# CENTRAL AUTOMOTIVE PRODUCTS 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87期(2025/04/01－2026/03/31) (S100YFX5)
> Page: https://vizora.meequs.com/en/company/central-automotive-products
> Retrieved: 2026-10-01T03:28:23.233Z

## Company

Central Automotive Products, founded in 1946, is a company in Car Accessories listed on TSE Standard. It has 348 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CENTRAL AUTOMOTIVE PRODUCTS LTD. |
| Ticker | 8117 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8117.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区中之島四丁目2番30号 |
| Representative (per filing) | 代表取締役社長 坂田信一郎 |
| Founded | May 1946 |
| Share capital | ¥1B |
| Employees (consolidated) | 348 |
| Average salary (parent only) | ¥9.2M |
| Fiscal year end | March |
| Website | www.central-auto.co.jp (https://www.central-auto.co.jp/) |
| Corporate number | 3120001067115 |
| EDINET | E02642 |
| Industries (Vizora) | Car Accessories, Specialty Trading & Wholesale, Waste Management & Recycling |

> Profile source: annual securities report (S100YFX5, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90 | 15 |
| Profitability | 90 | 15 |
| Cash conversion | 30 | 15 |
| Efficiency | 16.7 | 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 77% of Central Automotive Products's sales come from Automotive Parts And Equipment Selling Segment, with Automotive Disposal Business Segment making up much of the rest.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed +12.4% from the prior year, operating profit +3.1%.

## Company structure

- Segment revenue mix: Automotive Parts And Equipment Selling Segment 76.9%、Automotive Disposal Business Segment 23.1%
- Revenue → net income: ¥46692820000 → ¥9645952000
- Net income → operating cash flow: ¥9645952000 → ¥9050817000（difference ¥-595135000）
- Main uses of operating cash flow: CapEx ¥235446000 / dividends ¥3121851000 / buybacks ¥206000
- Change in cash: ¥5483763000
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 | ¥46.7B |  |
| Operating income | ¥11.4B | Margin 24.4% |
| Net income | ¥9.65B | Margin 20.7% |
| Free cash flow | ¥8.82B |  |
| Largest business | Automotive Parts And Equipment Selling Segment | of segment revenue 76.9% |
| Employees (consolidated) | 348 |  |
| EPS | ¥130.43 |  |
| Book value per share | ¥919.07 |  |
| Equity ratio | 88.4% |  |
| Shares outstanding | 60,060,000 |  |
| Treasury shares | 5,191,800 |  |
| Shareholders | 7,907 |  |
| Average salary (parent only) | ¥9.2M | Filing company only |
| Cash ratio | 36.6% | Cash ÷ revenue 55.8% |
| Vs. industry median margin | +18.6 pp | Car Accessories |
| ROE | 17.1% | Derived from disclosed figures |
| ROA | 14.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 91% of positive segment profit
- FY2026, cash is 37% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27571567000 | ¥46692820000 | +69.4% |
| Operating income | ¥5408808000 | ¥11376995000 | +110.3% |
| Operating margin | 19.6% | 24.4% | +4.7 pp |
| Employees | 292 people | 348 people | +19.2% |
| Cash and equivalents | ¥10465631000 | ¥26044395000 | +148.9% |

### 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 |
| --- | ---: |
| 自動車部品・用品等販売事業 → 自動車部品・用品等販売事業 | 76.9% |
| 自動車部品・用品等販売事業 → 事業再編・廃止 | 4.8% |
| 自動車処分事業 → 自動車処分事業 | 18.3% |
| 新設・再編 → 自動車処分事業 | 4.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 46,693 | 100.0% | S100YFX5 |
| Cost of revenue | 27,083 | 58.0% | S100YFX5 |
| Gross profit | 19,609 | 42.0% | S100YFX5 |
| SG&A | 8,232 | 17.6% | S100YFX5 |
| Operating income | 11,377 | 24.4% | S100YFX5 |
| Ordinary income | 12,931 | 27.7% | S100YFX5 |
| Pretax income | 13,478 | 28.9% | S100YFX5 |
| Income tax | 3,832 | 8.2% | S100YFX5 |
| Net income | 9,646 | 20.7% | S100YFX5 |
| Net income attributable to owners | 9,646 | 20.7% | S100YFX5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 18 |
| Operating income | 24 |
| (Ref.) Net income | 21 |

### Margin funnel

Gross margin 42.0% → Operating margin 24.4% → Net margin 20.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.4%; Core profit growth: +3.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.25×
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 | 41,558 | 46,693 | 5,135 | +12.4% |
| Gross profit | 18,429 | 19,609 | 1,181 | +6.4% |
| Operating income | 11,040 | 11,377 | 337 | +3.1% |
| Net income attributable to owners | 8,682 | 9,646 | 964 | +11.1% |
| Operating cash flow | 8,460 | 9,051 | 591 | +7.0% |
| Free cash flow | 6,375 | 8,815 | 2,440 | +38.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 25,943 | 5,023 | 19.4% | 3,876 | 3,986 | 3,698 | S100LQ2J |
| FY ending Mar 2021 | 27,572 | 5,409 | 19.6% | 3,864 | 3,611 | 2,694 | S100OKWE |
| FY ending Mar 2022 | 30,693 | 6,483 | 21.1% | 4,689 | 5,433 | 5,199 | S100R8LH |
| FY ending Mar 2023 | 35,879 | 8,357 | 23.3% | 6,293 | 5,689 | 2,964 | S100TVUA |
| FY ending Mar 2024 | 39,331 | 10,167 | 25.8% | 7,924 | 7,553 | 6,168 | S100W62F |
| FY ending Mar 2025 | 41,558 | 11,040 | 26.6% | 8,682 | 8,460 | 6,375 | S100YFX5 |
| FY ending Mar 2026 | 46,693 | 11,377 | 24.4% | 9,646 | 9,051 | 8,815 | S100YFX5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥134.2M |
| Operating income per employee (consolidated) | ¥32.7M |
| Net income per employee (consolidated) | ¥27.7M |

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) | 302 | 301 | 311 | 325 | 348 |
| Average salary (parent company) | ¥7.9M | ¥8.2M | ¥9M | ¥9.1M | ¥9.2M |
| Average age (parent company) | 41.1 years | 41.0 years | 40.9 years | 41.0 years | 41.0 years |
| Average tenure (parent company) | 15.8 years | 15.4 years | 15.0 years | 15.1 years | 15.0 years |

Year over year: Employees (consolidated) +7.1% · Revenue (consolidated) +12.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automotive Parts And Equipment Selling Segment | 35,915 | 76.9% | 10,294 | 28.7% |
| Automotive Disposal Business Segment | 10,778 | 23.1% | 1,078 | 10.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Automotive Parts And Equipment Selling Segment | 76.9% | 90.5% | 13.6 | 28.7% |
| Automotive Disposal Business Segment | 23.1% | 9.5% | -13.6 | 10.0% |

Segment → industry: Automotive Parts And Equipment Selling Segment → Car Accessories / Automotive Parts And Equipment Selling Segment → Specialty Trading & Wholesale / Automotive Disposal Business Segment → Waste Management & Recycling

## 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 | 9,051 | 19.4% | S100YFX5 |
| Capital expenditure | 235 | 0.5% | S100YFX5 |
| Free cash flow | 8,815 | 18.9% | 算出 |
| Investing cash flow | -425 | -0.9% | S100YFX5 |
| Financing cash flow | -3,156 | -6.8% | S100YFX5 |
| Dividends paid | 3,122 | 6.7% | S100YFX5 |
| Share buyback | 0 | 0.0% | S100YFX5 |
| Change in cash | 5,484 | 11.7% | S100YFX5 |
| Cash and equivalents | 26,044 | 55.8% | S100YFX5 |

## 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 | 13,765 | 15,451 | 17,344 | 20,561 | 26,044 | S100TVUA, S100W62F, S100YFX5 |
| Total assets | 43,388 | 49,351 | 57,388 | 63,493 | 71,245 | S100R8LH, S100TVUA, S100W62F, S100YFX5 |
| Net assets | 36,813 | 41,933 | 49,917 | 55,702 | 62,953 | S100TVUA, S100W62F, S100YFX5 |
| Share capital | 1,001 | 1,001 | 1,001 | 1,001 | 1,001 | S100R8LH, S100TVUA, S100W62F, S100YFX5 |
| Trade receivables | 3,340 | 4,268 | 4,188 | 4,536 | 5,373 | S100R8LH, S100TVUA, S100W62F, S100YFX5 |
| Property, plant and equipment | 3,877 | 6,456 | 7,672 | 9,573 | 9,558 | S100R8LH, S100TVUA, S100W62F, S100YFX5 |
| Intangible assets excluding goodwill | 4,224 | 3,813 | 3,784 | 3,595 | 3,109 | S100R8LH, S100TVUA, S100W62F, S100YFX5 |
| Goodwill | 4,101 | 3,720 | 3,692 | 3,487 | 3,003 | S100R8LH, S100TVUA, S100W62F, S100YFX5 |
| Investment securities | 12,630 | 13,270 | 16,718 | 17,770 | 19,599 | S100R8LH, S100TVUA, S100W62F, S100YFX5 |
| Current assets | 20,631 | 23,702 | 27,418 | 31,449 | 37,886 | S100R8LH, S100TVUA, S100W62F, S100YFX5 |
| Current liabilities | 5,169 | 6,026 | 6,143 | 6,481 | 7,092 | S100R8LH, S100TVUA, S100W62F, S100YFX5 |
| Trade payables | 1,921 | 2,323 | 2,201 | 2,570 | 2,723 | S100R8LH, S100TVUA, S100W62F, S100YFX5 |
| Total liabilities | 6,575 | 7,418 | 7,470 | 7,791 | 8,291 | S100R8LH, S100TVUA, S100W62F, S100YFX5 |
| Non-controlling interests | 34 | — | — | — | — | S100R8LH |
| Equity attributable to owners of parent | 36,074 | 41,093 | 47,096 | 53,174 | 59,754 | S100R8LH, S100TVUA, S100W62F, S100YFX5 |
| Retained earnings | 30,897 | 35,805 | 41,752 | 47,769 | 54,287 | S100R8LH, S100TVUA, S100W62F, S100YFX5 |
| Treasury stock | -606 | -591 | -586 | -582 | -578 | S100R8LH, S100TVUA, S100W62F, S100YFX5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100YFX5 |
| Receivables | 8% | S100YFX5 |
| Property, plant and equipment | 13% | S100YFX5 |
| Intangibles and goodwill | 9% | S100YFX5 |
| Investment securities | 27% | S100YFX5 |
| Other assets | 6% | S100YFX5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YFX5 |
| Other liabilities | 8% | S100YFX5 |
| Equity | 88% | S100YFX5 |
| Other liabilities | 0% | S100YFX5 |

### 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 | 43,388 | 49,351 | 57,388 | 63,493 | 71,245 |
| Equity | 36,813 | 41,933 | 49,917 | 55,702 | 62,953 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,765 | 15,451 | 17,344 | 20,561 | 26,044 |

## 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) | 20.5% | S100YFX5 |
| Fixed assets ÷ total assets | 13.4% | S100YFX5 |
| Goodwill ÷ parent equity | 5.0% | S100YFX5 |

Goodwill over 4 years: 4,101 → 3,003 JPY; total investing cash flow: -10,025 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) | 36.6% |
| Cash ÷ revenue | 55.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 79.6% |
| Cash vs. profit gap | -595 JPY mn (of net income -6.2%) |
| Shareholder returns / net income | 32.4% |
| Shareholder returns / FCF | 35.4% |
| Shareholder payments — dividends / net income | 32.4% |
| Shareholder payments — dividends / FCF | 35.4% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 4.7% |

## 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 | 15.3% | 0.71× | 10.8% | 1.20× | 13.0% | S100R8LH |
| 2023 | 17.5% | 0.77× | 13.6% | 1.20× | 16.3% | S100TVUA |
| 2024 | 20.1% | 0.74× | 14.8% | 1.21× | 18.0% | S100W62F |
| 2025 | 20.9% | 0.69× | 14.4% | 1.21× | 17.3% | S100YFX5 |
| 2026 | 20.7% | 0.69× | 14.3% | 1.19× | 17.1% | S100YFX5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| NORTHERN TRUST CO.(AVFC)RE FIDELITY FUNDS(常任代理人 香港上海銀行東京支店) | Major shareholder | 6.1% | 2026-03-31 |
| 日産東京販売ホールディングス㈱ | Major shareholder | 5.7% | 2026-03-31 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 上野 万里子 | Major shareholder | 3.7% | 2026-03-31 |
| ＴＰＲ㈱ | Major shareholder | 3.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 ㈱みずほ銀行 決済営業部) | Major shareholder | 3.3% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 3.3% | 2026-03-31 |
| あいおいニッセイ同和損害保険㈱ | Major shareholder | 3.2% | 2026-03-31 |
| ㈱みずほ銀行 | Major shareholder | 2.9% | 2026-03-31 |
| ㈱椿本チエイン | Major shareholder | 2.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第87期(2025/04/01－2026/03/31) | S100YFX5 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFX5,, |
| 訂正有価証券報告書－第86期(2024/04/01－2025/03/31) | S100W62F | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W62F,, |
| 有価証券報告書－第85期(2023/04/01－2024/03/31) | S100TVUA | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVUA,, |
| 有価証券報告書－第84期(2022/04/01－2023/03/31) | S100R8LH | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8LH,, |
| 有価証券報告書－第83期(令和3年4月1日－令和4年3月31日) | S100OKWE | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKWE,, |
| 有価証券報告書－第82期(令和2年4月1日－令和3年3月31日) | S100LQ2J | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ2J,, |

## 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).