# Chubu Steel Plate 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102期(2025/04/01－2026/03/31) (S100Y9WS)
> Page: https://vizora.meequs.com/en/company/chubu-steel-plate
> Retrieved: 2026-09-30T20:42:13.506Z

## Company

Chubu Steel Plate, founded in 1950, is a company in Steel listed on TSE Prime. It has 521 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Chubu Steel Plate Co.,Ltd. |
| Ticker | 5461 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5461.T) |
| Listing | TSE Prime |
| Head office | 名古屋市中川区小碓通五丁目1番地 |
| Representative (per filing) | 代表取締役社長 金子 大剛 |
| Founded | Feb 1950 |
| Share capital | ¥5.91B |
| Employees (consolidated) | 521 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.chubukohan.co.jp (https://www.chubukohan.co.jp/) |
| Corporate number | 2180001020102 |
| EDINET | E01251 |
| Industries (Vizora) | Steel, Leasing, Plant Engineering & Building Services, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100Y9WS, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47 | 33 |
| Profitability | 18.6 | 35 |
| Cash conversion | 1.6 | 31 |
| Efficiency | 24.3 | 35 |

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 95% of Chubu Steel Plate's sales come from Steel related, with Engineering and Rental making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +0.1% from the prior year, operating profit -65.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥51.1B |  |
| Operating income | ¥923M | Margin 1.8% |
| Net income | ¥1.27B | Margin 2.5% |
| Free cash flow | -¥10.1B |  |
| Largest business | Steel related | of segment revenue 94.6% |
| Employees (consolidated) | 521 |  |
| EPS | ¥32.94 |  |
| Book value per share | ¥2526.2 |  |
| Equity ratio | 88.6% |  |
| Shares outstanding | 28,000,000 |  |
| Treasury shares | 908,600 |  |
| Shareholders | 7,115 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 15.2% | Cash ÷ revenue 25.2% |
| Vs. industry median margin | -1.7 pp | Steel |
| ROE | 1.8% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 64% of positive segment profit
- FY2026, segment profit share differs by -30 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥40327000000 | ¥51103000000 | +26.7% |
| Operating income | ¥2574000000 | ¥923000000 | -64.1% |
| Operating margin | 6.4% | 1.8% | -4.6 pp |
| Employees | 513 people | 521 people | +1.6% |
| Cash and equivalents | ¥11764000000 | ¥12856000000 | +9.3% |

### 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 |
| --- | ---: |
| 鉄鋼関連事業 → 鉄鋼関連事業 | 93.0% |
| レンタル事業 → レンタル事業 | 1.5% |
| レンタル事業 → 事業再編・廃止 | 0.0% |
| 物流事業 → 物流事業 | 1.0% |
| 物流事業 → 事業再編・廃止 | 0.7% |
| エンジニアリング事業 → エンジニアリング事業 | 2.9% |
| エンジニアリング事業 → 事業再編・廃止 | 0.8% |
| 新設・再編 → 鉄鋼関連事業 | 1.6% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Steel related | 5 years | +5.2% | ¥48346000000 | 1.1% | 2 |
| Engineering | 5 years | -0.4% | ¥1468000000 | 4.5% | 2 |
| Rental | 5 years | +4.2% | ¥785000000 | 15.5% | 2 |
| Logistics | 5 years | -5.7% | ¥503000000 | 22.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 51,103 | 100.0% | S100Y9WS |
| Cost of revenue | 45,318 | 88.7% | S100Y9WS |
| Gross profit | 5,784 | 11.3% | S100Y9WS |
| SG&A | 4,861 | 9.5% | S100Y9WS |
| Operating income | 923 | 1.8% | S100Y9WS |
| Ordinary income | 1,113 | 2.2% | S100Y9WS |
| Pretax income | 1,844 | 3.6% | S100Y9WS |
| Income tax | 538 | 1.1% | S100Y9WS |
| Net income | 1,305 | 2.6% | S100Y9WS |
| Net income attributable to owners | 1,275 | 2.5% | S100Y9WS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 9 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 11.3% → Operating margin 1.8% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.1%; Core profit growth: -65.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -600.40×
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 | 51,047 | 51,103 | 56 | +0.1% |
| Gross profit | 7,169 | 5,784 | -1,385 | -19.3% |
| Operating income | 2,704 | 923 | -1,781 | -65.9% |
| Net income attributable to owners | 1,731 | 1,275 | -456 | -26.3% |
| Operating cash flow | 21,525 | -5,839 | -27,364 | -127.1% |
| Free cash flow | 15,404 | -10,104 | -25,508 | -165.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 44,474 | 4,650 | 10.5% | 2,747 | 13,275 | 11,537 | S100LLU3 |
| FY ending Mar 2021 | 40,327 | 2,574 | 6.4% | 1,593 | 358 | -1,181 | S100OM4F |
| FY ending Mar 2022 | 64,399 | 5,554 | 8.6% | 3,785 | -1,188 | -1,927 | S100QZ0V |
| FY ending Mar 2023 | 76,320 | 12,261 | 16.1% | 8,577 | 10,133 | 7,700 | S100TQJW |
| FY ending Mar 2024 | 67,785 | 10,425 | 15.4% | 7,133 | 3,872 | 1,100 | S100W2RI |
| FY ending Mar 2025 | 51,047 | 2,704 | 5.3% | 1,731 | 21,525 | 15,404 | S100Y9WS |
| FY ending Mar 2026 | 51,103 | 923 | 1.8% | 1,275 | -5,839 | -10,104 | S100Y9WS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥98.1M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 500 | 504 | 521 | 522 | 521 |
| Average salary (parent company) | ¥6.6M | ¥7.3M | ¥7.2M | ¥7.7M | ¥7.1M |
| Average age (parent company) | 41.3 years | 41.0 years | 40.9 years | 41.2 years | 41.1 years |
| Average tenure (parent company) | 19.8 years | 18.7 years | 18.4 years | 18.6 years | 18.4 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) +0.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Steel related | 48,346 | 94.6% | 547 | 1.1% |
| Rental | 785 | 1.5% | 122 | 15.5% |
| Logistics | 503 | 1.0% | 114 | 22.7% |
| Engineering | 1,468 | 2.9% | 66 | 4.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Steel related | 94.6% | 64.4% | -30.2 | 1.1% |
| Rental | 1.5% | 14.4% | 12.8 | 15.5% |
| Logistics | 1.0% | 13.4% | 12.4 | 22.7% |
| Engineering | 2.9% | 7.8% | 4.9 | 4.5% |

Segment → industry: Steel related → Steel / Rental → Leasing / Engineering → Plant Engineering & Building Services / Logistics → Trucking & Parcel Delivery / Logistics → Warehouses & Logistics Facilities

## 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 | -5,839 | -11.4% | S100Y9WS |
| Capital expenditure | 4,265 | 8.3% | S100Y9WS |
| Free cash flow | -10,104 | -19.8% | 算出 |
| Investing cash flow | 7 | 0.0% | S100Y9WS |
| Financing cash flow | -2,750 | -5.4% | S100Y9WS |
| Dividends paid | 2,737 | 5.4% | S100Y9WS |
| Change in cash | -8,582 | -16.8% | S100Y9WS |
| Cash and equivalents | 12,856 | 25.2% | S100Y9WS |

## 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 | 13,311 | 12,406 | 12,016 | 21,439 | 12,856 | S100TQJW, S100W2RI, S100Y9WS |
| Total assets | 77,746 | 88,095 | 93,548 | 84,565 | 84,579 | S100QZ0V, S100TQJW, S100W2RI, S100Y9WS |
| Net assets | 66,058 | 73,720 | 77,494 | 76,022 | 75,736 | S100TQJW, S100W2RI, S100Y9WS |
| Share capital | 5,907 | 5,907 | 5,907 | 5,907 | 5,907 | S100QZ0V, S100TQJW, S100W2RI, S100Y9WS |
| Trade receivables | 19,728 | 18,395 | 22,109 | 7,988 | 13,321 | S100QZ0V, S100TQJW, S100W2RI, S100Y9WS |
| Property, plant and equipment | 17,803 | 19,028 | 21,382 | 24,534 | 25,024 | S100QZ0V, S100TQJW, S100W2RI, S100Y9WS |
| Intangible assets excluding goodwill | 291 | 258 | 224 | 169 | 168 | S100QZ0V, S100TQJW, S100W2RI, S100Y9WS |
| Investment securities | 5,817 | 6,966 | 9,629 | 12,325 | 11,765 | S100QZ0V, S100TQJW, S100W2RI, S100Y9WS |
| Current assets | 52,590 | 60,574 | 61,292 | 46,579 | 46,018 | S100QZ0V, S100TQJW, S100W2RI, S100Y9WS |
| Current liabilities | 10,618 | 13,327 | 14,990 | 7,543 | 7,837 | S100QZ0V, S100TQJW, S100W2RI, S100Y9WS |
| Trade payables | 6,891 | 7,194 | 8,071 | 3,652 | 5,784 | S100QZ0V, S100TQJW, S100W2RI, S100Y9WS |
| Total liabilities | 11,688 | 14,375 | 16,053 | 8,543 | 8,843 | S100QZ0V, S100TQJW, S100W2RI, S100Y9WS |
| Non-controlling interests | 603 | 645 | 698 | 743 | 772 | S100QZ0V, S100TQJW, S100W2RI, S100Y9WS |
| Equity attributable to owners of parent | 64,537 | 71,753 | 74,444 | 73,190 | 71,748 | S100QZ0V, S100TQJW, S100W2RI, S100Y9WS |
| Retained earnings | 55,312 | 62,481 | 66,463 | 65,189 | 63,728 | S100QZ0V, S100TQJW, S100W2RI, S100Y9WS |
| Treasury stock | -1,358 | -1,341 | -2,638 | -775 | -767 | S100QZ0V, S100TQJW, S100W2RI, S100Y9WS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100Y9WS |
| Receivables | 16% | S100Y9WS |
| Property, plant and equipment | 30% | S100Y9WS |
| Intangibles and goodwill | 0% | S100Y9WS |
| Investment securities | 14% | S100Y9WS |
| Other assets | 25% | S100Y9WS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100Y9WS |
| Other liabilities | 4% | S100Y9WS |
| Equity | 89% | S100Y9WS |

### 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 | 77,746 | 88,095 | 93,548 | 84,565 | 84,579 |
| Equity | 66,058 | 73,720 | 77,494 | 76,022 | 75,736 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,311 | 12,406 | 12,016 | 21,439 | 12,856 |

## 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) | 49.0% | S100Y9WS |
| Fixed assets ÷ total assets | 29.6% | S100Y9WS |
| Goodwill ÷ parent equity | — | —, S100Y9WS |

### 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) | 15.2% |
| Cash ÷ revenue | 25.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -632.6% |
| Cash vs. profit gap | -7,114 JPY mn (of net income -558.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 214.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.3% |
| Investing CF relative to operating CF | — |

## 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 | 5.9% | 0.83× | 4.9% | 1.20× | 5.9% | S100QZ0V |
| 2023 | 11.2% | 0.92× | 10.3% | 1.22× | 12.6% | S100TQJW |
| 2024 | 10.5% | 0.75× | 7.9% | 1.24× | 9.8% | S100W2RI |
| 2025 | 3.4% | 0.57× | 1.9% | 1.21× | 2.3% | S100Y9WS |
| 2026 | 2.5% | 0.60× | 1.5% | 1.17× | 1.8% | S100Y9WS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三井物産スチール株式会社 | Major shareholder | 9.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 7.8% | 2026-03-31 |
| 中部鋼鈑取引先持株会 | Major shareholder | 6.6% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.4% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 4.0% | 2026-03-31 |
| 日鉄物産株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.2% | 2026-03-31 |
| 阪和興業株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社十六銀行 | Major shareholder | 2.0% | 2026-03-31 |
| 岡谷鋼機株式会社 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第102期(2025/04/01－2026/03/31) | S100Y9WS | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y9WS,, |
| 訂正有価証券報告書－第101期(2024/04/01－2025/03/31) | S100W2RI | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2RI,, |
| 有価証券報告書－第100期(2023/04/01－2024/03/31) | S100TQJW | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQJW,, |
| 有価証券報告書－第99期(2022/04/01－2023/03/31) | S100QZ0V | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ0V,, |
| 訂正有価証券報告書－第98期(令和3年4月1日－令和4年3月31日) | S100OM4F | 2022-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OM4F,, |
| 有価証券報告書－第97期(令和2年4月1日－令和3年3月31日) | S100LLU3 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLU3,, |

## 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).