| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥1811.8B | ¥1831.3B | -1.1% |
| 営業利益 | ¥60.8B | ¥79.1B | -23.2% |
| 持分法投資損益 | ¥0.1B | ¥0.1B | +15.4% |
| 経常利益 | ¥55.8B | ¥73.2B | -23.8% |
| 純利益 | ¥50.1B | ¥51.3B | -2.4% |
| ROE | 7.2% | 7.8% | - |
For the fiscal year ending March 2026, Revenue was ¥1811.8B (YoY -¥19.5B, -1.1%), Operating Income was ¥60.8B (YoY -¥18.3B, -23.2%), Ordinary Income was ¥55.8B (YoY -¥17.4B, -23.8%), and Net Income was ¥50.1B (YoY -¥1.2B, -2.4%). Revenue slightly declined due to a softer market in the Electronic Components Business. Operating Income fell substantially as an improvement in gross margin (15.5%, YoY +0.2pt) was offset by an increase in SG&A (¥220.0B, +10.2%). Operating margin declined to 3.4% (prior year 4.3%), with higher fixed cost burden weighing on profitability. At the ordinary stage, foreign exchange losses of ¥6.1B (prior year ¥8.9B) and interest expense of ¥4.3B (prior year ¥3.2B) were headwinds, pulling the ordinary profit margin down to 3.1% (prior year 4.0%). Conversely, non-recurring gains—primarily gain on sale of investment securities of ¥21.9B—resulted in Special Gains of ¥22.0B, lifting Pre-tax Income to ¥77.8B (YoY +2.8%) and limiting the decrease in Net Income to -2.4%. The income statement is supported by one-off gains, while underlying earning power remains weak.
【売上高】Revenue of ¥1,811.8B (-1.1%) was mainly due to a slight decline in the core Electronic Components Business to ¥1,402.7B (-1.9%). By segment, the Electronic Components Business accounted for 77.4% of sales, with demand adjustments and price competition in automotive semiconductors and devices impacting results. The Electronics & Electrical Equipment Business decreased to ¥253.0B (-7.1%) as equipment sales cycled and customer investment timing shifted. The Chemical Business was resilient at ¥111.6B (+3.4%), supported by increased inquiries for industrial chemicals. Other Businesses surged to ¥48.5B (+89.6%), reflecting contributions from two newly consolidated subsidiaries (consolidated from mid-period). By region, Japan totaled ¥1,113.9B (-0.4%) nearly flat, China slowed to ¥319.8B (-4.2%), Other Asia was ¥316.8B (-0.3%) slight decline, and Other regions were ¥61.3B (+0.1%) marginally up.
【損益】Cost of sales was controlled at ¥1,531.0B (-1.3%), outpacing the revenue decline, improving the gross margin to 15.5% (prior year 15.3%, +0.2pt). Inventory adjustments and a higher mix of high-margin items contributed. However, SG&A rose significantly to ¥220.0B (+10.2%). Increases in personnel expenses ¥69.0B (+8.0%), retirement benefit expenses ¥6.5B (+9.5%), and goodwill amortization ¥3.2B (prior year ¥1.6B, +100.0%) were drivers, reflecting higher fixed costs from M&A. As a result, Operating Income declined to ¥60.8B (-23.2%), and Operating Margin fell to 3.4% (prior year 4.3%). Non-operating items included foreign exchange losses of ¥6.1B (prior year ¥8.9B) and interest expense increased to ¥4.3B (prior year ¥3.2B, +34.9%), leaving Ordinary Income at ¥55.8B (-23.8%). In extraordinary items, gain on sale of investment securities of ¥21.9B was recorded, and total Special Gains of ¥22.0B (prior year ¥2.9B) pushed Pre-tax Income to ¥77.8B (+2.8%). After corporate taxes of ¥27.6B (prior year ¥24.3B), Net Income was ¥50.1B (-2.4%). Comprehensive Income expanded to ¥69.7B (prior year ¥46.3B, +50.4%) aided by Foreign Currency Translation Adjustments of ¥19.6B. In conclusion, this is a revenue- and profit-declining result dependent on one-off gains, with weakening underlying profitability.
The Electronic Components Business posted Revenue ¥1,402.7B (-1.9%), Operating Income ¥39.3B (-24.9%), and margin 2.8% (prior year 3.7%). Sales of semiconductor devices and electronic components for automotive applications saw demand adjustments and price competition, depressing margins. Sales to major customer Denso Corporation were ¥191.4B (prior year ¥211.3B, -9.4%), indicating heightened demand volatility. The Electronics & Electrical Equipment Business recorded Revenue ¥253.0B (-7.1%), Operating Income ¥20.8B (-16.6%), and margin 8.2% (prior year 9.2%), maintaining relatively high profitability. Revenue sources included services for PCB-related equipment and semiconductor manufacturing equipment; margin mix was healthy but the customer investment cycle led to lower sales and profits. The Chemical Business posted Revenue ¥111.6B (+3.4%), Operating Income ¥6.2B (prior year -¥0.09B, turned profitable), and margin 5.6%, with industrial chemical sales expansion and disciplined cost control contributing. Other Businesses recorded Revenue ¥48.5B (+89.6%) and Operating Loss of -¥7.0B (prior year -¥1.3B, widening loss). Sales doubled with the addition of two newly consolidated companies, but goodwill amortization ¥3.2B (prior year ¥1.6B) and start-up costs weighed heavily, expanding the deficit. There are significant profitability disparities across segments, and portfolio improvement is a key challenge.
【収益性】Operating Margin was 3.4% (prior year 4.3%), Net Profit Margin was 2.8% (prior year 2.8%). The decline in Operating Margin was driven by higher SG&A (SG&A ratio 12.1%, prior year 10.9%). Gross Margin improved to 15.5% (prior year 15.3%, +0.2pt) but could not absorb increased fixed costs, reversing operating leverage. ROE was 7.2% (prior year 7.8%), pressured by an increase in average equity (¥655.5B → ¥696.7B) and stagnant profit growth. ROA was 3.8% (prior year 5.5%), mainly due to a significant rise in total assets (¥1,303.8B → ¥1,649.7B, +26.5%). 【キャッシュ品質】Operating Cash Flow / Net Income was 2.05x, indicating strong cash generation. Inventory reduction (working capital change +¥31.2B) and an increase in accounts payable (+¥5.3B) contributed. Operating CF to Revenue ratio was stable at 5.7%. 【投資効率】Total Asset Turnover declined to 1.10x (prior year 1.40x), with asset expansion from M&A (goodwill ¥160.6B, prior year ¥30.3B) reducing turnover. ROIC was 3.7% (prior year 6.1%), showing a downward trend in return on invested capital. 【財務健全性】Equity Ratio declined to 42.2% (prior year 50.3%), while Current Ratio remained high at 187.8% (prior year 232.1%). Interest-bearing debt increased to ¥573.8B (prior year ¥347.2B, +65.3%), and Debt/EBITDA stood at a high 7.7x. Short-term borrowings ratio was 57.9%, indicating maturity mismatch concerns; Cash / Short-term Borrowings ratio remained at 0.57x. Interest coverage was 14.2x, indicating sufficient capacity to meet interest payments.
Operating CF was ¥102.7B (prior year ¥105.9B, -3.0%), remaining broadly stable. Operating CF subtotal (before working capital changes) was ¥127.2B (prior year ¥122.4B, +3.9%), with inventory decrease of ¥31.2B (prior year ¥117.3B) contributing significantly; however, accounts receivable increased by ¥-3.0B (prior year decrease of ¥12.3B), and accounts payable increased by ¥5.3B (prior year decrease of ¥-67.2B). Corporate tax payments increased to ¥23.8B (prior year ¥17.2B). OCF / Net Income at 2.05x indicates high cash quality. Investing CF was -¥175.3B (prior year -¥45.7B, -283.8%), driven mainly by subsidiary acquisitions of -¥178.2B (prior year -¥37.1B), a temporary outflow related to M&A. Capital expenditures increased to ¥10.9B (prior year ¥8.1B, +34.6%), and proceeds from sale of investment securities were ¥23.6B (prior year ¥3.1B). Free Cash Flow was -¥72.6B (prior year ¥60.2B), turning from positive to negative, necessitating external financing. Financing CF was ¥100.2B (prior year -¥65.1B, turning positive), with short-term borrowings showing gross increases of ¥2,694.5B and repayments of ¥2,624.0B for a net increase of ¥70.5B; long-term borrowings net increased by ¥77.9B (¥160.0B procured, ¥82.1B repaid); dividend payments decreased to ¥43.3B (prior year ¥50.8B). Cash increased by ¥38.2B, ending the period at ¥187.5B (prior year ¥149.3B). Working capital metrics lengthened with DSO 104 days, DIO 110 days, and CCC 161 days, highlighting the need for further shortening. Operating CF generation is solid, but under the current investment phase FCF is negative and leverage management is critical.
Against Net Income of ¥50.1B, non-operating losses of ¥11.1B (foreign exchange loss ¥6.1B, interest expense ¥4.3B) compressed profit at the ordinary stage. Special Gains of ¥22.0B (mainly gain on sale of investment securities ¥21.9B) elevated Pre-tax Income to ¥77.8B, underpinning the final profit. These Special Gains are non-recurring one-offs, so the appropriate baseline profit level is Ordinary Income of ¥55.8B. Comprehensive Income of ¥69.7B exceeded Net Income by ¥19.6B, primarily due to Foreign Currency Translation Adjustments of ¥19.6B (OCI). Operating CF of ¥102.7B is 2.05x Net Income, indicating solid cash generation. OCF/EBITDA was 1.38x and inventory compression (inventory decrease +¥31.2B) was effective. The accrual ratio ((Net Income - OCF) / Total Assets) was -3.2%, indicating cash-backed profits. While dependency on one-off gains is a concern, operating-stage cash generation is solid and overall earnings quality is mid-level. Attention should be paid to FX and interest rate volatility as drivers of Ordinary Income fluctuation.
The company's plan projects Revenue ¥2,250.0B (YoY +24.2%), Operating Income ¥88.0B (YoY +44.7%), Ordinary Income ¥75.0B (YoY +34.4%), and Net Income ¥57.0B (YoY +13.8%). Revenue assumes full contribution from the two newly consolidated subsidiaries and a recovery in the Electronic Components Business, targeting an increase of ¥438.2B. Operating Income guidance anticipates ¥27.2B improvement through SG&A control and growth in higher-margin areas (equipment and chemicals). Operating Margin is expected to recover to 3.9% (current 3.4%). Progress rates are Revenue 80.5% and Operating Income 69.1%, assuming acceleration in H2. Achievement hinges on volume recovery in the Electronic Components Business (end of customer inventory adjustments), recovery in equipment sales in the Electronics & Electrical Equipment Business, narrowing losses in Other Businesses, and further working capital efficiency (shortening DSO and DIO). The plan is optimistic; risks to achievement include volatility in the electronic components market, progress of M&A integration, and FX/interest rate movements.
Annual dividend is ¥200 (interim ¥100, year-end ¥100), unchanged from the prior year. Payout Ratio was 84.4% (prior year 95.3%), remaining high but lowered YoY due to higher Net Income. Operating CF of ¥102.7B covers dividend payments of ¥43.3B by 2.37x, indicating sustainability on an OCF basis. However, FCF was -¥72.6B and does not cover dividends, with an FCF coverage of -1.72x, indicating vulnerability. The high-dividend policy amid heavy investment relies on external financing (Financing CF +¥100.2B). The company plans a dividend of ¥110 per share next fiscal year (payout ratio 36.3%), suggesting normalization of payout ratio with profit recovery. No share buybacks were conducted; total shareholder returns consist solely of dividends. Going forward, dividends are expected to be managed flexibly and linked to earnings, considering investment and leverage containment.
Market & Customer Concentration Risk: The Electronic Components Business accounts for 77.4% of sales, and sales to major customer Denso Corporation were ¥191.4B (YoY -9.4%). In an adjustment phase for automotive semiconductors, revenue and profit may fluctuate materially. Prolonged customer inventory adjustments or delays in transition to next-generation semiconductors could further depress Operating Margin.
Leverage & Refinancing Risk: Interest-bearing debt stands at ¥573.8B, Debt/EBITDA is 7.7x, and short-term borrowings ratio is 57.9%, with Cash / Short-term Borrowings at 0.57x indicating a maturity mismatch. Rising interest rates (interest expense ¥4.3B, YoY +34.9%) are compressing profits, and refinancing difficulties or worse terms on short-term debt present liquidity risk.
M&A Integration & Goodwill Risk: Goodwill rose sharply to ¥160.6B (prior year ¥30.3B, +430.5%), with goodwill / equity at 23.1% and goodwill / EBITDA at 2.15x. Delays in integrating the two newly consolidated companies, failure to realize synergies, or weakening earnouts could lead to goodwill impairment (currently ¥0). If the Other Businesses continue to incur Operating Losses (-¥7.0B), there is a risk that integration costs will not be recovered.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 営業利益率 | 3.4% | 3.4% (1.4%–5.0%) | +0.0pt |
| 純利益率 | 2.8% | 2.3% (1.0%–4.6%) | +0.5pt |
Operating Margin matches the industry median, and Net Profit Margin is +0.5pt above the median. The contribution from one-off gains makes Net Profit Margin relatively favorable, but baseline Operating Margin remains at the industry standard.
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） | -1.1% | 5.9% (0.4%–10.7%) | -7.0pt |
Revenue growth is -7.0pt below the industry median, placing the company in a lower-growth cohort within the sector due to weakness in the electronic components market.
※Source: Company compilation
M&A-driven portfolio restructuring is progressing, with rapid increases in goodwill and intangible assets (goodwill ¥160.6B, +430%), and realization of the sales growth plan (+24.2%) requires PMI progress and synergy emergence. Monitoring integration risk and potential goodwill impairment is warranted.
Underlying profitability is weakening (Operating Margin 3.4%, -0.9pt), with SG&A increases (+10.2%) outpacing revenue decline (-1.1%), raising fixed cost pressure. Conversely, inventory compression (OCF contribution +¥31.2B) and cash generation (OCF/Net Income 2.05x) are positive, and there is significant room to improve working capital efficiency. Shortening DSO 104 days and DIO 110 days will be key to improving next fiscal year margins and cash flows.
Leverage management is an urgent issue: Debt/EBITDA 7.7x, short-term debt ratio 57.9%, Cash / Short-term Debt 0.57x indicate heightened vulnerability. With rising interest expense (interest +34.9%) pressuring profits, lengthening short-term debt maturities and improving FCF (post-investment OCF recovery) are prerequisites for restoring financial health.
This report is an earnings analysis document automatically generated by AI based on XBRL financial statement filings. It is not a recommendation to invest in any particular security. Industry benchmarks are reference information compiled by our firm from public financial statements. Investment decisions should be made at your own responsibility and, if necessary, after consulting a professional.