# DAIKIN INDUSTRIES, 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123期(2025/04/01－2026/03/31) (S100YFQL)
> Page: https://vizora.meequs.com/en/company/daikin-industries
> Retrieved: 2026-09-30T21:03:55.921Z

## Company

Daikin, founded in 1924, is a company in Chemicals listed on TSE Prime. It has 104,095 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAIKIN INDUSTRIES,LTD. |
| Ticker | 6367 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6367.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区梅田一丁目13番1号大阪梅田ツインタワーズ・サウス |
| Representative (per filing) | 取締役社長 竹中直文 |
| Founded | Oct 1924 |
| Share capital | ¥85B |
| Employees (consolidated) | 104,095 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | March |
| Website | www.daikin.co.jp (https://www.daikin.co.jp/) |
| Corporate number | 8120001059660 |
| EDINET | E01570 |
| Industries (Vizora) | Chemicals, Air Conditioning, Defense, Industrial Machinery |

> Profile source: annual securities report (S100YFQL, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Air Conditioning (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.4 | 11 |
| Profitability | 31.8 | 11 |
| Cash conversion | 77.3 | 11 |
| Efficiency | 86.4 | 11 |

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 92% of Daikin's sales come from Air-conditioning and refrigeration equipment, with Chemicals and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +5.5% from the prior year, operating profit +3.3%.

## Company structure

- Segment revenue mix: Air-conditioning and refrigeration equipment 92.1%、Chemicals 5.6%、Other 2.2%
- Revenue → net income: ¥5015036000000 → ¥286346000000
- Net income → operating cash flow: ¥286346000000 → ¥465848000000（difference ¥179502000000）
- Main uses of operating cash flow: CapEx ¥209081000000 / dividends ¥90749000000 / buybacks —
- Change in cash: ¥48418000000
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 | ¥5.02T |  |
| Operating income | ¥415B | Margin 8.3% |
| Net income | ¥275.2B | Margin 5.5% |
| Free cash flow | ¥256.8B |  |
| Largest business | Air-conditioning and refrigeration equipment | of segment revenue 92.1% |
| Employees (consolidated) | 104,095 |  |
| EPS | ¥632.59 |  |
| Diluted EPS | ¥632.07 |  |
| Book value per share | ¥4655.75 |  |
| Equity ratio | 55.9% |  |
| Shares outstanding | 293,113,000 |  |
| Treasury shares | 276,900 |  |
| Shareholders | 77,009 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 12.2% | Net cash -¥29B · Cash ÷ revenue 14.1% |
| Vs. industry median margin | -2.4 pp | Air Conditioning |
| ROE | 11.9% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 91% of positive segment profit
- FY2026, parent-company salary changed +23% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2493386000000 | ¥5015036000000 | +101.1% |
| Operating income | ¥238623000000 | ¥414991000000 | +73.9% |
| Operating margin | 9.6% | 8.3% | -1.3 pp |
| Employees | 84,870 people | 104,095 people | +22.7% |
| Cash and equivalents | ¥662267000000 | ¥706523000000 | +6.7% |

### 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 |
| --- | ---: |
| 空調・冷凍機事業 → 空調・冷凍機事業 | 91.2% |
| 化学事業 → 化学事業 | 5.6% |
| 化学事業 → 事業再編・廃止 | 1.0% |
| その他 → その他 | 2.2% |
| 新設・再編 → 空調・冷凍機事業 | 1.0% |
| 新設・再編 → その他 | 0.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Air-conditioning and refrigeration equipment | 5 years | +15.2% | ¥4621131000000 | 8.2% | 2 |
| Chemicals | 5 years | +11.4% | ¥281469000000 | 11.8% | 2 |
| Other | 5 years | +15.2% | ¥112435000000 | 4.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,015,036 | 100.0% | S100YFQL |
| Cost of revenue | 3,282,519 | 65.5% | S100YFQL |
| Gross profit | 1,732,516 | 34.5% | S100YFQL |
| SG&A | 1,317,524 | 26.3% | S100YFQL |
| Operating income | 414,991 | 8.3% | S100YFQL |
| Ordinary income | 408,171 | 8.1% | S100YFQL |
| Pretax income | 403,628 | 8.0% | S100YFQL |
| Income tax | 117,281 | 2.3% | S100YFQL |
| Net income | 286,346 | 5.7% | S100YFQL |
| Net income attributable to owners | 275,229 | 5.5% | S100YFQL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 26 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 34.5% → Operating margin 8.3% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.5%; Core profit growth: +3.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.60×
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 | 4,752,335 | 5,015,036 | 262,701 | +5.5% |
| Gross profit | 1,626,688 | 1,732,516 | 105,828 | +6.5% |
| Operating income | 401,669 | 414,991 | 13,322 | +3.3% |
| Net income attributable to owners | 264,757 | 275,229 | 10,472 | +4.0% |
| Operating cash flow | 514,450 | 465,848 | -48,602 | -9.4% |
| Free cash flow | 268,465 | 256,767 | -11,698 | -4.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,550,305 | 265,513 | 10.4% | 170,731 | 302,166 | 204,072 | S100NLB4 |
| FY ending Mar 2021 | 2,493,386 | 238,623 | 9.6% | 156,249 | 374,691 | 269,720 | S100OG1V |
| FY ending Mar 2022 | 3,109,106 | 316,350 | 10.2% | 217,709 | 245,071 | 130,965 | S100R5QK |
| FY ending Mar 2023 | 3,981,578 | 377,032 | 9.5% | 257,754 | 158,896 | -16,180 | S100TS9K |
| FY ending Mar 2024 | 4,395,317 | 392,137 | 8.9% | 260,311 | 399,567 | 156,934 | S100W3XO |
| FY ending Mar 2025 | 4,752,335 | 401,669 | 8.5% | 264,757 | 514,450 | 268,465 | S100YFQL |
| FY ending Mar 2026 | 5,015,036 | 414,991 | 8.3% | 275,229 | 465,848 | 256,767 | S100YFQL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.2M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 88,698 | 96,337 | 98,162 | 103,544 | 104,095 |
| Average salary (parent company) | ¥7.3M | ¥7.5M | ¥7.7M | ¥8.5M | ¥9M |
| Average age (parent company) | 38.0 years | 38.0 years | 38.0 years | 41.0 years | 41.2 years |
| Average tenure (parent company) | 14.0 years | 14.0 years | 14.0 years | 16.5 years | 16.6 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +5.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Air-conditioning and refrigeration equipment | 4,621,131 | 92.1% | 376,991 | 8.2% |
| Chemicals | 281,469 | 5.6% | 33,089 | 11.8% |
| Other | 112,435 | 2.2% | 4,925 | 4.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Air-conditioning and refrigeration equipment | 92.1% | 90.8% | -1.3 | 8.2% |
| Chemicals | 5.6% | 8.0% | 2.4 | 11.8% |
| Other | 2.2% | 1.2% | -1.1 | 4.4% |

Segment → industry: Chemicals → Chemicals / Air-conditioning and refrigeration equipment → Air Conditioning / Other → Defense / Other → 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 | 465,848 | 9.3% | S100YFQL |
| Capital expenditure | 209,081 | 4.2% | S100YFQL |
| Free cash flow | 256,767 | 5.1% | 算出 |
| Investing cash flow | -322,239 | -6.4% | S100YFQL |
| Financing cash flow | -156,378 | -3.1% | S100YFQL |
| Dividends paid | 90,749 | 1.8% | S100YFQL |
| Change in cash | 48,418 | 1.0% | S100YFQL |
| Cash and equivalents | 706,523 | 14.1% | S100YFQL |

## 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 | 717,802 | 548,242 | 634,008 | 658,105 | 706,523 | S100TS9K, S100W3XO, S100YFQL |
| Total assets | 3,823,038 | 4,303,682 | 4,880,230 | 5,133,416 | 5,809,240 | S100R5QK, S100TS9K, S100W3XO, S100YFQL |
| Net assets | 2,007,149 | 2,279,095 | 2,687,302 | 2,866,693 | 3,316,538 | S100TS9K, S100W3XO, S100YFQL |
| Share capital | 85,032 | 85,032 | 85,032 | 85,032 | 85,032 | S100R5QK, S100TS9K, S100W3XO, S100YFQL |
| Property, plant and equipment | 743,364 | 900,944 | 1,134,982 | 1,279,327 | 1,464,475 | S100R5QK, S100TS9K, S100W3XO, S100YFQL |
| Intangible assets excluding goodwill | 577,007 | 658,454 | 683,726 | 637,867 | 669,541 | S100R5QK, S100TS9K, S100W3XO, S100YFQL |
| Goodwill | 270,467 | 304,331 | 306,627 | 266,337 | 274,767 | S100R5QK, S100TS9K, S100W3XO, S100YFQL |
| Investment securities | 200,187 | 169,602 | 171,857 | 160,032 | 199,020 | S100R5QK, S100TS9K, S100W3XO, S100YFQL |
| Current assets | 2,165,623 | 2,427,082 | 2,726,598 | 2,853,654 | 3,262,880 | S100R5QK, S100TS9K, S100W3XO, S100YFQL |
| Current liabilities | 1,306,239 | 1,449,321 | 1,566,990 | 1,543,047 | 1,688,870 | S100R5QK, S100TS9K, S100W3XO, S100YFQL |
| Trade payables | 302,621 | 352,647 | 326,033 | 362,158 | 419,985 | S100R5QK, S100TS9K, S100W3XO, S100YFQL |
| Short-term borrowings | 97,376 | 293,541 | 363,205 | 294,643 | 286,097 | S100R5QK, S100TS9K, S100W3XO, S100YFQL |
| Long-term borrowings | 140,526 | 174,148 | 194,918 | 239,920 | 249,387 | S100R5QK, S100TS9K, S100W3XO, S100YFQL |
| Bonds | 120,000 | 140,000 | 130,000 | 175,000 | 200,000 | S100R5QK, S100TS9K, S100W3XO, S100YFQL |
| Interest-bearing debt | 357,902 | 607,689 | 688,123 | 709,563 | 735,484 | 算出 |
| Total liabilities | 1,815,888 | 2,024,587 | 2,192,927 | 2,266,723 | 2,492,702 | S100R5QK, S100TS9K, S100W3XO, S100YFQL |
| Non-controlling interests | 35,876 | 40,947 | 45,994 | 61,199 | 61,884 | S100R5QK, S100TS9K, S100W3XO, S100YFQL |
| Equity attributable to owners of parent | 1,696,167 | 1,874,999 | 2,057,695 | 2,239,296 | 2,405,138 | S100R5QK, S100TS9K, S100W3XO, S100YFQL |
| Retained earnings | 1,529,147 | 1,712,165 | 1,896,173 | 2,068,308 | 2,252,762 | S100R5QK, S100TS9K, S100W3XO, S100YFQL |
| Treasury stock | -1,846 | -1,676 | -1,525 | -1,348 | -1,178 | S100R5QK, S100TS9K, S100W3XO, S100YFQL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YFQL |
| Property, plant and equipment | 25% | S100YFQL |
| Intangibles and goodwill | 16% | S100YFQL |
| Investment securities | 4% | S100YFQL |
| Other assets | 43% | S100YFQL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YFQL |
| Interest-bearing debt | 13% | 算出 |
| Other liabilities | 23% | S100YFQL |
| Equity | 57% | S100YFQL |

### 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 | 3,823,038 | 4,303,682 | 4,880,230 | 5,133,416 | 5,809,240 |
| Equity | 2,007,149 | 2,279,095 | 2,687,302 | 2,866,693 | 3,316,538 |
| Interest-bearing debt | 357,902 | 607,689 | 688,123 | 709,563 | 735,484 |
| Cash | 717,802 | 548,242 | 634,008 | 658,105 | 706,523 |

## 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) | 29.2% | S100YFQL |
| Fixed assets ÷ total assets | 25.2% | S100YFQL |
| Goodwill ÷ parent equity | 11.4% | S100YFQL |

Goodwill over 4 years: 270,467 → 274,767 JPY; total investing cash flow: -1,297,415 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) | 12.2% |
| Cash ÷ revenue | 14.1% |
| Net cash (cash − interest-bearing debt) | -¥29B |
| Net debt ÷ operating cash flow | 0.06× |
| Cash conversion (operating CF ÷ operating income) | 112.3% |
| Cash vs. profit gap | 190,619 JPY mn (of net income 69.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.0% |
| Shareholder payments — dividends / FCF | 35.3% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 69.2% |

## 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 | 7.0% | 0.81× | 5.7% | 2.25× | 12.8% | S100R5QK |
| 2023 | 6.5% | 0.98× | 6.3% | 2.28× | 14.4% | S100TS9K |
| 2024 | 5.9% | 0.96× | 5.7% | 2.34× | 13.2% | S100W3XO |
| 2025 | 5.6% | 0.95× | 5.3% | 2.33× | 12.3% | S100YFQL |
| 2026 | 5.5% | 0.92× | 5.0% | 2.36× | 11.9% | S100YFQL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 18.4% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 7.3% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505001(常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 3.8% | 2026-03-31 |
| エリオット インターナショナル エルピー(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 3.0% | 2026-03-31 |
| ザ チェース マンハッタン バンク エヌエイ ロンドンエスイーシーエス レンディング オムニバス アカウント(常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 2.6% | 2026-03-31 |
| ㈱三井住友銀行 | Major shareholder | 2.4% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505103(常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 1.9% | 2026-03-31 |
| ジェーピー モルガン チェース バンク 385781(常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 1.4% | 2026-03-31 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 1.3% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505223 (常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 1.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥5.02T, up +5.5% from ¥4.75T.
- Operating income rose to ¥415B (+3.3%) and net income attributable to owners to ¥275.2B (+4.0%), so profit grew more slowly than sales.
- Operating cash flow dropped to ¥465.8B (-9.4%) and free cash flow to ¥256.8B (-4.4%).

### Drivers

- Home air conditioner demand was weak in the Americas, China and Asia, but sales grew in applied systems such as data center cooling and in commercial units
- SG&A rose, mainly because of higher personnel costs, which held back profit growth
- In chemicals, the slow recovery in semiconductor demand cut segment profit sharply
- Operating cash flow fell mainly because trade receivables increased

### Risks

- Tariffs and other policy changes, an economic slowdown or unusual weather could weaken markets
- A high share of overseas sales means currency swings affect yen-based revenue and costs
- Tighter rules on refrigerant gases and energy efficiency could raise compliance costs

Cited: Annual Securities Report (123rd term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (123rd term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第123期(2025/04/01－2026/03/31) | S100YFQL | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFQL,, |
| 有価証券報告書－第122期(2024/04/01－2025/03/31) | S100W3XO | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3XO,, |
| 有価証券報告書－第121期(2023/04/01－2024/03/31) | S100TS9K | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS9K,, |
| 有価証券報告書－第120期(2022/04/01－2023/03/31) | S100R5QK | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5QK,, |
| 有価証券報告書－第119期(令和3年4月1日－令和4年3月31日) | S100OG1V | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG1V,, |
| 訂正有価証券報告書－第118期(令和2年4月1日－令和3年3月31日) | S100NLB4 | 2022-03-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NLB4,, |

## 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).