| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥354.5B | ¥325.8B | +8.8% |
| 営業利益 | ¥12.2B | ¥9.3B | +30.4% |
| 経常利益 | ¥12.2B | ¥10.2B | +18.7% |
| 純利益 | ¥17.2B | ¥5.9B | +192.7% |
| ROE | 4.6% | 1.6% | - |
FY2026 (consolidated) recorded Revenue of ¥354.5B (YoY +¥28.6B +8.8%), Operating Income of ¥12.2B (YoY +¥2.8B +30.4%), Ordinary Income of ¥12.2B (YoY +¥1.9B +18.7%), and Net Income attributable to owners of parent of ¥19.0B (YoY +¥11.3B +144.9%), achieving both top-line and bottom-line growth. Gross margin declined to 20.3% (from 21.5% in the prior year, -1.2pt), but SG&A ratio improved to 16.8% (from 18.7%, -1.9pt), lifting the operating margin to 3.4% (from 2.9%, +0.5pt). By segment, the Telecommunications-related business was the core with Revenue ¥254.1B (+15.0%) and Operating Income ¥23.8B (+24.0%), while the High-Frequency-related business underwent a correction with Revenue ¥99.5B (-4.4%) and Operating Income ¥16.0B (-8.4%). Non-recurring items included securities disposal gains of ¥8.6B offset by impairment losses of ¥17.7B, expanding profit before tax including one-offs to ¥31.1B (YoY +198.2%). EPS improved to ¥215.70 (from ¥83.36, +158.8%). Operating Cash Flow was ¥-24.7B, well below Net Income, driven mainly by buildup in trade receivables and inventory, leaving cash conversion as a key challenge. Equity Ratio stands at 70.1% and cash and equivalents at ¥116.4B, indicating strong balance-sheet health, while volatility in non-operating/special items and working capital management will be focal points going forward.
【売上高】Revenue of ¥354.5B represents an +8.8% YoY increase, led by the Telecommunications-related business. That segment expanded to ¥254.1B (+15.0%), accounting for 71.7% of total and becoming the core business. Drivers included recovery in base-station demand and progress on large projects, with sales to major customer NTT DOCOMO reaching ¥47.8B (13.5% of total). Conversely, the High-Frequency-related segment declined to ¥99.5B (-4.4%) amid market adjustments, comprising 28.1% of the total. Regionally, while overseas sales accounted for ¥46.4B (14.2%) in the prior year, domestic sales concentrated over 90% this period, reducing the overseas ratio. Gross margin fell to 20.3% (from 21.5%, -1.2pt) due to higher material costs and changes in construction mix.
【損益】Cost of sales was ¥282.6B (79.7% of Revenue), yielding Gross Profit of ¥71.9B (Gross Margin 20.3%). SG&A was ¥59.7B (SG&A ratio 16.8%), down ¥1.1B YoY and improving by 1.9pt as a percentage of Revenue. Company-wide expense control and more efficient inter-segment allocations contributed, resulting in Operating Income of ¥12.2B (Operating Margin 3.4%), up +30.4% YoY. By segment, Telecommunications-related Operating Income was ¥23.8B (margin 9.4%, +24.0% YoY), High-Frequency-related was ¥16.0B (margin 16.0%, -8.4% YoY). Non-operating items were roughly neutral with income ¥2.8B and expense ¥2.9B; principal items included dividend income ¥0.7B, interest expense ¥0.9B, and foreign exchange losses ¥0.8B. Extraordinary items comprised securities disposal gains ¥8.6B offset by impairment losses ¥17.7B, expanding profit before tax to ¥31.1B (YoY +198.2%). After corporate taxes ¥11.8B (effective tax rate 38.0%) and non-controlling interests ¥0.3B, Net Income attributable to owners of parent was ¥19.0B (Net Income margin 5.4%, YoY +144.9%). In conclusion, increased sales in Telecommunications-related and SG&A efficiencies delivered revenue and profit growth.
The Telecommunications-related business recorded Revenue ¥254.1B (+15.0%) and Operating Income ¥23.8B (+24.0%), improving margin to 9.4% (from 8.7%, +0.7pt). Growth was driven by recovery in base-station demand and progress on large projects; sales to major customer NTT DOCOMO amounted to ¥47.8B. The High-Frequency-related business posted Revenue ¥99.5B (-4.4%) and Operating Income ¥16.0B (-8.4%), with margin slightly down to 16.0% (from 16.7%, -0.7pt) amid order environment adjustments and the completion of an investment cycle. Other businesses (equipment leasing and power sales) recorded Revenue ¥3.6B (+36.6%) and Operating Income ¥1.9B (+50.0%), small-scale but highly profitable with a 52.8% margin. After deducting corporate expenses of ¥28.1B (¥28.5B prior year), consolidated Operating Income was ¥12.2B. Segment assets were ¥273.6B for Telecommunications-related, ¥120.2B for High-Frequency-related, and ¥130.1B corporate, indicating increased capital allocation to the Telecommunications-related segment.
【収益性】Operating Margin improved to 3.4% (from 2.9%, +0.5pt), with Gross Margin 20.3% (down -1.2pt) absorbed by SG&A ratio efficiency at 16.8% (down -1.9pt). ROE rose to 5.1% (from 2.1%, +3.0pt); decomposition into Net Income margin 5.4%, Total Asset Turnover 0.67x, and Financial Leverage 1.43x indicates Net Income margin improvement was the primary driver. ROA (Ordinary Income basis) was 2.3% (from 1.9%), with Total Assets Ordinary Income Ratio at 2.3%, slightly up.
【キャッシュ品質】Operating Cash Flow / Net Income inverted to -1.30x, driven by deterioration in working capital: Trade Receivables -¥29.5B and Inventory -¥8.0B. Accrual ratio is high at 8.2%, indicating weak cash backing for profits. EBITDA, including depreciation ¥8.1B, was ¥20.3B against Operating CF subtotal of -¥19.3B, resulting in Operating CF / EBITDA = -1.22x and significant reliance on non-cash earnings.
【投資効率】Estimated ROIC was low at 2.4%, below capital cost. Total Asset Turnover improved slightly to 0.67x (from 0.61x), but asset efficiency still has room for improvement.
【財務健全性】Equity Ratio 70.1% (from 68.8%), Current Ratio 296.1% (from 337.7%) remain high, providing strong short-term payment capacity. Interest-bearing debt is ¥54.3B (short-term borrowings ¥49.0B; long-term borrowings ¥5.3B) versus cash and equivalents ¥116.4B, yielding Net Cash ¥62.1B and D/E ratio 0.43x, a conservative capital structure. Interest Coverage is 22.8x (excluding Operating CF/-¥0.9B, on Ordinary Income basis 13.7x), indicating sufficient interest-paying capacity. Short-term debt ratio is high at 90.3%, posing a term mismatch risk, but cash/short-term debt cushion is 2.38x.
Operating CF was ¥-24.7B (from ¥-18.2B, deterioration of -35.5%) and substantially below Net Income ¥19.0B (Operating CF/Net Income = -1.30x). Operating CF subtotal of ¥-19.3B originates from profit before tax ¥31.1B adjusted for non-cash impairment losses ¥17.7B added back and securities disposal gains ¥8.6B deducted, but was mainly driven by working capital increases. Breakdown: Trade Receivables -¥29.5B, Inventory -¥8.0B, Accounts Payable -¥4.0B outflows, partially offset by Contract Liabilities +¥2.8B inflow, but insufficient; corporate tax payments ¥5.9B also contributed. Investing CF was +¥20.5B, primarily due to securities sales ¥6.8B and net term deposit withdrawals ¥19.3B, exceeding CapEx of ¥15.9B and resulting in net inflow. Financing CF was ¥-21.7B, with outflows of dividends ¥8.1B, share buybacks ¥10.0B, and long-term debt repayments ¥10.8B partially offset by net increase in short-term borrowings ¥5.0B and long-term borrowings ¥5.0B. Free Cash Flow was ¥-4.2B (Operating CF -¥24.7B + Investing CF +¥20.5B), so shareholder returns of ¥18.1B could not be covered by FCF, and cash and equivalents fell from ¥161.8B to ¥116.4B (-¥45.4B). Normalizing working capital (earlier collection of receivables, improved inventory turns) and returning operating CF to positive are urgent priorities.
Ordinary Income ¥12.2B was at the same level as operating stage; non-operating items were nearly neutral with income ¥2.8B and expense ¥2.9B, indicating stable recurring earnings structure. Financial income of dividend receipts ¥0.7B and interest receipts ¥0.5B was offset by interest expense ¥0.9B and foreign exchange losses ¥0.8B, with non-operating dependence limited to 0.8% of Revenue. However, Profit before tax ¥31.1B expanded to 2.6x Ordinary Income due to large swings in special items. Securities disposal gains ¥8.6B and impairment losses ¥17.7B resulted in net extraordinary loss of -¥9.1B, but tax effects increased Net Income to ¥19.0B. Operating CF of ¥-24.7B remains below Net Income (Operating CF/Net Income = -1.30x) and accrual ratio of 8.2% is high, indicating weak cash realization of profits. Total comprehensive income ¥19.4B (parent ¥20.5B) was broadly consistent with Net Income, with other comprehensive income items limited: currency translation adjustments -¥1.9B, securities valuation difference -¥0.2B, and retirement benefit adjustments +¥2.2B. While Ordinary Income is solid, assessing operating and ordinary-stage profitability excluding one-off special items is important.
Full Year plan forecasts Revenue ¥365.0B (YoY +3.0%), Operating Income ¥16.5B (YoY +35.3%), Ordinary Income ¥16.5B (YoY +35.6%), Net Income attributable to owners of parent ¥23.0B (YoY +20.4%), EPS ¥247.29, and dividend ¥50.00. Revenue is assumed to modestly increase on the back of backlog digestion in Telecommunications-related and sustained infrastructure demand, while Operating Income is planned to increase over 35% via gross margin improvement and cost efficiencies. Compared with current-year results, Revenue growth slows from +8.8% to +3.0%, but Operating Margin is planned to rise from 3.4% to 4.5% (¥16.5B/¥365B), contingent on SG&A suppression and cost reductions. Forecasted dividend ¥50 (half of this year’s ¥100) implies payout ratio dropping from 96% to the 20% range, signaling prioritization of working capital normalization and growth investment. Order environment shows Contract Liabilities of ¥5.4B (double prior year ¥2.7B), providing some backlog support. Achievement of the plan hinges on progress of large projects in Telecommunications-related, market recovery in High-Frequency-related, and working capital improvement to return Operating CF to positive.
Dividends were ¥40 at interim and ¥60 at year-end, totaling ¥100 annually (YoY +¥70), with payout ratio of 96%. Against EPS ¥215.70, dividend payout ratio is 46% on an EPS basis, but statutory surplus allocation records annual dividend at ¥100. Share buybacks of ¥10.0B were executed, increasing treasury stock from ¥26.6B to ¥39.1B; year-end treasury shares amounted to 1,182,000 shares. Combined dividends ¥8.1B and buybacks ¥10.0B make total shareholder returns of approximately ¥18.1B, yielding a Total Return Ratio of 95% relative to Net Income ¥19.0B. Since Free Cash Flow was ¥-4.2B, total returns were not covered by cash flow and were funded through retained earnings and liquidity management. Next-year dividend guidance ¥50 (halved) lowers payout ratio to the 20% range, prioritizing working capital improvement and funding for growth investments. Dividend sustainability is supported by cash ¥116.4B and Equity Ratio 70.1%, but returning Operating CF to surplus is essential for stable dividend policy.
Working Capital Management Risk: With Trade Receivables ¥41.7B (approx. 43 days) and Inventory ¥75.3B (approx. 97 days), total ¥117B, increases in receivables -¥29.5B and inventory -¥8.0B worsened Operating CF to ¥-24.7B. If Cash Conversion Cycle (CCC) prolongs, depletion of cash ¥116.4B may accelerate, making it difficult to balance shareholder returns and growth investment. Management of collection timing for Contract Assets ¥30.2B and Contract Liabilities ¥5.4B is critical.
Customer/Segment Concentration Risk: Telecommunications-related accounts for 71.7% of Revenue, with sales to major customer NTT DOCOMO of ¥47.8B (13.5% of total). Fluctuations in base-station demand or a shift in a large customer’s procurement policy could materially affect revenue and profit. Continued demand adjustment in High-Frequency-related (-4.4% revenue decline) would increase earnings volatility.
Profitability and Capital Efficiency Risk: Operating Margin 3.4% (industry median 7.8%, -4.3pt), ROE 5.1%, and ROIC 2.4% (estimated) indicate capital efficiency below industry averages. Continued decline in Gross Margin 20.3% (YoY -1.2pt) without successful pass-through or cost reductions could compress EBIT margin further under fixed cost burdens, entrenching a low-return structure below the cost of capital.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 営業利益率 | 3.4% | 7.8% (4.6%–12.3%) | -4.3pt |
| 純利益率 | 4.8% | 5.2% (2.3%–8.2%) | -0.3pt |
Operating Margin lags the industry median by -4.3pt, and profitability is markedly below the industry average. Net Income margin is near the median, but excluding volatility from special items, recurring earnings power is relatively weak.
成長性・資本効率
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 売上高成長率（前年比） | 8.8% | 3.7% (-0.4%–9.3%) | +5.1pt |
Revenue growth outperformed the industry median by +5.1pt, driven by recovery in Telecommunications-related demand and progression of large projects.
※Source: Company aggregation
Momentum in Telecommunications-related orders and Contract Liabilities of ¥5.4B (up from ¥2.7B) are positive signals for achieving the full-year Revenue plan of ¥365B. Continuity of sales to major customer NTT DOCOMO (¥47.8B) and resilience in base-station demand are key to future revenue growth.
The negative Operating CF (-¥24.7B, Operating CF/Net Income = -1.30x) and working capital buildup (Trade Receivables -¥29.5B, Inventory -¥8.0B) highlight a cash generation gap versus profit growth; shortening receivables and inventory days is an urgent management task. Next fiscal year, normalizing working capital and returning Operating CF to positive are indispensable to balance dividend policy and growth investment.
Gross Margin 20.3% (YoY -1.2pt) and Operating Margin 3.4% (industry median 7.8% vs -4.3pt) indicate room for profitability improvement through cost reductions, price pass-through, and expansion of higher-value-added services. SG&A efficiency at 16.8% (YoY -1.9pt) is commendable, but raising EBIT margin above 5% and improving capital efficiency (ROIC 2.4%) are medium-term focuses to enhance enterprise value.
This report is an earnings analysis document automatically generated by AI analyzing XBRL financial statement data. It does not constitute a recommendation to invest in any specific security. Industry benchmarks are reference information aggregated by our firm from public financial statements. Investment decisions are your own responsibility; consult professionals as needed before acting.