Research

Shizuki Electric: Film capacitor maker shifts plan toward return on capital

SHIZUKI ELECTRIC COMPANY INC. (6994) · Initiated coverage 2026-10-22 · Beluuga AI Research Team · Independent research

Not investment advice or a solicitation. See Important disclosures below.

Business overview

  • Shizuki Electric is built around film capacitors and related products. It also sells power equipment systems that apply its energy-saving and power-quality know-how. It reports two segments: Capacitors & Modules (capacitors for industrial equipment, automobiles and home appliances) and Power Equipment Systems (power-factor correction, harmonic suppression, voltage-sag compensators, railway power-feeding equipment and DC-DC converters with integrated storage).
  • Domestic subsidiaries in Akita, Kyushu and Okayama manufacture capacitors that the parent buys and sells. Overseas, American Shizuki in Nebraska makes and sells for the US market, a Shanghai subsidiary sells in China, and a Thai subsidiary manufactures and sells in Thailand. The group had 1,166 employees at March 31, 2026.
  • Most customers are manufacturers. TMEIC is the only customer the annual securities report names individually as a major customer, and it buys from both segments. Mitsubishi Electric is a customer as well as the largest shareholder (see Shareholders).
  • The fiscal year ends in March and the accounts use Japanese GAAP. The company refers to the year to March 2026 as fiscal 2025 in its plan documents.

Investment case

  1. The annual securities report for the year to March 2026 says the third phase of the medium-term plan (fiscal 2025 to fiscal 2028) replaces a market-share-led growth strategy with portfolio optimization, profitability and capital efficiency. The company attributes its price-to-book ratio being below one to low return on equity and states an estimate for its cost of equity. It says it reached its fiscal 2028 return-on-equity target early, in the plan's first year.
  2. The company calls Power Equipment Systems a key earnings driver, citing rising domestic capital spending, data-center demand and renewable-energy adoption. In the year to March 2026 this segment produced more segment profit than Capacitors & Modules on smaller sales, and the group reported record sales and record profit at every level (see Performance & Balance).
  3. In the first-quarter earnings release for the year to March 2027, both segments grew. The company cited new xEV capacitor model launches, UPS capacitors for data centers, and sales of voltage-sag compensators and harmonic suppressors. On August 5, 2026 it raised its first-half and full-year forecasts and its dividend forecast.
  4. Shizuki has operated as a company with nominating, compensation and audit committees since June 2003, which separates board oversight from execution by executive officers. If the June 2026 shareholder proposals were approved, the audit committee consists entirely of outside directors. An audit committee office was set up in April 2026, and its head reports to the committee rather than to executive officers.

Bear case

  1. xEV capacitor demand is volatile. In the year to March 2026, xEV capacitor sales fell because models using Shizuki parts had peaked. The company says it is now being selective on xEV investments and orders, yet it also states that next year's main funding need is capital spending to expand automotive capacitor production.
  2. Murata Shizuki FC Solutions, a joint venture with Murata that develops automotive capacitors, is accounted for by the equity method and had negative net worth at March 2026. Shizuki has lent money to it, and equity-method investment losses were recorded in the first quarters of both the year to March 2026 and the year to March 2027. The consolidated subsidiary Okayama Shizuki also had negative net worth at March 2026.
  3. Orders received declined in both segments in the year to March 2026, and the year-end order backlog was slightly lower than a year earlier, even though sales reached a record.
  4. A large part of the share register is held by corporate and financial holders: Mitsubishi Electric, Murata, regional and trust banks, an insurer and employee share associations. The company also holds a substantial block of treasury shares (see Shareholders and Trading liquidity).

Catalysts

  • Interim results for the six months to September 2026, which can be measured against the forecast revised on August 5, 2026, and full-year results for the year to March 2027 against the raised dividend forecast.
  • Progress against the third-phase medium-term plan targets, which run to fiscal 2028 (the year to March 2029), including the price-to-book and dividend payout objectives stated in the annual securities report.
  • Volume ramp of earlier xEV capacitor investments, including the fifth factory building at Akita Shizuki completed in April 2025. Also the planned market launch of the EXCEV V2X system after field trials in fiscal 2025, and work toward mass-production adoption of the PAR-CuBe regenerative power system by semiconductor conveyor makers.

Key risks

  • Most customers are manufacturers, so results depend heavily on customers' capital spending and production plans.
  • Rising prices of raw materials and energy can hurt results. The company says it addresses this through productivity improvements and cost reduction, and passes through costs it cannot absorb by adjusting selling prices.
  • Exchange-rate moves, new or revised tariffs, and legal, political or security events in the US, China and Thailand can affect operations and results.
  • The company names price competition with domestic and overseas rivals in xEV capacitors, industrial capacitors and power/energy-saving products as a risk. It also lists its relationships with Mitsubishi Electric and Murata first among its business risks.

Trading liquidity

Median daily trading value US$1.51mn
Average daily volume 336,861 shares

2025-10-06 to 2026-10-21 (250 trading days). Trading value is daily closing price × daily volume on the Tokyo Stock Exchange.

Assumptions

  • Financial figures on this page come from beluuga.ai's daily data set; trading liquidity is measured over the period shown. We do not use consensus estimates.
  • The first-quarter statements for the year to March 2027 were not reviewed by an auditor and include no cash flow statement. The large rise in comprehensive income and net assets in that quarter came mainly from higher unrealized gains on investment securities, not from operating profit.
  • Mitsubishi Electric is shown as a listed parent in the company data, but the annual securities report classifies it as an 'other affiliated company' with no interlocking officers. It does not consolidate Shizuki.
  • Qualitative statements are taken from the annual securities report for the year to March 2026 and the first-quarter earnings release for the year to March 2027.

This is independent research. No company paid for or reviewed it. We do not publish ratings, price targets or buy/sell views. Figures on the other slides of this page come from beluuga.ai's daily data set.

Important disclosures

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Overview
Electric Appliances

SHIZUKI ELECTRIC COMPANY INC.

Shizuki Electric Co., Ltd. (Shizuki) is a Japan-based manufacturer specializing in film capacitors and related power electronics products, serving automotive, home appliance, and industrial equipment markets. The company operates two core business segments: Capacitor & Modules (film capacitors addressing electrical noise suppression and energy savings) and Power Equipment Systems (power quality improvement and energy management systems for facilities such as factories, buildings, and commercial complexes). Leveraging deep expertise in energy efficiency and power quality technology, Shizuki delivers integrated solutions including V2X-compatible EV chargers and EcoVar series environmental products.

Market Cap
¥27.8B
US$177M
EV
¥21.3B
US$136M
Stock¥1,100▼-6.78%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
5.0
x
LTM EV/EBIT
7.3
x
LTM PER
12.9
x
LTM PBR
1.0
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+75.8%pt
10012
Oct 22, 25 – Oct 22, 26StockTOPIX
1Aug 5, 26FY2027 guidance raised: net profit +10.6%, operating profit +18.6%
2Aug 7, 26Drop after Aug 5 Q1 earnings/FY upward revision (net income +10.6% to ¥2.2bn)
MC → EV Bridge
27.8BUS$177MMarket Cap9.02BUS$57.4M+ Debt9.94BUS$63.3M− Cash5.95BUS$37.9M− Inv. Sec.0.42BUS$2.68M+ NCI21.3BUS$136MEV
AI Briefing
Shizuki: niche film capacitor and power equipment maker riding EV charging and power-quality demand, with Mitsubishi Electric and Murata as top holders. FY26/3 guided revenue ¥28.0B, OP margin expanding to 9.0% from 3.6% in FY23/3 — steady margin re-rating story. At ¥29.8B market cap (EV ¥23.3B, EBITDA LTM ¥4.3B), strategic shareholder concentration keeps float tight and control dynamics in focus.
Performance & Balance
Revenue 5Y (¥B)
23.9US$152M'22/326.1US$166M'23/326.3US$167M'24/327.3US$174M'25/328.0US$178M'26/3
EBITDA 5Y (¥B)
2.30US$14.6M'22/32.31US$14.7M'23/32.52US$16.1M'24/33.36US$21.4M'25/33.97US$25.3M'26/3
Net Income 5Y (¥B)
0.95US$6.02M'22/30.76US$4.84M'23/30.18US$1.16M'24/31.19US$7.60M'25/31.99US$12.7M'26/3
Capital Structure
76%
24%
EquityD/E 0.32xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
5.72US$36.4M2.30US$14.6M'22/311.1US$70.4M6.80US$43.3M'23/36.50US$41.4M8.10US$51.6M'24/37.67US$48.9M8.81US$56.1M'25/311.6US$73.8M9.02US$57.4M'26/3
Shareholders
Top 10 hold 62.2%
1
Mitsubishi Electric Corporation
22.85%
2
Murata Manufacturing Co.,Ltd.
17.70%
3
Resona Bank, Limited
3.96%
4
Stock Ownership Association
3.93%
5
The Minato Bank, Ltd.
3.66%
6
BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
3.48%
7
Custody Bank of Japan, Ltd. (Trust Account)
2.45%
8
Tokio Marine & Nichido Fire Insurance Co., Ltd.
1.52%
9
Shizuki Electric Own-Share Investment Association
1.47%
10
The Master Trust Bank of Japan, Ltd. (Trust Account)
1.22%
Management
6 officers
Nobuaki ADACHI
Director
Apr 1983: Joined the Company Oct 1998: General Manager, Tokyo Branch and General Manager, Sales Development Department Jun 2002: Director; General Manager, Sales Supervision Division and General Manager, Technology Supervision Division Jun 2003: Executive Officer; General Manager, Sales Supervision Division, General Manager, Technology Supervision Division and General Manager, Tokyo Branch Jun 2006: Managing Executive Officer; General Manager, Marketing Division and General Manager, Tokyo Branch Apr 2012: Senior Managing Executive Officer; General Manager, Business Supervision and New Business Division and General Manager, Tokyo Branch Apr 2016: Senior Managing Executive Officer; General Manager, Technology Supervision and Quality Division Oct 2016: Vice President, Murata Shizuki FC Solutions Co., Ltd. Apr 2017: Senior Managing Executive Officer, the Company; Representative Director, President, Akita Shizuki Co., Ltd. Jun 2018: Director and Executive Vice President, the Company; Representative Director, President, Akita Shizuki Co., Ltd. Apr 2019: Director and Representative Executive Officer, President, the Company; Representative Director, President, Okayama Shizuki Co., Ltd.; Representative Director, Chairman, American Shizuki Co., Ltd. (current); Chairman, Shizuki Shishiki (Shanghai) Trading Co., Ltd. (current) Apr 2020: Representative Director, President, Kyushu Shizuki Co., Ltd.; Representative Director, President, Thai Shizuki Electric Co., Ltd. (current) Jun 2020: Director and Chairman of the Board, the Company (current)
1955-05-20
Yuichi INAGAKI
Director
Apr 1990: Joined the Company Apr 2017: General Manager, Systems Technology Department, the Company Apr 2020: General Manager, e-Power System Business Supervision Department, the Company Apr 2021: Executive Officer; General Manager, e-Power System Business Supervision Department, the Company Jul 2022: Executive Officer; General Manager, e-Power Business Division and General Manager, Industrial Equipment Business Division, the Company Apr 2024: Senior Managing Executive Officer; General Manager, Industrial Equipment Business Division, the Company; Director, Vice President, Kyushu Shizuki Co., Ltd. Apr 2025: Senior Managing Executive Officer; General Manager, Administration Division and Special Assignment to the President, the Company Jun 2025: Director and Senior Managing Executive Officer; General Manager, Administration Division and Special Assignment to the President, the Company Jun 2025: Representative Director, President, Akita Shizuki Co., Ltd. (current); Representative Director, President, Okayama Shizuki Co., Ltd. (current); Representative Director, President, Kyushu Shizuki Co., Ltd. (current) Apr 2026: Director and Representative Executive Officer, President, the Company (current)
1967-12-02
Katsuya MINO
Director
Apr 1990: Joined Mitsubishi Electric Corporation Apr 2016: General Manager, Accounting Department, Power Systems Works, Mitsubishi Electric Corporation Apr 2019: General Manager, Accounting Department, Nagoya Works, Mitsubishi Electric Corporation Oct 2021: General Manager, Finance Department, Mitsubishi Electric Corporation Apr 2024: Executive Officer; General Manager, Administration Division and General Manager, General Affairs Department, the Company Apr 2025: Executive Officer; General Manager, Planning Division, the Company Jun 2025: Director and Executive Officer; General Manager, Planning Division, the Company Jun 2026: Director and Managing Executive Officer; General Manager, Planning Division, the Company (current)
1967-01-14
Satoshi MATSUO
Director
Apr 1982: Joined Bando Chemical Industries, Ltd. Apr 2000: General Manager, MMP Sales Department, Tokyo Branch, Sales Division, Bando Chemical Industries, Ltd. Apr 2004: General Manager, Distribution Sales Department, Tokyo Branch, Sales Division, Bando Chemical Industries, Ltd. Apr 2006: General Manager, Nagoya Branch, Sales Division, Bando Chemical Industries, Ltd. Apr 2008: General Manager, Osaka Branch, Bando Chemical Industries, Ltd. Apr 2009: Executive Officer; General Manager, MMP Business Division, Bando Chemical Industries, Ltd. Apr 2013: General Manager, Human Resources Department, Bando Chemical Industries, Ltd. Apr 2015: Executive Officer, Bando Chemical Industries, Ltd.; Managing Executive Officer, Nishi-Nippon Bando Co., Ltd. Jun 2015: Executive Officer, Bando Chemical Industries, Ltd.; Representative Director, President, Nishi-Nippon Bando Co., Ltd. Apr 2017: Executive Officer; General Manager, Industrial Materials Business Division, Bando Chemical Industries, Ltd. Apr 2018: Managing Executive Officer; General Manager, Industrial Materials Business Division, Bando Chemical Industries, Ltd. Apr 2020: Managing Executive Officer, Bando Chemical Industries, Ltd.; Chairman of the Board, Bando I.C.S. Co., Ltd. Apr 2025: Senior Adviser, Bando Chemical Industries, Ltd.; Chairman of the Board, Bando I.C.S. Co., Ltd. Jun 2025: Director, the Company (current)
1959-09-13
Tadaaki MIKURIYA
Director
Dec 2007: Joined Tohmatsu & Co. (now Deloitte Touche Tohmatsu LLC) Sep 2011: Registered as Certified Public Accountant Oct 2022: Registered as Certified Tax Accountant Oct 2022: Representative, Tadaaki Mikuriya Certified Public Accountant Office (current) Oct 2022: Representative Partner, Mikuriya LLC (current) Jan 2024: Part-time Audit & Supervisory Board Member, Machida Holdings Co., Ltd. (current) Jun 2025: Director, the Company (current)
1979-04-12
Toshihisa SHIMIZU
Director
Apr 1980: Joined Fuji Electric Manufacturing Co., Ltd. (now Fuji Electric Co., Ltd.) Apr 1993: Associate Professor, Department of Electrical Engineering, Faculty of Engineering, Tokyo Metropolitan University Apr 2005: Professor, Graduate School of Science and Engineering, Tokyo Metropolitan University (now Tokyo Metropolitan University) Apr 2018: Professor, Graduate School of System Design, Tokyo Metropolitan University Apr 2019: Vice President, Tokyo Metropolitan University Mar 2021: Retired from Tokyo Metropolitan University; Professor Emeritus; Specially Appointed Professor Jun 2026: Director, the Company
1955-11-29
Large Shareholding Reports
Mitsubishi Electric Corporation
2026-06-03
16.76%→15.67%
Annual report (as of 2026-03-31): 22.85%
Mitsubishi Electric Corporation
2026-05-25
17.86%→16.76%
Annual report (as of 2026-03-31): 22.85%
Mitsubishi Electric Corporation
2026-03-23
18.89%→17.86%
Annual report (as of 2026-03-31): 22.85%
Mitsubishi Electric Corporation
2026-03-04
20.20%→18.89%
Annual report (as of 2026-03-31): 22.85%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-05
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-25
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-03
Large Shareholding Report
EDINET
2026-05-25
Large Shareholding Report
EDINET
2026-03-23
Large Shareholding Report
EDINET
2026-03-04
Large Shareholding Report
TDnet
2026-02-05
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINETAmended
2025-08-29
Amended Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-08-05
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-25
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-12
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-06
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-09
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-27
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-06-24
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-06
Quarterly Securities Report
EDINET
2021-06-28
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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