| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥3308.3B | ¥3372.6B | -1.9% |
| 営業利益 | ¥182.9B | ¥183.4B | -0.3% |
| 経常利益 | ¥192.3B | ¥192.9B | -0.3% |
| 純利益 | ¥155.7B | ¥164.9B | -5.6% |
| ROE | 10.6% | 11.8% | - |
For the fiscal year ended March 2026, results were revenue ¥3308.3B (YoY -¥64.2B -1.9%), Operating Income ¥182.9B (YoY -¥0.5B -0.3%), Ordinary Income ¥192.3B (YoY -¥0.6B -0.3%), and Net Income attributable to parent company shareholders ¥130.7B (YoY -¥15.8B -10.8%), representing a decline in both sales and profits. Revenue contraction was driven by a -5.8% decline in the core Asia region, partially offset by domestic growth of +4.5%, resulting in a slight overall decrease. Operating Income was essentially flat as a 1.6pt improvement in SG&A ratio to 7.5% (prior year 9.1%) offset a 1.4pt deterioration in gross margin. Ordinary Income was only marginally down as interest income ¥11.5B absorbed interest expense ¥6.5B; meanwhile, Net increase of ¥18.2B from Extraordinary Income ¥63.7B (including ¥42.2B gain on sale of investment securities) less Extraordinary Losses ¥45.5B (including impairment loss ¥18.1B) boosted pre-tax profit. Net Income attributable to parent company shareholders declined by -10.8% YoY due to a higher effective tax rate (27.8% → 35.8%) and a slight increase in non-controlling interests.
【売上高】Revenue totaled ¥3308.3B (-1.9%), a slight decrease. By region, Japan ¥1396.0B (+4.5%) remained firm, Europe ¥162.9B (+1.9%) posted modest growth, while Asia ¥1369.8B (-5.8%) was the largest negative contributor (approximately -¥84B impact); Americas ¥776.6B (+0.3%) was essentially flat. Japan’s increase was driven by recovery in domestic automobile production and improved product mix; Asia’s decline reflected slowing auto demand in China and Southeast Asia and customer production adjustments; Americas’ weakness was mainly due to stagnation in US OEM production. External sales composition: Japan 30.6%, Asia 41.4%, Americas 23.5%, Europe 4.9%, with Asia the largest hub driving the group.
【損益】Operating Income was ¥182.9B (-0.3%), essentially flat. Cost of sales was ¥2875.9B (86.9% of sales) yielding a gross margin of 13.1% (prior year 14.5%, -1.4pt). SG&A was ¥249.5B (7.5% of sales, prior year 9.1%), improving by -1.6pt, resulting in an Operating Margin of 5.5% (prior year 5.4%, +0.1pt). The substantial SG&A ratio decline was mainly due to a reduction in warranty reserve provisioning to ¥0.85B (prior year ¥79.68B), a decrease of about -¥79B, which more than offset increases in packing & transportation costs +¥4.0B and salaries +¥7.8B. By region, Asia was the largest profit source with Operating Income ¥93.7B (+20.0%, Operating Margin 6.8%), Japan improved significantly to ¥31.6B (+36.3%, Operating Margin 2.3%), while Americas declined to ¥44.0B (-38.5%, Operating Margin 5.7%), dragging on group profitability. Ordinary Income ¥192.3B (-0.3%) included Non-operating Income ¥20.9B (including interest income ¥11.5B and foreign exchange gains ¥2.5B) less Non-operating Expenses ¥11.5B (including interest expense ¥6.5B and foreign exchange losses ¥2.2B), adding ¥9.4B to Operating Income. Extraordinary items comprised Extraordinary Income ¥63.7B (including gain on sale of investment securities ¥42.2B, gain on sale of fixed assets ¥6.0B, and subsidy income ¥15.3B) less Extraordinary Losses ¥45.5B (including impairment loss ¥18.1B and loss on fixed asset reduction ¥18.5B), netting an increase of ¥18.2B to pre-tax profit. Total corporate taxes ¥72.7B (effective tax rate 35.8%, prior year 27.8%) increased tax burden, resulting in Profit after tax ¥155.7B (-5.6%). After deducting non-controlling interests ¥7.0B, Net Income attributable to parent company shareholders was ¥130.7B (-10.8%). In summary: slight revenue decline, essentially flat operating profit, contribution from extraordinary gains increased pre-tax profit, but higher tax burden and adjustments to parent equity led to lower final earnings.
Japan segment: Revenue ¥1396.0B (+4.5%), Operating Income ¥31.6B (+36.3%, Operating Margin 2.3%). Recovery in domestic auto production and improved product mix supported profit growth. Asia segment: Revenue ¥1369.8B (-5.8%), Operating Income ¥93.7B (+20.0%, Operating Margin 6.8%). Despite lower sales, tight SG&A control and cost efficiency delivered substantial profit growth; Asia contributed 51.2% of group Operating Income, the largest segment contributor. Americas segment: Revenue ¥776.6B (+0.3%), Operating Income ¥44.0B (-38.5%, Operating Margin 5.7%). While sales were flat, Operating Income declined sharply from ¥71.6B due to quality costs and lower utilization. Europe segment: Revenue ¥162.9B (+1.9%), Operating Income ¥11.8B (-8.3%, Operating Margin 7.2%). Small in scale but relatively high margin; slight profit decline driven by one-off costs. Consolidated adjustments after segment totals resulted in Operating Income ¥182.9B, with inter-segment unrealized profit adjustment of ¥1.76B contributing positively.
【収益性】Operating Margin 5.5% (prior year 5.4%) showed a slight improvement; Net Income Margin 4.0% (prior year 3.9%) was broadly flat. ROE 10.6% (prior year 9.8%) improved by +0.8pt YoY due to a slight increase in equity and small decline in Net Income; trend over the past three years is stable. ROA (on Ordinary Income basis) 6.3% (prior year 6.7%) declined slightly due to asset increases. 【キャッシュ品質】Operating Cash Flow (OCF) ¥72.0B equals 0.46x of Net Income ¥155.7B, indicating low cash conversion. EBITDA ¥317.9B (Operating Income ¥182.9B + Depreciation ¥135.1B) yields OCF/EBITDA 22.6%, suggesting quality issues. Major drivers were large reversal of warranty reserves (impact on OCF -¥77.5B) and decrease in trade payables -¥35.5B causing working capital drag. 【投資効率】Total Asset Turnover 1.06x, Fixed Asset Turnover 3.4x, asset efficiency maintained. EPS ¥227.61 (prior year ¥211.86, +7.4%) increased partly due to share buybacks (treasury holdings 10.1% of issued shares). BPS ¥2487.44 (prior year ¥2173.01) rose +14.5% from retained earnings accumulation. 【財務健全性】Equity Ratio 47.0% (prior year 46.6%), D/E Ratio 0.385 (prior year 0.451) improved; Debt/EBITDA 1.73x remains at investment-grade level. Current Ratio 201.9%, Quick Ratio 191.3% indicate ample liquidity. Cash ¥876.6B and Interest Coverage 28.1x demonstrate strong interest-paying capacity.
OCF was ¥72.0B (prior year ¥282.2B, -74.5%), a sharp decline. Profit before income taxes adjusted for non-cash items was ¥210.4B plus Depreciation ¥135.1B. Working capital movements produced inventory increase -¥24.2B, trade receivables increase -¥19.1B, and trade payables decrease -¥35.5B, a reversal that compressed cash. The largest squeeze came from a decrease in warranty reserves -¥77.5B (OCF presentation), shifting from prior year +¥73.5B to a large cash outflow. Corporate tax payments -¥69.4B further reduced cash, compressing the subtotal from ¥134.6B substantially. Investing CF was -¥115.7B (prior year -¥201.3B), led by tangible fixed asset purchases -¥181.9B; capitalization of construction-in-progress reduced investment scale YoY. Proceeds from sale of investment securities +¥49.6B contributed inflows. Free Cash Flow was -¥43.7B (prior year +¥80.9B), turning negative. Financing CF was +¥41.3B (prior year +¥109.5B), with long-term borrowings raised ¥210.96B, long-term debt repayments -¥30.1B, and net increase in short-term borrowings +¥14.4B; dividends paid -¥44.2B and share buybacks -¥94.0B delivered shareholder returns. Cash increased from ¥841.3B at the beginning of the period to ¥876.2B at period end (+¥34.9B), with foreign exchange effects +¥37.3B contributing positively. The key theme is OCF decline due to working capital headwinds and reserve reversals, with reduced investing scale and refinancing filling the FCF shortfall.
Of Net Income ¥155.7B, operating profit ¥182.9B reflects a stable core earning base. However, Extraordinary Income ¥63.7B (mainly gain on sale of investment securities ¥42.2B and subsidy income ¥15.3B) less Extraordinary Losses ¥45.5B (impairment ¥18.1B, loss on fixed asset reduction ¥18.5B) contributed a net ¥18.2B to pre-tax profit, and after tax effects one-off items contributed approximately +¥11.2B to Net Income. Of Non-operating Income, interest income ¥11.5B has continuity as returns on cash ¥876.6B; foreign exchange gains ¥2.5B are volatile. The sharp reduction in warranty expense within SG&A to ¥0.85B (prior year ¥79.68B) boosted operating profit but is a result of reserve drawdown and raises sustainability concerns. Comprehensive Income ¥210.3B (Net Income ¥155.7B + Other Comprehensive Income ¥54.6B) benefited significantly from foreign currency translation adjustments +¥70.3B, while valuation difference on available-for-sale securities -¥20.2B and actuarial gains on retirement benefits +¥22.5B also contributed. The divergence between OCF and Net Income (OCF/NI 0.46x) indicates working capital reversal and accrual increases, reducing earnings quality due to one-off factors and accounting effects.
Full Year guidance: Revenue ¥3350.0B (+1.3% YoY), Operating Income ¥180.0B (-1.6%), Ordinary Income ¥180.0B (-6.4%), Net Income attributable to parent company shareholders ¥120.0B (-8.2%). Management expects slight revenue growth but declines in Operating and Ordinary Income, reflecting normalization of warranty costs and delayed recovery in Americas profitability in a conservative plan. Forecasted EPS ¥209.30 vs actual EPS ¥227.61 indicates progress rate 108.8% (outperformance). Forecasted dividend ¥40.0 vs actual dividend ¥80.0 (interim ¥37 + year-end ¥43) — company has already paid double. The company signals a prospective dividend cut next fiscal year (¥80 → ¥40), shifting to a policy reflecting normalization of cash generation and lower profit levels. Progress to full-year forecast stands at Revenue 98.7%, Operating Income 101.6%, Ordinary Income 106.8%, Net Income 108.9%, generally achieved with no guidance revision. Management expects profit decline next year due to drop-off of extraordinary gains and SG&A normalization, and remains cautious.
Dividends were ¥80 per share annually (interim ¥37 + year-end ¥43, prior year ¥31), a substantial increase. Total dividends ¥44.2B against Net Income attributable to parent company shareholders ¥130.7B imply a Payout Ratio 33.8% (based on average shares outstanding), a healthy level. In addition, share buybacks of ¥94.0B (CF statement basis) were executed, making total shareholder return ¥138.2B and Total Return Ratio 105.8%, indicating an aggressive stance. Treasury shares at period end were 6379千株 (10.1% of issued shares), with treasury stock value increasing markedly from ¥1005百万円 to ¥10386百万円. However, shareholder returns ¥138.2B exceed FCF -¥43.7B and OCF ¥72.0B, and were financed by borrowings. Next fiscal year dividend guidance is ¥40 indicating a cut, reflecting a shift to a dividend policy tied to normalized cash generation. While payout ratio is at a sustainable level, sustaining returns on an FCF basis requires improvement in OCF.
Americas segment profitability risk: Operating Income ¥44.0B (prior year ¥71.6B, -38.5%) and Operating Margin 5.7% (prior year 9.2%, -3.5pt). Stagnation in US OEM production and increased quality costs are the main drivers; delayed recovery would pressure consolidated profits. Order trends and utilization improvements are key.
SG&A ratio rise risk from normalization of warranty costs: This period’s SG&A ratio 7.5% (prior year 9.1%) was materially aided by warranty expense ¥0.85B (prior year ¥79.68B). This one-off reserve drawdown may reverse, potentially increasing SG&A by around +1.6pt. Operating Margin 5.5% could fall toward ~4% after normalization.
Cash conversion deterioration risk: OCF ¥72.0B equals 0.46x of Net Income and OCF/EBITDA 22.6%, a low level. Working capital reversal driven by warranty reserve -¥77.5B and trade payables decrease -¥35.5B are key causes. If next year requires reinstatement of reserves and working capital normalization, OCF could be further pressured, risking persistent FCF deficits and higher financial leverage.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 営業利益率 | 5.5% | 7.8% (4.6%–12.3%) | -2.2pt |
| 純利益率 | 4.7% | 5.2% (2.3%–8.2%) | -0.5pt |
Operating Margin is -2.2pt below the industry median, placing the company in the lower ranks within manufacturing. Low gross margin 13.1% and relatively low value-add are pressuring profitability; even improved SG&A efficiency does not reach industry levels.
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） | -1.9% | 3.7% (-0.4%–9.3%) | -5.6pt |
Revenue growth rate lags the industry median by -5.6pt, placing the company in the lower group within manufacturing. Deceleration in the core Asia market and stagnation in the Americas are the main drags, showing noticeable underperformance versus industry trends.
※Source: Company compilation
Operating Margin 5.5% was sustained by temporary SG&A compression (warranty expense -¥79B), but normalization next year could push margin toward ~4%; recovery in gross margin (price pass-through and productivity gains) and utilization optimization are keys to restoring profitability. Regionally, Asia’s high profitability (Operating Margin 6.8%, Operating Income ¥93.7B) provides stable majority contribution to group profits, whereas Americas’ profit deterioration (Operating Margin 5.7%, -38.5% YoY) is a drag, making turnaround in the Americas a watershed for group performance.
Deterioration in cash flow quality is notable: OCF ¥72.0B (OCF/NI 0.46x, OCF/EBITDA 22.6%) was heavily compressed by reserve drawdown reversal and working capital drag. FCF -¥43.7B versus shareholder returns ¥138.2B (Total Return Ratio 105.8%) were financed by borrowings; reinstatement of reserves and working capital normalization next year make OCF improvement essential. While cash ¥876.6B and Debt/EBITDA 1.73x indicate financial capacity, sustaining high shareholder returns requires OCF > dividends + normalized CapEx.
This report was automatically generated by AI analyzing XBRL financial statement data. It is not a recommendation to invest in any specific security. Industry benchmarks are reference information compiled by our company based on public financial statements. Investment decisions are your own responsibility; consult a professional advisor as needed.