Overview
Electric Appliances

MORIO DENKI CO.,LTD.

Morio Denki Co., Ltd. is a Japanese manufacturer of specialized electrical equipment, serving the railway, automotive, and marine sectors. Its core railway business supplies display systems (including destination indicators and passenger information displays), cab equipment, control devices, LED lighting, and distribution panels to railway operators and rolling stock manufacturers. The automotive business provides self-propelled sign vehicles, vehicle-mounted signage systems, and road information devices primarily to expressway companies and the Ministry of Land, Infrastructure, Transport and Tourism, while the marine business offers LED lighting, explosion-proof fixtures, and onboard information/communication equipment.

Market Cap
¥4.45B
US$28.4M
EV
¥2.99B
US$19.1M
Stock¥3,360▼-1.18%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
2.4
x
LTM EV/EBIT
3.0
x
LTM PER
5.9
x
LTM PBR
0.7
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+36.2%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Oct 27, 25Strong interim earnings announcement
2Nov 4, 25Post-earnings profit taking
MC → EV Bridge
4.45BUS$28.4MMarket Cap1.38BUS$8.79M+ Debt1.06BUS$6.74M− Cash1.78BUS$11.3M− Inv. Sec.2.99BUS$19.1MEV
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Performance & Balance
Revenue 5Y (¥B)
8.51US$54.2M'22/37.90US$50.4M'23/37.45US$47.5M'24/39.21US$58.7M'25/38.64US$55.1M'26/3
EBITDA 5Y (¥B)
0.76US$4.82M'22/30.52US$3.29M'23/30.54US$3.46M'24/30.95US$6.03M'25/31.07US$6.83M'26/3
Net Income 5Y (¥B)
0.27US$1.72M'22/30.15US$0.94M'23/30.21US$1.35M'24/30.57US$3.62M'25/30.65US$4.13M'26/3
Capital Structure
82%
18%
EquityD/E 0.22xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
1.79US$11.4M1.31US$8.37M'22/31.93US$12.3M1.34US$8.55M'23/32.28US$14.5M1.15US$7.33M'24/32.21US$14.1M1.41US$8.99M'25/32.69US$17.2M1.69US$10.8M'26/3
Shareholders
Top 10 hold 58.8%
1
Toyo Corporation
10.13%
2
Morio Shokai Ltd.
9.13%
3
Kawasaki Sharyo Co., Ltd.
6.77%
4
Morio Denki Satsuki-kai
6.48%
5
NIPPON SHARYO,LTD.
5.73%
6
Kiraboshi Bank, Ltd.
4.96%
7
CENTRAL SECURITY PATROLS CO.,LTD.
4.91%
8
Morio Denki Own-Share Investment Club
4.37%
9
Nakanishi Denki Kogyo Co., Ltd.
3.84%
10
Kaneko Komuten Co., Ltd.
2.50%
Management
9 officers
Hiroyuki KIKUCHI
Representative Director, President
Apr 1987 Joined the Company Oct 2007 General Manager, Materials Department, Materials Division Apr 2012 General Manager, Eastern Sales Department Apr 2013 Executive Officer, General Manager, Eastern Sales Department Apr 2014 Executive Officer, General Manager, Personnel and General Affairs Department Jun 2014 Director, General Manager, Personnel and General Affairs Department Oct 2014 Director, General Manager, Personnel and General Affairs Department; in charge of Materials Division Jun 2017 Managing Director, General Manager, Personnel and General Affairs Department; in charge of Materials Division Jun 2018 Representative Director, President (current)
1964-10-25
Kimio KITAZAWA
Managing Director, Ryugasaki Plant Manager
Apr 1977 Joined the Company May 1999 General Manager, Railway Technology Department, Railway Business Division May 2001 General Manager, Railway Technology Department, Technology Division Jun 2007 General Manager, Technology Division Jun 2008 Executive Officer, General Manager, Technology Division Jun 2010 Director, in charge of Technology and Quality and Sales Support Apr 2014 Director, Plant Manager, Ryugasaki Plant Jun 2014 Managing Director, Plant Manager, Ryugasaki Plant Feb 2016 Managing Director, Plant Manager, Ryugasaki Plant; General Manager, Technology Department Jan 2018 Managing Director, Plant Manager, Ryugasaki Plant Feb 2020 Managing Director, Plant Manager, Ryugasaki Plant; General Manager, Technology Department Oct 2021 Managing Director, Plant Manager, Ryugasaki Plant (current)
1953-08-20
Mitsugu OHASHI
Managing Director, in charge of Sales and Procurement
Apr 1986 Joined the Company Oct 2007 General Manager, First Sales Department, Sales Division Apr 2012 General Manager, Materials Department Apr 2013 Executive Officer, General Manager, Materials Department Apr 2014 Executive Officer, General Manager, Eastern Sales Department Jun 2014 Director, in charge of Sales and General Manager, Eastern Sales Department Apr 2017 Director, in charge of Sales, General Manager, Eastern Sales Department, and General Manager, Overseas Support Office Jun 2017 Director, in charge of Sales and General Manager, Eastern Sales Department Jun 2018 Managing Director, in charge of Sales and General Manager, Eastern Sales Department Jul 2019 Managing Director, in charge of Sales and General Manager, Materials Department Apr 2020 Managing Director, General Manager, Materials Department Apr 2023 Managing Director, in charge of Sales and Procurement (current)
1963-05-31
Ryoji HIRANO
Director, General Manager, Overseas Support Office
Apr 1977 Joined Kawasaki Heavy Industries, Ltd. Jul 1994 Seconded to Kawasaki Heavy Industries (U.K.) Ltd. Jul 2000 General Manager, Transportation Systems Sales Department, Rolling Stock Sales Division, Rolling Stock Business Unit, Kawasaki Heavy Industries, Ltd. Apr 2001 General Manager, Overseas Sales Department, Sales Division, Rolling Stock Company, Kawasaki Heavy Industries, Ltd. Nov 2003 Deputy Head of Sales Division and General Manager, Overseas Sales Department, Rolling Stock Company, Kawasaki Heavy Industries, Ltd. Apr 2005 Head of Sales Division, Rolling Stock Company, Kawasaki Heavy Industries, Ltd. Jul 2014 Representative Director, President, Kawaju Sharyo Techno Co., Ltd. Apr 2017 Non-Executive Advisor, the Company Jun 2017 Director, General Manager, Overseas Support Office (current)
1954-08-25
Takeshi SHIMIZU
Director, General Manager, Management Administration Department; in charge of Internal Control Audit and IR
Apr 1988 Joined The Tokyo Tomin Bank, Ltd. (now Kiraboshi Bank, Ltd.) Apr 2009 Branch Manager, Kajigaya Branch, same bank Jul 2012 Branch Manager, Tachikawa Branch, same bank Jan 2015 General Manager, First Sales Department, Head Office Sales Division, same bank Jul 2015 Advisor, General Manager, First Sales Department, Head Office Sales Division, same bank May 2018 General Manager, First Sales Department, Head Office Sales Division, Kiraboshi Bank, Ltd. Jun 2018 Department General Manager (Attached), Sales Management Division and Consulting Business Department, same bank Jul 2019 Department General Manager (Attached), Personnel Department, same bank Oct 2019 Senior Investigator, Personnel Department, same bank Apr 2021 Department Manager, Personnel and General Affairs Department, the Company Jul 2021 General Manager, Personnel and General Affairs Department, the Company Jun 2022 Director, in charge of Management Administration and Internal Control Audit, the Company Nov 2022 Director, General Manager, Management Administration Department; in charge of Internal Control Audit, the Company Jun 2025 Director, General Manager, Management Administration Department; in charge of Internal Control Audit and IR (current)
1966-02-07
Shinichiro KAMATA
Director
Apr 1977 Joined Japanese National Railways Apr 1987 Joined East Japan Railway Company Jun 2003 Department Manager (Special Assignment), Sales Department, the same company Jun 2004 General Manager, Business Creation Headquarters, the same company Jun 2006 Executive Officer, Takasaki Branch Manager, the same company Jun 2009 Managing Director, Deputy General Manager, Business Creation Headquarters, the same company May 2011 Director, Central Security Patrols Co., Ltd. Jun 2011 Managing Director, Senior Executive Officer, in charge of Management Planning and New Business, the same company May 2012 Representative Director, Executive Officer, President, the same company Mar 2013 Representative Director, Executive Officer, President, General Manager, Business Strategy Promotion Headquarters, the same company May 2018 Chairman of the Board, Director, the same company Jun 2019 Director, the Company (current) May 2023 Adviser, Central Security Patrols Co., Ltd. May 2024 Advisor, the same company May 2025 Retired as Advisor, the same company
1953-04-19
Hiroshi KOYAMA
Full-time Audit & Supervisory Board Member
Apr 1983 Joined the Company Apr 2005 General Manager, Sales Department, Sales Division Oct 2007 General Manager, Second Sales Department, Sales Division Oct 2009 General Manager, Sales Planning Department Apr 2011 Executive Officer, General Manager, Personnel and General Affairs Department Apr 2014 Executive Officer, General Manager, Materials Department Apr 2015 Executive Officer, General Manager, Materials Control Department Sep 2017 Executive Officer, General Manager, Production Planning Department Jun 2019 Executive Officer, Management Administration Department Jun 2019 Audit & Supervisory Board Member (current)
1959-06-17
Akira KOYASU
Audit & Supervisory Board Member
Apr 1980 Joined Nippon Sharyo, Ltd. Jun 2006 General Manager, Materials Department, Railway Vehicle Division, the same company Feb 2009 General Manager, Planning Department, Railway Vehicle Division, the same company Jun 2010 Executive Officer, the same company Oct 2010 President and Director, NIPPON SHARYO U.S.A., Inc. Jun 2016 Managing Executive Officer, Nippon Sharyo, Ltd. Jun 2018 Representative Director, Senior Managing Director, Head of Planning Headquarters, the same company Jun 2023 Representative Director, Executive Vice President, the same company Jun 2025 Director, the same company, resigned Jun 2025 Audit & Supervisory Board Member, the Company (current)
1958-01-27
Masao ASAKAWA
Audit & Supervisory Board Member
Apr 1987 Joined Nihon Hikoki Co., Ltd. Apr 1992 Joined Asayama Shokai Co., Ltd. (now Asayama Co., Ltd.) Oct 1994 General Manager, General Affairs Department, the same company May 1996 Director, General Manager, General Affairs Department, the same company Apr 1998 Director, Deputy General Manager, Sales Management Division, the same company Jun 1998 Managing Director, the same company Apr 2000 Managing Director, General Manager, Sales Management Division, the same company Jun 2001 Director, Vice President, the same company Jun 2004 Representative Director, President, the same company (current)
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-25
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-06-08
株主総会招集通知
TDnet
2026-02-06
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-12
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-07
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-06
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-12
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-07
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-27
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-09
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-29
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-10
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-05
Quarterly Securities Report
EDINET
2022-06-29
Annual Securities Report
EDINET
2022-02-10
Quarterly Securities Report
EDINET
2021-11-11
Quarterly Securities Report
EDINET
2021-08-06
Quarterly Securities Report
EDINET
2021-06-29
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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