| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥1774.9B | ¥1681.7B | +5.5% |
| 営業利益 | ¥134.7B | ¥84.9B | +58.6% |
| 経常利益 | ¥171.7B | ¥120.2B | +42.8% |
| 純利益 | ¥64.0B | ¥109.3B | -41.4% |
| ROE | 4.5% | 8.9% | - |
For the fiscal year ended March 2026, the results were revenue of ¥1774.9B (YoY +¥93.2B, +5.5%), Operating Income of ¥134.7B (YoY +¥49.7B, +58.6%), Ordinary Income of ¥171.7B (YoY +¥51.5B, +42.8%), and Net Income Attributable to Parent Company Shareholders of ¥98.3B (YoY +¥48.0B, +101.5%), representing year-over-year revenue growth and substantial profit growth. Gross margin improved to 25.8% from 23.6% a year earlier (+2.2pt), and operating margin rose to 7.6% from 5.1% (+2.5pt), indicating a clear improvement in the earnings structure. At the ordinary income stage, equity-method investment income of ¥29.3B made a material contribution, expanding non-operating income. Net income attributable to the parent (¥98.3B) remained at 57.2% of Ordinary Income, mainly due to Net Income Attributable to Non-controlling Interests of ¥24.2B and corporate taxes of ¥44.7B; excluding these one-off factors, core earning power has been significantly strengthened.
[Revenue] Revenue of ¥1774.9B (+5.5%) was driven primarily by Automotive & Construction Machinery customers at ¥934.5B (+6.5%, 52.6% of sales), while Semiconductor customers contributed ¥165.3B (+31.3%, 9.3% of sales) with large recovery in demand. General Industrial Machinery was ¥397.5B (-3.0%, 22.4% of sales) down YoY, while Marine customers were steady at ¥194.8B (+7.9%, 11.0% of sales). Aerospace was ¥87.6B (-3.9%, 4.9% of sales). Expansion of overseas operations and yen depreciation supported overall revenue growth; foreign exchange translation adjustments contributed a positive ¥68.9B. Automotive and construction machinery growth was underpinned by resilient demand in North America and Asia and price normalization; semiconductor growth reflected capex resumption after inventory adjustment. Conversely, aerospace was affected by order timing shifts and general industrial machinery was pressured by cautious domestic manufacturing investment.
[Profitability] Cost of sales was ¥1317.8B, yielding gross profit of ¥457.1B (gross margin 25.8%). The 2.2pt YoY gross margin improvement was driven by price normalization and a favorable mix toward higher-margin segments. SG&A was ¥322.4B (SG&A ratio 18.2%, improved -0.3pt from 18.5% a year earlier), controlled relative to revenue growth, resulting in Operating Income of ¥134.7B (operating margin 7.6%) and substantial operating leverage. Non-operating income included equity-method investment income of ¥29.3B (¥28.6B prior year), interest income ¥4.7B (¥5.7B prior), and forex gains ¥4.3B, producing non-operating income of ¥46.7B. After deducting interest expense ¥6.8B and forex losses ¥4.5B, non-operating net was +¥37.0B, delivering Ordinary Income of ¥171.7B (+42.8%). Extraordinary items were net -¥4.5B (securities disposal gain ¥3.6B offset by impairment losses on investments ¥3.4B and fixed asset retirement loss ¥1.3B), immaterial. After corporate taxes of ¥44.7B (effective tax rate 26.7%) and Net Income Attributable to Non-controlling Interests of ¥24.2B, Net Income Attributable to Parent Company Shareholders was ¥98.3B (¥48.3B prior year, +101.5%). In conclusion, the company achieved high-quality results with revenue and profit growth and margin improvement at all stages.
Automotive & Construction Machinery customers recorded revenue of ¥934.5B (+6.5%) and Operating Income of ¥30.8B (+451.3%, operating margin 3.3%), a large improvement. The increase from last year's Operating Income of ¥5.6B to approximately 5.5x was driven by demand recovery and price normalization. General Industrial Machinery posted revenue of ¥397.5B (-3.0%) but maintained high profitability with Operating Income of ¥57.5B (+6.7%, operating margin 14.5%), making it the largest contributor to consolidated Operating Income. Semiconductor customers saw revenue of ¥165.3B (+31.3%) but an operating loss of ¥11.7B (improvement from -¥37.7B prior year; deficit narrowed 69.0%, operating margin -7.1%), remaining in the red but on a recovery path. Marine customers reported revenue of ¥194.8B (+7.9%) and Operating Income of ¥51.0B (-3.4%, operating margin 26.2%), boasting the highest margin and structurally high profitability. Aerospace customers generated revenue of ¥87.6B (-3.9%) and Operating Income of ¥7.0B (-32.2%, operating margin 7.9%), a decline affected by order timing. At the consolidated level, high-margin Marine and General Industrial Machinery account for 80.4% of Operating Income, underpinning the earnings base; semiconductor profitability recovery is key for further margin improvement in subsequent years.
[Profitability] Operating margin 7.6% (up +2.5pt from 5.1% a year ago), gross margin 25.8% (up +2.2pt from 23.6%), indicating improved earnings structure. ROE 4.5% (up +0.3pt from 4.2%) benefited from improved net margin but was limited by declining asset efficiency. Operating margin has improved +2.5pt over the past two years, confirming a trend of rising profitability. [Cash Quality] Operating Cash Flow (OCF) ¥220.4B is 2.24x Net Income ¥98.3B, and OCF/EBITDA is 0.91x, indicating high-quality cash generation. EBITDA ¥241.4B (Operating Income + Depreciation ¥106.7B) yields Interest Coverage (EBITDA / Interest Expense) of 19.9x, indicating very strong debt-servicing capacity. Working capital metrics show Days Sales Outstanding 73 days, Days Inventory Outstanding 111 days, and Cash Conversion Cycle 156 days, with significant room for improvement; inventory and receivables build-up have constrained OCF growth. [Investment Efficiency] Total Asset Turnover 0.78x (down from 0.83x) reflects asset expansion weighing on efficiency. Capital expenditure ¥78.7B equals 73.7% of depreciation ¥106.7B, indicating conservative capex. [Financial Soundness] Equity Ratio 62.4% (up +2.2pt from 60.2%), Total Interest-bearing Debt ¥263.3B vs. EBITDA ¥241.4B gives Debt/EBITDA 1.09x and Debt/Equity 0.60x, showing low leverage and conservative financial structure. Cash ¥336.8B is 9.96x short-term borrowings ¥33.8B, indicating ample short-term liquidity. Current ratio 242.5% and Quick ratio 217.7% indicate strong liquidity; goodwill ¥0.5B is negligible, limiting impairment risk.
Operating Cash Flow was ¥220.4B (prior year ¥137.0B, +60.9%), representing net OCF of ¥247.8B before ¥48.0B corporate tax payments. OCF/Net Income 2.24x and OCF/EBITDA 0.91x demonstrate high-quality cash generation. Working capital was a headwind with Accounts Receivable increase -¥7.3B and Inventory increase -¥19.9B, partially offset by Accounts Payable increase +¥3.1B. Inventory accumulation appears to be preparation for demand expansion, but DIO at 111 days is prolonged and rotation improvement is a priority. Investing Cash Flow was -¥87.7B (prior year -¥104.4B), led by capex ¥78.7B, indicating a YoY reduction in investment. Free Cash Flow was ¥132.6B (prior year ¥32.6B, +¥100.0B), substantially higher and sufficient to cover dividend payments ¥50.9B and capex. Financing Cash Flow was -¥82.5B: despite raising long-term borrowings ¥12.0B, the company repaid long-term borrowings ¥124.1B and reduced short-term borrowings by -¥7.1B, thereby reducing interest-bearing debt. Share buybacks were essentially zero (-¥0.0B). Dividends to non-controlling interests were ¥16.9B and dividends to parent ¥50.9B were paid. Cash balance increased to ¥336.8B at year-end (from ¥261.9B at beginning, +¥74.9B), strengthening liquidity.
Operating Income ¥134.7B and Ordinary Income ¥171.7B show a non-operating net positive contribution of ¥37.0B, meaning profitability at the ordinary income stage exceeds operating-stage profitability. The largest component of non-operating income was equity-method investment income ¥29.3B, reflecting stable performance of affiliates and representing a recurring source of income. Interest income ¥4.7B, forex gains ¥4.3B, and other non-operating income ¥6.5B were also recorded, though forex losses ¥4.5B occurred concurrently, indicating FX volatility. Interest expense ¥6.8B is modest at 5.0% of Operating Income. Extraordinary items were net -¥4.5B (securities disposal gain ¥3.6B offset by impairment losses ¥3.4B and fixed asset retirement loss ¥1.3B), representing -2.6% relative to Ordinary Income and limited impact. Comprehensive income ¥266.1B significantly exceeded Net Income Attributable to Parent ¥98.3B, driven by foreign currency translation adjustment ¥68.9B, actuarial adjustments related to retirement benefits ¥44.3B, and OCI share of equity-method affiliates ¥27.1B. These non-cash items are largely transient, so evaluation of core earning power should emphasize operating and ordinary stages. With OCF at 2.24x Net Income, accrual distortions appear limited and earnings quality is assessed as strong.
Full Year guidance: Revenue ¥1880.0B (+5.9%), Operating Income ¥124.0B (-7.9%), Ordinary Income ¥158.0B (-8.0%), Net Income Attributable to Parent Company Shareholders ¥95.0B (-3.4%). Progress against full-year guidance from first-half results stands at 94.4% for revenue, 108.6% for Operating Income, and 108.7% for Ordinary Income, indicating targets have largely been met or exceeded to date. The projected YoY decline in Operating Income is likely a conservative assumption reflecting expected cost increases in the second half, potential FX shifts, and segment mix changes. Dividend guidance: interim dividend ¥70, year-end undetermined; interim dividend ¥70 represents an increase of ¥10 from interim ¥60 a year earlier. The integration with NOK Co., Ltd. (planned October 1, 2026) leaves the year-end dividend undecided at this time, with attention on post-merger capital allocation policy. With forecast EPS ¥207.88 and confirmed interim dividend ¥70, the payout ratio stands at 33.7%; if the year-end dividend were to match last year’s ¥65, full-year dividend would be ¥135 and payout ratio 64.9%, a reasonable level. Assumptions behind the guidance include FX rates, raw material prices, and industry demand-supply dynamics, but specific assumptions have not been disclosed.
Dividends were interim ¥60 and year-end ¥65 for an annual total of ¥125 (prior year annual ¥50, +¥75 increase). Reported payout ratio is 93.0%; relative to EPS ¥216.75 this implies a high payout (57.7%) but appears to reflect a temporary high level due to prior year low EPS (¥107.51) and current large profit improvement. Total dividends amounted to ¥50.9B, covering 38.4% of Free Cash Flow ¥132.6B, with an FCF coverage ratio of 2.60x, indicating sustainability. Cash balance ¥336.8B and Debt/EBITDA 1.09x support dividend capacity. Share buybacks were -¥0.0B (none executed). Due to the NOK Co., Ltd. integration (planned October 1, 2026) the year-end dividend is currently undecided and only the interim dividend of ¥70 is confirmed. If year-end dividend matched last year’s ¥65, annual dividend would be ¥135; attention next year will focus on the re-communicated dividend policy post-integration (target payout ratio, DOE, etc.). The current payout ratio of 93.0% raises sustainability concerns and is likely to be revised depending on post-merger policy.
Concentration of sales in Automotive & Construction Machinery customers (52.6% of sales) increases sensitivity to demand cycles: Revenue to this sector ¥934.5B constitutes a majority of consolidated sales; a slowdown in vehicle production or construction machinery demand would directly impact performance. Operating Income ¥30.8B (margin 3.3%) is still recovering, and a sharp demand decline could exacerbate fixed-cost burdens and deteriorate margins.
Continued losses in the Semiconductor segment (operating loss ¥11.7B) and earnings volatility: Although revenue ¥165.3B (+31.3%) shows recovery, the segment remains loss-making with operating margin -7.1%. Upfront costs for capex and R&D are heavy, and earnings could widen into losses again depending on demand cyclicality.
Deterioration in working capital efficiency (CCC 156 days) leading to cash strain and inventory impairment risk: Days Inventory Outstanding 111 days and Days Sales Outstanding 73 days have trended longer, weighing on OCF efficiency. Inventory build-up of ¥12.82B (note: stated as 128.2億円 in original) increases the risk of excess inventory and valuation losses in the event of demand shifts, posing concerns for asset efficiency and profitability.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 営業利益率 | 7.6% | 7.8% (4.6%–12.3%) | -0.2pt |
| 純利益率 | 3.6% | 5.2% (2.3%–8.2%) | -1.6pt |
Profitability is slightly below industry median; operating margin is close to the median while net margin is -1.6pt below, indicating room for improvement.
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） | 5.5% | 3.7% (-0.4%–9.3%) | +1.8pt |
Revenue growth rate exceeds the industry median by +1.8pt, placing the company in a higher-growth cohort.
※Source: Company compilation
Structural improvement in profitability as shown by gross margin +2.2pt and operating margin +2.5pt: Price normalization and mix effects from high-margin segments (Marine 26.2%, General Industrial Machinery 14.5%) have boosted core profitability, with operating margin improving from 5.1% to 7.6% over the past two years. Declines in cost of sales ratio and restraint in SG&A jointly support sustainable margin improvement through cost reduction and efficiency measures.
Strong cash generation with OCF/Net Income 2.24x and Free Cash Flow ¥132.6B supporting dividends: OCF ¥220.4B (YoY +60.9%) creates ample surplus even after capex ¥78.7B and dividends ¥50.9B. Cash build-up to ¥336.8B and conservative leverage (Debt/EBITDA 1.09x) provide flexibility for post-merger capital allocation (dividend increases or growth investment).
Upside potential from working capital efficiency (CCC 156 days) improvement and Semiconductor segment turning profitable: Inventory DIO 111 days and AR days 73 indicate room for improvement; compressing inventory and shortening collection periods would enhance OCF and ROE. The Semiconductor segment has revenue +31.3% and a 69.0% reduction in operating loss, indicating a recovery trajectory; once it turns profitable, consolidated operating margin should improve incrementally.
This report is an AI-generated earnings analysis document produced by analyzing XBRL financial statement data. It does not constitute a recommendation to invest in any specific security. Industry benchmark data are compiled by the firm based on publicly disclosed financial statements and are provided for reference only. Investment decisions are your own responsibility; consult a professional advisor as necessary.