# CKD Corporation: 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106期(2025/04/01－2026/03/31) (S100YGB2)
> Page: https://vizora.meequs.com/en/company/ckd
> Retrieved: 2026-09-30T20:30:40.492Z

## Company

CKD, founded in 1943, is a company in Robots & Factory Automation listed on TSE Prime. It has 4,826 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CKD Corporation |
| Ticker | 6407 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6407.T) |
| Listing | TSE Prime |
| Head office | 愛知県小牧市応時二丁目250番地 |
| Representative (per filing) | 代表取締役社長 奥岡 克仁 |
| Founded | Apr 1943 |
| Share capital | ¥11B |
| Employees (consolidated) | 4,826 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.ckd.co.jp (https://www.ckd.co.jp/) |
| Corporate number | 6180001075968 |
| EDINET | E01909 |
| Industries (Vizora) | Robots & Factory Automation, Industrial Machinery |

> Profile source: annual securities report (S100YGB2, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.1 | 33 |
| Profitability | 54.4 | 34 |
| Cash conversion | 29.7 | 32 |
| Efficiency | 58.6 | 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 88% of CKD's sales come from Machine, with Auto machine making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +1.4% from the prior year, operating profit +3.3%.

## Company structure

- Segment revenue mix: Machine 87.7%、Auto machine 12.3%
- Revenue → net income: ¥157886000000 → ¥13578000000
- Net income → operating cash flow: ¥13578000000 → ¥14832000000（difference ¥1254000000）
- Main uses of operating cash flow: CapEx ¥2912000000 / dividends ¥4937000000 / buybacks ¥1000000
- Change in cash: ¥7913000000
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 | ¥157.9B |  |
| Operating income | ¥19.6B | Margin 12.4% |
| Net income | ¥13.6B | Margin 8.6% |
| Free cash flow | ¥11.9B |  |
| Largest business | Machine | of segment revenue 87.7% |
| Employees (consolidated) | 4,826 |  |
| EPS | ¥191.65 |  |
| Book value per share | ¥1813.26 |  |
| Equity ratio | 67.7% |  |
| Shares outstanding | 67,909,449 |  |
| Treasury shares | 1,074,400 |  |
| Shareholders | 8,453 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 18.6% | Cash ÷ revenue 26.8% |
| Vs. industry median margin | +0.7 pp | Robots & Factory Automation |
| ROE | 10.5% | Derived from disclosed figures |
| ROA | 6.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 80% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥106723000000 | ¥157886000000 | +47.9% |
| Operating income | ¥7698000000 | ¥19640000000 | +155.1% |
| Operating margin | 7.2% | 12.4% | +5.2 pp |
| Employees | 4,515 people | 4,826 people | +6.9% |
| Cash and equivalents | ¥35913000000 | ¥42258000000 | +17.7% |

### 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 |
| --- | ---: |
| 自動機械部門 → 自動機械部門 | 12.3% |
| 自動機械部門 → 事業再編・廃止 | 1.0% |
| 機器部門 → 機器部門 | 86.7% |
| 新設・再編 → 機器部門 | 1.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 157,886 | 100.0% | S100YGB2 |
| Cost of revenue | 111,041 | 70.3% | S100YGB2 |
| Gross profit | 46,845 | 29.7% | S100YGB2 |
| SG&A | 27,204 | 17.2% | S100YGB2 |
| Operating income | 19,640 | 12.4% | S100YGB2 |
| Ordinary income | 19,867 | 12.6% | S100YGB2 |
| Pretax income | 20,498 | 13.0% | S100YGB2 |
| Income tax | 6,920 | 4.4% | S100YGB2 |
| Net income | 13,578 | 8.6% | S100YGB2 |
| Net income attributable to owners | 13,578 | 8.6% | S100YGB2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 17 |
| Operating income | 13 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 29.7% → Operating margin 12.4% → Net margin 8.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.4%; Core profit growth: +3.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.26×
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 | 155,634 | 157,886 | 2,252 | +1.4% |
| Gross profit | 45,199 | 46,845 | 1,646 | +3.6% |
| Operating income | 19,018 | 19,640 | 622 | +3.3% |
| Net income attributable to owners | 13,520 | 13,578 | 58 | +0.4% |
| Operating cash flow | 19,174 | 14,832 | -4,342 | -22.6% |
| Free cash flow | 13,181 | 11,920 | -1,261 | -9.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 100,717 | 5,230 | 5.2% | 3,689 | 17,250 | 13,169 | S100LPCZ |
| FY ending Mar 2021 | 106,723 | 7,698 | 7.2% | 5,273 | 17,521 | 14,563 | S100ODVL |
| FY ending Mar 2022 | 142,199 | 17,879 | 12.6% | 12,567 | 12,352 | 4,115 | S100R1R8 |
| FY ending Mar 2023 | 159,457 | 21,170 | 13.3% | 14,788 | 11,049 | -702 | S100TOHI |
| FY ending Mar 2024 | 134,425 | 13,113 | 9.8% | 8,338 | 7,600 | -12,991 | S100VYR7 |
| FY ending Mar 2025 | 155,634 | 19,018 | 12.2% | 13,520 | 19,174 | 13,181 | S100YGB2 |
| FY ending Mar 2026 | 157,886 | 19,640 | 12.4% | 13,578 | 14,832 | 11,920 | S100YGB2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.7M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 4,660 | 4,684 | 4,645 | 4,641 | 4,826 |
| Average salary (parent company) | ¥6.8M | ¥7.3M | ¥7M | ¥7.1M | ¥7.3M |
| Average age (parent company) | 41.5 years | 41.8 years | 41.8 years | 41.6 years | 41.5 years |
| Average tenure (parent company) | 17.1 years | 17.3 years | 17.0 years | 16.9 years | 16.7 years |

Year over year: Employees (consolidated) +4.0% · Revenue (consolidated) +1.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Auto machine | 19,373 | 12.3% | 4,879 | 25.2% |
| Machine | 138,513 | 87.7% | 19,822 | 14.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Auto machine | 12.3% | 19.8% | 7.5 | 25.2% |
| Machine | 87.7% | 80.2% | -7.5 | 14.3% |

Segment → industry: Machine → Robots & Factory Automation / Auto machine → Industrial Machinery

## 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 | 14,832 | 9.4% | S100YGB2 |
| Capital expenditure | 2,912 | 1.8% | S100YGB2 |
| Free cash flow | 11,920 | 7.5% | 算出 |
| Investing cash flow | -1,188 | -0.8% | S100YGB2 |
| Financing cash flow | -7,056 | -4.5% | S100YGB2 |
| Dividends paid | 4,937 | 3.1% | S100YGB2 |
| Share buyback | 1 | 0.0% | S100YGB2 |
| Change in cash | 7,913 | 5.0% | S100YGB2 |
| Cash and equivalents | 42,258 | 26.8% | S100YGB2 |

## 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 | 34,027 | 26,654 | 27,740 | 34,344 | 42,258 | S100TOHI, S100VYR7, S100YGB2 |
| Total assets | 172,514 | 185,626 | 208,285 | 210,867 | 226,721 | S100R1R8, S100TOHI, S100VYR7, S100YGB2 |
| Net assets | 109,571 | 119,730 | 129,098 | 136,521 | 153,538 | S100TOHI, S100VYR7, S100YGB2 |
| Share capital | 11,016 | 11,016 | 11,016 | 11,016 | 11,016 | S100R1R8, S100TOHI, S100VYR7, S100YGB2 |
| Property, plant and equipment | 44,019 | 49,331 | 65,685 | 62,558 | 59,719 | S100R1R8, S100TOHI, S100VYR7, S100YGB2 |
| Intangible assets excluding goodwill | 1,107 | 1,524 | 1,630 | 1,461 | 1,258 | S100R1R8, S100TOHI, S100VYR7, S100YGB2 |
| Investment securities | 8,124 | 8,509 | 11,497 | 8,599 | 12,079 | S100R1R8, S100TOHI, S100VYR7, S100YGB2 |
| Current assets | 116,188 | 123,055 | 124,327 | 131,473 | 144,435 | S100R1R8, S100TOHI, S100VYR7, S100YGB2 |
| Current liabilities | 53,503 | 52,018 | 42,985 | 39,983 | 42,129 | S100R1R8, S100TOHI, S100VYR7, S100YGB2 |
| Trade payables | 20,354 | 22,017 | 15,325 | 12,010 | 9,775 | S100R1R8, S100TOHI, S100VYR7, S100YGB2 |
| Short-term borrowings | 5,665 | 6,062 | 5,907 | 5,513 | 5,136 | S100R1R8, S100TOHI, S100VYR7, S100YGB2 |
| Long-term borrowings | 5,634 | 9,203 | 29,262 | 28,137 | 22,290 | S100R1R8, S100TOHI, S100VYR7, S100YGB2 |
| Total liabilities | 62,942 | 65,895 | 79,186 | 74,345 | 73,183 | S100R1R8, S100TOHI, S100VYR7, S100YGB2 |
| Equity attributable to owners of parent | 101,954 | 111,538 | 115,225 | 124,564 | 133,318 | S100R1R8, S100TOHI, S100VYR7, S100YGB2 |
| Retained earnings | 75,440 | 84,807 | 88,386 | 97,633 | 106,268 | S100R1R8, S100TOHI, S100VYR7, S100YGB2 |
| Treasury stock | -867 | -833 | -804 | -780 | -757 | S100R1R8, S100TOHI, S100VYR7, S100YGB2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YGB2 |
| Property, plant and equipment | 26% | S100YGB2 |
| Intangibles and goodwill | 1% | S100YGB2 |
| Investment securities | 5% | S100YGB2 |
| Other assets | 49% | S100YGB2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YGB2 |
| Other liabilities | 28% | S100YGB2 |
| Equity | 68% | S100YGB2 |

### 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 | 172,514 | 185,626 | 208,285 | 210,867 | 226,721 |
| Equity | 109,571 | 119,730 | 129,098 | 136,521 | 153,538 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 34,027 | 26,654 | 27,740 | 34,344 | 42,258 |

## 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) | 37.8% | S100YGB2 |
| Fixed assets ÷ total assets | 26.3% | S100YGB2 |
| Goodwill ÷ parent equity | — | —, S100YGB2 |

### 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) | 18.6% |
| Cash ÷ revenue | 26.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 75.5% |
| Cash vs. profit gap | 1,254 JPY mn (of net income 9.2%) |
| Shareholder returns / net income | 36.4% |
| Shareholder returns / FCF | 41.4% |
| Shareholder payments — dividends / net income | 36.4% |
| Shareholder payments — dividends / FCF | 41.4% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 8.0% |

## 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 | 8.8% | 0.82× | 7.3% | 1.69× | 12.3% | S100R1R8 |
| 2023 | 9.3% | 0.89× | 8.3% | 1.68× | 13.9% | S100TOHI |
| 2024 | 6.2% | 0.68× | 4.2% | 1.74× | 7.4% | S100VYR7 |
| 2025 | 8.7% | 0.74× | 6.5% | 1.75× | 11.3% | S100YGB2 |
| 2026 | 8.6% | 0.72× | 6.2% | 1.70× | 10.5% | S100YGB2 |

## 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 | 14.5% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口) | Major shareholder | 8.5% | 2026-03-31 |
| CKD持株会 | Major shareholder | 3.9% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 2.9% | 2026-03-31 |
| CKD協力企業投資会 | Major shareholder | 2.7% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 2.3% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行) | Major shareholder | 1.8% | 2026-03-31 |
| THE CHASE MANHATTANBANK,N.A. LONDONSECSLENDING OMNIBUS ACCOUNT (常任代理人 株式会社みずほ銀行) | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第106期(2025/04/01－2026/03/31) | S100YGB2 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGB2,, |
| 有価証券報告書－第105期(2024/04/01－2025/03/31) | S100VYR7 | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYR7,, |
| 有価証券報告書－第104期(2023/04/01－2024/03/31) | S100TOHI | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOHI,, |
| 有価証券報告書－第103期(2022/04/01－2023/03/31) | S100R1R8 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1R8,, |
| 有価証券報告書－第102期(令和3年4月1日－令和4年3月31日) | S100ODVL | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODVL,, |
| 有価証券報告書－第101期(令和2年4月1日－令和3年3月31日) | S100LPCZ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPCZ,, |

## 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).