SHIZUKI ELECTRIC COMPANY INC.
6994・Standard Market・Electric Appliances
Capacitor Module
Core segment centered on film capacitors (approx. 64% of total revenue)
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (full year) | ¥17,799 million | ¥18,129 million | ↓ |
| Segment profit (full year) | ¥968 million | ¥1,230 million | ↓ |
| Segment assets (fiscal year-end) | ¥24,944 million | ¥23,911 million | ↑ |
| Depreciation (full year) | ¥1,052 million | ¥975 million | ↑ |
| Share of total revenue | approx. 63.6% | approx. 66.3% | ↓ |
Business Details
This segment manufactures and sells film capacitors for industrial equipment, xEV, home appliances, and other applications. In addition to a domestic manufacturing structure in which domestic manufacturing subsidiaries (Akita Shizuki, Kyushu Shizuki, and Okayama Shizuki) manufacture products that are mainly purchased and sold by the Company, the segment also operates overseas bases in the United States (American Shizuki), China (Shizuki Shishiki (Shanghai) Trading), and Thailand (Thai Shizuki Electric). The main product groups are capacitors for industrial equipment for the power electronics market and capacitors for automotive (xEV) applications. Major customers include TMEIC Corporation (12.8% of revenue) and Mitsubishi Electric (7.2% of revenue).
Recent Overview
Peaking out of xEV models weighed on results, leading to a year-on-year decline in both revenue and profit
In the Capacitor Module segment for FY2026 (ending March 2026), domestic sales of capacitors for industrial equipment performed well, centered on the power electronics market, but revenue from xEV capacitors declined year on year due to the peaking out of models adopting the Company's products, among other factors. As a result, revenue was ¥17,799 million (down 1.8% year on year) and segment profit was ¥968 million (down 21.3% year on year), with the segment profit margin declining to 5.4% (from 6.8% in the prior year).
Key Products
Growth Drivers
- Continued expansion of demand for industrial equipment capacitors for the domestic power electronics market (inverters, converters, etc.)
- Increased power demand accompanying growth in investment related to generative AI, data centers, and semiconductor manufacturing
- Expected future recovery from the launch of next-generation xEV models (reflected in the next capital investment plan)
- Strengthened cost competitiveness through productivity improvement and price optimization initiatives
- Strengthening of the global supply structure leveraging overseas bases in the United States, China, and Thailand
Risks
- Risk of revenue decline due to the peaking out of xEV capacitor adoption models and delays in launching next-generation models
- Increasing turmoil in the xEV market environment, including policy shifts in European electric vehicle policy
- Intensifying competition in the Chinese market (price competition with Chinese capacitor manufacturers)
- Risk of economic downside and supply chain impact due to trends in US trade policy
- Risk of deteriorating capacity utilization due to a sharp decline in xEV-related scale (delayed recovery of capital investment)
Last updated: June 25, 2026