FUJI ELECTRIC CO.,LTD.
6504・Prime Market・Electric Appliances
Business
Fuji Electric is a comprehensive electrical equipment manufacturer founded in 1923, originating from the alliance between Furukawa Electric and Siemens. With "power electronics technology" as its core technology, the company operates in five segments: systems for electric power and energy infrastructure (Energy), FA/social infrastructure/DX solutions (Industry), industrial and automotive power semiconductors (Semiconductors), and vending machines/store distribution equipment (Food Distribution). The group as a whole, including 104 consolidated subsidiaries and 11 affiliated companies, achieved net sales of ¥1,227,595 million (FY2026 (ending March 2026)), providing services to a broad customer base including electric power companies, manufacturers, data centers, and distribution businesses both in Japan and overseas.
Business Model
Fuji Electric adopts a business model in which it manufactures "strong components" such as inverters and power semiconductors in-house, and, building on this foundation, provides vertically integrated offerings ranging from plants and systems to facility construction and IT Solutions. By combining build-to-order large-scale plant and system projects with mass-produced component sales, the company achieves both resilience against economic cycles and improved profit margins through higher value addition. In FY2026 (ending March 2026), the operating margin reached 11.1%, approaching the mid-term management plan target of 11.2%.
Company Strengths
Fuji Electric holds 13,517 industrial property rights in Japan and overseas, and continuously commercializes proprietary technologies such as 7th- and 8th-generation IGBTs, SiC Power Semiconductors, and large-capacity transformers (300MVA class). The Semiconductors segment alone invested ¥14,168 million in R&D, resulting in high technological barriers to entry.
In FY2026 (ending March 2026), revenue was diversified across four segments: Energy (revenue of ¥394,167 million, operating margin of 15.1%), Industry (revenue of ¥467,232 million, operating margin of 9.5%), Semiconductors (revenue of ¥237,386 million), and Food Distribution (revenue of ¥107,976 million, operating margin of 12.4%). Even when the Semiconductors segment faced difficulties, Energy and Industry compensated, resulting in an increase in overall group operating profit.
At the end of FY2026 (ending March 2026), the equity ratio stood at 56.9% (up 4.2 points year on year), interest-bearing debt was reduced to ¥89,083 million, and the net D/E ratio reached 0.0x. Both ROE of 13.1% and ROIC of 12.6% exceeded the medium-term management plan targets (ROE of 12% or higher and ROIC of 10% or higher), achieving both capital efficiency and financial soundness.
ENVALITH's Perspective
Performance Trend
Consolidated revenue for FY2026 (ending March 2026) was ¥1,227,595 million (up 9.3% year on year), operating profit was ¥136,620 million (up 16.1%), and net income attributable to owners of the parent was ¥98,030 million (up 6.3%), with all key indicators reaching new record highs. As external tailwinds, expanding GX (green transformation) investment, growing energy demand from data centers, and steady power facility investment provided support. On the other hand, soaring raw material prices (silver, copper, etc.), declining xEV demand in electrical equipment applications, and a decline from the reversal of special demand related to note redesign response in Food Distribution acted as headwinds. The operating margin improved to 11.1% (10.5% in the previous period), achieving margin improvement for five consecutive periods. For FY2027 (ending March 2027), the company forecasts revenue of ¥1,275,000 million and operating profit of ¥142,500 million, expecting growth to continue.
Growth Strategy
With GX, DX, and global expansion as the three pillars, the company is pursuing both Energy-driven profit expansion and future growth in Semiconductors
Promoting increased production capacity for transformers, switchgear, and electrical/power panels at domestic plants. Capital expenditure for Energy in FY2026 (ending March 2026) is ¥8.0 billion (up 51% from ¥5.3 billion in the prior year). From FY2027 (ending March 2026), part of the Industry segment's drive control systems will be transferred to the Facility Construction field, further strengthening the Systems business. Forecast Energy sales are ¥455,000 million (up 14.8% year on year).
Continuing to advance capital investment plans for SiC Power Semiconductors in anticipation of future market expansion. Capital expenditure for Semiconductors in FY2026 (ending March 2026) is ¥34.9 billion (down from ¥64.4 billion in the prior year). In light of the recovery in demand for xEV-related automotive equipment and expanding demand in industrial applications, the company aims to secure production capacity and maintain technological superiority. Forecast capital expenditure for Semiconductors in FY2027 (ending March 2026) is ¥20.3 billion.
Beginning to strengthen production systems in response to growing overseas data center demand. Overseas sales in FY2026 (ending March 2026) are ¥344,800 million (up 5.9% from ¥325,500 million in the prior year). The forecast for FY2027 (ending March 2026) is ¥363,900 million (up 5.5% year on year). The company will continue to expand its business across Asia, China, Europe, and the Americas, aiming to increase the ratio of overseas sales.
Under the three-year medium-term management plan with fiscal 2026 (FY2027, ending March 2026) as its final year, the company has set "Further Enhancement of Corporate Value through Profit-Focused Management" as its basic policy, advancing efforts to strengthen profitability, promote growth strategies, and reinforce its management foundation. In FY2026 (ending March 2026), the company achieved record highs across all key indicators—net sales, operating profit, ordinary profit, and net income—thereby achieving the plan's main targets.
Last updated: July 19, 2026