# ENDO MANUFACTURING CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第76期(2025/01/01－2025/12/31) (S100XTH1)
> Page: https://vizora.meequs.com/en/company/endo-manufacturing
> Retrieved: 2026-09-30T20:28:06.694Z

## Company

Endo Manufacturing, founded in 1950, is a company in Steel listed on TSE Standard. It has 1,290 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ENDO MANUFACTURING CO.,LTD. |
| Ticker | 7841 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7841.T) |
| Listing | TSE Standard |
| Head office | 新潟県燕市東太田987番地 |
| Representative (per filing) | 代表取締役社長 渡部 大史 |
| Founded | Nov 1950 |
| Share capital | ¥1.24B |
| Employees (consolidated) | 1,290 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | December |
| Website | www.endo-mfg.co.jp (https://www.endo-mfg.co.jp/) |
| Corporate number | 6110001015567 |
| EDINET | E01459 |
| Industries (Vizora) | Steel, Sporting Goods & Fitness |

> Profile source: annual securities report (S100XTH1, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Steel (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98.5 | 33 |
| Profitability | 70 | 35 |
| Cash conversion | 33.9 | 31 |
| Efficiency | 32.9 | 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 53% of Endo Manufacturing's sales come from Metal Business, with Fineprocess Business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +4.7% from the prior year, operating profit -33.6%.

## Company structure

- Segment revenue mix: Metal Business 53.1%、Fineprocess Business 46.9%
- Revenue → net income: ¥18237248000 → ¥600986000
- Net income → operating cash flow: ¥600986000 → ¥1457533000（difference ¥856547000）
- Main uses of operating cash flow: CapEx ¥1648967000 / dividends ¥357224000 / buybacks —
- Change in cash: ¥-1475383000
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 | ¥18.2B |  |
| Operating income | ¥1.03B | Margin 5.6% |
| Net income | ¥601M | Margin 3.3% |
| Free cash flow | -¥191.4M |  |
| Largest business | Metal Business | of segment revenue 53.1% |
| Employees (consolidated) | 1,290 |  |
| EPS | ¥106.43 |  |
| Book value per share | ¥1754.56 |  |
| Equity ratio | 83.3% |  |
| Shares outstanding | 9,441,000 |  |
| Treasury shares | 511,100 |  |
| Shareholders | 2,441 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 29.9% | Cash ÷ revenue 45.8% |
| Vs. industry median margin | +2.2 pp | Steel |
| ROE | 3.4% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.4× net income
- FY2025, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8276401000 | ¥18237248000 | +120.4% |
| Operating income | ¥72169000 | ¥1027055000 | +1323.1% |
| Operating margin | 0.9% | 5.6% | +4.8 pp |
| Employees | 1,283 people | 1,290 people | +0.5% |
| Cash and equivalents | ¥6043523000 | ¥8353420000 | +38.2% |

### 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 |
| --- | ---: |
| ゴルフ事業 → 事業再編・廃止 | 45.4% |
| メタルスリーブ事業 → 事業再編・廃止 | 9.3% |
| 鍛造事業 → 事業再編・廃止 | 45.3% |
| 新設・再編 → ファインプロセス事業 | 46.9% |
| 新設・再編 → メタル事業 | 53.1% |

Segment revenue source references: 5 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,237 | 100.0% | S100XTH1 |
| Cost of revenue | 15,240 | 83.6% | S100XTH1 |
| Gross profit | 2,998 | 16.4% | S100XTH1 |
| SG&A | 1,971 | 10.8% | S100XTH1 |
| Operating income | 1,027 | 5.6% | S100XTH1 |
| Ordinary income | 1,148 | 6.3% | S100XTH1 |
| Pretax income | 1,148 | 6.3% | S100XTH1 |
| Income tax | 547 | 3.0% | S100XTH1 |
| Net income | 601 | 3.3% | S100XTH1 |
| Net income attributable to owners | 601 | 3.3% | S100XTH1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 11 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 16.4% → Operating margin 5.6% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.7%; Core profit growth: -33.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -7.13×
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 | 17,417 | 18,237 | 821 | +4.7% |
| Gross profit | 3,480 | 2,998 | -483 | -13.9% |
| Operating income | 1,547 | 1,027 | -520 | -33.6% |
| Net income attributable to owners | 1,118 | 601 | -517 | -46.3% |
| Operating cash flow | 1,757 | 1,458 | -299 | -17.0% |
| Free cash flow | 355 | -191 | -546 | -153.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 9,774 | 104 | 1.1% | 266 | 1,619 | 682 | S100L16R |
| FY ending Dec 2020 | 8,276 | 72 | 0.9% | -88 | 600 | -74 | S100NQ59 |
| FY ending Dec 2021 | 12,590 | 1,838 | 14.6% | 1,602 | 1,578 | 709 | S100QGYO |
| FY ending Dec 2022 | 14,582 | 1,851 | 12.7% | 797 | 1,925 | 890 | S100T4IP |
| FY ending Dec 2023 | 15,709 | 1,177 | 7.5% | 763 | 2,397 | 1,580 | S100VHA4 |
| FY ending Dec 2024 | 17,417 | 1,547 | 8.9% | 1,118 | 1,757 | 355 | S100XTH1 |
| FY ending Dec 2025 | 18,237 | 1,027 | 5.6% | 601 | 1,458 | -191 | S100XTH1 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.1M |
| Operating income per employee (consolidated) | ¥796.2K |
| Net income per employee (consolidated) | ¥465.9K |

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) | 1,254 | 1,282 | 1,251 | 1,214 | 1,290 |
| Average salary (parent company) | ¥7.1M | ¥7.4M | ¥6.3M | ¥7.6M | ¥6.7M |
| Average age (parent company) | 43.3 years | 43.5 years | 45.1 years | 45.3 years | 45.1 years |
| Average tenure (parent company) | 15.9 years | 16.4 years | 16.8 years | 17.4 years | 17.2 years |

Year over year: Employees (consolidated) +6.3% · Revenue (consolidated) +4.7%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fineprocess Business | 8,552 | 46.9% | 949 | 11.1% |
| Metal Business | 9,686 | 53.1% | 798 | 8.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Fineprocess Business | 46.9% | 54.3% | 7.4 | 11.1% |
| Metal Business | 53.1% | 45.7% | -7.4 | 8.2% |

Segment → industry: Metal Business → Steel / Fineprocess Business → Sporting Goods & Fitness

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,458 | 8.0% | S100XTH1 |
| Capital expenditure | 1,649 | 9.0% | S100XTH1 |
| Free cash flow | -191 | -1.0% | 算出 |
| Investing cash flow | -2,300 | -12.6% | S100XTH1 |
| Financing cash flow | -905 | -5.0% | S100XTH1 |
| Dividends paid | 357 | 2.0% | S100XTH1 |
| Change in cash | -1,475 | -8.1% | S100XTH1 |
| Cash and equivalents | 8,353 | 45.8% | S100XTH1 |

## 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 | 6,477 | 7,062 | 9,003 | 9,829 | 8,353 | S100T4IP, S100VHA4, S100XTH1 |
| Total assets | 20,479 | 21,868 | 24,019 | 26,482 | 27,976 | S100QGYO, S100T4IP, S100VHA4, S100XTH1 |
| Net assets | 16,734 | 18,373 | 19,970 | 22,202 | 23,297 | S100T4IP, S100VHA4, S100XTH1 |
| Share capital | 1,242 | 1,242 | 1,242 | 1,242 | 1,242 | S100QGYO, S100T4IP, S100VHA4, S100XTH1 |
| Trade receivables | 3,021 | 3,348 | 2,996 | 3,508 | 3,168 | S100QGYO, S100T4IP, S100VHA4, S100XTH1 |
| Property, plant and equipment | 6,286 | 6,441 | 6,630 | 7,500 | 9,031 | S100QGYO, S100T4IP, S100VHA4, S100XTH1 |
| Intangible assets excluding goodwill | 86 | 99 | 99 | 109 | 122 | S100QGYO, S100T4IP, S100VHA4, S100XTH1 |
| Investment securities | 1,004 | 984 | 924 | 791 | 941 | S100QGYO, S100T4IP, S100VHA4, S100XTH1 |
| Current assets | 12,129 | 13,451 | 15,427 | 17,166 | 16,870 | S100QGYO, S100T4IP, S100VHA4, S100XTH1 |
| Current liabilities | 2,833 | 2,057 | 2,953 | 3,049 | 3,055 | S100QGYO, S100T4IP, S100VHA4, S100XTH1 |
| Trade payables | 854 | 908 | 1,423 | 1,669 | 1,713 | S100QGYO, S100T4IP, S100VHA4, S100XTH1 |
| Short-term borrowings | 700 | 100 | 100 | 100 | 79 | S100QGYO, S100T4IP, S100VHA4, S100XTH1 |
| Long-term borrowings | 375 | 275 | 175 | 75 | 16 | S100QGYO, S100T4IP, S100VHA4, S100XTH1 |
| Total liabilities | 3,745 | 3,496 | 4,048 | 4,280 | 4,679 | S100QGYO, S100T4IP, S100VHA4, S100XTH1 |
| Equity attributable to owners of parent | 15,395 | 16,061 | 16,668 | 17,636 | 17,891 | S100QGYO, S100T4IP, S100VHA4, S100XTH1 |
| Retained earnings | 13,231 | 13,896 | 14,500 | 15,442 | 15,686 | S100QGYO, S100T4IP, S100VHA4, S100XTH1 |
| Treasury stock | -299 | -297 | -295 | -339 | -328 | S100QGYO, S100T4IP, S100VHA4, S100XTH1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100XTH1 |
| Receivables | 11% | S100XTH1 |
| Property, plant and equipment | 32% | S100XTH1 |
| Intangibles and goodwill | 1% | S100XTH1 |
| Investment securities | 3% | S100XTH1 |
| Other assets | 23% | S100XTH1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100XTH1 |
| Other liabilities | 11% | S100XTH1 |
| Equity | 83% | S100XTH1 |

### 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 | 20,479 | 21,868 | 24,019 | 26,482 | 27,976 |
| Equity | 16,734 | 18,373 | 19,970 | 22,202 | 23,297 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,477 | 7,062 | 9,003 | 9,829 | 8,353 |

## 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) | 49.5% | S100XTH1 |
| Fixed assets ÷ total assets | 32.3% | S100XTH1 |
| Goodwill ÷ parent equity | — | —, S100XTH1 |

### 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) | 29.9% |
| Cash ÷ revenue | 45.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 141.9% |
| Cash vs. profit gap | 857 JPY mn (of net income 142.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 59.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.0% |
| Investing CF relative to operating CF | 157.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 12.7% | 0.61× | 7.8% | 1.33× | 10.4% | S100QGYO |
| 2022 | 5.5% | 0.69× | 3.8% | 1.35× | 5.1% | S100T4IP |
| 2023 | 4.9% | 0.68× | 3.3% | 1.40× | 4.7% | S100VHA4 |
| 2024 | 6.4% | 0.69× | 4.4% | 1.47× | 6.5% | S100XTH1 |
| 2025 | 3.3% | 0.67× | 2.2% | 1.53× | 3.4% | S100XTH1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社遠藤栄松ファンデーション | Major shareholder | 21.7% | 2025-12-31 |
| 清原達郎 | Major shareholder | 7.6% | 2025-12-31 |
| 遠藤新太郎 | Major shareholder | 5.0% | 2025-12-31 |
| 株式会社第四北越銀行 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 4.5% | 2025-12-31 |
| 遠藤栄之助 | Major shareholder | 4.3% | 2025-12-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 3.9% | 2025-12-31 |
| MM Investments株式会社 | Major shareholder | 3.8% | 2025-12-31 |
| 遠藤テイ子 | Major shareholder | 3.4% | 2025-12-31 |
| 内藤征吾 | Major shareholder | 2.8% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/01/01－2025/12/31) | S100XTH1 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTH1,, |
| 有価証券報告書－第75期(2024/01/01－2024/12/31) | S100VHA4 | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHA4,, |
| 有価証券報告書－第74期(2023/01/01－2023/12/31) | S100T4IP | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4IP,, |
| 有価証券報告書－第73期(2022/01/01－2022/12/31) | S100QGYO | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGYO,, |
| 有価証券報告書－第72期(令和3年1月1日－令和3年12月31日) | S100NQ59 | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQ59,, |
| 有価証券報告書－第71期(令和2年1月1日－令和2年12月31日) | S100L16R | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L16R,, |

## 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).