| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| Revenue / Net Sales | ¥476.9B | ¥457.6B | +4.2% |
| Operating Income / Operating Profit | ¥59.2B | ¥58.5B | +1.4% |
| Ordinary Income | ¥67.2B | ¥65.2B | +3.2% |
| Net Income / Net Profit | ¥46.7B | ¥41.9B | +11.6% |
| ROE | 11.3% | 11.0% | - |
The fiscal results for the fiscal year ended March 2026 (FY2026) delivered revenue of ¥476.9B (YoY +¥19.3B +4.2%), Operating Income of ¥59.2B (YoY +¥0.8B +1.4%), Ordinary Income of ¥67.2B (YoY +¥2.1B +3.2%), and Net Income attributable to owners of the parent of ¥46.7B (YoY +¥4.9B +11.6%), achieving both higher revenue and profit. Revenue rose for the third consecutive year, with Japan, the Americas, and Europe driving growth and all regions outperforming the prior year. Operating margin slightly contracted to 12.4% (down 0.4pt from 12.8% a year ago), but non-operating income of ¥10.5B (including equity-method investment income ¥5.6B and foreign exchange gains ¥1.3B) provided support, keeping the Ordinary Income margin stable at 14.1% (down 0.2pt from 14.3%). Net income was supported by controlled income taxes of ¥18.4B (effective tax rate 27.3%), resulting in a Net Income margin of 10.1% (up 0.3pt from 9.8%), exceeding the past 3-year average of 9.5%. ROE remained in double digits at 11.3% (prior year 12.2%), demonstrating profitability under a conservative capital structure with an Equity Ratio of 74.3%.
【売上高】Revenue ¥476.9B (YoY +¥19.3B +4.2%) increased. By product, Magnetic Pumps ¥156.6B (from ¥150.6B +4.0%), Metering Pumps ¥82.7B (from ¥80.8B +2.4%), Air-Driven Pumps ¥50.2B (from ¥48.5B +3.5%), System Products ¥29.5B (from ¥26.9B +9.5%), and Purchased Merchandise ¥33.2B (from ¥31.6B +5.1%) all maintained growth. Rotary Volumetric Pumps decreased to ¥31.1B (from ¥34.2B -9.3%) but represent a small share of the total. By region, Japan ¥225.7B (from ¥217.0B +4.0%), Americas ¥78.5B (from ¥72.4B +8.4%), Europe ¥61.0B (from ¥60.2B +1.3%), China ¥57.9B (from ¥56.2B +3.0%), and Asia ¥28.7B (from ¥27.8B +3.2%) all exceeded prior-year levels, indicating broad-based demand supporting sustainable growth.
【損益】Gross margin narrowed slightly to 40.0% (from 40.4% a year ago, -0.4pt), suggesting rising cost of goods sold. SG&A was controlled at ¥131.5B (from ¥126.5B +3.9%), growing less than revenue (+4.2%), keeping the SG&A ratio stable at 27.6% (same as prior year). As a result, Operating Income improved to ¥59.2B (from ¥58.5B +1.4%), although the Operating margin compressed slightly to 12.4% (from 12.8% -0.4pt). Non-operating items included equity-method investment income ¥5.6B (from ¥4.9B +15.0%), foreign exchange gains ¥1.3B, and dividend income received ¥1.2B, contributing to non-operating income of ¥10.5B. Non-operating expenses were limited to ¥2.5B, including interest expense ¥0.9B, resulting in Ordinary Income of ¥67.2B (from ¥65.2B +3.2%) and an Ordinary Income margin of 14.1% (from 14.3% -0.2pt). Extraordinary items were minimal (extraordinary gains ¥0.2B, extraordinary losses ¥0.0B), yielding profit before tax of ¥67.4B and income taxes of ¥18.4B (effective tax rate 27.3%). Net Income attributable to owners of the parent after non-controlling interest adjustments was ¥46.7B (from ¥41.9B +11.6%), a double-digit increase, with a Net Income margin of 10.1% (from 9.8% +0.3pt), recovering above the past three-year average. Overall, the company sustained revenue and profit growth, with stable contribution from non-operating items boosting net profit expansion.
【収益性】Operating margin of 12.4% fell 0.4pt from 12.8% a year ago but remains above the 3-year average of 12.1% and the industry median of 7.8% by +4.7pt, representing a high level. ROE of 11.3% (from 12.2%) is in line with the company’s 3-year average of 11.8%, and achieving double-digit ROE under an Equity Ratio of 74.3% demonstrates high capital efficiency. Net Income margin of 10.1% improved 0.3pt from 9.8% and is +4.6pt above the industry median of 5.2%. ROA (on an Ordinary Income basis) is 12.2% (from 12.6% -0.4pt) and remains high, supported by total asset turnover of 0.85x/year, confirming asset efficiency. EBITDA is ¥71.9B (Operating Income ¥59.2B + Depreciation ¥12.6B), with an EBITDA margin of 15.1% (from 15.5% -0.4pt), indicating stable cash generation. 【Cash Quality】Operating Cash Flow (OCF) of ¥52.5B is 1.12x Net Income ¥46.7B, indicating good cash backing of profits; the OCF/EBITDA ratio is 0.73x, somewhat low and suggestive of temporary working capital effects. Free Cash Flow (FCF) was ¥18.7B (OCF ¥52.5B - Investing CF ¥33.9B), and total shareholder distributions of ¥17.1B (dividends ¥17.1B + share buybacks ¥0.0B) are covered by internal funds with an FCF coverage of 1.09x, indicating high sustainability. 【Investment Efficiency】Capital expenditures exceeded depreciation (Depreciation ¥12.6B), and the increase in Construction in Progress of ¥18.6B indicates progress in growth investments. Contract liabilities of ¥4.9B represent advance receipts securing part of future revenue. EPS was ¥218.14 (from ¥202.15 +7.9%), and BPS was ¥1,864.08 (from ¥1,713.11 +8.8%), steadily increasing. 【Financial Soundness】Equity Ratio improved to 74.3% (from 70.4% +3.9pt), current ratio 405.8%, and quick ratio 340.5% indicate extremely strong liquidity and limited maturity mismatch risk. Interest-bearing debt totaled ¥31.3B (short-term borrowings ¥10.6B, long-term borrowings ¥20.7B), with Debt/EBITDA 0.44x and Interest Coverage 66.9x (EBITDA ¥71.9B / Interest paid ¥0.9B), reflecting very high financial resilience. Cash and cash equivalents ¥99.8B exceed short-term liabilities ¥93.3B, securing a net cash position.
OCF was ¥52.5B (from ¥34.6B +51.6%), a substantial improvement, with OCF/Net Income of 1.12x indicating strong cash backing of profits. OCF subtotal (pre-working capital changes) was ¥66.8B, with net working capital changes contributing -¥14.3B (inventory decrease +¥17.1B, trade receivables increase -¥10.2B, trade payables decrease -¥17.1B offsetting), and income tax payments -¥22.5B, leading to generated OCF of ¥52.5B. Investing CF was -¥33.9B (from -¥7.8B), driven by capital expenditures -¥27.4B, acquisition of investment securities -¥4.5B, and changes in time deposits, resulting in Free CF of ¥18.7B (from ¥26.8B -30.3%). Financing CF was -¥12.8B (from -¥18.8B), reflecting dividend payments -¥17.7B, net increase in long-term borrowings +¥13.8B, net decrease in short-term borrowings -¥1.2B, and lease liability repayments -¥1.8B. Cash and cash equivalents increased by ¥9.5B from opening balance ¥79.4B to closing ¥88.9B, including foreign exchange translation effects of +¥3.6B, further strengthening liquidity. The OCF/EBITDA ratio of 0.73x suggests working capital build-up, but inventory reductions contributed and the ratio improved year-on-year. Further improvement in OCF/EBITDA is expected if receivables and payables turnover efficiency improves.
Net Income attributable to owners of the parent ¥46.7B included temporary items of only ¥0.2B (extraordinary gains ¥0.2B: gain on sale of fixed assets ¥0.0B, gain on sale of investment securities ¥0.0B; extraordinary losses ¥0.0B: impairment losses ¥0.1B, loss on retirement of fixed assets ¥0.0B), totaling +¥0.2B and accounting for less than 1% of Net Income, indicating an earnings base driven by recurring operations. Non-operating income ¥10.5B (2.2% of revenue) is below a 5% threshold and is diversified—equity-method investment income ¥5.6B, interest income ¥0.9B, dividend income received ¥1.2B, and foreign exchange gains ¥1.3B—so dependence on non-operating items is within a healthy range. OCF ¥52.5B exceeded Net Income ¥46.7B, with an OCF/Net Income ratio of 1.12x confirming strong cash backing. Comprehensive income ¥55.6B exceeds Net Income by +19.1%, attributable to other comprehensive income items such as foreign currency translation adjustments ¥4.8B and actuarial gains/losses related to retirement benefits ¥1.5B, reflecting one-off valuation fluctuations. The effective tax rate of 27.3% is broadly consistent with statutory rates, with no abnormal tax adjustments observed. Overall, earnings quality is supported by recurring operating profits and solid cash generation, indicating a sustainable earning capability.
The FY2027 forecast projects Revenue ¥509.6B (YoY +¥32.7B +6.8%), Operating Income ¥64.3B (YoY +¥5.1B +8.5%), Ordinary Income ¥69.9B (YoY +¥2.7B +3.9%). Net Income attributable to owners of the parent is not disclosed, but the EPS forecast of ¥231.94 (from ¥218.14 prior) implies a +6.3% profit increase. Full-year dividend is forecast at ¥45.00, with a plan to include a commemorative dividend of ¥10 in the Q2-end dividend. Progress rates stand at Revenue 93.6%, Operating Income 92.1%, Ordinary Income 96.1%, indicating generally smooth progress and expecting remaining 6–8% contribution in Q4. Operating margin is forecast at 12.6% (vs. 12.4% this year, +0.2pt) incorporating a margin-improvement scenario assuming gross margin recovery. Ordinary Income margin is forecast at 13.7% (vs. 14.1% this year, -0.4pt), reflecting a conservative estimate for non-operating income, though upside is possible if historical contributions persist. If Construction in Progress ¥18.6B is transferred to fixed assets and operations commence, production capacity and efficiency improvements could provide upside to Operating Income and support margin improvements.
Annual dividend paid was ¥77 (Q2-end ¥35 + Year-end ¥42), representing a Payout Ratio of 34.6% and a sustainable balance with retained earnings. Total dividend outlay was ¥17.1B, and FCF ¥18.7B yields an FCF coverage of 1.09x, indicating dividends are comfortably funded internally. Share buybacks were limited (¥0.0B), so shareholder returns continue to be dividend-focused. The FY2027 forecasted dividend is ¥45.00, with the Q2-end dividend planned as ordinary ¥35 plus a commemorative ¥10, balancing stable base dividends and flexible special returns. Given the Equity Ratio of 74.3%, net cash position, and ROE of 11.3%, there is scope to gradually raise the payout ratio or pursue tactical buybacks to increase the Total Return Ratio, supporting expectations for expanded shareholder returns over the medium term.
Margin compression risk: Gross margin of 40.0% (down 0.4pt from 40.4%) suggests pressure from higher raw material costs or product mix shifts. If price pass-through lags or competition intensifies, Operating margin of 12.4% could face further compression. Maintaining SG&A ratio at 27.6% and implementing gross margin recovery measures (price revisions, shift to higher value-added products) are critical.
Working capital efficiency risk: OCF/EBITDA of 0.73x indicates working capital stagnation, with trade receivables increase -¥10.2B and trade payables decrease -¥17.1B evidencing slower turnover. Prolonged increases in DSO, DIO, or decreases in DPO could worsen the cash conversion cycle and impair FCF generation, constraining growth investments and shareholder returns.
Growth investment execution risk: Construction in Progress ¥18.6B (from ¥9.0B +107%) and long-term borrowings ¥20.7B (from ¥8.6B +142%) indicate accelerated growth investment. Delays in equipment start-up, low utilization rates, or impairment risks could defer the expected capacity and efficiency gains, pressuring the margin improvement scenario.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| Operating Income margin | 12.4% | 7.8% (4.6%–12.3%) | +4.7pt |
| Net Income margin | 9.8% | 5.2% (2.3%–8.2%) | +4.6pt |
Profitability significantly exceeds the industry median and ranks at the higher end among manufacturers.
成長性・資本効率
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| Revenue growth (YoY) | 4.2% | 3.7% (-0.4%–9.3%) | +0.5pt |
Growth rate exceeds the industry median, maintaining a stable upward revenue trend.
※Source: Company aggregation
Operating margin of 12.4% declined 0.4pt from the prior year but remains +4.7pt above the industry median of 7.8%, and double-digit ROE of 11.3% under an Equity Ratio of 74.3% demonstrates high capital efficiency. Key focus going forward is the pace of gross margin recovery from 40.0%; progress in price pass-through and a shift to higher value-added product mix are expected to drive a reversal in Operating margin.
OCF of ¥52.5B (YoY +51.6%) exceeds Net Income ¥46.7B, indicating strong cash backing of earnings, but OCF/EBITDA of 0.73x points to room for improvement in working capital efficiency. Shortening the CCC through improved receivables and payables turnover could restore OCF/EBITDA above 0.9x and materially enhance FCF generation, expanding capacity to invest and return capital.
Increases in Construction in Progress ¥18.6B (YoY +107%) and long-term borrowings ¥20.7B (YoY +142%) reflect proactive progress in growth investments. If new equipment comes online and raises capacity and efficiency, there is upside to the FY2027 Operating Income forecast ¥64.3B (+8.5%) and a medium-term trend improvement in Operating margins. The buildup of contract liabilities ¥4.9B also supports visibility into future revenue and should be monitored alongside backlog trends.
This report is an earnings analysis document automatically generated by AI based on XBRL financial statement data. It does not constitute a recommendation to invest in any particular security. Industry benchmarks are reference information compiled by our firm from public financial statements. Investment decisions are your own responsibility; please consult a professional adviser as necessary.