| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥6089.9B | ¥5803.4B | +4.9% |
| 営業利益 | ¥601.7B | ¥500.3B | +20.3% |
| 経常利益 | ¥582.3B | ¥463.4B | +25.6% |
| 純利益 | ¥97.8B | ¥87.4B | +12.0% |
| ROE | 2.2% | 2.2% | - |
FY2026 full-year results settled with Revenue ¥6,089.9B (YoY +¥286.6B +4.9%), Operating Income ¥601.7B (YoY +¥101.4B +20.3%), Ordinary Income ¥582.3B (YoY +¥118.9B +25.6%), and Net Income attributable to owners of the parent ¥418.6B (YoY +¥114.5B +37.6%), marking higher sales and profits. Operating margin improved to 9.9% (up +1.3pt from 8.6% a year ago), Ordinary Income margin to 9.6% (up +1.6pt from 8.0%), driving EPS to ¥417.33 (up from ¥303.25 a year ago, +37.6%). Versus the full-year company plan (Revenue ¥6,600B, Operating Income ¥600B, Ordinary Income ¥560B, Net Income ¥360B), revenue slightly missed while Operating, Ordinary and Net Income exceeded targets. By segment, Automotive Battery was the main driver with revenue and profit growth led by overseas expansion; Industrial Battery & Power maintained high margins; Automotive Li-ion Battery moved further into profitability.
【売上高】Revenue ¥6,089.9B (+4.9%) was driven by broad-based segment strength. Automotive Battery recorded Overseas ¥2,676.4B (+1.5%) and Domestic ¥1,096.2B (+5.9%), totaling ¥3,772.5B (+2.8%). Industrial Battery & Power was ¥1,392.8B (+7.6%) responding to expanded demand for lead-acid batteries and power systems, while Automotive Li-ion Battery achieved ¥1,035.4B (+12.1%)—double-digit growth. The three core segments excluding Other & Adjustments grew +5.3% YoY, and top-line growth was supported by broad segment contributions.
【損益】Operating Income ¥601.7B (+20.3%) grew substantially faster than revenue, improving Operating Margin to 9.9% (previously 8.6%, +1.3pt). By segment, Automotive Battery Operating Income was ¥361.7B (previous ¥293.7B, +¥68.0B), Industrial Battery & Power ¥184.1B (previous ¥178.6B, +¥5.5B), and Automotive Li-ion Battery ¥49.3B (previous ¥13.8B, +¥35.5B), all achieving profit increases. Ordinary Income ¥582.3B (+25.6%) reflected Operating Income growth plus Equity-method investment income ¥13.0B (previous ¥19.0B, decrease), while Non-operating expenses were limited to ¥8.7B, including Interest Paid ¥4.6B (previous ¥4.0B). Profit before tax was ¥625.5B and Income taxes were ¥14.2B, yielding an effective tax rate of 2.3% (previous 2.1%), remaining low. Net Income attributable to owners of the parent was ¥418.6B (+37.6%), with Net Income margin 6.9% (previous 5.2%, +1.7pt). In conclusion, the company achieved revenue and profit increases across Operating, Ordinary and Net levels.
Automotive Battery Domestic revenue was ¥1,096.2B (+5.9%), Overseas ¥2,676.4B (+1.5%), totaling ¥3,772.5B (+2.8%), with Segment Income ¥361.7B (previous ¥293.7B, +23.1%) and Segment Margin 9.6% (previous 8.1%, +1.5pt). Domestic benefited from steady demand in the aftermarket, and Overseas was aided by FX effects and new market expansion. Industrial Battery & Power revenue was ¥1,392.8B (+7.6%), Segment Income ¥184.1B (previous ¥178.6B, +3.1%), maintaining a high Segment Margin of 13.2% (previous 13.8%, -0.6pt). Automotive Li-ion Battery revenue was ¥1,035.4B (+12.1%), Segment Income ¥49.3B (previous ¥13.8B, +256.5%), with Segment Margin 4.8% (previous 1.5%, +3.3pt), showing progress to profitability as mass-production ramp-up and yield improvements contributed to monetization. Other & Adjustments recorded negative revenue ¥-110.7B, narrower than a year ago; corporate expenses after consolidation produced overall Operating Income ¥601.7B, including goodwill amortization ¥8.4B.
【収益性】Operating Margin 9.9% (previous 8.6%, +1.3pt), Ordinary Income margin 9.6% (previous 8.0%, +1.6pt), Net Income margin 6.9% (previous 5.2%, +1.7pt), showing profitability improvement at all levels. ROE (attributable to owners of the parent) was 10.6% (previous 8.8%, +1.8pt), and ROA (on Ordinary Income basis) was 8.1% (previous 6.9%, +1.2pt), indicating improved capital and asset efficiency. 【Cash Quality】Operating Cash Flow (OCF) ¥495.4B is 5.1x Net Income ¥97.8B and 1.18x Net Income attributable to owners of the parent ¥418.6B, which is healthy, but OCF/EBITDA (Operating Income + Depreciation) is ¥495.4B/(¥601.7B+¥266.3B)=0.57x, low, as working capital absorption—Inventory +¥107.7B, Accounts Receivable +¥21.9B, Accounts Payable -¥17.2B—suppressed cash generation. 【Investment Efficiency】Capex ¥503.7B is 1.89x Depreciation ¥266.3B and indicates aggressive investment; Construction in Progress ¥586.0B (23.0% of tangible fixed assets) signals large ongoing projects. Free Cash Flow (OCF - Investing CF) was ¥46.5B, limited, insufficient to cover dividends totaling approximately ¥90B, necessitating external funding. 【Financial Soundness】Equity Ratio 59.9% (previous 50.0%, +9.9pt), Current Ratio 170.5% (previous 171.9%, -1.4pt), Quick Ratio 130.3% (previous 136.8%, -6.5pt) show high-level soundness. Interest-bearing debt balances total ¥878.3B comprising Bonds ¥200.0B, Long-term borrowings ¥296.0B, Short-term borrowings ¥382.3B, giving Debt/Equity Ratio 0.198 and Debt/EBITDA 1.01x—low levels—yet Short-term debt ratio 56.4% indicates somewhat high short-term funding dependence. Interest coverage (OCF / Interest Paid) is ¥495.4B / ¥46.0B = 10.8x, favorable.
OCF was ¥495.4B (previous ¥392.9B, +26.1%), derived from Pre-tax Profit ¥625.5B plus Depreciation ¥266.3B giving an OCF subtotal ¥637.0B, less working capital changes and Income tax payments ¥158.1B. Inventory increase ¥107.7B (previous +¥117.6B), Accounts receivable increase ¥21.9B (previous +¥50.0B), and Accounts payable decrease ¥17.2B (improved from previous -¥121.5B) absorbed cash, the main reason for OCF/EBITDA remaining 0.57x. Investing CF was -¥449.0B, led by Capex ¥503.7B, partially offset by Grants received ¥5.8B and Proceeds from sale of tangible fixed assets ¥16.2B. Financing CF was -¥317.6B: while long-term borrowings raised ¥210.0B, repayments of long-term borrowings ¥103.1B, Dividends paid ¥85.4B (¥75.3B to owners of the parent, ¥36.9B to non-controlling interests), and payments related to equity changes ¥8.2B were recorded. Free Cash Flow was ¥46.5B, below total dividends, but liquidity is stable given Cash & Deposits ¥367.5B and existing credit lines. Working capital increase was mainly due to inventory build for sales growth and slower receivable collection; DSO is approximately 67 days (Accounts receivable ¥1,115.6B / Revenue ¥6,089.9B × 365 days), slightly extended from ~64 days a year ago.
The difference between Ordinary Income ¥582.3B and Profit before tax ¥625.5B reflects extraordinary gains/losses; a year ago impairment loss ¥49.2B was recorded in the Automotive LiB segment but none this period, and Loss on sale of investment securities -¥70.0B (recorded as extraordinary loss) boosted profit before tax. Non-operating income comprised Interest & Dividend income ¥37.6B (previous ¥29.4B) and Equity-method investment income ¥13.0B (previous ¥19.0B); Non-operating expenses ¥8.7B were mainly Interest Paid ¥4.6B (previous ¥4.0B). Comprehensive income ¥666.4B versus Net Income ¥97.8B included positive Foreign currency translation adjustments ¥114.9B and Remeasurements of defined benefit plans ¥81.0B, offset by negative Valuation difference on available-for-sale securities -¥23.7B, allocated ¥565.8B to owners of the parent and ¥100.6B to non-controlling interests. Large positive retirement benefit adjustments were due to favorable plan asset performance and contribution adjustments; foreign currency translation reflected overseas expansion and yen weakness. The effective tax rate 2.3% is presumed due to utilization of deferred tax assets and operations in low-tax jurisdictions, but sustainability is uncertain. The ratio OCF/Net Income (¥495.4B/¥97.8B = 5.1x) is very high, indicating accrual-based profits are well backed by cash, but the low OCF/EBITDA 0.57x warrants scrutiny of accrual profit quality.
The full-year company plan was Revenue ¥6,600B (achievement rate 92.3%), Operating Income ¥600B (achievement rate 100.3%), Ordinary Income ¥560B (achievement rate 104.0%), and Net Income attributable to owners of the parent ¥360B (achievement rate 116.3%); Operating, Ordinary and Net Income met or exceeded the plan. Revenue shortfall is presumed due to recognition timing shifts from partial segment shipment delays. Forecasted EPS ¥358.88 versus actual ¥417.33 is an upside of +16.3%, helped by low effective tax rate and improved profitability. Dividend forecast was Annual ¥30 per share; actual dividends were Annual ¥90 (Interim ¥30, Year-end ¥60), meeting payout. The next fiscal year plan is undisclosed, but assuming continued monetization of investments and margin improvement in Automotive LiB, growth in revenue and profit is expected to continue.
Annual dividend was ¥90/share (Interim ¥30, Year-end ¥60; previous ¥20, +¥70 increase), with Payout Ratio 21.6% (Dividends total approx. ¥90B / Net Income attributable to owners of the parent ¥418.6B), remaining at a conservative level. Share buybacks during the period were limited at ¥0.1B, and Total Return Ratio is approximately 21.6%. Free Cash Flow ¥46.5B falls short of total dividends approx. ¥90B, but strong OCF ¥495.4B and Cash & Deposits ¥367.5B provide ample liquidity and no immediate concern on payment ability. The company forecast DPS ¥30 is conservative, but on a results basis there is room for further increases depending on profit growth and investment progress.
Mass-production ramp risk for Automotive Li-ion Batteries: Construction in Progress ¥586.0B (23.0% of tangible fixed assets) and many ongoing investments mean production delays or yield deterioration could push back monetization timing. Automotive LiB segment margin at 4.8% lags other segments, so monitoring monetization pace is important.
Working capital management and weakening cash conversion efficiency: Inventory +¥107.7B, Accounts receivable +¥21.9B, Accounts payable -¥17.2B suppressed OCF generation, leaving OCF/EBITDA at 0.57x. DSO extended to ~67 days; inventory and receivable management deterioration could affect liquidity and profit quality.
Short-term debt dependence and refinancing sensitivity: Short-term borrowings ¥382.3B and Total current liabilities ¥1,836.8B versus Cash & Deposits ¥367.5B yield Cash/Short-term liabilities ratio 0.20x, low. While issuance of bonds and long-term borrowings has extended maturities, short-term debt ratio 56.4% remains high, so refinancing risk under rising rates or deteriorating credit conditions should be considered.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 営業利益率 | 9.9% | 7.8% (4.6%–12.3%) | +2.1pt |
| 純利益率 | 1.6% | 5.2% (2.3%–8.2%) | -3.6pt |
Operating Margin is +2.1pt above the industry median and at a favorable level, but Net Income margin is -3.6pt below the median, reflecting consolidation adjustments and profits attributable to non-controlling interests.
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） | 4.9% | 3.7% (-0.4%–9.3%) | +1.2pt |
Revenue growth rate is +1.2pt above the industry median, supported by robust growth across key segments.
※Source: Company compilation
Continuation of revenue/profit growth and profitability improvement: Operating Margin 9.9% (+1.3pt) and ROE 10.6% (+1.8pt) improved, and profit growth was achieved across segments. Profitability is supported by Automotive Li-ion Battery moving to profitability and high margins in Industrial Battery & Power; assuming investments monetize as planned, the growth trend is expected to continue.
Aggressive investment and timing for monetizing Construction in Progress: Capex ¥503.7B (1.89x Depreciation) and Construction in Progress ¥586.0B (23.0% of tangible fixed assets) indicate major investments underway; revenue and profit contributions upon start-up and mass production are key to medium-term growth. However, start-up delays or yield deterioration bring impairment and monetization delay risks, so ongoing progress monitoring is critical.
Need to improve cash conversion efficiency and working capital management: OCF/EBITDA 0.57x is low, with inventory and receivables accumulation and extended DSO constraining cash generation. Free Cash Flow ¥46.5B is below total dividends, so improving working capital efficiency and collections would support medium-term financial health and shareholder returns. Given a short-term debt dependence of 56.4%, attention to liquidity management and optimizing the maturity profile is also a focus.
This report is an AI-generated earnings analysis document based on XBRL financial statement data. It does not constitute investment advice for any specific security. Industry benchmarks are compiled by the company from public financial statements and are for reference only. Investment decisions are your responsibility; please consult a professional advisor as needed.
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