# CAR MATE MFG.CO.,LTD: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第61期(2025/04/01－2026/03/31) (S100YKN6)
> Page: https://vizora.meequs.com/en/company/car-mate-mfg
> Retrieved: 2026-09-30T22:01:24.681Z

## Company

CAR Mate MFG., founded in 1966, is a company in Car Accessories listed on TSE Standard. It has 640 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CAR MATE MFG. CO., LTD. |
| Ticker | 7297 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7297.T) |
| Listing | TSE Standard |
| Head office | 東京都豊島区長崎五丁目33番11号 |
| Representative (per filing) | 代表取締役社長執行役員 徳田勝 |
| Founded | Jun 1966 |
| Share capital | ¥1.64B |
| Employees (consolidated) | 640 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.carmate.co.jp (https://www.carmate.co.jp/) |
| Corporate number | 3013301021082 |
| EDINET | E02223 |
| Industries (Vizora) | Car Accessories, Sporting Goods & Fitness |

> Profile source: annual securities report (S100YKN6, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Car Accessories (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.3 | 15 |
| Profitability | 16.7 | 15 |
| Cash conversion | 63.3 | 15 |
| Efficiency | 23.3 | 15 |

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 88% of CAR Mate MFG.'s sales come from Car business, with Outdoor leisure and sports business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -6.2% from the prior year, operating profit +100.8%.

## Company structure

- Segment revenue mix: Car business 88.3%、Outdoor leisure and sports business 11.7%
- Revenue → net income: ¥14563116000 → ¥281138000
- Net income → operating cash flow: ¥281138000 → ¥868692000（difference ¥587554000）
- Main uses of operating cash flow: CapEx ¥424650000 / dividends ¥211917000 / buybacks —
- Change in cash: ¥-589842000
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 | ¥14.6B |  |
| Operating income | ¥604.5M | Margin 4.2% |
| Net income | ¥281.1M | Margin 1.9% |
| Free cash flow | ¥444M |  |
| Largest business | Car business | of segment revenue 88.3% |
| Employees (consolidated) | 640 |  |
| EPS | ¥41.49 |  |
| Book value per share | ¥1632.14 |  |
| Equity ratio | 75.2% |  |
| Shares outstanding | 7,928,885 |  |
| Treasury shares | 874,800 |  |
| Shareholders | 1,231 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 44.8% | Cash ÷ revenue 62.2% |
| Vs. industry median margin | -1.6 pp | Car Accessories |
| ROE | 2.3% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.1× net income
- FY2026, employees -3% while operating income rose 101%
- FY2026, one segment accounts for 84% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15723179000 | ¥14563116000 | -7.4% |
| Operating income | ¥1361214000 | ¥604455000 | -55.6% |
| Operating margin | 8.7% | 4.2% | -4.5 pp |
| Employees | 712 people | 640 people | -10.1% |
| Cash and equivalents | ¥9823179000 | ¥9055784000 | -7.8% |

### 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 |
| --- | ---: |
| 車関連事業 → 車関連事業 | 88.3% |
| 車関連事業 → 事業再編・廃止 | 4.3% |
| アウトドア・レジャー・スポーツ関連事業 → アウトドア・レジャー・スポーツ関連事業 | 7.5% |
| 新設・再編 → アウトドア・レジャー・スポーツ関連事業 | 4.3% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,563 | 100.0% | S100YKN6 |
| Cost of revenue | 8,579 | 58.9% | S100YKN6 |
| Gross profit | 5,984 | 41.1% | S100YKN6 |
| SG&A | 5,380 | 36.9% | S100YKN6 |
| Operating income | 604 | 4.2% | S100YKN6 |
| Ordinary income | 653 | 4.5% | S100YKN6 |
| Pretax income | 424 | 2.9% | S100YKN6 |
| Income tax | 143 | 1.0% | S100YKN6 |
| Net income | 281 | 1.9% | S100YKN6 |
| Net income attributable to owners | 281 | 1.9% | S100YKN6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 37 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 41.1% → Operating margin 4.2% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -6.2%; Core profit growth: +100.8%
Operating leverage (core profit growth ÷ revenue growth): -16.30×
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 | 15,523 | 14,563 | -960 | -6.2% |
| Gross profit | 5,799 | 5,984 | 186 | +3.2% |
| Operating income | 301 | 604 | 303 | +100.8% |
| Net income attributable to owners | -332 | 281 | 613 | — |
| Operating cash flow | 1,453 | 869 | -585 | -40.2% |
| Free cash flow | 1,190 | 444 | -746 | -62.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 16,716 | 919 | 5.5% | 665 | 1,340 | 922 | S100LVYC |
| FY ending Mar 2021 | 15,723 | 1,361 | 8.7% | 922 | 1,097 | 809 | S100OL90 |
| FY ending Mar 2022 | 15,921 | 1,332 | 8.4% | 974 | 1,000 | 719 | S100R7R9 |
| FY ending Mar 2023 | 16,649 | 473 | 2.8% | 362 | -542 | -929 | S100TVJF |
| FY ending Mar 2024 | 15,956 | 220 | 1.4% | 212 | 175 | -267 | S100W70U |
| FY ending Mar 2025 | 15,523 | 301 | 1.9% | -332 | 1,453 | 1,190 | S100YKN6 |
| FY ending Mar 2026 | 14,563 | 604 | 4.2% | 281 | 869 | 444 | S100YKN6 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.8M |
| Operating income per employee (consolidated) | ¥944.5K |
| Net income per employee (consolidated) | ¥439.3K |

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) | 684 | 672 | 669 | 659 | 640 |
| Average salary (parent company) | ¥6.2M | ¥6M | ¥6.1M | ¥6.3M | ¥6.5M |
| Average age (parent company) | 44.5 years | 44.5 years | 43.9 years | 45.2 years | 46.0 years |
| Average tenure (parent company) | 16.8 years | 16.6 years | 16.9 years | 17.8 years | 18.7 years |

Year over year: Employees (consolidated) -2.9% · Revenue (consolidated) -6.2%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Car business | 12,854 | 88.3% | 1,425 | 11.1% |
| Outdoor leisure and sports business | 1,709 | 11.7% | 267 | 15.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Car business | 88.3% | 84.2% | -4.1 | 11.1% |
| Outdoor leisure and sports business | 11.7% | 15.8% | 4.1 | 15.6% |

Segment → industry: Car business → Car Accessories / Outdoor leisure and sports business → Sporting Goods & Fitness

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 869 | 6.0% | S100YKN6 |
| Capital expenditure | 425 | 2.9% | S100YKN6 |
| Free cash flow | 444 | 3.0% | 算出 |
| Investing cash flow | -1,089 | -7.5% | S100YKN6 |
| Financing cash flow | -388 | -2.7% | S100YKN6 |
| Dividends paid | 212 | 1.5% | S100YKN6 |
| Change in cash | -590 | -4.1% | S100YKN6 |
| Cash and equivalents | 9,056 | 62.2% | S100YKN6 |

## 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 | 10,491 | 9,721 | 9,200 | 9,646 | 9,056 | S100TVJF, S100W70U, S100YKN6 |
| Total assets | 20,491 | 20,861 | 20,682 | 20,332 | 20,210 | S100R7R9, S100TVJF, S100W70U, S100YKN6 |
| Net assets | 13,997 | 14,488 | 14,699 | 14,837 | 15,203 | S100TVJF, S100W70U, S100YKN6 |
| Share capital | 1,638 | 1,638 | 1,638 | 1,638 | 1,638 | S100R7R9, S100TVJF, S100W70U, S100YKN6 |
| Property, plant and equipment | 965 | 1,093 | 1,138 | 477 | 400 | S100R7R9, S100TVJF, S100W70U, S100YKN6 |
| Intangible assets excluding goodwill | 152 | 140 | 128 | 98 | 97 | S100R7R9, S100TVJF, S100W70U, S100YKN6 |
| Investment securities | 1,249 | 1,444 | 1,606 | 2,074 | 2,315 | S100R7R9, S100TVJF, S100W70U, S100YKN6 |
| Current assets | 17,406 | 17,612 | 17,122 | 17,195 | 17,004 | S100R7R9, S100TVJF, S100W70U, S100YKN6 |
| Current liabilities | 3,522 | 3,696 | 2,871 | 2,480 | 2,313 | S100R7R9, S100TVJF, S100W70U, S100YKN6 |
| Trade payables | 864 | 909 | 691 | 563 | 615 | S100R7R9, S100TVJF, S100W70U, S100YKN6 |
| Long-term borrowings | — | — | — | — | 120 | S100YKN6 |
| Bonds | 1,240 | 890 | 1,260 | 1,150 | 710 | S100R7R9, S100TVJF, S100W70U, S100YKN6 |
| Total liabilities | 6,494 | 6,372 | 5,984 | 5,495 | 5,007 | S100R7R9, S100TVJF, S100W70U, S100YKN6 |
| Equity attributable to owners of parent | 12,966 | 13,117 | 13,118 | 12,378 | 12,447 | S100R7R9, S100TVJF, S100W70U, S100YKN6 |
| Retained earnings | 9,671 | 9,821 | 9,822 | 9,082 | 9,152 | S100R7R9, S100TVJF, S100W70U, S100YKN6 |
| Treasury stock | -764 | -764 | -764 | -764 | -764 | S100R7R9, S100TVJF, S100W70U, S100YKN6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100YKN6 |
| Property, plant and equipment | 2% | S100YKN6 |
| Intangibles and goodwill | 1% | S100YKN6 |
| Investment securities | 11% | S100YKN6 |
| Other assets | 41% | S100YKN6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YKN6 |
| Other liabilities | 22% | S100YKN6 |
| Equity | 75% | S100YKN6 |
| Other liabilities | 0% | S100YKN6 |

### 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 | 20,491 | 20,861 | 20,682 | 20,332 | 20,210 |
| Equity | 13,997 | 14,488 | 14,699 | 14,837 | 15,203 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,491 | 9,721 | 9,200 | 9,646 | 9,056 |

## 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) | 2.7% | S100YKN6 |
| Fixed assets ÷ total assets | 2.0% | S100YKN6 |
| Goodwill ÷ parent equity | — | —, S100YKN6 |

### 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) | 44.8% |
| Cash ÷ revenue | 62.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 143.7% |
| Cash vs. profit gap | 588 JPY mn (of net income 209.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 75.4% |
| Shareholder payments — dividends / FCF | 47.7% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 125.3% |

## 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 | 6.1% | 0.78× | 4.8% | 1.58× | 7.5% | S100R7R9 |
| 2023 | 2.2% | 0.81× | 1.8% | 1.59× | 2.8% | S100TVJF |
| 2024 | 1.3% | 0.77× | 1.0% | 1.58× | 1.6% | S100W70U |
| 2025 | — | —× | -1.6% | —× | — | S100YKN6 |
| 2026 | 1.9% | 0.72× | 1.4% | 1.63× | 2.3% | S100YKN6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社エム・テイ興産 | Major shareholder | 45.9% | 2026-03-31 |
| USBK NA JP I＆W TS (常任代理人株式会社三菱ＵＦＪ銀行) | Major shareholder | 7.2% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.6% | 2026-03-31 |
| INTERACTIVE BROKER LLC(常任代理人インタラクティブ・ブローカーズ証券株式会社) | Major shareholder | 4.3% | 2026-03-31 |
| 村田 隆昭 | Major shareholder | 3.3% | 2026-03-31 |
| 徳田 博子 | Major shareholder | 2.8% | 2026-03-31 |
| 赤羽 斉子 | Major shareholder | 2.6% | 2026-03-31 |
| カーメイト従業員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| 松本 桂子 | Major shareholder | 1.7% | 2026-03-31 |
| 新和産業株式会社 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/04/01－2026/03/31) | S100YKN6 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKN6,, |
| 有価証券報告書－第60期(2024/04/01－2025/03/31) | S100W70U | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W70U,, |
| 有価証券報告書－第59期(2023/04/01－2024/03/31) | S100TVJF | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVJF,, |
| 有価証券報告書－第58期(2022/04/01－2023/03/31) | S100R7R9 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7R9,, |
| 有価証券報告書－第57期(令和3年4月1日－令和4年3月31日) | S100OL90 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL90,, |
| 有価証券報告書－第56期(令和2年4月1日－令和3年3月31日) | S100LVYC | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVYC,, |

## 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).