| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| Revenue | ¥630.3B | ¥543.8B | +15.9% |
| Operating Income | ¥41.0B | ¥11.7B | +249.6% |
| Ordinary Income | ¥51.6B | ¥14.2B | +262.9% |
| Net Income | ¥37.4B | ¥-8.2B | +556.5% |
| ROE | 4.5% | -1.1% | - |
FY2026 results showed Revenue of ¥630.3B (YoY +¥86.5B +15.9%), Operating Income of ¥41.0B (YoY +¥29.3B +249.6%), Ordinary Income of ¥51.6B (YoY +¥37.4B +262.9%), and Net Income of ¥37.4B (YoY +¥45.6B; prior year was loss, thus +556.5%). Operating margin improved to 6.5% (up +4.3pt from 2.2% a year earlier) and gross margin improved to 32.0% (up +1.3pt from 30.7%), reflecting a marked recovery in profitability. Revenue growth, improvement in cost of goods sold ratio, and containment of SG&A growth (SG&A to sales 25.5%, improved -3.1pt from 28.6% a year earlier) were the primary drivers of the sharp profit recovery. Non-operating items boosted Ordinary Income, including foreign exchange gains of ¥6.2B and dividend income of ¥3.4B. Extraordinary items included gains on sale of investment securities of ¥4.3B, while impairment losses of ¥4.3B and disaster losses of ¥2.3B were recorded. Comprehensive income was ¥85.2B (¥47.8B above Net Income of ¥37.4B), with foreign currency translation adjustments of ¥21.6B and unrealized gains on securities of ¥21.6B contributing to equity accumulation.
【売上高】 Revenue expanded steadily to ¥630.3B (YoY +15.9%). The company consists of a single segment for bearings and various machinery parts, and does not disclose segment breakdowns; revenue drivers are presumed to be demand recovery, realization of price revisions, and FX effects. Cost of goods sold was ¥428.3B, implying a cost ratio to Revenue of 68.0% (improved -1.3pt from 69.3% a year earlier), benefiting from yield improvements and productivity gains.
【損益】 Gross profit was ¥202.0B (gross margin 32.0%, +1.3pt from 30.7%), and SG&A was ¥160.9B (25.5% of Revenue, -3.1pt from 28.6%), meaning fixed-cost growth was contained below revenue growth. As a result, Operating Income rose sharply to ¥41.0B (operating margin 6.5%, +4.3pt from 2.2%). Non-operating income of ¥14.6B — including dividend income ¥3.4B and FX gains ¥6.2B — contributed, and after deducting non-operating expenses of ¥4.0B (including interest expense ¥2.9B), Ordinary Income reached ¥51.6B (YoY +262.9%). Extraordinary items comprised gains on sale of investment securities ¥4.3B, while special losses included impairment losses ¥4.3B, disaster losses ¥2.3B, and loss on disposal of fixed assets ¥0.1B, totaling special losses of ¥8.4B; the net impact reduced pre-tax profit by about ¥4.1B (approximately 9% of pre-tax profit). Corporate taxes were ¥6.8B (effective tax rate about 14%; comparison difficult because prior year was loss), resulting in Net Income of ¥37.4B (net margin 5.9%, improved +7.4pt from -1.5%) and a return to profitability. In conclusion, this is a strong revenue- and profit-growth result.
【収益性】Operating margin was 6.5% (improved +4.3pt from 2.2% a year earlier), and Net margin was 5.9% (improved +7.4pt from -1.5%), indicating a significant recovery in profitability. ROE was 4.5% (prior year 0.7%), still low but improving; a conservative capital structure with Equity Ratio of 66.3% (prior year 62.7%) and constrained asset efficiency are factors. 【キャッシュ品質】Operating Cash Flow (OCF)/Net Income was 2.53x, indicating high quality cash generation: OCF was ¥94.8B versus Net Income ¥37.4B. OCF/EBITDA (Operating Income + Depreciation = ¥73.2B) was 1.30x, showing limited distortion in cash conversion. 【投資効率】Total asset turnover was 0.50x (prior year 0.45x), a modest improvement, but thick working capital (Accounts Receivable ¥171.7B, Inventories ¥169.6B) suppresses asset efficiency. 【財務健全性】Equity Ratio was 66.3%, D/E ratio 0.51x (interest-bearing debt ¥422.9B / equity ¥831.8B), reflecting sound financial position. Current ratio was 352% (current assets ¥792.3B / current liabilities ¥225.1B) and quick ratio 277%, indicating ample liquidity, with cash and deposits ¥250.0B covering short-term liabilities comfortably. Debt/EBITDA was 5.78x (interest-bearing debt ¥422.9B / EBITDA ¥73.2B), and interest coverage was 14.16x (Operating Income ¥41.0B / interest expense ¥2.9B), demonstrating strong servicing capability.
OCF was ¥94.8B (YoY +47.0%), expanding solidly. OCF before working capital changes was ¥99.0B; a decrease in inventories of ¥52.5B contributed cash inflow, while an increase in trade receivables of ¥26.4B and a decrease in trade payables of ¥2.3B partially offset this. After corporate taxes paid ¥5.7B, interest and dividend receipts ¥4.5B, and interest paid ¥3.0B, OCF totaled ¥94.8B, producing high-quality cash of 2.53x Net Income of ¥37.4B. Investing cash flow was -¥37.2B, centered on capital expenditures of ¥32.6B (1.01x depreciation ¥32.2B), consistent with renewal and selective growth investments. Purchase of intangible assets ¥2.3B and proceeds from sale of investment securities ¥5.4B partially offset outflows, resulting in FCF of ¥57.5B (OCF ¥94.8B + Investing CF -¥37.2B). Financing cash flow was -¥62.0B: repayments of long-term borrowings ¥76.7B and redemption of bonds ¥50.0B were financed by long-term borrowings ¥30.2B and bond issuance ¥50.0B, while dividends ¥16.7B and share buybacks ¥5.2B (total shareholder returns ¥21.9B) were paid. FCF of ¥57.5B comfortably covered total returns ¥21.9B, and cash and deposits increased by ¥5.7B from ¥244.3B to ¥250.0B.
Ordinary recurring earnings are centered on Operating Income of ¥41.0B, with non-operating income ¥14.6B (2.3% of Revenue). Breakdown of non-operating income: dividend income ¥3.4B, FX gains ¥6.2B, and other ¥3.7B; FX gains are highly market-dependent and temporary, but their contribution to Operating Income is limited at about 15%. One-off items show gains on sale of investment securities ¥4.3B versus special losses including impairment losses ¥4.3B and disaster losses ¥2.3B totaling ¥8.4B; net negative impact was about ¥4.1B (around 11% of Net Income). With OCF/Net Income at 2.53x and OCF/EBITDA at 1.30x, accrual quality is high and there is little distortion in converting profit to cash. Comprehensive income of ¥85.2B exceeded Net Income ¥37.4B by ¥47.8B, with foreign currency translation adjustments ¥21.6B and unrealized gains on securities ¥21.6B contributing to equity accumulation. The cumulative valuation difference in other comprehensive income rose to ¥147.9B (up ¥44.4B from ¥103.5B), boosting equity but posing potential headwinds in market downturns. The difference between Ordinary Income ¥51.6B and Net Income ¥37.4B is within tax effects and special items, and the quality of recurring earnings is assessed as good.
Full Year guidance: Revenue ¥750.0B (YoY +19.0%), Operating Income ¥82.0B (YoY +99.9%), Ordinary Income ¥81.0B (YoY +56.9%), Net Income ¥68.0B. Progress rates are Revenue 84.0%, Operating Income 50.0%, Ordinary Income 63.7%, Net Income 55.0%, implying profit skew to H2. Target operating margin for the full year is 10.9% (up +4.4pt from current 6.5%), which is ambitious and premised on sustained price retention, cost reduction, and productivity improvements. EPS forecast ¥98.66 implies a marked increase from this year’s ¥58.51, and dividend forecast ¥16.00 (payout ratio 16.2%) is conservative, leaving room for increases if results beat expectations. For profit acceleration in H2, key points are cash generation via improved inventory turnover and receivables collection, and persistence of non-operating income (FX effects).
Annual dividend is ¥29.5 (interim ¥14.0, year-end ¥15.5), with payout ratio 50.4% (total dividends ¥13.4B / Net Income ¥26.5B, based on weighted average shares 69.5 million), within a sustainable range. Share buybacks of ¥5.2B were executed, making total returns ¥18.6B (dividends ¥13.4B + buybacks ¥5.2B), and total return ratio was 70.2%. FCF ¥57.5B covers total returns ¥18.6B by 3.1x, indicating internal funding sufficiency. With cash and deposits ¥250.0B (19.9% of total assets) and ample liquidity, return capacity is high. Full-year dividend forecast ¥16.00 is conservative; upside exists depending on earnings outperformance and continued cash generation. If capital efficiency (ROE 4.5%) improves, scope to raise return ratios would widen.
Working capital expansion risk: Accounts Receivable ¥171.7B (27.2% of Revenue; DSO approx. 100 days) and Inventories ¥169.6B (26.9% of Revenue; DIO approx. 145 days) are large, giving a CCC of approx. 245 days and elongation. Inventory stagnation and delays in receivables collection can suppress cash generation; improving working capital efficiency is key to expanding FCF. Trade payables ¥42.0B (6.7% of Revenue; DPO approx. 36 days) lag behind, making the differential a main cause of working capital expansion; tightening collection terms and accelerating inventory turns are tasks.
FX volatility risk: FX gains ¥6.2B accounted for 12.0% of Ordinary Income ¥51.6B, and foreign currency translation adjustments ¥21.6B boosted OCI. If FX reverses, non-operating income could decline and valuation differences shrink, pressuring profits and the balance sheet. Details on overseas sales ratio and foreign-currency assets are not disclosed, but FX sensitivity is presumed to be at a certain level.
Investment securities valuation volatility risk: Investment securities ¥143.9B (YoY +29.6%) account for 11.5% of total assets, and unrealized gains on securities ¥21.6B boosted OCI. Of the cumulative other comprehensive income ¥147.9B, unrealized gains on securities ¥69.2B and foreign currency translation adjustments ¥75.6B provide a cushion to equity, but market declines could shrink valuation differences and lower the Equity Ratio.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| Operating Margin | 6.5% | 7.8% (4.6%–12.3%) | -1.2pt |
| Net Margin | 5.9% | 5.2% (2.3%–8.2%) | +0.7pt |
Operating margin is 1.2pt below the industry median, but Net margin is 0.7pt above the median, indicating relatively strong bottom-line profitability aided by non-operating income.
成長性・資本効率
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| Revenue Growth (YoY) | 15.9% | 3.7% (-0.4%–9.3%) | +12.2pt |
Revenue growth outperforms the industry median by 12.2pt, placing the company toward the top in growth within the sector.
※Source: Company compilation
Recovery trend in profitability: Operating margin improved from 2.2% to 6.5% (+4.3pt), progressing toward the full-year target of 10.9%. Improvements in gross margin and reductions in SG&A ratio are the main drivers; continued realization of pricing and productivity improvements is key. OCF/Net Income 2.53x and OCF/EBITDA 1.30x indicate high-quality cash conversion and good earnings quality.
Room to improve capital efficiency: ROE 4.5% and total asset turnover 0.50x show low capital efficiency; compressing working capital (DSO ~100 days, DIO ~145 days, CCC ~245 days) is central to improvement. If inventory turns and receivables collection efficiency improve, simultaneous gains in FCF generation and capital efficiency are expected. Of comprehensive income ¥85.2B, ¥44.4B came from other comprehensive income due to valuation differences; substantive capital accumulation should be assessed on the ¥37.4B Net Income base.
Balance sheet soundness and return capacity: Equity Ratio 66.3%, Debt/EBITDA 5.78x, and current ratio 352% indicate strong financial health; with cash and deposits ¥250.0B and ample liquidity, shareholder return capacity is large. Total return ratio 70.2% is covered 3.1x by FCF, and full-year dividend forecast ¥16.00 (payout ratio 16.2%) is conservative, leaving scope for dividend increases depending on performance. Note that investment securities ¥143.9B and expanded valuation differences boost equity but could become a headwind in market declines.
This report is an analysis document automatically generated by AI analyzing XBRL earnings release data. It does not constitute a recommendation to invest in any specific security. Industry benchmarks are reference information compiled by the company based on public financial statements. Investment decisions are your responsibility; please consult professionals as necessary before acting.