# BRIDGESTONE CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第107期(2025/01/01－2025/12/31) (S100XRPR)
> Page: https://vizora.meequs.com/en/company/bridgestone
> Retrieved: 2026-09-30T19:09:22.237Z

## Company

Bridgestone, founded in 1931, is a company in Tires & Rubber listed on TSE Prime. It has 115,716 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BRIDGESTONE CORPORATION |
| Ticker | 5108 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5108.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区京橋三丁目1番1号 |
| Representative (per filing) | 代表執行役 Global CEO 森田 泰博 |
| Founded | Mar 1931 |
| Share capital | ¥126.4B |
| Employees (consolidated) | 115,716 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | December |
| Website | www.bridgestone.co.jp (https://www.bridgestone.co.jp/) |
| Corporate number | 3010001034943 |
| EDINET | E01086 |
| Industries (Vizora) | Tires & Rubber |

> Profile source: annual securities report (S100XRPR, filed 2026-03-18). As of filing

## Five-axis industry profile

Primary industry: Tires & Rubber (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 82.1 | 14 |
| Profitability | 53.6 | 14 |
| Cash conversion | 67.9 | 14 |
| Efficiency | 32.1 | 14 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 48% of Bridgestone's sales come from The Americas, with Japan and Europe, Middle East and Africa making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -0.0% from the prior year, operating profit -14.0%.

## Company structure

- Segment revenue mix: The Americas 47.6%、Japan 22.4%、Europe, Middle East and Africa 18.8%、Asia Pacific, India and China 10.8%、Other 0.4%
- Revenue → net income: ¥4429452000000 → ¥334299000000
- Net income → operating cash flow: ¥334299000000 → ¥660442000000（difference ¥326143000000）
- Main uses of operating cash flow: CapEx ¥287155000000 / dividends ¥148573000000 / buybacks ¥300007000000
- Change in cash: ¥12583000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.43T |  |
| Operating income | ¥381.2B | Margin 8.6% |
| Net income | ¥327.3B | Margin 7.4% |
| Free cash flow | ¥373.3B |  |
| Largest business | The Americas | of segment revenue 47.6% |
| Employees (consolidated) | 115,716 |  |
| EPS | ¥246 |  |
| Diluted EPS | ¥245.77 |  |
| Book value per share | ¥1086.19 |  |
| Equity ratio | 63.7% | Derived from disclosed figures |
| Shares outstanding | 713,698,000 |  |
| Treasury shares | 75,426,300 |  |
| Shareholders | 119,500 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 12.4% | Cash ÷ revenue 16.1% |
| Vs. industry median margin | +0.6 pp | Tires & Rubber |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 2.0× dividends
- FY2025, operating cash flow is 2.0× net income

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2695224000000 | ¥4429452000000 | +64.3% |
| Operating income | ¥62488000000 | ¥381237000000 | +510.1% |
| Operating margin | 2.3% | 8.6% | +6.3 pp |
| Employees | 138,036 people | 115,716 people | -16.2% |
| Cash and equivalents | ¥810546000000 | ¥713810000000 | -11.9% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 22.4% |
| 日本 → 事業再編・廃止 | 3.4% |
| 中国・アジア・大洋州 → 事業再編・廃止 | 10.5% |
| 米州 → 米州 | 43.0% |
| 欧州・ロシア・中近東・インド・アフリカ → 事業再編・廃止 | 20.3% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → アジア・大洋州・インド・中国 | 10.8% |
| 新設・再編 → 米州 | 4.6% |
| 新設・再編 → 欧州・中近東・アフリカ | 18.8% |

Segment revenue source references: 10 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| The Americas | 5 years | +12.7% | ¥2107190000000 | 9.6% | 2 |
| Japan | 5 years | +7.4% | ¥993635000000 | 19.9% | 2 |
| Europe, Middle East and Africa | 2 years | +2.0% | ¥831840000000 | 5.1% | 2 |
| Asia Pacific, India and China | 2 years | -1.0% | ¥478733000000 | 12.5% | 2 |
| Other | 5 years | +8.5% | ¥18045000000 | 39.9% | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,429,452 | 100.0% | S100XRPR |
| Cost of revenue | 2,722,789 | 61.5% | S100XRPR |
| Gross profit | 1,706,663 | 38.5% | S100XRPR |
| SG&A | 1,219,078 | 27.5% | S100XRPR |
| Operating income | 381,237 | 8.6% | S100XRPR |
| Pretax income | 354,661 | 8.0% | S100XRPR |
| Income tax | 30,519 | 0.7% | S100XRPR |
| Net income | 334,299 | 7.5% | S100XRPR |
| Net income attributable to owners | 327,264 | 7.4% | S100XRPR |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 28 |
| Other operating | 2 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 38.5% → Operating margin 8.6% → Net margin 7.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.0%; Core profit growth: -14.0%
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,430,096 | 4,429,452 | -644 | -0.0% |
| Gross profit | 1,726,003 | 1,706,663 | -19,340 | -1.1% |
| Operating income | 443,319 | 381,237 | -62,082 | -14.0% |
| Net income attributable to owners | 284,989 | 327,264 | 42,275 | +14.8% |
| Operating cash flow | 548,844 | 660,442 | 111,598 | +20.3% |
| Free cash flow | 211,551 | 373,287 | 161,736 | +76.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 3,507,243 | 349,336 | 10.0% | 240,111 | 505,029 | 223,243 | S100L1BS |
| FY ending Dec 2020 | 2,695,224 | 62,488 | 2.3% | -23,301 | 526,947 | 308,834 | S100NPDW |
| FY ending Dec 2021 | 3,246,057 | 376,799 | 11.6% | 394,037 | 281,538 | 96,547 | S100QFJW |
| FY ending Dec 2022 | 4,110,070 | 441,298 | 10.7% | 300,305 | 268,483 | 13,757 | S100T41V |
| FY ending Dec 2023 | 4,313,800 | 481,775 | 11.2% | 331,305 | 661,433 | 318,496 | S100VGBM |
| FY ending Dec 2024 | 4,430,096 | 443,319 | 10.0% | 284,989 | 548,844 | 211,551 | S100XRPR |
| FY ending Dec 2025 | 4,429,452 | 381,237 | 8.6% | 327,264 | 660,442 | 373,287 | S100XRPR |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.3M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥2.8M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 135,636 | 129,262 | 125,199 | 121,464 | 115,716 |
| Average salary (parent company) | ¥7.3M | ¥7.5M | ¥7.5M | ¥7.6M | ¥7.7M |
| Average age (parent company) | 41.0 years | 41.5 years | 41.6 years | 41.9 years | 42.1 years |
| Average tenure (parent company) | 14.9 years | 15.2 years | 15.2 years | 15.5 years | 15.8 years |

Year over year: Employees (consolidated) -4.7% · Revenue (consolidated) -0.0%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 993,635 | 22.4% | 198,126 | 19.9% |
| Asia Pacific, India and China | 478,733 | 10.8% | 59,630 | 12.5% |
| The Americas | 2,107,190 | 47.6% | 201,507 | 9.6% |
| Europe, Middle East and Africa | 831,840 | 18.8% | 42,415 | 5.1% |
| Other | 18,045 | 0.4% | 7,192 | 39.9% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 22.4% | 38.9% | 16.5 | 19.9% |
| Asia Pacific, India and China | 10.8% | 11.7% | 0.9 | 12.5% |
| The Americas | 47.6% | 39.6% | -8.0 | 9.6% |
| Europe, Middle East and Africa | 18.8% | 8.3% | -10.4 | 5.1% |
| Other | 0.4% | 1.4% | 1.0 | 39.9% |

Segment → industry: Europe, Middle East and Africa → Tires & Rubber / The Americas → Tires & Rubber / Asia Pacific, India and China → Tires & Rubber / Japan → Tires & Rubber

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 660,442 | 14.9% | S100XRPR |
| Capital expenditure | 287,155 | 6.5% | S100XRPR |
| Free cash flow | 373,287 | 8.4% | 算出 |
| Investing cash flow | -224,968 | -5.1% | S100XRPR |
| Financing cash flow | -429,902 | -9.7% | S100XRPR |
| Dividends paid | 148,573 | 3.4% | S100XRPR |
| Share buyback | 300,007 | 6.8% | S100XRPR |
| Change in cash | 12,583 | 0.3% | S100XRPR |
| Cash and equivalents | 713,810 | 16.1% | S100XRPR |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 787,542 | 518,905 | 724,601 | 706,732 | 713,810 | S100T41V, S100VGBM, S100XRPR |
| Total assets | 4,574,892 | 4,962,203 | 5,427,813 | 5,723,517 | 5,747,705 | S100QFJW, S100T41V, S100VGBM, S100XRPR |
| Net assets | 2,675,354 | 3,012,501 | 3,405,394 | 3,786,488 | 3,719,888 | S100T41V, S100VGBM, S100XRPR |
| Share capital | 126,354 | 126,354 | 126,354 | 126,354 | 126,354 | S100QFJW, S100T41V, S100VGBM, S100XRPR |
| Property, plant and equipment | 1,427,903 | 1,556,665 | 1,738,506 | 1,840,317 | 1,858,259 | S100QFJW, S100T41V, S100VGBM, S100XRPR |
| Goodwill | 123,680 | 136,406 | 149,990 | 159,037 | 166,454 | S100QFJW, S100T41V, S100VGBM, S100XRPR |
| Current assets | 2,292,870 | 2,512,650 | 2,697,434 | 2,863,632 | 2,863,182 | S100QFJW, S100T41V, S100VGBM, S100XRPR |
| Total liabilities | 1,899,538 | 1,949,701 | 2,022,419 | 1,937,029 | 2,027,817 | S100QFJW, S100T41V, S100VGBM, S100XRPR |
| Equity attributable to owners of parent | 2,629,883 | 2,965,835 | 3,353,592 | 3,731,606 | 3,661,793 | S100QFJW, S100T41V, S100VGBM, S100XRPR |
| Retained earnings | 2,307,667 | 2,498,255 | 2,711,220 | 2,868,817 | 3,053,945 | S100QFJW, S100T41V, S100VGBM, S100XRPR |
| Treasury stock | -38,123 | -136,814 | -135,409 | -134,592 | -433,930 | S100QFJW, S100T41V, S100VGBM, S100XRPR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100XRPR |
| Property, plant and equipment | 32% | S100XRPR |
| Intangibles and goodwill | 3% | — |
| Other assets | 52% | S100XRPR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100XRPR |
| Equity | 65% | S100XRPR |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,574,892 | 4,962,203 | 5,427,813 | 5,723,517 | 5,747,705 |
| Equity | 2,675,354 | 3,012,501 | 3,405,394 | 3,786,488 | 3,719,888 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 787,542 | 518,905 | 724,601 | 706,732 | 713,810 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 42.0% | S100XRPR |
| Fixed assets ÷ total assets | 32.3% | S100XRPR |
| Goodwill ÷ parent equity | 4.5% | S100XRPR |

Goodwill over 4 years: 123,680 → 166,454 JPY; total investing cash flow: -984,051 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 12.4% |
| Cash ÷ revenue | 16.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 173.2% |
| Cash vs. profit gap | 333,178 JPY mn (of net income 101.8%) |
| Shareholder returns / net income | 137.1% |
| Shareholder returns / FCF | 120.2% |
| Shareholder payments — dividends / net income | 45.4% |
| Shareholder payments — dividends / FCF | 39.8% |
| CapEx intensity (capex ÷ revenue) | 6.5% |
| Investing CF relative to operating CF | 34.1% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 12.1% | 0.71× | 8.6% | 1.74× | 15.0% | S100QFJW |
| 2022 | 7.3% | 0.86× | 6.3% | 1.70× | 10.7% | S100T41V |
| 2023 | 7.7% | 0.83× | 6.4% | 1.64× | 10.5% | S100VGBM |
| 2024 | 6.4% | 0.79× | 5.1% | 1.57× | 8.0% | S100XRPR |
| 2025 | 7.4% | 0.77× | 5.7% | 1.55× | 8.9% | S100XRPR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 15.5% | 2025-12-31 |
| 公益財団法人石橋財団 | Major shareholder | 12.0% | 2025-12-31 |
| 株式会社日本カストディ銀行 (信託口) | Major shareholder | 5.5% | 2025-12-31 |
| 株式会社永坂産業 | Major shareholder | 2.6% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 2.1% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.0% | 2025-12-31 |
| バークレイズ証券株式会社 | Major shareholder | 1.7% | 2025-12-31 |
| JP MORGAN CHASE BANK 385781 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.3% | 2025-12-31 |
| SMBC日興証券株式会社 | Major shareholder | 1.2% | 2025-12-31 |
| 全国共済農業協同組合連合会 | Major shareholder | 1.2% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Dec 2025 was ¥4.43T, essentially unchanged from the year before (-0.0%).
- Operating income dropped -14.0%, from ¥443.3B to ¥381.2B.
- Net income went the other way, rising +14.8% to ¥327.3B, and operating cash flow grew +20.3% to ¥660.4B.

### Drivers

- Premium replacement tires, such as large-rim sizes, and giant mining tires sold well, but fewer tires sold to carmakers and weaker results in South America and industrial rubber products left revenue slightly lower
- Operating income fell because the company booked restructuring costs, and the prior year had included a gain from selling fixed assets
- Net income rose mainly because tax expenses dropped after the company reversed provisions for uncertain tax positions booked in earlier years

### Risks

- US tariffs and tensions in the Middle East could keep affecting material costs and tires exported to the US
- If raw material prices such as natural rubber rise faster than price increases and efficiency gains can offset, profits will suffer
- The company notes that a stronger yen generally hurts its results

Cited: Annual Securities Report, FY ending Dec 2025 (Management's analysis of financial position, operating results and cash flows); Annual Securities Report, FY ending Dec 2025 (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第107期(2025/01/01－2025/12/31) | S100XRPR | 2026-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRPR,, |
| 有価証券報告書－第106期(2024/01/01－2024/12/31) | S100VGBM | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGBM,, |
| 有価証券報告書－第105期(2023/01/01－2023/12/31) | S100T41V | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T41V,, |
| 有価証券報告書－第104期(2022/01/01－2022/12/31) | S100QFJW | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFJW,, |
| 有価証券報告書－第103期(令和3年1月1日－令和3年12月31日) | S100NPDW | 2022-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPDW,, |
| 有価証券報告書－第102期(令和2年1月1日－令和2年12月31日) | S100L1BS | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1BS,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| TOYO TIRE | Alliance | 事業の独立性を保った緩やかな業務提携 | S100XTYE |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).