# DAIHATSU INFINEARTH 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66期(2025/04/01－2026/03/31) (S100YCLQ)
> Page: https://vizora.meequs.com/en/company/daihatsu-infinearth-mfg
> Retrieved: 2026-09-30T23:06:18.247Z

## Company

Daihatsu Infinearth MFG., founded in 1966, is a company in Shipbuilding listed on TSE Standard. It has 1,476 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAIHATSU INFINEARTH MFG.CO.,LTD. |
| Ticker | 6023 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6023.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区大淀中一丁目1番30号 |
| Representative (per filing) | 取締役社長 堀田 佳伸 |
| Founded | May 1966 |
| Share capital | ¥2.43B |
| Employees (consolidated) | 1,476 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Corporate number | 3120001083145 |
| EDINET | E01477 |
| Industries (Vizora) | Shipbuilding, Electrical Equipment |

> Profile source: annual securities report (S100YCLQ, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Shipbuilding (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.8 | 8 |
| Profitability | 38.9 | 9 |
| Cash conversion | 56.3 | 8 |
| Efficiency | 50 | 9 |

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 82% of Daihatsu Infinearth MFG.'s sales come from Products for marine engines, with Products for land engines and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -0.8% from the prior year, operating profit -0.2%.

## Company structure

- Segment revenue mix: Products for marine engines 81.6%、Products for land engines 13.1%、Other 5.3%
- Revenue → net income: ¥88066000000 → ¥5919000000
- Net income → operating cash flow: ¥5919000000 → ¥9113000000（difference ¥3194000000）
- Main uses of operating cash flow: CapEx ¥11588000000 / dividends ¥1567000000 / buybacks —
- Change in cash: ¥-19000000
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 | ¥88.1B |  |
| Operating income | ¥7.62B | Margin 8.7% |
| Net income | ¥5.92B | Margin 6.7% |
| Free cash flow | -¥2.48B |  |
| Largest business | Products for marine engines | of segment revenue 81.6% |
| Employees (consolidated) | 1,476 |  |
| EPS | ¥221.87 |  |
| Book value per share | ¥1483.82 |  |
| Equity ratio | 44.7% |  |
| Shares outstanding | 31,850,000 |  |
| Treasury shares | 6,418,500 |  |
| Shareholders | 8,411 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 19.0% | Cash ÷ revenue 23.8% |
| Vs. industry median margin | -0.9 pp | Shipbuilding |
| ROE | 13.2% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 82% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥56745850000 | ¥88066000000 | +55.2% |
| Operating income | ¥994361000 | ¥7621000000 | +666.4% |
| Operating margin | 1.8% | 8.7% | +6.9 pp |
| Employees | 1,263 people | 1,476 people | +16.9% |
| Cash and equivalents | ¥19509511000 | ¥20996000000 | +7.6% |

### 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 |
| --- | ---: |
| 舶用機関関連 → 舶用機関関連 | 78.5% |
| 陸用機関関連 → 陸用機関関連 | 13.1% |
| 陸用機関関連 → 事業再編・廃止 | 2.0% |
| その他 → その他 | 5.3% |
| その他 → 事業再編・廃止 | 1.0% |
| 新設・再編 → 舶用機関関連 | 3.0% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Products for marine engines | 5 years | +10.0% | ¥71829000000 | 13.5% | 2 |
| Products for land engines | 5 years | +6.1% | ¥11545000000 | 15.3% | 2 |
| Other | 5 years | +5.4% | ¥4691000000 | 8.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 88,066 | 100.0% | S100YCLQ |
| Cost of revenue | 66,729 | 75.8% | S100YCLQ |
| Gross profit | 21,337 | 24.2% | S100YCLQ |
| SG&A | 13,715 | 15.6% | S100YCLQ |
| Operating income | 7,621 | 8.7% | S100YCLQ |
| Ordinary income | 7,959 | 9.0% | S100YCLQ |
| Pretax income | 7,917 | 9.0% | S100YCLQ |
| Income tax | 1,997 | 2.3% | S100YCLQ |
| Net income | 5,919 | 6.7% | S100YCLQ |
| Net income attributable to owners | 5,920 | 6.7% | S100YCLQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 15 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 24.2% → Operating margin 8.7% → Net margin 6.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.8%; Core profit growth: -0.2%
Operating leverage (core profit growth ÷ revenue growth): 0.21×
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 | 88,781 | 88,066 | -715 | -0.8% |
| Gross profit | 20,901 | 21,337 | 436 | +2.1% |
| Operating income | 7,634 | 7,621 | -13 | -0.2% |
| Net income attributable to owners | 5,717 | 5,920 | 203 | +3.6% |
| Operating cash flow | 9,354 | 9,113 | -241 | -2.6% |
| Free cash flow | 2,822 | -2,475 | -5,297 | -187.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 60,087 | 2,675 | 4.5% | 1,997 | 1,614 | 349 | S100LNAS |
| FY ending Mar 2021 | 56,746 | 994 | 1.8% | 712 | 3,035 | 1,126 | S100OT88 |
| FY ending Mar 2022 | 57,600 | 2,092 | 3.6% | 1,968 | 7,870 | 6,430 | S100R9YN |
| FY ending Mar 2023 | 72,114 | 3,602 | 5.0% | 2,948 | 4,488 | 1,279 | S100TTUL |
| FY ending Mar 2024 | 81,775 | 5,194 | 6.4% | 5,149 | 4,666 | 2,047 | S100W526 |
| FY ending Mar 2025 | 88,781 | 7,634 | 8.6% | 5,717 | 9,354 | 2,822 | S100YCLQ |
| FY ending Mar 2026 | 88,066 | 7,621 | 8.7% | 5,920 | 9,113 | -2,475 | S100YCLQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.7M |
| Operating income per employee (consolidated) | ¥5.2M |
| Net income per employee (consolidated) | ¥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) | 1,258 | 1,270 | 1,327 | 1,377 | 1,476 |
| Average salary (parent company) | ¥5.9M | ¥6.2M | ¥6.4M | ¥6M | ¥7M |
| Average age (parent company) | 41.3 years | 41.3 years | 41.2 years | 41.5 years | 40.3 years |
| Average tenure (parent company) | 16.6 years | 16.3 years | 15.8 years | 15.7 years | 13.6 years |

Year over year: Employees (consolidated) +7.2% · Revenue (consolidated) -0.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Products for marine engines | 71,829 | 81.6% | 9,690 | 13.5% |
| Products for land engines | 11,545 | 13.1% | 1,767 | 15.3% |
| Other | 4,691 | 5.3% | 412 | 8.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Products for marine engines | 81.6% | 81.6% | 0.1 | 13.5% |
| Products for land engines | 13.1% | 14.9% | 1.8 | 15.3% |
| Other | 5.3% | 3.5% | -1.9 | 8.8% |

Segment → industry: Products for marine engines → Shipbuilding / Products for land engines → Electrical Equipment

## 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 | 9,113 | 10.3% | S100YCLQ |
| Capital expenditure | 11,588 | 13.2% | S100YCLQ |
| Free cash flow | -2,475 | -2.8% | 算出 |
| Investing cash flow | -13,517 | -15.3% | S100YCLQ |
| Financing cash flow | 3,523 | 4.0% | S100YCLQ |
| Dividends paid | 1,567 | 1.8% | S100YCLQ |
| Change in cash | -19 | -0.0% | S100YCLQ |
| Cash and equivalents | 20,996 | 23.8% | S100YCLQ |

## 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 | 26,354 | 25,815 | 29,110 | 21,015 | 20,996 | S100TTUL, S100W526, S100YCLQ |
| Total assets | 89,268 | 95,377 | 101,428 | 96,107 | 110,498 | S100R9YN, S100TTUL, S100W526, S100YCLQ |
| Net assets | 43,069 | 45,724 | 50,843 | 44,206 | 49,432 | S100TTUL, S100W526, S100YCLQ |
| Share capital | 2,434 | 2,434 | 2,434 | 2,434 | 2,434 | S100R9YN, S100TTUL, S100W526, S100YCLQ |
| Inventories | 12,686 | 14,548 | 17,636 | 16,907 | 21,593 | S100R9YN, S100TTUL, S100W526, S100YCLQ |
| Property, plant and equipment | 21,314 | 21,997 | 22,113 | 25,889 | 34,787 | S100R9YN, S100TTUL, S100W526, S100YCLQ |
| Intangible assets excluding goodwill | 628 | 541 | 521 | 535 | 564 | S100R9YN, S100TTUL, S100W526, S100YCLQ |
| Investment securities | 2,707 | 2,798 | 1,351 | 1,472 | 2,743 | S100R9YN, S100TTUL, S100W526, S100YCLQ |
| Current assets | 60,058 | 65,390 | 72,814 | 63,573 | 67,924 | S100R9YN, S100TTUL, S100W526, S100YCLQ |
| Current liabilities | 26,132 | 30,586 | 35,028 | 31,722 | 45,639 | S100R9YN, S100TTUL, S100W526, S100YCLQ |
| Trade payables | 6,778 | 8,179 | 8,145 | 5,656 | 6,745 | S100R9YN, S100TTUL, S100W526, S100YCLQ |
| Short-term borrowings | 4,440 | 4,461 | 6,234 | 3,743 | 12,656 | S100R9YN, S100TTUL, S100W526, S100YCLQ |
| Long-term borrowings | 9,871 | 8,800 | 5,961 | 10,485 | 6,729 | S100R9YN, S100TTUL, S100W526, S100YCLQ |
| Total liabilities | 46,199 | 49,653 | 50,584 | 51,901 | 61,066 | S100R9YN, S100TTUL, S100W526, S100YCLQ |
| Non-controlling interests | 39 | 46 | 49 | 53 | 52 | S100R9YN, S100TTUL, S100W526, S100YCLQ |
| Equity attributable to owners of parent | 42,958 | 45,345 | 49,672 | 42,766 | 47,185 | S100R9YN, S100TTUL, S100W526, S100YCLQ |
| Retained earnings | 38,394 | 40,865 | 45,131 | 49,298 | 53,644 | S100R9YN, S100TTUL, S100W526, S100YCLQ |
| Treasury stock | -44 | -130 | -93 | -11,202 | -11,147 | S100R9YN, S100TTUL, S100W526, S100YCLQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YCLQ |
| Inventories | 20% | S100YCLQ |
| Property, plant and equipment | 31% | S100YCLQ |
| Intangibles and goodwill | 1% | S100YCLQ |
| Investment securities | 2% | S100YCLQ |
| Other assets | 27% | S100YCLQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YCLQ |
| Other liabilities | 49% | S100YCLQ |
| Equity | 45% | S100YCLQ |

### 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 | 89,268 | 95,377 | 101,428 | 96,107 | 110,498 |
| Equity | 43,069 | 45,724 | 50,843 | 44,206 | 49,432 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 26,354 | 25,815 | 29,110 | 21,015 | 20,996 |

## 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) | 39.5% | S100YCLQ |
| Fixed assets ÷ total assets | 31.5% | S100YCLQ |
| Goodwill ÷ parent equity | — | —, S100YCLQ |

### 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) | 19.0% |
| Cash ÷ revenue | 23.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 119.6% |
| Cash vs. profit gap | 3,193 JPY mn (of net income 53.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.2% |
| Investing CF relative to operating CF | 148.3% |

## 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 | 3.4% | 0.65× | 2.2% | 2.08× | 4.6% | S100R9YN |
| 2023 | 4.1% | 0.78× | 3.2% | 2.09× | 6.7% | S100TTUL |
| 2024 | 6.3% | 0.83× | 5.2% | 2.07× | 10.8% | S100W526 |
| 2025 | 6.4% | 0.90× | 5.8% | 2.14× | 12.4% | S100YCLQ |
| 2026 | 6.7% | 0.85× | 5.7% | 2.30× | 13.2% | S100YCLQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 今治造船株式会社 | Major shareholder | 19.7% | 2026-03-31 |
| ＰＥＲＳＨＩＮＧ－ＤＩＶ．ＯＦ ＤＬＪ ＳＥＣＳ．ＣＯＲＰ．（常任代理人 シティバンクエヌ・エイ東京支店） | Major shareholder | 10.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.9% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＳＹＤＮＥＹ／２Ｓ／ＪＡＳＤＥＣ／ＡＵＳＴＲＡＬＩＡＮ ＲＥＳＩＤＥＮＴＳ（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.1% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３（常任代理人 株式会社みずほ証券銀行） | Major shareholder | 1.8% | 2026-03-31 |
| ＪＡＰＡＮ ＡＢＳＯＬＵＴＥ ＶＡＬＵＥ ＦＵＮＤ （常任代理人 立花証券株式会社） | Major shareholder | 1.5% | 2026-03-31 |
| ＤＦＡ ＩＮＴＬ ＳＭＡＬＬ ＣＡＰ ＶＡＬＵＥ ＰＯＲＴＦＯＬＩＯ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.5% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ Ｕ．Ｓ． ＴＡＸ ＥＸＥＭＰＴＥＤ ＰＥＮＳＩＯＮ ＦＵＮＤＳ ＳＥＣ ＬＥＮＤＩＮＧ（常任代理人 香港上海銀行） | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2025/04/01－2026/03/31) | S100YCLQ | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCLQ,, |
| 有価証券報告書－第65期(2024/04/01－2025/03/31) | S100W526 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W526,, |
| 有価証券報告書－第64期(2023/04/01－2024/03/31) | S100TTUL | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTUL,, |
| 訂正有価証券報告書－第63期(2022/04/01－2023/03/31) | S100R9YN | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9YN,, |
| 訂正有価証券報告書－第62期(令和3年4月1日－令和4年3月31日) | S100OT88 | 2022-08-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OT88,, |
| 有価証券報告書－第61期(令和2年4月1日－令和3年3月31日) | S100LNAS | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNAS,, |

## 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).