# CHUO SPRING 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103期(2025/04/01－2026/03/31) (S100YBNR)
> Page: https://vizora.meequs.com/en/company/chuo-spring
> Retrieved: 2026-09-30T18:04:25.812Z

## Company

Chuo Spring, founded in 1931, is a company in Auto Parts listed on TSE Standard. It has 3,017 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CHUO SPRING CO.,LTD. |
| Ticker | 5992 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5992.T) |
| Listing | TSE Standard |
| Head office | 名古屋市緑区鳴海町字上汐田68番地 |
| Representative (per filing) | 代表取締役社長 北浦 啓一 |
| Founded | Jan 1931 |
| Share capital | ¥10.8B |
| Employees (consolidated) | 3,017 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.chkk.co.jp (https://www.chkk.co.jp/) |
| Corporate number | 9180001028444 |
| EDINET | E01405 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YBNR, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.9 | 110 |
| Profitability | 20.3 | 111 |
| Cash conversion | 77.3 | 108 |
| Efficiency | 20.3 | 111 |

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 73% of Chuo Spring's sales come from Japan, with Asia and North America making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +0.6% from the prior year, operating profit -35.0%.

## Company structure

- Segment revenue mix: Japan 72.7%、Asia 12.7%、North America 8.2%、China 6.4%
- Revenue → net income: ¥110868647000 → ¥12546011000
- Net income → operating cash flow: ¥12546011000 → ¥6886469000（difference ¥-5659542000）
- Main uses of operating cash flow: CapEx ¥8154477000 / dividends ¥1407411000 / buybacks ¥3818000
- Change in cash: ¥10191020000
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 | ¥110.9B |  |
| Operating income | ¥2.85B | Margin 2.6% |
| Net income | ¥12.4B | Margin 11.2% |
| Free cash flow | -¥1.27B |  |
| Largest business | Japan | of segment revenue 72.7% |
| Employees (consolidated) | 3,017 |  |
| EPS | ¥442.89 |  |
| Book value per share | ¥2725.15 |  |
| Equity ratio | 56.6% |  |
| Shares outstanding | 25,542,396 |  |
| Treasury shares | 318,300 |  |
| Shareholders | 2,899 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 20.5% | Cash ÷ revenue 28.6% |
| Vs. industry median margin | -2.2 pp | Auto Parts |
| ROE | 21.8% | Derived from disclosed figures |
| ROA | 8.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥74655364000 | ¥110868647000 | +48.5% |
| Operating income | ¥1260721000 | ¥2847838000 | +125.9% |
| Operating margin | 1.7% | 2.6% | +0.9 pp |
| Employees | 3,121 people | 3,017 people | -3.3% |
| Cash and equivalents | ¥11681365000 | ¥31751298000 | +171.8% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 72.7% |
| 日本 → 事業再編・廃止 | 0.7% |
| 北米 → 北米 | 7.3% |
| 中国 → 中国 | 6.4% |
| 中国 → 事業再編・廃止 | 4.2% |
| アジア → アジア | 8.6% |
| 新設・再編 → 北米 | 0.8% |
| 新設・再編 → アジア | 4.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +8.0% | ¥80563859000 | 3.6% | 2 |
| Asia | 5 years | +17.0% | ¥14116986000 | 10.1% | 2 |
| North America | 5 years | +10.5% | ¥9057026000 | 3.0% | 2 |
| China | 5 years | -2.2% | ¥7130775000 | 7.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 110,869 | 100.0% | S100YBNR |
| Cost of revenue | 97,905 | 88.3% | S100YBNR |
| Gross profit | 12,964 | 11.7% | S100YBNR |
| SG&A | 10,116 | 9.1% | S100YBNR |
| Operating income | 2,848 | 2.6% | S100YBNR |
| Ordinary income | 4,496 | 4.1% | S100YBNR |
| Pretax income | 17,729 | 16.0% | S100YBNR |
| Income tax | 5,183 | 4.7% | S100YBNR |
| Net income | 12,546 | 11.3% | S100YBNR |
| Net income attributable to owners | 12,420 | 11.2% | S100YBNR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 9 |
| Operating income | 3 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 11.7% → Operating margin 2.6% → Net margin 11.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.6%; Core profit growth: -35.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -54.27×
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 | 110,157 | 110,869 | 711 | +0.6% |
| Gross profit | 14,083 | 12,964 | -1,119 | -7.9% |
| Operating income | 4,384 | 2,848 | -1,537 | -35.0% |
| Net income attributable to owners | 1,855 | 12,420 | 10,565 | +569.4% |
| Operating cash flow | 9,521 | 6,886 | -2,635 | -27.7% |
| Free cash flow | 1,318 | -1,268 | -2,586 | -196.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 83,395 | 2,692 | 3.2% | 1,640 | 5,349 | 1,746 | S100LKGH |
| FY ending Mar 2021 | 74,655 | 1,261 | 1.7% | 1,249 | 2,616 | -714 | S100O9PL |
| FY ending Mar 2022 | 82,145 | 1,827 | 2.2% | 1,801 | 208 | -3,455 | S100QYHG |
| FY ending Mar 2023 | 92,766 | 355 | 0.4% | 482 | 2,343 | -1,401 | S100TOS7 |
| FY ending Mar 2024 | 100,975 | 1,074 | 1.1% | 1,991 | 5,738 | -1,079 | S100W0RS |
| FY ending Mar 2025 | 110,157 | 4,384 | 4.0% | 1,855 | 9,521 | 1,318 | S100YBNR |
| FY ending Mar 2026 | 110,869 | 2,848 | 2.6% | 12,420 | 6,886 | -1,268 | S100YBNR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.7M |
| Operating income per employee (consolidated) | ¥943.9K |
| Net income per employee (consolidated) | ¥4.1M |

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) | 3,006 | 3,031 | 3,017 | 3,017 | 3,017 |
| Average salary (parent company) | ¥6.4M | ¥6.8M | ¥6.6M | ¥6.9M | ¥7.4M |
| Average age (parent company) | 44.2 years | 45.4 years | 44.1 years | 44.3 years | 43.7 years |
| Average tenure (parent company) | 21.4 years | 20.4 years | 21.5 years | 21.7 years | 20.4 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +0.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 80,564 | 72.7% | 2,888 | 3.6% |
| North America | 9,057 | 8.2% | 273 | 3.0% |
| China | 7,131 | 6.4% | 507 | 7.1% |
| Asia | 14,117 | 12.7% | 1,420 | 10.1% |

### 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 | 72.7% | 56.8% | -15.9 | 3.6% |
| North America | 8.2% | 5.4% | -2.8 | 3.0% |
| China | 6.4% | 10.0% | 3.5 | 7.1% |
| Asia | 12.7% | 27.9% | 15.2 | 10.1% |

Segment → industry: Asia → Auto Parts / China → Auto Parts / North America → Auto Parts / Japan → Auto Parts

## 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 | 6,886 | 6.2% | S100YBNR |
| Capital expenditure | 8,154 | 7.4% | S100YBNR |
| Free cash flow | -1,268 | -1.1% | 算出 |
| Investing cash flow | 4,911 | 4.4% | S100YBNR |
| Financing cash flow | -2,147 | -1.9% | S100YBNR |
| Dividends paid | 1,407 | 1.3% | S100YBNR |
| Share buyback | 4 | 0.0% | S100YBNR |
| Change in cash | 10,191 | 9.2% | S100YBNR |
| Cash and equivalents | 31,751 | 28.6% | S100YBNR |

## 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 | 7,800 | 9,987 | 21,103 | 21,560 | 31,751 | S100TOS7, S100W0RS, S100YBNR |
| Total assets | 104,553 | 107,115 | 153,573 | 142,908 | 154,909 | S100QYHG, S100TOS7, S100W0RS, S100YBNR |
| Net assets | 71,425 | 68,565 | 92,396 | 81,046 | 92,235 | S100TOS7, S100W0RS, S100YBNR |
| Share capital | 10,837 | 10,837 | 10,837 | 10,837 | 10,837 | S100QYHG, S100TOS7, S100W0RS, S100YBNR |
| Trade receivables | 14,048 | 15,840 | 15,346 | 16,006 | 14,620 | S100QYHG, S100TOS7, S100W0RS, S100YBNR |
| Property, plant and equipment | 30,113 | 30,399 | 35,350 | 39,553 | 42,299 | S100QYHG, S100TOS7, S100W0RS, S100YBNR |
| Intangible assets excluding goodwill | 209 | 166 | 204 | 259 | 326 | S100QYHG, S100TOS7, S100W0RS, S100YBNR |
| Investment securities | 24,759 | 22,049 | 41,828 | 31,720 | 24,848 | S100QYHG, S100TOS7, S100W0RS, S100YBNR |
| Current assets | 39,582 | 45,473 | 56,123 | 55,984 | 65,868 | S100QYHG, S100TOS7, S100W0RS, S100YBNR |
| Current liabilities | 18,371 | 23,707 | 20,100 | 25,695 | 28,438 | S100QYHG, S100TOS7, S100W0RS, S100YBNR |
| Trade payables | 9,939 | 11,791 | 11,124 | 12,435 | 11,135 | S100QYHG, S100TOS7, S100W0RS, S100YBNR |
| Short-term borrowings | 1,949 | 712 | 686 | 669 | 300 | S100QYHG, S100TOS7, S100W0RS, S100YBNR |
| Long-term borrowings | 4,637 | 6,073 | 23,000 | 23,087 | 20,068 | S100QYHG, S100TOS7, S100W0RS, S100YBNR |
| Total liabilities | 33,128 | 38,550 | 61,177 | 61,862 | 62,673 | S100QYHG, S100TOS7, S100W0RS, S100YBNR |
| Non-controlling interests | 4,322 | 4,329 | 4,483 | 4,296 | 4,501 | S100QYHG, S100TOS7, S100W0RS, S100YBNR |
| Equity attributable to owners of parent | 48,704 | 48,636 | 50,373 | 51,546 | 62,506 | S100QYHG, S100TOS7, S100W0RS, S100YBNR |
| Retained earnings | 27,483 | 27,032 | 28,770 | 29,963 | 40,926 | S100QYHG, S100TOS7, S100W0RS, S100YBNR |
| Treasury stock | -672 | -308 | -309 | -310 | -313 | S100QYHG, S100TOS7, S100W0RS, S100YBNR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YBNR |
| Receivables | 9% | S100YBNR |
| Property, plant and equipment | 27% | S100YBNR |
| Intangibles and goodwill | 0% | S100YBNR |
| Investment securities | 16% | S100YBNR |
| Other assets | 27% | S100YBNR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YBNR |
| Other liabilities | 33% | S100YBNR |
| Equity | 60% | S100YBNR |
| Other liabilities | 0% | S100YBNR |

### 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 | 104,553 | 107,115 | 153,573 | 142,908 | 154,909 |
| Equity | 71,425 | 68,565 | 92,396 | 81,046 | 92,235 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,800 | 9,987 | 21,103 | 21,560 | 31,751 |

## 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) | 38.2% | S100YBNR |
| Fixed assets ÷ total assets | 27.3% | S100YBNR |
| Goodwill ÷ parent equity | — | —, S100YBNR |

### 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) | 20.5% |
| Cash ÷ revenue | 28.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 241.8% |
| Cash vs. profit gap | -5,534 JPY mn (of net income -44.6%) |
| Shareholder returns / net income | 11.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.4% |
| Investing CF relative to operating CF | 71.3% |

## 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 | 2.2% | 0.79× | 1.7% | 2.15× | 3.7% | S100QYHG |
| 2023 | 0.5% | 0.88× | 0.5% | 2.17× | 1.0% | S100TOS7 |
| 2024 | 2.0% | 0.77× | 1.5% | 2.63× | 4.0% | S100W0RS |
| 2025 | 1.7% | 0.74× | 1.3% | 2.91× | 3.6% | S100YBNR |
| 2026 | 11.2% | 0.74× | 8.3% | 2.61× | 21.8% | S100YBNR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| トヨタ自動車㈱ | Major shareholder | 24.4% | 2026-03-31 |
| 植島 勘九郎（常任代理人 ㈱DOE５パーセント） | Major shareholder | 13.9% | 2026-03-31 |
| 愛知製鋼㈱ | Major shareholder | 7.6% | 2026-03-31 |
| 中発取引先持株会 | Major shareholder | 5.6% | 2026-03-31 |
| 中発従業員持株会 | Major shareholder | 4.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 4.4% | 2026-03-31 |
| ㈱レノ | Major shareholder | 2.5% | 2026-03-31 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 2.5% | 2026-03-31 |
| ㈱三井住友銀行 | Major shareholder | 2.4% | 2026-03-31 |
| 東京海上日動火災保険㈱ | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YBNR | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBNR,, |
| 訂正有価証券報告書－第102期(2024/04/01－2025/03/31) | S100W0RS | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0RS,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TOS7 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOS7,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100QYHG | 2023-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYHG,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100O9PL | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9PL,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LKGH | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKGH,, |

## 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).