# ENSHU Limited: 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158期(2025/04/01－2026/03/31) (S100YKK8)
> Page: https://vizora.meequs.com/en/company/enshu
> Retrieved: 2026-09-30T18:33:13.793Z

## Company

Enshu, founded in 1920, is a company in Auto Parts listed on TSE Standard. It has 804 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ENSHU Limited |
| Ticker | 6218 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6218.T) |
| Listing | TSE Standard |
| Head office | 静岡県浜松市中央区高塚町4888番地 |
| Representative (per filing) | 代表取締役社長 社長執行役員 鈴木敦士 |
| Founded | Feb 1920 |
| Share capital | ¥4.64B |
| Employees (consolidated) | 804 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | www.enshu.co.jp (https://www.enshu.co.jp/) |
| Corporate number | 1080401000672 |
| EDINET | E01521 |
| Industries (Vizora) | Auto Parts, Machine Tools |

> Profile source: annual securities report (S100YKK8, filed 2026-06-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 1.4 | 110 |
| Profitability | 7.7 | 111 |
| Cash conversion | 92.1 | 108 |
| Efficiency | 5.9 | 111 |
| Financial strength | 32.1 | 14 |

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 64% of Enshu's sales come from Parts processing - related, with Machine tools - related and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -12.2% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Parts processing - related 64.5%、Machine tools - related 35.2%、Other 0.4%
- Revenue → net income: ¥19218000000 → ¥236000000
- Net income → operating cash flow: ¥236000000 → ¥1412000000（difference ¥1176000000）
- Main uses of operating cash flow: CapEx ¥527000000 / dividends ¥63000000 / buybacks ¥0
- Change in cash: ¥715000000
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 | ¥19.2B |  |
| Operating income | ¥380M | Margin 2.0% |
| Net income | ¥236M | Margin 1.2% |
| Free cash flow | ¥885M |  |
| Largest business | Parts processing - related | of segment revenue 64.5% |
| Employees (consolidated) | 804 |  |
| EPS | ¥6.64 |  |
| Book value per share | ¥1364.2 |  |
| Equity ratio | 35.5% |  |
| Shares outstanding | 6,353,000 |  |
| Treasury shares | 49,300 |  |
| Shareholders | 3,458 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 16.9% | Net cash -¥5.34B · Cash ÷ revenue 26.3% |
| Vs. industry median margin | -2.8 pp | Auto Parts |
| ROE | 4.4% | Derived from disclosed figures |
| ROA | 0.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 6.0× net income
- FY2026, one segment accounts for 94% of positive segment profit
- FY2026, segment profit share differs by 29 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22120000000 | ¥19218000000 | -13.1% |
| Operating income | ¥463000000 | ¥380000000 | -17.9% |
| Operating margin | 2.1% | 2.0% | -0.1 pp |
| Employees | 1,044 people | 804 people | -23.0% |
| Cash and equivalents | ¥4940000000 | ¥5057000000 | +2.4% |

### 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 |
| --- | ---: |
| 工作機械関連事業 → 工作機械関連事業 | 35.2% |
| 工作機械関連事業 → 事業再編・廃止 | 23.9% |
| 部品加工関連事業 → 部品加工関連事業 | 40.6% |
| その他 → その他 | 0.3% |
| 新設・再編 → 部品加工関連事業 | 23.9% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Parts processing - related | 5 years | +6.6% | ¥12390000000 | 6.0% | 2 |
| Machine tools - related | 5 years | -12.4% | ¥6756000000 | -6.0% | 2 |
| Other | 5 years | 0.0% | ¥70000000 | 70.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,218 | 100.0% | S100YKK8 |
| Cost of revenue | 16,179 | 84.2% | S100YKK8 |
| Gross profit | 3,038 | 15.8% | S100YKK8 |
| SG&A | 2,658 | 13.8% | S100YKK8 |
| Operating income | 380 | 2.0% | S100YKK8 |
| Ordinary income | 242 | 1.3% | S100YKK8 |
| Pretax income | 270 | 1.4% | S100YKK8 |
| Income tax | 33 | 0.2% | S100YKK8 |
| Net income | 236 | 1.2% | S100YKK8 |
| Net income attributable to owners | 236 | 1.2% | S100YKK8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 14 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 15.8% → Operating margin 2.0% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 21,886 | 19,218 | -2,668 | -12.2% |
| Gross profit | 2,684 | 3,038 | 354 | +13.2% |
| Operating income | -705 | 380 | 1,085 | — |
| Net income attributable to owners | -2,261 | 236 | 2,497 | — |
| Operating cash flow | 1,513 | 1,412 | -101 | -6.7% |
| Free cash flow | 72 | 885 | 813 | +1129.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 27,125 | 2,120 | 7.8% | 1,355 | 2,719 | 1,864 | S100LSU2 |
| FY ending Mar 2021 | 22,120 | 463 | 2.1% | 250 | 884 | -363 | S100OKPJ |
| FY ending Mar 2022 | 23,904 | 751 | 3.1% | 370 | 2,250 | 1,658 | S100RA0K |
| FY ending Mar 2023 | 24,813 | 79 | 0.3% | -104 | -1,312 | -2,034 | S100TTAV |
| FY ending Mar 2024 | 24,091 | 540 | 2.2% | 221 | 399 | -272 | S100W2YL |
| FY ending Mar 2025 | 21,886 | -705 | -3.2% | -2,261 | 1,513 | 72 | S100YKK8 |
| FY ending Mar 2026 | 19,218 | 380 | 2.0% | 236 | 1,412 | 885 | S100YKK8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.9M |
| Operating income per employee (consolidated) | ¥472.6K |
| Net income per employee (consolidated) | ¥293.5K |

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) | 1,025 | 1,025 | 988 | 873 | 804 |
| Average salary (parent company) | ¥5.3M | ¥5.5M | ¥5.3M | ¥5.5M | ¥5.3M |
| Average age (parent company) | 43.3 years | 44.0 years | 43.9 years | 43.9 years | 44.1 years |
| Average tenure (parent company) | 19.3 years | 19.8 years | 19.5 years | 19.4 years | 19.7 years |

Year over year: Employees (consolidated) -7.9% · Revenue (consolidated) -12.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Machine tools - related | 6,756 | 35.2% | -407 | -6.0% |
| Parts processing - related | 12,390 | 64.5% | 738 | 6.0% |
| Other | 70 | 0.4% | 49 | 70.0% |

### 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 - related | 35.2% | — | — | -6.0% |
| Parts processing - related | 64.5% | 93.8% | 29.3 | 6.0% |
| Other | 0.4% | 6.2% | 5.9 | 70.0% |

Loss-making segment (excluded from profit shares): Machine tools - related -407 JPY mn

Segment → industry: Parts processing - related → Auto Parts / Machine tools - related → Machine Tools

## 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 | 1,412 | 7.3% | S100YKK8 |
| Capital expenditure | 527 | 2.7% | S100YKK8 |
| Free cash flow | 885 | 4.6% | 算出 |
| Investing cash flow | -531 | -2.8% | S100YKK8 |
| Financing cash flow | -186 | -1.0% | S100YKK8 |
| Dividends paid | 63 | 0.3% | S100YKK8 |
| Share buyback | 0 | 0.0% | S100YKK8 |
| Change in cash | 715 | 3.7% | S100YKK8 |
| Cash and equivalents | 5,057 | 26.3% | S100YKK8 |

## 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 | 6,599 | 4,493 | 4,218 | 4,342 | 5,057 | S100TTAV, S100W2YL, S100YKK8 |
| Total assets | 33,970 | 34,168 | 33,202 | 29,812 | 29,983 | S100RA0K, S100TTAV, S100W2YL, S100YKK8 |
| Net assets | 10,705 | 11,362 | 11,808 | 10,379 | 10,635 | S100TTAV, S100W2YL, S100YKK8 |
| Share capital | 4,640 | 4,640 | 4,640 | 4,640 | 4,640 | S100RA0K, S100TTAV, S100W2YL, S100YKK8 |
| Trade receivables | 3,867 | 4,685 | 3,348 | 2,265 | 2,490 | S100RA0K, S100TTAV, S100W2YL, S100YKK8 |
| Property, plant and equipment | 13,880 | 14,239 | 14,745 | 14,177 | 13,767 | S100RA0K, S100TTAV, S100W2YL, S100YKK8 |
| Intangible assets excluding goodwill | 121 | 103 | 76 | 50 | 205 | S100RA0K, S100TTAV, S100W2YL, S100YKK8 |
| Investment securities | 14 | 115 | 14 | 13 | 14 | S100RA0K, S100TTAV, S100W2YL, S100YKK8 |
| Current assets | 19,696 | 19,442 | 18,142 | 15,249 | 15,050 | S100RA0K, S100TTAV, S100W2YL, S100YKK8 |
| Current liabilities | 14,827 | 14,912 | 10,951 | 9,420 | 8,569 | S100RA0K, S100TTAV, S100W2YL, S100YKK8 |
| Trade payables | 2,409 | 1,732 | 1,344 | 1,142 | 1,190 | S100RA0K, S100TTAV, S100W2YL, S100YKK8 |
| Short-term borrowings | 8,390 | 7,924 | 4,835 | 4,314 | 4,079 | S100RA0K, S100TTAV, S100W2YL, S100YKK8 |
| Long-term borrowings | 1,985 | 1,415 | 3,765 | 3,740 | 4,355 | S100RA0K, S100TTAV, S100W2YL, S100YKK8 |
| Bonds | 840 | 1,580 | 2,040 | 2,360 | 1,960 | S100RA0K, S100TTAV, S100W2YL, S100YKK8 |
| Interest-bearing debt | 11,215 | 10,919 | 10,640 | 10,414 | 10,394 | 算出 |
| Total liabilities | 23,264 | 22,805 | 21,393 | 19,433 | 19,347 | S100RA0K, S100TTAV, S100W2YL, S100YKK8 |
| Equity attributable to owners of parent | 7,409 | 7,222 | 7,359 | 5,246 | 5,419 | S100RA0K, S100TTAV, S100W2YL, S100YKK8 |
| Retained earnings | 2,839 | 2,652 | 2,789 | 676 | 850 | S100RA0K, S100TTAV, S100W2YL, S100YKK8 |
| Treasury stock | -70 | -70 | -71 | -71 | -71 | S100RA0K, S100TTAV, S100W2YL, S100YKK8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YKK8 |
| Receivables | 8% | S100YKK8 |
| Property, plant and equipment | 46% | S100YKK8 |
| Intangibles and goodwill | 1% | S100YKK8 |
| Investment securities | 0% | S100YKK8 |
| Other assets | 28% | S100YKK8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YKK8 |
| Interest-bearing debt | 35% | 算出 |
| Other liabilities | 26% | S100YKK8 |
| Equity | 35% | S100YKK8 |
| Other liabilities | 0% | S100YKK8 |

### 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 | 33,970 | 34,168 | 33,202 | 29,812 | 29,983 |
| Equity | 10,705 | 11,362 | 11,808 | 10,379 | 10,635 |
| Interest-bearing debt | 11,215 | 10,919 | 10,640 | 10,414 | 10,394 |
| Cash | 6,599 | 4,493 | 4,218 | 4,342 | 5,057 |

## 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) | 71.6% | S100YKK8 |
| Fixed assets ÷ total assets | 45.9% | S100YKK8 |
| Goodwill ÷ parent equity | — | —, S100YKK8 |

### 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) | 16.9% |
| Cash ÷ revenue | 26.3% |
| Net cash (cash − interest-bearing debt) | -¥5.34B |
| Net debt ÷ operating cash flow | 3.78× |
| Cash conversion (operating CF ÷ operating income) | 371.6% |
| Cash vs. profit gap | 1,176 JPY mn (of net income 498.3%) |
| Shareholder returns / net income | 26.7% |
| Shareholder returns / FCF | 7.1% |
| Shareholder payments — dividends / net income | 26.7% |
| Shareholder payments — dividends / FCF | 7.1% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 37.6% |

## 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 | 1.5% | 0.70× | 1.1% | 4.58× | 5.0% | S100RA0K |
| 2023 | — | —× | -0.3% | —× | — | S100TTAV |
| 2024 | 0.9% | 0.72× | 0.7% | 4.62× | 3.0% | S100W2YL |
| 2025 | — | —× | -7.2% | —× | — | S100YKK8 |
| 2026 | 1.2% | 0.64× | 0.8% | 5.61× | 4.4% | S100YKK8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エンシュウ取引先持株会 | Major shareholder | 19.7% | 2026-03-31 |
| ヤマハ発動機株式会社 | Major shareholder | 10.2% | 2026-03-31 |
| 池浦 捷行 | Major shareholder | 3.6% | 2026-03-31 |
| 浜松ホトニクス株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.5% | 2026-03-31 |
| エンシュウ従業員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| みずほ信託銀行株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 2.2% | 2026-03-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第158期(2025/04/01－2026/03/31) | S100YKK8 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKK8,, |
| 有価証券報告書－第157期(2024/04/01－2025/03/31) | S100W2YL | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2YL,, |
| 有価証券報告書－第156期(2023/04/01－2024/03/31) | S100TTAV | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTAV,, |
| 有価証券報告書－第155期(2022/04/01－2023/03/31) | S100RA0K | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA0K,, |
| 有価証券報告書－第154期(令和3年4月1日－令和4年3月31日) | S100OKPJ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKPJ,, |
| 有価証券報告書－第153期(令和2年4月1日－令和3年3月31日) | S100LSU2 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSU2,, |

## 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).