| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥6176.6B | ¥6233.6B | -0.9% |
| 営業利益 | ¥352.7B | ¥287.2B | +22.8% |
| 経常利益 | ¥343.1B | ¥394.9B | -13.1% |
| 純利益 | ¥218.9B | ¥168.5B | +29.9% |
| ROE | 6.6% | 5.1% | - |
For the fiscal year ending March 2025, revenue was ¥6176.6B (YoY -¥57.0B, -0.9%), a slight decline, while Operating Income expanded significantly to ¥352.7B (YoY +¥65.5B, +22.8%). Ordinary Income declined to ¥343.1B (YoY -¥51.8B, -13.1%), whereas Net Income attributable to owners of the parent rose to ¥218.9B (YoY +¥50.4B, +29.9%). The combination of slightly lower revenue and higher profit was driven by SG&A compression (¥544.0B, 8.8% of sales, improving -124bp from 10.1% a year earlier) and a marginal improvement in gross margin (14.5%, -20bp from 14.7%), which materially enhanced operating profitability. At the ordinary income level, volatility in foreign exchange gains/losses and higher non-operating expenses resulted in a decline, but special gains of ¥62.0B (including ¥54.2B gain on sale of investment securities) boosted the bottom line. By region, Asia led with Operating Income of ¥239.8B (margin 12.4%), and Domestic showed signs of bottoming with a reduced loss (¥-9.7B, a 90.1% improvement YoY). Financial soundness remains very high with a current ratio of 217.8% and an Equity Ratio of 64.5%, and cash generation is healthy with Operating Cash Flow of ¥392.0B and Free Cash Flow of ¥131.4B.
【売上高】Revenue was ¥6176.6B (YoY -0.9%), a slight decline. By region: Domestic ¥3076.7B (-1.8%), North America ¥1647.7B (+0.5%), Asia ¥1927.3B (-1.6%), Other ¥493.3B (-0.4%); all regions showed slight declines or were flat, with North America the sole positive contributor. Domestic and Asia declines weighed on the top line. FX effects included FX gains of ¥73.9B recorded in non-operating items, offset by FX losses of ¥43.3B, resulting in limited net contribution. Demand for core HMI and safety-related components remained flat, stalling top-line growth.
【損益】Operating Income was ¥352.7B (+22.8%), with an operating margin of 5.7% (up 110bp from 4.6%), indicating a material improvement in profitability. Cost of sales ratio was 85.5% (vs. 85.3% prior year) slightly higher, but SG&A ratio compressed to 8.8% (down 124bp from 10.1%), improving operating leverage. By segment, Asia delivered Operating Income of ¥239.8B (margin 12.4%), accounting for ~70% of consolidated operating profit. Domestic posted an operating loss of ¥9.7B, but the loss narrowed 90.1% YoY; North America declined to ¥80.6B (-14.7%). Ordinary Income of ¥343.1B (-13.1%) reflected operating non-recurring items: non-operating income ¥40.0B (interest income ¥12.7B, equity-method income ¥7.1B, FX gains ¥73.9B, etc.) versus non-operating expenses ¥49.6B (including FX losses ¥43.3B), which offset operating improvements. Pre-tax income was supported to ¥398.7B by special gains of ¥62.0B (gain on sale of investment securities ¥54.2B, gain on sale of fixed assets ¥7.8B). After income taxes ¥120.3B and non-controlling interests ¥17.9B, Net Income attributable to owners of the parent was ¥218.9B (+29.9%). In summary, despite slightly lower revenue, fixed-cost optimization and one-time gains produced higher net income, though ordinary income declined due to volatility in non-operating items.
Domestic segment: Revenue ¥3076.7B (-1.8%), Operating Loss ¥-9.7B (margin -0.3%), loss narrowed 90.1% YoY. Fixed-cost cuts and cost-structure reforms progressed, signaling a bottoming. North America: Revenue ¥1647.7B (+0.5%) modest growth, Operating Income ¥80.6B (-14.7%), margin 4.9%, indicating weaker profitability relative to Asia and room for cost control. Asia: Revenue ¥1927.3B (-1.6%), Operating Income ¥239.8B (-5.3%), margin 12.4%, maintaining high profitability and representing 68% of consolidated operating profit. Other: Revenue ¥493.3B (-0.4%), Operating Income ¥35.0B (-2.1%), margin 7.1%, stable. Regional mix continues to be supported by Asia’s high profitability and narrowing domestic losses.
【収益性】Operating margin 5.7% (up 110bp from 4.6%) driven by SG&A compression (8.8%, down 124bp from 10.1%); gross margin remains low at 14.5% (down 20bp from 14.7%). ROE 6.6% — limited to a single-year assessment due to lack of historical comparatives, but there is room to improve capital efficiency given a conservative Equity Ratio of 64.5%. Equity-method income ¥7.1B contributed to non-operating income. 【キャッシュ品質】Operating Cash Flow ¥392.0B, OCF/Net Income ratio 1.79x indicates solid cash backing of profits. Considering depreciation ¥207.8B, estimated EBITDA is ¥560.5B; OCF/EBITDA ratio 0.70x is near benchmark thresholds, suggesting scope to improve working capital management. A decrease in product warranty provisions of ¥204.3B subdued cash generation but signals structural quality-cost improvements. 【投資効率】Capital expenditures ¥306.2B and depreciation ¥207.8B produce CapEx/depreciation 1.47x, indicating continued investment for growth and renewal. Investment securities decreased substantially to ¥325.8B (from ¥602.9B, -46.0%), with portfolio compression generating special gains of ¥54.2B. 【財務健全性】Equity Ratio 64.5%, Current Ratio 217.8%, Quick Ratio 197.9% — extremely healthy. Cash and deposits ¥750.7B, short-term investments ¥232.0B, providing liquidity of ¥983B. Interest-bearing debt limited to corporate bonds ¥100B and lease liabilities ¥10.6B, yielding a net cash position. Debt-to-equity 0.55x and Interest Coverage approx. 820x (Operating CF ¥392B / interest paid ¥0.4B) indicate ample financial capacity.
Operating Cash Flow ¥392.0B started from pre-tax income ¥398.7B, adding back non-cash expenses (depreciation ¥207.8B, impairment ¥3.8B, etc.), adjusting for equity-method income ¥7.1B and gain on sale of securities ¥5.4B to record a subtotal before working capital changes of ¥489.4B. Working capital contributed via decrease in trade receivables ¥8.2B and inventories ¥3.7B, while decreases in accounts payable ¥3.1B and reduction in product warranty provisions (estimated from provision movement) were negative contributors. After income tax payments ¥116.8B, OCF ¥392.0B was secured. Investing Cash Flow was -¥260.6B, primarily due to CapEx ¥306.2B. Proceeds from sale of securities/investment securities ¥88.3B and purchases ¥14.1B resulted in net +¥74B partially offsetting investing outflows. Financing Cash Flow was -¥79.8B, mainly dividend payments ¥71.4B and lease liability repayments ¥4.5B. Free Cash Flow ¥131.4B (= OCF ¥392.0B + Investing CF -¥260.6B) remained positive, covering dividend payments ¥71.4B and supporting distributable capacity. Cash and cash equivalents increased from ¥746.1B by ¥51.9B to ¥750.7B at year-end, maintaining strong liquidity.
Core earnings are anchored by Operating Income ¥352.7B. Net non-operating items were -¥9.6B (Non-operating income ¥40.0B: interest income ¥12.7B, dividend income ¥6.2B, FX gains ¥73.9B, other ¥9.6B; Non-operating expenses ¥49.6B: FX losses ¥43.3B, other ¥6.2B). One-off items comprised Special Gains ¥62.0B (gain on sale of investment securities ¥54.2B, gain on sale of fixed assets ¥7.8B) and Special Losses ¥6.4B (impairment ¥3.8B, loss on disposal of fixed assets ¥1.1B, valuation loss on investment securities ¥0.8B), netting +¥55.6B to boost pre-tax income. The contribution of one-off items to Net Income, after tax effects, is estimated at approximately 25%, suggesting low reproducibility next year. FX gains/losses in non-operating items were net +¥30.6B, showing large transitory swings that contrast with operating stability. OCF ¥392.0B is 1.79x Net Income ¥218.9B, indicating strong cash backing, but working capital dynamics (e.g., reversal of warranty provisions) depress OCF/EBITDA to 0.70x, leaving room to improve cash conversion efficiency.
Full-year guidance: Revenue ¥5800.0B (YoY -6.1%), Operating Income ¥200.0B (-43.3%), Ordinary Income ¥200.0B (-41.7%), Net Income attributable to owners of the parent ¥140.0B (-36.1%), EPS 164.55円, Dividend ¥45. Compared with current-year results, this implies progress rates of Revenue 106.5%, Operating Income 176.4%, Ordinary Income 172.0%, Net Income 156.3%, indicating that first-half results substantially exceed full-year plan. The second-half assumptions likely incorporate conservative factors such as expiration of special gains, increased non-operating expenses, and a slower pace of domestic profitability recovery. A full-year operating margin of 3.4% represents a planned material decline from 5.7% this year, presumably reflecting cautious assumptions on fixed-cost increases and FX. Dividend guidance ¥45 is a cut from this year’s ¥95 (interim ¥45 + year-end ¥50), but subject to revision depending on actual results.
Annual dividend ¥95 (interim ¥45 + year-end ¥50), dividend payout ratio on Net Income attributable to owners of the parent 27.1%. Given EPS 307.54円, the payout ratio on EPS is 30.9%, a conservative level. With Free Cash Flow ¥131.4B versus dividend payments ¥71.4B, FCF coverage is 1.84x, supporting sustainability. No share buybacks were executed this fiscal year. Total return ratio remains 27.1% driven solely by dividends, indicating potential room for additional shareholder returns from a capital efficiency perspective. Next year’s dividend guidance ¥45 implies a cut, but upside revisions or additional returns (e.g., share repurchases) are possible given the company’s healthy liquidity. Dividend payout ratio 27.1% and DOE around 2.3% are conservative given an Equity Ratio of 64.5%, leaving ample scope to enhance shareholder returns.
Inventory composition risk: Work-in-progress ¥418.4B comprises 54.1% of total inventories, and elevated in-process inventory implies production bottlenecks, yield deterioration, and obsolescence risk. Coupled with a low gross margin of 14.5%, improving process efficiency and cost reduction are key to medium-term profitability. Product warranty provisions ¥122.4B (2.0% of sales) remain high, leaving upside risk for quality costs.
Non-recurring income dependence risk: Special Gains ¥62.0B (including ¥54.2B gain on sale of investment securities) account for roughly 25% of Net Income, with low reproducibility next year. Investment securities have been substantially reduced from ¥602.9B to ¥325.8B, limiting future disposal opportunities. Comprehensive income ¥39.7B is far below Net Income ¥218.9B, and Other Comprehensive Income -¥179.2B (FX translation -¥26.1B, valuation difference on securities -¥96.7B, pension remeasurements -¥114.7B) pressures equity. Continued AOCI volatility could maintain equity volatility into subsequent periods.
Regional profitability gap risk: Asia operating margin 12.4% versus Domestic -0.3% and North America 4.9% indicates significant inter-regional profitability dispersion; timing of Domestic return to profitability and pace of North American margin recovery will determine sustainability of consolidated profits. FX swings (gains ¥73.9B, losses ¥43.3B) destabilize Ordinary Income at the non-operating level, posing a risk that operating improvements are offset.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 営業利益率 | 5.7% | – | – |
| 純利益率 | 3.5% | – | – |
The company’s operating margin of 5.7% is within standard manufacturing sector levels, confirming profitability improvement from SG&A optimization.
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） | -0.9% | – | – |
Revenue is slightly down, with topline growth stagnating similar to broader industry trends.
※Source: Company aggregation
Fixed-cost optimization and regional mix improvements materially enhanced operating profitability. SG&A ratio compression to 8.8% (down 124bp from 10.1%) and high-margin Asia segment (margin 12.4%) drove the operating margin improvement to 5.7%. Narrowing of Domestic operating losses (90.1% improvement) is also a positive sign. Going forward, the timing of Domestic profitability and pace of North American margin recovery will determine sustainability.
Special Gains ¥62.0B account for about 25% of Net Income, creating uncertainty over earnings reproducibility next fiscal year. Significant reduction in investment securities (¥602.9B → ¥325.8B) limits future disposal opportunities, making strengthening operating profitability essential. The structural gap where comprehensive income ¥39.7B is materially below Net Income ¥218.9B — driven by AOCI movements (valuation difference on securities -¥96.7B, pension remeasurements -¥114.7B, etc.) — suggests potential volatility in equity and warrants monitoring for stable capital efficiency improvement.
Financial soundness and liquidity are very strong: Equity Ratio 64.5%, Current Ratio 217.8%, cash and deposits and equivalents ¥983B. Free Cash Flow ¥131.4B exceeds dividend payments ¥71.4B, and a dividend payout ratio of 27.1% with FCF coverage 1.84x supports sustainable distributions. Although a dividend cut to ¥45 is planned next year, upside from better-than-expected results or additional returns (share buybacks, etc.) is feasible given ample liquidity, indicating scope to enhance capital efficiency and shareholder returns.
This report is an AI-generated financial analysis produced by analyzing XBRL financial statement data. It is not a recommendation to invest in any specific securities. Industry benchmarks are compiled by our firm based on publicly disclosed financial statements and are for reference only. Investment decisions are your responsibility; please consult a professional advisor as needed.