# BROTHER INDUSTRIES LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第134期(2025/04/01－2026/03/31) (S100YECO)
> Page: https://vizora.meequs.com/en/company/brother-industries
> Retrieved: 2026-09-30T19:52:47.652Z

## Company

Brother Industries, founded in 1934, is a company in Machine Tools listed on TSE Prime. It has 39,495 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BROTHER INDUSTRIES, LTD. |
| Ticker | 6448 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6448.T) |
| Listing | TSE Prime |
| Head office | 愛知県名古屋市瑞穂区苗代町15番1号 |
| Representative (per filing) | 代表取締役社長 池田和史 |
| Founded | Jan 1934 |
| Share capital | ¥19.2B |
| Employees (consolidated) | 39,495 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | global.brother (https://global.brother/) |
| Corporate number | 8180001010997 |
| EDINET | E01594 |
| Industries (Vizora) | Machine Tools, Home Appliances, Printers & Office Equipment, Industrial Machinery |

> Profile source: annual securities report (S100YECO, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Printers & Office Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45.8 | 12 |
| Profitability | 77.3 | 11 |
| Cash conversion | 50 | 11 |
| Efficiency | 54.2 | 12 |

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 65% of Brother Industries's sales come from Printing and Solutions, with Industrial Printing and Machinery making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +5.3% from the prior year, operating profit +15.0%.

## Company structure

- Segment revenue mix: Printing and Solutions 65.2%、Industrial Printing 15.9%、Machinery 9.5%、Personal and Home 7.0%、Nissei 2.4%
- Revenue → net income: ¥893464000000 → ¥67641000000
- Net income → operating cash flow: ¥67641000000 → ¥111001000000（difference ¥43360000000）
- Main uses of operating cash flow: CapEx ¥44031000000 / dividends ¥25469000000 / buybacks ¥18456000000
- Change in cash: ¥24898000000
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 | ¥893.5B |  |
| Operating income | ¥77.9B | Margin 8.7% |
| Net income | ¥67.6B | Margin 7.6% |
| Free cash flow | ¥67B |  |
| Largest business | Printing and Solutions | of segment revenue 65.2% |
| Employees (consolidated) | 39,495 |  |
| EPS | ¥268.1 |  |
| Diluted EPS | ¥267.47 |  |
| Book value per share | ¥1849.59 |  |
| Equity ratio | 74.9% | Derived from disclosed figures |
| Shares outstanding | 257,755,930 |  |
| Treasury shares | 8,124,900 |  |
| Shareholders | 15,255 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 19.4% | Cash ÷ revenue 22.1% |
| Vs. industry median margin | +3 pp | Printers & Office Equipment |
| ROE | 9.3% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 79% of positive segment profit
- FY2026, employees -8% while operating income rose 15%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥631812000000 | ¥893464000000 | +41.4% |
| Operating income | ¥42731000000 | ¥77868000000 | +82.2% |
| Operating margin | 6.8% | 8.7% | +2 pp |
| Employees | 38,741 people | 39,495 people | +1.9% |
| Cash and equivalents | ¥191002000000 | ¥197674000000 | +3.5% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| プリンティング・アンド・ソリューションズ → プリンティング・アンド・ソリューションズ | 62.2% |
| ドミノ → 事業再編・廃止 | 11.3% |
| マシナリー → マシナリー | 9.5% |
| マシナリー → 事業再編・廃止 | 3.3% |
| パーソナル・アンド・ホーム → パーソナル・アンド・ホーム | 7.0% |
| パーソナル・アンド・ホーム → 事業再編・廃止 | 1.7% |
| ネットワーク・アンド・コンテンツ → 事業再編・廃止 | 5.0% |
| 新設・再編 → プリンティング・アンド・ソリューションズ | 3.0% |
| 新設・再編 → インダストリアル・プリンティング | 15.9% |
| 新設・再編 → ニッセイ | 2.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Printing and Solutions | 5 years | +8.2% | ¥570583000000 | 11.6% | 2 |
| Industrial Printing | — | — | ¥139291000000 | 2.1% | 2 |
| Machinery | 5 years | +1.0% | ¥82969000000 | 8.1% | 2 |
| Personal and Home | 5 years | +2.6% | ¥60973000000 | 10.8% | 2 |
| Nissei | 4 years | +0.8% | ¥21441000000 | 4.5% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 893,464 | 100.0% | S100YECO |
| Cost of revenue | 513,480 | 57.5% | S100YECO |
| Gross profit | 379,983 | 42.5% | S100YECO |
| SG&A | 296,351 | 33.2% | S100YECO |
| Operating income | 77,868 | 8.7% | S100YECO |
| Pretax income | 81,973 | 9.2% | S100YECO |
| Income tax | 19,369 | 2.2% | S100YECO |
| Net income | 67,641 | 7.6% | S100YECO |
| Net income attributable to owners | 67,624 | 7.6% | S100YECO |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 33 |
| Other operating | 1 |
| Operating income | 9 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 42.5% → Operating margin 8.7% → Net margin 7.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.3%; Core profit growth: +15.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.86×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 848,889 | 893,464 | 44,575 | +5.3% |
| Gross profit | 364,006 | 379,983 | 15,977 | +4.4% |
| Operating income | 67,696 | 77,868 | 10,172 | +15.0% |
| Net income attributable to owners | 54,778 | 67,624 | 12,846 | +23.5% |
| Operating cash flow | 90,023 | 111,001 | 20,978 | +23.3% |
| Free cash flow | 42,913 | 66,970 | 24,057 | +56.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 641,185 | — | — | 47,242 | 99,155 | — | S100LNIH |
| FY ending Mar 2018 | 712,997 | — | — | 50,020 | 81,817 | — | S100OAHX |
| FY ending Mar 2019 | 683,972 | — | — | 53,902 | 73,280 | — | S100R2IM |
| FY ending Mar 2020 | 637,259 | 67,329 | 10.6% | 49,566 | 87,748 | 61,664 | S100LNIH |
| FY ending Mar 2021 | 631,812 | 42,731 | 6.8% | 24,520 | 109,265 | 81,751 | S100OAHX |
| FY ending Mar 2022 | 710,938 | 85,501 | 12.0% | 61,030 | 72,254 | 36,412 | S100R2IM |
| FY ending Mar 2023 | 815,269 | 55,378 | 6.8% | 39,082 | 14,432 | -28,050 | S100TKYL |
| FY ending Mar 2024 | 822,930 | 49,792 | 6.1% | 31,645 | 141,028 | 93,543 | S100W0FQ |
| FY ending Mar 2025 | 848,889 | 67,696 | 8.0% | 54,778 | 90,023 | 42,913 | S100YECO |
| FY ending Mar 2026 | 893,464 | 77,868 | 8.7% | 67,624 | 111,001 | 66,970 | S100YECO |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.6M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.7M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 41,215 | 41,653 | 40,538 | 42,801 | 39,495 |
| Average salary (parent company) | ¥7.7M | ¥7.8M | ¥7.5M | ¥8M | ¥8.1M |
| Average age (parent company) | 43.3 years | 43.5 years | 43.5 years | 43.6 years | 43.6 years |
| Average tenure (parent company) | 15.0 years | 14.5 years | 14.3 years | 14.2 years | 13.9 years |

Year over year: Employees (consolidated) -7.7% · Revenue (consolidated) +5.3%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Printing and Solutions | 570,583 | 65.2% | 66,446 | 11.6% |
| Industrial Printing | 139,291 | 15.9% | 2,913 | 2.1% |
| Machinery | 82,969 | 9.5% | 6,703 | 8.1% |
| Nissei | 21,441 | 2.4% | 957 | 4.5% |
| Personal and Home | 60,973 | 7.0% | 6,600 | 10.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Printing and Solutions | 65.2% | 79.5% | 14.3 | 11.6% |
| Industrial Printing | 15.9% | 3.5% | -12.4 | 2.1% |
| Machinery | 9.5% | 8.0% | -1.5 | 8.1% |
| Nissei | 2.4% | 1.1% | -1.3 | 4.5% |
| Personal and Home | 7.0% | 7.9% | 0.9 | 10.8% |

Segment → industry: Machinery → Machine Tools / Personal and Home → Home Appliances / Industrial Printing → Printers & Office Equipment / Printing and Solutions → Printers & Office Equipment / Nissei → Industrial Machinery / Machinery → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 111,001 | 12.4% | S100YECO |
| Capital expenditure | 44,031 | 4.9% | S100YECO |
| Free cash flow | 66,970 | 7.5% | 算出 |
| Investing cash flow | -42,993 | -4.8% | S100YECO |
| Financing cash flow | -54,633 | -6.1% | S100YECO |
| Dividends paid | 25,469 | 2.9% | S100YECO |
| Share buyback | 18,456 | 2.1% | S100YECO |
| Change in cash | 24,898 | 2.8% | S100YECO |
| Cash and equivalents | 197,674 | 22.1% | S100YECO |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 167,915 | 119,042 | 166,146 | 172,776 | 197,674 | S100TKYL, S100W0FQ, S100YECO |
| Total assets | 811,149 | 850,486 | 896,109 | 932,650 | 1,018,815 | S100R2IM, S100TKYL, S100W0FQ, S100YECO |
| Net assets | 561,211 | 596,680 | 668,121 | 691,472 | 767,363 | S100TKYL, S100W0FQ, S100YECO |
| Share capital | 19,209 | 19,209 | 19,209 | 19,209 | 19,209 | S100R2IM, S100TKYL, S100W0FQ, S100YECO |
| Property, plant and equipment | 117,127 | 128,496 | 147,757 | 149,412 | 152,228 | S100R2IM, S100TKYL, S100W0FQ, S100YECO |
| Goodwill | 79,366 | 70,840 | 52,955 | 53,679 | 60,578 | S100R2IM, S100TKYL, S100W0FQ, S100YECO |
| Current assets | 476,745 | 511,746 | 541,899 | 574,073 | 647,430 | S100R2IM, S100TKYL, S100W0FQ, S100YECO |
| Total liabilities | 249,937 | 253,806 | 227,988 | 241,178 | 251,451 | S100R2IM, S100TKYL, S100W0FQ, S100YECO |
| Equity attributable to owners of parent | 561,146 | 596,619 | 668,047 | 691,390 | 763,277 | S100R2IM, S100TKYL, S100W0FQ, S100YECO |
| Retained earnings | 554,910 | 568,055 | 584,293 | 612,589 | 658,080 | S100R2IM, S100TKYL, S100W0FQ, S100YECO |
| Treasury stock | -5,428 | -3,533 | -3,443 | -3,393 | -21,732 | S100R2IM, S100TKYL, S100W0FQ, S100YECO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YECO |
| Property, plant and equipment | 15% | S100YECO |
| Intangibles and goodwill | 6% | — |
| Other assets | 60% | S100YECO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100YECO |
| Equity | 75% | S100YECO |
| Other liabilities | 0% | S100YECO |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 811,149 | 850,486 | 896,109 | 932,650 | 1,018,815 |
| Equity | 561,211 | 596,680 | 668,121 | 691,472 | 767,363 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 167,915 | 119,042 | 166,146 | 172,776 | 197,674 |

## 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) | 17.0% | S100YECO |
| Fixed assets ÷ total assets | 14.9% | S100YECO |
| Goodwill ÷ parent equity | 7.9% | S100YECO |

Goodwill over 4 years: 79,366 → 60,578 JPY; total investing cash flow: -206,192 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) | 19.4% |
| Cash ÷ revenue | 22.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 142.6% |
| Cash vs. profit gap | 43,377 JPY mn (of net income 64.1%) |
| Shareholder returns / net income | 65.0% |
| Shareholder returns / FCF | 65.6% |
| Shareholder payments — dividends / net income | 37.7% |
| Shareholder payments — dividends / FCF | 38.0% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 38.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 8.6% | 0.88× | 7.5% | 1.45× | 10.9% | S100R2IM |
| 2023 | 4.8% | 0.98× | 4.7% | 1.44× | 6.8% | S100TKYL |
| 2024 | 3.8% | 0.94× | 3.6% | 1.38× | 5.0% | S100W0FQ |
| 2025 | 6.5% | 0.93× | 6.0% | 1.35× | 8.1% | S100YECO |
| 2026 | 7.6% | 0.92× | 6.9% | 1.34× | 9.3% | S100YECO |

## 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 | 14.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.4% | 2026-03-31 |
| 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 | 5.2% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.0% | 2026-03-31 |
| ブラザーグループ従業員持株会 | Major shareholder | 1.9% | 2026-03-31 |
| 住友生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| 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 | 1.4% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥893.5B, up +5.3% from ¥848.9B the year before.
- Operating income grew faster, rising +15.0% to ¥77.9B.
- Net income attributable to owners climbed +23.5% to ¥67.6B, and operating cash flow rose +23.3% to ¥111B.

### Drivers

- Printer and multifunction device sales held up well for both hardware and supplies, helped by price increases and a weaker yen.
- Machine tool sales in the Machinery segment jumped as automotive and general machinery customers, mainly in China, spent more on equipment.
- Operating income also included a gain from selling the business of a subsidiary that ran karaoke venues, plus gains on selling fixed assets.

### Risks

- Changes in US tariffs and trade policy could raise the cost of parts and disrupt the supply chain.
- People are printing less at offices and at home, a trend that could weigh on the core printer business.
- Competition in industrial printers has intensified in Europe and the US, and sales there fell sharply.

Cited: Annual Securities Report (134th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (134th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第134期(2025/04/01－2026/03/31) | S100YECO | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YECO,, |
| 有価証券報告書－第133期(2024/04/01－2025/03/31) | S100W0FQ | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0FQ,, |
| 有価証券報告書－第132期(2023/04/01－2024/03/31) | S100TKYL | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TKYL,, |
| 有価証券報告書－第131期(2022/04/01－2023/03/31) | S100R2IM | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2IM,, |
| 有価証券報告書－第130期(令和3年4月1日－令和4年3月31日) | S100OAHX | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAHX,, |
| 有価証券報告書－第129期(令和2年4月1日－令和3年3月31日) | S100LNIH | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNIH,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| セイコーエプソン | Co-development | 情報関連機器の特許の相互実施許諾 | S100YJ6A |

## 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).