# EAGLE INDUSTRY 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72期(2025/04/01－2026/03/31) (S100YFUB)
> Page: https://vizora.meequs.com/en/company/eagle-industry
> Retrieved: 2026-09-30T21:35:21.146Z

## Company

Eagle Industry, founded in 1964, is a company in Auto Parts listed on TSE Prime. It has 6,188 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | EAGLE INDUSTRY CO.,LTD. |
| Ticker | 6486 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6486.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝大門1丁目12番15号 (同所は登記上の本店所在地であり、実際の業務は「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 鶴 鉄二 |
| Founded | Oct 1964 |
| Share capital | ¥10.5B |
| Employees (consolidated) | 6,188 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | March |
| Website | www.pronexus.co.jp (https://www.pronexus.co.jp/) |
| Corporate number | 2010401002451 |
| EDINET | E01414 |
| Industries (Vizora) | Auto Parts, Shipbuilding, Semiconductor Equipment, Aerospace, Industrial Machinery |

> Profile source: annual securities report (S100YFUB, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 42.3 | 110 |
| Profitability | 83.3 | 111 |
| Cash conversion | 42.1 | 108 |
| Efficiency | 29.3 | 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 53% of Eagle Industry's sales come from Auto industry and construction machinery industry, with general industry machinery and Marine industry 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 +58.6%.

## Company structure

- Segment revenue mix: Auto industry and construction machinery industry 52.5%、general industry machinery 22.3%、Marine industry 11.0%、semiconductor industry 9.3%、aerospace industry 4.9%
- Revenue → net income: ¥177488000000 → ¥12249000000
- Net income → operating cash flow: ¥12249000000 → ¥22037000000（difference ¥9788000000）
- Main uses of operating cash flow: CapEx ¥8723000000 / dividends ¥5087000000 / buybacks ¥4000000
- Change in cash: ¥7264000000
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 | ¥177.5B |  |
| Operating income | ¥13.5B | Margin 7.6% |
| Net income | ¥9.83B | Margin 5.5% |
| Free cash flow | ¥13.3B |  |
| Largest business | Auto industry and construction machinery industry | of segment revenue 52.5% |
| Employees (consolidated) | 6,188 |  |
| EPS | ¥141.2 |  |
| Book value per share | ¥1701.49 |  |
| Equity ratio | 58.2% |  |
| Shares outstanding | 49,757,000 |  |
| Treasury shares | 3,506,500 |  |
| Shareholders | 20,717 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 14.1% | Cash ÷ revenue 18.1% |
| Vs. industry median margin | +2.8 pp | Auto Parts |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, employees -1% while operating income rose 59%
- FY2026, segment profit share differs by -31 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥130513000000 | ¥177488000000 | +36.0% |
| Operating income | ¥5802000000 | ¥13468000000 | +132.1% |
| Operating margin | 4.4% | 7.6% | +3.1 pp |
| Employees | 6,507 people | 6,188 people | -4.9% |
| Cash and equivalents | ¥31545000000 | ¥32154000000 | +1.9% |

### 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 |
| --- | ---: |
| 自動車・建設機械業界向け事業 → 自動車・建設機械業界向け事業 | 52.5% |
| 自動車・建設機械業界向け事業 → 事業再編・廃止 | 7.4% |
| 一般産業機械業界向け事業 → 一般産業機械業界向け事業 | 20.1% |
| 半導体業界向け事業 → 半導体業界向け事業 | 7.0% |
| 舶用業界向け事業 → 舶用業界向け事業 | 8.1% |
| 航空宇宙業界向け事業 → 航空宇宙業界向け事業 | 4.9% |
| 新設・再編 → 一般産業機械業界向け事業 | 2.1% |
| 新設・再編 → 半導体業界向け事業 | 2.3% |
| 新設・再編 → 舶用業界向け事業 | 2.9% |
| 新設・再編 → 航空宇宙業界向け事業 | 0.1% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Auto industry and construction machinery industry | 5 years | +3.6% | ¥93267000000 | 3.3% | 2 |
| general industry machinery | 5 years | +8.5% | ¥39492000000 | 14.6% | 2 |
| Marine industry | 5 years | +13.1% | ¥19479000000 | 26.2% | 2 |
| semiconductor industry | 5 years | +12.6% | ¥16488000000 | -7.1% | 2 |
| aerospace industry | 5 years | +6.7% | ¥8760000000 | 7.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 177,488 | 100.0% | S100YFUB |
| Cost of revenue | 131,780 | 74.2% | S100YFUB |
| Gross profit | 45,707 | 25.8% | S100YFUB |
| SG&A | 32,238 | 18.2% | S100YFUB |
| Operating income | 13,468 | 7.6% | S100YFUB |
| Ordinary income | 17,170 | 9.7% | S100YFUB |
| Pretax income | 16,720 | 9.4% | S100YFUB |
| Income tax | 4,471 | 2.5% | S100YFUB |
| Net income | 12,249 | 6.9% | S100YFUB |
| Net income attributable to owners | 9,828 | 5.5% | S100YFUB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 18 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 25.8% → Operating margin 7.6% → 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: +58.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 10.57×
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 | 168,172 | 177,488 | 9,316 | +5.5% |
| Gross profit | 39,647 | 45,707 | 6,060 | +15.3% |
| Operating income | 8,494 | 13,468 | 4,974 | +58.6% |
| Net income attributable to owners | 4,877 | 9,828 | 4,951 | +101.5% |
| Operating cash flow | 13,692 | 22,037 | 8,345 | +60.9% |
| Free cash flow | 2,303 | 13,314 | 11,011 | +478.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 142,106 | 5,772 | 4.1% | 2,907 | 16,043 | 5,091 | S100LN1R |
| FY ending Mar 2021 | 130,513 | 5,802 | 4.4% | 4,010 | 17,849 | 11,819 | S100OCK9 |
| FY ending Mar 2022 | 140,842 | 7,560 | 5.4% | 5,713 | 12,238 | 5,771 | S100R9CS |
| FY ending Mar 2023 | 157,380 | 9,264 | 5.9% | 6,796 | 12,323 | 3,146 | S100TRCL |
| FY ending Mar 2024 | 167,042 | 8,107 | 4.9% | 7,491 | 17,741 | 5,912 | S100W2GM |
| FY ending Mar 2025 | 168,172 | 8,494 | 5.1% | 4,877 | 13,692 | 2,303 | S100YFUB |
| FY ending Mar 2026 | 177,488 | 13,468 | 7.6% | 9,828 | 22,037 | 13,314 | S100YFUB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.7M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 6,393 | 6,300 | 6,280 | 6,268 | 6,188 |
| Average salary (parent company) | ¥7.6M | ¥7.8M | ¥7.9M | ¥8.3M | ¥9M |
| Average age (parent company) | 41.1 years | 41.4 years | 41.6 years | 41.5 years | 41.8 years |
| Average tenure (parent company) | 16.5 years | 16.6 years | 16.7 years | 15.8 years | 16.1 years |

Year over year: Employees (consolidated) -1.3% · Revenue (consolidated) +5.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Auto industry and construction machinery industry | 93,267 | 52.5% | 3,082 | 3.3% |
| general industry machinery | 39,492 | 22.3% | 5,747 | 14.6% |
| semiconductor industry | 16,488 | 9.3% | -1,169 | -7.1% |
| Marine industry | 19,479 | 11.0% | 5,100 | 26.2% |
| aerospace industry | 8,760 | 4.9% | 696 | 7.9% |

### 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 industry and construction machinery industry | 52.5% | 21.1% | -31.5 | 3.3% |
| general industry machinery | 22.3% | 39.3% | 17.0 | 14.6% |
| semiconductor industry | 9.3% | — | — | -7.1% |
| Marine industry | 11.0% | 34.9% | 23.9 | 26.2% |
| aerospace industry | 4.9% | 4.8% | -0.2 | 7.9% |

Loss-making segment (excluded from profit shares): semiconductor industry -1,169 JPY mn

Segment → industry: Auto industry and construction machinery industry → Auto Parts / Marine industry → Shipbuilding / semiconductor industry → Semiconductor Equipment / aerospace industry → Aerospace / general industry machinery → 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 | 22,037 | 12.4% | S100YFUB |
| Capital expenditure | 8,723 | 4.9% | S100YFUB |
| Free cash flow | 13,314 | 7.5% | 算出 |
| Investing cash flow | -8,774 | -4.9% | S100YFUB |
| Financing cash flow | -8,251 | -4.6% | S100YFUB |
| Dividends paid | 5,087 | 2.9% | S100YFUB |
| Share buyback | 4 | 0.0% | S100YFUB |
| Change in cash | 7,264 | 4.1% | S100YFUB |
| Cash and equivalents | 32,154 | 18.1% | S100YFUB |

## 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 | 27,001 | 29,271 | 31,054 | 24,890 | 32,154 | S100TRCL, S100W2GM, S100YFUB |
| Total assets | 180,955 | 193,232 | 209,914 | 203,484 | 228,581 | S100R9CS, S100TRCL, S100W2GM, S100YFUB |
| Net assets | 103,094 | 112,930 | 125,671 | 122,519 | 142,621 | S100TRCL, S100W2GM, S100YFUB |
| Share capital | 10,490 | 10,490 | 10,490 | 10,490 | 10,490 | S100R9CS, S100TRCL, S100W2GM, S100YFUB |
| Property, plant and equipment | 59,039 | 60,879 | 65,383 | 62,847 | 64,220 | S100R9CS, S100TRCL, S100W2GM, S100YFUB |
| Intangible assets excluding goodwill | 3,108 | 2,727 | 2,325 | 2,160 | 2,185 | S100R9CS, S100TRCL, S100W2GM, S100YFUB |
| Goodwill | 1,266 | 829 | 426 | 215 | 51 | S100R9CS, S100TRCL, S100W2GM, S100YFUB |
| Investment securities | 12,785 | 14,733 | 18,257 | 18,196 | 22,138 | S100R9CS, S100TRCL, S100W2GM, S100YFUB |
| Current assets | 98,323 | 107,712 | 115,956 | 111,369 | 125,450 | S100R9CS, S100TRCL, S100W2GM, S100YFUB |
| Current liabilities | 42,686 | 44,457 | 46,968 | 47,140 | 51,741 | S100R9CS, S100TRCL, S100W2GM, S100YFUB |
| Short-term borrowings | 2,353 | 2,148 | 2,427 | 4,065 | 3,382 | S100R9CS, S100TRCL, S100W2GM, S100YFUB |
| Long-term borrowings | 17,732 | 20,508 | 24,735 | 23,676 | 22,949 | S100R9CS, S100TRCL, S100W2GM, S100YFUB |
| Total liabilities | 77,860 | 80,302 | 84,242 | 80,964 | 85,959 | S100R9CS, S100TRCL, S100W2GM, S100YFUB |
| Non-controlling interests | 8,761 | 8,510 | 8,909 | 8,688 | 9,558 | S100R9CS, S100TRCL, S100W2GM, S100YFUB |
| Equity attributable to owners of parent | 93,057 | 96,249 | 94,956 | 94,710 | 99,722 | S100R9CS, S100TRCL, S100W2GM, S100YFUB |
| Retained earnings | 71,483 | 75,824 | 79,415 | 79,846 | 84,587 | S100R9CS, S100TRCL, S100W2GM, S100YFUB |
| Treasury stock | -213 | -1,884 | -6,769 | -7,454 | -7,183 | S100R9CS, S100TRCL, S100W2GM, S100YFUB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YFUB |
| Property, plant and equipment | 28% | S100YFUB |
| Intangibles and goodwill | 1% | S100YFUB |
| Investment securities | 10% | S100YFUB |
| Other assets | 47% | S100YFUB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100YFUB |
| Equity | 62% | S100YFUB |
| Other liabilities | 0% | S100YFUB |

### 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 | 180,955 | 193,232 | 209,914 | 203,484 | 228,581 |
| Equity | 103,094 | 112,930 | 125,671 | 122,519 | 142,621 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 27,001 | 29,271 | 31,054 | 24,890 | 32,154 |

## 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) | 36.2% | S100YFUB |
| Fixed assets ÷ total assets | 28.1% | S100YFUB |
| Goodwill ÷ parent equity | 0.1% | S100YFUB |

Goodwill over 4 years: 1,266 → 51 JPY; total investing cash flow: -46,140 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) | 14.1% |
| Cash ÷ revenue | 18.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 163.6% |
| Cash vs. profit gap | 12,209 JPY mn (of net income 124.2%) |
| Shareholder returns / net income | 51.8% |
| Shareholder returns / FCF | 38.2% |
| Shareholder payments — dividends / net income | 51.8% |
| Shareholder payments — dividends / FCF | 38.2% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 39.8% |

## 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 | 4.1% | 0.78× | 3.2% | 1.94× | 6.1% | S100R9CS |
| 2023 | 4.3% | 0.84× | 3.6% | 1.98× | 7.2% | S100TRCL |
| 2024 | 4.5% | 0.83× | 3.7% | 2.11× | 7.8% | S100W2GM |
| 2025 | 2.9% | 0.81× | 2.4% | 2.18× | 5.1% | S100YFUB |
| 2026 | 5.5% | 0.82× | 4.5% | 2.22× | 10.1% | S100YFUB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＮＯＫ株式会社 | Major shareholder | 32.0% | 2026-03-31 |
| フロイデンベルグ・エス・エー | Major shareholder | 8.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行 株式会社(信託口) | Major shareholder | 6.1% | 2026-03-31 |
| 第一生命保険株式会社 常任代理人 株式会社日本カストディ銀行 | Major shareholder | 6.0% | 2026-03-31 |
| イーグル工業持株会 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 2.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(役員報酬BIP信託口・76761口) | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社中国銀行 常任代理人 株式会社日本カストディ銀行 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第72期(2025/04/01－2026/03/31) | S100YFUB | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFUB,, |
| 有価証券報告書－第71期(2024/04/01－2025/03/31) | S100W2GM | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2GM,, |
| 有価証券報告書－第70期(2023/04/01－2024/03/31) | S100TRCL | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRCL,, |
| 訂正有価証券報告書－第69期(2022/04/01－2023/03/31) | S100R9CS | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9CS,, |
| 有価証券報告書－第68期(令和3年4月1日－令和4年3月31日) | S100OCK9 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCK9,, |
| 有価証券報告書－第67期(令和2年4月1日－令和3年3月31日) | S100LN1R | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN1R,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| NOK | Capital alliance | 共同株式移転による経営統合（共同持株会社 NOK Group 設立予定） | S100YFWJ |

## 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).