| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥996.1B | ¥918.4B | +8.5% |
| 営業利益 | ¥175.7B | ¥144.7B | +21.4% |
| 経常利益 | ¥183.8B | ¥148.1B | +24.1% |
| 純利益 | ¥111.3B | ¥92.5B | +20.3% |
| ROE | 9.6% | 8.7% | - |
FY2026 closed with Revenue of ¥996.1B (prior ¥918.4B, +¥77.7B +8.5%), Operating Income of ¥175.7B (prior ¥144.7B, +¥31.0B +21.4%), Ordinary Income of ¥183.8B (prior ¥148.1B, +¥35.7B +24.1%), and Net Income attributable to owners of the parent of ¥138.9B (prior ¥112.3B, +¥26.6B +23.8%), achieving higher revenue and profit. Operating margin improved by 180bp to 17.6% (prior 15.8%), driven by margin expansion in the Industrial Business (25.2%, prior approx. 21.9%) and a 40bp decline in SG&A ratio (31.7%, prior 32.1%). The core Industrial Business led with Revenue ¥751.6B (+12.7%) and Operating Income ¥189.6B (+29.9%), producing an operating profit larger than consolidated operating income, while the Office Business saw declines in both revenue and profit (Revenue -2.0%, Operating Income -19.9%), and the HCR Business only narrowed losses. Comprehensive income was ¥202.2B, exceeding Net Income by ¥63.1B, with translation adjustments (+¥33.1B), valuation differences on available-for-sale securities (+¥13.8B), and retirement benefit adjustments (+¥16.3B) boosting equity. Dividends totaled ¥52.4B (year-end ¥148, pre-stock split basis), and share buybacks ¥56.0B, for total shareholder returns of ¥108.4B, covered by FCF of ¥113.9B, maintaining a net-cash position together with high profitability.
【売上高】Revenue was ¥996.1B (+8.5%). By segment, the Industrial Business accounted for ¥751.6B (+12.7%), representing 75.5% of total, supported by steady demand for construction machinery and housing equipment and improved product mix. The Office Business declined to ¥214.4B (-2.0%) due to intensified competition and softer demand. HCR Business slightly decreased to ¥30.1B (-7.4%). Consolidated gross margin improved 150bp to 49.3% (prior 47.8%), reflecting price optimization and a shift to higher-margin products.
【損益】Cost of sales was ¥505.1B, yielding gross profit of ¥491.0B (gross margin 49.3%). SG&A was ¥315.3B (SG&A ratio 31.7%, prior 32.1%), showing efficiency gains; SG&A growth +7.1% lagged revenue growth +8.5%, generating operating leverage. Operating Income was ¥175.7B (+21.4%), Operating Margin 17.6% (prior 15.8%), up 180bp. Non-operating income totaled ¥9.8B (interest income ¥4.2B, dividend income ¥2.6B, foreign exchange gains ¥1.2B, etc.), and non-operating expenses ¥1.7B (including foreign exchange losses ¥3.2B), resulting in Ordinary Income of ¥183.8B (+24.1%). Extraordinary items were net +¥1.6B (gain on sale of investment securities ¥1.4B, gain on sale of fixed assets ¥0.9B, impairment loss ¥0.6B, valuation loss on investment securities ¥0.4B), leaving Profit before tax ¥185.4B. After deducting income taxes ¥46.5B, Net Income attributable to owners of the parent was ¥138.9B (+23.8%), and Net Income margin improved 170bp to 13.9% (prior approx. 12.2%). In conclusion, revenue and profit grew, led by margin expansion in the Industrial Business and SG&A efficiency.
The Industrial Business posted Revenue ¥751.6B (+12.7%), Operating Income ¥189.6B (+29.9%), and margin 25.2% (prior approx. 21.9%), an improvement of about 330bp, producing operating profit exceeding consolidated Operating Income ¥175.7B. Margin improvement was mainly driven by demand expansion for construction machinery and housing equipment and a shift to higher-value-added products. The Office Business had Revenue ¥214.4B (-2.0%), Operating Income ¥35.9B (-19.9%), and margin 16.7% (prior approx. 20.5%), a decline of about 380bp, affected by intensified competition in office equipment and stationery products and weaker demand. The HCR Business had Revenue ¥30.1B (-7.4%) and Operating loss ¥0.4B (prior -¥0.8B), reducing the loss by 48.8% but remaining in the red; monetization in nursing-care/welfare equipment is still midway. Corporate expenses (unallocated G&A) were ¥49.3B (prior ¥45.2B); after deducting these from segment profit totals, consolidated Operating Income was ¥175.7B. Segment assets were allocated as: Industrial Business ¥573.7B, Office Business ¥179.4B, HCR Business ¥26.8B, Corporate assets ¥599.4B (mainly investment securities and cash).
【収益性】Operating Margin 17.6% (prior 15.8%, +180bp), Net Income margin 13.9% (prior approx. 12.2%, +170bp), ROE 9.6%, and Return on Assets (ROA) 13.9% were recorded. Improvements in gross margin 49.3% (prior 47.8%, +150bp) and SG&A ratio 31.7% (prior 32.1%, -40bp) drove margin expansion. 【キャッシュ品質】Operating Cash Flow (OCF) was ¥148.0B, 1.07x Net Income ¥138.9B; the accrual ratio is -0.7%, broadly consistent. OCF/EBITDA was 0.70x (EBITDA = Operating Income ¥175.7B + Depreciation ¥34.2B = ¥209.9B), somewhat weak, with inventory increase ¥14.1B and accounts receivable increase ¥7.5B absorbing working capital. FCF was ¥113.9B (OCF ¥148.0B - Investing CF ¥34.1B), and CapEx ¥30.2B / Depreciation ¥34.2B = 0.88x, indicating maintenance-focused investment. 【投資効率】ROE 9.6% can be explained by Net Income margin 13.9% × Total Asset Turnover 0.72x × Financial Leverage 1.19x, with margin improvement the main driver. Days Inventory Outstanding (DIO) ≈ 88 days (Inventory ¥120.6B / (COGS ¥505.1B / 365)), Days Sales Outstanding ≈ 107 days (Accounts receivable ¥147.5B / (Revenue ¥996.1B / 365)), Days Payable Outstanding ≈ 31 days (Accounts payable ¥42.2B / (COGS ¥505.1B / 365)), yielding Cash Conversion Cycle (CCC) ≈ 164 days, indicating room to improve working capital efficiency. 【財務健全性】Equity Ratio 83.7%, Current Ratio 476% (Current assets ¥776.4B / Current liabilities ¥163.1B), Quick Ratio 402% ((Current assets - Inventory ¥656B) / Current liabilities ¥163.1B), maintaining an extremely strong financial position. Interest-bearing debt was short-term borrowings ¥7.5B + long-term borrowings ¥1.2B = ¥8.8B, versus cash and deposits ¥402.8B + short-term securities ¥30.8B = ¥433.6B, yielding net cash ≈ ¥425B and effectively debt-free. Debt/EBITDA 0.04x, Interest Coverage 703x (Operating Income ¥175.7B / Interest expense ¥0.25B), indicating minimal borrowing dependence.
OCF was ¥148.0B (prior ¥146.0B, +1.4%), broadly flat; starting from Profit before tax ¥185.4B, working capital increases (inventory -¥14.1B, accounts receivable -¥7.5B, accounts payable +¥3.4B, net -¥18.2B absorbed) and income taxes paid ¥39.9B were adjusted. OCF before working capital changes was ¥181.4B, indicating robust operating cash generation. Investing CF was -¥34.1B, including CapEx ¥30.2B, intangible asset acquisitions ¥3.7B, and investment securities purchases ¥60.0B, partly offset by investment securities sales ¥40.2B and net increase in time deposits (+¥18.7B), limiting net outflow. FCF was ¥113.9B (OCF - Investing CF), down from ¥127.4B prior year but still ample. Financing CF was -¥111.6B, mainly dividends paid ¥52.4B, share buybacks ¥56.0B, and lease liability repayments ¥3.2B; total shareholder returns ¥108.4B were covered by FCF. Cash and cash equivalents increased ¥16.9B from opening balance ¥345.8B to closing ¥362.7B, including foreign exchange impact ¥14.6B, further strengthening liquidity. OCF/Net Income ratio 1.07x is generally healthy, but OCF/EBITDA 0.70x reflects buildup in inventory and receivables, and working capital improvements will determine next-period cash generation. The slight increase in accounts payable +¥3.4B is within normal range; there are no signs of working capital manipulation.
Operating Income ¥175.7B vs Ordinary Income ¥183.8B indicates limited non-operating items (+¥8.1B), underscoring high core-business dependence. Of non-operating income ¥9.8B, interest income ¥4.2B, dividend income ¥2.6B, and foreign exchange gains ¥1.2B account for approximately 1% of Revenue, small in scale. Non-operating expenses ¥1.7B include foreign exchange losses ¥3.2B, provision for doubtful accounts ¥1.0B, and interest expense ¥0.25B, negligible relative to Revenue (<0.2%). Extraordinary items net +¥1.6B (gain on sale of investment securities ¥1.4B, gain on sale of fixed assets ¥0.9B, impairment loss ¥0.6B, valuation loss on investment securities ¥0.4B), about 1.1% of Net Income ¥138.9B, indicating minimal reliance on one-off items. Comprehensive Income ¥202.2B exceeded Net Income by ¥63.3B, with Other Comprehensive Income ¥63.2B (Translation adjustments ¥33.1B, valuation difference on available-for-sale securities ¥13.8B, retirement benefit adjustments ¥16.3B) boosting equity; these are balance-sheet valuation differences and do not affect earnings quality. OCF ¥148.0B / Net Income ¥138.9B = 1.07x, accrual ratio -0.7%, showing consistency and no signs of accounting manipulation. Nevertheless, OCF/EBITDA 0.70x reflects working capital absorption from inventory +¥14.1B and receivables +¥7.5B, with delayed working capital recovery restraining cash quality. Overall, earnings are predominantly operational, with high recurrence and sustainability.
The company’s full-year guidance is Revenue ¥1,055B (+5.9%), Operating Income ¥188B (+7.0%), Ordinary Income ¥191B (+3.9%), Net Income attributable to owners of the parent ¥142B (+2.2%), EPS ¥80.07, DPS ¥40 (post-stock split basis). Compared with FY2026 results, guidance implies higher revenue and operating income, while Net Income growth lags Operating Income growth, likely assuming stabilization of non-operating items. Progress rate is not available as it is post full-year closing, but assumptions include maintenance of high margins in the Industrial Business (Operating margin 17.8% = ¥188B/¥1,055B, roughly flat versus prior 17.6%) and normalization of inventory (improvement in DIO/CCC). Order backlog and contract liability information are undisclosed, so revenue visibility relies on segment market conditions and managerial qualitative judgment. Next-year dividend ¥40 (post-split, annualized equivalent ¥40×4=¥160) implies payout ratio roughly 50% against Net Income ¥142B, a modest increase, but given the net-cash position and stable FCF generation, it is within sustainable range.
This fiscal year’s dividend was year-end ¥148 (pre-stock split basis), totaling ¥52.4B, implying a payout ratio of approx. 37.7% relative to Net Income attributable to owners of the parent ¥138.9B. Share buybacks amounted to ¥56.0B, and combined shareholder returns were ¥108.4B; total return ratio vs FCF ¥113.9B was 95.2%, a high level. Backed by cash and deposits ¥402.8B and net cash ≈ ¥425B, the company funded returns from current cash generation and still increased cash by ¥16.9B. Next-year dividend guidance ¥40 (post-split, annualized equivalent ¥160) would raise payout ratio to about 50% on Net Income ¥142B, but given Equity Ratio 83.7% and net-cash position, sustainability concerns are limited. Share buybacks are tactical and future continuation will depend on capital efficiency and investment opportunities; with ROE 9.6% there is scope to enhance capital efficiency through shareholder returns.
Risk of inventory accumulation and deterioration in working capital efficiency: Inventory was ¥120.6B (prior ¥102.2B, +¥18.0B), increasing DIO to ≈ 88 days and CCC to ≈ 164 days. Product inventory ¥120.6B is the major component, creating obsolescence and valuation loss risk if demand softens. Delays in improving inventory turnover could constrain cash generation and pressure ROE.
Concentration risk by segment and widening profitability gap: The majority of operating profit is concentrated in the Industrial Business (¥189.6B, ~108% of consolidated OP), while the Office Business saw profit decline (¥35.9B, -19.9%) and HCR Business remains loss-making (-¥0.4B), widening inter-segment profitability dispersion. A downturn in Industrial Business market conditions (construction/housing demand slowdown) could rapidly deteriorate consolidated results.
FX volatility and valuation gains/losses on securities: Translation adjustments ¥33.1B and valuation gains on securities ¥13.8B boosted comprehensive income, but reversals in FX rates or equity markets could reduce equity. Market value fluctuations of investment securities ¥250.5B (18.2% of total assets) increase equity volatility and may affect Equity Ratio stability. Non-operating FX gains/losses (this term includes FX gain ¥1.2B and FX loss ¥3.2B) could also compress Ordinary Income if exchange rates move unfavorably.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 営業利益率 | 17.6% | 7.8% (4.6%–12.3%) | +9.9pt |
| 純利益率 | 11.2% | 5.2% (2.3%–8.2%) | +6.0pt |
Operating Margin 17.6% exceeds the manufacturing median 7.8% by 9.9pt, demonstrating industry advantage driven by higher value-added Industrial Business and SG&A efficiency.
成長性・資本効率
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 売上高成長率(前年比) | 8.5% | 3.7% (-0.4%–9.3%) | +4.8pt |
Revenue growth 8.5% outpaces the manufacturing median 3.7% by 4.8pt, reflecting the Industrial Business capturing demand above industry average.
※Source: Company aggregation
High profitability, net-cash profile, and working capital improvement potential: Operating Margin 17.6% and ROE 9.6% place the company favorably within the industry; with net cash ≈ ¥425B and Equity Ratio 83.7%, financial health is extremely strong. However, DIO ≈ 88 days and CCC ≈ 164 days suggest room to improve working capital; reducing inventory and shortening collection cycles could further enhance cash generation and ROE.
Dependence on Industrial Business and need for revenue diversification: The Industrial Business generated 108% of operating profit while the Office Business declined and HCR remained in loss, indicating high concentration of earnings. Although Industrial margin 25.2% is high, it is sensitive to cyclical construction/housing markets; revitalizing Office Business and returning HCR Business to profit would stabilize the revenue base.
Total return ratio 95.2% and capital allocation flexibility: Dividend ¥52.4B + share buybacks ¥56.0B = total returns ¥108.4B covered by FCF ¥113.9B, signaling a clear shareholder return stance. Next-year payout ratio is expected to rise to ~50%, but given net-cash position and stable cash flows, sustainability is high. Considering ROE 9.6%, there is room to improve capital efficiency via maintained/increased dividends and tactical share buybacks; capital policy will balance returns and investment opportunities.
This report is an earnings analysis document automatically generated by AI from XBRL financial statement data. It does not recommend investment in any specific security. Industry benchmarks are reference information compiled by the firm based on public financial statements. Investment decisions are your responsibility; consult professionals as needed.