# DMG MORI CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第78期(2025/01/01－2025/12/31) (S100XUMY)
> Page: https://vizora.meequs.com/en/company/dmg-mori
> Retrieved: 2026-09-30T20:25:55.033Z

## Company

DMG Mori, founded in 1948, is a company in Machine Tools listed on TSE Prime. It has 14,026 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DMG MORI CO., LTD. |
| Ticker | 6141 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6141.T) |
| Listing | TSE Prime |
| Head office | 奈良県奈良市三条本町2番1号 (注)上記は登記上の本店所在地であり、実際の本社業務は「最寄りの 連絡場所」で行っております。 |
| Representative (per filing) | 代表取締役社長 森 雅彦 |
| Founded | Oct 1948 |
| Share capital | ¥71.8B |
| Employees (consolidated) | 14,026 |
| Average salary (parent only) | ¥9.1M |
| Fiscal year end | December |
| Website | www.dmgmori.co.jp (https://www.dmgmori.co.jp/) |
| Corporate number | 1150001006212 |
| EDINET | E01502 |
| Industries (Vizora) | Machine Tools |

> Profile source: annual securities report (S100XUMY, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Machine Tools (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.9 | 34 |
| Profitability | 22.1 | 34 |
| Cash conversion | 56.5 | 31 |
| Efficiency | 54.4 | 34 |

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 67% of DMG Mori's sales come from Machine Tools, with Industrial Services making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -4.8% from the prior year, operating profit -56.6%.

## Company structure

- Segment revenue mix: Machine Tools 66.7%、Industrial Services 33.3%
- Revenue → net income: ¥514976000000 → ¥24197000000
- Net income → operating cash flow: ¥24197000000 → ¥25984000000（difference ¥1787000000）
- Main uses of operating cash flow: CapEx ¥29519000000 / dividends ¥14183000000 / buybacks ¥6628000000
- Change in cash: ¥-1887000000
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 | ¥515B |  |
| Operating income | ¥19B | Margin 3.7% |
| Net income | ¥24B | Margin 4.7% |
| Free cash flow | -¥3.54B |  |
| Largest business | Machine Tools | of segment revenue 66.7% |
| Employees (consolidated) | 14,026 |  |
| EPS | ¥155.6 |  |
| Diluted EPS | ¥155.6 |  |
| Book value per share | ¥1198.93 |  |
| Equity ratio | 39.2% | Derived from disclosed figures |
| Shares outstanding | 142,325,000 |  |
| Treasury shares | 2,881,500 |  |
| Shareholders | 56,577 |  |
| Average salary (parent only) | ¥9.1M | Filing company only |
| Cash ratio | 4.6% | Cash ÷ revenue 7.7% |
| Vs. industry median margin | -3.4 pp | Machine Tools |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 2.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 73% of positive segment profit
- FY2025, segment profit share differs by -40 points
- FY2025, parent-company salary changed +25% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥328283000000 | ¥514976000000 | +56.9% |
| Operating income | ¥10674000000 | ¥18974000000 | +77.8% |
| Operating margin | 3.3% | 3.7% | +0.4 pp |
| Employees | 12,160 people | 14,026 people | +15.3% |
| Cash and equivalents | ¥33754000000 | ¥39859000000 | +18.1% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| マシンツール → マシンツール | 66.7% |
| マシンツール → 事業再編・廃止 | 2.9% |
| インダストリアル・サービス → インダストリアル・サービス | 30.5% |
| 新設・再編 → インダストリアル・サービス | 2.9% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 514,976 | 100.0% | S100XUMY |
| Operating income | 18,974 | 3.7% | S100XUMY |
| Pretax income | 10,930 | 2.1% | S100XUMY |
| Income tax | 3,961 | 0.8% | S100XUMY |
| Net income | 24,197 | 4.7% | S100XUMY |
| Net income attributable to owners | 24,033 | 4.7% | S100XUMY |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Operating expenses | 96 |
| Operating income | 4 |
| (Ref.) Net income | 5 |

### Margin funnel

Operating margin 3.7% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.8%; Core profit growth: -56.6%
Operating leverage (core profit growth ÷ revenue growth): 11.79×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 540,945 | 514,976 | -25,969 | -4.8% |
| Operating income | 43,726 | 18,974 | -24,752 | -56.6% |
| Net income attributable to owners | 7,700 | 24,033 | 16,333 | +212.1% |
| Operating cash flow | 44,579 | 25,984 | -18,595 | -41.7% |
| Free cash flow | 774 | -3,535 | -4,309 | -556.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 376,631 | 1,961 | 0.5% | -7,826 | 18,237 | — | S100L2GU |
| FY ending Dec 2017 | 429,664 | 29,391 | 6.8% | 15,263 | 31,423 | — | S100NPE4 |
| FY ending Dec 2018 | 501,248 | 36,261 | 7.2% | 18,517 | 49,398 | — | S100QH6T |
| FY ending Dec 2019 | 485,778 | 37,339 | 7.7% | 17,995 | 43,647 | 22,471 | S100L2GU |
| FY ending Dec 2020 | 328,283 | 10,674 | 3.3% | 1,745 | 13,647 | -6,495 | S100NPE4 |
| FY ending Dec 2021 | 396,011 | 23,067 | 5.8% | 13,460 | 49,733 | 26,482 | S100QH6T |
| FY ending Dec 2022 | 474,771 | 41,213 | 8.7% | 25,406 | 69,749 | 28,637 | S100T66J |
| FY ending Dec 2023 | 539,450 | 55,356 | 10.3% | 33,944 | 51,608 | 9,136 | S100VI24 |
| FY ending Dec 2024 | 540,945 | 43,726 | 8.1% | 7,700 | 44,579 | 774 | S100XUMY |
| FY ending Dec 2025 | 514,976 | 18,974 | 3.7% | 24,033 | 25,984 | -3,535 | S100XUMY |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.7M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1.7M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 12,259 | 12,626 | 13,484 | 13,951 | 14,026 |
| Average salary (parent company) | ¥7.2M | ¥8.4M | ¥8.9M | ¥9M | ¥9.1M |
| Average age (parent company) | 42.1 years | 42.7 years | 43.1 years | 43.1 years | 43.3 years |
| Average tenure (parent company) | 16.3 years | 16.9 years | 17.3 years | 17.1 years | 17.2 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) -4.8%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Machine Tools | 343,277 | 66.7% | 8,612 | 2.5% |
| Industrial Services | 171,652 | 33.3% | 23,283 | 13.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Machine Tools | 66.7% | 27.0% | -39.7 | 2.5% |
| Industrial Services | 33.3% | 73.0% | 39.7 | 13.6% |

Segment → industry: Industrial Services → Machine Tools / Machine Tools → Machine Tools

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 25,984 | 5.0% | S100XUMY |
| Capital expenditure | 29,519 | 5.7% | S100XUMY |
| Free cash flow | -3,535 | -0.7% | 算出 |
| Investing cash flow | -11,214 | -2.2% | S100XUMY |
| Financing cash flow | -20,355 | -4.0% | S100XUMY |
| Dividends paid | 14,183 | 2.8% | S100XUMY |
| Share buyback | 6,628 | 1.3% | S100XUMY |
| Change in cash | -1,887 | -0.4% | S100XUMY |
| Cash and equivalents | 39,859 | 7.7% | S100XUMY |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 47,298 | 36,992 | 39,212 | 41,747 | 39,859 | S100T66J, S100VI24, S100XUMY |
| Total assets | 597,117 | 680,334 | 765,806 | 797,567 | 868,965 | S100QH6T, S100T66J, S100VI24, S100XUMY |
| Net assets | 217,279 | 250,374 | 272,545 | 316,480 | 342,155 | S100T66J, S100VI24, S100XUMY |
| Share capital | 51,115 | 51,115 | 51,115 | 71,230 | 71,804 | S100QH6T, S100T66J, S100VI24, S100XUMY |
| Property, plant and equipment | 138,076 | 162,965 | 189,231 | 212,710 | 223,573 | S100QH6T, S100T66J, S100VI24, S100XUMY |
| Goodwill | 70,834 | 76,842 | 85,587 | 89,951 | 100,100 | S100QH6T, S100T66J, S100VI24, S100XUMY |
| Current assets | 254,692 | 293,985 | 323,773 | 317,711 | 347,844 | S100QH6T, S100T66J, S100VI24, S100XUMY |
| Total liabilities | 379,838 | 429,960 | 493,261 | 481,087 | 526,809 | S100QH6T, S100T66J, S100VI24, S100XUMY |
| Equity attributable to owners of parent | 213,139 | 245,897 | 267,990 | 314,522 | 340,484 | S100QH6T, S100T66J, S100VI24, S100XUMY |
| Retained earnings | 52,817 | 69,864 | 92,283 | 85,866 | 93,738 | S100QH6T, S100T66J, S100VI24, S100XUMY |
| Treasury stock | -1,889 | -906 | -883 | -862 | -7,474 | S100QH6T, S100T66J, S100VI24, S100XUMY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100XUMY |
| Property, plant and equipment | 26% | S100XUMY |
| Intangibles and goodwill | 11% | — |
| Other assets | 58% | S100XUMY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 61% | S100XUMY |
| Equity | 39% | S100XUMY |
| Other liabilities | 0% | S100XUMY |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 597,117 | 680,334 | 765,806 | 797,567 | 868,965 |
| Equity | 217,279 | 250,374 | 272,545 | 316,480 | 342,155 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 47,298 | 36,992 | 39,212 | 41,747 | 39,859 |

## 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) | 43.4% | S100XUMY |
| Fixed assets ÷ total assets | 25.7% | S100XUMY |
| Goodwill ÷ parent equity | 29.4% | S100XUMY |

Goodwill over 4 years: 70,834 → 100,100 JPY; total investing cash flow: -150,389 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) | 4.6% |
| Cash ÷ revenue | 7.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 136.9% |
| Cash vs. profit gap | 1,951 JPY mn (of net income 8.1%) |
| Shareholder returns / net income | 86.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 59.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.7% |
| Investing CF relative to operating CF | 43.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.4% | 0.66× | 2.3% | 2.80× | 6.3% | S100QH6T |
| 2022 | 5.4% | 0.74× | 4.0% | 2.78× | 11.1% | S100T66J |
| 2023 | 6.3% | 0.75× | 4.7% | 2.81× | 13.2% | S100VI24 |
| 2024 | 1.4% | 0.69× | 1.0% | 2.68× | 2.6% | S100XUMY |
| 2025 | 4.7% | 0.62× | 2.9% | 2.54× | 7.3% | S100XUMY |

## 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 | 12.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 10.9% | 2025-12-31 |
| ＤＭＧ森精機従業員持株会 | Major shareholder | 3.7% | 2025-12-31 |
| 森 雅彦 | Major shareholder | 2.8% | 2025-12-31 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.7% | 2025-12-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.7% | 2025-12-31 |
| 株式会社日本カストディ銀行(森記念製造技術研究財団口) | Major shareholder | 2.5% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 2.0% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.5% | 2025-12-31 |
| 日本証券金融株式会社 | Major shareholder | 1.4% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 was ¥515B, down -4.8% from ¥540.9B.
- Operating income dropped more sharply, from ¥43.7B to ¥19B (-56.6%).
- Net income, however, rose from ¥7.7B to ¥24B (+212.1%); this figure includes results from the Russian business, which is now reported as discontinued operations.
- Operating cash flow fell to ¥26B, and free cash flow turned negative at -¥3.54B.

### Drivers

- In Machine Tools, orders from commercial aircraft, space, defense, medical and power generation held up, but segment revenue and profit were still lower than the year before
- In Industrial Services, spare parts sales and repair work held up
- Operating cash flow was pulled down by higher trade receivables and income tax payments

### Risks

- Machine tool demand swings with the economy; if capital spending drops, both unit prices and volumes can fall quickly
- More than half of revenue comes from Europe, so moves in the euro and dollar against the yen affect results
- Machine tools are subject to export controls, and tighter rules or tariff changes could hurt sales

Cited: Annual Securities Report (78th 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 (78th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/01/01－2025/12/31) | S100XUMY | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUMY,, |
| 有価証券報告書－第77期(2024/01/01－2024/12/31) | S100VI24 | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI24,, |
| 有価証券報告書－第76期(2023/01/01－2023/12/31) | S100T66J | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T66J,, |
| 有価証券報告書－第75期(2022/01/01－2022/12/31) | S100QH6T | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH6T,, |
| 有価証券報告書－第74期(令和3年1月1日－令和3年12月31日) | S100NPE4 | 2022-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPE4,, |
| 有価証券報告書－第73期(令和2年1月1日－令和2年12月31日) | S100L2GU | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2GU,, |

## 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).