY4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.9M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 2,529 | 2,574 | 2,610 | 2,660 | 2,693 |
| Average salary (parent company) | ¥7.1M | ¥7M | ¥7M | ¥7.2M | ¥7.7M |
| Average age (parent company) | 41.4 years | 40.9 years | 40.6 years | 40.2 years | 40.0 years |
| Average tenure (parent company) | 17.8 years | 17.1 years | 16.6 years | 16.3 years | 16.2 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) -6.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Equipment work | 93,860 | 94.4% | 7,311 | 7.8% |
| Leasing | 1,783 | 1.8% | 272 | 15.3% |
| Photovoltaic power generation | 2,259 | 2.3% | 938 | 41.5% |
| Other | 1,545 | 1.6% | 303 | 19.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Equipment work | 94.4% | 82.9% | -11.5 | 7.8% |
| Leasing | 1.8% | 3.1% | 1.3 | 15.3% |
| Photovoltaic power generation | 2.3% | 10.6% | 8.4 | 41.5% |
| Other | 1.6% | 3.4% | 1.9 | 19.6% |

Segment → industry: Photovoltaic power generation → Electric Power & Gas / Leasing → Leasing / Equipment work → Plant Engineering & Building Services

## 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 | 4,007 | 4.0% | S100YCY4 |
| Capital expenditure | 2,037 | 2.0% | S100YCY4 |
| Free cash flow | 1,970 | 2.0% | 算出 |
| Investing cash flow | 947 | 1.0% | S100YCY4 |
| Financing cash flow | -3,688 | -3.7% | S100YCY4 |
| Dividends paid | 3,163 | 3.2% | S100YCY4 |
| Share buyback | 3 | 0.0% | S100YCY4 |
| Change in cash | 1,266 | 1.3% | S100YCY4 |
| Cash and equivalents | 17,575 | 17.7% | S100YCY4 |

## 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 | 19,095 | 19,917 | 22,306 | 16,308 | 17,575 | S100TPVE, S100W2DO, S100YCY4 |
| Total assets | 96,517 | 97,069 | 103,205 | 99,630 | 103,871 | S100R3X1, S100TPVE, S100W2DO, S100YCY4 |
| Net assets | 54,175 | 55,908 | 61,796 | 64,890 | 71,199 | S100TPVE, S100W2DO, S100YCY4 |
| Share capital | 3,451 | 3,451 | 3,451 | 3,451 | 3,451 | S100R3X1, S100TPVE, S100W2DO, S100YCY4 |
| Property, plant and equipment | 28,000 | 26,413 | 25,394 | 24,325 | 24,504 | S100R3X1, S100TPVE, S100W2DO, S100YCY4 |
| Intangible assets excluding goodwill | 2,178 | 1,745 | 1,348 | 803 | 659 | S100R3X1, S100TPVE, S100W2DO, S100YCY4 |
| Goodwill | 1,633 | 1,235 | 868 | 349 | 254 | S100R3X1, S100TPVE, S100W2DO, S100YCY4 |
| Investment securities | 10,088 | 9,360 | 12,283 | 12,133 | 13,010 | S100R3X1, S100TPVE, S100W2DO, S100YCY4 |
| Current assets | 50,343 | 53,644 | 58,195 | 55,270 | 58,398 | S100R3X1, S100TPVE, S100W2DO, S100YCY4 |
| Current liabilities | 29,400 | 29,506 | 31,430 | 26,191 | 24,674 | S100R3X1, S100TPVE, S100W2DO, S100YCY4 |
| Short-term borrowings | 360 | 400 | 420 | 80 | 500 | S100R3X1, S100TPVE, S100W2DO, S100YCY4 |
| Long-term borrowings | 9,390 | 8,205 | 6,536 | 5,561 | 4,653 | S100R3X1, S100TPVE, S100W2DO, S100YCY4 |
| Bonds | 111 | 81 | 95 | 80 | — | S100R3X1, S100TPVE, S100W2DO, S100YCY4 |
| Interest-bearing debt | 9,861 | 8,686 | 7,051 | 5,721 | — | 算出 |
| Total liabilities | 42,341 | 41,160 | 41,408 | 34,739 | 32,672 | S100R3X1, S100TPVE, S100W2DO, S100YCY4 |
| Non-controlling interests | 53 | 56 | 54 | 77 | 106 | S100R3X1, S100TPVE, S100W2DO, S100YCY4 |
| Equity attributable to owners of parent | 53,691 | 55,927 | 58,784 | 61,337 | 65,740 | S100R3X1, S100TPVE, S100W2DO, S100YCY4 |
| Retained earnings | 46,627 | 48,819 | 51,724 | 54,219 | 58,550 | S100R3X1, S100TPVE, S100W2DO, S100YCY4 |
| Treasury stock | -622 | -592 | -663 | -644 | -620 | S100R3X1, S100TPVE, S100W2DO, S100YCY4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YCY4 |
| Property, plant and equipment | 24% | S100YCY4 |
| Intangibles and goodwill | 1% | S100YCY4 |
| Investment securities | 12% | S100YCY4 |
| Other assets | 46% | S100YCY4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100YCY4 |
| Equity | 69% | S100YCY4 |

### 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 | 96,517 | 97,069 | 103,205 | 99,630 | 103,871 |
| Equity | 54,175 | 55,908 | 61,796 | 64,890 | 71,199 |
| Interest-bearing debt | 9,861 | 8,686 | 7,051 | 5,721 | — |
| Cash | 19,095 | 19,917 | 22,306 | 16,308 | 17,575 |

## 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) | 24.6% | S100YCY4 |
| Fixed assets ÷ total assets | 23.6% | S100YCY4 |
| Goodwill ÷ parent equity | 0.4% | S100YCY4 |

Goodwill over 4 years: 1,633 → 254 JPY; total investing cash flow: -2,269 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) | 16.9% |
| Cash ÷ revenue | 17.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 45.4% |
| Cash vs. profit gap | -3,493 JPY mn (of net income -46.6%) |
| Shareholder returns / net income | 42.2% |
| Shareholder returns / FCF | 160.7% |
| Shareholder payments — dividends / net income | 42.2% |
| Shareholder payments — dividends / FCF | 160.6% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 23.6% |

## 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 | 4.1% | 0.96× | 3.9% | 1.80× | 7.0% | S100R3X1 |
| 2023 | 4.2% | 0.92× | 3.9% | 1.77× | 6.9% | S100TPVE |
| 2024 | 5.0% | 0.92× | 4.6% | 1.75× | 8.0% | S100W2DO |
| 2025 | 4.9% | 1.04× | 5.1% | 1.69× | 8.6% | S100YCY4 |
| 2026 | 7.5% | 0.98× | 7.4% | 1.60× | 11.8% | S100YCY4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 四国電力株式会社 | Major shareholder | 31.7% | 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 | 8.0% | 2026-03-31 |
| 四電工従業員持株会 | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.3% | 2026-03-31 |
| BBH BOSTON FOR NOMURA JAPAN SMALLER CAPITALIZATION FUND620065（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.1% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.0% | 2026-03-31 |
| 吉野川電線株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 0.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行） | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/04/01－2026/03/31) | S100YCY4 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCY4,, |
| 有価証券報告書－第74期(2024/04/01－2025/03/31) | S100W2DO | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2DO,, |
| 有価証券報告書－第73期(2023/04/01－2024/03/31) | S100TPVE | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPVE,, |
| 有価証券報告書－第72期(2022/04/01－2023/03/31) | S100R3X1 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3X1,, |
| 有価証券報告書－第71期(令和3年4月1日－令和4年3月31日) | S100OEKI | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEKI,, |
| 有価証券報告書－第70期(令和2年4月1日－令和3年3月31日) | S100LN26 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN26,, |

## 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).